PV2

Đầu tư PV2 ·HNX ·2026Q1

Price

2,000

Latest close

04 Jun 2026

P/E -23.81x

P/B 0.33x

EPS -84

BVPS 6,102

ROE -1.3%

ROA -1.3%

Profit Margin -11.3%

Asset Turnover 0.46x

Equity Mult. 1.39x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

Metric	2025	2024	2023	2022	2021
Revenue	—	150.0	0.0	0.0	4.5
Growth	—	—	—	-100%	—
Net Income	1.8	-14.2	8.6	-4.5	0.2
Net Margin	—	-9.47%	—	—	5.14%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	129.2	—	—	—	—	150.0	0.0	0.0	0.0	0.0	0.0	0.0
Growth	—	—	—	—	—	—	—	—	—	—	—	—
Net Income	-4.4	-1.6	4.9	-1.8	0.6	-19.7	0.7	-0.2	2.2	-3.1	3.3	3.7
Net Margin	-3.44%	—	—	—	—	-13.13%	—	—	—	—	—	—

Drivers of PV2's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher financial income. Supporting and offsetting drivers:

Financial income ↑ 9.8bn

Administrative expenses ↑ 5.3bn

Finance costs ↑ 4.6bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Financial income ↑ 5.2bn

Finance costs ↑ 2.8bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -9.47% −14.6pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is notably light for the real estate sector — liabilities at 0.22x equity, with a net cash position equivalent to 0.06x equity.

Over the last 12 months, working capital released 34.2bn of cash, mainly thanks to lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +13.2bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +21.0bn

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -0.06x and interest coverage only at -0.46x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Watchpoints

Interest coverage is thin

Interest coverage is -0.46x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity -0.06x —

Interest Coverage -0.46x +8.34x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 19.66x +15.42x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -18.8bn in 2025, against investing cash flow of 20.8bn.

Post-investment cash flow was positive +2.0bn. Financing cash flow was negative +0.0bn.

CFO / net income was 19.66x.

Track how much investment can be funded internally from operating cash flow.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.

Cash Conversion

CFO TTM 60.7bn +18.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The next item to monitor is capital structure should be read with cycle risk in mind. The main risk still sits in leverage and liquidity, with interest coverage at -0.46x.

