SAF

Listed Company · HNX

Price

54,000

Latest close

02 Apr 2026

P/E 13.4x

EPS (TTM) 4,035

ROE (TTM) 27.1%

P/B 3.6x

BVPS (Latest) 14,947

ROA (TTM) 18.8%

What Is Changing

SAF no longer looks like a business simply rebounding from a weak base. Revenue posted +2.0% YoY, while net margin reached 6.58% with an additional +0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Revenue growth accelerated to 2.0% in 2025, up 10.7pp versus the prior year.
Quarterly Net Income decreased 14.5% QoQ to VND 11.1bn in 2025Q4.

Metric	2025	2024	2023	2022	2021
Revenue	738.3	723.8	792.8	792.7	966.1
Growth	+2%	-9%	+0%	-18%	—
Net Income	48.6	47.6	51.2	51.7	49.4
Net Margin	6.58%	6.58%	6.46%	6.52%	5.11%

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	199.1	179.3	190.1	174.4	185.9	197.0	172.1	173.9	186.7	209.9	207.5	193.6
Growth	+11%	-6%	+9%	-6%	-6%	+14%	-1%	-7%	-11%	+1%	+7%	—
Net Income	11.1	13.0	12.0	12.4	11.1	12.9	11.7	11.9	13.2	13.8	10.5	13.6
Net Margin	5.59%	7.26%	6.33%	7.12%	5.97%	6.57%	6.79%	6.82%	7.08%	6.59%	5.07%	7.04%

Financial Statements

Profitability

Net margin reached 6.58% while Revenue posted +2.0% YoY.

Balance Sheet

Inventory stood at 55.8bn, liabilities at 78.9bn, and equity at 180.1bn.

Cash Flow

Operating cash flow was 38.8bn in 2025, while investing cash flow was -8.7bn.

Financing cash flow: -36.1bn.

Item	2025	2024	2023	2022	2021
Revenue	743.7	729.6	798.2	800.0	966.6
Revenue Deductions	5.5	5.8	5.4	7.3	0.0
Net Revenue	738.3	723.8	792.8	792.7	966.1
Cost of Goods Sold	590.1	585.9	648.7	646.0	0.0
Gross Profit	148.1	137.9	144.1	146.7	158.6
Financial Income	7.7	6.8	8.7	8.1	4.6
Financial Expenses	0.4	0.8	0.5	1.5	-0.4
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	73.6	64.4	67.3	66.1	-81.2
General and Administrative Expenses	21.6	20.0	21.7	23.0	-20.6
Operating Profit	60.3	59.4	63.3	64.2	61.0
Other Income	1.4	1.6	2.4	1.8	0.0
Other Expenses	0.1	0.2	0.7	0.4	0.0
Other Profit	1.2	1.4	1.7	1.4	1.2
Profit Before Tax	61.5	60.9	65.0	65.5	62.3
Current Income Tax Expense	12.9	13.3	13.8	13.8	-12.8
Deferred Income Tax Expense	—	0.0	0.0	0.1	0.0
Net Income	48.6	47.6	51.2	51.7	49.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	48.6	47.6	51.2	51.7	49.4
Earnings per Share	3,138.00	3,073.00	3,518.00	3,585.00	4,914.00
Diluted EPS	4,035.05	3,951.32	4,250.92	4,291.90	4,913.79

