QTP

Listed Company · UPCOM

Price

13,000

Latest close

03 Apr 2026

P/E 5.6x

EPS (TTM) 2,336

ROE (TTM) 19.1%

P/B 1.0x

BVPS (Latest) 13,211

ROA (TTM) 13.8%

What Is Changing

QTP has not yet shown a broad-based top-line recovery. Revenue posted -9.4% YoY, but net margin reached 9.60% with an additional +4.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 5.07% in 2023 to 9.60% in 2025.
Revenue decreased 9.4% YoY to VND 10,785.8bn in 2025.
Net Income reached a multi-period high at VND 1,035.9bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	10,785.8	11,908.4	12,058.2	10,417.2	8,455.4
Growth	-9%	-1%	+16%	+23%	—
Net Income	1,035.9	619.3	611.9	764.1	476.7
Net Margin	9.60%	5.20%	5.07%	7.34%	5.64%

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	2,953.2	2,056.4	2,864.0	2,912.2	2,884.1	2,386.3	3,628.2	3,009.8	2,847.2	2,507.4	3,708.4	2,995.2
Growth	+44%	-28%	-2%	+1%	+21%	-34%	+21%	+6%	+14%	-32%	+24%	—
Net Income	655.1	33.0	190.6	172.6	185.3	76.1	160.4	226.5	210.6	11.6	248.4	143.9
Net Margin	22.18%	1.60%	6.65%	5.93%	6.43%	3.19%	4.42%	7.53%	7.40%	0.46%	6.70%	4.81%

Financial Statements

Profitability

Net margin reached 9.60% while Revenue posted -9.4% YoY.

Balance Sheet

Inventory stood at 709.5bn, liabilities at 1,845.7bn, and equity at 5,929.7bn.

Cash Flow

Operating cash flow was 1,705.2bn in 2025, while investing cash flow was -935.5bn.

Financing cash flow: -732.6bn.

Item	2025	2024	2023	2022	2021
Revenue	10,785.8	11,908.4	12,058.2	10,417.2	8,455.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	10,785.8	11,908.4	12,058.2	10,417.2	8,455.4
Cost of Goods Sold	9,275.0	11,084.6	11,241.1	9,336.1	0.0
Gross Profit	1,510.8	823.8	817.1	1,081.1	708.7
Financial Income	29.1	6.5	22.7	33.5	82.4
Financial Expenses	81.4	25.0	77.5	193.0	-194.8
Interest Expense	10.1	20.8	57.5	133.2	-194.8
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	124.8	114.6	113.7	112.7	-90.3
Operating Profit	1,333.6	690.7	648.5	808.9	506.0
Other Income	4.0	3.8	2.6	2.0	0.0
Other Expenses	6.4	6.0	6.8	6.1	0.0
Other Profit	-2.3	-2.2	-4.1	-4.1	-3.9
Profit Before Tax	1,331.3	688.5	644.4	804.8	502.0
Current Income Tax Expense	295.4	69.2	32.5	40.7	-25.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	1,035.9	619.3	611.9	764.1	476.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	1,035.9	619.3	611.9	764.1	476.7
Earnings per Share	2,302.00	1,376.00	1,360.00	1,698.00	370.00
Diluted EPS	2,302.00	1,376.13	1,360.00	1,698.08	1,059.27