Watchpoint: Capital structure should be read with cycle risk in mind.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -0.46x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	—	150.0	0.0	0.0	4.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	—	150.0	0.0	0.0	4.5
Cost of Goods Sold	—	167.7	5.0	0.0	0.0
Gross Profit	—	-17.7	-5.0	0.0	-0.0
Financial Income	20.4	12.9	16.3	15.9	16.6
Financial Expenses	7.8	2.0	-4.3	15.0	-6.1
Interest Expense	0.0	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	10.8	7.4	7.1	5.5	-10.2
Operating Profit	1.8	-14.2	8.6	-4.5	0.2
Other Income	—	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.0	-0.0	0.0	-0.0
Profit Before Tax	1.8	-14.2	8.6	-4.5	0.2
Current Income Tax Expense	—	0.0	0.0	0.0	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1.8	-14.2	8.6	-4.5	0.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1.8	-14.2	8.6	-4.5	0.2
Earnings per Share	48.00	-385.00	232.00	-122.00	6.33
Diluted EPS	48.00	-385.00	232.00	-120.78	6.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	109.9	117.9	81.8	188.4	175.1
I. Cash and cash equivalents	57.8	55.9	8.6	2.5	4.6
1. Cash	40.8	26.0	8.6	2.5	0.0
2. Cash equivalents	17.0	29.9	0.0	0.0	0.0
II. Short-term financial investments	48.7	56.4	35.3	12.9	0.0
1. Available for sale securities	47.9	17.9	16.1	17.9	0.0
2. Provision for diminution in value of available for sale securities (*)	-2.7	-4.0	-2.4	-8.5	0.0
3. Held to maturity investments	3.5	42.5	21.6	3.5	0.0
III. Short-term receivables	1.4	3.8	36.3	171.4	158.5
1. Short-term trade accounts receivable	20.6	21.1	21.6	36.6	0.0
2. Short-term prepayments to suppliers	0.7	0.8	0.7	0.7	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	41.2	43.5	76.0	196.2	0.0
7. Provision for short-term doubtful debts (*)	-61.1	-61.6	-62.1	-62.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1.2	1.2	1.2	1.2	1.2
1. Inventories	26.2	26.2	26.2	26.2	0.0
2. Provision for decline in value of inventories	-24.9	-24.9	-24.9	-24.9	0.0
V. Other short-term assets	0.7	0.6	0.5	0.5	0.7
1. Short-term prepayments	0.3	0.1	0.1	0.0	0.0
2. Value added tax to be reclaimed	0.2	0.2	0.2	0.2	0.0
3. Taxes and other receivables from state authorities	0.3	0.3	0.3	0.3	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)	173.1	140.9	318.5	203.2	206.2
I. Long-term receivables	87.8	83.4	124.5	5.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.2
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	131.5	127.1	168.2	48.9	0.0
7. Provision for long-term doubtful debts	-43.7	-43.7	-43.7	-43.7	0.0
II. Fixed assets	4.9	0.2	0.7	1.1	1.6
1. Tangible fixed assets	4.9	0.2	0.7	1.1	1.6
- Cost	8.8	3.2	3.2	3.2	0.0
- Accumulated depreciation	-3.9	-3.1	-2.6	-2.1	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	0.0
- Cost	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	57.7	36.4	181.0	185.5	182.7
1. Long-term production in progress	1.3	1.3	1.3	6.2	0.0
2. Construction in progress	56.4	35.1	179.7	179.2	0.0
V. Long-term financial investments	22.5	20.8	12.4	11.4	16.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.0	0.8	0.5	0.5	0.0
3. Investments in other entities	33.5	33.5	25.4	24.5	0.0
4. Provision for diminution in value of long-term investments	-13.9	-13.5	-13.4	-13.6	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	0.1	0.1	0.0	0.0	0.0
1. Long-term prepayments	0.1	0.1	0.0	0.0	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	0.1
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)	283.0	258.8	400.4	391.6	381.3
A. LIABILITIES (300=210+330)	50.6	28.2	155.6	155.4	140.4
I. Short -term liabilities	50.6	28.2	155.6	155.4	140.4
1. Short-term trade accounts payable	0.0	0.0	0.0	0.0	0.0
2. Short-term advances from customers	44.9	1.3	151.3	151.3	136.3
3. Taxes and other payables to state authorities	0.1	22.8	0.1	0.0	0.0
4. Payable to employees	1.8	0.4	0.5	0.4	0.0
5. Short-term acrrued expenses	—	0.1	0.1	0.1	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	0.0	0.0
9. Other short-term payables	3.1	2.9	2.8	2.8	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.8	0.8	0.8	0.8	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	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	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)	—	0.00	0.00	0.00	0.00
