RIC

Listed Company · UPCOM

Price

11,000

Latest close

03 Apr 2026

P/E 104.2x

EPS (TTM) 106

ROE (TTM) 1.3%

P/B 1.3x

BVPS (Latest) 8,299

ROA (TTM) 0.8%

What Is Changing

RIC no longer looks like a business simply rebounding from a weak base. Revenue posted +17.8% YoY, while net margin reached 4.34% with an additional +24.7pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 6.8bn in 2025.
Net Margin expanded consistently from -91.22% in 2023 to 4.34% in 2025.
Revenue increased 17.8% YoY to VND 157.1bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	157.1	133.4	111.6	117.8	75.2
Growth	+18%	+20%	-5%	+57%	—
Net Income	6.8	-27.2	-101.8	-60.5	-96.8
Net Margin	4.34%	-20.40%	-91.22%	-51.35%	-128.69%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Revenue	46.2	34.3	46.9	29.1	32.6	35.8	24.8	30.7	24.3	30.8	20.5	45.7
Growth	+35%	-27%	+61%	-11%	-9%	+44%	-19%	+26%	-21%	+50%	-55%	—
Net Income	8.1	-1.3	10.0	-9.4	-5.7	-1.9	-18.4	-18.5	-23.8	-11.6	-24.9	-2.8
Net Margin	17.54%	-3.87%	21.34%	-32.12%	-17.57%	-5.29%	-74.37%	-60.15%	-98.06%	-37.59%	-121.39%	-6.16%

Financial Statements

Profitability

Net margin reached 4.34% while Revenue posted +17.8% YoY.

Balance Sheet

Inventory stood at 2.2bn, liabilities at 344.1bn, and equity at 583.5bn.

Cash Flow

Operating cash flow was 51.9bn in 2025, while investing cash flow was -1.9bn.

Financing cash flow: -46.1bn.

Item	2025	2024	2023	2022	2021
Revenue	157.1	133.4	111.6	117.8	75.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	157.1	133.4	111.6	117.8	75.2
Cost of Goods Sold	99.3	112.8	152.6	125.0	0.0
Gross Profit	57.8	20.5	-41.0	-7.3	-46.7
Financial Income	7.3	12.2	7.5	6.6	2.3
Financial Expenses	24.2	24.2	24.7	11.8	-6.4
Interest Expense	22.7	23.0	22.3	9.9	-4.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	12.9	12.2	14.0	13.5	-11.2
General and Administrative Expenses	21.4	23.1	29.2	33.6	-34.7
Operating Profit	6.6	-26.8	-101.4	-59.6	-96.7
Other Income	0.6	0.1	0.1	0.2	0.0
Other Expenses	0.4	0.5	0.5	1.1	0.0
Other Profit	0.3	-0.4	-0.4	-0.9	-0.1
Profit Before Tax	6.8	-27.2	-101.8	-60.5	-96.8
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	6.8	-27.2	-101.8	-60.5	-96.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.8	-27.2	-101.8	-60.5	-96.8
Earnings per Share	97.00	-387.00	-1,446.40	-859.00	-1,376.11
Diluted EPS	96.80	-386.53	-1,446.40	-859.00	-1,376.11

