RCC

Listed Company · UPCOM

Price

22,500

Latest close

31 Mar 2026

P/E 450.0x

EPS (TTM) 50

ROE (TTM) 0.4%

P/B 1.8x

BVPS (Latest) 12,781

ROA (TTM) 0.1%

What Is Changing

RCC has not yet shown a broad-based top-line recovery. Revenue posted -15.7% YoY, but net margin reached 0.40% with an additional -0.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income fell to a multi-period low at VND 2.6bn in 2025.
Revenue decreased 15.7% YoY to VND 654.7bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	654.7	776.6	840.0	456.3	526.4
Growth	-16%	-8%	+84%	-13%	—
Net Income	2.6	3.7	30.1	22.6	46.3
Net Margin	0.40%	0.48%	3.58%	4.96%	8.80%

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	306.1	119.8	157.4	71.3	251.6	211.0	198.6	115.4	388.4	214.9	207.8	28.9
Growth	+155%	-24%	+121%	-72%	+19%	+6%	+72%	-70%	+81%	+3%	+618%	—
Net Income	30.5	2.8	-9.1	-21.7	-2.8	3.1	2.2	0.3	23.7	4.1	12.6	-11.3
Net Margin	9.96%	2.37%	-5.79%	-30.43%	-1.11%	1.46%	1.11%	0.28%	6.10%	1.91%	6.09%	-39.04%

Financial Statements

Profitability

Net margin reached 0.40% while Revenue posted -15.7% YoY.

Balance Sheet

Inventory stood at 132.2bn, liabilities at 759.6bn, and equity at 409.8bn.

Cash Flow

Operating cash flow was -104.2bn in 2025, while investing cash flow was 68.2bn.

Financing cash flow: 76.8bn.

Item	2025	2024	2023	2022	2021
Revenue	654.7	776.6	840.0	456.3	526.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	654.7	776.6	840.0	456.3	526.4
Cost of Goods Sold	611.3	700.3	734.9	393.2	0.0
Gross Profit	43.3	76.4	105.1	63.1	93.1
Financial Income	38.0	0.3	9.3	34.6	64.1
Financial Expenses	35.6	30.5	26.9	27.1	-45.2
Interest Expense	34.4	26.8	25.6	18.6	-26.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.9	1.2	2.6	1.5	-2.8
General and Administrative Expenses	37.9	34.1	46.5	46.7	-68.0
Operating Profit	7.0	10.8	38.4	22.4	41.2
Other Income	2.1	1.1	0.9	3.8	0.0
Other Expenses	1.0	2.5	0.6	0.7	0.0
Other Profit	1.1	-1.3	0.3	3.1	-4.9
Profit Before Tax	8.2	9.5	38.7	25.6	36.4
Current Income Tax Expense	5.9	5.6	8.4	6.7	9.9
Deferred Income Tax Expense	-0.3	0.1	0.3	-3.8	0.0
Net Income	2.6	3.7	30.1	22.6	46.3
Non-controlling Interest	0.9	2.4	2.6	-1.2	-2.4
Profit Attributable to Parent	1.7	1.3	27.4	23.8	48.7
Earnings per Share	53.00	41.00	856.00	743.00	3,152.71
Diluted EPS	52.84	40.97	855.65	743.24	3,152.71

