PSC

Listed Company · HNX

Price

12,000

Latest close

03 Apr 2026

P/E 11.1x

EPS (TTM) 1,083

ROE (TTM) 6.6%

P/B 0.7x

BVPS (Latest) 16,842

ROA (TTM) 3.1%

What Is Changing

PSC no longer looks like a business simply rebounding from a weak base. Revenue posted +10.7% YoY, while net margin reached 0.97% with an additional +0.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 681.4% to VND 7.7bn in 2025.
Net margin improved from 0.14% in the prior period to 0.97% in 2025.
Revenue growth accelerated to 10.7% in 2025, up 13.1pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	795.2	718.7	736.9	780.9	436.3
Growth	+11%	-2%	-6%	+79%	—
Net Income	7.7	1.0	7.8	5.6	7.9
Net Margin	0.97%	0.14%	1.06%	0.72%	1.81%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	222.9	209.5	183.6	179.2	180.0	178.0	181.9	178.7	191.0	183.1	177.6	185.2
Growth	+6%	+14%	+2%	-0%	+1%	-2%	+2%	-6%	+4%	+3%	-4%	—
Net Income	0.7	2.6	2.0	2.6	-6.3	1.8	3.2	2.1	1.2	1.0	2.8	2.4
Net Margin	0.30%	1.24%	1.07%	1.42%	-3.50%	1.03%	1.78%	1.19%	0.62%	0.54%	1.58%	1.32%

Financial Statements

Profitability

Net margin reached 0.97% while Revenue posted +10.7% YoY.

Balance Sheet

Inventory stood at 5.9bn, liabilities at 160.6bn, and equity at 121.2bn.

Cash Flow

Operating cash flow was 17.3bn in 2025, while investing cash flow was -68.7bn.

Financing cash flow: 55.9bn.

Item	2025	2024	2023	2022	2021
Revenue	795.2	718.7	736.9	780.9	436.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	795.2	718.7	736.9	780.9	436.3
Cost of Goods Sold	717.4	642.0	665.7	711.7	0.0
Gross Profit	77.9	76.7	71.2	69.2	42.8
Financial Income	0.1	0.0	0.1	0.1	0.0
Financial Expenses	5.1	2.5	3.7	4.3	-4.6
Interest Expense	4.2	2.5	3.6	4.4	-4.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	27.8	22.9	25.6	27.1	-16.7
General and Administrative Expenses	34.6	37.0	31.9	22.6	-12.2
Operating Profit	10.4	14.3	10.1	15.2	9.3
Other Income	0.9	1.7	0.3	0.4	0.0
Other Expenses	0.8	8.2	0.1	4.3	0.0
Other Profit	0.1	-6.4	0.2	-3.9	0.9
Profit Before Tax	10.6	7.9	10.3	11.3	10.2
Current Income Tax Expense	2.8	6.9	2.5	5.7	-2.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	7.7	1.0	7.8	5.6	7.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	7.7	1.0	7.8	5.6	7.9
Earnings per Share	1,075.00	138.00	1,088.00	780.00	1,185.00
Diluted EPS	1,075.15	137.59	1,087.75	780.19	1,095.30