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	58.9	52.8	40.9	44.6	31.3
I. Cash and cash equivalents	41.7	36.9	26.1	13.5	9.2
1. Cash	41.7	36.9	26.1	13.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	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	13.5	11.9	10.5	17.7	14.4
1. Short-term trade accounts receivable	8.7	8.4	7.8	14.0	0.0
2. Short-term prepayments to suppliers	4.4	3.7	3.1	4.2	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	6.4	5.9	5.6	5.5	0.0
7. Provision for short-term doubtful debts (*)	-6.0	-6.0	-6.0	-6.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	2.2	3.3	4.0	8.2	7.5
1. Inventories	2.2	3.3	4.0	8.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.4	0.7	0.3	5.3	0.2
1. Short-term prepayments	0.1	0.7	0.3	1.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	4.3	0.0
3. Taxes and other receivables from state authorities	1.3	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)	868.7	870.3	863.1	884.5	824.1
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	798.7	801.7	795.2	819.0	699.3
1. Tangible fixed assets	798.7	801.6	795.0	818.8	699.1
- Cost	1,540.7	1,492.3	1,424.0	1,384.9	0.0
- Accumulated depreciation	-742.0	-690.7	-629.0	-566.0	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	0.1	0.2	0.2
- Cost	117.3	113.5	108.2	105.4	0.0
- Accumulated depreciation	-117.3	-113.5	-108.1	-105.2	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	51.0	49.4	47.1	45.9	100.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	51.0	49.4	47.1	45.9	0.0
V. Long-term financial investments	10.9	10.6	10.1	9.8	9.5
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	10.9	10.6	10.1	9.8	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	8.0	8.6	10.8	9.8	0.0
1. Long-term prepayments	0.7	1.3	3.9	4.8	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	7.2	7.4	6.9	5.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	14.8
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)	927.6	923.1	904.1	929.1	855.4
A. LIABILITIES (300=210+330)	344.1	364.8	345.5	285.9	167.2
I. Short -term liabilities	222.9	237.6	229.8	202.8	167.2
1. Short-term trade accounts payable	2.6	3.6	4.1	13.5	1.9
2. Short-term advances from customers	0.9	0.7	0.8	0.7	0.4
3. Taxes and other payables to state authorities	9.0	5.7	3.2	2.3	0.0
4. Payable to employees	8.8	3.5	7.6	5.1	0.0
5. Short-term acrrued expenses	59.1	42.0	60.7	13.0	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	0.4	2.2	1.0	1.0	0.0
9. Other short-term payables	92.8	92.4	89.3	92.8	0.0
10. Short-term borrowings and financial leases	49.3	87.4	62.9	74.4	82.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	121.2	127.2	115.8	83.1	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	121.2	127.2	115.8	83.1	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	—	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)	583.5	558.3	558.6	643.3	688.1
I. Owner's equity	583.5	558.3	558.6	643.3	0.0
1. Owner's capital	703.7	703.7	703.7	703.7	688.1
- Common stock with voting right	703.7	703.7	703.7	703.7	703.7
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	81.4	81.4	81.4	81.4	81.4
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	384.5	366.2	339.2	322.2	0.0
8. Investment and development fund	11.2	11.2	11.2	11.2	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	-597.3	-604.1	-576.9	-475.2	-406.4
- Accumulated retained earning at the end of the previous period	-604.1	-576.9	-475.2	-414.7	-309.8
- Undistributed earnings in this period	6.8	-27.2	-101.8	-60.5	-96.5
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)	927.6	923.1	904.1	929.1	855.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	6.8	-27.2	-101.8	-60.5	-96.5
Depreciation of Fixed Assets and Investment Property	30.6	33.3	47.7	44.2	44.6
Provision (Increase)/Reversal	-0.2	-0.3	-0.2	-0.2	0.0
FX Gain/Loss from Revaluation of Monetary Items	-4.3	-4.3	-2.2	1.3	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.0	0.1	0.0
Interest Expense	22.7	23.0	22.3	9.9	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	55.6	24.5	-34.1	-5.1	-49.6
Increase/(Decrease) in Receivables	2.6	-0.8	12.0	-15.2	0.0
Increase/(Decrease) in Inventory	1.2	0.9	2.6	1.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.9	-41.0	30.4	20.2	0.0
Increase/(Decrease) in Prepaid Expenses	1.2	2.4	1.7	-4.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-6.8	-5.7	-6.6	-7.7	0.0
Corporate Income Tax Paid	—	0.0	0.0	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	51.9	-19.9	6.0	-10.1	-65.5
Payments for Fixed Assets and Other Long-term Assets	-1.9	-1.3	-12.6	-57.3	3.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	1.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-1.9	-1.3	-12.6	-57.3	4.5
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	120.6	158.1	151.2	214.3	138.5
Repayment of Borrowings	-166.7	-126.0	-131.6	-142.9	-100.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-46.1	32.1	19.6	71.4	38.2
Net Cash Flow During the Period	3.9	10.9	13.1	4.0	7.0
Cash and Cash Equivalents at Beginning of Period	36.9	26.1	13.5	9.2	32.2
FX Difference from Revaluation	0.9	-0.1	-0.5	0.3	-0.1
Cash and Cash Equivalents at End of Period	41.7	36.9	26.1	13.5	9.2

