S55

Listed Company · HNX

Price

66,000

Latest close

25 Mar 2026

P/E 5.5x

EPS (TTM) 11,936

ROE (TTM) 11.8%

P/B 0.6x

BVPS (Latest) 108,442

ROA (TTM) 5.8%

What Is Changing

S55 has not yet shown a broad-based top-line recovery. Revenue posted -37.5% YoY, but net margin reached 38.74% with an additional +14.9pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 11.45% in 2023 to 38.74% in 2025.
Revenue decreased 37.5% YoY to VND 364.6bn in 2025.
Net Income reached a multi-period high at VND 141.3bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	364.6	583.8	627.2	949.3	427.8
Growth	-38%	-7%	-34%	+122%	—
Net Income	141.3	139.4	71.8	124.5	57.6
Net Margin	38.74%	23.88%	11.45%	13.12%	13.47%

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	98.6	109.2	102.6	54.4	74.7	96.8	95.9	317.0	357.9	84.9	145.7	38.6
Growth	-10%	+6%	+88%	-27%	-23%	+1%	-70%	-11%	+321%	-42%	+278%	—
Net Income	39.1	51.1	60.3	9.9	37.9	43.5	39.6	17.4	39.9	22.0	8.8	1.8
Net Margin	39.63%	46.79%	58.81%	18.16%	50.77%	44.95%	41.24%	5.49%	11.15%	25.95%	6.07%	4.62%

Financial Statements

Profitability

Net margin reached 38.74% while Revenue posted -37.5% YoY.

Balance Sheet

Inventory stood at 21.6bn, liabilities at 996.4bn, and equity at 1,066.5bn.

Cash Flow

Operating cash flow was 102.4bn in 2025, while investing cash flow was -15.6bn.

Financing cash flow: -111.0bn.

