SBB

Listed Company · UPCOM

Price

16,000

Latest close

30 Mar 2026

P/E 6.2x

EPS (TTM) 2,571

ROE (TTM) 16.2%

P/B 1.1x

BVPS (Latest) 14,928

ROA (TTM) 10.6%

What Is Changing

SBB no longer looks like a business simply rebounding from a weak base. Revenue posted +45.7% YoY, while net margin reached 5.74% with an additional +19.8pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 182.2bn in 2025.
Net Margin broke above its recent high, rising 588bps to 5.74% in 2025.
Revenue growth accelerated to 45.7% in 2025, up 37.7pp versus the prior year.

Metric	2025	2024	2023	2022
Revenue	3,176.1	2,180.3	2,020.2	2,356.6
Growth	+46%	+8%	-14%	—
Net Income	182.2	-306.8	-152.2	-3.5
Net Margin	5.74%	-14.07%	-7.54%	-0.15%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q1'22
Revenue	870.4	744.8	883.9	677.0	484.2	280.6	354.8	292.0
Growth	+17%	-16%	+31%	+40%	+73%	-21%	+22%	—
Net Income	74.0	66.2	82.0	11.9	-10.0	-7.3	-85.7	20.6
Net Margin	8.50%	8.89%	9.28%	1.75%	-2.07%	-2.62%	-24.15%	7.06%

Financial Statements

Profitability

Net margin reached 5.74% while Revenue posted +45.7% YoY.

Balance Sheet

Inventory stood at 287.7bn, liabilities at 826.0bn, and equity at 1,306.5bn.

Cash Flow

Operating cash flow was 155.2bn in 2025, while investing cash flow was 76.8bn.

Financing cash flow: -147.6bn.

Item	2025	2024	2023	2022
Revenue	3,176.1	2,180.3	2,020.2	2,356.6
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	3,176.1	2,180.3	2,020.2	2,356.6
Cost of Goods Sold	2,886.5	2,073.1	2,012.0	2,175.7
Gross Profit	289.6	107.2	8.2	180.9
Financial Income	19.7	16.5	17.5	13.6
Financial Expenses	12.9	21.1	40.7	43.9
Interest Expense	12.9	20.9	40.6	42.1
Share of Associates and Joint Ventures	6.3	-23.1	7.6	-27.9
Selling Expenses	15.7	40.1	35.7	64.8
General and Administrative Expenses	72.1	179.9	90.4	48.5
Operating Profit	214.8	-140.5	-133.4	9.6
Other Income	1.4	5.9	0.3	2.2
Other Expenses	19.4	118.1	0.1	0.8
Other Profit	-18.0	-112.2	0.2	1.4
Profit Before Tax	196.8	-252.7	-133.2	11.0
Current Income Tax Expense	15.0	3.1	2.7	9.9
Deferred Income Tax Expense	-0.3	50.9	16.3	4.6
Net Income	182.2	-306.8	-152.2	-3.5
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	182.2	-306.8	-152.2	-3.5
Earnings per Share	1,978.00	-3,505.00	-1,739.00	-40.00
Diluted EPS	2,081.82	-3,505.00	-1,739.25	-39.63