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	911.7	743.9	1,087.1	745.4	731.5
I. Cash and cash equivalents	52.3	11.6	324.7	29.2	156.2
1. Cash	51.3	10.0	303.3	25.6	0.0
2. Cash equivalents	1.0	1.7	21.4	3.6	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	701.8	524.8	486.2	519.7	377.3
1. Short-term trade accounts receivable	439.2	329.7	412.7	262.1	0.0
2. Short-term prepayments to suppliers	262.5	197.2	78.7	55.6	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	16.1	14.3	10.3	217.7	0.0
7. Provision for short-term doubtful debts (*)	-16.0	-16.4	-15.5	-15.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	132.2	178.7	245.9	174.0	176.7
1. Inventories	138.5	185.1	256.6	184.6	0.0
2. Provision for decline in value of inventories	-6.3	-6.3	-10.6	-10.6	0.0
V. Other short-term assets	25.4	28.7	30.2	22.5	21.3
1. Short-term prepayments	0.9	1.9	1.5	0.5	0.0
2. Value added tax to be reclaimed	22.9	25.2	27.6	20.9	0.0
3. Taxes and other receivables from state authorities	1.6	1.6	1.2	1.1	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)	257.7	302.7	110.3	113.3	127.7
I. Long-term receivables	2.6	2.4	2.1	1.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.6
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	2.6	2.4	2.1	1.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	58.1	72.1	84.4	86.7	98.1
1. Tangible fixed assets	54.5	68.4	80.5	82.8	93.9
- Cost	277.2	295.5	296.9	287.3	0.0
- Accumulated depreciation	-222.7	-227.1	-216.4	-204.6	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	3.6	3.7	3.8	4.0	4.1
- Cost	5.0	5.0	5.0	5.0	0.0
- Accumulated depreciation	-1.4	-1.3	-1.2	-1.0	0.0
III. Investment properties	2.9	3.0	3.1	3.2	3.3
- Cost	5.7	5.7	5.7	5.7	0.0
- Accumulated depreciation	-2.8	-2.7	-2.6	-2.5	0.0
IV. Long-term assets in progress	—	0.0	1.2	4.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	1.2	4.6	0.0
V. Long-term financial investments	189.3	217.5	6.8	8.0	14.9
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	226.1	253.4	38.9	38.9	0.0
4. Provision for diminution in value of long-term investments	-36.8	-35.9	-32.1	-30.9	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	4.8	7.7	12.8	8.8	0.0
1. Long-term prepayments	3.6	6.8	11.8	7.7	0.0
2. Deferred income tax assets	1.2	0.8	0.9	1.2	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	8.8
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)	1,169.4	1,046.6	1,197.4	858.6	859.2
A. LIABILITIES (300=210+330)	759.6	635.3	789.5	477.1	497.2
I. Short -term liabilities	748.9	627.3	779.8	466.3	480.3
1. Short-term trade accounts payable	251.4	195.4	157.6	28.7	47.8
2. Short-term advances from customers	7.1	34.7	272.6	132.9	169.4
3. Taxes and other payables to state authorities	14.1	13.3	16.3	10.9	0.0
4. Payable to employees	6.0	5.0	6.0	4.7	0.0
5. Short-term acrrued expenses	45.1	31.0	38.9	22.0	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	—	0.8	0.8	0.8	0.0
9. Other short-term payables	9.1	5.2	7.1	7.3	0.0
10. Short-term borrowings and financial leases	415.1	340.6	279.4	258.1	210.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	1.2	1.1	1.0	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	10.7	8.1	9.7	10.8	16.9
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	0.1	0.4	0.8	1.2	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	5.9	5.9	6.6	7.4	8.9
7. Other long-term liabilities	0.1	0.2	0.2	0.2	0.0
8. Long-term borrowings and financial leases	2.7	0.3	1.4	2.1	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	1.9	1.4	0.7	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)	409.8	411.2	407.9	381.5	362.0
I. Owner's equity	409.8	411.2	407.9	381.5	0.0
1. Owner's capital	320.6	320.6	320.6	320.0	362.0
- Common stock with voting right	320.6	320.6	320.6	320.0	154.6
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	4.9	4.5	5.3	5.5	31.3
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	0.7	1.3	1.3	1.3	1.3
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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	47.2	46.3	49.4	23.4	21.9
- Accumulated retained earning at the end of the previous period	45.9	46.1	19.3	-0.5	-29.9
- Undistributed earnings in this period	1.3	0.2	30.2	23.9	51.8
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	36.4	38.5	31.2	31.2	15.3
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)	1,169.4	1,046.6	1,197.4	858.6	859.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	8.2	9.5	38.7	25.6	40.4
Depreciation of Fixed Assets and Investment Property	14.4	14.6	14.2	14.5	11.0
Provision (Increase)/Reversal	1.0	1.0	1.8	7.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-38.1	-0.5	-8.8	-35.0	0.0
Interest Expense	34.7	26.8	25.6	18.6	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	20.1	51.4	71.5	31.5	37.4
Increase/(Decrease) in Receivables	-210.5	-37.7	22.6	-162.5	0.0
Increase/(Decrease) in Inventory	46.6	71.5	-71.9	-27.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	73.7	-211.2	286.8	-19.8	0.0
Increase/(Decrease) in Prepaid Expenses	4.1	4.6	-0.6	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-34.7	-24.6	-26.5	-18.3	0.0
Corporate Income Tax Paid	-2.8	-14.8	-2.7	-6.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.8	-1.3	-1.4	-0.4	0.0
Net Cash Flow from Operating Activities	-104.2	-162.1	277.8	-203.0	158.5
Payments for Fixed Assets and Other Long-term Assets	2.6	-1.8	-13.2	-12.3	-11.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.9	1.0	1.1	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	-13.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	13.0	0.0
Investments in Other Entities	—	-214.5	0.0	0.0	0.0
Proceeds from Investments in Other Entities	27.3	6.1	0.0	32.8	0.0
Dividends and Interest Income Received	37.9	0.3	11.6	0.2	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	68.2	-209.0	-0.7	21.8	9.6
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.4	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	549.3	473.1	478.4	357.0	478.6
Repayment of Borrowings	-472.5	-412.9	-457.8	-302.8	-593.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-2.2	-2.6	0.0	-0.1
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	76.8	58.0	18.4	54.2	-114.8
Net Cash Flow During the Period	40.7	-313.1	295.5	-127.1	117.4
Cash and Cash Equivalents at Beginning of Period	11.6	324.7	29.2	156.2	103.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	52.3	11.6	324.7	29.2	156.2

