PTD

Listed Company · HNX

Price

6,900

Latest close

02 Apr 2026

P/E 42.1x

EPS (TTM) 164

ROE (TTM) 1.9%

P/B 0.8x

BVPS (Latest) 8,593

ROA (TTM) 0.4%

What Is Changing

PTD no longer looks like a business simply rebounding from a weak base. Revenue posted +106.9% YoY, while net margin reached 0.32% with an additional +13.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 1.6bn in 2025.
Net margin improved from -13.46% in the prior period to 0.32% in 2025.
Revenue growth accelerated to 106.9% in 2025, up 152.9pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	517.6	250.1	463.0	366.2	228.2
Growth	+107%	-46%	+26%	+60%	—
Net Income	1.6	-33.7	3.1	0.4	3.5
Net Margin	0.32%	-13.46%	0.66%	0.10%	1.56%

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	359.2	73.1	65.5	19.7	88.9	43.1	34.1	84.0	111.2	130.2	105.8	115.7
Growth	+392%	+12%	+233%	-78%	+107%	+26%	-59%	-25%	-15%	+23%	-9%	—
Net Income	1.3	0.4	6.8	-6.6	-18.9	-9.2	-6.6	1.5	-0.6	-9.4	-14.3	11.8
Net Margin	0.37%	0.49%	10.32%	-33.69%	-21.30%	-21.37%	-19.45%	1.81%	-0.52%	-7.26%	-13.50%	10.23%

Financial Statements

Profitability

Net margin reached 0.32% while Revenue posted +106.9% YoY.

Balance Sheet

Inventory stood at 54.5bn, liabilities at 512.9bn, and equity at 171.4bn.

Cash Flow

Operating cash flow was -112.0bn in 2025, while investing cash flow was 0.3bn.

Financing cash flow: 254.0bn.

Item	2025	2024	2023	2022	2021
Revenue	517.6	250.1	463.0	366.2	228.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	517.6	250.1	463.0	366.2	228.2
Cost of Goods Sold	466.5	233.6	417.6	339.1	0.0
Gross Profit	51.1	16.5	45.4	27.0	36.0
Financial Income	0.3	0.6	1.3	1.0	0.9
Financial Expenses	9.6	8.8	9.4	5.7	-4.4
Interest Expense	9.0	8.7	9.2	5.6	-4.4
Share of Associates and Joint Ventures	-0.1	0.0	-0.2	-0.1	-0.4
Selling Expenses	3.6	3.0	4.6	0.1	-0.1
General and Administrative Expenses	34.9	42.2	28.5	24.2	-23.8
Operating Profit	3.3	-37.0	4.0	-2.0	8.2
Other Income	3.3	3.6	1.8	3.6	0.0
Other Expenses	5.0	0.3	0.8	0.3	0.0
Other Profit	-1.7	3.3	1.0	3.3	-2.3
Profit Before Tax	1.6	-33.7	5.0	1.3	5.9
Current Income Tax Expense	—	0.0	1.9	0.9	-2.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.6	-33.7	3.1	0.4	3.5
Non-controlling Interest	—	0.0	0.0	0.0	-4.0
Profit Attributable to Parent	1.6	-33.7	3.1	0.4	7.6
Earnings per Share	311.00	-6,733.00	956.00	115.00	1,129.00
Diluted EPS	82.14	-6,732.51	955.68	115.00	2,372.65