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)	232.4	230.6	244.8	236.2	240.9
I. Owner's equity	232.4	230.6	244.8	236.2	0.0
1. Owner's capital	373.5	373.5	373.5	373.5	240.9
- Common stock with voting right	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	2.8	2.8	2.8	2.8	2.8
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	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00	0.00
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	7.3	7.3	7.3	7.3	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	-147.7	-149.5	-135.3	-143.8	-139.2
- Accumulated retained earning at the end of the previous period	-149.5	-135.3	-143.8	-139.3	-143.6
- Undistributed earnings in this period	1.8	-14.2	8.6	-4.5	4.4
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)	283.0	258.8	400.4	391.6	381.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.8	-14.2	8.6	-4.5	4.4
Depreciation of Fixed Assets and Investment Property	0.8	0.5	0.5	0.5	0.6
Provision (Increase)/Reversal	-1.3	1.2	-1.4	12.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-9.5	6.2	-15.6	-2.0	0.0
Interest Expense	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
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	-8.2	-6.3	-7.9	6.8	2.5
Increase/(Decrease) in Receivables	-2.8	79.4	28.6	-12.7	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	-0.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	22.4	-127.3	0.2	15.0	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	-0.1	-0.0	0.0	0.0
Changes in Trading Securities	-30.0	-1.8	1.8	-7.1	0.0
Interest Paid	-0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.0	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	-18.8	-56.2	22.6	1.4	-3.5
Payments for Fixed Assets and Other Long-term Assets	-26.9	-23.2	-0.4	-2.0	-16.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	150.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-37.0	-39.0	-24.5	-3.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	76.0	18.0	6.5	0.0	0.0
Investments in Other Entities	-2.1	-8.5	-0.9	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	10.8	6.1	2.8	2.0	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	20.8	103.5	-16.5	-3.5	5.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	0.3	0.0	0.0	0.0	0.0
Repayment of Borrowings	-0.3	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	0.0	0.0	0.0	0.0
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	-0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	2.0	47.3	6.1	-2.1	-0.9
Cash and Cash Equivalents at Beginning of Period	55.9	8.6	2.5	4.6	2.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	57.8	55.9	8.6	2.5	4.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	129.2	—	—	—	—	150.0	0.0	0.0	0.0	0.0	0.0	0.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	129.2	—	—	—	—	150.0	0.0	0.0	0.0	0.0	0.0	0.0
Cost of Goods Sold	136.2	—	—	—	—	171.0	0.0	0.0	0.0	5.0	0.0	0.0
Gross Profit	-7.1	—	—	—	—	-21.0	0.0	0.0	0.0	-5.0	0.0	0.0
Financial Income	7.4	4.9	8.1	1.4	2.2	4.2	2.7	3.0	3.0	4.8	3.8	3.7
Financial Expenses	2.4	2.3	1.1	0.9	-0.5	1.1	-0.1	1.6	-0.6	0.1	-0.9	-1.5
Interest Expense	0.0	0.0	0.0	0.0	—	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
Selling Expenses	—	—	—	—	—	1.8	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.4	4.2	2.2	2.3	2.1	0.0	2.1	1.6	1.4	2.8	1.3	1.5
Operating Profit	-4.4	-1.6	4.9	-1.8	0.6	-19.7	0.7	-0.2	2.2	-3.1	3.3	3.7
Other Income	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.0	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	-0.0	—	-0.0	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Profit Before Tax	-4.4	-1.6	4.9	-1.8	0.6	-19.7	0.7	-0.2	2.2	-3.1	3.3	3.7
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-4.4	-1.6	4.9	-1.8	0.6	-19.7	0.7	-0.2	2.2	-3.1	3.3	3.7
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-4.4	-1.6	4.9	-1.8	0.6	-19.7	0.7	-0.2	2.2	-3.1	3.3	3.7
Earnings per Share	-121.00	-45.00	132.00	-50.00	15.00	-534.00	18.00	-5.00	61.00	-83.00	91.00	100.00
Diluted EPS	-119.08	-44.11	130.05	-49.50	14.76	-527.23	18.10	-5.24	59.76	-82.38	89.60	98.84

