QNW

Listed Company · UPCOM

Price

17,500

Latest close

05 Mar 2026

P/E 8.4x

EPS (TTM) 2,086

ROE (TTM) 15.6%

P/B 1.3x

BVPS (Latest) 13,630

ROA (TTM) 14.1%

What Is Changing

QNW no longer looks like a business simply rebounding from a weak base. Revenue posted +3.5% YoY, while net margin reached 33.73% with an additional +4.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 13.41% in 2023 to 33.73% in 2025.
Net Income reached a multi-period high at VND 40.0bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	118.5	114.5	80.3	70.5	70.5
Growth	+4%	+43%	+14%	+0%	—
Net Income	40.0	33.4	10.8	7.7	11.4
Net Margin	33.73%	29.20%	13.41%	10.86%	16.16%

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	28.8	32.0	31.7	26.1	28.4	30.6	29.6	26.0	24.8	20.0	18.5	17.4
Growth	-10%	+1%	+21%	-8%	-7%	+3%	+14%	+5%	+24%	+8%	+6%	—
Net Income	8.7	12.6	12.0	8.5	7.1	11.9	11.1	8.4	1.4	4.0	3.9	3.5
Net Margin	30.16%	39.50%	37.90%	32.45%	25.12%	38.86%	37.43%	32.43%	5.57%	19.84%	21.23%	20.13%

Financial Statements

Profitability

Net margin reached 33.73% while Revenue posted +3.5% YoY.

Balance Sheet

Inventory stood at 8.1bn, liabilities at 29.6bn, and equity at 271.8bn.

Cash Flow

Operating cash flow was 49.2bn in 2025, while investing cash flow was -14.4bn.

Financing cash flow: -21.9bn.

Item	2025	2024	2023	2022	2021
Revenue	118.5	114.5	80.3	70.5	70.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	118.5	114.5	80.3	70.5	70.5
Cost of Goods Sold	63.7	55.2	57.3	50.1	0.0
Gross Profit	54.8	59.4	23.1	20.5	25.2
Financial Income	5.9	3.7	4.8	2.8	2.3
Financial Expenses	0.3	0.5	0.6	0.7	-0.6
Interest Expense	0.3	0.5	0.6	0.7	-0.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	4.1	4.9	4.2	4.3	-4.3
General and Administrative Expenses	6.0	15.5	9.3	8.1	-8.1
Operating Profit	50.4	42.1	13.8	10.2	14.6
Other Income	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.0	0.1	0.4	0.0
Other Profit	-0.1	-0.0	-0.1	-0.4	-0.0
Profit Before Tax	50.2	42.0	13.7	9.8	14.5
Current Income Tax Expense	10.3	8.6	2.9	2.1	-3.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	40.0	33.4	10.8	7.7	11.4
Non-controlling Interest	0.1	0.1	0.1	0.1	0.0
Profit Attributable to Parent	39.9	33.4	10.7	7.6	11.3
Earnings per Share	1,995.00	1,669.00	533.00	380.00	567.27
Diluted EPS	1,995.15	1,668.78	533.19	380.27	567.27

