PSD

Listed Company · HNX

Price

16,800

Latest close

03 Apr 2026

P/E 6.2x

EPS (TTM) 2,705

ROE (TTM) 22.1%

P/B 1.2x

BVPS (Latest) 13,827

ROA (TTM) 3.8%

What Is Changing

PSD no longer looks like a business simply rebounding from a weak base. Revenue posted +37.2% YoY, while net margin reached 1.83% with an additional +0.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 0.94% in 2023 to 1.83% in 2025.
Revenue growth accelerated to 37.2% in 2025, up 52.9pp versus the prior year.
Net Income reached a multi-period high at VND 143.1bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	7,819.4	5,700.8	6,764.4	8,634.6	8,526.5
Growth	+37%	-16%	-22%	+1%	—
Net Income	143.1	82.6	63.3	112.9	138.7
Net Margin	1.83%	1.45%	0.94%	1.31%	1.63%

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	2,376.2	2,214.6	1,885.9	1,342.7	1,338.1	1,539.6	1,392.7	1,457.0	1,711.7	1,683.9	1,519.0	1,849.9
Growth	+7%	+17%	+40%	+0%	-13%	+11%	-4%	-15%	+2%	+11%	-18%	—
Net Income	46.9	44.4	29.5	22.1	17.5	27.9	18.0	20.1	23.0	12.9	5.9	22.7
Net Margin	1.97%	2.00%	1.56%	1.65%	1.31%	1.81%	1.29%	1.38%	1.35%	0.77%	0.39%	1.23%

Financial Statements

Profitability

Net margin reached 1.83% while Revenue posted +37.2% YoY.

Balance Sheet

Inventory stood at 965.4bn, liabilities at 3,955.3bn, and equity at 716.6bn.

Cash Flow

Operating cash flow was -458.5bn in 2025, while investing cash flow was -399.4bn.

Financing cash flow: 982.4bn.

Item	2025	2024	2023	2022	2021
Revenue	8,105.4	5,896.9	6,937.9	8,956.5	8,735.0
Revenue Deductions	286.0	196.1	173.5	321.9	0.0
Net Revenue	7,819.4	5,700.8	6,764.4	8,634.6	8,526.5
Cost of Goods Sold	7,412.6	5,379.9	6,469.9	8,213.7	0.0
Gross Profit	406.8	320.9	294.6	420.9	461.5
Financial Income	153.2	81.9	109.9	58.5	46.0
Financial Expenses	87.3	59.1	119.0	109.4	-30.8
Interest Expense	82.2	48.6	114.3	56.8	-25.8
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	246.4	190.8	171.5	180.5	-150.4
General and Administrative Expenses	50.8	55.2	35.0	48.8	-136.5
Operating Profit	175.5	97.8	78.9	140.6	189.8
Other Income	4.0	7.2	4.6	1.0	0.0
Other Expenses	0.1	0.1	0.3	3.0	0.0
Other Profit	3.9	7.0	4.3	-2.1	3.8
Profit Before Tax	179.4	104.8	83.2	138.6	193.6
Current Income Tax Expense	36.7	22.6	18.0	25.7	-55.0
Deferred Income Tax Expense	-0.4	-0.4	1.9	0.0	0.0
Net Income	143.1	82.6	63.3	112.9	138.7
Non-controlling Interest	—	-0.0	1.1	0.4	-4.8
Profit Attributable to Parent	143.1	82.6	62.2	112.5	143.5
Earnings per Share	2,709.00	1,559.00	1,196.00	2,770.00	4,717.00
Diluted EPS	2,599.00	1,559.00	1,196.00	2,770.00	4,676.07

