SBA

Listed Company · HOSE

Price

28,400

Latest close

02 Apr 2026

P/E 10.1x

EPS (TTM) 2,814

ROE (TTM) 16.8%

P/B 1.6x

BVPS (Latest) 17,406

ROA (TTM) 15.1%

What Is Changing

SBA no longer looks like a business simply rebounding from a weak base. Revenue posted +50.1% YoY, while net margin reached 42.77% with an additional -0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 49.4% to VND 169.6bn in 2025.
Net margin declined from 42.99% in the prior period to 42.77% in 2025.
Revenue growth accelerated to 50.2% in 2025, up 79.9pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	396.6	264.1	376.0	495.6	314.9
Growth	+50%	-30%	-24%	+57%	—
Net Income	169.6	113.5	175.3	244.5	118.5
Net Margin	42.77%	42.99%	46.63%	49.34%	37.63%

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	154.5	101.8	58.6	81.6	100.6	59.2	44.3	60.1	145.6	81.2	49.9	99.2
Growth	+52%	+74%	-28%	-19%	+70%	+34%	-26%	-59%	+79%	+63%	-50%	—
Net Income	68.0	41.5	24.6	36.2	44.7	24.5	17.5	26.9	69.5	36.5	17.9	51.5
Net Margin	44.00%	40.78%	41.86%	44.30%	44.44%	41.40%	39.41%	44.82%	47.70%	44.90%	35.82%	51.91%

Financial Statements

Profitability

Net margin reached 42.77% while Revenue posted +50.1% YoY.

Balance Sheet

Inventory stood at 1.4bn, liabilities at 110.1bn, and equity at 1,052.2bn.

Cash Flow

Operating cash flow was 185.4bn in 2025, while investing cash flow was 1.2bn.

Financing cash flow: -129.3bn.

Item	2025	2024	2023	2022	2021
Revenue	396.6	264.1	376.0	495.6	314.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	396.6	264.1	376.0	495.6	314.9
Cost of Goods Sold	155.0	107.9	138.8	178.2	0.0
Gross Profit	241.6	156.2	237.2	317.4	178.7
Financial Income	2.0	4.1	1.9	1.3	0.2
Financial Expenses	6.4	11.7	22.1	28.0	-34.3
Interest Expense	6.3	11.1	22.0	27.8	-34.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	26.1	16.8	21.8	25.7	-16.5
Operating Profit	211.1	131.8	195.1	265.0	128.1
Other Income	0.6	1.1	1.6	0.7	0.0
Other Expenses	0.5	4.5	0.4	6.1	0.0
Other Profit	0.1	-3.4	1.2	-5.4	-2.8
Profit Before Tax	211.2	128.3	196.3	259.6	125.3
Current Income Tax Expense	41.6	14.8	20.9	15.1	-6.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	169.6	113.5	175.3	244.5	118.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	169.6	113.5	175.3	244.5	118.5
Earnings per Share	2,804.00	1,877.00	2,899.00	4,056.00	1,966.00
Diluted EPS	2,804.00	1,877.00	2,899.00	4,056.00	1,959.05