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	189.0	182.9	158.2	131.0	133.7
I. Cash and cash equivalents	81.6	68.7	44.0	23.3	13.6
1. Cash	3.7	6.4	4.2	3.6	0.0
2. Cash equivalents	77.9	62.3	39.8	19.7	0.0
II. Short-term financial investments	82.7	71.6	65.5	58.0	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	82.7	71.6	65.5	58.0	0.0
III. Short-term receivables	15.1	30.3	35.4	36.4	50.8
1. Short-term trade accounts receivable	11.9	11.4	11.6	10.2	0.0
2. Short-term prepayments to suppliers	1.5	22.2	22.0	26.6	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.7	4.5	4.7	4.6	0.0
7. Provision for short-term doubtful debts (*)	-3.0	-7.8	-2.8	-5.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	8.1	11.9	13.0	12.2	12.8
1. Inventories	16.9	20.5	21.9	18.5	0.0
2. Provision for decline in value of inventories	-8.9	-8.6	-8.9	-6.4	0.0
V. Other short-term assets	1.6	0.5	0.3	1.1	0.2
1. Short-term prepayments	0.2	0.3	0.1	0.3	0.0
2. Value added tax to be reclaimed	1.1	0.1	0.1	0.7	0.0
3. Taxes and other receivables from state authorities	0.2	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)	112.4	111.5	107.2	123.6	128.7
I. Long-term receivables	0.1	0.1	0.1	2.3	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.8
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	2.3	2.3	2.3	2.3	0.0
7. Provision for long-term doubtful debts	-2.2	-2.2	-2.2	0.0	0.0
II. Fixed assets	75.4	82.9	79.9	91.7	91.3
1. Tangible fixed assets	75.4	82.9	79.9	91.7	91.3
- Cost	253.1	244.1	224.9	220.7	0.0
- Accumulated depreciation	-177.7	-161.2	-145.0	-129.0	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	—	0.0	0.0	0.0	0.0
- Cost	0.7	0.7	0.7	0.7	0.0
- Accumulated depreciation	-0.7	-0.7	-0.7	-0.7	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	19.0	9.9	8.7	11.4	18.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	19.0	9.9	8.7	11.4	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	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	17.9	18.5	18.5	18.1	0.0
1. Long-term prepayments	17.9	18.5	18.5	18.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	18.5
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)	301.4	294.4	265.4	254.6	262.5
A. LIABILITIES (300=210+330)	29.6	38.4	34.0	27.9	29.1
I. Short -term liabilities	25.0	32.5	26.4	18.2	16.3
1. Short-term trade accounts payable	6.6	3.9	9.7	4.9	5.4
2. Short-term advances from customers	1.1	2.8	1.4	0.7	0.5
3. Taxes and other payables to state authorities	2.8	2.2	3.7	2.5	0.0
4. Payable to employees	9.3	8.2	6.3	4.7	0.0
5. Short-term acrrued expenses	0.8	10.9	0.2	0.5	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	0.0	0.0	0.0
9. Other short-term payables	1.8	1.9	1.6	2.1	0.0
10. Short-term borrowings and financial leases	0.8	1.7	2.0	2.0	1.0
11. Provision for short-term liabilities	—	0.0	0.2	0.2	0.0
12.. Bonus and welfare fund	1.9	1.0	1.2	0.7	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	4.6	5.9	7.6	9.7	12.8
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	0.6	0.7	0.8	0.9	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	0.2	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	3.8	5.1	6.8	8.8	11.8
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)	271.8	256.0	231.4	226.7	233.3
I. Owner's equity	270.9	255.1	230.5	225.9	0.0
1. Owner's capital	200.0	200.0	200.0	200.0	231.8
- 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	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	20.7	17.4	16.3	15.6	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	47.7	35.2	11.8	7.9	15.0
- Accumulated retained earning at the end of the previous period	7.8	1.9	1.2	0.4	3.9
- Undistributed earnings in this period	39.9	33.3	10.6	7.6	11.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2.6	2.5	2.4	2.3	2.2
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	0.9	0.9	0.9	0.9	1.5
1. Subsidized not-for-profit funds	0.9	0.9	0.9	0.9	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)	301.4	294.4	265.4	254.6	262.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	50.2	42.0	13.7	9.8	14.3
Depreciation of Fixed Assets and Investment Property	16.5	16.2	16.0	15.5	10.9
Provision (Increase)/Reversal	-4.6	4.7	2.5	2.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-5.9	-3.7	-4.8	-2.8	0.0
Interest Expense	0.3	0.5	0.6	0.7	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	56.6	59.7	28.0	25.3	24.3
Increase/(Decrease) in Receivables	19.0	0.4	3.5	11.5	0.0
Increase/(Decrease) in Inventory	3.6	1.4	-3.4	-0.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.3	-12.6	6.2	-1.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.7	-0.2	-0.2	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-0.6	-0.7	-0.8	0.0
Corporate Income Tax Paid	-9.5	-9.9	-1.7	-2.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.4	-0.9	-1.0	-1.0	0.0
Net Cash Flow from Operating Activities	49.2	37.2	30.8	30.2	25.6
Payments for Fixed Assets and Other Long-term Assets	-9.0	0.0	-1.5	-12.6	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-28.0	-79.0	-54.3	-57.0	-56.4
Receipts from Loan Repayments and Sale of Debt Instruments	16.9	73.0	46.8	46.8	44.5
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	5.7	3.4	5.1	2.6	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	-14.4	-2.7	-3.8	-20.3	-11.9
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	-2.3	-2.0	-2.0	-2.0	-3.5
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-19.6	-7.9	-5.0	-6.8	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	-21.9	-9.9	-7.0	-8.8	-3.5
Net Cash Flow During the Period	12.9	24.7	20.1	1.1	1.7
Cash and Cash Equivalents at Beginning of Period	68.7	44.0	23.3	22.3	3.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	81.6	68.7	43.4	23.3	13.6