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	905.2	739.2	1,009.0	1,140.5
I. Cash and cash equivalents	231.2	146.8	252.3	285.0
1. Cash	119.9	96.8	157.2	119.9
2. Cash equivalents	111.3	50.0	95.1	165.1
II. Short-term financial investments	50.0	132.4	110.1	88.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	50.0	132.4	110.1	88.0
III. Short-term receivables	332.8	167.5	317.6	338.4
1. Short-term trade accounts receivable	572.6	400.2	352.5	334.6
2. Short-term prepayments to suppliers	17.1	13.3	11.5	7.3
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	6.9	1.2	1.8	2.5
7. Provision for short-term doubtful debts (*)	-263.7	-247.2	-48.2	-6.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	287.7	290.7	327.4	426.8
1. Inventories	303.6	290.7	327.4	426.8
2. Provision for decline in value of inventories	-15.9	0.0	0.0	0.0
V. Other short-term assets	3.4	1.8	1.7	2.3
1. Short-term prepayments	2.4	0.8	0.7	1.3
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.0	1.0	1.0	1.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,227.4	1,368.0	1,682.3	1,920.0
I. Long-term receivables	0.0	0.0	9.2	9.2
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	9.0	9.0
6. Other long-term receivables	0.0	0.0	0.2	0.2
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	962.0	1,087.4	1,241.9	1,446.3
1. Tangible fixed assets	899.1	1,022.7	1,175.2	1,377.5
- Cost	3,869.0	3,854.2	3,890.6	3,881.2
- Accumulated depreciation	-2,969.9	-2,831.5	-2,715.5	-2,503.7
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	62.9	64.7	66.7	68.8
- Cost	88.8	89.1	89.1	89.1
- Accumulated depreciation	-25.9	-24.4	-22.4	-20.3
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	4.6	0.4	12.4	12.3
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	4.6	0.4	12.4	12.3
V. Long-term financial investments	213.6	207.2	345.4	337.8
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	41.2	186.6	324.7	317.1
3. Investments in other entities	173.9	22.2	22.2	22.2
4. Provision for diminution in value of long-term investments	-1.5	-1.5	-1.5	-1.5
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	47.2	72.9	73.5	114.4
1. Long-term prepayments	41.2	53.0	52.2	91.7
2. Deferred income tax assets	0.3	0.0	0.0	22.8
3. Long-term equipment, supplies, spare parts	5.7	20.0	21.2	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,132.6	2,107.2	2,691.3	3,060.6
A. LIABILITIES (300=210+330)	826.0	973.6	926.2	1,076.1
I. Short -term liabilities	703.6	851.2	894.3	1,015.6
1. Short-term trade accounts payable	146.8	81.9	77.7	50.6
2. Short-term advances from customers	15.1	19.8	21.1	13.5
3. Taxes and other payables to state authorities	336.4	401.5	354.5	388.1
4. Payable to employees	7.1	13.7	12.1	14.0
5. Short-term acrrued expenses	7.5	3.2	7.4	12.4
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	31.0	31.6	47.4	38.5
10. Short-term borrowings and financial leases	150.4	297.2	368.0	484.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	9.3	2.4	6.1	14.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	122.4	122.4	31.9	60.5
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	44.8
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	122.4	122.4	0.0	0.0
12. Provision for long-term liabilities	—	0.0	31.9	15.6
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,306.5	1,133.6	1,765.1	1,984.5
I. Owner's equity	1,306.5	1,133.6	1,765.1	1,984.5
1. Owner's capital	875.2	875.2	875.2	875.2
- Common stock with voting right	875.2	875.2	875.2	875.2
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	436.7	436.7	436.7	436.7
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	-51.2	-51.2	-51.2	-51.2
5. Treasury shares	—	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	411.1	498.6	498.6
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	45.8	-538.3	5.6	225.1
- Accumulated retained earning at the end of the previous period	-127.2	-231.6	157.8	228.5
- Undistributed earnings in this period	173.0	-306.8	-152.2	-3.5
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	2,132.6	2,107.2	2,691.3	3,060.6