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	235.5	234.8	231.7	242.9	222.7
I. Cash and cash equivalents	58.8	64.8	55.3	61.8	47.5
1. Cash	8.8	36.8	20.8	35.3	0.0
2. Cash equivalents	50.0	28.0	34.5	26.5	0.0
II. Short-term financial investments	67.0	55.0	46.5	63.5	0.0
1. Available for sale securities	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
3. Held to maturity investments	67.0	55.0	46.5	63.5	0.0
III. Short-term receivables	40.8	43.0	32.2	46.5	31.0
1. Short-term trade accounts receivable	38.7	41.1	29.3	44.7	0.0
2. Short-term prepayments to suppliers	0.3	0.1	1.1	0.0	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	1.8	1.8	1.8	1.8	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	55.8	63.7	90.1	65.7	39.8
1. Inventories	55.8	63.7	90.1	65.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	13.1	8.3	7.5	5.3	0.4
1. Short-term prepayments	0.2	0.2	0.2	0.2	0.0
2. Value added tax to be reclaimed	12.9	8.1	7.4	5.2	0.0
3. Taxes and other receivables from state authorities	—	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)	23.5	24.3	26.3	32.1	34.4
I. Long-term receivables	0.1	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	0.1	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	23.3	24.1	26.2	32.0	34.3
1. Tangible fixed assets	3.6	4.3	6.5	12.2	14.4
- Cost	155.5	153.4	151.5	155.3	0.0
- Accumulated depreciation	-151.9	-149.1	-145.1	-143.1	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	19.7	19.7	19.7	19.8	19.9
- Cost	19.9	19.9	19.9	19.9	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	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	0.1	0.2	0.0	0.0	0.0
1. Long-term prepayments	0.1	0.2	0.0	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.1
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)	259.0	259.1	258.0	275.0	257.1
A. LIABILITIES (300=210+330)	78.9	80.2	81.0	98.8	93.5
I. Short -term liabilities	78.9	80.2	81.0	98.8	93.5
1. Short-term trade accounts payable	14.4	11.3	3.8	17.6	8.8
2. Short-term advances from customers	3.3	0.1	4.2	3.9	11.5
3. Taxes and other payables to state authorities	5.5	4.9	4.9	5.1	0.0
4. Payable to employees	41.5	43.4	47.1	50.1	0.0
5. Short-term acrrued expenses	6.1	6.1	0.0	0.0	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.7	0.4	6.5	8.5	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.4	14.0	14.5	13.6	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	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	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)	180.1	178.9	176.9	176.1	163.6
I. Owner's equity	180.1	178.9	176.9	176.1	0.0
1. Owner's capital	120.5	120.5	120.5	120.5	163.6
- Common stock with voting right	120.5	120.5	120.5	120.5	100.6
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	10.4	10.4	5.2	0.1	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	49.2	48.1	51.3	55.6	58.1
- Accumulated retained earning at the end of the previous period	0.6	0.5	0.0	3.9	8.7
- Undistributed earnings in this period	48.6	47.6	51.2	51.7	49.4
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)	259.0	259.1	258.0	275.0	257.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-12.8	-13.7	-13.8	0.0	0.0
Other Operating Receipts	4.4	6.1	4.2	7.5	0.0
Other Operating Payments	-34.6	-34.1	-35.1	-34.0	0.0
Net Cash Flow from Operating Activities	38.8	52.0	11.2	2.5	119.9
Payments for Fixed Assets and Other Long-term Assets	-2.2	-2.4	-1.4	-4.5	-4.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	0.8	0.3	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-104.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	44.0
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	5.5	4.3	6.9	5.6	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-8.7	-6.5	23.3	42.0	-61.3
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	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-36.1	-36.1	-41.0	-30.2	-30.2
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	-36.1	-36.1	-41.0	-30.2	-30.2
Net Cash Flow During the Period	-6.0	9.4	-6.5	14.3	-10.8
Cash and Cash Equivalents at Beginning of Period	64.8	55.3	61.8	47.5	19.2
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	58.8	64.8	55.3	61.8	47.5

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	199.3	179.6	190.4	174.5	186.1	197.2	172.2	174.0	186.8	210.1	207.7	193.6
Revenue Deductions	0.2	0.3	0.3	0.2	0.2	0.3	0.1	0.2	0.1	0.2	0.2	0.1
Net Revenue	199.1	179.3	190.1	174.4	185.9	197.0	172.1	173.9	186.7	209.9	207.5	193.6
Cost of Goods Sold	160.6	141.0	151.4	137.2	151.4	158.3	137.9	138.3	150.8	170.0	173.3	154.5
Gross Profit	38.5	38.2	38.7	37.2	34.5	38.6	34.2	35.6	35.9	39.8	34.2	39.0
Financial Income	2.2	2.0	2.0	1.5	2.6	1.6	1.4	1.2	1.8	2.2	2.3	2.4
Financial Expenses	0.1	0.0	0.2	0.1	0.1	0.5	0.1	0.1	0.2	0.1	0.0	0.2
Interest Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	20.3	19.2	20.2	18.3	17.6	18.7	15.8	17.4	16.3	19.3	17.8	18.8
General and Administrative Expenses	6.3	4.9	5.4	5.0	5.4	4.8	5.0	4.8	5.0	5.3	5.6	5.8
Operating Profit	14.1	16.0	14.8	15.4	14.0	16.3	14.7	14.5	16.3	17.3	13.1	16.6
Other Income	0.4	0.4	0.3	0.3	0.3	0.3	0.5	0.5	0.9	0.4	0.4	0.6
Other Expenses	0.1	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.4	0.1	0.1	0.1
Other Profit	0.3	0.4	0.3	0.2	0.2	0.2	0.5	0.5	0.5	0.3	0.3	0.6
Profit Before Tax	14.4	16.4	15.1	15.6	14.2	16.5	15.2	15.0	16.8	17.7	13.4	17.1
Current Income Tax Expense	3.2	3.4	3.1	3.2	3.1	3.5	3.5	3.2	3.5	3.8	2.9	3.5
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	11.1	13.0	12.0	12.4	11.1	12.9	11.7	11.9	13.2	13.8	10.5	13.6
Non-controlling Interest	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	11.1	13.0	12.0	12.4	11.1	12.9	11.7	11.9	13.2	13.8	10.5	13.6
Earnings per Share	924.00	1,081.00	999.00	1,031.00	922.00	1,074.00	970.00	985.00	1,097.00	1,148.00	874.00	1,356.00
Diluted EPS	924.44	1,080.60	999.18	1,030.83	921.92	1,074.17	970.50	984.72	1,097.38	1,148.32	873.68	1,131.55

