SBD

Công nghệ Sao Bắc Đẩu ·UPCOM ·2025Q3

▼▼ Declining sharply

Margins remain under pressure Net margin 77.99%, −4.87pp YoY

Price

8,500

Latest close

04 Jun 2026

P/E 18.68x

P/B 0.75x

EPS 455

BVPS 11,271

ROE 4.0%

ROA 0.9%

Profit Margin 0.8%

Asset Turnover 1.22x

Equity Mult. 4.38x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2025Q3 basis, SBD posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — earnings have been recovering gradually over multiple periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 822bn
	                                
−10.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 6bn
	                                
−87.7%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -3.52x
	                                
negative cash flow vs profit

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Revenue	246.8	247.8	73.9	253.7	214.9	166.1	278.0	261.1	87.7	244.8
Growth	-0%	+235%	-71%	+18%	+29%	-40%	+6%	+198%	-64%	—
Net Income	-0.2	21.1	-15.8	1.3	21.4	0.8	7.9	21.9	-16.2	34.4
Net Margin	-0.06%	8.52%	-21.38%	0.50%	9.96%	0.48%	2.83%	8.40%	-18.43%	14.07%

Drivers of SBD's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Selling expenses ↓ 9.8bn

Finance costs ↓ 4.6bn

Gross profit ↓ 35.3bn

Administrative expenses ↑ 26.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Financial income ↑ 2.4bn

Administrative expenses ↑ 24.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2024Q3 20.4% = 3.4% × 1.35 × 4.42

2025Q3 4.2% = 0.8% × 1.22 × 4.38

ROE fell from 20.4% to 4.2% — all three components weakened, with asset turnover being the main drag.

Net margin: 0.8% -2.7pp Asset turnover: 1.22x -0.13x Leverage: 4.38x -0.04x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 0.78%, losing 4.9pp. The main pressure comes from SG&A / Revenue rose 3.4pp and Gross margin fell 1.9pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.0pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 0.78% −4.9pp

Gross Margin 18.09% −1.9pp

SG&A / Revenue 14.77% +3.4pp

TTM YoY · 2024Q2 -> 2025Q3

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 2.17x −0.15x

Average Invested Capital 379.4bn −17.0bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 2.22x equity, net debt at 1.58x equity.

Inventory ended the period at 156.1bn, roughly 29.1% of total assets.

Over the last 12 months, working capital absorbed 49.8bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −62.4bn

Inventories increased → lower CFO: −75.2bn

Payables increased → higher CFO: +87.8bn

Working Capital Efficiency

Cash conversion cycle lengthened by 13.7 days versus the same period last year. The main moves came from DIO rose 28.6 days, DSO fell 7.5 days, and DPO rose 7.4 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 141.9 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Inventory turnover is slowing

DIO increased by +28.6 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 78.5 days −7.5 days

Inventory 126.8 days +28.6 days

Payables 63.4 days +7.4 days

Cash Conversion Cycle 141.9 days +13.7 days

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.58x and interest coverage only at 0.43x.

At present, short-term debt accounts for 87.9% of total debt, cash equals 25.2% of debt, and total debt stands at 331.0bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.58x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.43x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.58x +0.24x

Interest Coverage 0.43x −1.71x

Cash / Debt 25.2% +12.1pp

Short-term Debt / Total Debt 87.9% +20.7pp

CFO / NI -3.52x −5.69x

TTM YoY · 2024Q2 -> 2025Q3

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -1.8bn in 2024, against investing cash flow of 13.7bn.

Post-investment cash flow was positive +12.0bn. Financing cash flow was negative +24.9bn.

CFO / net income was -3.52x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 21.8bn −134.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is capital efficiency. The main risk still sits in core profitability, with net margin down 4.9 pp.

Watchpoint: Capital efficiency needs cycle context.

Key risk: profitability remains under pressure, with trailing-12M net margin at 77.99% after a 4.9pp decline versus the same period last year.