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
Revenue	306.1	119.8	157.4	71.3	251.6	211.0	198.6	115.4	388.4	214.9	207.8	28.9
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	306.1	119.8	157.4	71.3	251.6	211.0	198.6	115.4	388.4	214.9	207.8	28.9
Cost of Goods Sold	286.3	99.6	149.4	76.2	231.9	191.7	179.4	99.0	334.7	191.8	184.5	24.7
Gross Profit	19.9	20.2	8.1	-4.9	19.8	19.3	19.2	16.4	53.7	23.1	23.3	4.3
Financial Income	38.0	0.0	0.1	0.1	0.9	0.0	0.1	0.1	0.1	0.9	8.4	0.0
Financial Expenses	9.9	10.7	8.3	6.9	10.0	6.4	8.2	6.2	7.5	6.2	7.8	5.4
Interest Expense	9.6	10.7	7.4	6.8	7.9	6.4	6.3	6.2	6.9	6.2	7.1	5.4
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.3	0.2	0.0	0.0	0.1	0.7	0.4	1.1	0.6	0.4	0.2
General and Administrative Expenses	10.6	8.6	8.8	9.7	9.4	7.4	7.5	9.0	16.0	11.2	9.4	9.8
Operating Profit	37.0	0.6	-9.2	-21.5	1.3	5.3	2.9	1.0	29.2	5.9	14.1	-11.1
Other Income	-1.4	3.5	0.0	0.0	0.9	0.0	0.9	0.0	1.0	0.0	0.1	0.0
Other Expenses	0.2	0.7	-0.1	0.2	3.6	0.6	0.2	0.0	1.5	0.0	0.0	0.1
Other Profit	-1.7	2.8	0.2	-0.1	-2.7	-0.5	0.6	0.0	-0.5	0.0	0.1	-0.0
Profit Before Tax	35.3	3.4	-9.0	-21.6	-1.4	4.7	3.6	1.0	28.7	5.9	14.1	-11.2
Current Income Tax Expense	5.2	0.5	0.1	0.1	1.3	1.6	1.3	0.6	5.0	1.8	1.5	0.1
Deferred Income Tax Expense	-0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	30.5	2.8	-9.1	-21.7	-2.8	3.1	2.2	0.3	23.7	4.1	12.6	-11.3
Non-controlling Interest	-0.1	0.7	0.1	0.2	0.3	0.8	0.2	0.3	0.9	1.2	0.4	0.2
Profit Attributable to Parent	30.6	2.1	-9.2	-21.9	-3.1	2.3	2.0	0.1	22.8	2.9	12.3	-11.5
Earnings per Share	954.00	66.00	-288.00	-682.00	-96.00	71.00	62.00	2.00	710.00	92.00	383.00	-358.00
Diluted EPS	953.73	65.67	-288.10	-681.60	-96.49	70.98	61.85	1.66	709.93	91.62	382.75	-357.69