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	125.5	109.9	96.3	101.9	107.0	117.9	121.8	108.2	73.5	81.8	199.3	196.2
I. Cash and cash equivalents	13.0	57.8	42.4	28.6	31.6	55.9	65.5	71.7	3.0	8.6	12.0	6.2
1. Cash	7.0	40.8	35.4	9.6	14.6	26.0	8.5	6.2	3.0	8.6	1.5	1.4
2. Cash equivalents	6.0	17.0	7.0	19.0	17.0	29.9	57.0	65.5	0.0	0.0	10.5	4.8
II. Short-term financial investments	108.0	48.7	44.9	69.3	71.2	56.4	42.6	20.6	57.4	35.3	36.5	18.0
1. Available for sale securities	103.3	47.9	35.8	24.2	20.1	17.9	19.1	20.4	20.6	16.1	16.9	14.4
2. Provision for diminution in value of available for sale securities (*)	-1.9	-2.7	-1.5	-0.4	-3.5	-4.0	-3.1	-3.3	-1.7	-2.4	-2.0	-3.0
3. Held to maturity investments	6.5	3.5	10.6	45.5	54.5	42.5	26.6	3.5	38.5	21.6	21.6	6.5
III. Short-term receivables	2.8	1.4	6.7	1.6	2.0	3.8	11.7	14.0	11.3	36.2	149.0	170.2
1. Short-term trade accounts receivable	22.2	20.6	20.6	20.6	20.6	21.1	21.3	21.4	21.6	21.6	36.6	36.6
2. Short-term prepayments to suppliers	0.5	0.7	0.7	0.7	0.7	0.8	0.7	0.7	0.7	0.7	0.7	0.7
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	41.2	41.1	46.4	41.4	41.7	43.5	51.5	53.9	51.0	75.9	173.8	195.0
7. Provision for short-term doubtful debts (*)	-61.1	-61.1	-61.1	-61.1	-61.1	-61.6	-61.8	-61.9	-62.1	-62.1	-62.1	-62.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
1. Inventories	26.2	26.2	26.2	26.2	26.2	26.2	26.2	26.2	26.2	26.2	26.2	26.2
2. Provision for decline in value of inventories	-24.9	-24.9	-24.9	-24.9	-24.9	-24.9	-24.9	-24.9	-24.9	-24.9	-24.9	-24.9
V. Other short-term assets	0.5	0.7	1.2	1.1	1.1	0.6	0.8	0.6	0.5	0.5	0.5	0.5
1. Short-term prepayments	0.2	0.3	0.1	0.1	0.1	0.1	0.2	0.1	0.1	0.1	0.0	0.0
2. Value added tax to be reclaimed	—	0.2	0.8	0.7	0.7	0.2	0.3	0.2	0.2	0.2	0.2	0.2
3. Taxes and other receivables from state authorities	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	109.0	172.9	165.6	155.1	152.0	137.7	281.3	293.8	328.8	318.4	203.5	203.5
I. Long-term receivables	80.4	87.2	101.1	90.6	87.3	83.4	79.1	91.5	126.6	124.5	5.2	5.2
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	124.1	130.9	144.8	134.3	131.0	127.1	122.8	135.2	170.3	168.2	48.9	48.9
7. Provision for long-term doubtful debts	-43.7	-43.7	-43.7	-43.7	-43.7	-43.7	-43.7	-43.7	-43.7	-43.7	-43.7	-43.7
II. Fixed assets	4.8	4.9	4.7	4.9	5.1	0.2	0.3	0.6	0.7	0.7	0.8	0.9
1. Tangible fixed assets	4.8	4.9	4.7	4.9	5.1	0.2	0.3	0.6	0.7	0.7	0.8	0.9
- Cost	8.8	—	—	—	—	3.2	3.2	3.2	3.2	3.2	3.2	3.2
- Accumulated depreciation	-4.1	—	—	—	—	-3.1	-2.9	-2.7	-2.6	-2.6	-2.4	-2.3
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	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
- Cost	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	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
- Cost	—	—	—	—	—	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
IV. Long-term assets in progress	1.3	57.7	36.7	36.6	36.5	33.1	181.4	181.2	181.1	181.0	186.2	186.0
1. Long-term production in progress	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	6.7	6.6
2. Construction in progress	—	56.4	35.4	35.3	35.2	31.8	180.1	179.9	179.8	179.7	179.6	179.5
V. Long-term financial investments	22.5	23.0	23.0	23.0	23.0	20.9	20.5	20.5	20.5	12.3	11.4	11.4
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.0	3.0	3.0	3.0	3.0	0.8	0.5	0.5	0.5	0.5	0.5	0.5
3. Investments in other entities	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5	25.4	24.5	24.5
4. Provision for diminution in value of long-term investments	-13.9	-13.5	-13.5	-13.5	-13.5	-13.4	-13.4	-13.4	-13.4	-13.6	-13.6	-13.6
5. Held to maturity investments	—	—	—	—	—	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
VI. Other long-term assets	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.1	0.1	0.1	0.1	0.1	0.1	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
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	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
5. Goodwill	—	—	—	—	—	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
TOTAL ASSETS (280=100+200)	234.5	282.8	261.9	257.0	259.0	255.6	403.1	402.0	402.3	400.1	402.8	399.7
A. LIABILITIES (300=210+330)	6.6	50.3	27.7	27.7	27.9	27.8	155.6	155.2	155.3	155.5	155.1	155.3
I. Short -term liabilities	6.6	50.3	27.7	27.7	27.9	27.8	155.6	155.2	155.3	155.5	155.1	155.3
1. Short-term trade accounts payable	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Short-term advances from customers	1.3	44.9	23.9	23.9	23.9	1.3	151.3	151.3	151.3	151.3	151.3	151.3
