PTV

Listed Company · UPCOM

Price

6,400

Latest close

03 Apr 2026

P/E -41.8x

EPS (TTM) -153

ROE (TTM) -1.4%

P/B 0.6x

BVPS (Latest) 11,239

ROA (TTM) -0.5%

What Is Changing

PTV has not yet shown a broad-based top-line recovery. Revenue posted -85.2% YoY, but net margin reached -0.99% with an additional -1.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 107bps to -0.99% in 2025.
Net Income fell to a multi-period low at VND -1.2bn in 2025.
Revenue decreased 85.2% YoY to VND 120.5bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	120.5	815.7	180.2	172.7	245.3
Growth	-85%	+353%	+4%	-30%	—
Net Income	-1.2	2.2	0.1	2.2	1.5
Net Margin	-0.99%	0.27%	0.08%	1.28%	0.61%

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	38.7	34.3	21.7	25.8	725.2	29.7	33.4	27.3	41.0	38.8	43.1	57.3
Growth	+13%	+58%	-16%	-96%	+2338%	-11%	+22%	-33%	+6%	-10%	-25%	—
Net Income	0.8	-1.2	0.2	-1.0	3.5	0.3	-0.5	-1.1	-0.8	-0.1	0.7	0.3
Net Margin	2.17%	-3.39%	1.13%	-4.03%	0.49%	0.97%	-1.36%	-4.07%	-1.90%	-0.22%	1.58%	0.58%

Financial Statements

Profitability

Net margin reached -0.99% while Revenue posted -85.2% YoY.

Balance Sheet

Inventory stood at 484.3bn, liabilities at 575.3bn, and equity at 224.5bn.

Cash Flow

Operating cash flow was -318.7bn in 2025, while investing cash flow was 6.1bn.

Financing cash flow: 330.5bn.

Item	2025	2024	2023	2022	2021
Revenue	120.5	816.5	197.9	173.7	245.3
Revenue Deductions	—	0.8	17.8	1.0	0.0
Net Revenue	120.5	815.7	180.2	172.7	245.3
Cost of Goods Sold	95.6	786.2	153.6	143.4	0.0
Gross Profit	24.8	29.5	26.6	29.3	29.0
Financial Income	4.9	5.6	6.8	4.4	7.2
Financial Expenses	0.5	0.6	0.8	0.9	-1.1
Interest Expense	0.0	0.1	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	4.0	5.2	5.5	5.5	-9.8
General and Administrative Expenses	25.4	25.9	25.3	25.7	-23.8
Operating Profit	-0.3	3.4	1.7	1.6	1.5
Other Income	0.4	0.0	0.1	2.0	0.0
Other Expenses	0.3	0.1	0.3	0.2	0.0
Other Profit	0.1	-0.1	-0.3	1.8	1.2
Profit Before Tax	-0.2	3.3	1.4	3.4	2.7
Current Income Tax Expense	1.0	1.1	1.3	1.2	-1.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-1.2	2.2	0.1	2.2	1.5
Non-controlling Interest	1.9	2.0	2.3	1.7	1.7
Profit Attributable to Parent	-3.1	0.2	-2.2	0.5	-0.2
Earnings per Share	-153.00	12.00	-109.00	24.00	-14.00
Diluted EPS	-153.00	12.00	-109.00	24.00	-7.78