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)	911.7	732.5	702.2	690.0	730.6	915.7	945.0	1,013.1	1,012.0	935.4	860.3	819.1
I. Cash and cash equivalents	52.3	7.2	4.3	10.5	11.6	11.2	165.0	70.2	324.7	218.8	47.5	16.5
1. Cash	51.3	4.0	3.3	8.9	10.0	7.6	159.5	57.5	303.3	217.7	46.9	14.0
2. Cash equivalents	1.0	3.2	1.0	1.6	1.7	3.7	5.5	12.7	21.4	1.1	0.6	2.5
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	701.8	543.7	490.4	462.0	514.9	651.8	488.1	632.6	411.2	364.2	511.7	527.8
1. Short-term trade accounts receivable	439.2	321.1	273.1	243.1	266.5	336.7	317.1	312.0	337.7	259.6	249.4	225.8
2. Short-term prepayments to suppliers	262.5	223.6	220.7	221.2	250.5	162.6	176.0	107.3	78.7	105.3	105.0	98.1
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	16.1	15.4	13.0	14.1	14.3	168.0	10.6	228.8	10.3	14.6	172.7	219.6
7. Provision for short-term doubtful debts (*)	-16.0	-16.4	-16.4	-16.4	-16.4	-15.5	-15.5	-15.5	-15.5	-15.5	-15.5	-15.7
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	132.2	155.8	179.3	188.2	176.8	222.0	257.6	277.2	246.4	316.1	268.8	243.4
1. Inventories	138.5	162.1	185.7	194.5	183.1	228.4	266.9	287.8	257.0	326.7	279.4	254.1
2. Provision for decline in value of inventories	-6.3	-6.3	-6.3	-6.3	-6.3	-6.3	-9.3	-10.6	-10.6	-10.6	-10.6	-10.6
V. Other short-term assets	25.4	25.8	28.2	29.3	27.4	30.7	34.4	33.1	29.8	36.4	32.4	31.3
1. Short-term prepayments	0.9	0.9	0.9	1.0	1.9	2.2	2.5	2.5	1.5	1.7	2.0	2.4
2. Value added tax to be reclaimed	22.9	23.3	25.7	26.6	24.0	26.9	30.3	28.9	27.2	33.4	28.8	27.0
3. Taxes and other receivables from state authorities	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.7	1.1	1.3	1.5	1.8
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)	257.7	291.7	295.2	297.7	302.4	95.7	101.8	105.5	109.7	113.8	116.9	111.5
I. Long-term receivables	2.6	2.6	2.6	2.6	2.4	2.3	2.3	2.3	2.1	2.1	2.1	2.1
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	2.6	2.6	2.6	2.6	2.4	2.3	2.3	2.3	2.1	2.1	2.1	2.1
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	58.1	61.6	65.1	68.6	72.1	76.3	80.0	82.4	83.6	87.9	91.0	83.2
1. Tangible fixed assets	54.5	58.0	61.5	64.9	68.4	72.6	76.3	78.6	79.7	84.0	87.1	79.3
- Cost	—	—	—	—	295.5	296.6	296.6	298.5	296.9	299.2	298.5	287.0
- Accumulated depreciation	—	—	—	—	-227.1	-224.0	-220.3	-219.9	-217.1	-215.2	-211.4	-207.7
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	3.6	3.6	3.6	3.7	3.7	3.7	3.8	3.8	3.8	3.9	3.9	3.9
- 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	2.9	2.9	2.9	3.0	3.0	3.0	3.0	3.1	3.1	3.1	3.1	3.2
- 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	—	2.3	—	—	0.0	0.0	0.0	0.0	1.2	0.0	0.0	6.6
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	—	2.3	—	—	0.0	0.0	0.0	0.0	1.2	0.0	0.0	6.6
V. Long-term financial investments	189.3	216.7	216.7	217.5	217.2	4.8	4.8	6.8	6.8	7.3	7.3	8.0
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	226.1	253.4	253.4	253.4	253.4	38.9	38.9	38.9	38.9	38.9	38.9	38.9
4. Provision for diminution in value of long-term investments	-36.8	-36.7	-36.7	-35.9	-36.2	-34.0	-34.0	-32.1	-32.1	-31.6	-31.6	-30.9
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	4.8	5.5	7.9	6.1	7.7	9.2	11.6	10.9	12.9	13.4	13.4	8.4
