QCG

Listed Company · HOSE

Price

13,600

Latest close

03 Apr 2026

P/E 21.5x

EPS (TTM) 632

ROE (TTM) 3.7%

P/B 0.8x

BVPS (Latest) 17,247

ROA (TTM) 2.0%

What Is Changing

QCG has not yet shown a broad-based top-line recovery. Revenue posted -35.1% YoY, but net margin reached 36.08% with an additional +24.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 0.74% in 2023 to 36.08% in 2025.
Revenue decreased 35.1% YoY to VND 473.3bn in 2025.
Net Income reached a multi-period high at VND 170.7bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	473.3	729.2	432.4	1,265.8	1,049.9
Growth	-35%	+69%	-66%	+21%	—
Net Income	170.7	82.0	3.2	31.9	69.7
Net Margin	36.08%	11.24%	0.74%	2.52%	6.64%

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	119.3	111.4	131.1	111.5	485.8	178.3	26.5	38.7	154.8	66.9	44.9	165.8
Growth	+7%	-15%	+18%	-77%	+172%	+573%	-32%	-75%	+131%	+49%	-73%	—
Net Income	137.2	24.1	2.5	8.2	63.2	25.4	-17.3	0.7	13.7	10.3	-11.2	0.9
Net Margin	115.04%	21.59%	1.91%	7.39%	13.01%	14.24%	-65.24%	1.68%	8.85%	15.35%	-24.94%	0.55%

Financial Statements

Profitability

Net margin reached 36.08% while Revenue posted -35.1% YoY.

Balance Sheet

Inventory stood at 1,270.7bn, liabilities at 3,999.1bn, and equity at 4,744.7bn.

Cash Flow

Operating cash flow was -1,127.0bn in 2025, while investing cash flow was 702.8bn.

Financing cash flow: 451.8bn.

Item	2025	2024	2023	2022	2021
Revenue	473.3	729.2	432.5	1,265.8	1,049.9
Revenue Deductions	0.0	0.0	0.1	0.0	0.0
Net Revenue	473.3	729.2	432.4	1,265.8	1,049.9
Cost of Goods Sold	288.9	542.1	349.4	1,128.7	0.0
Gross Profit	184.3	187.1	82.9	137.1	228.7
Financial Income	195.5	20.1	0.6	11.5	0.9
Financial Expenses	51.5	36.7	46.9	57.3	-39.8
Interest Expense	51.3	36.6	46.7	57.2	-39.6
Share of Associates and Joint Ventures	0.5	-2.7	2.9	-0.5	-0.3
Selling Expenses	35.5	35.9	2.4	18.1	-54.5
General and Administrative Expenses	18.9	20.9	25.5	25.0	-36.7
Operating Profit	274.4	111.1	11.7	47.8	98.3
Other Income	27.4	26.2	9.3	12.6	0.0
Other Expenses	91.3	39.1	16.0	16.1	0.0
Other Profit	-63.8	-13.0	-6.7	-3.5	-14.7
Profit Before Tax	210.6	98.1	5.0	44.3	83.6
Current Income Tax Expense	40.6	16.0	2.4	12.3	-13.8
Deferred Income Tax Expense	-0.7	0.2	-0.6	0.1	0.0
Net Income	170.7	82.0	3.2	31.9	69.7
Non-controlling Interest	-0.6	-1.2	-4.3	9.2	4.9
Profit Attributable to Parent	171.3	83.2	7.5	22.7	64.8
Earnings per Share	623.00	302.00	27.00	82.00	236.00
Diluted EPS	623.00	302.00	27.00	82.00	235.49