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	67.9	34.1	47.3	48.3	37.4
I. Cash and cash equivalents	10.7	6.3	4.7	11.6	7.4
1. Cash	10.7	6.3	4.7	11.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	47.6	18.6	33.4	25.7	23.7
1. Short-term trade accounts receivable	34.5	17.6	32.2	25.1	0.0
2. Short-term prepayments to suppliers	10.9	0.2	0.1	0.0	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.2	0.8	1.0	0.6	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	5.9	5.4	6.0	6.9	5.0
1. Inventories	5.9	5.4	6.0	6.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.6	3.9	3.3	4.1	1.3
1. Short-term prepayments	1.4	3.8	3.2	3.5	0.0
2. Value added tax to be reclaimed	2.2	0.1	0.0	0.6	0.0
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	213.9	187.4	188.8	197.5	222.6
I. Long-term receivables	0.2	0.2	0.2	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	0.2	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	168.3	141.8	139.8	146.9	169.9
1. Tangible fixed assets	137.6	110.8	109.5	115.9	138.1
- Cost	381.8	329.9	303.7	284.9	0.0
- Accumulated depreciation	-244.1	-219.1	-194.2	-169.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	30.7	31.0	30.3	31.0	31.7
- Cost	40.3	39.5	38.0	38.0	0.0
- Accumulated depreciation	-9.6	-8.6	-7.8	-7.0	0.0
III. Investment properties	37.9	39.7	41.6	44.2	46.8
- Cost	68.4	68.4	68.4	68.4	0.0
- Accumulated depreciation	-30.6	-28.7	-26.8	-24.3	0.0
IV. Long-term assets in progress	0.6	0.3	1.5	0.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.6	0.3	1.5	0.6	0.0
V. Long-term financial investments	0.6	0.6	0.6	0.6	0.6
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	0.9	0.9	0.9	0.9	0.0
4. Provision for diminution in value of long-term investments	-0.3	-0.3	-0.3	-0.3	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.4	4.8	5.1	5.2	0.0
1. Long-term prepayments	6.4	4.8	5.1	5.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	5.3
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	281.8	221.5	236.1	245.8	260.0
A. LIABILITIES (300=210+330)	160.6	107.8	115.6	127.5	139.4
I. Short -term liabilities	75.4	61.0	66.0	70.8	57.2
1. Short-term trade accounts payable	17.0	27.3	31.0	27.2	23.5
2. Short-term advances from customers	0.6	0.2	0.7	0.3	0.8
3. Taxes and other payables to state authorities	3.7	2.1	1.5	1.2	0.0
4. Payable to employees	19.7	9.8	15.8	10.8	0.0
5. Short-term acrrued expenses	0.7	0.2	0.4	0.7	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.1	0.1	0.1
9. Other short-term payables	7.2	8.8	2.1	2.3	0.0
10. Short-term borrowings and financial leases	25.7	11.8	14.1	28.0	20.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.8	0.2	0.3	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	85.2	46.8	49.6	56.8	82.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	22.2	28.5	35.3	38.8	0.0
8. Long-term borrowings and financial leases	63.0	18.3	14.3	18.0	36.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	121.2	113.7	120.5	118.3	120.6
I. Owner's equity	121.2	113.7	120.5	118.3	0.0
1. Owner's capital	72.0	72.0	72.0	72.0	120.6
- Common stock with voting right	72.0	72.0	72.0	72.0	72.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	6.3	6.3	6.3	6.3	6.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	34.3	34.3	34.3	34.3	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	8.5	1.0	7.8	5.6	7.9
