SAV

Listed Company · HOSE

Price

13,550

Latest close

01 Apr 2026

P/E 42.5x

EPS (TTM) 319

ROE (TTM) 2.6%

P/B 1.0x

BVPS (Latest) 13,283

ROA (TTM) 1.3%

What Is Changing

SAV has not yet shown a broad-based top-line recovery. Revenue posted -0.7% YoY, but net margin reached 0.89% with an additional -4.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Quarterly Net Income decreased 160.2% YoY to VND -1.8bn in 2025Q4.
Net margin declined from 5.06% in the prior period to 0.89% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,062.0	1,068.9	788.9	991.6	1,009.0
Growth	-1%	+35%	-20%	-2%	—
Net Income	9.5	54.1	-10.2	54.7	43.1
Net Margin	0.89%	5.06%	-1.29%	5.51%	4.27%

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	297.2	251.8	237.7	275.3	309.3	290.4	253.3	215.9	232.8	159.2	214.5	183.2
Growth	+18%	+6%	-14%	-11%	+7%	+15%	+17%	-7%	+46%	-26%	+17%	—
Net Income	-1.8	17.2	-22.6	16.8	2.9	10.7	32.6	7.6	-21.8	2.2	3.3	6.1
Net Margin	-0.60%	6.82%	-9.49%	6.09%	0.95%	3.70%	12.89%	3.53%	-9.37%	1.35%	1.54%	3.34%

Financial Statements

Profitability

Net margin reached 0.89% while Revenue posted -0.7% YoY.

Balance Sheet

Inventory stood at 150.3bn, liabilities at 375.0bn, and equity at 350.9bn.

Cash Flow

Operating cash flow was 94.3bn in 2025, while investing cash flow was 4.0bn.

Financing cash flow: -26.1bn.