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,240.7	2,053.8	7,530.8	7,835.5	7,640.1
I. Cash and cash equivalents	142.3	114.8	28.5	76.9	30.8
1. Cash	127.8	114.8	28.5	76.9	0.0
2. Cash equivalents	14.5	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.2	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	0.2	0.0
III. Short-term receivables	814.1	634.7	441.6	523.9	360.4
1. Short-term trade accounts receivable	559.7	302.9	284.8	274.8	0.0
2. Short-term prepayments to suppliers	95.9	161.7	128.9	192.6	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	21.6	8.1	22.9	30.2	0.0
6. Other short-term receivables	138.0	163.1	6.1	27.8	0.0
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.1	-1.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	1,270.7	1,279.0	7,035.9	7,211.2	7,193.6
1. Inventories	1,274.4	1,279.0	7,036.2	7,211.2	0.0
2. Provision for decline in value of inventories	-3.6	0.0	-0.3	0.0	0.0
V. Other short-term assets	13.6	25.2	24.8	23.3	55.0
1. Short-term prepayments	3.6	7.5	9.7	10.6	0.0
2. Value added tax to be reclaimed	9.9	17.7	15.1	12.7	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)	6,503.1	6,830.8	2,036.4	2,113.2	2,176.7
I. Long-term receivables	74.3	74.3	141.7	153.4	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	141.7
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	74.3	74.3	141.7	153.4	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	943.8	1,050.9	1,142.9	1,213.2	1,279.0
1. Tangible fixed assets	896.2	1,003.3	1,095.3	1,165.6	1,231.4
- Cost	1,431.4	1,485.2	1,514.7	1,514.6	0.0
- Accumulated depreciation	-535.2	-481.9	-419.4	-349.0	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	47.6	47.6	47.6	47.6	47.6
- Cost	47.7	47.7	47.7	47.7	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	0.0
III. Investment properties	18.8	20.1	15.1	16.2	17.3
- Cost	33.6	33.6	27.4	27.4	0.0
- Accumulated depreciation	-14.9	-13.5	-12.3	-11.2	0.0
IV. Long-term assets in progress	5,403.3	5,360.9	3.1	0.1	0.0
1. Long-term production in progress	5,403.3	5,360.9	0.0	0.0	0.0
2. Construction in progress	—	0.0	3.1	0.1	0.0
V. Long-term financial investments	49.6	319.0	732.3	729.4	731.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	269.4	682.7	679.8	0.0
3. Investments in other entities	49.7	49.7	49.7	49.7	0.0
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	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	13.4	5.7	1.3	0.9	0.0
1. Long-term prepayments	13.4	5.7	1.3	0.9	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	6.8
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)	8,743.8	8,884.6	9,567.1	9,948.7	9,816.7
A. LIABILITIES (300=210+330)	3,999.1	4,308.1	5,225.3	5,610.1	5,510.0
I. Short -term liabilities	3,924.6	4,003.6	4,956.6	5,301.2	5,169.6
1. Short-term trade accounts payable	31.3	34.2	45.1	109.8	175.8
2. Short-term advances from customers	909.5	149.7	230.3	367.2	555.6
3. Taxes and other payables to state authorities	68.2	69.0	28.0	14.6	0.0
4. Payable to employees	1.4	2.0	1.2	1.2	0.0
5. Short-term acrrued expenses	73.6	80.7	62.8	174.9	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	2,020.2	3,531.2	4,275.2	4,346.4	0.0
10. Short-term borrowings and financial leases	820.1	136.5	313.7	286.8	115.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.4	0.4	0.5	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	74.5	304.5	268.8	308.8	340.4
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	60.5	60.5	0.0	0.0	0.0
8. Long-term borrowings and financial leases	14.0	243.2	268.2	307.7	339.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.8	0.5	1.1	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)	4,744.7	4,576.5	4,341.8	4,338.6	4,306.8
I. Owner's equity	4,744.7	4,576.5	4,341.8	4,338.6	0.0
1. Owner's capital	2,751.3	2,751.3	2,751.3	2,751.3	4,306.8
- Common stock with voting right	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	807.2	807.2	807.2	807.2	807.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	23.9	23.9	0.0	0.0	0.0
5. Treasury shares	-0.0	-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	35.2	35.2	35.2	35.2	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	751.5	580.2	520.9	513.5	490.8
- Accumulated retained earning at the end of the previous period	580.2	497.0	513.5	490.8	462.0
- Undistributed earnings in this period	171.3	83.2	7.5	22.7	28.9
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	375.5	378.7	227.1	231.4	222.2
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)	8,743.8	8,884.6	9,567.1	9,948.7	9,816.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	210.6	98.1	5.0	44.3	83.6
Depreciation of Fixed Assets and Investment Property	67.9	71.8	71.5	72.2	60.5
Provision (Increase)/Reversal	3.6	-0.3	-0.1	-4.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.1	0.1	-0.2	0.0
Gain/Loss from Investment Activities	-154.4	4.3	-3.5	-10.0	0.0
Interest Expense	51.3	36.6	46.7	57.2	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	179.1	210.6	119.8	159.5	183.4
Increase/(Decrease) in Receivables	328.5	168.7	91.8	-83.6	0.0
Increase/(Decrease) in Inventory	-37.7	390.1	174.9	58.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1,543.5	-641.1	-353.7	-199.5	0.0
Increase/(Decrease) in Prepaid Expenses	-3.8	-2.2	1.5	-3.9	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-33.6	-34.7	-58.6	-35.4	0.0
Corporate Income Tax Paid	-15.9	-4.6	-8.6	-17.2	0.0
Other Operating Receipts	—	0.0	0.0	0.2	0.0
Other Operating Payments	-0.0	0.0	-0.1	-0.2	0.0
Net Cash Flow from Operating Activities	-1,127.0	86.8	-32.9	-121.2	50.2
Payments for Fixed Assets and Other Long-term Assets	-1.0	-0.3	-3.8	-0.5	-8.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	429.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-14.5	0.0	0.0	0.0	-0.2
Receipts from Loan Repayments and Sale of Debt Instruments	1.0	14.8	0.2	14.5	0.0
Investments in Other Entities	—	0.0	0.0	-64.3	-2.2
Proceeds from Investments in Other Entities	286.6	23.0	0.0	76.5	0.0
Dividends and Interest Income Received	1.6	0.2	0.8	1.4	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	702.8	37.6	-2.8	27.6	-9.9
Proceeds from Equity Issuance and Capital Contributions	—	152.8	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,112.0	115.9	85.6	393.1	206.9
Repayment of Borrowings	-657.7	-186.0	-98.2	-253.4	-256.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-2.6	-120.7	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	451.8	-38.1	-12.6	139.7	-50.0
Net Cash Flow During the Period	27.5	86.4	-48.4	46.1	13.7
Cash and Cash Equivalents at Beginning of Period	114.8	28.5	76.9	30.8	40.5
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	142.3	114.8	28.5	76.9	30.8