- Accumulated retained earning at the end of the previous period	0.8	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	7.7	1.0	7.8	5.6	7.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	281.8	221.5	236.1	245.8	260.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	10.6	7.9	10.3	11.3	10.2
Depreciation of Fixed Assets and Investment Property	32.9	27.6	28.5	28.1	28.4
Provision (Increase)/Reversal	-0.0	0.0	0.0	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-0.7	-0.0	-0.1	-0.2	0.0
Interest Expense	4.2	2.5	3.6	4.4	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	47.0	37.9	42.5	43.6	42.6
Increase/(Decrease) in Receivables	-20.3	14.7	-7.1	-3.3	0.0
Increase/(Decrease) in Inventory	-0.6	0.6	0.9	-2.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.2	-13.8	5.3	2.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.8	-0.3	0.3	-2.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.6	-2.7	-3.9	-4.4	0.0
Corporate Income Tax Paid	-3.7	-5.9	-2.9	-5.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-1.9	-1.9	-2.8	0.0
Net Cash Flow from Operating Activities	17.3	28.7	33.1	26.0	23.5
Payments for Fixed Assets and Other Long-term Assets	-69.4	-26.5	-18.9	-3.1	-7.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.0	0.0	0.1	0.5
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.1	0.1	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-68.7	-26.5	-18.8	-2.9	-6.8
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	184.9	31.9	18.4	35.8	6.0
Repayment of Borrowings	-126.3	-30.2	-35.9	-46.4	-17.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.7	-2.4	-3.6	-8.3	-7.7
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	55.9	-0.8	-21.2	-19.0	-19.1
Net Cash Flow During the Period	4.5	1.5	-6.8	4.2	-5.1
Cash and Cash Equivalents at Beginning of Period	6.3	4.7	11.6	7.4	9.7
FX Difference from Revaluation	—	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	10.7	6.3	4.7	11.6	7.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	222.9	209.5	183.6	179.2	180.0	178.0	181.9	178.7	191.0	183.1	177.6	185.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	222.9	209.5	183.6	179.2	180.0	178.0	181.9	178.7	191.0	183.1	177.6	185.2
Cost of Goods Sold	203.3	190.7	163.2	160.1	156.9	161.6	162.6	160.3	174.1	167.4	161.6	167.6
Gross Profit	19.6	18.7	20.4	19.1	23.1	16.4	19.3	18.5	16.9	15.7	16.0	17.6
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	1.4	2.1	0.9	0.7	0.5	0.6	0.7	0.7	0.7	0.7	1.1	1.2
Interest Expense	1.5	1.3	0.7	0.7	0.6	0.6	0.6	0.7	0.8	0.7	1.0	1.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	8.1	6.3	6.0	7.3	6.2	5.2	4.9	6.7	6.5	6.1	5.3	6.7
General and Administrative Expenses	7.9	7.2	11.6	7.9	9.8	8.2	11.2	8.5	8.0	7.7	6.0	6.7
Operating Profit	2.2	3.1	1.9	3.2	6.7	2.3	2.6	2.6	1.7	1.2	3.7	3.0
Other Income	0.2	0.2	0.6	—	0.0	0.0	1.7	0.0	0.1	0.1	0.2	0.0
Other Expenses	0.8	0.0	0.0	0.0	8.1	0.0	0.1	0.0	0.0	0.0	0.2	0.0
Other Profit	-0.6	0.2	0.6	-0.0	-8.1	-0.0	1.7	0.0	0.1	0.0	-0.1	0.0
Profit Before Tax	1.6	3.3	2.5	3.2	-1.4	2.3	4.3	2.6	1.8	1.2	3.6	3.0
Current Income Tax Expense	0.9	0.7	0.5	0.6	4.9	0.5	1.0	0.5	0.6	0.2	0.8	0.6
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.7	2.6	2.0	2.6	-6.3	1.8	3.2	2.1	1.2	1.0	2.8	2.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.7	2.6	2.0	2.6	-6.3	1.8	3.2	2.1	1.2	1.0	2.8	2.4
Earnings per Share	94.00	362.00	272.00	355.00	-875.00	254.00	450.00	294.00	164.00	138.00	389.00	338.00
Diluted EPS	94.36	361.60	271.97	354.69	-875.29	253.61	450.33	294.35	163.85	137.69	388.91	338.46