1. Long-term prepayments	3.6	4.8	7.1	5.3	6.8	8.5	10.7	10.0	11.8	12.3	12.3	7.3
2. Deferred income tax assets	1.2	0.8	0.8	0.8	0.8	0.7	0.9	0.9	1.1	1.1	1.1	1.1
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)	1,169.4	1,024.2	997.4	987.7	1,033.0	1,011.4	1,046.9	1,118.6	1,121.7	1,049.2	977.2	930.6
A. LIABILITIES (300=210+330)	759.6	641.4	617.0	598.2	623.5	601.5	640.0	712.5	714.0	665.2	597.3	562.4
I. Short -term liabilities	748.9	630.2	609.0	589.5	615.2	592.6	630.3	701.9	703.1	653.7	585.0	550.7
1. Short-term trade accounts payable	251.4	131.5	156.3	172.9	195.5	168.9	154.6	129.7	157.6	181.1	114.9	61.5
2. Short-term advances from customers	7.1	13.2	10.0	20.5	19.1	47.0	124.2	191.5	197.1	147.6	172.3	185.6
3. Taxes and other payables to state authorities	14.1	11.8	10.5	9.9	12.8	5.5	3.2	10.8	16.4	13.4	10.5	9.3
4. Payable to employees	6.0	5.4	4.7	3.5	5.0	3.9	2.8	4.5	6.0	4.9	2.8	2.3
5. Short-term acrrued expenses	45.1	30.5	38.4	30.7	35.2	31.5	27.0	46.1	38.9	34.3	27.2	23.7
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	9.1	8.0	6.3	5.9	5.2	4.4	9.6	6.1	7.8	9.4	7.9	7.0
10. Short-term borrowings and financial leases	415.1	428.9	380.5	343.7	339.8	329.0	306.2	311.5	278.2	261.8	248.0	260.3
11. Provision for short-term liabilities	—	—	1.7	1.5	1.4	1.2	1.0	0.9	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.0	1.0	0.6	0.8	1.2	1.4	1.7	0.8	1.1	1.3	1.2	0.9
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	10.7	11.3	8.0	8.7	8.3	8.9	9.7	10.7	11.0	11.5	12.3	11.7
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	0.1	0.1	0.2	0.3	0.4	0.5	0.6	0.7	0.8	0.9	1.0	1.1
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	5.9	6.0	6.2	6.4	6.6	6.8	7.0	7.2	7.4	7.6	7.8	8.0
7. Other long-term liabilities	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
8. Long-term borrowings and financial leases	2.7	3.1	1.5	1.8	1.2	1.5	1.9	2.6	2.6	2.9	3.4	2.5
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	1.9	1.9	—	—	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)	409.8	382.8	380.4	389.5	409.5	409.9	406.9	406.0	407.6	384.0	379.8	368.2
I. Owner's equity	409.8	382.8	380.4	389.5	409.5	409.9	406.9	406.0	407.6	384.0	379.8	368.2
1. Owner's capital	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6
- Common stock with voting right	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6	320.6
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	4.9	4.5	4.5	4.5	4.5	5.3	5.3	5.3	5.3	5.3	5.3	5.3
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	0.7	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3	1.3
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	47.2	16.8	15.2	24.4	45.2	52.4	50.3	49.5	49.2	26.4	23.4	12.1
- Accumulated retained earning at the end of the previous period	45.9	45.7	46.3	46.3	41.8	46.8	45.9	47.2	19.7	19.7	22.6	23.6
- Undistributed earnings in this period	1.3	-28.9	-31.1	-21.9	3.4	5.6	4.4	2.2	29.5	6.7	0.8	-11.5
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	36.4	39.6	38.8	38.7	37.8	30.2	29.4	29.3	31.2	30.3	29.2	28.8
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)	1,169.4	1,024.2	997.4	987.7	1,033.0	1,011.4	1,046.9	1,118.6	1,121.7	1,049.2	977.2	930.6