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Revenue	46.2	34.3	46.9	29.1	32.6	35.8	24.8	30.7	24.3	30.8	20.5	45.7
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	46.2	34.3	46.9	29.1	32.6	35.8	24.8	30.7	24.3	30.8	20.5	45.7
Cost of Goods Sold	23.2	23.4	27.3	24.8	27.5	31.1	29.8	34.3	29.9	27.6	31.8	36.8
Gross Profit	23.0	10.8	19.5	4.3	5.1	4.7	-5.1	-3.6	-5.6	3.1	-11.3	8.9
Financial Income	1.4	1.2	5.4	0.5	3.4	8.3	2.3	1.3	0.6	1.0	1.6	2.2
Financial Expenses	6.5	5.6	6.4	6.3	6.2	5.7	5.5	6.0	7.7	5.2	4.1	2.6
Interest Expense	5.3	5.4	5.7	6.1	5.9	5.4	5.4	5.8	5.9	5.0	2.5	2.5
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.7	3.1	3.2	2.9	2.8	3.0	3.5	3.4	3.2	3.4	3.8	3.9
General and Administrative Expenses	6.3	4.9	5.3	4.8	5.2	6.2	6.6	6.7	7.6	7.0	7.3	8.2
Operating Profit	7.8	-1.5	10.1	-9.3	-5.7	-1.9	-18.4	-18.4	-23.6	-11.4	-24.9	-3.6
Other Income	0.3	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	1.1
Other Expenses	0.1	0.0	0.1	0.1	0.0	0.0	0.0	0.1	0.2	0.1	0.2	0.3
Other Profit	0.3	0.2	-0.1	-0.1	-0.0	-0.0	-0.0	-0.0	-0.2	-0.1	0.1	0.8
Profit Before Tax	8.1	-1.3	10.0	-9.4	-5.7	-1.9	-18.4	-18.5	-23.8	-11.6	-24.9	-2.8
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.1	-1.3	10.0	-9.4	-5.7	-1.9	-18.4	-18.5	-23.8	-11.6	-24.9	-2.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.1	-1.3	10.0	-9.4	-5.7	-1.9	-18.4	-18.5	-23.8	-11.6	-24.9	-2.8
Earnings per Share	115.17	-18.87	142.13	-132.89	-81.49	-26.90	-262.04	-262.38	-338.21	-164.49	-353.45	-39.97
Diluted EPS	115.17	-18.87	142.13	-132.89	-81.49	-26.90	-262.04	-262.38	-338.21	-164.49	-353.45	-39.97