Item	2025	2024	2023	2022	2021
Revenue	364.6	583.8	627.2	949.3	429.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	364.6	583.8	627.2	949.3	427.8
Cost of Goods Sold	172.4	413.0	498.1	748.3	0.0
Gross Profit	192.2	170.8	129.1	201.0	125.4
Financial Income	32.7	36.3	76.5	23.0	17.4
Financial Expenses	71.9	68.1	108.0	80.1	-60.9
Interest Expense	71.8	68.1	108.0	80.0	-60.6
Share of Associates and Joint Ventures	7.7	0.5	-5.1	5.7	3.8
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	14.2	17.7	15.9	14.3	-21.6
Operating Profit	146.6	121.8	76.6	135.3	64.2
Other Income	0.3	21.4	0.6	0.3	0.0
Other Expenses	0.8	0.4	0.6	2.3	0.0
Other Profit	-0.5	21.0	0.0	-2.0	0.2
Profit Before Tax	146.1	142.8	76.6	133.4	64.4
Current Income Tax Expense	4.1	2.8	4.3	8.1	-6.7
Deferred Income Tax Expense	0.6	0.6	0.5	0.8	0.0
Net Income	141.3	139.4	71.8	124.5	57.6
Non-controlling Interest	40.3	31.8	13.4	30.9	15.2
Profit Attributable to Parent	101.0	107.6	58.4	93.6	42.4
Earnings per Share	10,096.00	10,762.00	5,884.00	9,362.00	4,241.00
Diluted EPS	10,096.00	10,762.00	5,884.00	9,362.00	4,240.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	341.8	291.4	729.1	538.7	416.1
I. Cash and cash equivalents	0.8	24.9	26.0	16.7	6.4
1. Cash	0.8	21.1	6.0	5.9	0.0
2. Cash equivalents	—	3.8	20.0	10.8	0.0
II. Short-term financial investments	114.7	149.3	81.7	166.7	0.0
1. Available for sale securities	0.2	0.2	0.2	0.3	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.2	-0.2	-0.2	0.0
3. Held to maturity investments	114.7	149.2	81.7	166.6	0.0
III. Short-term receivables	194.6	102.9	405.4	176.8	199.4
1. Short-term trade accounts receivable	142.8	139.2	458.8	261.6	0.0
2. Short-term prepayments to suppliers	6.5	7.2	1.7	8.9	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	113.2	29.1	11.1	0.0	0.0
6. Other short-term receivables	43.9	37.3	37.2	5.0	0.0
7. Provision for short-term doubtful debts (*)	-111.8	-109.8	-103.4	-98.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	21.6	5.5	195.5	164.4	99.5
1. Inventories	21.6	5.5	195.5	164.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	10.2	8.8	20.5	14.0	5.7
1. Short-term prepayments	0.3	0.1	0.1	0.3	0.0
2. Value added tax to be reclaimed	2.4	1.3	20.4	13.7	0.0
3. Taxes and other receivables from state authorities	7.4	7.4	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)	1,721.2	1,793.0	1,503.0	1,382.2	1,371.0
I. Long-term receivables	—	144.3	176.4	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	—	144.2	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	176.4	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1,428.6	1,501.2	1,201.4	1,232.2	1,235.4
1. Tangible fixed assets	1,427.8	1,501.2	1,201.4	1,232.2	1,235.4
- Cost	1,819.8	1,819.1	1,444.5	1,417.0	0.0
- Accumulated depreciation	-392.0	-317.9	-243.2	-184.8	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	0.8	0.0	0.0	0.0	0.0
- Cost	0.9	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	0.0	0.0	0.0	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	12.7	0.0	0.0	14.2	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	12.7	0.0	0.0	14.2	0.0
V. Long-term financial investments	209.0	75.4	72.4	81.6	74.2
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	60.3	51.6	51.1	60.3	0.0
3. Investments in other entities	24.0	24.0	21.3	21.3	0.0
4. Provision for diminution in value of long-term investments	-0.2	-0.2	0.0	0.0	0.0
5. Held to maturity investments	125.0	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	70.8	72.2	52.8	54.2	0.0
1. Long-term prepayments	55.7	56.4	36.4	37.3	0.0
2. Deferred income tax assets	15.1	15.7	16.4	16.9	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	61.2
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)	2,063.0	2,084.4	2,232.1	1,920.9	1,787.1
A. LIABILITIES (300=210+330)	996.4	1,139.4	1,392.8	1,114.1	1,076.9
I. Short -term liabilities	282.2	284.0	639.7	392.3	293.6