Statement Data

Item	2024	2023	2022
Revenue	671.7	785.8	871.5
Revenue Deductions	0.0	0.0	0.0
Net Revenue	671.7	785.8	871.5
Cost of Goods Sold	546.3	634.3	718.7
Gross Profit	125.4	151.5	152.8
Financial Income	5.3	3.1	6.2
Financial Expenses	22.9	37.1	35.4
Interest Expense	22.8	35.0	30.5
Share of Associates and Joint Ventures	0.0	0.3	1.7
Selling Expenses	50.0	56.2	39.5
General and Administrative Expenses	44.3	54.3	87.7
Operating Profit	13.4	7.2	-1.9
Other Income	20.8	10.9	16.4
Other Expenses	24.4	5.9	0.9
Other Profit	-3.6	5.0	15.6
Profit Before Tax	9.8	12.2	13.7
Current Income Tax Expense	2.7	5.6	2.3
Deferred Income Tax Expense	0.0	1.2	1.2
Net Income	7.0	5.4	10.3
Non-controlling Interest	0.0	0.1	-2.0
Profit Attributable to Parent	7.0	5.3	12.2
Earnings per Share	505.97	396.00	1,055.00
Diluted EPS	505.97	396.00	946.00

Item	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	380.8	502.3	670.7
I. Cash and cash equivalents	11.8	25.0	6.9
1. Cash	9.1	7.0	6.9
2. Cash equivalents	2.7	18.0	0.0
II. Short-term financial investments	0.0	6.6	0.0
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	0.0	6.6	0.0
III. Short-term receivables	212.5	284.7	466.9
1. Short-term trade accounts receivable	154.1	220.8	416.7
2. Short-term prepayments to suppliers	5.5	19.5	5.3
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	5.0	0.0	0.9
6. Other short-term receivables	61.8	76.7	63.7
7. Provision for short-term doubtful debts (*)	-13.8	-32.3	-19.7
8. Assets awaiting resolution	0.0	0.0	0.0
IV. Inventories	156.1	185.5	196.5
1. Inventories	156.1	185.5	196.5
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0
V. Other short-term assets	0.4	0.5	0.5
1. Short-term prepayments	0.3	0.4	0.1
2. Value added tax to be reclaimed	0.1	0.0	0.3
3. Taxes and other receivables from state authorities	0.0	0.0	0.0
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)	155.8	143.2	118.3
I. Long-term receivables	31.1	26.4	24.0
1. Long-term trade receivables	20.8	19.2	19.2
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	0.0	0.0
6. Other long-term receivables	10.3	7.3	4.9
7. Provision for long-term doubtful debts	0.0	0.0	0.0
II. Fixed assets	91.5	94.3	67.6
1. Tangible fixed assets	49.4	59.6	55.4
- Cost	128.1	182.1	157.5
- Accumulated depreciation	-78.7	-122.5	-102.0
2. Financial leased fixed assets	33.7	26.6	9.6
- Cost	50.4	42.5	27.1
- Accumulated depreciation	-16.8	-15.9	-17.5
3. Intangible fixed assets	8.4	8.1	2.6
- Cost	13.0	12.3	5.6
- Accumulated depreciation	-4.6	-4.2	-2.9
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	1.7	5.0	6.3
1. Long-term production in progress	0.0	0.0	0.0
2. Construction in progress	1.7	5.0	6.3
V. Long-term financial investments	24.9	10.0	10.6
1. Investments in subsidiaries	42.0	0.0	0.0
2. Investments in associates, joint-ventures	10.5	10.0	10.6
3. Investments in other entities	1.2	1.2	1.2
4. Provision for diminution in value of long-term investments	-28.8	-1.2	-1.2
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	6.6	7.4	9.8
1. Long-term prepayments	6.6	7.4	9.2
2. Deferred income tax assets	0.0	0.0	0.6
3. Long-term equipment, supplies, spare parts	0.0	0.0	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)	536.6	645.5	789.0
A. LIABILITIES (300=210+330)	370.1	499.5	661.8
I. Short -term liabilities	337.7	481.6	649.1
1. Short-term trade accounts payable	31.3	127.3	205.2
2. Short-term advances from customers	22.8	28.5	57.6
3. Taxes and other payables to state authorities	2.4	5.4	7.8
4. Payable to employees	6.7	7.2	7.4
5. Short-term acrrued expenses	7.9	12.5	10.1
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	4.9	9.8	9.1
9. Other short-term payables	13.2	8.6	24.8
10. Short-term borrowings and financial leases	247.1	282.3	327.1
11. Provision for short-term liabilities	1.5	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0
13. Price stabilization fund	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0
II. Long-term liabilities	32.4	17.9	12.7
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	32.3	15.0	9.5
9. Convertible bonds	0.0	0.0	0.0
10. Preferred stock (Debts)	0.00	0.00	0.00
11. Deferred income tax liabilities	0.0	2.4	1.8
12. Provision for long-term liabilities	0.0	0.0	0.0
13. Fund for technology development	0.0	0.6	1.5
14. Provision for severance allowances	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	166.5	145.9	127.2
I. Owner's equity	166.5	145.9	127.2
1. Owner's capital	139.2	135.1	121.8
- Common stock with voting right	139,164,800,000.00	135,146,800,000.00	121,783,800,000.00
- Preferred stock	0.00	0.00	0.00
2. Share premium	-0.0	0.0	0.0
3. Convertible bond option	0.0	0.0	0.0
4. Other capital of owners	0.0	0.0	0.0
5. Treasury shares	0.00	0.00	0.00
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	0.0	0.0	0.0
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	27.4	9.9	4.6
- Accumulated retained earning at the end of the previous period	20.3	4.6	0.8
- Undistributed earnings in this period	7.0	5.3	3.8
12. Reserves for investment in construction	0.0	0.0	0.0
13. Minority's interest	0.0	0.8	0.8
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)	536.6	645.5	789.0