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	5,588.8	4,550.0	3,944.4	3,732.5	3,534.7
I. Cash and cash equivalents	72.7	35.5	157.7	23.9	205.8
1. Cash	72.7	35.5	45.7	23.9	0.0
2. Cash equivalents	—	0.0	112.0	0.0	0.0
II. Short-term financial investments	1,461.5	521.5	1.5	771.5	0.0
1. Available for sale securities	1.5	1.5	1.5	1.5	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	1,460.0	520.0	0.0	770.0	0.0
III. Short-term receivables	3,234.3	2,961.6	2,983.7	2,515.4	1,940.0
1. Short-term trade accounts receivable	3,213.7	2,952.5	2,979.1	2,503.1	0.0
2. Short-term prepayments to suppliers	0.7	0.7	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	209.3	197.7	193.2	200.7	0.0
7. Provision for short-term doubtful debts (*)	-189.3	-189.3	-189.3	-189.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	709.5	882.1	724.1	391.0	426.4
1. Inventories	709.5	882.1	724.1	391.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	110.8	149.3	77.4	30.7	11.0
1. Short-term prepayments	1.0	2.0	0.6	0.7	0.0
2. Value added tax to be reclaimed	80.8	123.6	49.5	0.0	0.0
3. Taxes and other receivables from state authorities	29.0	23.7	27.3	30.0	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)	2,186.6	2,872.9	3,435.5	4,318.1	5,270.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	2,126.5	2,811.0	3,366.8	4,242.3	5,195.5
1. Tangible fixed assets	2,125.0	2,811.0	3,366.8	4,241.9	5,194.7
- Cost	21,067.2	21,207.4	21,196.6	21,190.5	0.0
- Accumulated depreciation	-18,942.1	-18,396.3	-17,829.8	-16,948.6	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	1.5	0.0	0.0	0.4	0.8
- Cost	6.4	6.8	7.0	7.0	0.0
- Accumulated depreciation	-4.9	-6.8	-7.0	-6.6	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	7.0	5.5	6.0	5.1	5.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.0	5.5	6.0	5.1	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	53.1	56.4	62.7	70.7	0.0
1. Long-term prepayments	4.0	4.6	4.4	5.1	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	49.0	51.8	58.3	65.6	0.0
4. Other long-term assets	—	0.0	0.0	0.0	69.8
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)	7,775.4	7,422.9	7,379.9	8,050.6	8,805.1
A. LIABILITIES (300=210+330)	1,845.7	2,367.7	2,087.5	1,888.2	2,735.9
I. Short -term liabilities	1,810.6	2,245.0	1,864.7	1,566.9	1,326.1
1. Short-term trade accounts payable	1,212.7	1,434.7	1,158.7	606.8	435.8
2. Short-term advances from customers	0.0	0.0	1.0	0.0	0.0
3. Taxes and other payables to state authorities	163.3	20.8	7.9	2.2	0.0
4. Payable to employees	221.5	149.7	150.6	134.3	0.0
5. Short-term acrrued expenses	4.5	1.0	1.9	9.7	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	87.8	459.6	342.5	4.4	0.0
10. Short-term borrowings and financial leases	—	75.0	98.5	776.2	749.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	120.7	104.1	103.6	33.2	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	35.1	122.8	222.8	321.2	1,409.8
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	—	0.0	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	35.1	5.0	5.0	5.0	0.0
8. Long-term borrowings and financial leases	—	117.8	217.8	316.2	1,404.8
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)	5,929.7	5,055.2	5,292.5	6,162.4	6,069.2
I. Owner's equity	5,929.7	5,055.2	5,292.5	6,162.4	0.0
1. Owner's capital	4,500.0	4,500.0	4,500.0	4,500.0	6,069.2
- Common stock with voting right	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	230.9	230.9	230.9	230.9	230.9
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	31.5	24.9	19.6	11.3	5.6
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	113.6	120.2	125.5	262.5	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	1,053.7	179.2	416.5	1,157.7	1,064.5
- Accumulated retained earning at the end of the previous period	17.8	9.9	0.0	393.6	984.1
- Undistributed earnings in this period	1,035.9	169.3	416.5	764.1	80.4
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)	7,775.4	7,422.9	7,379.9	8,050.6	8,805.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	1,331.3	688.5	644.4	804.8	502.0
Depreciation of Fixed Assets and Investment Property	550.7	570.1	883.6	960.1	971.8
Provision (Increase)/Reversal	—	0.0	0.2	0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.2	3.1	3.7	30.9	0.0
Gain/Loss from Investment Activities	-29.2	-6.6	-21.0	-33.5	0.0
Interest Expense	10.1	20.8	57.5	133.2	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	1,865.2	1,275.9	1,568.4	1,895.6	1,595.2
Increase/(Decrease) in Receivables	-223.5	-45.3	-522.1	-491.6	0.0
Increase/(Decrease) in Inventory	174.7	-151.5	-325.8	37.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	102.8	336.4	573.6	240.7	0.0
Increase/(Decrease) in Prepaid Expenses	1.5	-1.6	0.8	-3.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-10.1	-20.8	-66.2	-141.3	0.0
Corporate Income Tax Paid	-149.9	-57.7	-20.0	-50.2	0.0
Other Operating Receipts	0.8	0.8	0.3	0.0	0.0
Other Operating Payments	-56.2	-69.1	-60.6	-49.5	0.0
Net Cash Flow from Operating Activities	1,705.2	1,267.0	1,148.5	1,437.9	1,792.3
Payments for Fixed Assets and Other Long-term Assets	-12.9	-74.1	-10.2	-4.3	-4.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.1	-0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-2,010.0	-750.0	0.0	-1,170.0	-2,230.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,070.0	230.0	770.0	1,350.0	1,780.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	17.2	3.5	27.8	40.9	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	-935.5	-590.5	787.5	216.7	-407.2
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	-192.8	-123.5	-790.9	-1,117.4	-1,566.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-539.8	-675.2	-1,011.3	-719.0	-449.1
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	-732.6	-798.6	-1,802.2	-1,836.5	-2,015.7
Net Cash Flow During the Period	37.2	-122.1	133.8	-181.9	-143.5
Cash and Cash Equivalents at Beginning of Period	35.5	157.7	23.9	205.8	836.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	72.7	35.5	157.7	23.9	205.8