Item	2025	2024	2023	2022
Profit Before Tax	196.8	-252.7	-133.2	11.0
Depreciation of Fixed Assets and Investment Property	152.0	166.1	217.2	233.4
Provision (Increase)/Reversal	47.1	120.0	42.2	3.5
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-1.6	-0.4	-0.1
Gain/Loss from Investment Activities	-24.2	5.6	-23.8	14.6
Interest Expense	12.9	20.9	40.6	42.1
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	384.6	58.4	142.5	304.6
Increase/(Decrease) in Receivables	-187.4	-71.3	-20.6	21.8
Increase/(Decrease) in Inventory	-13.4	38.0	101.0	-119.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.7	-48.8	7.0	-73.2
Increase/(Decrease) in Prepaid Expenses	10.2	-0.8	16.6	-3.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-14.5	-25.3	-42.7	-43.3
Corporate Income Tax Paid	-12.4	-2.3	-3.7	-13.7
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-2.2	-2.9	-8.0	-9.6
Net Cash Flow from Operating Activities	155.2	-55.1	192.1	64.1
Payments for Fixed Assets and Other Long-term Assets	-23.7	-16.6	-13.6	-10.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	5.9	0.9	1.1
Loans and Purchases of Debt Instruments	-0.7	-75.8	-143.6	-60.0
Receipts from Loan Repayments and Sale of Debt Instruments	83.1	62.5	121.5	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	115.0	0.0	0.0
Dividends and Interest Income Received	17.2	14.3	15.4	13.1
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	76.8	105.3	-19.4	-56.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	656.4	804.6	814.7	698.7
Repayment of Borrowings	-803.2	-875.4	-976.0	-755.5
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-0.9	-86.4	-44.5	-41.6
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-147.6	-157.2	-205.8	-98.3
Net Cash Flow During the Period	84.5	-107.0	-33.1	-90.7
Cash and Cash Equivalents at Beginning of Period	146.8	252.3	285.0	375.6
FX Difference from Revaluation	0.0	1.6	0.4	0.1
Cash and Cash Equivalents at End of Period	231.2	146.8	252.3	285.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q1'22
Revenue	870.4	744.8	883.9	677.0	484.2	280.6	354.8	292.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0
Net Revenue	870.4	744.8	883.9	677.0	484.2	280.6	354.8	292.0
Cost of Goods Sold	747.8	659.0	796.6	638.9	470.8	269.5	336.7	255.3
Gross Profit	122.5	85.8	87.3	38.1	13.4	11.1	18.1	36.8
Financial Income	7.7	2.5	4.3	3.1	2.7	3.6	11.0	0.1
Financial Expenses	2.1	2.5	3.7	4.7	4.8	10.8	104.1	7.9
Interest Expense	2.1	2.5	3.7	4.7	4.6	4.5	4.1	7.9
Share of Associates and Joint Ventures	—	—	6.3	—	0.0	0.0	0.0	0.0
Selling Expenses	2.1	2.4	3.8	7.4	7.1	5.3	5.0	2.4
General and Administrative Expenses	33.1	11.8	13.0	14.3	13.6	5.9	5.6	5.4
Operating Profit	92.9	71.7	77.4	14.9	-9.3	-7.3	-85.7	21.2
Other Income	1.2	0.1	0.2	-0.1	0.0	0.0	0.0	0.2
Other Expenses	16.1	0.8	1.2	1.4	0.0	0.0	0.0	0.7
Other Profit	-14.9	-0.7	-0.9	-1.5	0.0	-0.0	-0.0	-0.6
Profit Before Tax	78.1	70.9	76.5	13.5	-9.3	-7.3	-85.7	20.6
Current Income Tax Expense	4.0	5.2	4.2	1.6	0.7	0.0	0.0	0.0
Deferred Income Tax Expense	0.1	-0.5	-9.8	—	0.0	0.0	0.0	0.0
Net Income	74.0	66.2	82.0	11.9	-10.0	-7.3	-85.7	20.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	74.0	66.2	82.0	11.9	-10.0	-7.3	-85.7	20.6
Earnings per Share	817.00	735.00	883.00	136.00	-114.00	-83.90	-979.11	235.62
Diluted EPS	844.99	756.26	937.43	135.64	-114.48	-83.90	-979.11	235.62