Item	2025	2024	2023	2022	2021
Revenue	1,062.8	1,069.2	797.7	994.3	1,010.4
Revenue Deductions	0.9	0.2	8.8	2.7	0.0
Net Revenue	1,062.0	1,068.9	788.9	991.6	1,009.0
Cost of Goods Sold	881.4	906.2	669.0	834.9	0.0
Gross Profit	180.6	162.8	119.9	156.8	139.6
Financial Income	14.2	13.1	9.9	13.9	8.7
Financial Expenses	62.3	-8.2	43.0	6.1	-4.0
Interest Expense	2.5	2.5	3.8	0.9	-1.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	58.5	62.7	53.7	49.4	-36.9
General and Administrative Expenses	50.4	49.4	48.4	55.8	-50.4
Operating Profit	23.6	71.9	-15.3	59.4	57.0
Other Income	1.5	1.1	10.1	10.7	0.0
Other Expenses	9.0	2.9	5.0	1.2	0.0
Other Profit	-7.6	-1.8	5.1	9.5	-1.3
Profit Before Tax	16.0	70.1	-10.2	68.9	55.7
Current Income Tax Expense	6.6	16.0	0.0	14.2	-12.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	9.5	54.1	-10.2	54.7	43.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	9.5	54.1	-10.2	54.7	43.1
Earnings per Share	373.00	2,330.00	-533.00	3,247.00	1,477.00
Diluted EPS	373.00	2,330.00	-533.00	3,247.00	2,687.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	495.3	454.5	344.9	430.6	462.8
I. Cash and cash equivalents	165.5	93.1	31.7	98.3	97.2
1. Cash	165.5	43.1	31.7	11.5	0.0
2. Cash equivalents	—	50.0	0.0	86.8	0.0
II. Short-term financial investments	71.0	80.0	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	71.0	80.0	0.0	0.0	0.0
III. Short-term receivables	73.2	65.1	76.2	74.5	125.8
1. Short-term trade accounts receivable	74.8	65.5	74.4	90.0	0.0
2. Short-term prepayments to suppliers	5.0	4.0	10.7	2.8	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	6.5	8.7	15.4	6.4	0.0
7. Provision for short-term doubtful debts (*)	-13.1	-13.1	-24.3	-24.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	150.3	171.9	94.4	85.3	111.1
1. Inventories	157.4	175.5	94.4	85.3	0.0
2. Provision for decline in value of inventories	-7.2	-3.6	0.0	0.0	0.0
V. Other short-term assets	35.4	44.4	142.5	172.6	125.7
1. Short-term prepayments	2.1	2.1	1.5	2.4	0.0
2. Value added tax to be reclaimed	29.4	40.4	139.1	168.0	0.0
3. Taxes and other receivables from state authorities	3.8	1.9	1.9	2.1	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)	230.6	294.4	270.1	127.3	132.2
I. Long-term receivables	0.5	0.5	0.5	0.3	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	0.5	0.5	0.5	0.3	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	89.3	92.8	87.1	63.1	67.3
1. Tangible fixed assets	83.8	89.0	83.3	59.3	63.4
- Cost	249.3	241.6	230.7	209.7	0.0
- Accumulated depreciation	-165.5	-152.6	-147.4	-150.4	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	5.5	3.8	3.8	3.8	3.9
- Cost	6.3	4.5	7.0	7.0	0.0
- Accumulated depreciation	-0.8	-0.7	-3.2	-3.2	0.0
III. Investment properties	10.9	11.5	12.2	12.8	13.5
- Cost	20.2	20.2	20.2	20.2	0.0
- Accumulated depreciation	-9.3	-8.6	-8.0	-7.3	0.0
IV. Long-term assets in progress	30.6	33.3	31.7	30.3	33.4
1. Long-term production in progress	18.0	19.8	19.2	18.0	0.0
2. Construction in progress	12.7	13.5	12.4	12.3	0.0
V. Long-term financial investments	89.5	145.6	126.4	13.1	13.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	13.1	13.1	13.1	13.1	0.0
3. Investments in other entities	145.6	145.6	145.6	0.0	0.0
4. Provision for diminution in value of long-term investments	-69.2	-13.1	-32.2	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	9.7	10.7	12.2	7.6	0.0
1. Long-term prepayments	9.7	10.7	12.2	7.6	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	4.9
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)	726.0	748.9	615.0	557.9	595.0
A. LIABILITIES (300=210+330)	375.0	371.8	281.3	188.6	263.9
I. Short -term liabilities	370.0	366.5	275.3	183.1	258.2