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	4,602.3	2,724.9	3,036.7	3,343.7	2,595.5
I. Cash and cash equivalents	228.7	104.2	63.4	72.3	989.1
1. Cash	228.7	104.2	63.4	71.3	0.0
2. Cash equivalents	—	0.0	0.0	1.0	0.0
II. Short-term financial investments	1,793.7	1,271.4	929.5	601.8	0.0
1. Available for sale securities	40.1	0.0	0.0	3.6	0.0
2. Provision for diminution in value of available for sale securities (*)	-2.9	0.0	0.0	-0.2	0.0
3. Held to maturity investments	1,756.5	1,271.4	929.5	598.3	0.0
III. Short-term receivables	1,475.1	723.1	1,032.0	1,052.2	886.4
1. Short-term trade accounts receivable	1,471.4	815.2	1,085.4	1,139.5	0.0
2. Short-term prepayments to suppliers	2.2	2.9	0.9	7.7	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	158.4	66.8	107.2	66.5	0.0
7. Provision for short-term doubtful debts (*)	-156.9	-161.9	-161.5	-161.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	965.4	525.7	863.8	1,429.1	589.1
1. Inventories	974.9	535.2	873.5	1,441.7	0.0
2. Provision for decline in value of inventories	-9.5	-9.6	-9.7	-12.6	0.0
V. Other short-term assets	139.4	100.6	148.0	188.4	31.1
1. Short-term prepayments	0.6	1.4	0.8	3.6	0.0
2. Value added tax to be reclaimed	138.7	99.2	147.1	184.7	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	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)	69.6	65.5	80.2	87.2	15.3
I. Long-term receivables	1.1	0.0	1.4	3.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	3.1
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	1.1	0.0	1.4	3.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	68.5	65.5	73.1	75.9	1.9
1. Tangible fixed assets	12.8	7.8	13.3	14.1	1.9
- Cost	22.0	19.8	26.5	25.1	0.0
- Accumulated depreciation	-9.1	-12.0	-13.2	-11.0	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	55.6	57.7	59.7	61.8	0.0
- Cost	64.8	64.8	64.8	64.8	0.0
- Accumulated depreciation	-9.2	-7.1	-5.1	-3.0	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	1.4	1.4	1.4	1.4	0.0
4. Provision for diminution in value of long-term investments	-1.4	-1.4	-1.4	-1.4	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	—	0.0	5.7	7.8	0.0
1. Long-term prepayments	—	0.0	0.0	0.1	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	10.2
5. Goodwill	—	0.0	5.7	7.7	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	4,671.9	2,790.5	3,116.9	3,430.9	2,610.7
A. LIABILITIES (300=210+330)	3,955.3	2,214.2	2,569.6	2,919.8	2,181.9
I. Short -term liabilities	3,953.5	2,211.9	2,567.1	2,918.7	2,180.1
1. Short-term trade accounts payable	1,048.1	391.9	798.7	584.2	902.5
2. Short-term advances from customers	25.9	3.5	4.4	3.4	13.2
3. Taxes and other payables to state authorities	12.1	5.6	7.6	4.4	0.0
4. Payable to employees	32.3	22.9	21.6	23.2	0.0
5. Short-term acrrued expenses	15.0	6.2	5.8	5.8	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	0.0	18.0	0.0
9. Other short-term payables	231.2	228.7	188.0	647.3	0.0
10. Short-term borrowings and financial leases	2,572.0	1,537.8	1,527.2	1,619.9	997.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	16.8	15.2	13.7	12.6	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	1.7	2.3	2.5	1.1	1.8
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	0.6	0.7	0.6	1.1	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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	1.1	1.6	1.9	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)	716.6	576.2	547.3	511.0	428.8
I. Owner's equity	716.6	576.2	547.3	511.0	0.0
1. Owner's capital	518.3	518.3	518.3	398.9	428.8
- Common stock with voting right	518.3	518.3	518.3	398.9	306.8
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	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	198.4	57.9	29.0	113.2	135.9
- Accumulated retained earning at the end of the previous period	57.9	29.0	9.6	2.8	41.9
- Undistributed earnings in this period	140.4	29.0	19.4	110.5	94.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.1	-1.1	-9.4
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)	4,671.9	2,790.5	3,116.9	3,430.9	2,610.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	179.4	104.8	83.2	138.6	193.6
Depreciation of Fixed Assets and Investment Property	4.6	10.7	6.6	6.2	2.5
Provision (Increase)/Reversal	-2.2	0.2	-3.2	-3.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	0.6	-0.2	-0.5	0.0
Gain/Loss from Investment Activities	-125.2	-57.6	-85.4	-20.8	0.0
Interest Expense	82.2	48.6	114.3	56.8	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	138.8	107.3	115.4	176.9	272.5
Increase/(Decrease) in Receivables	-755.7	366.5	97.2	-359.2	0.0
Increase/(Decrease) in Inventory	-439.6	338.2	568.2	-854.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	747.2	-377.1	-274.5	-17.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	-0.6	2.9	0.1	0.0
Changes in Trading Securities	-40.1	0.0	3.6	35.5	0.0
Interest Paid	-79.2	-48.4	-112.5	-58.4	0.0
Corporate Income Tax Paid	-29.6	-23.9	-15.1	-34.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.1	-0.3	-0.3	-0.3	0.0
Net Cash Flow from Operating Activities	-458.5	361.8	384.9	-1,111.7	197.2
Payments for Fixed Assets and Other Long-term Assets	-7.5	0.0	-1.9	-7.4	-1.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-3,252.4	-2,025.5	-1,908.7	-698.3	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	2,767.3	1,683.6	1,577.5	100.0	34.0
Investments in Other Entities	—	0.0	0.0	-0.3	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	93.0	51.5	48.2	41.8	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	-399.4	-290.2	-284.9	-564.3	67.8
Proceeds from Equity Issuance and Capital Contributions	—	0.0	15.8	2.7	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	6,067.3	4,405.2	5,036.7	4,496.9	3,463.8
Repayment of Borrowings	-5,033.1	-4,394.6	-5,129.4	-3,695.2	-3,790.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-51.8	-41.5	-31.9	-46.0	-30.4
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	982.4	-30.8	-108.9	758.3	-357.2
Net Cash Flow During the Period	124.5	40.7	-8.8	-917.7	391.1
Cash and Cash Equivalents at Beginning of Period	104.2	63.4	72.3	990.9	1,081.3
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.9	0.1
Cash and Cash Equivalents at End of Period	228.7	104.2	63.4	72.3	989.1