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	189.2	90.3	196.8	243.1	143.8
I. Cash and cash equivalents	71.6	14.4	16.7	80.7	40.9
1. Cash	1.6	9.4	11.7	25.7	0.0
2. Cash equivalents	70.0	5.0	5.0	55.0	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	114.5	72.4	176.5	159.2	97.9
1. Short-term trade accounts receivable	113.5	71.5	171.7	156.1	0.0
2. Short-term prepayments to suppliers	0.4	0.1	2.9	0.9	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.6	0.8	1.8	2.2	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	1.4	1.4	1.8	2.3	1.9
1. Inventories	1.4	1.4	1.8	2.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.7	2.1	2.0	1.0	3.1
1. Short-term prepayments	0.1	0.6	1.0	0.0	0.0
2. Value added tax to be reclaimed	0.9	0.8	1.0	1.0	0.0
3. Taxes and other receivables from state authorities	0.7	0.7	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)	973.1	1,007.4	1,036.2	1,083.1	1,153.1
I. Long-term receivables	0.0	0.0	2.0	2.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.0
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	2.0	2.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	925.5	981.5	1,014.8	1,068.6	1,137.4
1. Tangible fixed assets	920.1	976.0	1,009.2	1,063.0	1,132.3
- Cost	1,695.2	1,694.4	1,687.4	1,690.9	0.0
- Accumulated depreciation	-775.1	-718.4	-678.2	-627.9	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	5.4	5.5	5.6	5.7	5.2
- Cost	6.0	6.0	6.0	6.0	0.0
- Accumulated depreciation	-0.6	-0.5	-0.4	-0.3	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	2.8	0.1	7.4	3.5	8.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.8	0.1	7.4	3.5	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	44.8	25.8	12.0	9.0	0.0
1. Long-term prepayments	41.9	23.4	10.5	9.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	2.9	2.4	1.5	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	4.8
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,162.4	1,097.7	1,233.1	1,326.2	1,297.0
A. LIABILITIES (300=210+330)	110.1	119.1	226.2	376.4	440.2
I. Short -term liabilities	77.5	77.2	133.0	201.2	176.6
1. Short-term trade accounts payable	3.9	0.8	3.1	1.5	2.1
2. Short-term advances from customers	0.0	0.2	0.0	0.0	1.2
3. Taxes and other payables to state authorities	29.4	17.8	26.7	29.1	0.0
4. Payable to employees	18.8	2.8	7.3	10.9	0.0
5. Short-term acrrued expenses	0.8	0.8	1.4	1.3	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	14.6	13.0	12.6	70.7	0.0
10. Short-term borrowings and financial leases	9.3	39.2	78.4	86.4	106.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	2.6	3.5	1.3	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	32.6	42.0	93.1	175.2	263.6
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	32.6	42.0	93.1	175.2	263.6
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)	1,052.2	978.6	1,006.9	949.8	856.8
I. Owner's equity	1,052.2	978.6	1,006.9	949.8	0.0
1. Owner's capital	604.9	604.9	604.9	604.9	856.8
- Common stock with voting right	604.9	604.9	604.9	604.9	604.9
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	2.1	2.1	2.1	2.1	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	59.8	59.8	59.8	59.8	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	385.4	311.8	340.1	283.0	200.3
- Accumulated retained earning at the end of the previous period	215.8	198.3	164.8	38.4	81.8
- Undistributed earnings in this period	169.6	113.5	175.3	244.5	118.5
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)	1,162.4	1,097.7	1,233.1	1,326.2	1,297.0

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	12.0
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	-30.8	-16.6	-18.8	-12.4	0.0
Other Operating Receipts	31.7	33.7	36.0	42.8	0.0
Other Operating Payments	-43.5	-40.6	-52.3	-58.1	0.0
Net Cash Flow from Operating Activities	185.4	219.7	195.1	259.3	162.4
Payments for Fixed Assets and Other Long-term Assets	-0.6	-3.5	-4.5	-3.0	-9.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	1.2	0.0	0.0
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	1.8	4.1	2.1	1.1	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	1.2	0.6	-1.3	-1.9	-9.3
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	4.5	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	55.9	0.0	0.0	44.1
Repayment of Borrowings	-39.3	-146.4	-90.2	-108.4	-102.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-90.0	-132.1	-167.6	-113.6	-65.4
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	-129.3	-222.5	-257.9	-217.5	-124.2
Net Cash Flow During the Period	57.2	-2.3	-64.0	39.8	36.1
Cash and Cash Equivalents at Beginning of Period	14.4	16.7	80.7	40.9	12.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	71.6	14.4	16.7	80.7	40.9

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
Revenue	154.5	101.8	58.6	81.6	100.6	59.2	44.3	60.1	145.6	81.2	49.9	99.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	154.5	101.8	58.6	81.6	100.6	59.2	44.3	60.1	145.6	81.2	49.9	99.2
Cost of Goods Sold	59.5	40.7	24.0	30.8	41.1	25.3	18.3	23.1	56.8	30.7	21.2	30.1
Gross Profit	95.0	61.1	34.7	50.8	59.4	33.9	26.0	37.0	88.8	50.6	28.7	69.1
Financial Income	0.6	0.2	0.9	0.2	2.9	0.0	0.7	0.4	0.0	0.1	1.2	0.6
Financial Expenses	1.6	1.6	1.6	1.6	2.2	2.6	3.6	3.3	4.1	5.4	6.2	6.4
Interest Expense	1.6	1.6	1.6	1.6	2.2	2.5	3.0	3.3	4.1	5.4	6.1	6.4
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	9.3	7.8	3.7	4.7	5.5	4.1	3.3	4.0	7.8	4.6	3.9	5.6
Operating Profit	84.8	51.9	30.3	44.8	54.7	27.2	19.9	30.0	76.9	40.6	19.9	57.7
Other Income	0.1	0.2	0.2	0.1	0.1	0.2	0.2	0.6	0.1	0.1	1.3	0.1
Other Expenses	0.0	0.2	0.2	0.1	4.1	0.2	0.2	0.1	-0.0	0.1	0.2	0.1
Other Profit	0.1	—	—	—	-4.0	-0.0	0.1	0.5	0.2	0.0	1.0	-0.0
Profit Before Tax	84.9	51.9	30.3	44.8	50.7	27.2	19.9	30.5	77.1	40.6	20.9	57.7
Current Income Tax Expense	16.9	10.4	5.8	8.6	6.0	2.7	2.5	3.6	7.6	4.1	3.0	6.2
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	68.0	41.5	24.6	36.2	44.7	24.5	17.5	26.9	69.5	36.5	17.9	51.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	68.0	41.5	24.6	36.2	44.7	24.5	17.5	26.9	69.5	36.5	17.9	51.5
Earnings per Share	1,124.00	686.00	406.00	598.00	739.00	405.00	289.00	445.00	1,148.00	603.00	296.00	852.00
Diluted EPS	1,124.00	686.00	406.00	598.00	1,878.00	405.00	289.00	445.00	1,148.00	603.00	296.00	852.00