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	57.5	56.3	49.2	51.3	47.7	50.8	41.3	50.2	58.6	54.0	49.9	108.9
I. Cash and cash equivalents	41.7	30.3	32.2	27.9	24.5	35.0	26.1	27.4	36.9	20.1	13.5	18.3
1. Cash	41.7	30.3	32.2	27.9	24.5	35.0	26.1	27.4	36.9	20.1	13.5	18.3
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	13.5	15.4	13.7	12.4	12.5	11.9	10.9	10.9	14.1	19.3	23.5	75.4
1. Short-term trade accounts receivable	8.7	9.5	8.3	8.4	8.2	8.2	7.8	7.7	11.7	16.2	14.0	9.2
2. Short-term prepayments to suppliers	4.4	5.4	4.9	4.0	4.3	3.6	3.6	3.6	2.8	3.4	10.0	66.7
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	6.4	6.6	6.4	6.1	5.8	6.0	5.6	5.8	5.6	5.6	5.5	5.7
7. Provision for short-term doubtful debts (*)	-6.0	-6.0	-6.0	-6.0	-5.8	-6.0	-6.1	-6.2	-6.0	-5.9	-6.0	-6.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	2.2	10.3	3.1	10.5	10.5	3.8	4.0	11.2	6.8	13.0	8.2	14.4
1. Inventories	2.2	12.3	3.1	12.4	12.3	3.8	4.0	13.0	6.8	14.7	8.2	16.1
2. Provision for decline in value of inventories	—	-1.9	—	-1.9	-1.8	0.0	0.0	-1.8	0.0	-1.7	0.0	-1.7
V. Other short-term assets	0.1	0.3	0.2	0.4	0.1	0.2	0.3	0.6	0.8	1.6	4.8	0.7
1. Short-term prepayments	0.1	0.3	0.2	0.4	0.1	0.2	0.3	0.6	0.8	0.6	1.0	0.7
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.0	3.9	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	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)	869.3	872.5	877.4	860.2	841.6	885.6	863.1	873.3	862.4	863.9	878.2	826.6
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	798.7	809.3	807.3	799.0	782.0	815.9	795.2	811.0	795.4	803.5	810.4	699.8
1. Tangible fixed assets	798.7	809.3	807.3	798.9	781.9	815.8	795.0	810.9	795.2	803.3	810.2	699.6
- Cost	—	—	—	—	1,443.1	1,494.0	1,424.0	1,432.0	1,383.8	1,377.6	1,376.2	1,258.8
- Accumulated depreciation	—	—	—	—	-661.2	-678.2	-629.0	-621.1	-588.6	-574.3	-566.0	-559.1
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	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.2
- 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
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	51.0	51.3	51.3	49.7	47.8	49.4	47.1	47.7	46.1	45.9	48.2	113.9
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	51.0	51.3	51.3	49.7	47.8	49.4	47.1	47.7	46.1	45.9	48.2	113.9
V. Long-term financial investments	11.5	11.0	10.9	10.7	10.3	10.6	10.1	10.2	9.8	9.8	9.8	9.9
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	11.5	11.0	10.9	10.7	10.3	10.6	10.1	10.2	9.8	9.8	9.8	9.9
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	8.0	0.9	8.0	0.9	1.6	9.7	10.8	4.3	11.2	4.7	9.8	3.0
1. Long-term prepayments	0.7	0.9	0.7	0.9	1.6	2.4	3.9	4.3	4.9	4.7	4.8	3.0
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	7.2	—	7.3	—	0.0	7.4	6.9	0.0	6.2	0.0	5.0	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)	926.8	928.7	926.5	911.5	889.3	936.4	904.5	923.4	921.0	917.9	928.2	935.5
A. LIABILITIES (300=210+330)	342.8	350.1	353.1	359.3	342.3	335.7	317.0	313.7	313.8	289.9	284.9	260.8
I. Short -term liabilities	221.6	222.4	225.9	231.3	230.3	220.0	231.8	228.0	216.7	193.6	216.1	198.2
1. Short-term trade accounts payable	2.6	2.1	4.1	3.2	2.6	3.5	4.1	3.4	3.0	3.1	13.7	6.1
2. Short-term advances from customers	0.9	0.9	1.6	1.4	0.9	1.4	0.8	0.8	2.2	0.9	0.7	1.0
3. Taxes and other payables to state authorities	7.7	2.6	13.5	8.1	4.8	3.6	3.2	6.0	2.9	5.9	1.8	8.5
4. Payable to employees	8.8	4.5	4.3	4.0	4.7	4.7	5.1	5.0	4.8	4.8	5.1	6.2
5. Short-term acrrued expenses	59.1	55.9	51.7	46.5	39.5	49.4	32.4	27.4	21.7	17.0	12.3	9.3
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	0.4	0.5	1.0	0.4	0.9	0.7	1.0	1.2	0.5	0.9	1.0	0.0
9. Other short-term payables	92.8	95.4	96.1	94.0	89.9	93.4	89.3	90.4	88.0	90.1	92.8	91.1
10. Short-term borrowings and financial leases	49.3	60.6	53.6	73.7	87.0	63.3	95.8	93.7	93.5	70.7	88.6	76.1
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	121.2	127.7	127.2	128.0	112.0	115.8	85.2	85.7	97.1	96.4	68.9	62.5
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	0.9
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	121.2	127.7	127.2	128.0	112.0	115.8	85.2	85.7	97.1	96.4	68.9	61.6
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)	584.0	578.6	573.4	552.2	547.0	600.7	587.5	609.7	607.3	628.0	643.3	674.7
I. Owner's equity	584.0	578.6	573.4	552.2	547.0	600.7	587.5	609.7	607.3	628.0	643.3	674.7
1. Owner's capital	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7
- Common stock with voting right	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7	703.7
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	81.4	81.4	81.4	81.4	81.4	81.4	81.4	81.4	81.4	81.4	81.4	81.4
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	384.5	387.3	380.8	369.5	319.9	367.9	339.3	342.9	321.5	318.5	323.0	328.8
8. Investment and development fund	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2	11.2
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	-596.8	-604.9	-603.6	-613.5	-569.2	-563.5	-548.1	-529.4	-510.5	-486.7	-476.0	-450.4
- Accumulated retained earning at the end of the previous period	-604.1	-604.1	-604.1	-604.1	-548.7	-548.7	-475.2	-475.2	-475.2	-475.2	-414.7	-414.7
- Undistributed earnings in this period	7.3	-0.8	0.6	-9.4	-20.5	-14.8	-72.9	-54.3	-35.4	-11.6	-61.3	-35.7
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	—	—	—	—	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)	926.8	928.7	926.5	911.5	889.3	936.4	904.5	923.4	921.0	917.9	928.2	935.5