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	67.9	57.3	62.9	58.5	34.1	48.3	50.8	50.7	47.3	55.2	56.8	53.9
I. Cash and cash equivalents	10.7	5.0	23.3	14.6	6.3	8.4	11.5	9.3	4.7	16.7	18.3	8.9
1. Cash	10.7	5.0	23.3	14.6	6.3	8.4	11.5	9.3	4.7	16.7	18.3	8.9
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	47.6	39.2	29.3	35.5	18.6	33.2	30.9	32.8	33.4	31.4	30.8	36.6
1. Short-term trade accounts receivable	34.5	37.1	28.7	31.0	17.6	30.1	28.2	30.2	32.2	29.0	28.2	34.2
2. Short-term prepayments to suppliers	10.9	0.1	0.0	0.2	0.2	0.3	0.2	0.1	0.1	0.3	0.4	0.0
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.2	2.0	0.6	4.3	0.8	2.7	2.5	2.5	1.0	2.0	2.2	2.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5.9	7.6	8.0	5.4	5.4	5.5	6.4	5.9	6.0	5.9	5.5	5.7
1. Inventories	5.9	7.6	8.0	5.4	5.4	5.5	6.4	5.9	6.0	5.9	5.5	5.7
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	3.6	5.5	2.3	3.0	3.9	1.2	2.0	2.7	3.3	1.3	2.2	2.8
1. Short-term prepayments	1.4	2.2	2.3	3.0	3.8	1.2	2.0	2.7	3.2	1.3	2.2	2.7
2. Value added tax to be reclaimed	2.2	3.3	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1
3. Taxes and other receivables from state authorities	0.0	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	213.9	222.7	176.6	180.2	187.4	193.9	188.7	181.9	188.8	194.7	201.7	196.4
I. Long-term receivables	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.1
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	168.3	175.9	131.6	135.4	141.8	136.1	140.9	133.6	139.8	146.1	140.7	140.5
1. Tangible fixed assets	137.6	145.7	101.2	104.7	110.8	104.8	110.9	103.4	109.5	115.6	110.0	109.7
- Cost	—	—	—	—	329.9	317.6	317.4	303.7	303.7	303.6	291.5	284.9
- Accumulated depreciation	—	—	—	—	-219.1	-212.8	-206.5	-200.3	-194.2	-188.0	-181.5	-175.2
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	30.7	30.2	30.5	30.7	31.0	31.2	30.0	30.1	30.3	30.4	30.6	30.8
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	37.9	38.3	38.7	39.2	39.7	40.2	40.6	41.1	41.6	42.2	42.9	43.5
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.6	2.1	0.3	0.3	0.3	12.5	1.9	1.7	1.5	0.7	12.7	6.6
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.6	2.1	0.3	0.3	0.3	12.5	1.9	1.7	1.5	0.7	12.7	6.6
V. Long-term financial investments	0.6	0.5	0.5	0.6	0.6	0.5	0.5	0.6	0.6	0.5	0.5	0.6
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
4. Provision for diminution in value of long-term investments	-0.3	-0.4	-0.4	-0.3	-0.3	-0.4	-0.4	-0.3	-0.3	-0.4	-0.4	-0.3
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.4	5.8	5.2	4.6	4.8	4.5	4.6	4.8	5.1	5.1	4.8	5.0
1. Long-term prepayments	6.4	5.8	5.2	4.6	4.8	4.5	4.6	4.8	5.1	5.1	4.8	5.0
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	281.8	280.1	239.4	238.7	221.5	242.2	239.5	232.6	236.1	249.9	258.5	250.4
A. LIABILITIES (300=210+330)	160.5	159.5	121.4	122.5	107.8	122.2	121.5	110.0	115.6	130.6	140.6	129.6
I. Short -term liabilities	75.4	77.0	89.8	77.2	61.0	80.5	80.3	64.0	66.0	77.7	91.2	76.1
1. Short-term trade accounts payable	17.0	21.2	24.8	29.0	27.3	27.2	28.6	18.5	31.0	23.0	36.3	28.7
2. Short-term advances from customers	0.6	0.2	0.3	0.3	0.2	0.1	0.2	0.2	0.7	0.2	0.3	0.2
3. Taxes and other payables to state authorities	3.7	3.3	7.2	3.3	2.2	6.0	2.6	2.2	1.5	7.1	4.9	1.3
4. Payable to employees	19.7	18.9	5.7	5.5	9.8	19.6	13.6	10.9	15.7	17.1	12.0	8.5
5. Short-term acrrued expenses	0.7	2.2	1.9	8.1	0.2	4.1	4.4	3.9	0.4	5.4	9.0	4.1
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.1	0.0
9. Other short-term payables	7.2	8.6	6.6	7.0	8.7	9.9	9.5	7.9	2.1	8.4	13.1	10.2
10. Short-term borrowings and financial leases	25.7	21.7	42.5	23.4	11.8	12.7	20.5	20.1	14.1	16.2	15.2	22.9
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.9	0.9	0.9	0.7	0.8	0.9	0.9	0.1	0.2	0.3	0.4	0.2
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	85.2	82.5	31.7	45.3	46.8	41.7	41.1	46.0	49.6	53.0	49.4	53.5
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	22.2	22.2	22.1	28.5	28.5	28.5	28.5	35.2	35.3	35.1	33.6	38.8
8. Long-term borrowings and financial leases	63.0	60.3	9.6	16.8	18.3	13.2	12.6	10.8	14.3	17.9	15.8	14.6
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	121.3	120.6	118.0	116.2	113.7	120.0	118.0	122.6	120.5	119.3	117.9	120.7
I. Owner's equity	121.3	120.6	118.0	116.2	113.7	120.0	118.0	122.6	120.5	119.3	117.9	120.7
1. Owner's capital	72.0	72.0	72.0	72.0	72.0	72.0	72.0	72.0	72.0	72.0	72.0	72.0
- Common stock with voting right	72.0	72.0	72.0	72.0	72.0	72.0	72.0	72.0	72.0	72.0	72.0	72.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3	6.3
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	34.3	34.3	34.3	34.3	34.3	34.3	34.3	34.3	34.3	34.3	34.3	34.3
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	8.6	7.9	5.3	3.5	1.0	7.3	5.4	10.0	7.8	6.6	5.2	8.1
- Accumulated retained earning at the end of the previous period	0.8	0.8	0.8	1.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	5.6
- Undistributed earnings in this period	7.8	7.1	4.5	2.6	1.0	7.3	5.4	10.0	7.8	6.6	5.2	2.4
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	281.8	280.1	239.4	238.7	221.5	242.2	239.5	232.6	236.1	249.9	258.5	250.4