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	734.3	259.8	825.4	221.8	250.0
I. Cash and cash equivalents	45.5	27.6	35.2	32.5	43.7
1. Cash	10.3	12.9	18.3	17.5	0.0
2. Cash equivalents	35.2	14.7	16.9	14.9	0.0
II. Short-term financial investments	71.2	72.6	65.4	66.5	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	71.2	72.6	65.4	66.5	0.0
III. Short-term receivables	95.2	155.2	102.2	121.1	143.2
1. Short-term trade accounts receivable	84.8	144.8	96.9	111.6	0.0
2. Short-term prepayments to suppliers	20.2	21.5	15.2	19.8	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	3.7	2.7	3.8	3.5	0.0
7. Provision for short-term doubtful debts (*)	-13.6	-13.7	-13.7	-13.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	484.3	3.9	576.0	1.2	1.6
1. Inventories	484.3	3.9	576.0	1.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	38.1	0.5	46.7	0.5	0.5
1. Short-term prepayments	0.6	0.5	0.7	0.4	0.0
2. Value added tax to be reclaimed	37.5	0.0	45.9	0.0	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)	65.5	68.1	83.6	86.4	78.1
I. Long-term receivables	0.0	0.0	0.1	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.1	0.0	0.0
II. Fixed assets	40.4	42.3	44.0	45.6	49.6
1. Tangible fixed assets	40.4	42.3	44.0	45.6	47.5
- Cost	68.3	68.2	67.9	67.6	0.0
- Accumulated depreciation	-27.8	-25.9	-23.9	-22.1	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	2.1
- Cost	0.2	0.2	0.0	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.0	-0.2	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	24.0	24.0	38.0	38.0	24.0
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	24.0	24.0	24.0	24.0	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	14.0	14.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	1.0	1.8	1.5	2.9	0.0
1. Long-term prepayments	1.0	1.6	1.2	2.3	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	4.5
5. Goodwill	—	0.2	0.4	0.6	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	799.8	328.0	909.0	308.2	328.1
A. LIABILITIES (300=210+330)	575.3	100.0	680.7	78.1	97.6
I. Short -term liabilities	574.0	93.1	670.0	65.3	80.2
1. Short-term trade accounts payable	32.5	19.2	84.9	35.3	55.7
2. Short-term advances from customers	170.1	4.9	128.0	6.7	2.2
3. Taxes and other payables to state authorities	1.9	4.5	1.9	1.8	0.0
4. Payable to employees	7.8	6.1	5.8	3.4	0.0
5. Short-term acrrued expenses	1.4	29.0	5.7	5.5	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	0.2	0.0	0.1	0.2
9. Other short-term payables	10.0	10.5	11.5	12.2	0.0
10. Short-term borrowings and financial leases	350.0	18.2	432.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.4	0.3	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	1.3	7.0	10.7	12.8	17.4
1. Long-term trade payables	0.8	6.6	10.5	12.8	17.4
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	0.5	0.3	0.2	0.0	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	—	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)	224.5	227.9	228.2	230.1	230.5
I. Owner's equity	224.5	227.9	228.2	230.1	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	230.5
- Common stock with voting right	200.0	200.0	200.0	200.0	200.0
- 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	35.0	35.0	35.0	35.0	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	-34.0	-30.6	-30.4	-28.1	-28.4
- Accumulated retained earning at the end of the previous period	-30.9	-30.8	-28.3	-28.6	-28.1
- Undistributed earnings in this period	-3.1	0.2	-2.2	0.5	-0.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	23.4	23.4	23.6	23.1	22.6
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)	799.8	328.0	909.0	308.2	328.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	-0.2	3.3	1.4	3.4	2.7
Depreciation of Fixed Assets and Investment Property	2.1	2.2	2.1	2.1	1.8
Provision (Increase)/Reversal	-0.1	0.0	0.0	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	0.0	0.0
Gain/Loss from Investment Activities	-4.9	-5.6	-6.8	-6.2	0.0
Interest Expense	0.0	0.1	0.0	0.0	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	-3.1	-0.0	-3.3	-0.8	0.7
Increase/(Decrease) in Receivables	22.7	-7.9	-26.4	6.8	0.0
Increase/(Decrease) in Inventory	-480.4	572.1	-574.8	0.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	143.3	-167.0	171.2	-19.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	-0.2	0.8	0.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.1	-1.3	-1.1	-0.6	0.0
Other Operating Receipts	—	0.0	-0.4	0.0	0.0
Other Operating Payments	-0.6	-0.6	0.0	-0.4	0.0
Net Cash Flow from Operating Activities	-318.7	395.1	-433.9	-12.6	-19.8
Payments for Fixed Assets and Other Long-term Assets	-0.1	-0.3	-0.3	-0.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	3.8	0.0
Loans and Purchases of Debt Instruments	-33.7	-32.5	-23.6	-71.4	-17.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	39.4	24.7	51.8	5.0
Investments in Other Entities	35.0	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	4.8	6.3	6.2	4.6	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	6.1	12.9	7.0	-11.5	0.8
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	350.0	33.2	432.0	0.0	0.0
Repayment of Borrowings	-18.2	-447.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-1.3	-1.7	-2.4	-1.2	-0.1
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	330.5	-415.5	429.6	-1.2	-0.1
Net Cash Flow During the Period	17.9	-7.6	2.7	-25.3	9.0
Cash and Cash Equivalents at Beginning of Period	27.6	35.2	32.5	57.8	62.8
FX Difference from Revaluation	0.0	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	45.5	27.6	35.2	32.5	43.7