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22	Q3'22
Profit Before Tax	7.6	-1.3	9.9	-9.4	-5.7	-14.8	-18.7	-18.9	-23.8	-11.6	-24.8	-3.2
Depreciation of Fixed Assets and Investment Property	7.6	7.7	7.7	7.6	7.7	18.0	11.9	12.1	11.9	11.8	12.8	10.7
Provision (Increase)/Reversal	-0.0	-0.0	-0.2	—	0.0	-0.3	0.0	-0.0	0.0	0.0	-0.1	-0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-4.3	—	0.0	-6.3	-0.8	0.0	1.6	0.0	2.2	-0.0
Gain/Loss from Investment Activities	-0.0	—	-0.0	—	0.0	0.0	0.0	0.0	-0.0	0.0	-0.0	0.1
Interest Expense	5.3	5.4	5.8	6.1	5.9	11.0	5.5	6.0	5.9	5.0	2.5	2.6
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	20.6	11.8	18.9	4.3	7.9	7.7	-2.1	-0.8	-4.5	5.2	-7.4	10.2
Increase/(Decrease) in Receivables	5.4	-1.5	-0.9	-0.3	-1.1	-0.4	-0.2	-0.6	9.6	-1.7	49.9	-49.4
Increase/(Decrease) in Inventory	0.5	0.4	0.1	0.2	0.3	0.3	0.3	2.2	0.0	0.1	-5.4	6.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.1	-14.6	7.2	2.5	-28.2	1.8	-2.0	-5.6	4.1	-6.0	-70.5	59.4
Increase/(Decrease) in Prepaid Expenses	0.3	-0.3	0.5	0.7	0.8	1.8	0.7	0.9	-0.3	0.4	-2.2	-1.9
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	1.7	-1.7	0.0	0.0
Interest Paid	-2.0	-1.8	-1.3	-1.7	-1.5	-2.6	-1.3	-1.9	-3.6	0.0	-2.0	-2.8
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	27.8	-6.0	24.4	5.7	-21.8	8.5	-4.6	-5.6	7.0	-3.7	-37.6	21.9
Payments for Fixed Assets and Other Long-term Assets	0.4	-2.1	0.3	-0.4	-0.9	-0.4	-0.6	11.2	-11.3	-0.5	14.4	-49.2
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	—	—	—	—	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	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	—	0.0	—	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	-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	0.4	-2.1	0.3	-0.4	-0.9	-0.4	-0.6	11.2	-11.3	-0.5	14.4	-49.2
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	26.2	35.3	32.1	26.9	41.5	60.9	32.9	14.0	49.0	55.3	45.5	84.0
Repayment of Borrowings	-42.6	-30.2	-52.6	-41.3	-28.3	-60.5	-27.9	-30.0	-27.4	-44.3	-27.1	-57.8
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	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	-16.4	5.1	-20.5	-14.4	13.2	0.5	5.0	-16.0	21.6	11.1	18.4	26.3
Net Cash Flow During the Period	11.8	-3.0	4.3	-9.2	-9.5	8.6	-0.2	-10.4	17.3	6.8	-4.7	-1.0
Cash and Cash Equivalents at Beginning of Period	30.3	32.2	27.9	36.9	26.1	26.1	13.5	13.5	13.5	13.5	9.2	9.2
FX Difference from Revaluation	0.9	1.3	0.3	0.2	-1.0	0.3	-1.1	0.9	-0.5	-0.2	-0.1	0.4
Cash and Cash Equivalents at End of Period	41.7	30.3	32.2	27.9	24.5	35.0	26.1	27.4	36.9	20.1	13.5	18.3

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Balance Sheet

Cash Flow

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