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	2,466.4	2,293.6	1,957.0	1,388.4	1,386.3	1,603.3	1,440.2	1,494.9	1,754.7	1,731.1	1,567.4	1,884.8
Revenue Deductions	90.2	79.0	71.0	45.7	48.2	63.6	47.5	37.9	43.0	47.1	48.4	34.9
Net Revenue	2,376.2	2,214.6	1,885.9	1,342.7	1,338.1	1,539.6	1,392.7	1,457.0	1,711.7	1,683.9	1,519.0	1,849.9
Cost of Goods Sold	2,237.0	2,111.2	1,787.3	1,277.1	1,234.3	1,459.3	1,320.7	1,392.2	1,641.5	1,616.7	1,450.7	1,761.0
Gross Profit	139.2	103.4	98.6	65.5	103.8	80.3	72.0	64.7	70.1	67.2	68.3	88.9
Financial Income	50.1	47.3	32.7	23.4	22.6	27.0	14.9	17.4	28.8	27.7	33.5	20.0
Financial Expenses	29.8	23.9	21.0	12.9	19.6	11.7	14.8	13.0	16.5	29.0	38.9	34.7
Interest Expense	26.0	24.8	18.4	13.1	13.6	11.3	11.6	12.1	14.2	-6.3	38.8	34.4
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	85.5	61.0	61.4	38.4	68.9	46.5	39.5	35.8	51.5	39.1	43.0	37.5
General and Administrative Expenses	15.8	12.2	12.1	10.7	18.3	13.8	13.2	8.4	3.0	10.6	11.9	9.4
Operating Profit	58.2	53.6	36.8	26.9	19.8	35.3	19.4	24.9	28.0	16.2	8.0	27.3
Other Income	0.5	2.2	0.2	1.1	5.5	0.5	3.4	0.5	2.1	0.7	0.5	2.5
Other Expenses	0.0	0.1	0.0	0.0	3.2	0.1	0.1	0.0	0.1	0.0	0.0	1.9
Other Profit	0.5	2.0	0.2	1.1	2.3	0.4	3.3	0.5	2.0	0.7	0.5	0.6
Profit Before Tax	58.7	55.6	37.0	28.1	22.0	35.7	22.8	25.4	29.9	16.8	8.5	28.0
Current Income Tax Expense	11.9	11.3	7.6	5.8	4.8	7.7	4.8	5.3	6.2	3.9	2.6	5.3
Deferred Income Tax Expense	-0.1	-0.1	—	0.2	-0.3	0.2	0.0	0.0	0.7	0.0	0.0	0.0
Net Income	46.9	44.4	29.5	22.1	17.5	27.9	18.0	20.1	23.0	12.9	5.9	22.7
Non-controlling Interest	—	—	—	—	-0.0	-0.0	-0.0	0.0	0.2	0.2	0.0	0.7
Profit Attributable to Parent	46.9	44.4	29.5	22.1	17.5	27.9	18.0	20.1	22.8	12.7	5.9	22.0
Earnings per Share	853.00	856.00	569.00	427.00	304.00	538.00	347.00	388.00	449.00	317.00	147.00	552.00
Diluted EPS	853.00	856.00	569.00	427.00	1,549.00	538.00	347.00	388.00	449.00	306.69	147.48	552.17