1. Short-term trade accounts payable	152.7	160.7	78.7	69.4	74.9
2. Short-term advances from customers	46.4	39.1	35.2	33.0	26.3
3. Taxes and other payables to state authorities	6.2	9.3	0.8	4.0	0.0
4. Payable to employees	27.6	30.6	18.5	19.7	0.0
5. Short-term acrrued expenses	10.0	8.2	7.4	7.6	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	0.1
9. Other short-term payables	4.5	2.2	2.7	3.0	0.0
10. Short-term borrowings and financial leases	84.3	85.6	99.4	26.5	83.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	38.4	30.7	32.6	19.9	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	5.0	5.4	5.9	5.5	5.7
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	3.2	3.2	3.2	3.2	3.2
7. Other long-term liabilities	1.8	2.2	2.7	2.3	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)	350.9	377.1	333.7	369.3	331.1
I. Owner's equity	350.9	377.1	333.7	369.3	0.0
1. Owner's capital	264.3	251.9	219.6	183.6	331.1
- Common stock with voting right	264.3	251.9	219.6	183.6	160.2
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	10.7	34.1
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	-7.3	-7.3	-7.3	-7.3	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	10.9	5.5	5.5	23.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	5.0	2.3	34.6	6.7	0.0
11. Undistributed earnings after tax	78.1	124.8	81.4	125.2	93.4
- Accumulated retained earning at the end of the previous period	68.6	70.7	91.6	70.5	50.4
- Undistributed earnings in this period	9.5	54.1	-10.2	54.7	43.1
12. Reserves for investment in construction	—	0.0	0.0	27.4	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)	726.0	748.9	615.0	557.9	595.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	16.0	70.1	-10.2	68.9	55.7
Depreciation of Fixed Assets and Investment Property	16.4	16.7	14.5	13.2	12.7
Provision (Increase)/Reversal	59.6	-21.8	31.9	6.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	1.6	0.3	0.6	0.0
Gain/Loss from Investment Activities	-5.1	-1.0	0.7	-3.6	0.0
Interest Expense	2.5	2.5	3.8	0.9	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	89.5	68.1	40.9	86.7	69.0
Increase/(Decrease) in Receivables	1.3	116.7	27.6	-1.7	0.0
Increase/(Decrease) in Inventory	19.9	-81.6	-10.4	29.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.4	95.4	6.4	-24.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.9	0.9	-3.7	-4.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-2.5	-2.6	-3.7	-0.9	0.0
Corporate Income Tax Paid	-9.2	-8.0	-3.2	-16.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.2	-1.9	0.0	0.0	0.0
Net Cash Flow from Operating Activities	94.3	187.1	53.8	68.0	27.0
Payments for Fixed Assets and Other Long-term Assets	-9.9	-22.5	-42.1	-9.1	-14.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	1.5	1.2	0.3	0.1
Loans and Purchases of Debt Instruments	-111.0	-147.0	0.0	-10.1	-43.0
Receipts from Loan Repayments and Sale of Debt Instruments	120.0	67.0	0.0	13.1	56.2
Investments in Other Entities	—	0.0	-145.6	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	4.6	0.3	2.5	3.5	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	4.0	-100.7	-184.1	-2.3	1.9
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	151.6	186.4	265.6	156.1	391.8
Repayment of Borrowings	-153.0	-200.7	-192.9	-212.9	-369.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-24.8	-10.8	-9.0	-7.8	-7.1
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	-26.1	-25.1	63.7	-64.7	15.1
Net Cash Flow During the Period	72.2	61.2	-66.5	1.1	41.6
Cash and Cash Equivalents at Beginning of Period	93.1	31.7	98.3	97.2	55.2
FX Difference from Revaluation	0.2	0.1	-0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	165.5	93.1	31.7	98.3	97.2