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	119.3	111.5	131.1	111.5	485.8	178.3	26.5	38.7	154.9	66.9	44.9	165.8
Revenue Deductions	—	0.0	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Net Revenue	119.3	111.4	131.1	111.5	485.8	178.3	26.5	38.7	154.8	66.9	44.9	165.8
Cost of Goods Sold	69.2	65.7	81.5	72.6	328.6	150.2	32.3	32.8	114.9	45.2	39.5	149.5
Gross Profit	50.1	45.7	49.6	38.9	157.1	28.0	-5.8	5.9	39.8	21.7	5.4	16.3
Financial Income	195.1	0.2	0.0	0.1	0.0	0.2	0.0	6.4	0.0	0.0	0.7	-0.1
Financial Expenses	30.2	7.0	6.6	7.1	11.1	8.1	8.4	9.0	13.9	11.1	11.1	10.8
Interest Expense	30.0	7.0	6.6	7.1	11.1	8.1	8.4	9.0	13.9	11.1	11.0	10.8
Share of Associates and Joint Ventures	0.5	-0.1	-0.0	-0.0	-2.6	-0.0	-0.0	1.5	3.2	-0.0	-0.2	-0.1
Selling Expenses	2.8	6.0	15.9	10.8	32.8	0.1	0.0	0.3	-0.4	0.5	0.9	1.5
General and Administrative Expenses	4.2	5.9	5.5	3.3	9.3	4.6	3.5	3.4	9.1	3.8	5.7	3.6
Operating Profit	208.6	27.0	21.6	17.9	101.3	15.4	-17.8	1.1	20.5	6.4	-11.7	0.3
Other Income	8.3	6.7	7.3	5.2	5.2	16.4	1.8	2.6	1.8	1.6	1.6	4.4
Other Expenses	52.8	7.7	19.9	10.9	30.0	3.4	1.8	2.8	7.9	1.6	1.1	1.5
Other Profit	-44.6	-0.9	-12.6	-5.7	-24.8	13.1	-0.0	-0.2	-6.1	-0.0	0.4	2.9
Profit Before Tax	164.1	26.0	9.0	12.1	76.6	28.5	-17.8	0.9	14.3	6.3	-11.3	3.2
Current Income Tax Expense	30.0	1.9	4.8	3.3	12.8	3.1	-0.5	0.5	1.3	-3.9	-0.1	2.3
Deferred Income Tax Expense	-3.2	0.1	1.7	0.6	0.5	0.0	0.0	-0.3	-0.6	0.0	0.1	0.0
Net Income	137.2	24.1	2.5	8.2	63.2	25.4	-17.3	0.7	13.7	10.3	-11.2	0.9
Non-controlling Interest	3.9	0.2	-4.9	-1.3	1.0	-0.5	-0.8	-0.7	-1.8	-0.1	0.2	-0.2
Profit Attributable to Parent	133.3	23.8	7.4	9.5	62.2	25.9	-16.4	1.4	15.5	10.3	-11.4	1.1
Earnings per Share	484.00	87.00	27.00	34.00	226.00	94.00	-60.00	5.00	56.00	38.00	-41.00	2.00
Diluted EPS	484.50	86.58	26.87	34.49	226.11	94.15	-59.74	5.03	56.26	37.56	-41.32	4.10