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	639.9	156.6	190.8	223.6	139.5
I. Cash and cash equivalents	167.4	25.1	11.5	10.3	15.1
1. Cash	165.5	21.8	6.4	5.1	0.0
2. Cash equivalents	1.9	3.3	5.1	5.1	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	383.6	69.9	79.9	85.4	69.5
1. Short-term trade accounts receivable	413.4	84.8	71.5	71.0	0.0
2. Short-term prepayments to suppliers	1.9	6.7	11.5	2.1	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	9.0	0.0
6. Other short-term receivables	0.6	1.2	1.5	3.2	0.0
7. Provision for short-term doubtful debts (*)	-32.3	-22.9	-4.6	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	54.5	35.4	70.3	100.1	45.8
1. Inventories	54.5	35.4	70.3	100.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	34.3	26.3	29.1	27.9	9.1
1. Short-term prepayments	0.1	0.0	0.1	0.2	0.0
2. Value added tax to be reclaimed	34.2	26.2	29.0	27.8	0.0
3. Taxes and other receivables from state authorities	—	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)	44.5	46.9	49.3	54.0	54.4
I. Long-term receivables	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.5	0.8	1.1	1.5	2.1
1. Tangible fixed assets	0.5	0.8	1.1	1.5	2.0
- Cost	10.8	10.8	10.8	10.7	0.0
- Accumulated depreciation	-10.3	-10.0	-9.7	-9.2	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	—	0.0	0.0	0.0	0.1
- Cost	0.6	0.6	0.6	0.6	0.0
- Accumulated depreciation	-0.6	-0.6	-0.6	-0.5	0.0
III. Investment properties	37.4	39.4	41.3	43.3	45.3
- Cost	54.3	54.3	54.3	54.3	0.0
- Accumulated depreciation	-16.9	-14.9	-12.9	-10.9	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	6.3	6.4	6.4	6.6	6.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	6.3	6.4	6.4	6.6	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	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	0.3	0.4	0.4	2.5	0.0
1. Long-term prepayments	0.3	0.4	0.4	2.5	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	0.3
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)	684.4	203.6	240.1	277.6	193.8
A. LIABILITIES (300=210+330)	512.9	183.0	185.0	221.8	134.1
I. Short -term liabilities	469.2	166.5	183.3	212.6	133.5
1. Short-term trade accounts payable	122.0	55.3	51.9	64.4	27.3
2. Short-term advances from customers	—	4.6	1.0	1.0	7.8
3. Taxes and other payables to state authorities	0.8	0.6	2.4	1.4	0.0
4. Payable to employees	5.2	4.4	4.7	2.8	0.0
5. Short-term acrrued expenses	0.3	0.1	0.1	24.6	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	1.5	2.4	19.2	35.2	70.0
9. Other short-term payables	165.4	2.1	3.4	3.0	0.0
10. Short-term borrowings and financial leases	169.4	92.5	96.4	76.1	15.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.5	4.5	4.3	4.2	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	43.7	16.4	1.7	9.1	0.6
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	0.4	0.3	0.4	0.0
8. Long-term borrowings and financial leases	43.1	16.1	1.4	8.7	0.2
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)	171.4	20.6	55.1	55.8	59.8
I. Owner's equity	171.4	20.6	55.1	55.8	0.0
1. Owner's capital	200.0	50.0	32.0	32.0	59.8
- Common stock with voting right	200.0	50.0	32.0	32.0	32.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	-0.3	0.0	11.5	11.5	11.5
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	0.7	0.7	0.6	0.6	0.0
8. Investment and development fund	0.7	0.7	6.8	6.8	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	-29.6	-30.7	4.1	4.8	9.3
- Accumulated retained earning at the end of the previous period	-31.3	2.9	1.0	4.5	2.5
- Undistributed earnings in this period	1.6	-33.7	3.1	0.4	6.8
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	0.4
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)	684.4	203.6	240.1	277.6	193.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.6	-33.7	5.0	1.3	6.0
Depreciation of Fixed Assets and Investment Property	2.2	2.3	2.5	2.8	2.9
Provision (Increase)/Reversal	9.7	18.3	4.6	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.5	0.0	0.0
Gain/Loss from Investment Activities	-0.3	-0.1	-0.6	-1.0	0.0
Interest Expense	9.0	8.7	9.2	5.6	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	22.3	-4.4	20.1	8.8	15.1
Increase/(Decrease) in Receivables	-331.1	-5.5	-0.5	-38.1	0.0
Increase/(Decrease) in Inventory	-19.2	35.0	29.7	-54.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	225.6	-11.2	-48.6	22.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.0	2.2	-2.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-9.0	-8.7	-9.2	-5.6	0.0
Corporate Income Tax Paid	—	-1.8	-2.4	-2.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-0.6	-0.6	-0.5	0.0
Net Cash Flow from Operating Activities	-112.0	2.8	-9.3	-72.1	55.7
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.0	-0.2	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-0.8
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.8	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	0.3	0.1	0.6	1.0	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	0.3	0.1	0.6	1.6	-1.8
Proceeds from Equity Issuance and Capital Contributions	150.0	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	309.8	175.6	268.0	191.7	129.4
Repayment of Borrowings	-205.8	-164.9	-255.0	-122.6	-179.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-3.1	-3.4	-3.0
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	254.0	10.7	9.9	65.7	-52.7
Net Cash Flow During the Period	142.3	13.7	1.2	-4.9	1.7
Cash and Cash Equivalents at Beginning of Period	25.1	11.5	10.3	15.1	13.9
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	167.4	25.1	11.5	10.3	15.1