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	28.8	32.0	31.7	26.1	28.4	30.6	29.6	26.0	24.8	20.0	18.5	17.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	28.8	32.0	31.7	26.1	28.4	30.6	29.6	26.0	24.8	20.0	18.5	17.4
Cost of Goods Sold	20.3	14.5	14.4	12.5	15.6	13.0	13.0	13.0	18.9	12.9	12.2	11.7
Gross Profit	8.5	17.5	17.3	13.6	12.8	17.7	16.6	13.0	5.9	7.1	6.3	5.7
Financial Income	2.0	1.4	1.4	1.1	0.9	0.6	1.1	0.9	0.9	1.3	1.5	1.1
Financial Expenses	0.1	0.1	0.0	0.2	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
Interest Expense	0.1	0.1	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.1	0.8	1.2	1.0	1.0	1.0	1.3	1.0	1.4	1.2	0.8	0.7
General and Administrative Expenses	-1.7	2.3	2.4	2.7	3.5	2.4	2.3	2.2	3.4	2.1	1.7	1.7
Operating Profit	11.1	15.8	15.1	10.8	9.1	14.9	14.0	10.6	1.9	5.0	5.0	4.4
Other Income	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Other Profit	-0.1	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.0	-0.0	-0.0
Profit Before Tax	11.0	15.8	15.1	10.8	9.0	14.9	14.0	10.6	1.9	5.0	5.0	4.4
Current Income Tax Expense	2.3	3.2	3.1	2.3	1.9	3.0	2.9	2.1	0.5	1.0	1.1	0.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.7	12.6	12.0	8.5	7.1	11.9	11.1	8.4	1.4	4.0	3.9	3.5
Non-controlling Interest	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Profit Attributable to Parent	8.6	12.6	12.0	8.5	7.1	11.9	11.1	8.4	1.4	4.0	3.9	3.5
Earnings per Share	432.00	631.66	599.77	422.92	355.00	595.00	555.00	405.64	69.00	199.00	193.00	175.00
Diluted EPS	432.16	631.66	599.77	422.92	354.56	594.98	554.92	405.64	69.03	198.86	193.19	175.23