1. Short-term trade accounts payable	9.2	35.3	80.9	44.5	121.5
2. Short-term advances from customers	0.5	0.3	0.1	1.6	71.6
3. Taxes and other payables to state authorities	8.1	5.4	7.8	12.6	0.0
4. Payable to employees	9.4	6.2	8.3	11.6	0.0
5. Short-term acrrued expenses	5.6	4.4	32.5	15.0	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	1.9	1.9	1.6	0.6	0.0
9. Other short-term payables	13.4	44.1	9.2	6.2	0.0
10. Short-term borrowings and financial leases	210.9	151.4	493.2	294.0	61.5
11. Provision for short-term liabilities	18.5	30.3	1.3	1.3	0.0
12.. Bonus and welfare fund	4.7	4.7	4.8	4.9	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	714.2	855.4	753.1	721.8	783.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	25.6	27.3	24.9	7.9	0.0
7. Other long-term liabilities	0.4	0.4	0.4	0.4	0.0
8. Long-term borrowings and financial leases	688.2	827.7	727.9	713.6	783.4
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	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)	1,066.5	945.0	839.3	806.8	710.1
I. Owner's equity	1,066.5	945.0	839.3	806.8	0.0
1. Owner's capital	100.0	100.0	100.0	100.0	710.1
- Common stock with voting right	100.0	100.0	100.0	100.0	100.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	63.0	63.0	63.0	63.0	63.0
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	474.5	421.6	378.2	332.9	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	170.8	132.8	83.6	89.4	42.4
- Accumulated retained earning at the end of the previous period	69.9	25.2	25.2	14.8	0.0
- Undistributed earnings in this period	101.0	107.6	58.4	74.6	42.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	258.2	227.6	214.5	221.4	203.6
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)	2,063.0	2,084.4	2,232.1	1,920.9	1,787.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	146.1	142.8	76.6	133.4	64.4
Depreciation of Fixed Assets and Investment Property	74.3	40.6	58.4	55.6	51.9
Provision (Increase)/Reversal	2.0	35.5	4.8	1.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-0.2	0.0
Gain/Loss from Investment Activities	-40.4	-37.0	-58.3	-27.3	0.0
Interest Expense	71.8	68.1	108.0	80.0	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	253.7	250.0	189.4	242.6	170.2
Increase/(Decrease) in Receivables	-8.0	326.0	-378.1	12.7	0.0
Increase/(Decrease) in Inventory	-16.1	190.0	-31.1	-61.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-54.4	-77.3	42.1	-150.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.5	1.4	1.5	2.4	0.0
Changes in Trading Securities	—	0.0	0.1	-0.1	0.0
Interest Paid	-70.3	-96.5	-86.3	-73.9	0.0
Corporate Income Tax Paid	-2.9	-4.2	-5.9	-7.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.1	-0.1	-0.2	0.0
Net Cash Flow from Operating Activities	102.4	589.3	-268.4	-35.5	-14.4
Payments for Fixed Assets and Other Long-term Assets	-14.4	-0.0	-13.2	-51.9	-286.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.0	0.2	14.8
Loans and Purchases of Debt Instruments	-370.2	-522.4	-166.2	-174.6	71.9
Receipts from Loan Repayments and Sale of Debt Instruments	340.0	468.9	240.1	113.1	0.0
Investments in Other Entities	-0.9	-96.3	-0.6	-1.1	-3.6
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	30.0	45.5	36.7	20.2	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	-15.6	-104.1	96.6	-94.1	-186.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.4
Share Repurchases	—	0.0	0.0	0.0	87.4
Proceeds from Borrowings	353.2	1,445.1	1,849.8	806.8	455.8
Repayment of Borrowings	-433.1	-1,904.1	-1,636.3	-644.1	-332.9
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-31.0	-27.3	-32.4	-22.7	-10.0
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	-111.0	-486.3	181.1	139.9	200.7
Net Cash Flow During the Period	-24.1	-1.1	9.3	10.3	5.4
Cash and Cash Equivalents at Beginning of Period	24.9	26.0	16.7	6.4	6.0
FX Difference from Revaluation	—	0.0	0.0	-0.0	0.0
Cash and Cash Equivalents at End of Period	0.8	24.9	26.0	16.7	6.4