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	2,953.2	2,056.4	2,864.0	2,912.2	2,884.1	2,386.3	3,628.2	3,009.8	2,847.2	2,507.4	3,708.4	2,995.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	2,953.2	2,056.4	2,864.0	2,912.2	2,884.1	2,386.3	3,628.2	3,009.8	2,847.2	2,507.4	3,708.4	2,995.2
Cost of Goods Sold	1,998.4	1,992.1	2,596.9	2,672.5	2,636.0	2,273.2	3,417.0	2,725.8	2,568.5	2,444.8	3,409.0	2,817.0
Gross Profit	954.8	64.2	267.1	239.7	248.1	113.2	211.2	284.0	278.7	62.6	299.4	178.2
Financial Income	15.5	8.0	2.1	3.5	5.4	0.9	0.1	0.1	2.5	2.9	2.0	15.3
Financial Expenses	70.0	2.6	4.8	4.1	6.5	3.2	6.7	8.6	13.2	28.7	16.4	19.2
Interest Expense	1.1	2.2	3.3	3.6	4.3	5.1	5.4	6.0	9.0	13.2	16.0	19.2
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	44.2	27.6	25.4	23.3	41.3	25.4	25.3	22.7	45.5	23.3	22.7	21.5
Operating Profit	856.0	42.0	239.0	215.9	205.8	85.5	179.3	252.9	222.6	13.5	262.3	152.8
Other Income	1.1	0.6	0.8	1.5	2.0	0.4	0.5	0.4	1.1	0.2	0.9	0.4
Other Expenses	2.0	1.3	1.5	1.5	1.6	1.3	1.6	1.5	1.9	1.5	1.8	1.6
Other Profit	-0.9	-0.7	-0.8	0.0	0.4	-0.9	-1.1	-1.2	-0.8	-1.2	-0.8	-1.2
Profit Before Tax	855.2	41.3	238.3	215.9	206.2	84.6	178.2	251.7	221.8	12.3	261.5	151.6
Current Income Tax Expense	200.1	8.3	47.7	43.3	20.9	8.5	17.9	25.2	11.2	0.7	13.1	7.6
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	655.1	33.0	190.6	172.6	185.3	76.1	160.4	226.5	210.6	11.6	248.4	143.9
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	655.1	33.0	190.6	172.6	185.3	76.1	160.4	226.5	210.6	11.6	248.4	143.9
Earnings per Share	1,456.00	73.00	423.00	384.00	412.00	169.00	356.00	503.00	468.00	26.00	552.00	320.00
Diluted EPS	1,455.76	73.34	423.48	383.60	411.80	169.14	356.39	503.35	467.93	25.86	551.97	319.88