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	297.7	252.1	237.8	275.3	309.4	290.4	253.4	216.0	237.8	161.6	215.2	183.8
Revenue Deductions	0.4	0.3	0.1	0.0	0.0	0.0	0.1	0.1	5.0	2.4	0.7	0.7
Net Revenue	297.2	251.8	237.7	275.3	309.3	290.4	253.3	215.9	232.8	159.2	214.5	183.2
Cost of Goods Sold	244.4	208.7	196.9	231.3	259.5	246.3	217.8	182.6	195.2	137.1	181.1	155.6
Gross Profit	52.8	43.1	40.8	43.9	49.9	44.0	35.5	33.3	37.6	22.1	33.4	27.5
Financial Income	2.4	2.7	3.6	5.5	5.4	2.4	3.2	2.1	1.7	2.9	2.3	3.0
Financial Expenses	18.3	0.9	41.4	1.8	16.6	2.5	-28.6	1.3	37.6	1.9	2.6	0.8
Interest Expense	0.6	0.6	0.6	0.7	0.4	0.5	0.8	0.8	1.3	1.6	0.6	0.3
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	17.3	12.6	14.1	14.3	16.8	15.7	17.1	13.1	15.5	11.3	14.2	12.8
General and Administrative Expenses	12.8	11.8	13.4	12.4	13.7	13.5	10.8	11.5	16.6	10.6	11.8	9.4
Operating Profit	6.8	20.5	-24.5	20.9	8.1	14.7	39.4	9.5	-30.5	1.2	7.1	7.6
Other Income	0.4	0.8	0.1	0.1	0.7	0.2	0.2	0.1	9.6	3.3	0.1	0.1
Other Expenses	6.6	1.1	1.3	0.0	0.6	1.4	0.7	0.1	3.9	1.8	3.0	0.0
Other Profit	-6.2	-0.2	-1.2	0.1	0.0	-1.3	-0.6	-0.0	5.7	1.5	-3.0	0.1
Profit Before Tax	0.7	20.3	-25.7	21.0	8.2	13.4	38.8	9.5	-24.7	2.7	4.1	7.6
Current Income Tax Expense	2.5	3.1	-3.2	4.2	5.2	2.7	6.1	1.9	-2.9	0.5	0.8	1.5
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.8	17.2	-22.6	16.8	2.9	10.7	32.6	7.6	-21.8	2.2	3.3	6.1
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.8	17.2	-22.6	16.8	2.9	10.7	32.6	7.6	-21.8	2.2	3.3	6.1
Earnings per Share	-70.00	683.00	-910.00	616.00	127.00	479.00	1,317.00	353.00	-1,012.00	114.00	184.00	340.00
Diluted EPS	-70.00	683.00	-910.00	616.00	2,324.00	426.31	1,296.10	346.87	-993.85	97.97	180.18	333.02