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	905.2	729.0	920.5	824.0	850.5	545.1	569.3	488.1
I. Cash and cash equivalents	231.2	258.0	364.8	210.9	232.4	39.5	140.8	6.5
1. Cash	119.9	106.3	218.7	119.9	167.4	39.5	50.8	6.5
2. Cash equivalents	111.3	151.7	146.1	91.0	65.1	0.0	90.0	0.0
II. Short-term financial investments	50.0	50.0	60.0	78.0	132.4	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	50.0	50.0	60.0	78.0	132.4	0.0	0.0	0.0
III. Short-term receivables	332.8	148.8	274.5	222.1	208.8	356.5	302.2	375.4
1. Short-term trade accounts receivable	572.6	385.8	504.4	449.8	318.1	158.3	228.6	293.2
2. Short-term prepayments to suppliers	17.1	7.9	14.1	17.8	7.0	0.3	0.4	1.6
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	160.0	35.0	45.0
6. Other short-term receivables	6.9	2.2	3.0	1.6	1.3	38.1	38.6	35.6
7. Provision for short-term doubtful debts (*)	-263.7	-247.2	-247.2	-247.2	-117.6	-0.2	-0.2	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0
IV. Inventories	287.7	266.6	217.6	311.5	275.3	147.4	125.1	105.3
1. Inventories	303.6	300.1	221.1	311.5	275.3	147.4	125.1	105.3
2. Provision for decline in value of inventories	-15.9	-33.5	-3.5	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.4	5.6	3.6	1.5	1.5	1.7	1.2	1.0
1. Short-term prepayments	2.4	4.6	2.6	0.5	0.5	0.9	0.4	0.1
2. Value added tax to be reclaimed	0.0	0.0	—	—	0.0	0.8	0.0	0.0
3. Taxes and other receivables from state authorities	1.0	1.0	1.0	1.0	1.0	0.0	0.8	0.8
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)	1,227.4	1,254.8	1,295.5	1,324.9	1,422.4	1,782.7	1,819.0	2,302.1
I. Long-term receivables	0.0	0.0	0.0	0.0	9.2	0.2	0.2	0.2
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	—	—	—	—	9.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.2	0.2	0.2	0.2
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0
II. Fixed assets	962.0	987.8	1,015.6	1,052.4	1,134.0	626.7	648.6	840.9
1. Tangible fixed assets	899.1	924.5	951.8	988.2	1,068.9	561.0	582.5	770.8
- Cost	—	—	—	—	3,902.0	2,054.7	2,054.7	2,061.0
- Accumulated depreciation	—	—	—	—	-2,833.1	-1,493.7	-1,472.2	-1,290.2
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	62.9	63.4	63.8	64.2	65.2	65.7	66.2	70.1
- Cost	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	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	4.6	7.9	4.2	0.4	1.9	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0
2. Construction in progress	4.6	7.9	4.2	0.4	1.9	0.0	0.0	0.0
V. Long-term financial investments	213.6	213.6	213.6	207.2	205.4	1,082.0	1,088.3	1,409.1
1. Investments in subsidiaries	—	—	—	—	0.0	978.7	978.7	978.7
2. Investments in associates, joint-ventures	41.2	41.2	41.2	186.6	184.7	240.6	240.6	463.5
3. Investments in other entities	173.9	173.9	173.9	22.2	22.2	22.2	22.2	22.2
4. Provision for diminution in value of long-term investments	-1.5	-1.5	-1.5	-1.5	-1.5	-159.4	-153.1	-55.3
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	47.2	45.5	62.2	64.8	71.9	73.8	81.8	51.9
1. Long-term prepayments	41.2	40.3	41.6	45.1	51.4	60.0	67.9	37.1
2. Deferred income tax assets	0.3	0.5	—	—	0.0	13.8	0.0	0.0
3. Long-term equipment, supplies, spare parts	5.7	4.8	20.6	19.7	20.4	0.0	13.9	14.9
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0
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)	2,132.6	1,983.8	2,216.0	2,148.9	2,272.9	2,327.8	2,388.2	2,790.2
A. LIABILITIES (300=210+330)	826.0	748.8	991.3	1,003.5	693.4	450.8	461.3	635.7
I. Short -term liabilities	703.6	626.4	878.7	881.1	647.9	450.8	461.3	545.9
1. Short-term trade accounts payable	146.8	122.3	229.0	109.6	53.5	40.6	46.4	36.7
2. Short-term advances from customers	15.1	21.6	34.3	18.7	21.6	10.9	4.8	7.6
3. Taxes and other payables to state authorities	336.4	282.5	381.7	430.0	185.2	78.1	94.3	125.9
4. Payable to employees	7.1	4.3	10.3	6.4	7.4	4.4	3.9	4.6
5. Short-term acrrued expenses	7.5	8.1	4.0	2.8	9.0	8.2	6.1	3.5
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	31.0	31.9	33.4	32.2	91.4	17.7	16.8	18.0
10. Short-term borrowings and financial leases	150.4	148.8	181.2	281.1	276.9	290.8	288.9	345.9
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	9.3	6.9	5.0	0.3	3.0	0.0	0.0	3.7
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	122.4	122.4	112.6	122.4	45.5	0.0	0.0	89.8
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	89.8
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	122.4	122.4	112.6	122.4	45.5	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)	1,306.5	1,235.0	1,224.6	1,145.4	1,579.5	1,877.0	1,927.0	2,154.6
I. Owner's equity	1,306.5	1,235.0	1,224.6	1,145.4	1,579.5	1,877.0	1,927.0	2,154.6
1. Owner's capital	875.2	875.2	875.2	875.2	875.2	875.2	875.2	875.2
- Common stock with voting right	875.2	875.2	875.2	875.2	875.2	875.2	875.2	875.2
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0
2. Share premium	436.7	436.7	436.7	436.7	436.7	436.7	436.7	436.7
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0
4. Other capital of owners	-51.2	-51.2	-51.2	-51.2	-51.2	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	—	—	—	411.1	411.1	495.9	495.9	495.9
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	45.8	-25.8	-36.1	-526.5	-92.4	69.2	119.1	346.7
- Accumulated retained earning at the end of the previous period	-136.5	-91.9	-130.1	-538.3	49.7	161.0	204.8	326.1
- Undistributed earnings in this period	182.2	66.2	93.9	11.9	-142.2	-91.9	-85.7	20.6
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)	2,132.6	1,983.8	2,216.0	2,148.9	2,272.9	2,327.8	2,388.2	2,790.2