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)	4,607.7	3,924.5	3,757.0	2,975.6	2,729.5	2,510.1	2,649.7	3,112.1	3,063.0	2,879.1	3,005.5	3,558.4
I. Cash and cash equivalents	227.7	86.7	100.3	106.9	104.2	60.4	109.1	53.0	63.4	43.8	69.6	45.0
1. Cash	227.7	46.7	100.3	106.9	104.2	60.4	109.1	53.0	63.4	43.8	69.6	45.0
2. Cash equivalents	—	40.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	1,793.7	1,988.0	1,535.9	1,180.6	1,271.4	1,027.0	804.1	1,030.5	929.5	950.3	1,053.2	1,252.1
1. Available for sale securities	40.1	50.5	24.3	—	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 (*)	-2.9	—	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	1,756.5	1,937.6	1,511.7	1,180.6	1,271.4	1,027.0	804.1	1,030.5	929.5	950.3	1,053.2	1,252.1
III. Short-term receivables	1,485.4	1,270.5	1,244.2	907.8	756.3	901.1	867.2	834.9	1,058.4	931.6	999.4	832.4
1. Short-term trade accounts receivable	1,481.7	1,349.0	1,326.5	976.0	857.2	981.6	965.7	873.0	1,091.8	943.4	1,033.7	892.1
2. Short-term prepayments to suppliers	2.2	5.8	5.8	8.7	2.9	3.6	4.2	4.1	0.9	2.1	1.4	0.4
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	158.4	71.9	74.1	85.1	58.0	77.6	58.9	119.3	127.2	147.7	125.9	101.4
7. Provision for short-term doubtful debts (*)	-156.9	-156.2	-162.2	-161.9	-161.9	-161.6	-161.6	-161.5	-161.5	-161.6	-161.6	-161.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	961.5	469.7	752.5	663.5	497.0	418.6	735.3	1,035.2	863.8	803.5	749.3	1,244.6
1. Inventories	970.9	479.8	762.6	673.1	506.5	428.2	744.9	1,045.0	873.5	814.0	760.6	1,256.2
2. Provision for decline in value of inventories	-9.5	-10.1	-10.1	-9.6	-9.6	-9.6	-9.6	-9.7	-9.7	-10.5	-11.3	-11.6
V. Other short-term assets	139.4	109.5	124.1	116.8	100.6	103.0	134.0	158.4	148.0	149.9	134.0	184.2
1. Short-term prepayments	0.6	2.4	1.0	1.2	1.4	1.3	0.6	0.8	0.8	1.6	1.0	1.0
2. Value added tax to be reclaimed	138.7	107.0	123.0	112.9	99.2	100.9	133.3	155.3	147.1	146.2	132.9	182.1
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	2.7	0.1	0.9	0.1	2.3	0.1	2.1	0.1	1.0
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)	69.6	70.7	70.8	64.5	73.0	73.6	78.2	80.0	81.8	80.6	84.3	86.1
I. Long-term receivables	1.1	1.1	0.0	0.0	8.0	2.9	2.9	3.0	3.0	1.9	3.4	3.5
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	1.1	1.1	0.0	0.0	8.0	2.9	2.9	3.0	3.0	1.9	3.4	3.5
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	68.5	69.6	70.8	64.4	65.0	69.3	70.5	71.8	73.1	72.4	74.2	75.4
1. Tangible fixed assets	12.8	13.5	14.1	7.3	7.3	11.1	11.8	12.6	13.4	12.2	13.4	14.1
- Cost	—	—	—	—	20.8	25.7	25.7	26.5	26.6	24.7	23.0	23.1
- Accumulated depreciation	—	—	—	—	-13.5	-14.6	-13.9	-13.9	-13.2	-12.5	-9.6	-8.9
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	55.6	56.1	56.6	57.2	57.7	58.2	58.7	59.2	59.7	60.2	60.7	61.3
- 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	—	—	—	—	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
IV. Long-term assets in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4