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)	5,588.8	4,373.5	4,379.5	4,258.2	4,549.3	4,237.9	4,090.6	3,893.2	3,946.2	3,751.6	3,978.4	4,115.3
I. Cash and cash equivalents	72.7	55.4	32.2	24.9	35.5	31.9	77.5	30.7	157.7	260.3	473.5	27.7
1. Cash	72.7	55.4	32.2	24.9	35.5	31.9	77.5	30.7	45.7	60.3	23.5	27.7
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	112.0	200.0	450.0	0.0
II. Short-term financial investments	1,461.5	1,031.5	421.5	101.5	521.5	331.5	1.5	1.5	1.5	1.5	1.5	271.5
1. Available for sale securities	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
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	1,460.0	1,030.0	420.0	100.0	520.0	330.0	0.0	0.0	0.0	0.0	0.0	270.0
III. Short-term receivables	3,234.3	2,288.1	2,850.4	3,074.4	2,963.6	2,763.6	3,066.4	3,059.1	2,983.6	2,716.3	2,907.2	3,153.4
1. Short-term trade accounts receivable	3,213.7	2,274.3	2,840.2	3,064.0	2,952.5	2,757.6	3,058.0	3,032.8	2,979.0	2,704.0	2,899.6	3,137.5
2. Short-term prepayments to suppliers	0.7	0.7	0.7	0.7	0.7	0.7	0.7	3.6	0.7	9.3	4.3	3.9
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	209.3	202.5	198.9	199.1	199.8	194.7	197.0	212.0	193.2	192.2	192.4	201.2
7. Provision for short-term doubtful debts (*)	-189.3	-189.3	-189.3	-189.3	-189.3	-189.3	-189.3	-189.3	-189.3	-189.1	-189.1	-189.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	709.5	822.1	923.8	905.2	882.5	992.0	846.5	740.4	725.9	719.7	565.1	636.3
1. Inventories	709.5	822.1	923.8	905.2	882.5	992.0	846.5	740.4	725.9	719.7	565.1	636.3
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	110.8	176.4	151.6	152.2	146.2	118.9	98.7	61.6	77.5	53.8	31.2	26.4
1. Short-term prepayments	1.0	1.2	1.5	1.4	2.0	0.3	0.2	0.0	0.6	0.1	0.0	0.0
2. Value added tax to be reclaimed	80.8	146.4	126.4	127.1	120.5	94.9	74.7	34.5	49.6	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	29.0	28.9	23.7	23.7	23.7	23.7	23.7	27.1	27.3	53.7	31.2	26.4
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)	2,186.6	2,483.2	2,595.4	2,734.2	2,906.7	3,015.9	3,154.7	3,309.0	3,436.3	3,688.5	3,872.4	4,089.9
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	2,126.5	2,401.4	2,537.0	2,674.0	2,811.0	2,940.6	3,079.6	3,217.6	3,368.0	3,583.4	3,798.4	4,016.2
1. Tangible fixed assets	2,125.0	2,400.1	2,536.8	2,673.8	2,811.0	2,940.6	3,079.6	3,217.6	3,368.0	3,583.3	3,798.2	4,015.9
- Cost	—	—	—	—	21,207.4	21,197.8	21,197.6	21,196.4	21,197.8	21,195.4	21,191.3	21,189.9
- Accumulated depreciation	—	—	—	—	-18,396.3	-18,257.2	-18,118.0	-17,978.8	-17,829.8	-17,612.1	-17,393.1	-17,174.0
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	1.5	1.4	0.2	0.2	0.0	0.0	0.0	0.0	0.0	0.1	0.2	0.3
- 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	7.0	29.0	5.5	5.5	39.3	14.9	14.9	29.2	5.6	40.7	5.6	5.1
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	7.0	29.0	5.5	5.5	39.3	14.9	14.9	29.2	5.6	40.7	5.6	5.1
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	53.1	52.8	52.9	54.7	56.4	60.4	60.2	62.2	62.7	64.4	68.4	68.6
1. Long-term prepayments	4.0	3.7	3.5	3.8	4.6	4.4	4.1	3.6	4.4	2.5	3.8	3.8