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)	235.5	257.7	233.8	259.9	234.8	263.6	236.8	258.8	231.7	272.4	236.6	261.8
I. Cash and cash equivalents	58.8	98.3	56.1	51.8	64.8	70.0	37.9	18.7	55.3	62.4	22.2	64.1
1. Cash	8.8	13.3	11.1	8.8	36.8	5.0	16.9	8.7	20.8	17.9	7.2	10.1
2. Cash equivalents	50.0	85.0	45.0	43.0	28.0	65.0	21.0	10.0	34.5	44.5	15.0	54.0
II. Short-term financial investments	67.0	45.0	55.0	55.0	55.0	61.5	59.5	59.5	46.5	51.5	66.0	66.0
1. Available for sale securities	0.0	0.0	0.0	0.0	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	0.0
3. Held to maturity investments	67.0	45.0	55.0	55.0	55.0	61.5	59.5	59.5	46.5	51.5	66.0	66.0
III. Short-term receivables	40.8	39.7	42.4	79.2	43.0	51.3	38.0	80.9	32.2	46.5	43.1	42.0
1. Short-term trade accounts receivable	38.7	38.7	41.3	41.7	41.1	49.6	36.4	43.4	29.3	44.4	40.5	40.2
2. Short-term prepayments to suppliers	0.3	0.4	0.0	0.1	0.1	0.9	0.7	0.8	1.1	0.9	0.3	0.1
3. Short-term inter-company receivables	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.8	0.7	1.2	37.4	1.8	0.8	0.9	36.7	1.8	1.2	2.3	1.6
7. Provision for short-term doubtful debts (*)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	55.8	61.0	67.5	63.9	63.7	73.0	93.5	93.0	90.1	104.1	97.7	84.0
1. Inventories	55.8	61.0	67.5	63.9	63.7	73.0	93.5	93.0	90.1	104.1	97.7	84.0
2. Provision for decline in value of inventories	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	13.1	13.7	12.7	10.0	8.3	7.8	7.8	6.6	7.5	8.0	7.5	5.7
1. Short-term prepayments	0.2	0.3	0.4	1.5	0.2	0.3	0.1	0.1	0.2	0.3	0.0	0.1
2. Value added tax to be reclaimed	12.9	11.7	10.6	8.5	8.1	7.5	7.8	6.5	7.4	7.7	7.5	5.6
3. Taxes and other receivables from state authorities	—	1.7	1.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	0.0	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)	23.5	24.1	23.4	23.5	24.3	24.2	24.8	24.7	26.3	27.7	29.6	30.3
I. Long-term receivables	0.1	0.1	0.1	0.1	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	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	0.0	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	0.0
6. Other long-term receivables	0.1	0.1	0.1	0.1	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	0.0
II. Fixed assets	23.3	24.0	23.2	23.3	24.1	24.2	24.7	24.7	26.2	27.7	29.5	30.2
1. Tangible fixed assets	3.6	4.2	3.5	3.6	4.3	4.4	5.0	4.9	6.5	7.9	9.7	10.4
- Cost	—	—	—	153.3	153.4	152.7	152.3	151.5	151.5	154.9	154.9	153.8
- Accumulated depreciation	—	—	—	-149.7	-149.1	-148.3	-147.3	-146.6	-145.1	-147.0	-145.2	-143.4
2. Financial leased fixed assets	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.7	19.8	19.8	19.8
- Cost	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	0.0	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	0.0
2. Construction in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	0.0	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	0.0
2. Investments in associates, joint-ventures	—	—	—	0.0	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	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	0.0
5. Held to maturity investments	—	—	—	0.0	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	0.0
VI. Other long-term assets	0.1	0.1	0.1	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.1	0.1	0.1	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Deferred income tax assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	259.0	281.9	257.2	283.4	259.1	287.9	261.5	283.5	258.0	300.2	266.1	292.0
A. LIABILITIES (300=210+330)	78.9	113.0	101.3	92.1	80.2	120.1	106.7	94.7	81.0	136.5	116.2	102.3
I. Short -term liabilities	78.9	113.0	101.3	92.1	80.2	120.1	106.7	94.7	81.0	136.5	116.2	102.3
1. Short-term trade accounts payable	14.4	18.1	16.2	18.4	11.3	17.1	17.6	19.3	3.8	17.7	15.1	16.9
2. Short-term advances from customers	3.3	4.0	0.1	5.0	0.1	2.3	1.2	0.2	4.2	7.1	1.5	4.3
3. Taxes and other payables to state authorities	5.5	9.1	8.2	4.4	4.9	8.2	4.2	3.9	4.9	9.6	8.3	4.7
4. Payable to employees	41.5	57.7	53.3	47.8	43.4	65.5	58.9	55.2	47.1	72.5	65.2	57.8
5. Short-term acrrued expenses	6.1	11.4	8.1	3.5	6.1	3.6	1.2	2.8	0.0	5.8	3.3	2.8
6. Short-term inter-company payables	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.7	0.5	0.7	3.2	0.4	7.8	6.5	3.2	6.5	8.1	6.2	5.5
10. Short-term borrowings and financial leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.4	12.1	14.6	9.9	14.0	15.6	17.1	10.0	14.5	15.7	16.6	10.3
13. Price stabilization fund	—	—	—	0.0	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	0.0
II. Long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	0.0	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	0.0
11. Deferred income tax liabilities	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	180.1	168.9	155.9	191.3	178.9	167.8	154.8	188.8	176.9	163.7	149.9	189.7
I. Owner's equity	180.1	168.9	155.9	191.3	178.9	167.8	154.8	188.8	176.9	163.7	149.9	189.7
1. Owner's capital	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5
- Common stock with voting right	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5	120.5
- Preferred stock	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	0.0	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	0.0
7. Foreign exchange differences	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	10.4	10.4	10.4	10.4	10.4	10.4	10.4	5.2	5.2	5.2	5.2	0.1
9. Fund to support corporate restructuring	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	49.2	38.1	25.1	60.5	48.1	37.0	24.0	63.1	51.3	38.0	24.2	69.2
- Accumulated retained earning at the end of the previous period	0.6	0.6	0.6	48.1	0.5	0.5	0.5	51.3	0.0	0.0	0.0	55.6
- Undistributed earnings in this period	48.6	37.5	24.5	12.4	47.6	36.5	23.6	11.9	51.2	38.0	24.2	13.6
12. Reserves for investment in construction	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	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)	259.0	281.9	257.2	283.4	259.1	287.9	261.5	283.5	258.0	300.2	266.1	292.0