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)	189.4	211.8	201.5	189.8	187.7	182.4	175.0	161.3	158.5	144.9	141.1	132.5
I. Cash and cash equivalents	81.6	97.2	77.1	67.4	68.7	66.5	60.4	47.1	44.0	25.3	25.2	20.4
1. Cash	3.7	8.8	6.4	5.1	6.4	32.3	26.2	13.3	4.2	1.6	7.7	0.7
2. Cash equivalents	77.9	88.4	70.7	62.3	62.3	34.2	34.2	33.8	39.8	23.6	17.5	19.7
II. Short-term financial investments	82.7	77.9	77.9	76.6	71.6	66.8	66.8	65.5	65.5	61.8	61.8	58.0
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	82.7	77.9	77.9	76.6	71.6	66.8	66.8	65.5	65.5	61.8	61.8	58.0
III. Short-term receivables	15.1	25.6	35.3	32.7	35.4	37.8	37.2	36.4	35.4	47.3	42.4	41.9
1. Short-term trade accounts receivable	11.9	13.1	12.7	11.2	11.4	12.2	13.1	11.1	11.6	10.6	9.8	10.5
2. Short-term prepayments to suppliers	1.5	14.3	25.7	23.6	22.2	22.1	22.0	22.4	22.0	30.8	30.7	30.7
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	4.7	6.0	4.6	5.7	4.5	6.2	4.9	5.7	4.7	8.8	6.9	5.7
7. Provision for short-term doubtful debts (*)	-2.9	-7.8	-7.8	-7.8	-2.7	-2.7	-2.7	-2.8	-2.8	-2.8	-5.0	-5.0
8. Assets awaiting resolution	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	8.4	10.7	11.1	12.6	11.7	11.0	10.3	12.1	13.4	10.3	11.4	11.6
1. Inventories	17.0	19.4	19.8	21.2	20.6	19.9	19.2	21.0	22.3	18.1	17.7	17.9
2. Provision for decline in value of inventories	-8.6	-8.6	-8.6	-8.6	-8.9	-8.9	-8.9	-8.9	-8.9	-7.7	-6.3	-6.4
V. Other short-term assets	1.6	0.3	0.1	0.5	0.3	0.4	0.3	0.1	0.3	0.3	0.3	0.6
1. Short-term prepayments	0.4	0.3	0.1	0.2	0.2	0.3	0.3	0.1	0.1	0.2	0.2	0.3
2. Value added tax to be reclaimed	1.1	0.0	-0.0	0.2	0.2	0.0	0.0	0.0	0.1	0.0	0.1	0.3
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
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)	112.2	109.0	111.5	112.9	102.2	102.3	104.7	109.5	107.2	111.0	116.7	120.3
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	2.3	2.3
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	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3	2.3
7. Provision for long-term doubtful debts	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	-2.2	0.0	0.0
II. Fixed assets	75.4	73.5	78.2	78.9	65.1	68.6	72.9	76.1	80.6	84.3	84.8	88.8
1. Tangible fixed assets	75.4	73.5	78.2	78.9	65.1	68.6	72.9	76.1	79.9	83.6	84.1	88.1
- Cost	—	—	—	—	225.1	224.9	225.5	224.9	224.9	224.6	221.0	221.0
- Accumulated depreciation	—	—	—	—	-160.1	-156.3	-152.6	-148.9	-145.0	-141.0	-136.9	-133.0
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	0.7	0.7	0.7	0.8
- 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
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	19.0	17.5	15.0	15.4	18.3	14.7	13.2	10.2	8.7	8.6	11.6	11.2
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	19.0	17.5	15.0	15.4	18.3	14.7	13.2	10.2	8.7	8.6	11.6	11.2
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	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	17.7	18.0	18.2	18.4	18.7	18.9	18.5	18.3	17.8	17.9	18.0	18.0
1. Long-term prepayments	17.7	18.0	18.2	18.4	18.7	18.9	18.5	18.3	17.8	17.9	18.0	18.0
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	4.8	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	301.6	320.8	313.1	302.6	289.8	284.8	279.7	270.8	265.8	255.9	257.8	252.9
A. LIABILITIES (300=210+330)	29.0	56.8	60.6	37.9	28.6	30.8	37.6	26.2	34.4	25.9	29.7	22.6
I. Short -term liabilities	24.1	51.6	55.3	32.0	23.1	24.2	31.1	18.6	26.8	17.2	21.0	12.9
1. Short-term trade accounts payable	6.6	3.3	2.7	6.3	3.9	3.4	3.3	2.7	10.0	2.8	3.4	3.4
2. Short-term advances from customers	1.1	1.3	2.1	3.0	2.8	1.7	1.4	1.3	1.4	1.7	1.8	0.7
3. Taxes and other payables to state authorities	3.0	5.9	5.8	2.7	3.5	7.3	5.9	4.0	3.7	3.5	3.2	1.6
4. Payable to employees	8.6	5.5	5.5	5.4	7.5	5.8	6.0	5.5	6.5	3.8	1.9	2.0
5. Short-term acrrued expenses	0.8	11.2	10.8	11.0	0.2	0.5	0.4	0.4	0.2	0.7	0.3	0.6
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.8	21.5	22.0	1.6	1.9	2.5	10.1	1.9	1.6	1.5	6.6	2.1
10. Short-term borrowings and financial leases	0.5	0.5	1.6	1.4	2.0	1.7	2.0	1.7	2.0	1.7	2.0	1.7
11. Provision for short-term liabilities	—	—	—	—	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
12.. Bonus and welfare fund	1.8	2.4	4.8	0.7	1.0	1.2	1.8	0.9	1.2	1.3	1.6	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	4.9	5.3	5.2	5.9	5.5	6.5	6.5	7.6	7.6	8.6	8.6	9.7
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	0.6	0.7	0.7	0.7	0.7	0.8	0.8	0.8	0.8	0.9	0.9	0.9
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	0.2	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	4.1	4.5	4.5	5.1	4.8	5.8	5.8	6.8	6.8	7.8	7.8	8.8
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)	272.6	264.0	252.5	264.7	261.2	254.0	242.1	244.6	231.4	230.0	228.1	230.3
I. Owner's equity	271.7	263.1	251.6	263.8	260.3	253.1	241.2	243.8	230.5	229.1	227.2	229.4
1. Owner's capital	200.0	200.0	200.0	200.0	200.0	200.0	200.0	208.0	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	208.0	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	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	20.7	20.7	20.7	17.4	17.4	17.4	17.4	16.3	16.3	16.3	16.3	15.6
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	48.4	39.9	28.5	43.9	40.5	33.4	21.5	19.5	11.7	10.4	8.5	11.4
- Accumulated retained earning at the end of the previous period	7.9	7.8	7.8	35.3	2.1	2.1	2.1	11.1	1.2	1.1	1.2	8.0
- Undistributed earnings in this period	40.6	32.1	20.6	8.7	38.4	31.2	19.4	8.4	10.5	9.3	7.3	3.5
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	2.6	2.4	2.4	2.5	2.5	2.4	2.4	0.0	2.4	2.4	2.4	2.3
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
1. Subsidized not-for-profit funds	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
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)	301.6	320.8	313.1	302.6	289.8	284.8	279.7	270.8	265.8	255.9	257.8	252.9