Item	2024	2023	2022
Profit Before Tax	10.1	12.2	13.7
Depreciation of Fixed Assets and Investment Property	32.1	30.0	34.3
Provision (Increase)/Reversal	-26.6	12.5	20.7
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.5	-2.2
Gain/Loss from Investment Activities	-6.7	-4.1	-2.1
Interest Expense	23.6	35.0	30.5
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	-0.9	0.0	0.0
Operating Profit Before Changes in Working Capital	31.7	86.2	95.0
Increase/(Decrease) in Receivables	103.2	157.1	9.1
Increase/(Decrease) in Inventory	28.6	11.0	-58.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-135.9	-114.8	81.1
Increase/(Decrease) in Prepaid Expenses	-2.0	1.4	3.1
Changes in Trading Securities	0.0	0.0	0.0
Interest Paid	-23.6	-34.9	-30.1
Corporate Income Tax Paid	-3.7	-6.7	-0.0
Other Operating Receipts	0.0	0.0	0.0
Other Operating Payments	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-1.8	99.3	99.3
Payments for Fixed Assets and Other Long-term Assets	0.0	-42.7	-9.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	10.8	20.7	0.0
Loans and Purchases of Debt Instruments	-5.0	-6.6	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	6.6	0.0	1.0
Investments in Other Entities	0.0	0.0	-3.9
Proceeds from Investments in Other Entities	0.0	1.0	1.3
Dividends and Interest Income Received	1.3	0.8	0.3
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	13.7	-26.8	-10.4
Proceeds from Equity Issuance and Capital Contributions	4,018,000,000.00	13,363,000,000.00	0.00
Share Repurchases	0.00	0.00	0.00
Proceeds from Borrowings	576.9	580.9	612.3
Repayment of Borrowings	-593.7	-635.6	-690.4
Repayment of Finance Leases	-12.1	-12.9	-11.8
Dividends Paid	0.0	-0.0	-0.1
Other Financing Receipts	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-24.9	-54.2	-90.0
Net Cash Flow During the Period	-12.9	18.3	-1.1
Cash and Cash Equivalents at Beginning of Period	25.0	6.9	7.9
FX Difference from Revaluation	0.0	-0.1	0.0
Cash and Cash Equivalents at End of Period	12.1	25.0	6.9