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	38.7	34.3	21.7	25.8	726.1	29.7	33.4	27.3	41.0	38.8	43.1	57.3
Revenue Deductions	—	—	—	—	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	38.7	34.3	21.7	25.8	725.2	29.7	33.4	27.3	41.0	38.8	43.1	57.3
Cost of Goods Sold	29.3	31.1	15.4	19.8	712.8	23.6	28.2	21.6	34.4	33.0	35.7	50.5
Gross Profit	9.4	3.2	6.3	5.9	12.4	6.2	5.2	5.7	6.5	5.9	7.4	6.8
Financial Income	1.1	1.6	1.5	0.7	1.2	1.7	2.1	0.6	1.3	2.3	1.6	1.6
Financial Expenses	0.0	0.1	0.2	0.2	0.2	0.1	0.2	0.0	0.1	0.2	0.2	0.3
Interest Expense	—	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.8	0.7	0.9	1.5	2.1	1.0	1.0	1.0	1.4	1.2	1.5	1.5
General and Administrative Expenses	8.0	5.1	6.4	5.9	7.4	6.1	6.3	6.0	6.4	6.6	6.4	5.9
Operating Profit	1.6	-1.2	0.3	-1.0	4.0	0.5	-0.3	-0.8	-0.0	0.2	0.9	0.7
Other Income	—	—	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Other Expenses	0.3	—	—	—	0.1	0.0	0.0	0.0	0.3	0.0	0.0	0.0
Other Profit	-0.3	—	0.1	0.2	-0.1	-0.0	-0.0	-0.0	-0.3	-0.0	0.1	-0.0
Profit Before Tax	1.3	-1.2	0.4	-0.8	3.9	0.5	-0.3	-0.8	-0.3	0.2	0.9	0.7
Current Income Tax Expense	0.5	—	0.2	0.3	0.4	0.2	0.1	0.3	0.4	0.2	0.3	0.3
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.8	-1.2	0.2	-1.0	3.5	0.3	-0.5	-1.1	-0.8	-0.1	0.7	0.3
Non-controlling Interest	1.0	-0.1	0.5	0.5	0.6	0.6	0.2	0.6	0.7	0.5	0.5	0.7
Profit Attributable to Parent	-0.1	-1.1	-0.3	-1.6	2.9	-0.3	-0.7	-1.7	-1.5	-0.6	0.2	-0.3
Earnings per Share	-6.00	-53.00	-15.00	-79.00	147.00	-16.00	-35.00	-85.00	-73.00	-28.00	9.00	-17.00
Diluted EPS	-6.00	-53.00	-15.00	-79.00	12.00	-15.57	-34.84	-84.96	-73.46	-28.35	8.64	-16.87