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)	189.6	144.4	75.4	134.1	90.3	76.7	69.8	177.4	196.8	140.2	213.5	205.2
I. Cash and cash equivalents	71.6	52.2	26.0	76.8	14.4	11.2	31.6	87.9	16.7	9.0	118.8	64.8
1. Cash	1.6	4.2	6.0	14.8	9.4	11.2	31.6	7.9	11.7	4.0	33.8	49.8
2. Cash equivalents	70.0	48.0	20.0	62.0	5.0	0.0	0.0	80.0	5.0	5.0	85.0	15.0
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	114.5	88.6	46.4	54.3	72.4	61.0	34.1	86.0	176.5	125.3	88.9	137.1
1. Short-term trade accounts receivable	113.5	82.9	44.5	53.1	71.5	53.4	27.4	81.6	171.7	117.1	81.7	132.4
2. Short-term prepayments to suppliers	0.4	3.6	1.0	0.3	0.1	3.5	2.8	2.1	2.9	3.3	3.4	0.7
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	0.6	2.2	0.9	0.9	0.8	4.1	3.9	2.3	1.8	4.9	3.8	4.1
7. Provision for short-term doubtful debts (*)	—	—	—	—	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
IV. Inventories	1.8	1.7	1.5	1.5	1.4	2.4	1.7	1.6	1.8	3.2	2.7	2.2
1. Inventories	1.8	1.7	1.5	1.5	1.4	2.4	1.7	1.6	1.8	3.2	2.7	2.2
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	1.7	1.9	1.5	1.5	2.1	2.1	2.3	1.9	2.0	2.6	3.1	1.2
1. Short-term prepayments	0.1	0.1	0.1	0.2	0.6	1.0	1.3	0.6	1.0	1.7	2.1	0.2
2. Value added tax to be reclaimed	0.9	0.8	0.8	0.8	0.8	1.1	1.0	0.8	1.0	0.9	0.8	1.0
3. Taxes and other receivables from state authorities	0.7	1.0	0.6	0.6	0.7	0.1	0.1	0.5	0.0	0.0	0.1	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)	972.8	965.8	982.0	993.0	1,007.4	1,016.1	1,022.8	1,027.7	1,036.2	1,051.6	1,061.7	1,069.6
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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	925.5	945.6	961.1	969.9	981.8	996.7	999.3	1,005.1	1,014.8	1,037.0	1,048.3	1,055.4
1. Tangible fixed assets	920.1	940.2	955.7	964.4	976.4	991.2	993.8	999.5	1,009.2	1,031.4	1,042.6	1,049.7
- Cost	—	—	—	—	1,694.8	1,694.9	1,687.4	1,687.4	1,687.4	1,688.0	1,687.6	1,690.9
- Accumulated depreciation	—	—	—	—	-718.4	-703.7	-693.7	-687.9	-678.2	-656.6	-645.0	-641.2
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	5.4	5.4	5.4	5.5	5.5	5.5	5.5	5.6	5.6	5.6	5.7	5.6
- 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	2.8	1.1	0.1	0.1	0.1	4.7	9.2	8.8	7.4	5.8	3.7	3.5
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.8	1.1	0.1	0.1	0.1	4.7	9.2	8.8	7.4	5.8	3.7	3.5
V. Long-term financial investments	—	—	—	—	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
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	—	—	—	—	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
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	44.4	19.0	20.8	23.1	25.5	12.7	12.2	11.8	12.0	6.8	7.8	8.8
1. Long-term prepayments	41.9	16.6	18.4	20.7	23.1	11.2	10.7	10.3	10.5	6.8	7.8	8.8
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	2.5	2.4	2.4	2.4	2.4	1.5	1.5	1.5	1.5	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,162.4	1,110.2	1,057.4	1,127.1	1,097.8	1,092.8	1,092.5	1,205.1	1,233.1	1,191.8	1,275.2	1,274.9
A. LIABILITIES (300=210+330)	109.5	125.4	114.1	117.6	119.1	158.8	183.1	171.3	226.2	254.4	374.3	273.6
I. Short -term liabilities	76.9	90.4	76.8	78.0	77.2	84.7	106.6	92.2	133.0	122.8	226.2	112.6
1. Short-term trade accounts payable	3.9	0.7	0.7	0.2	0.8	0.7	1.6	0.8	3.1	0.7	1.2	0.9
2. Short-term advances from customers	0.0	0.2	0.3	0.1	0.2	0.2	0.1	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	29.5	21.1	12.4	17.6	17.8	11.4	6.5	7.7	26.7	11.7	7.7	15.7
4. Payable to employees	18.8	9.2	0.8	0.8	2.8	0.0	0.0	0.1	5.6	1.9	3.9	5.4
5. Short-term acrrued expenses	0.8	3.1	2.0	1.6	0.8	3.0	2.3	1.5	3.1	3.8	2.3	2.4
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	13.9	14.0	16.7	12.9	13.0	13.1	17.4	12.1	12.6	12.4	119.6	11.0
10. Short-term borrowings and financial leases	9.3	39.3	39.3	39.2	39.2	52.3	71.7	69.1	78.4	86.9	84.7	76.4
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	0.7	2.7	4.6	5.5	2.6	4.0	7.0	1.0	3.5	5.5	6.8	0.7
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	32.6	35.0	37.3	39.6	42.0	74.2	76.5	79.1	93.1	131.6	148.1	161.0
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	0.0
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	32.6	35.0	37.3	39.6	42.0	74.2	76.5	79.1	93.1	131.6	148.1	161.0
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)	1,052.8	984.9	943.3	1,009.5	978.6	933.9	909.4	1,033.8	1,006.9	937.4	901.0	1,001.3
I. Owner's equity	1,052.8	984.9	943.3	1,009.5	978.6	933.9	909.4	1,033.8	1,006.9	937.4	901.0	1,001.3
1. Owner's capital	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9
- Common stock with voting right	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9	604.9
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1	2.1
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	59.8	59.8	59.8	59.8	59.8	59.8	59.8	59.8	59.8	59.8	59.8	59.8
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	386.0	318.1	276.5	342.7	311.8	267.1	242.7	367.0	340.1	270.6	234.2	334.5
- Accumulated retained earning at the end of the previous period	215.8	215.8	215.8	306.6	198.3	198.3	198.3	340.1	164.8	164.8	164.8	283.0
- Undistributed earnings in this period	170.2	102.2	60.7	36.2	113.6	68.9	44.4	26.9	175.3	105.9	69.4	51.5
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	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)	1,162.4	1,110.2	1,057.4	1,127.1	1,097.8	1,092.8	1,092.5	1,205.1	1,233.1	1,191.8	1,275.2	1,274.9