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	98.6	109.2	102.6	54.4	74.7	96.8	95.9	317.0	357.9	84.9	145.7	38.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	98.6	109.2	102.6	54.4	74.7	96.8	95.9	317.0	357.9	84.9	145.7	38.6
Cost of Goods Sold	46.8	48.1	45.1	30.9	41.7	43.5	44.8	283.9	321.9	41.0	113.0	22.1
Gross Profit	51.8	61.1	57.5	23.5	33.0	53.4	51.1	33.1	36.0	43.9	32.8	16.5
Financial Income	6.6	5.5	6.5	14.0	10.1	7.3	6.6	12.5	38.1	10.1	14.5	13.7
Financial Expenses	16.2	16.1	18.2	21.3	17.8	14.7	15.0	21.4	28.0	27.0	29.2	23.8
Interest Expense	16.2	16.1	18.1	21.3	17.8	14.7	15.0	21.4	28.0	27.0	29.2	23.8
Share of Associates and Joint Ventures	4.6	3.4	2.7	-3.0	0.6	1.0	2.4	-3.5	2.9	-1.7	-4.2	-1.6
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	5.8	2.8	1.3	3.3	9.3	2.3	3.0	1.9	8.0	2.3	3.0	2.4
Operating Profit	40.9	51.1	47.2	10.0	16.7	44.5	42.0	18.9	41.0	23.1	10.9	2.5
Other Income	0.2	—	17.5	0.0	20.7	0.5	0.4	0.0	0.6	0.0	0.0	0.0
Other Expenses	0.2	0.4	0.0	0.0	0.1	0.1	0.2	0.0	0.4	0.1	0.1	0.0
Other Profit	-0.0	-0.4	17.5	0.0	20.6	0.4	0.2	-0.0	0.2	-0.1	-0.1	-0.0
Profit Before Tax	40.9	50.7	64.7	10.1	37.3	45.0	42.2	18.9	41.2	23.0	10.8	2.4
Current Income Tax Expense	1.7	-0.6	4.2	—	-0.8	1.3	2.5	1.3	1.1	0.8	1.9	0.6
Deferred Income Tax Expense	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.1	-0.0
Net Income	39.1	51.1	60.3	9.9	37.9	43.5	39.6	17.4	39.9	22.0	8.8	1.8
Non-controlling Interest	12.2	14.2	11.0	3.6	5.4	12.1	9.6	4.4	6.5	8.1	-0.9	-0.4
Profit Attributable to Parent	26.8	36.9	49.3	6.3	32.5	31.4	30.0	13.0	33.4	14.0	9.7	2.2
Earnings per Share	2,682.00	3,691.00	4,930.00	633.00	3,249.00	3,140.00	2,999.00	1,303.00	3,343.00	1,395.00	972.00	217.00
Diluted EPS	2,682.00	3,691.00	4,930.00	633.00	10,632.00	3,140.00	2,999.00	1,303.00	3,343.00	1,395.00	972.00	217.00