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	359.2	73.1	65.5	19.7	88.9	43.1	34.1	84.0	111.3	130.2	105.8	115.7
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	359.2	73.1	65.5	19.7	88.9	43.1	34.1	84.0	111.2	130.2	105.8	115.7
Cost of Goods Sold	337.3	64.0	49.5	17.9	93.0	44.5	22.6	73.5	101.0	131.4	107.9	96.2
Gross Profit	22.0	9.1	16.1	1.7	-4.0	-1.5	11.5	10.4	10.2	-1.3	-2.1	19.5
Financial Income	0.1	0.1	0.3	0.0	0.0	0.0	0.5	0.1	0.1	0.1	0.5	0.1
Financial Expenses	3.2	2.6	2.3	1.7	1.8	2.0	2.8	2.2	3.3	2.3	2.8	1.8
Interest Expense	2.9	2.5	2.0	1.6	2.0	2.0	2.5	2.2	2.5	2.3	2.6	1.8
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.2	1.1	0.8	0.5	0.6	0.5	0.9	1.0	1.6	1.0	1.3	0.7
General and Administrative Expenses	16.3	5.1	8.0	5.0	14.1	5.2	16.8	5.7	8.5	5.0	8.1	5.2
Operating Profit	1.4	0.4	5.3	-5.4	-20.6	-9.2	-8.5	1.5	-3.1	-9.4	-13.8	11.8
Other Income	0.0	0.0	1.5	—	1.8	0.0	1.8	0.0	1.8	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	1.2	0.2	0.0	0.0	0.0	0.6	0.0	0.3	0.0
Other Profit	-0.0	-0.0	1.5	-1.2	1.6	-0.0	1.8	-0.0	1.2	0.0	-0.3	-0.0
Profit Before Tax	1.3	0.4	6.8	-6.6	-18.9	-9.2	-6.6	1.5	-1.9	-9.4	-14.1	11.8
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	-1.3	0.0	0.2	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.3	0.4	6.8	-6.6	-18.9	-9.2	-6.6	1.5	-0.6	-9.4	-14.3	11.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.3	0.4	6.8	-6.6	-18.9	-9.2	-6.6	1.5	-0.6	-9.4	-14.3	11.8
Earnings per Share	65.63	71.61	1,352.38	-1,325.80	-3,788.12	-1,840.41	-2,075.83	474.74	-179.48	-2,952.13	-4,463.97	3,698.49
Diluted EPS	65.63	71.61	1,352.38	-1,325.80	-3,788.12	-1,840.41	-2,075.83	474.74	-179.48	-2,952.13	-4,463.97	3,698.49