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Revenue	246.8	247.8	73.9	253.7	214.9	166.1	278.0	261.1	87.7	244.8
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	246.8	247.8	73.9	253.7	214.9	166.1	278.0	261.1	87.7	244.8
Cost of Goods Sold	204.1	199.5	58.8	211.1	171.9	128.5	233.2	202.5	74.1	182.4
Gross Profit	42.7	48.3	15.2	42.6	43.0	37.6	44.9	58.6	13.6	62.4
Financial Income	2.9	0.1	0.9	0.3	0.5	0.1	0.5	3.4	0.9	0.6
Financial Expenses	5.1	4.7	4.9	7.3	4.6	7.5	5.0	9.5	10.5	-9.1
Interest Expense	5.0	4.7	5.0	5.8	5.2	6.3	9.2	9.1	10.5	10.4
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	13.4	10.2	12.0	12.8	13.3	14.0	17.8	13.1	12.1	10.4
General and Administrative Expenses	27.3	11.1	14.4	20.1	2.8	15.8	12.1	16.0	11.8	30.1
Operating Profit	-0.3	22.4	-15.2	2.6	22.7	0.5	10.5	23.4	-20.0	31.4
Other Income	3.5	3.8	0.5	2.3	9.5	5.6	2.9	10.5	10.9	4.1
Other Expenses	3.2	3.0	1.1	2.9	9.8	5.2	1.6	11.7	7.0	0.4
Other Profit	0.3	0.7	-0.6	-0.6	-0.4	0.4	1.3	-1.2	3.8	3.7
Profit Before Tax	-0.0	23.1	-15.8	2.1	22.3	0.9	11.9	22.2	-16.2	35.1
Current Income Tax Expense	0.2	2.0	—	0.8	0.9	0.1	4.0	0.3	0.0	0.4
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Net Income	-0.2	21.1	-15.8	1.3	21.4	0.8	7.9	21.9	-16.2	34.4
Non-controlling Interest	0.4	-0.2	-0.0	0.1	0.1	0.1	0.0	0.0	0.0	6.6
Profit Attributable to Parent	-0.5	21.3	-15.8	1.2	21.3	0.7	7.8	21.9	-16.2	27.8
Earnings per Share	-11.00	1,516.00	-1,136.00	86.00	1,584.00	59.00	565.00	1,576.00	-1,197.80	2,282.00
Diluted EPS	-38.75	1,532.63	-1,132.31	83.72	1,576.12	50.44	562.00	1,575.36	-1,197.80	2,282.00