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)	310.5	316.5	318.3	277.0	292.3	347.3	317.2	307.6	729.1	661.6	620.3	533.4
I. Cash and cash equivalents	0.8	8.2	4.9	1.3	21.1	5.1	9.8	64.3	26.0	4.5	5.0	0.5
1. Cash	0.8	8.2	4.9	1.3	21.1	5.1	4.8	64.3	6.0	4.5	5.0	0.5
2. Cash equivalents	—	—	—	—	0.0	0.0	5.0	0.0	20.0	0.0	0.0	0.0
II. Short-term financial investments	104.7	142.7	130.4	148.0	153.1	212.3	159.7	133.6	81.7	137.9	157.1	154.4
1. Available for sale securities	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3
2. Provision for diminution in value of available for sale securities (*)	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
3. Held to maturity investments	104.7	142.7	130.4	147.9	153.0	212.2	159.6	133.5	81.7	137.9	157.1	154.3
III. Short-term receivables	174.0	134.4	154.3	111.9	104.9	116.3	133.4	91.4	405.4	95.1	103.2	81.3
1. Short-term trade accounts receivable	143.0	144.2	172.4	128.2	139.5	137.5	178.3	129.2	458.8	179.4	182.7	161.9
2. Short-term prepayments to suppliers	7.2	6.4	6.7	10.6	7.4	1.7	2.4	1.8	1.7	2.9	8.9	11.1
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	91.2	44.7	30.7	30.5	29.1	47.0	12.0	17.5	11.1	0.0	0.0	0.0
6. Other short-term receivables	44.4	48.8	54.2	52.5	37.7	33.5	44.2	46.4	37.2	12.1	10.8	6.9
7. Provision for short-term doubtful debts (*)	-111.8	-109.7	-109.7	-109.8	-108.9	-103.4	-103.4	-103.4	-103.4	-99.2	-99.2	-98.7
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	21.1	21.4	19.4	6.9	4.4	6.3	7.0	13.4	195.5	388.7	324.8	269.4
1. Inventories	21.1	21.4	19.4	6.9	4.4	6.3	7.0	13.4	195.5	388.7	324.8	269.4
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	9.9	9.7	9.3	8.9	8.9	7.2	7.3	4.9	20.5	35.3	30.2	27.8
1. Short-term prepayments	0.1	0.2	0.3	0.1	0.1	0.0	0.0	0.0	0.1	0.0	0.1	0.2
2. Value added tax to be reclaimed	2.4	2.2	1.5	1.0	1.3	0.2	7.2	4.6	20.4	35.3	30.1	27.6
3. Taxes and other receivables from state authorities	7.4	7.3	7.5	7.7	7.4	7.0	0.0	0.3	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)	1,753.0	1,725.2	1,768.5	1,771.6	1,792.9	1,429.7	1,446.5	1,484.4	1,507.6	1,520.4	1,539.5	1,370.6
I. Long-term receivables	22.0	111.5	144.7	144.3	144.3	148.6	151.2	176.4	176.4	177.2	188.9	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	22.0	111.5	144.7	144.2	144.2	148.5	151.2	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	0.0	0.0	0.0	0.0	176.4	176.4	177.2	188.9	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	1,428.6	1,446.2	1,464.8	1,482.7	1,501.1	1,157.4	1,172.0	1,186.6	1,201.4	1,215.9	1,226.0	1,241.6
1. Tangible fixed assets	1,427.8	1,445.6	1,464.1	1,482.7	1,501.1	1,157.4	1,172.0	1,186.6	1,201.4	1,215.9	1,226.0	1,241.6
- Cost	—	—	—	—	1,819.1	1,444.2	1,444.2	1,444.5	1,444.5	1,444.5	1,444.5	1,444.6
- Accumulated depreciation	—	—	—	—	-318.0	-286.9	-272.2	-257.9	-243.2	-228.6	-218.6	-203.0
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	0.8	0.6	0.7	—	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
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	12.5	6.9	1.3	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	12.5	6.9	1.3	0.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	219.1	89.4	86.1	72.4	75.4	72.3	71.3	69.0	77.0	74.1	70.0	74.2
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	60.3	55.7	52.3	48.7	51.6	51.0	50.0	47.7	55.7	52.8	48.7	52.9
3. Investments in other entities	24.0	24.0	24.0	24.0	24.0	21.3	21.3	21.3	21.3	21.3	21.3	21.3
4. Provision for diminution in value of long-term investments	-0.2	-0.2	-0.2	-0.2	-0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	135.0	10.0	10.0	—	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	70.8	71.2	71.6	71.6	72.1	51.4	51.9	52.3	52.8	53.3	54.2	54.3
1. Long-term prepayments	55.7	55.9	56.2	56.0	56.3	35.5	35.8	36.1	36.4	36.7	37.0	37.1
2. Deferred income tax assets	15.1	15.3	15.4	15.6	15.7	15.9	16.1	16.2	16.4	16.6	17.2	17.2
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	0.4	0.4
TOTAL ASSETS (280=100+200)	2,063.5	2,041.7	2,086.8	2,048.6	2,085.2	1,777.0	1,763.7	1,792.0	2,236.7	2,182.0	2,159.8	1,903.9
A. LIABILITIES (300=210+330)	979.1	996.3	1,081.3	1,103.4	1,141.9	871.7	886.4	957.9	1,392.8	1,373.3	1,381.5	1,134.5
I. Short -term liabilities	291.9	201.9	276.8	209.1	246.0	184.5	192.9	205.1	639.7	572.2	580.4	413.1
1. Short-term trade accounts payable	10.1	4.5	19.1	6.8	35.4	3.9	6.1	10.7	80.9	48.6	60.1	46.4
2. Short-term advances from customers	0.5	0.6	0.8	3.3	3.6	0.4	1.1	1.3	0.1	0.2	0.2	1.6
3. Taxes and other payables to state authorities	10.6	11.6	11.7	2.1	7.3	10.1	10.1	3.5	7.8	8.2	6.3	2.6
4. Payable to employees	6.0	3.1	3.0	3.1	6.2	2.7	3.6	3.8	8.3	6.3	8.1	9.3
5. Short-term acrrued expenses	5.5	4.0	11.5	3.8	5.1	4.9	4.2	46.6	15.6	13.0	19.6	10.9
6. Short-term inter-company payables	—	—	—	—	1.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	40.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	1.9	1.9	1.9	1.9	110.9	1.9	1.9	1.6	1.6	0.8	0.8	0.6
9. Other short-term payables	13.7	22.6	29.8	33.2	0.0	18.2	15.9	18.5	26.1	30.8	37.2	33.1
10. Short-term borrowings and financial leases	237.9	147.9	193.3	119.8	0.0	110.0	117.4	86.4	493.2	458.2	441.8	302.4
11. Provision for short-term liabilities	0.9	0.9	0.9	30.3	30.3	27.7	28.0	28.0	1.3	1.3	1.3	1.3
12.. Bonus and welfare fund	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.7	4.8	4.9	4.9	4.9
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	687.2	794.4	804.5	894.3	895.9	687.3	693.5	752.7	753.1	801.1	801.1	721.5
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	25.6	26.1	26.5	26.9	27.3	28.2	28.2	24.5	24.9	9.9	9.9	7.9
7. Other long-term liabilities	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.0
8. Long-term borrowings and financial leases	661.2	768.0	777.7	867.1	868.2	658.7	664.9	727.9	727.9	790.9	790.9	713.6
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)	1,084.4	1,045.4	1,005.5	945.2	943.3	905.3	877.3	834.1	843.9	808.7	778.2	769.4
I. Owner's equity	1,084.4	1,045.4	1,005.5	945.2	943.3	905.3	877.3	834.1	843.9	808.7	778.2	769.4
1. Owner's capital	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
- Common stock with voting right	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0	63.0
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	474.5	474.5	474.5	474.5	421.6	421.6	421.6	421.6	378.2	378.2	378.2	378.2
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	188.3	161.5	135.5	86.2	131.4	98.9	83.1	38.1	88.2	54.7	32.8	23.1
- Accumulated retained earning at the end of the previous period	69.9	69.9	79.9	79.9	25.1	25.1	68.6	25.1	29.2	29.2	20.9	20.9
- Undistributed earnings in this period	118.4	91.6	55.6	6.3	106.3	73.8	14.5	13.0	59.0	25.6	11.9	2.2
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	258.6	246.3	232.5	221.4	227.3	221.7	209.6	211.4	214.5	212.8	204.2	205.1
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)	2,063.5	2,041.7	2,086.8	2,048.6	2,085.2	1,777.0	1,763.7	1,792.0	2,236.7	2,182.0	2,159.8	1,903.9