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)	2,240.7	1,938.9	2,622.1	1,982.1	7,412.9	7,555.1	7,508.8	7,632.9	7,531.1	7,596.0	7,572.8	7,637.3
I. Cash and cash equivalents	142.3	154.0	55.1	54.5	114.8	52.7	27.6	29.7	28.5	30.1	25.0	24.5
1. Cash	127.8	26.0	55.1	5.5	114.8	52.7	27.6	29.7	28.5	30.1	25.0	17.5
2. Cash equivalents	14.5	128.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	7.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.2
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	0.2	0.2
III. Short-term receivables	814.1	585.4	1,341.5	642.4	634.7	556.5	429.3	546.2	441.6	433.2	417.2	496.4
1. Short-term trade accounts receivable	559.7	313.0	1,098.7	277.2	302.9	286.4	257.4	388.1	284.8	274.9	264.8	249.5
2. Short-term prepayments to suppliers	95.9	120.7	121.0	169.6	161.7	146.0	146.2	132.7	128.9	121.8	117.6	192.0
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	7.1	7.1	7.1	8.1	0.0	8.1	19.6	19.9	22.9	26.2	28.2	30.2
6. Other short-term receivables	152.5	145.7	115.9	188.6	171.2	117.2	7.3	6.7	6.1	11.5	7.8	25.8
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1	-1.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	1,270.7	1,177.1	1,201.3	1,261.6	6,638.1	6,922.9	7,028.5	7,033.6	7,036.2	7,100.9	7,097.3	7,093.7
1. Inventories	1,274.4	1,177.6	1,201.7	1,261.6	6,638.1	6,923.3	7,029.0	7,033.9	7,036.2	7,100.9	7,097.3	7,093.7
2. Provision for decline in value of inventories	-3.6	-0.4	-0.4	—	0.0	-0.5	-0.5	-0.3	0.0	0.0	0.0	0.0
V. Other short-term assets	13.5	22.4	24.2	23.6	25.2	23.0	23.4	23.4	24.8	31.8	33.0	22.5
1. Short-term prepayments	3.6	3.8	5.6	5.0	7.5	7.2	8.2	8.3	9.7	10.2	11.3	8.9
2. Value added tax to be reclaimed	9.9	18.6	18.6	18.6	17.7	15.1	15.2	15.1	15.1	21.6	21.7	13.5
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.7	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)	6,503.1	6,822.4	6,863.5	6,813.3	1,470.9	1,782.2	1,867.1	1,882.8	2,053.6	2,047.7	2,077.4	2,095.7
I. Long-term receivables	74.3	74.3	74.3	74.3	74.3	74.3	141.7	141.7	159.0	141.7	153.4	153.4
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	74.3	74.3	74.3	74.3	74.3	74.3	141.7	141.7	159.0	141.7	153.4	153.4
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	943.8	1,001.6	1,018.0	1,033.9	1,054.4	1,093.2	1,110.2	1,127.8	1,142.9	1,160.2	1,177.8	1,195.4
1. Tangible fixed assets	896.2	954.1	970.5	986.4	1,006.8	1,045.6	1,062.6	1,080.2	1,095.3	1,112.7	1,130.2	1,147.9
- Cost	—	—	—	—	1,487.8	1,518.8	1,518.4	1,518.4	1,514.7	1,514.7	1,514.6	1,514.6
- Accumulated depreciation	—	—	—	—	-481.0	-473.2	-455.8	-438.2	-419.4	-402.0	-384.5	-366.7
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	47.6	47.6	47.6	47.6	47.6	47.6	47.6	47.6	47.6	47.6	47.6	47.6
- 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	18.8	19.1	19.4	19.8	20.0	14.3	14.6	14.9	15.1	15.4	15.7	16.0
- 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	5,403.3	5,402.3	5,426.7	5,361.4	0.0	0.0	0.2	0.0	3.1	0.0	0.1	0.4
1. Long-term production in progress	5,403.3	5,402.3	5,426.5	5,361.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	0.2	—	0.0	0.0	0.2	0.0	3.1	0.0	0.1	0.4
V. Long-term financial investments	49.6	318.9	318.9	319.0	319.0	597.2	597.2	597.2	732.3	729.1	729.2	729.3
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	—	269.3	269.3	269.3	269.4	547.6	547.6	547.6	682.7	679.5	679.5	679.7
3. Investments in other entities	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7	49.7