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
Profit Before Tax	35.3	3.4	-8.9	-21.6	-1.4	4.7	3.6	1.0	29.0	5.9	15.0	-11.2
Depreciation of Fixed Assets and Investment Property	6.1	1.3	3.4	3.7	7.1	0.7	3.6	3.7	3.0	3.9	3.8	3.5
Provision (Increase)/Reversal	0.1	-0.3	1.2	—	1.8	1.3	0.9	0.0	1.1	0.2	0.5	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	-37.9	-0.2	0.1	-0.1	-0.7	0.0	-0.2	-0.0	6.1	-6.5	-2.7	-5.7
Interest Expense	9.6	10.9	7.3	6.8	7.9	6.4	6.3	6.2	6.9	6.2	7.1	5.4
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	13.3	15.0	3.0	-11.2	14.6	13.2	14.1	10.9	46.1	9.7	23.6	-7.9
Increase/(Decrease) in Receivables	-184.7	-51.8	-29.9	55.8	125.7	-110.4	100.9	-153.1	-124.9	139.0	16.3	-7.8
Increase/(Decrease) in Inventory	23.6	9.6	22.8	-9.4	45.3	34.2	20.9	-31.2	65.1	-42.3	-25.8	-69.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	150.9	-12.2	-31.1	-33.9	3.1	-108.4	-6.9	-112.0	102.6	55.6	44.3	84.3
Increase/(Decrease) in Prepaid Expenses	1.1	3.3	-2.6	2.4	1.9	2.6	-0.7	0.8	5.3	0.2	-4.5	-1.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-9.6	-12.1	-6.1	-6.8	-7.7	-7.0	-5.7	-6.2	-7.7	-5.2	-8.1	-5.4
Corporate Income Tax Paid	-3.4	3.2	-0.3	-2.3	-0.1	0.0	-7.4	-7.1	1.3	-1.3	-3.6	0.9
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	0.0	-0.4	—	-0.3	-0.2	0.0	-0.4	-0.3	-0.1	-0.3	-0.7	-0.3
Net Cash Flow from Operating Activities	-8.8	-45.9	-43.8	-5.8	182.7	-175.8	114.9	-298.3	87.6	155.4	41.5	-6.8
Payments for Fixed Assets and Other Long-term Assets	4.9	-2.3	—	-0.0	0.0	-0.0	-1.4	-0.4	-1.0	-5.3	-4.9	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	-1.9	2.3	—	—	0.0	0.0	0.1	0.0	1.0	-0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	-9.2	9.2	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	-209.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	27.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	4.3	-4.3
Dividends and Interest Income Received	37.9	0.0	-0.1	0.1	0.7	0.6	-3.6	3.8	-1.5	12.9	-3.7	3.9
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	68.2	0.0	-0.0	0.0	-208.5	0.6	-14.1	12.6	-1.5	7.6	-4.2	-2.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.4
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	164.3	132.2	142.1	110.6	159.1	97.6	79.6	152.0	149.0	98.7	126.8	103.8
Repayment of Borrowings	-178.6	-83.4	-104.5	-106.0	-132.9	-75.8	-85.6	-118.7	-133.0	-86.4	-137.2	-101.2
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	-0.3	0.0	-2.2	3.8	-4.0	4.0	-6.5
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	-14.3	48.8	37.6	4.6	26.2	21.5	-6.0	31.2	19.9	8.3	-6.3	-3.4
Net Cash Flow During the Period	45.1	2.9	-6.2	-1.1	0.4	-153.8	94.8	-254.5	105.9	171.3	31.0	-12.6
Cash and Cash Equivalents at Beginning of Period	7.2	4.3	10.5	11.6	324.7	324.7	324.7	324.7	29.2	29.2	29.2	29.2
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	52.3	7.2	4.3	10.5	11.6	11.2	165.0	70.2	324.7	218.8	47.5	16.5

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