3. Dividends and profits payable	2.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	1.5	—	0.0	0.0	0.1	22.8	0.1	0.1	0.2	0.0	0.0	0.0
4. Payable to employees	0.2	1.8	0.1	0.1	0.1	0.0	0.5	0.1	0.1	0.5	0.1	0.3
5. Short-term acrrued expenses	—	—	—	—	0.1	0.1	0.0	0.0	0.1	0.1	0.0	0.1
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.4	2.9	2.8	2.8	2.9	2.9	2.9	2.8	2.8	2.8	2.8	2.8
10. Short-term borrowings and financial leases	—	—	—	0.0	—	0.0	0.0	0.0	0.0	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
12.. Bonus and welfare fund	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	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
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	227.9	232.5	234.1	229.3	231.1	227.8	247.5	246.8	247.0	244.6	247.7	244.3
I. Owner's equity	227.9	232.5	234.1	229.3	231.1	227.8	247.5	246.8	247.0	244.6	247.7	244.3
1. Owner's capital	373.5	373.5	373.5	373.5	373.5	373.5	373.5	373.5	373.5	373.5	373.5	373.5
- Common stock with voting right	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00	373,500,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8	2.8
3. Convertible bond option	—	—	—	—	—	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
5. Treasury shares	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00	-3,546,600,829.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3	7.3
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	-152.1	-147.6	-145.9	-150.8	-148.9	-152.2	-132.5	-133.2	-133.0	-135.4	-132.3	-135.7
- Accumulated retained earning at the end of the previous period	-147.7	-149.5	-149.5	-149.5	-149.5	-135.3	-135.3	-135.3	-135.3	-139.3	-143.8	-143.8
- Undistributed earnings in this period	-4.4	1.9	3.6	-1.3	0.6	-17.0	2.7	2.0	2.2	3.9	11.5	8.1
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	234.5	282.8	261.9	257.0	259.0	255.6	403.1	402.0	402.3	400.1	402.8	399.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-4.4	-1.8	4.9	-1.8	0.6	-19.7	1.0	-0.5	2.2	-2.9	3.3	3.7
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.2	0.2	0.2	0.1	0.1	0.2	0.0	0.1	0.1	0.1
Provision (Increase)/Reversal	-0.8	1.8	1.0	-3.1	-0.9	0.7	-0.4	1.5	-0.6	5.2	-1.0	-2.8
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	2.6	1.1	-7.4	-1.4	-1.9	17.1	-2.5	-2.3	-2.7	-4.3	-3.6	-3.7
Interest Expense	0.0	0.0	0.0	0.0	—	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
Interest Income and Dividends	—	—	—	—	—	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
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-2.5	1.3	-1.3	-6.1	-2.1	-1.7	-1.8	-1.1	-1.1	-1.9	-1.1	-2.7
Increase/(Decrease) in Receivables	14.2	16.4	-15.0	-2.5	-1.8	7.4	15.5	34.1	24.6	-3.7	24.3	2.8
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.4	-0.1	-0.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.8	22.9	0.0	-0.1	-0.4	-127.9	0.3	0.1	-0.3	0.5	-0.2	0.1
Increase/(Decrease) in Prepaid Expenses	0.0	-0.1	-0.1	0.0	0.0	0.0	-0.1	-0.0	0.0	-0.0	0.0	0.0
Changes in Trading Securities	-58.3	—	—	—	—	1.2	1.3	0.2	-4.5	0.8	-2.5	1.3
Interest Paid	-0.0	-0.0	-0.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-48.4	28.4	-27.9	-12.8	-6.5	-121.0	15.1	33.2	18.7	-3.9	20.4	1.3
Payments for Fixed Assets and Other Long-term Assets	—	-21.5	-0.1	-0.1	-5.3	-22.7	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.0	—	—	—	—	150.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-3.0	0.0	-12.0	26.0	-51.0	-16.0	-23.0	44.0	-44.0	0.0	-24.5	3.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	7.0	47.0	-17.0	39.0	0.0	0.0	-9.0	27.0	0.0	9.5	-3.0
Investments in Other Entities	—	—	—	—	—	-0.3	0.0	0.0	-8.1	-0.9	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.5	1.6	6.7	1.1	1.4	0.4	1.9	0.6	1.0	1.5	0.4	-3.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	3.5	-12.9	41.6	10.1	-18.0	111.3	-21.3	35.4	-24.2	0.5	-14.6	-3.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	19.4	0.0	0.5	-0.5	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-19.4	0.0	-0.3	—	—	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
Dividends Paid	—	0.0	0.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	—	0.0	-0.0	-0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-44.9	15.5	13.8	-3.0	-24.3	-9.7	-6.2	68.6	-5.5	-3.4	5.8	-1.9
Cash and Cash Equivalents at Beginning of Period	57.8	42.4	28.6	31.6	55.9	8.6	8.6	8.6	8.6	2.5	2.5	2.5
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	13.0	57.8	42.4	28.6	31.6	55.9	65.5	71.7	3.0	8.6	12.0	6.2

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