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	651.4	463.7	357.9	440.0	438.6	516.1	633.0	619.4	569.8	693.4
I. Cash and cash equivalents	83.5	33.6	14.4	35.9	30.7	31.7	42.0	12.7	5.5	6.9
1. Cash	61.3	20.5	12.4	15.7	21.5	7.1	33.3	12.7	5.5	6.9
2. Cash equivalents	22.2	13.1	2.0	20.2	9.2	24.6	8.6	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	0.5	0.5	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
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
3. Held to maturity investments	—	—	—	0.5	0.5	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	274.7	250.1	176.0	253.7	224.1	301.4	394.8	378.1	347.8	483.6
1. Short-term trade accounts receivable	190.1	161.3	59.2	159.5	136.6	223.0	324.2	319.1	276.5	417.2
2. Short-term prepayments to suppliers	21.5	14.1	42.2	34.9	32.3	19.6	23.0	10.9	18.6	5.6
3. Short-term inter-company receivables	—	—	—	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
5. Short-term loan receivables	—	0.5	—	0.0	0.0	0.0	0.0	3.3	0.9	0.0
6. Other short-term receivables	77.4	88.0	88.4	72.3	73.7	85.3	74.0	70.4	71.5	63.1
7. Provision for short-term doubtful debts (*)	-14.1	-13.8	-13.8	-13.1	-18.4	-26.5	-26.3	-25.6	-19.7	-2.3
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	286.9	178.0	166.0	149.4	181.0	182.5	195.9	226.7	214.9	201.6
1. Inventories	286.9	178.0	166.0	149.4	181.0	182.5	196.0	226.8	214.9	201.6
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	-0.0
V. Other short-term assets	6.2	2.1	1.5	0.5	2.3	0.5	0.2	1.8	1.6	1.3
1. Short-term prepayments	0.2	0.2	0.3	0.4	0.5	0.4	0.2	0.2	0.2	0.1
2. Value added tax to be reclaimed	6.1	1.8	1.2	0.1	1.9	0.0	0.0	1.5	0.7	0.4
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.7	0.7
4. Government bonds	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	105.8	132.5	132.4	164.5	153.6	149.2	121.9	131.6	116.5	117.5
I. Long-term receivables	16.5	35.0	28.8	30.4	11.1	26.4	25.7	24.9	24.5	23.8
1. Long-term trade receivables	25.5	25.5	19.2	19.2	1.7	19.2	19.2	19.2	19.2	19.2
2. Long-term prepayments to suppliers	—	—	—	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
4. Long-term inter-company receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	5.0	5.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	10.2	10.0	10.1	11.3	9.4	7.3	6.5	5.8	5.3	4.6
7. Provision for long-term doubtful debts	-19.2	-5.5	-5.5	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	70.9	79.3	86.3	114.1	117.6	102.6	74.4	81.8	69.2	67.7
1. Tangible fixed assets	34.5	39.0	42.0	59.1	61.9	65.9	42.0	49.4	48.7	54.5
- Cost	—	—	—	141.2	145.9	139.2	114.9	126.3	128.2	173.3
- Accumulated depreciation	—	—	—	-82.1	-84.0	-73.3	-72.9	-76.9	-79.5	-118.9
2. Financial leased fixed assets	28.0	31.4	34.9	45.2	46.4	29.0	24.3	27.1	14.8	10.9
- Cost	—	—	—	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
3. Intangible fixed assets	8.4	8.9	9.3	9.7	9.2	7.7	8.1	5.3	5.7	2.4
- Cost	—	—	—	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
III. Investment properties	—	—	—	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
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	2.4	2.8	1.7	1.7	6.9	5.0	6.2	2.9	7.5	6.3
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	2.4	2.8	1.7	1.7	6.9	5.0	6.2	2.9	7.5	6.3
V. Long-term financial investments	7.7	6.6	6.6	8.5	8.9	7.7	7.7	14.1	6.7	9.7
1. Investments in subsidiaries	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	9.6	8.6	8.6	10.5	10.5	10.5	10.5	12.9	12.9	9.7
3. Investments in other entities	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2
4. Provision for diminution in value of long-term investments	-3.2	-3.2	-3.2	-3.1	-2.8	-3.9	-3.9	0.0	-7.3	-1.2
5. Held to maturity investments	—	—	—	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
VI. Other long-term assets	8.3	8.8	9.1	9.8	9.2	7.4	7.9	8.0	8.6	9.8