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	49.0	49.2	49.4	50.8	51.8	56.0	56.1	58.6	58.3	62.0	64.6	64.8
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)	7,775.4	6,856.8	6,974.9	6,992.4	7,456.0	7,253.8	7,245.2	7,202.2	7,382.5	7,440.1	7,850.8	8,205.2
A. LIABILITIES (300=210+330)	1,830.3	1,566.7	1,717.9	1,764.6	2,370.3	1,903.4	1,763.6	1,811.9	2,216.1	2,018.1	2,440.4	2,123.9
I. Short -term liabilities	1,795.2	1,519.0	1,695.1	1,666.9	2,247.6	1,755.6	1,590.9	1,614.1	1,993.4	1,746.8	2,169.1	1,821.4
1. Short-term trade accounts payable	1,212.8	843.8	975.9	1,273.1	1,434.9	1,078.1	986.1	1,199.0	1,158.0	715.4	695.2	818.5
2. Short-term advances from customers	0.0	—	—	—	0.0	0.0	0.0	0.0	1.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	167.3	23.9	53.8	39.9	24.2	10.0	15.8	26.7	8.1	0.0	1.8	4.9
4. Payable to employees	202.4	104.1	86.7	55.7	152.1	94.8	79.5	53.6	150.8	71.4	59.5	43.0
5. Short-term acrrued expenses	4.2	304.4	229.5	118.2	1.0	356.8	266.7	140.1	1.9	380.4	268.2	136.9
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	87.8	60.0	97.5	8.4	456.2	5.7	6.2	5.1	471.2	6.7	568.7	4.1
10. Short-term borrowings and financial leases	—	50.0	100.0	75.0	75.0	88.5	98.5	104.7	98.5	450.0	438.4	791.7
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	120.7	132.7	151.8	96.4	104.1	121.7	138.0	84.9	103.8	123.0	137.5	22.4
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	35.1	47.8	22.8	97.8	122.8	147.8	172.8	197.8	222.8	271.3	271.3	302.5
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	35.1	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0	5.0
8. Long-term borrowings and financial leases	—	42.8	17.8	92.8	117.8	142.8	167.8	192.8	217.8	266.3	266.3	297.5
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)	5,945.1	5,290.0	5,257.0	5,227.8	5,085.7	5,350.4	5,481.6	5,390.3	5,166.3	5,422.0	5,410.4	6,081.3
I. Owner's equity	5,945.1	5,290.0	5,257.0	5,227.8	5,085.7	5,350.4	5,481.6	5,390.3	5,166.3	5,422.0	5,410.4	6,081.3
1. Owner's capital	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0
- Common stock with voting right	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0	4,500.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	230.9	230.9	230.9	230.9	230.9	230.9	230.9	230.9	230.9	230.9	230.9	230.9
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	24.9	26.8	25.5	25.5	24.9	23.9	23.8	22.6	20.8	17.1	13.2	12.0
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	120.2	118.3	119.6	119.6	120.2	121.2	121.4	122.6	124.3	256.7	260.6	261.8
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	1,069.1	414.0	381.0	351.8	209.7	474.4	605.6	514.3	290.3	417.3	405.7	1,076.6
- Accumulated retained earning at the end of the previous period	414.0	381.0	190.4	179.2	474.4	398.3	445.2	287.8	403.9	405.6	157.3	932.7
- Undistributed earnings in this period	655.1	33.0	190.6	172.6	-264.7	76.1	160.4	226.5	-113.6	11.6	248.4	143.9
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	7,775.4	6,856.8	6,974.9	6,992.4	7,456.0	7,253.8	7,245.2	7,202.2	7,382.5	7,440.1	7,850.8	8,205.2