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	20.6	50.7	64.7	10.1	37.3	45.0	41.7	18.9	76.6	-12.9	10.5	2.4
Depreciation of Fixed Assets and Investment Property	18.6	18.6	18.6	18.5	-3.4	14.8	14.5	14.7	58.4	-30.1	11.9	18.2
Provision (Increase)/Reversal	2.1	17.5	-17.7	—	5.5	0.0	-26.7	26.7	4.8	-0.6	0.6	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	-19.3	-0.8	-9.2	-11.1	-10.7	-8.0	-9.1	-9.1	-58.3	21.9	-9.7	-12.2
Interest Expense	16.3	16.1	18.1	21.3	17.8	14.7	15.0	21.4	108.0	-53.0	29.2	23.8
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	42.8	102.1	69.8	38.8	46.4	66.4	35.4	72.7	189.4	-74.6	42.4	32.3
Increase/(Decrease) in Receivables	0.5	29.1	-39.1	1.6	-0.5	32.3	-47.1	340.6	-378.1	127.3	-210.7	83.4
Increase/(Decrease) in Inventory	-0.1	-2.0	-12.6	-1.4	2.0	0.6	6.5	182.1	-31.1	160.4	-55.4	-105.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.8	-21.1	16.1	-50.3	5.3	-2.9	15.4	-61.0	42.1	-11.5	23.1	-11.6
Increase/(Decrease) in Prepaid Expenses	0.1	0.4	-0.3	0.3	0.1	0.7	-0.1	0.7	1.5	-1.0	0.5	0.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.1	-0.1	0.1	0.0
Interest Paid	-14.5	-16.3	-17.6	-21.9	-22.8	-13.9	-42.4	-22.5	-86.3	44.5	-23.2	-21.3
Corporate Income Tax Paid	-0.0	0.0	0.0	-2.9	-0.1	0.0	0.0	-4.1	-5.9	5.8	-1.0	-4.8
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	-0.1	-0.1	0.0	0.0	0.0
Net Cash Flow from Operating Activities	29.5	92.2	16.4	-35.7	30.4	83.3	-32.2	508.4	-268.4	250.8	-224.2	-26.6
Payments for Fixed Assets and Other Long-term Assets	-6.8	-5.6	-1.4	-0.6	0.0	0.0	0.0	0.0	-13.2	13.2	0.2	-13.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-55.8	-236.6	-52.7	-25.1	-8.4	-200.2	-84.3	-127.9	-166.2	140.6	0.8	-141.4
Receipts from Loan Repayments and Sale of Debt Instruments	8.1	247.3	59.5	25.0	105.9	98.8	100.2	58.6	240.1	-150.2	0.5	149.7
Investments in Other Entities	—	—	—	—	-91.2	0.0	0.0	0.0	-0.6	0.6	-0.6	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	32.5	-11.0	3.4	5.1	6.2	27.1	7.5	4.4	36.7	-23.1	11.1	11.9
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	-22.0	-5.8	7.9	4.3	12.5	-74.3	23.7	-64.9	96.6	-18.7	11.9	6.8
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	-665.5	685.5	-57.6	390.7	39.5	49.3	238.7	921.3	1,849.8	-1,131.9	856.9	275.0
Repayment of Borrowings	667.6	0.0	-4.7	-382.9	-66.5	-62.9	-284.6	-1,314.1	-1,636.3	906.8	-640.2	-266.6
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-17.1	-9.0	-4.9	—	0.0	0.0	0.0	-12.3	-32.4	4.8	0.0	-4.8
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	-15.0	-83.0	-20.8	7.8	-27.0	-13.7	-45.9	-405.1	181.1	-220.4	216.7	3.6
Net Cash Flow During the Period	-7.4	3.3	3.5	-23.6	16.0	-4.7	-54.5	38.3	9.3	11.7	4.5	-16.2
Cash and Cash Equivalents at Beginning of Period	8.2	4.9	1.3	24.9	26.0	26.0	26.0	26.0	16.7	0.0	16.7	16.7
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	0.8	8.2	4.9	1.3	21.1	5.1	9.8	64.3	26.0	0.0	5.0	0.5

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S55

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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