1. Long-term prepayments	8.3	8.8	9.1	9.8	9.2	7.4	7.9	7.9	8.6	9.2
2. Deferred income tax assets	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.7
3. Long-term equipment, supplies, spare parts	—	—	—	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
5. Goodwill	—	—	—	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	0.2
TOTAL ASSETS (280=100+200)	757.2	596.2	490.4	604.5	592.2	665.3	754.9	751.0	686.3	811.0
A. LIABILITIES (300=210+330)	600.4	437.1	352.0	448.0	440.7	517.7	600.1	600.8	562.7	671.0
I. Short -term liabilities	560.2	395.3	310.2	396.7	363.6	489.0	574.0	592.1	553.0	659.1
1. Short-term trade accounts payable	140.3	57.1	30.1	79.5	93.6	131.1	137.1	192.7	132.3	209.3
2. Short-term advances from customers	103.9	65.5	64.8	38.8	68.2	28.5	52.7	48.7	61.7	61.4
3. Taxes and other payables to state authorities	2.6	2.6	0.9	4.8	1.7	4.8	6.0	6.1	4.1	6.9
4. Payable to employees	3.5	2.3	5.1	2.9	5.0	8.0	9.6	0.0	7.4	9.0
5. Short-term acrrued expenses	0.7	1.6	3.8	15.3	4.6	19.9	18.5	6.2	10.8	12.6
6. Short-term inter-company payables	—	—	—	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
8. Short-term unearned revenue	5.2	4.9	5.0	7.9	8.8	10.5	11.5	13.1	8.7	9.8
9. Other short-term payables	13.0	12.2	12.1	18.1	24.1	17.2	46.5	23.1	16.1	23.8
10. Short-term borrowings and financial leases	290.9	248.9	186.6	228.0	156.8	269.0	292.2	302.1	311.8	326.2
11. Provision for short-term liabilities	—	—	1.6	1.4	0.8	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	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
II. Long-term liabilities	40.2	41.9	41.9	51.3	77.0	28.7	26.1	8.7	9.7	11.9
1. Long-term trade payables	—	1.7	1.7	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
3. Long-term acrrued expenses	—	—	—	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
5. Long-term inter-company payables	—	—	—	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
7. Other long-term liabilities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	40.2	40.2	40.2	51.2	76.7	28.1	25.4	7.7	8.5	10.3
9. Convertible bonds	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	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
13. Fund for technology development	0.0	0.0	0.0	0.2	0.3	0.6	0.7	1.0	1.2	1.5
14. Provision for severance allowances	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	156.9	159.1	138.3	156.5	151.6	147.6	154.8	150.3	123.6	140.0
I. Owner's equity	156.9	159.1	138.3	156.5	151.6	147.6	154.8	150.3	123.6	140.0
1. Owner's capital	139.2	139.2	139.2	139.2	135.1	135.1	139.2	139.2	135.1	121.8
- Common stock with voting right	139,164,800,000.00	139,164,800,000.00	139,164,800,000.00	139,164,800,000.00	135,146,800,000.00	135,146,800,000.00	139,150,800,000.00	139,150,800,000.00	135,146,800,000.00	121,783,800,000.00
- Preferred stock	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-0.0	-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
4. Other capital of owners	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	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
8. Investment and development fund	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	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
11. Undistributed earnings after tax	17.3	19.4	-1.7	16.6	15.2	11.4	14.7	10.2	-12.4	17.3
- Accumulated retained earning at the end of the previous period	14.1	14.1	14.1	9.9	9.9	4.6	4.6	4.6	4.6	0.9
- Undistributed earnings in this period	3.3	5.3	-15.8	6.7	5.2	6.8	10.1	5.6	-17.0	16.5
12. Reserves for investment in construction	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.4	0.6	0.9	0.7	1.2	1.1	0.9	0.9	0.9	0.8
14. Financial reserves	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	757.2	596.2	490.4	604.5	592.2	665.3	754.9	751.0	686.3	811.0