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	835.8	41.3	238.3	215.9	206.2	84.6	179.9	251.7	219.1	12.3	261.4	151.6
Depreciation of Fixed Assets and Investment Property	138.0	137.6	137.6	137.5	139.1	139.1	139.1	152.8	218.8	219.0	219.1	226.8
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.5	-0.3	1.5	0.5	2.2	-2.0	1.4	1.5	-12.2	15.4	4.2	-3.8
Gain/Loss from Investment Activities	-15.6	-8.0	-2.1	-3.5	-5.4	-0.9	-0.1	-0.2	-2.4	-2.9	-4.3	-11.5
Interest Expense	1.1	2.2	3.3	3.6	4.3	5.1	5.4	6.0	9.0	13.2	16.0	19.2
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	959.8	172.9	378.5	354.0	346.3	226.0	325.6	411.8	432.5	257.1	496.5	382.3
Increase/(Decrease) in Receivables	-873.0	542.5	225.5	-118.6	-223.1	283.4	-44.2	-60.4	-314.1	191.7	232.9	-632.6
Increase/(Decrease) in Inventory	112.0	101.9	-17.1	-22.1	113.6	-144.1	-104.8	-16.6	-0.8	-152.0	71.4	-244.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	407.7	-11.0	-161.1	-132.9	26.9	199.9	-45.3	52.5	224.7	72.5	21.9	254.5
Increase/(Decrease) in Prepaid Expenses	-0.2	0.2	0.2	1.4	-1.8	-0.3	-0.8	1.4	-2.4	1.2	0.0	2.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.1	-2.2	-3.3	-3.5	-4.5	-5.8	-4.9	-5.5	-20.8	-6.8	-31.1	-7.5
Corporate Income Tax Paid	-56.7	-38.2	-30.0	-25.0	-9.0	-15.0	-27.2	-6.5	0.0	0.0	0.0	-20.0
Other Operating Receipts	—	—	—	—	0.0	0.7	0.1	0.0	0.3	0.0	0.0	0.0
Other Operating Payments	-12.0	-20.7	-15.9	-7.6	-17.5	-17.0	-15.9	-18.7	-18.7	-14.6	-16.5	-10.8
Net Cash Flow from Operating Activities	536.6	746.2	376.8	45.7	231.0	527.8	82.6	358.0	300.8	349.1	775.1	-276.5
Payments for Fixed Assets and Other Long-term Assets	-4.3	-0.5	-0.6	-7.5	-1.0	0.0	-4.5	-0.9	-0.8	-3.5	-1.2	-4.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	-0.0	—	—	0.0	0.0	0.0	0.1	-0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-800.0	-790.0	-420.0	—	-420.0	-330.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	370.0	180.0	100.0	420.0	230.0	0.0	0.0	0.0	0.0	0.0	270.0	500.0
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	7.6	2.6	1.3	5.7	2.6	0.4	0.1	0.5	2.2	2.9	13.1	9.6
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	-426.5	-607.9	-319.3	418.2	-188.5	-329.6	-4.4	-0.4	1.3	-0.6	281.9	504.9
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	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-92.8	-25.0	-50.0	-25.0	-38.5	-35.0	-31.2	-18.7	-404.4	0.0	-386.6	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.1	-90.1	-0.2	-449.5	-0.4	-208.8	-0.1	-465.9	-0.3	-561.7	-224.7	-224.6
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	-92.8	-115.1	-50.2	-474.5	-38.9	-243.8	-31.3	-484.6	-404.6	-561.7	-611.3	-224.6
Net Cash Flow During the Period	17.3	23.2	7.3	-10.7	3.6	-45.6	46.8	-127.0	-102.6	-213.2	445.7	3.8
Cash and Cash Equivalents at Beginning of Period	55.4	32.2	24.9	35.5	157.7	157.7	157.7	157.7	23.9	23.9	23.9	23.9
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	72.7	55.4	32.2	24.9	35.5	31.9	77.5	30.7	157.7	260.3	473.5	27.7

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