4. Provision for diminution in value of long-term investments	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4
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	1.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	—	—	—	0.0	1.4	4.8	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.4	4.8	5.3	5.7	6.2	6.7	7.2
TOTAL ASSETS (280=100+200)	4,677.3	3,995.2	3,827.8	3,040.1	2,802.5	2,583.8	2,728.0	3,192.1	3,144.8	2,959.7	3,089.9	3,644.4
A. LIABILITIES (300=210+330)	3,960.7	3,322.8	3,200.0	2,441.7	2,226.8	1,972.0	2,142.6	2,624.7	2,597.5	2,391.4	2,550.2	3,110.7
I. Short -term liabilities	3,958.9	3,320.9	3,197.8	2,439.5	2,224.5	1,969.4	2,140.0	2,622.1	2,595.0	2,390.8	2,549.6	3,109.9
1. Short-term trade accounts payable	1,044.2	637.1	705.3	576.8	389.1	336.7	383.0	369.2	820.3	535.7	319.5	739.7
2. Short-term advances from customers	35.1	25.7	52.3	28.2	17.9	25.6	25.7	19.8	10.7	15.6	10.8	13.7
3. Taxes and other payables to state authorities	12.1	11.9	9.1	6.3	5.6	8.1	5.3	5.7	7.6	6.2	3.1	6.3
4. Payable to employees	32.3	23.8	15.8	13.8	22.9	17.4	11.2	11.9	21.6	14.1	9.7	6.4
5. Short-term acrrued expenses	15.0	16.7	10.1	13.6	6.2	3.5	9.2	2.3	5.8	3.0	2.0	6.7
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	0.0	0.0	0.0	14.1
9. Other short-term payables	231.4	209.9	193.3	285.2	229.8	176.8	324.1	316.4	183.0	414.3	657.7	802.0
10. Short-term borrowings and financial leases	2,572.0	2,381.6	2,196.8	1,500.4	1,537.8	1,387.8	1,368.0	1,883.3	1,527.2	1,389.6	1,534.4	1,508.6
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	16.8	14.3	15.1	15.1	15.2	13.5	13.5	13.6	18.8	12.4	12.4	12.4
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	1.7	1.8	2.2	2.2	2.3	2.6	2.6	2.6	2.5	0.6	0.6	0.8
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	0.8
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	0.6	0.6	0.6	0.6	0.7	0.7	0.7	0.7	0.6	0.6	0.6	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.1	1.2	1.6	1.6	1.6	1.9	1.9	1.9	1.9	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)	716.6	672.4	627.8	598.4	575.7	611.8	585.3	567.4	547.3	568.3	539.7	533.7
I. Owner's equity	716.6	672.4	627.8	598.4	575.7	611.8	585.3	567.4	547.3	568.3	539.7	533.7
1. Owner's capital	518.3	518.3	518.3	518.3	518.3	518.3	518.3	518.3	518.3	414.6	398.9	398.9
- Common stock with voting right	518.3	518.3	—	518.3	518.3	518.3	518.3	518.3	518.3	414.6	398.9	398.9
- Preferred stock	—	—	518.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	198.4	154.2	109.6	80.1	57.4	93.5	67.0	49.0	29.0	153.9	141.2	135.3
- Accumulated retained earning at the end of the previous period	57.9	57.9	57.9	57.9	29.0	29.0	29.0	29.0	9.6	113.2	113.2	113.2
- Undistributed earnings in this period	140.4	96.2	51.6	22.1	28.4	64.5	38.1	20.1	19.4	40.6	27.9	22.0
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	0.1	0.1	-0.2	-0.4	-0.4
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)	4,677.3	3,995.2	3,827.8	3,040.1	2,802.5	2,583.8	2,728.0	3,192.1	3,144.8	2,959.7	3,089.9	3,644.4