Item	Q4'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q1'22
Profit Before Tax	149.0	34.4	13.5	74.0	11.7	-85.7	20.6
Depreciation of Fixed Assets and Investment Property	74.7	31.2	46.1	-80.3	58.3	22.0	24.3
Provision (Increase)/Reversal	-0.6	47.7	—	-69.4	77.3	-7.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	—	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-16.9	-4.7	-2.6	-18.7	-78.4	97.2	-0.2
Interest Expense	4.5	2.5	5.9	-11.4	7.1	4.3	7.9
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	217.1	104.8	62.7	-105.8	75.9	29.9	52.6
Increase/(Decrease) in Receivables	-83.9	-63.6	-39.9	-8.0	79.4	-71.4	-34.7
Increase/(Decrease) in Inventory	-82.3	89.6	-20.7	-19.3	-24.4	43.7	-7.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-149.3	99.5	40.0	143.8	-100.2	-43.7	-12.0
Increase/(Decrease) in Prepaid Expenses	0.7	1.4	8.2	6.9	-14.6	7.7	1.9
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0
Interest Paid	-4.5	-3.9	-6.1	14.1	-7.0	-7.0	-6.2
Corporate Income Tax Paid	-10.5	0.0	-1.9	1.3	-1.3	0.0	0.0
Other Operating Receipts	—	—	—	-0.0	-0.6	0.6	0.0
Other Operating Payments	-0.0	7.1	-9.3	2.5	-2.3	-0.3	-6.6
Net Cash Flow from Operating Activities	-112.8	234.9	33.1	35.5	5.0	-40.5	-12.0
Payments for Fixed Assets and Other Long-term Assets	-11.5	-2.2	-10.0	0.5	-0.5	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	0.2	—	-0.1	0.1	0.0	0.2
Loans and Purchases of Debt Instruments	0.0	0.0	-0.7	21.4	-21.4	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	10.0	18.0	55.1	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	—	—	—	-115.0	0.0	115.0	0.0
Dividends and Interest Income Received	11.5	3.0	2.6	-7.4	-3.3	10.7	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	10.8	19.0	47.0	-100.5	-25.2	125.7	0.2
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	262.4	210.9	183.1	-492.2	323.9	168.3	82.4
Repayment of Borrowings	-293.1	-6.3	-199.2	569.4	-423.0	-146.3	-106.9
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.9	—	—	42.9	-42.9	0.0	-30.8
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	-31.6	-99.9	-16.1	120.1	-142.1	22.0	-55.4
Net Cash Flow During the Period	-133.6	154.0	64.1	55.1	-162.3	107.2	-67.2
Cash and Cash Equivalents at Beginning of Period	146.8	210.9	146.8	0.0	252.3	33.5	73.6
FX Difference from Revaluation	0.0	—	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	231.2	364.8	210.9	0.0	197.2	140.8	6.5

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