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	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	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
Interest Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-6.5	-3.2	0.0	-3.1	-6.6	-0.4	-3.2	-3.5	-6.5	-3.7	-0.1	-3.6
Other Operating Receipts	—	—	—	0.0	3.2	0.7	0.9	1.4	-2.4	5.0	0.5	1.1
Other Operating Payments	-12.9	-6.2	-8.4	-7.0	-13.9	-5.0	-8.7	-6.4	-14.1	-6.3	-7.5	-7.1
Net Cash Flow from Operating Activities	-18.6	31.7	4.5	21.3	-12.0	32.9	20.6	10.5	-16.1	25.8	-0.8	2.3
Payments for Fixed Assets and Other Long-term Assets	-0.0	-1.4	-0.7	-0.0	-0.7	-0.4	-1.3	0.0	-0.3	0.0	-1.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	0.0	0.0	0.0	0.2	0.0	0.5	0.0	-0.0	0.3
Loans and Purchases of Debt Instruments	—	—	—	0.0	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	0.0
Investments in Other Entities	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	1.2	1.9	0.5	1.9	0.9	1.6	0.3	1.5	3.8	-0.1	1.1	2.2
Increase/(Decrease) in Term Deposits	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-20.9	10.5	-0.1	1.8	6.8	-0.9	-0.9	-11.5	9.0	14.4	-0.1	-0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	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	0.0
Proceeds from Borrowings	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	-36.1	0.0	0.0	-0.6	-35.6	0.0	0.0	-41.0	0.0
Other Financing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	0.0	0.0	0.0	-36.1	0.0	0.0	-0.6	-35.6	0.0	0.0	-41.0	0.0
Net Cash Flow During the Period	-39.5	42.2	4.3	-13.0	-5.2	32.0	19.2	-36.6	-7.1	40.2	-41.8	2.2
Cash and Cash Equivalents at Beginning of Period	98.3	56.1	51.8	64.8	55.3	55.3	55.3	55.3	61.8	61.8	61.8	61.8
FX Difference from Revaluation	-0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.0	-0.0	0.0	-0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	58.8	98.3	56.1	51.8	64.8	70.0	37.9	18.7	55.3	62.4	22.2	64.1

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