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	58.7	55.6	37.0	28.1	22.0	35.7	21.1	25.4	29.9	16.8	8.5	28.0
Depreciation of Fixed Assets and Investment Property	1.2	1.2	1.1	1.1	3.0	2.5	3.4	1.7	1.7	1.7	2.2	1.1
Provision (Increase)/Reversal	3.0	-6.0	0.8	—	-0.2	0.5	0.0	0.0	-0.8	-0.9	-0.8	-0.7
FX Gain/Loss from Revaluation of Monetary Items	-0.3	—	0.4	—	0.6	0.0	0.0	0.0	-0.2	0.0	0.0	0.0
Gain/Loss from Investment Activities	-64.4	-24.2	-20.1	-16.4	-17.9	-13.2	-11.0	-14.8	-18.1	-24.6	-26.7	-16.0
Interest Expense	26.0	24.8	18.3	13.1	13.6	11.3	11.6	12.1	47.3	-6.3	38.8	34.4
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	24.5	50.9	37.6	25.8	21.2	36.9	25.0	24.4	59.8	-13.2	22.1	46.7
Increase/(Decrease) in Receivables	-197.7	-46.0	-311.0	-201.1	150.1	-28.9	380.7	-185.2	255.7	-304.7	-75.3	221.5
Increase/(Decrease) in Inventory	-495.0	282.8	-89.5	-137.8	-78.3	332.6	284.1	-171.5	-59.5	-56.9	499.1	185.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	443.1	-29.5	17.6	316.1	62.6	-184.2	-340.3	105.7	-363.7	366.9	-599.8	322.1
Increase/(Decrease) in Prepaid Expenses	1.8	-1.4	0.2	0.1	-0.1	-0.7	0.2	0.0	0.8	1.9	-2.5	2.7
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	3.6
Interest Paid	-30.1	-20.0	-15.7	-13.3	-13.1	-11.3	-12.3	-11.7	-44.9	-10.0	-23.0	-34.7
Corporate Income Tax Paid	-11.3	-7.6	-5.8	-5.0	-7.7	-4.8	-5.3	-6.2	-3.6	-2.9	-5.3	-3.3
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.8	0.0	-0.1	-0.0	-0.1	-0.0	-0.2	-0.0	-0.0	-0.0	-0.2
Net Cash Flow from Operating Activities	-254.6	198.5	-387.2	-15.3	134.7	139.5	332.2	-244.6	-155.5	-18.9	-184.7	744.0
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	-7.5	—	0.0	0.0	0.0	0.0	-1.9	0.0	2.5	-2.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	—	0.0	0.0	0.2	0.0	0.0	0.0	-1.9	1.9
Loans and Purchases of Debt Instruments	-673.6	-1,208.4	-576.8	-793.6	-387.0	-884.4	544.6	-1,298.7	-359.0	-570.5	-325.4	-653.8
Receipts from Loan Repayments and Sale of Debt Instruments	854.6	778.3	250.0	884.4	142.6	661.5	-318.2	1,197.7	379.8	673.4	524.3	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	24.9	29.6	22.1	16.4	3.5	16.4	12.6	19.0	18.6	19.2	-16.1	26.5
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	206.1	-400.6	-312.2	107.2	-240.9	-206.5	239.2	-82.0	37.5	122.1	183.5	-628.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	15.8	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	1,876.4	1,556.9	1,705.9	928.1	1,063.8	966.9	996.0	1,378.6	1,288.5	1,369.0	1,088.2	1,291.1
Repayment of Borrowings	-1,686.0	-1,372.1	-1,009.5	-965.5	-913.8	-947.1	-1,511.2	-1,022.5	-1,150.9	-1,513.8	-1,062.3	-1,402.5
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	-51.8	0.0	-1.6	0.0	-39.9	0.0	0.0	0.0	-31.9
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	190.4	184.8	696.4	-89.2	150.0	18.2	-515.3	316.2	137.6	-129.1	25.8	-143.3
Net Cash Flow During the Period	142.0	-17.2	-2.9	2.7	43.8	-48.8	56.1	-10.4	19.6	-25.9	24.6	-27.2
Cash and Cash Equivalents at Beginning of Period	86.7	103.8	106.9	104.2	63.4	63.4	63.4	63.4	72.3	72.3	72.3	72.3
FX Difference from Revaluation	-0.0	—	-0.1	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	228.7	86.7	103.8	106.9	104.2	60.4	109.1	53.0	63.4	43.8	69.6	45.0

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