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)	640.0	312.5	243.5	165.5	156.9	191.4	177.9	182.4	193.4	215.7	177.7	203.6
I. Cash and cash equivalents	167.4	0.9	6.3	4.7	25.1	33.6	5.8	5.9	11.5	20.2	15.8	5.5
1. Cash	165.5	0.3	4.7	3.1	21.8	33.5	0.7	0.8	6.3	15.1	10.7	0.4
2. Cash equivalents	1.9	0.6	1.6	1.6	3.3	0.1	5.1	5.1	5.1	5.1	5.1	5.1
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	386.0	44.2	59.1	72.9	70.2	39.4	53.4	83.9	83.8	82.4	38.7	78.9
1. Short-term trade accounts receivable	413.4	62.5	78.6	75.5	84.8	48.7	59.6	75.4	70.4	73.5	33.6	63.8
2. Short-term prepayments to suppliers	4.4	6.3	4.5	18.7	6.7	6.2	7.5	11.4	11.5	5.5	3.0	2.2
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	9.0
6. Other short-term receivables	0.5	1.1	1.7	1.6	1.6	0.8	2.6	1.8	1.9	3.4	2.1	3.8
7. Provision for short-term doubtful debts (*)	-32.3	-25.7	-25.7	-22.9	-22.9	-16.3	-16.3	-4.6	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	52.3	218.9	140.4	59.6	35.4	80.1	82.2	59.1	69.0	63.2	77.4	82.3
1. Inventories	52.3	218.9	140.4	59.6	35.4	80.1	82.2	59.1	69.0	63.2	77.4	82.3
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	34.3	48.5	37.7	28.2	26.3	38.2	36.5	33.4	29.1	50.0	45.7	37.0
1. Short-term prepayments	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.1
2. Value added tax to be reclaimed	34.2	48.4	37.7	28.2	26.2	38.2	36.5	33.4	29.0	49.9	45.7	36.8
3. Taxes and other receivables from state authorities	—	—	—	—	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)	44.6	45.4	45.8	46.4	46.9	47.3	47.5	48.3	44.7	46.0	51.8	53.5
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	-4.6	-4.6	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	-4.6	-4.6	0.0	0.0
II. Fixed assets	0.5	0.6	0.6	0.7	0.8	0.8	0.9	1.0	1.1	1.2	1.3	1.4
1. Tangible fixed assets	0.5	0.6	0.6	0.7	0.8	0.8	0.9	1.0	1.1	1.2	1.3	1.4
- Cost	—	—	—	—	10.8	10.8	10.8	10.8	10.8	10.8	10.8	10.7
- Accumulated depreciation	—	—	—	—	-10.0	-9.9	-9.9	-9.8	-9.7	-9.6	-9.5	-9.3
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	—	—	—	—	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
III. Investment properties	37.4	37.9	38.4	38.9	39.4	39.9	40.4	40.8	41.3	41.8	42.3	42.8
- 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
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	6.4	6.6	6.4	6.4	6.4	6.2	6.2	6.4	6.5	6.6	6.6	7.3
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	6.4	6.6	6.4	6.4	6.4	6.2	6.2	6.4	6.5	6.6	6.6	7.3
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.3	0.4	0.4	0.4	0.4	0.5	0.0	0.1	0.4	0.9	1.5	2.0
1. Long-term prepayments	0.3	0.4	0.4	0.4	0.4	0.5	0.0	0.1	0.4	0.9	1.5	2.0
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)	684.6	357.9	289.3	211.8	203.9	238.7	225.4	230.7	238.1	261.7	229.5	257.2
A. LIABILITIES (300=210+330)	512.7	336.2	268.6	197.9	182.3	198.1	175.6	174.1	184.0	207.1	180.0	188.9
I. Short -term liabilities	439.0	321.6	247.1	179.1	165.8	178.3	157.0	170.8	182.3	203.7	177.8	180.6
1. Short-term trade accounts payable	122.5	112.6	81.2	64.5	55.3	71.0	55.8	51.0	51.9	75.9	61.9	73.9
2. Short-term advances from customers	—	61.6	29.9	22.1	4.6	7.0	1.3	1.5	1.0	0.6	1.8	1.5
3. Taxes and other payables to state authorities	0.1	0.1	0.1	1.2	0.1	0.1	0.1	1.0	2.2	3.2	0.3	0.6
4. Payable to employees	5.4	1.8	—	—	4.3	0.0	0.0	0.0	3.8	0.0	0.0	0.0
5. Short-term acrrued expenses	0.2	—	0.1	—	0.1	0.0	0.1	0.0	0.1	2.4	2.6	2.5
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	1.5	—	—	—	2.4	0.0	0.0	4.7	19.2	10.1	8.8	0.7
9. Other short-term payables	165.5	1.6	1.5	1.7	2.0	2.4	2.4	2.1	3.4	3.2	3.3	2.5
10. Short-term borrowings and financial leases	139.4	139.4	129.7	85.1	92.5	93.3	92.7	106.2	96.4	104.0	94.9	94.7
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	4.5	4.5	4.5	4.5	4.5	4.5	4.6	4.3	4.3	4.3	4.3	4.2
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	73.7	14.6	21.5	18.7	16.4	19.8	18.7	3.3	1.7	3.4	2.2	8.3
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	0.6	0.6	0.6	0.4	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.4
8. Long-term borrowings and financial leases	73.1	14.0	20.9	18.4	16.1	19.5	18.4	3.0	1.4	3.1	1.9	7.8
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)	171.9	21.7	20.7	14.0	21.6	40.6	49.8	56.6	54.1	54.6	49.5	68.3
I. Owner's equity	171.9	21.7	20.7	14.0	21.6	40.6	49.8	56.6	54.1	54.6	49.5	68.3
1. Owner's capital	200.0	50.0	50.0	50.0	50.0	50.0	32.0	32.0	32.0	32.0	32.0	32.0
- Common stock with voting right	200.0	50.0	50.0	50.0	50.0	50.0	32.0	32.0	32.0	32.0	32.0	32.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	0.0	11.5	11.5	11.5	11.5	11.5	11.5
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	0.7	0.7	0.7	0.7	0.6	0.6	0.6	0.6	0.7	0.6	0.6	0.6
8. Investment and development fund	0.7	0.7	0.7	0.7	0.7	0.7	7.1	6.8	6.8	6.8	6.8	6.8
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	-29.5	-29.6	-30.6	-37.4	-29.7	-10.8	-1.6	5.6	3.1	3.7	-1.4	17.3
- Accumulated retained earning at the end of the previous period	-31.3	-30.1	-30.7	-30.7	3.5	3.5	3.5	4.1	1.0	1.6	1.6	5.5
- Undistributed earnings in this period	1.8	0.5	0.1	-6.6	-33.3	-14.3	-5.1	1.5	2.1	2.0	-3.1	11.8
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	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)	684.6	357.9	289.3	211.8	203.9	238.7	225.4	230.7	238.1	261.7	229.5	257.2