4. Provision for diminution in value of long-term investments	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	13.4	6.2	6.1	4.9	3.1	3.1	3.1	1.2	1.3	1.3	1.4	1.2
1. Long-term prepayments	13.4	6.2	6.1	4.9	3.1	3.1	3.1	1.2	1.3	1.3	1.4	1.2
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)	8,743.8	8,761.3	9,485.6	8,795.4	8,883.8	9,337.3	9,375.9	9,515.7	9,584.7	9,643.7	9,650.2	9,733.0
A. LIABILITIES (300=210+330)	3,998.6	4,150.7	4,898.3	4,210.6	4,305.3	4,822.0	4,886.0	5,161.2	5,235.8	5,308.5	5,321.9	5,393.5
I. Short -term liabilities	3,924.1	3,882.5	4,637.2	3,938.3	4,081.3	4,587.1	4,639.6	4,903.5	4,967.0	5,029.1	5,032.4	5,094.1
1. Short-term trade accounts payable	31.3	39.2	43.1	33.6	34.2	37.3	36.8	35.2	45.1	48.2	51.3	90.5
2. Short-term advances from customers	909.5	94.3	148.0	137.4	80.6	152.8	190.6	177.6	230.3	241.3	241.1	241.1
3. Taxes and other payables to state authorities	67.6	41.0	30.8	44.2	68.8	25.4	14.6	16.9	21.2	12.3	19.5	19.0
4. Payable to employees	1.4	1.4	1.3	1.3	2.0	1.3	1.3	1.2	1.2	1.2	1.4	1.1
5. Short-term acrrued expenses	73.6	69.0	68.9	66.7	78.0	58.6	57.4	55.3	62.8	60.6	58.0	153.9
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	—	—	802.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2,760.4	3,479.9	3,381.6	3,497.8	3,660.8	4,125.6	4,150.3	4,304.0	4,292.4	4,353.5	4,350.8	4,302.2
10. Short-term borrowings and financial leases	79.9	157.2	160.2	157.0	156.5	185.8	188.3	312.8	313.7	311.8	309.9	285.8
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	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.5	0.5
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	74.5	268.2	261.1	272.3	224.0	234.9	246.3	257.8	268.8	279.4	289.4	299.4
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	60.5	60.5	60.5	60.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	14.0	204.5	197.5	210.4	223.2	234.7	246.1	257.6	268.2	278.2	288.3	298.3
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.2	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	—	3.2	3.1	1.4	0.8	0.2	0.2	0.2	0.5	0.0	1.2	1.1
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)	4,745.2	4,610.6	4,587.2	4,584.7	4,578.5	4,515.3	4,489.9	4,354.4	4,348.9	4,335.2	4,328.4	4,339.5
I. Owner's equity	4,745.2	4,610.6	4,587.2	4,584.7	4,578.5	4,515.3	4,489.9	4,354.4	4,348.9	4,335.2	4,328.4	4,339.5
1. Owner's capital	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3
- Common stock with voting right	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3	2,751.3
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	807.2	807.2	807.2	807.2	807.2	807.2	807.2	807.2	807.2	807.2	807.2	807.2
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	23.9	23.9	23.9	23.9	23.9	23.9	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	-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	35.2	35.2	35.2	35.2	35.2	35.2	35.2	35.2	35.2	35.2	35.2	35.2
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	753.5	620.2	597.0	589.6	582.1	519.9	517.9	534.3	525.7	510.2	503.3	514.2
- Accumulated retained earning at the end of the previous period	620.8	596.4	589.6	580.2	519.9	494.0	534.3	532.9	510.2	499.9	514.6	513.5
- Undistributed earnings in this period	132.8	23.8	7.4	9.5	62.2	25.9	-16.4	1.4	15.5	10.3	-11.4	0.7
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	374.0	372.7	372.5	377.4	378.8	377.8	378.3	226.4	229.5	231.2	231.3	231.6
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)	8,743.8	8,761.3	9,485.6	8,795.4	8,883.8	9,337.3	9,375.9	9,515.7	9,584.7	9,643.7	9,650.2	9,733.0