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)	734.3	715.7	723.4	216.6	259.8	858.0	843.8	837.1	825.4	200.9	201.8	219.1
I. Cash and cash equivalents	45.5	41.0	50.4	40.8	27.6	34.3	39.8	28.6	28.7	22.2	17.0	23.7
1. Cash	10.3	7.0	21.5	11.0	12.9	19.7	25.3	14.1	18.3	11.9	6.8	8.7
2. Cash equivalents	35.2	34.0	28.9	29.8	14.7	14.6	14.5	14.5	10.4	10.3	10.2	15.1
II. Short-term financial investments	71.2	81.1	69.1	68.6	72.3	68.1	57.1	67.9	71.9	63.0	65.2	61.7
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	71.2	81.1	69.1	68.6	72.3	68.1	57.1	67.9	71.9	63.0	65.2	61.7
III. Short-term receivables	95.1	77.7	94.9	101.7	155.5	103.2	103.5	106.6	102.1	114.7	117.8	130.9
1. Short-term trade accounts receivable	84.8	71.5	81.7	89.5	144.8	92.6	91.9	95.0	90.6	101.1	102.8	116.8
2. Short-term prepayments to suppliers	20.2	16.4	23.8	22.7	21.5	20.2	21.8	21.9	21.5	22.5	24.2	23.7
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	3.7	3.4	3.2	3.2	2.9	4.1	3.6	3.4	3.7	4.9	4.5	4.2
7. Provision for short-term doubtful debts (*)	-13.6	-13.6	-13.7	-13.7	-13.7	-13.7	-13.7	-13.7	-13.7	-13.7	-13.7	-13.7
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	484.3	477.8	470.9	4.2	3.9	604.6	595.2	586.2	576.0	0.5	1.6	2.4
1. Inventories	484.3	477.8	470.9	4.2	3.9	604.6	595.2	586.2	576.0	0.5	1.6	2.4
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	38.1	38.0	38.1	1.4	0.5	47.9	48.2	47.9	46.7	0.6	0.2	0.4
1. Short-term prepayments	0.6	0.2	0.2	0.4	0.5	0.3	0.5	0.9	0.8	0.5	0.2	0.3
2. Value added tax to be reclaimed	37.5	37.8	37.8	1.0	0.0	47.6	47.7	47.0	45.9	0.1	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	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)	65.8	66.4	67.2	67.8	68.5	72.3	82.9	83.1	83.7	84.6	85.3	86.1
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0
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	40.7	41.2	41.7	42.1	42.6	43.1	43.6	43.9	44.3	44.8	45.0	45.4
1. Tangible fixed assets	40.7	41.2	41.7	42.1	42.6	43.1	43.6	43.9	44.3	44.8	45.0	45.4
- Cost	—	—	—	—	67.7	67.7	67.7	67.5	68.4	68.4	68.1	68.1
- Accumulated depreciation	—	—	—	—	-25.1	-24.6	-24.1	-23.6	-24.1	-23.6	-23.2	-22.7
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	—	—	—	—	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	24.0	24.0	24.0	24.0	24.0	28.0	38.0	38.0	38.0	38.0	38.0	38.0
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	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	24.0	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	4.0	14.0	14.0	14.0	14.0	14.0	14.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	24.0
VI. Other long-term assets	1.0	1.2	1.4	1.6	1.8	1.1	1.3	1.0	1.1	1.4	1.7	2.0
1. Long-term prepayments	1.0	1.2	1.3	1.5	1.6	0.9	1.0	1.0	1.1	1.4	1.7	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	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.2	0.2	0.3	0.1	0.3	0.4	0.6	0.6
TOTAL ASSETS (280=100+200)	800.1	782.1	790.6	284.4	328.3	930.3	926.8	920.2	909.2	285.5	287.1	305.2
A. LIABILITIES (300=210+330)	575.3	558.2	565.5	57.2	100.1	705.7	702.4	693.0	680.6	56.2	59.4	74.4
I. Short -term liabilities	572.1	553.0	210.1	49.9	93.1	696.9	693.6	682.3	669.9	45.1	48.3	61.6
1. Short-term trade accounts payable	30.5	20.7	121.6	24.5	19.2	78.2	86.7	83.6	84.9	16.3	18.2	34.5
2. Short-term advances from customers	170.1	162.8	67.2	5.2	4.9	158.6	148.9	145.0	128.0	0.6	2.6	7.9
3. Taxes and other payables to state authorities	1.9	1.4	1.7	0.5	4.5	2.1	1.0	0.8	1.7	2.9	1.7	0.7
4. Payable to employees	7.8	4.3	4.9	3.1	6.1	6.2	4.9	3.0	5.8	4.9	3.6	1.8
5. Short-term acrrued expenses	1.4	0.7	1.9	5.2	29.0	7.8	7.1	5.9	5.7	7.0	6.9	5.4
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	0.1	0.1	0.1	0.2	0.1	0.3	0.4	0.0	0.1	0.1	0.1
9. Other short-term payables	10.0	12.6	11.9	11.1	10.5	11.5	12.2	11.5	11.5	13.1	14.7	11.1
10. Short-term borrowings and financial leases	350.0	350.0	—	—	18.2	432.0	432.0	432.0	432.0	0.0	0.0	0.0
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	0.3	0.4	0.7	0.2	0.4	0.4	0.6	0.1	0.3	0.3	0.4	0.1
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	3.2	5.2	355.4	7.3	7.0	8.8	8.8	10.7	10.7	11.1	11.1	12.8
1. Long-term trade payables	2.7	4.7	4.7	6.6	6.6	8.5	8.5	10.5	10.5	10.9	10.9	12.8
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	0.2	0.2	0.2	0.2	0.2	0.2	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	0.5	0.5	0.7	0.7	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	350.0	—	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	—	—	—	—	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)	224.8	223.9	225.1	227.2	228.2	224.7	224.4	227.2	228.6	229.3	227.7	230.8
I. Owner's equity	224.8	223.9	225.1	227.2	228.2	224.7	224.4	227.2	228.6	229.3	227.7	230.8
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- Common stock with voting right	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0	200.0
- 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	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	36.2	36.2	36.2	36.2	35.0	35.0	35.0	36.2	36.2	36.2	36.2	36.2
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	-33.6	-33.5	-32.4	-32.1	-30.2	-33.1	-32.8	-32.1	-30.4	-29.0	-28.2	-27.7
- Accumulated retained earning at the end of the previous period	-30.6	-30.6	-30.6	-30.6	-30.4	-30.4	-30.4	-30.4	-28.3	-28.3	-28.1	-28.1
- Undistributed earnings in this period	-3.1	-2.9	-1.9	-1.6	0.2	-2.7	-2.4	-1.7	-2.2	-0.7	-0.1	0.3
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	22.2	21.2	21.3	23.1	23.4	22.8	22.2	23.1	22.8	22.0	19.7	22.3
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)	800.1	782.1	790.6	284.4	328.3	930.3	926.8	920.2	909.2	285.5	287.1	305.2