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)	495.4	432.2	359.0	440.2	454.8	355.4	362.2	362.3	344.9	344.2	526.5	433.3
I. Cash and cash equivalents	165.5	98.2	71.4	55.6	98.0	57.0	69.3	57.1	31.7	23.9	187.8	85.7
1. Cash	165.5	83.2	61.4	55.6	43.0	57.0	49.3	45.1	31.7	23.9	166.8	14.7
2. Cash equivalents	—	15.0	10.0	—	55.0	0.0	20.0	12.0	0.0	0.0	21.0	71.0
II. Short-term financial investments	71.0	56.0	36.0	80.0	75.0	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	71.0	56.0	36.0	80.0	75.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	73.2	88.9	47.1	85.9	65.1	65.6	69.3	72.4	76.2	74.1	74.1	65.6
1. Short-term trade accounts receivable	74.8	88.3	49.4	83.1	65.5	76.0	80.8	77.8	74.4	82.5	79.4	77.6
2. Short-term prepayments to suppliers	5.0	7.1	4.9	4.8	4.0	6.0	4.9	12.3	10.7	4.2	7.3	3.4
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	6.5	6.6	5.9	11.1	8.7	6.1	6.2	6.6	15.4	8.9	8.8	6.4
7. Provision for short-term doubtful debts (*)	-13.1	-13.1	-13.1	-13.1	-13.1	-22.6	-22.6	-24.3	-24.3	-21.5	-21.5	-21.8
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	150.3	140.7	136.6	160.6	172.2	143.1	138.4	121.6	94.4	69.4	71.0	100.2
1. Inventories	157.4	144.4	140.3	164.2	175.8	143.1	138.4	121.6	94.4	69.4	71.0	100.2
2. Provision for decline in value of inventories	-7.2	-3.6	-3.6	-3.6	-3.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	35.4	48.5	67.9	58.1	44.4	89.7	85.2	111.2	142.5	176.8	193.5	181.9
1. Short-term prepayments	2.1	4.1	5.3	4.5	2.1	3.8	5.3	3.2	1.5	2.7	3.6	3.9
2. Value added tax to be reclaimed	29.4	42.4	60.5	51.6	40.4	84.0	78.0	105.6	139.1	172.1	188.0	175.8
3. Taxes and other receivables from state authorities	3.8	1.9	2.0	2.0	1.9	1.9	1.9	2.3	1.9	1.9	1.9	2.1
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)	230.6	245.9	249.9	291.1	294.4	306.8	311.3	272.0	270.1	302.5	148.1	124.6
I. Long-term receivables	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
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	89.3	87.9	89.9	90.3	92.8	93.9	96.4	90.5	87.1	88.5	77.4	60.6
1. Tangible fixed assets	83.8	82.3	86.1	86.5	89.0	90.1	92.6	86.7	83.3	84.7	73.6	56.8
- Cost	—	—	—	—	241.6	243.1	248.0	238.0	230.7	233.0	224.0	210.3
- Accumulated depreciation	—	—	—	—	-152.6	-153.0	-155.4	-151.3	-147.4	-148.3	-150.4	-153.6
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	5.5	5.6	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8	3.8
- 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	10.9	11.1	11.2	11.4	11.5	11.7	11.9	12.0	12.2	12.3	12.5	12.7
- 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	30.6	30.7	31.5	33.4	33.3	31.5	32.6	31.1	31.7	29.0	29.7	30.9
1. Long-term production in progress	18.0	18.1	18.9	19.9	19.8	19.0	20.1	18.6	19.2	16.6	17.3	18.5
2. Construction in progress	12.7	12.6	12.6	13.5	13.5	12.5	12.5	12.5	12.4	12.4	12.3	12.3
V. Long-term financial investments	89.5	106.7	106.7	145.6	145.6	158.7	158.7	126.4	126.4	158.7	13.1	13.1
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	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1
3. Investments in other entities	145.6	145.6	145.6	145.6	145.6	145.6	145.6	145.6	145.6	145.6	0.0	0.0
4. Provision for diminution in value of long-term investments	-69.2	-52.0	-52.0	-13.1	-13.1	0.0	0.0	-32.2	-32.2	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	9.7	9.1	10.1	9.9	10.7	10.5	11.2	11.5	12.2	13.5	14.9	6.9
1. Long-term prepayments	9.7	9.1	10.1	9.9	10.7	10.5	11.2	11.5	12.2	13.5	14.9	6.9
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	—	—	—	—	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)	726.0	678.2	608.9	731.2	749.2	662.2	673.5	634.2	615.0	646.7	674.5	558.0
A. LIABILITIES (300=210+330)	374.9	325.3	273.2	337.4	372.2	288.3	310.2	292.9	281.3	291.2	312.2	182.6
I. Short -term liabilities	369.9	319.8	267.9	332.0	366.9	282.4	304.3	286.9	275.4	285.4	306.7	177.0
1. Short-term trade accounts payable	152.7	147.8	117.0	154.0	160.3	121.8	107.5	91.2	78.7	68.3	67.6	65.4
2. Short-term advances from customers	46.4	45.2	26.9	38.8	39.1	50.6	40.9	47.3	35.2	26.4	21.6	35.8
3. Taxes and other payables to state authorities	6.2	3.5	1.2	5.1	9.5	11.2	8.9	2.5	0.8	3.2	2.8	2.0
4. Payable to employees	27.5	19.7	14.6	15.4	31.3	16.8	10.7	12.2	18.5	7.8	8.2	11.3
5. Short-term acrrued expenses	9.9	13.6	8.9	15.5	8.2	13.3	8.0	10.5	7.4	10.4	8.0	9.4
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	4.5	4.9	3.2	3.0	2.2	2.7	15.9	2.7	2.7	2.6	2.7	2.8
10. Short-term borrowings and financial leases	84.3	45.5	55.7	70.3	85.6	35.1	80.9	88.7	99.4	133.6	162.6	33.7
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	38.4	39.8	40.3	30.0	30.7	31.0	31.6	32.0	32.6	33.0	33.0	16.7
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	5.0	5.5	5.4	5.4	5.4	5.9	6.0	6.0	5.9	5.8	5.5	5.5
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	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2
7. Other long-term liabilities	1.8	2.3	2.2	2.2	2.2	2.6	2.7	2.7	2.7	2.6	2.3	2.3
8. Long-term borrowings and financial leases	—	—	—	—	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
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)	351.1	352.8	335.7	393.8	376.9	374.0	363.2	341.4	333.7	355.5	362.3	375.4
I. Owner's equity	351.1	352.8	335.7	393.8	376.9	374.0	363.2	341.4	333.7	355.5	362.3	375.4
1. Owner's capital	264.3	264.3	264.3	251.9	251.9	251.9	251.9	219.6	219.6	219.6	183.6	183.6
- Common stock with voting right	264.3	264.3	264.3	251.9	251.9	251.9	251.9	219.6	219.6	219.6	183.6	183.6
- Preferred stock	—	—	—	—	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	10.7	10.7
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	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3	-7.3
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	10.9	10.9	10.9	5.5	5.5	5.5	5.5	5.5	5.5	5.5	28.4	23.0
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	5.0	5.0	5.0	2.3	2.3	2.3	2.3	34.6	34.6	34.6	36.9	6.7
11. Undistributed earnings after tax	78.2	80.0	62.8	141.5	124.6	121.7	110.9	89.1	81.4	103.2	110.0	131.3
- Accumulated retained earning at the end of the previous period	68.6	68.6	68.6	124.8	70.7	70.7	70.7	81.4	91.6	91.6	100.6	125.2
- Undistributed earnings in this period	9.6	11.4	-5.8	16.8	53.9	51.0	40.3	7.6	-10.2	11.6	9.4	6.1
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	27.4
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)	726.0	678.2	608.9	731.2	749.2	662.2	673.5	634.2	615.0	646.7	674.5	558.0