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	164.1	26.0	8.3	12.1	76.6	28.5	-17.8	0.9	10.2	6.3	-14.7	3.2
Depreciation of Fixed Assets and Investment Property	16.7	16.9	17.1	17.3	17.4	17.6	17.9	19.1	17.7	17.8	21.9	14.2
Provision (Increase)/Reversal	3.2	0.0	0.4	—	-0.5	0.0	0.2	0.0	0.3	0.0	-0.1	-0.3
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	0.0	—	-0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.0
Gain/Loss from Investment Activities	-154.2	-0.0	0.0	-0.1	-0.0	6.9	-7.1	-6.4	-2.8	-0.4	-0.3	-0.0
Interest Expense	30.0	7.0	7.2	7.1	11.1	8.1	8.4	9.0	13.9	11.1	11.0	10.8
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	59.7	49.9	33.1	36.3	104.6	61.1	1.6	22.5	39.3	34.9	17.9	27.8
Increase/(Decrease) in Receivables	286.9	-90.9	157.5	-25.0	-158.3	35.2	110.4	-104.6	13.6	-23.2	85.3	16.1
Increase/(Decrease) in Inventory	-97.7	23.2	19.3	17.4	285.2	105.8	4.7	2.3	64.7	-3.6	-3.6	117.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1,379.3	159.3	-256.1	-67.3	3.0	-156.3	-129.9	106.8	-83.3	8.4	-77.8	-201.0
Increase/(Decrease) in Prepaid Expenses	-7.1	1.7	-1.8	3.3	-0.4	1.1	-1.8	1.4	1.3	1.3	-2.6	1.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-11.4	-5.7	-3.9	-12.5	-7.8	-6.9	-6.1	-13.9	-12.2	-10.8	-19.2	-16.3
Corporate Income Tax Paid	0.0	-3.0	-12.5	-0.5	-2.8	-0.7	-0.0	-1.1	-1.5	-5.7	-1.5	-0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	-11.6	11.6	0.0	0.0
Other Operating Payments	0.0	—	-0.0	—	0.0	0.0	0.0	0.0	-0.0	-0.1	0.1	-0.1
Net Cash Flow from Operating Activities	-1,148.9	134.6	-64.5	-48.2	223.5	39.2	-21.1	13.4	10.2	12.9	-1.4	-54.6
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	-1.0	—	0.0	-0.3	-0.0	-0.7	-3.7	-0.0	0.4	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	429.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-14.5	—	—	—	0.0	0.0	0.0	0.0	-0.2	0.2	-0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	1.0	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	231.8	0.0	54.8	—	0.0	0.0	23.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.3	0.2	0.0	0.1	0.0	0.2	0.0	0.0	0.0	0.1	0.6	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	647.6	0.2	54.8	0.1	0.0	-0.1	23.0	-0.6	-3.7	0.3	1.0	-0.4
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	1,044.8	20.1	28.1	19.0	46.7	17.1	27.2	24.9	0.0	0.0	52.7	32.8
Repayment of Borrowings	-552.5	-56.1	-17.9	-31.2	-87.5	-31.0	-31.1	-36.5	-8.1	-8.1	-51.8	-30.2
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-2.6	—	—	—	-120.7	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	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	489.7	-35.9	10.2	-12.2	-161.4	-13.9	-3.9	-11.6	-8.1	-8.1	0.9	2.7
Net Cash Flow During the Period	-11.6	98.9	0.5	-60.3	62.1	25.2	-2.1	1.2	-1.6	5.1	0.5	-52.3
Cash and Cash Equivalents at Beginning of Period	154.0	55.1	54.5	114.8	28.5	28.5	28.5	28.5	76.9	76.9	76.9	76.9
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	142.3	154.0	55.1	54.5	114.8	52.7	27.6	29.7	28.5	30.1	25.0	24.5

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