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	1.3	-1.2	0.4	-0.8	3.9	0.5	-0.3	-0.8	-0.4	0.2	0.9	0.7
Depreciation of Fixed Assets and Investment Property	0.6	0.4	0.6	0.5	0.5	0.4	0.6	0.5	0.7	0.4	0.6	0.5
Provision (Increase)/Reversal	0.4	-0.6	—	—	-0.4	0.0	0.0	0.0	0.0	0.0	0.0	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	-0.0	0.0
Gain/Loss from Investment Activities	-0.6	-2.1	-1.5	-0.7	-0.8	-2.7	-2.1	-0.6	-1.1	-2.5	-1.6	-1.6
Interest Expense	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.8	-3.4	-0.5	-0.9	3.2	-1.8	-1.8	-0.9	-0.8	-2.0	-0.1	-0.4
Increase/(Decrease) in Receivables	-16.8	16.8	-30.8	53.5	-4.7	-1.6	4.4	-5.6	-31.9	1.6	13.4	-9.5
Increase/(Decrease) in Inventory	-6.5	-6.9	-466.8	-0.3	600.7	-9.4	-9.0	-10.2	-575.5	1.1	0.7	-1.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	22.3	-12.6	159.0	-25.4	-193.3	8.9	2.3	16.1	193.6	-2.0	-20.5	0.1
Increase/(Decrease) in Prepaid Expenses	0.2	-0.2	0.2	0.3	-0.7	0.1	0.5	-0.2	0.8	-0.8	0.4	0.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	-0.1	0.1	-0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	0.0	0.2	-1.3	1.3	1.3	0.0	-1.3	-0.6	0.6	0.0	-1.1
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	-0.4	0.0	0.0	0.0
Other Operating Payments	-0.5	0.2	-0.2	-0.2	0.0	0.4	-0.2	-0.2	0.3	-0.1	-0.2	0.0
Net Cash Flow from Operating Activities	0.5	-6.2	-338.7	25.7	406.5	-2.1	-3.8	-2.2	-414.4	-1.6	-6.3	-11.6
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	-0.1	—	0.0	0.0	-0.2	-0.1	0.0	-0.3	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	-23.7	-2.5	-2.5	-5.0	0.0	2.1	-12.1	-5.0	-23.6	8.7	-8.7	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	-1.0	1.0	10.0	0.1	-7.1	25.4	0.0	18.7	-4.0	10.0	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	4.0	-1.1	1.3	0.7	0.5	1.0	2.5	0.7	2.7	0.9	-0.4	2.9
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	5.4	-4.6	-0.3	5.7	0.6	-4.0	15.7	-4.4	-2.1	5.3	1.0	2.9
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	0.0	0.0	350.0	—	-413.8	0.0	0.0	0.0	432.0	0.0	0.0	0.0
Repayment of Borrowings	-0.0	0.0	-0.0	-18.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-1.3	1.3	-1.3	-0.0	-0.0	0.6	-0.6	-0.0	-2.4	1.5	-1.5	-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	-1.3	1.3	348.7	-18.2	-413.8	0.6	-0.6	-0.0	429.6	1.5	-1.5	-0.0
Net Cash Flow During the Period	4.5	-9.5	9.6	13.2	-6.6	-5.5	11.2	-6.6	13.0	5.2	-6.8	-8.7
Cash and Cash Equivalents at Beginning of Period	41.0	50.4	40.8	27.6	35.2	35.2	35.2	35.2	32.5	32.5	32.5	32.5
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	45.5	41.0	50.4	40.8	27.6	34.3	39.8	28.6	35.2	22.2	17.0	23.7

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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