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	0.5	20.3	-25.7	21.0	8.2	13.4	38.8	9.5	-24.7	2.7	4.1	7.6
Depreciation of Fixed Assets and Investment Property	4.1	4.1	4.1	4.1	4.2	4.2	4.2	4.1	4.0	3.9	3.3	3.3
Provision (Increase)/Reversal	20.7	0.0	38.9	—	7.3	0.0	-34.0	0.0	35.0	0.0	-0.3	-2.8
FX Gain/Loss from Revaluation of Monetary Items	-1.3	0.0	1.2	—	1.7	0.0	0.8	0.0	-0.6	0.0	0.9	0.0
Gain/Loss from Investment Activities	-1.1	-2.2	0.8	-2.6	-0.7	-0.2	-0.0	-0.1	-0.1	0.6	1.4	-1.2
Interest Expense	0.6	0.6	0.6	0.7	0.4	0.5	0.8	0.8	1.3	1.6	0.6	0.3
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	23.6	22.8	19.9	23.2	21.1	17.9	10.7	14.4	14.8	8.8	10.1	7.2
Increase/(Decrease) in Receivables	27.2	-21.7	25.8	-29.9	54.1	-2.3	33.4	37.0	28.1	16.2	-20.5	3.7
Increase/(Decrease) in Inventory	-12.9	-3.3	25.0	11.1	-33.5	-3.6	-18.3	-26.6	-27.6	2.3	30.4	-15.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.6	62.0	-57.3	-14.6	34.5	32.8	4.4	22.8	25.1	11.5	-21.7	-8.6
Increase/(Decrease) in Prepaid Expenses	1.3	2.2	-1.0	-1.6	1.6	2.2	-1.8	-1.0	2.6	2.2	-7.7	-0.8
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.6	-0.6	-0.6	-0.7	-0.4	-0.5	-0.8	-0.9	-2.2	-0.7	-0.6	-0.3
Corporate Income Tax Paid	0.0	0.0	-1.2	-8.0	-8.0	0.0	0.0	0.0	0.0	0.0	0.0	-3.2
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.4	-0.5	-0.5	-0.7	-1.4	-0.6	0.7	-0.7	3.4	-0.1	-0.1	-3.3
Net Cash Flow from Operating Activities	44.7	60.9	10.1	-21.3	68.0	46.0	28.2	45.0	44.2	40.3	-10.0	-20.7
Payments for Fixed Assets and Other Long-term Assets	-2.1	-4.1	-2.3	-1.4	-2.1	-3.3	-7.2	-9.0	-3.0	-21.4	-17.4	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	—	—	—	0.1	1.4	0.0	0.0	0.1	0.9	0.1	0.0
Loans and Purchases of Debt Instruments	-50.0	-25.0	-36.0	—	-75.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	35.0	5.0	80.0	—	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	-145.6	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	0.6	0.3	3.3	0.5	0.0	0.2	0.0	0.1	0.0	-0.2	1.5	1.2
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	-16.2	-23.8	44.9	-0.9	-77.0	-1.8	-7.2	-8.9	-2.9	-166.2	-15.9	0.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	64.0	20.2	38.8	28.5	61.7	22.4	50.0	52.3	81.9	19.6	139.0	25.1
Repayment of Borrowings	-25.2	-30.5	-53.4	-43.8	-11.7	-68.1	-58.8	-63.0	-115.2	-48.5	-11.3	-17.9
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	-24.7	—	0.0	-10.8	0.0	0.0	0.0	-9.0	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	38.8	-10.3	-39.3	-15.3	50.0	-56.6	-8.9	-10.7	-33.3	-37.9	127.7	7.2
Net Cash Flow During the Period	67.3	26.7	15.7	-37.5	41.0	-12.3	12.2	25.4	8.0	-163.9	101.9	-12.6
Cash and Cash Equivalents at Beginning of Period	98.2	71.4	55.6	93.1	31.7	31.7	31.7	31.7	98.3	98.3	98.3	98.3
FX Difference from Revaluation	0.2	0.1	0.1	—	0.0	0.0	0.0	0.0	-0.2	0.0	0.2	0.0
Cash and Cash Equivalents at End of Period	165.5	98.2	71.4	55.6	98.0	57.0	69.3	57.1	31.7	23.9	187.8	85.7

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