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	0.5	1.0	6.8	-6.6	-19.6	-8.6	-6.6	1.5	-0.9	-9.4	3.5	11.8
Depreciation of Fixed Assets and Investment Property	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
Provision (Increase)/Reversal	7.1	—	2.6	—	0.0	-12.0	12.0	0.0	-0.0	0.0	4.6	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.2	-0.3	0.2	—	0.1	-0.0	-0.4	0.0	-0.4	-0.4	0.2	0.0
Gain/Loss from Investment Activities	0.1	-0.4	0.0	-0.0	-0.0	-0.5	0.0	-0.1	0.1	-0.2	-0.4	-0.1
Interest Expense	2.9	2.5	2.0	1.6	2.1	2.0	2.5	2.2	2.7	2.1	2.6	1.8
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	13.9	0.8	12.1	-4.5	-16.8	-18.5	8.0	4.2	2.1	-7.2	11.0	14.2
Increase/(Decrease) in Receivables	-334.8	6.9	1.7	-5.0	-18.1	23.8	16.3	-8.3	27.6	-49.5	24.1	-2.6
Increase/(Decrease) in Inventory	164.5	-78.6	-80.8	-24.3	44.8	2.0	-23.0	11.2	-7.2	33.5	-14.4	17.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	116.8	64.9	23.6	20.4	-11.9	32.2	-0.4	-20.0	-9.1	18.7	-8.8	-49.3
Increase/(Decrease) in Prepaid Expenses	0.1	-0.0	0.0	0.0	0.0	-0.4	0.0	0.4	0.5	0.5	0.6	0.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-2.9	-2.5	-2.0	-1.6	-2.1	-2.0	-2.5	-2.2	-2.7	-2.1	-2.6	-1.8
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	-0.4	-1.4	-1.3	0.0	-0.3	-0.8
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	0.1	-0.1	-0.4	0.0	-0.0	0.0	-0.5	-0.1	0.0	0.0	-0.5
Net Cash Flow from Operating Activities	-42.6	-8.5	-45.5	-15.4	-4.1	37.1	-1.9	-16.7	9.7	-6.1	9.6	-22.5
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	-9.0	0.0	9.0	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	-0.1	0.4	-0.0	0.0	0.0	0.5	-0.0	0.1	-0.1	0.2	0.4	0.1
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	-0.1	0.4	-0.0	0.0	0.0	0.5	-0.0	0.1	-9.1	0.2	9.4	0.1
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	-11.5	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	104.7	79.9	85.0	40.3	51.5	46.7	37.7	39.7	71.9	60.3	76.7	59.1
Repayment of Borrowings	-45.6	-77.1	-37.8	-45.3	-55.8	-45.1	-35.8	-28.2	-81.2	-49.9	-82.5	-41.3
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	0.0	-0.1	-0.4	-0.1	-0.1	-2.9	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	209.1	2.8	47.1	-5.0	-4.3	-9.9	1.8	11.1	-9.4	10.3	-8.7	17.7
Net Cash Flow During the Period	166.5	-5.4	1.6	-20.4	-8.4	27.7	-0.1	-5.6	-8.8	4.3	10.3	-4.7
Cash and Cash Equivalents at Beginning of Period	0.9	6.3	4.7	25.1	11.4	11.5	11.5	11.5	10.3	10.2	10.3	10.2
FX Difference from Revaluation	0.0	0.0	0.0	—	-0.0	-0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	167.4	0.9	6.3	4.7	25.1	33.6	5.8	5.9	11.5	20.2	15.9	5.5

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What Is Changing

Financial Statements

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Balance Sheet

Cash Flow

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