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q2'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Profit Before Tax	-0.4	21.9	-15.8	3.0	6.2	0.9	13.4	17.2	-16.2	13.7
Depreciation of Fixed Assets and Investment Property	7.0	6.7	7.7	7.3	16.4	8.1	5.4	7.5	8.3	34.3
Provision (Increase)/Reversal	14.5	-1.6	—	-4.9	-9.0	3.3	-7.0	6.7	0.0	20.7
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	0.0	0.0	0.0	-0.4	0.4	0.0	-2.2
Gain/Loss from Investment Activities	-3.9	-0.8	-0.4	-1.6	-0.9	-0.6	-4.7	-21.2	14.1	-2.1
Interest Expense	5.0	4.7	5.0	5.8	11.9	6.3	9.2	9.2	10.4	30.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	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
Amortization of Goodwill	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	-14.6	0.0	-21.9	-9.5	14.4	-14.4	0.0
Operating Profit Before Changes in Working Capital	28.1	33.5	-6.1	-4.9	24.6	-3.9	6.4	34.0	2.3	95.0
Increase/(Decrease) in Receivables	-31.5	-78.7	49.9	-2.1	72.2	85.3	-17.2	201.0	-101.7	9.1
Increase/(Decrease) in Inventory	-98.2	-22.7	-8.7	54.4	-18.4	13.4	50.3	-68.9	19.2	-58.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	111.2	33.7	36.0	-93.1	20.4	-74.5	-27.8	-117.1	100.5	81.1
Increase/(Decrease) in Prepaid Expenses	0.6	0.4	0.4	-0.5	-1.8	0.7	-0.4	0.6	0.5	3.1
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-5.8	-4.0	-5.0	-5.9	-11.7	-6.3	-9.2	-30.0	10.4	-30.1
Corporate Income Tax Paid	0.7	-0.7	-2.7	-0.1	-1.1	0.0	-4.0	-3.0	0.7	-0.0
Other Operating Receipts	—	—	—	0.0	0.0	0.0	0.0	-1.3	1.3	0.0
Other Operating Payments	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	5.0	-38.5	63.8	-52.2	84.3	14.7	-1.9	15.3	33.3	99.3
Payments for Fixed Assets and Other Long-term Assets	-0.2	-0.5	—	4.0	-3.4	1.2	2.2	-8.9	0.0	-9.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.3	6.8	4.6	16.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-0.3	-0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.5	0.0	0.7	0.0	6.1	0.0	7.7	0.1	0.0	1.0
Investments in Other Entities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-3.9
Proceeds from Investments in Other Entities	0.1	0.6	—	-0.2	0.2	0.0	-0.1	0.1	0.0	1.3
Dividends and Interest Income Received	1.6	0.0	0.9	0.1	1.0	0.0	2.6	0.7	0.0	0.3
Increase/(Decrease) in Term Deposits	—	—	—	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
Other Investing Receipts	—	—	—	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
Net Cash Flow from Investing Activities	1.7	-0.1	1.6	4.2	10.8	5.9	28.5	-8.0	0.0	-10.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	4,018,000,000.00	0.00	0.00	0.00	26,726,000,000.00	-13,363,000,000.00	0.00
Share Repurchases	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	233.7	172.8	85.6	178.8	261.4	94.9	208.1	419.8	-141.9	612.3
Repayment of Borrowings	8.5	-107.4	-2.7	-127.9	-341.0	-122.5	-199.6	-439.1	120.6	-690.4
Repayment of Finance Leases	-3.8	-7.8	—	-11.5	0.0	-3.2	-2.5	-7.5	0.0	-11.8
Dividends Paid	—	—	—	9.9	-9.9	0.0	-3.3	-0.0	0.0	-0.1
Other Financing Receipts	—	—	—	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
Net Cash Flow from Financing Activities	43.4	57.6	-62.3	53.2	-89.4	-30.8	2.7	-0.1	-34.6	-90.0
Net Cash Flow During the Period	50.1	19.0	3.1	5.3	5.7	-10.2	29.2	7.2	-1.3	-1.1
Cash and Cash Equivalents at Beginning of Period	33.4	14.4	11.2	25.0	25.0	6.9	6.9	6.9	6.9	7.9
FX Difference from Revaluation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	83.5	33.4	14.4	35.9	30.7	31.7	42.0	12.7	5.5	6.9

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SBD

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Cash Flow