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	1.6	3.3	2.5	3.2	-1.4	2.3	4.4	2.6	1.8	1.2	4.3	3.0
Depreciation of Fixed Assets and Investment Property	10.2	9.0	6.8	6.9	7.1	7.0	6.8	6.7	7.0	7.3	7.2	7.0
Provision (Increase)/Reversal	-0.1	0.0	0.1	—	-0.1	0.0	0.1	0.0	-0.1	0.0	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.0	0.9	-0.6	0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
Interest Expense	1.5	1.3	0.7	0.7	0.6	0.6	0.6	0.7	0.8	0.7	1.0	1.2
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	12.3	14.5	9.4	10.8	6.1	9.9	11.9	10.0	9.5	9.3	12.5	11.2
Increase/(Decrease) in Receivables	6.6	-16.2	6.1	-16.8	14.5	-2.3	2.0	0.5	-2.0	-0.6	-2.5	-2.0
Increase/(Decrease) in Inventory	1.6	0.4	-2.5	-0.1	0.1	0.8	-0.4	0.1	-0.1	-0.3	0.1	1.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.6	4.1	-13.7	9.0	-6.6	-2.4	3.0	-8.2	-8.9	1.6	16.2	-3.5
Increase/(Decrease) in Prepaid Expenses	0.2	-0.5	0.1	1.0	-2.9	0.9	0.8	0.8	-2.0	0.6	0.7	1.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.4	-0.8	-0.7	-0.7	-0.6	-0.7	-0.6	-0.7	-0.8	-0.9	-1.1	-1.2
Corporate Income Tax Paid	-1.6	-0.6	0.0	-1.4	-4.8	0.0	-0.6	-0.4	-1.8	-0.0	-0.3	-0.9
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.1	0.1
Other Operating Payments	0.0	0.0	0.0	-0.1	-0.1	-0.0	-1.7	-0.0	-0.1	-0.1	-1.6	-0.1
Net Cash Flow from Operating Activities	15.7	1.1	-1.2	1.7	5.7	6.2	14.3	2.1	-6.3	9.6	24.0	5.8
Payments for Fixed Assets and Other Long-term Assets	-16.7	-49.3	-2.6	-0.8	-12.0	-2.2	-11.9	0.0	-0.0	-12.6	-6.2	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.1	0.5	—	0.0	0.0	0.0	0.0	-0.1	0.1	-0.1	0.1
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-16.7	-49.2	-2.0	-0.8	-12.0	-2.2	-11.9	0.0	-0.1	-12.4	-6.3	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	26.2	96.1	38.1	24.5	8.4	1.7	11.7	10.1	0.0	8.2	4.2	6.0
Repayment of Borrowings	-19.5	-66.3	-26.2	-14.4	-4.3	-8.8	-9.5	-7.6	-5.6	-5.1	-10.7	-14.5
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	-2.7	0.0	0.0	-2.4	0.0	0.0	-1.9	-1.7	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	6.7	29.8	12.0	7.4	4.1	-7.2	-0.2	2.5	-5.6	1.2	-8.3	-8.5
Net Cash Flow During the Period	5.7	-18.3	8.7	8.3	-2.2	-3.1	2.2	4.6	-11.9	-1.6	9.5	-2.7
Cash and Cash Equivalents at Beginning of Period	5.0	23.3	14.6	6.3	4.7	4.7	4.7	4.7	11.6	11.6	11.6	11.6
FX Difference from Revaluation	—	—	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	10.7	5.0	23.3	14.6	6.3	8.4	11.5	9.3	4.7	16.7	18.3	8.9

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Balance Sheet

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