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	10.0	15.8	13.7	10.8	9.1	14.9	14.0	10.6	1.9	5.0	2.4	4.4
Depreciation of Fixed Assets and Investment Property	5.4	3.3	4.7	3.2	3.7	3.7	3.7	3.9	4.0	4.1	4.0	4.0
Provision (Increase)/Reversal	-4.6	—	—	—	0.0	0.0	-0.1	0.0	1.2	0.0	1.4	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
Gain/Loss from Investment Activities	-9.9	6.5	-3.7	1.1	0.9	4.8	-1.2	-0.9	-0.9	-1.3	-1.5	-1.1
Interest Expense	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2
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	1.0	25.6	14.8	15.1	13.9	23.5	16.6	13.7	6.3	7.9	6.4	7.4
Increase/(Decrease) in Receivables	14.2	9.8	-2.4	-2.5	1.5	-0.4	-0.8	-0.9	8.7	0.1	-1.4	-3.8
Increase/(Decrease) in Inventory	2.4	4.7	-2.8	-0.7	-0.7	3.6	-2.5	0.9	-3.9	-0.2	0.1	0.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-13.5	-0.2	-4.0	-0.7	11.9	-8.8	0.8	-7.1	8.5	-0.1	2.2	-4.4
Increase/(Decrease) in Prepaid Expenses	0.1	0.0	0.4	0.2	0.4	0.1	-0.8	0.2	-0.5	0.1	0.1	0.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1	-0.2	-0.1	-0.3	-0.1	-0.3	-0.0
Corporate Income Tax Paid	-4.9	-3.0	-0.0	-1.5	-7.0	0.0	-0.6	-2.3	-0.0	-0.0	-0.0	-1.6
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.1	-2.3	-0.3	-0.0	0.3	-0.6	-0.1	-0.3	-0.5	-0.3	-0.0	-0.1
Net Cash Flow from Operating Activities	-0.8	34.6	5.6	9.8	20.2	17.3	12.5	4.0	18.2	7.4	7.1	-1.9
Payments for Fixed Assets and Other Long-term Assets	0.2	-6.8	2.2	-4.6	-3.8	-6.0	1.5	-1.5	0.3	-0.5	-0.4	-0.9
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	-21.7	0.0	-1.4	-5.0	-4.8	0.0	45.6	-46.8	-50.5	0.0	5.4	-9.2
Receipts from Loan Repayments and Sale of Debt Instruments	16.9	—	—	—	0.0	0.0	-46.8	46.8	46.8	0.0	-9.2	9.2
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	9.7	-6.6	3.7	-1.1	-0.9	-4.9	1.3	0.9	4.1	-1.6	2.5	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	5.2	-13.4	4.5	-10.7	-9.5	-10.9	1.5	-0.6	0.7	-2.1	-1.7	-0.7
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	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-0.4	-1.2	-0.4	-0.3	-0.7	-0.3	-0.7	-0.3	-0.7	-0.3	-0.7	-0.3
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-19.6	—	—	—	-7.8	0.0	0.0	0.0	-0.1	-4.9	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	-20.0	-1.2	-0.4	-0.3	-8.5	-0.3	-0.7	-0.3	-0.8	-5.2	-0.7	-0.3
Net Cash Flow During the Period	-15.6	20.1	9.7	-1.3	2.2	6.1	13.3	3.1	18.1	0.1	4.8	-2.9
Cash and Cash Equivalents at Beginning of Period	97.2	77.1	67.4	68.7	44.0	44.0	44.0	44.0	23.3	23.3	23.3	23.3
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	81.6	97.2	77.1	67.4	68.7	66.5	60.4	47.1	43.4	25.3	25.2	20.4

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