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	—	—	—	—	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
Provision (Increase)/Reversal	—	—	—	—	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
Gain/Loss from Investment Activities	—	—	—	—	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
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	—	—	—	—	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
Increase/(Decrease) in Inventory	—	—	—	—	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
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	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
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-10.4	-5.8	-8.6	-6.0	-2.7	-2.5	-3.6	-7.8	-3.9	-2.8	-6.4	-5.6
Other Operating Receipts	—	—	—	—	10.3	3.3	8.1	12.2	9.3	5.0	8.5	13.2
Other Operating Payments	-13.7	-9.9	-8.4	-11.4	-14.3	-3.2	-5.7	-17.9	-10.2	-8.8	-12.1	-21.2
Net Cash Flow from Operating Activities	51.7	31.3	37.5	64.9	46.2	7.9	70.3	95.2	55.9	13.3	58.5	67.5
Payments for Fixed Assets and Other Long-term Assets	-0.4	-0.2	-0.0	—	-0.4	-2.4	-0.1	-0.6	-1.3	-1.3	-1.8	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	-0.3	0.0	1.4	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	0.7	0.2	1.0	0.0	2.9	0.0	1.0	0.1	0.5	0.1	0.8	0.7
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	0.3	-0.1	1.0	0.0	2.5	-2.3	1.0	-0.6	-1.1	-1.3	0.4	0.7
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	—	—	—	—	0.0	0.0	55.9	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-32.3	-2.3	-2.3	-2.3	-45.3	-21.7	-55.9	-23.4	-47.0	-14.4	-4.6	-24.3
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-2.7	-86.9	-0.2	-0.2	-4.3	-127.6	-0.1	-0.2	-107.3	-0.3	-59.8
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	-32.6	-5.0	-89.2	-2.6	-45.5	-26.1	-127.6	-23.4	-47.2	-121.7	-4.9	-84.1
Net Cash Flow During the Period	19.4	26.2	-50.8	62.4	3.2	-20.5	-56.2	71.2	7.6	-109.7	54.0	-15.9
Cash and Cash Equivalents at Beginning of Period	52.2	26.0	76.8	14.4	16.7	16.7	16.7	16.7	80.7	80.7	80.7	80.7
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	71.6	52.2	26.0	76.8	14.4	11.2	31.6	87.9	16.7	9.0	118.8	64.8

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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