SC5

Listed Company · HOSE

Price

15,000

Latest close

27 Mar 2026

P/E 5.5x

EPS (TTM) 2,744

ROE (TTM) 10.2%

P/B 0.5x

BVPS (Latest) 28,252

ROA (TTM) 1.7%

What Is Changing

SC5 has not yet shown a broad-based top-line recovery. Revenue posted -9.2% YoY, but net margin reached 1.64% with an additional +0.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 41.1bn in 2025.
Revenue decreased 9.2% YoY to VND 2,503.9bn in 2025.
Net margin improved from 1.34% in the prior period to 1.64% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	2,503.9	2,756.9	2,607.7	2,609.2	1,729.0
Growth	-9%	+6%	-0%	+51%	—
Net Income	41.1	37.0	36.4	22.5	34.0
Net Margin	1.64%	1.34%	1.40%	0.86%	1.96%

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	999.0	554.1	482.9	467.8	915.0	574.0	498.9	768.9	1,237.9	429.8	653.7	286.4
Growth	+80%	+15%	+3%	-49%	+59%	+15%	-35%	-38%	+188%	-34%	+128%	—
Net Income	19.7	5.8	11.0	4.5	13.7	6.5	5.9	10.9	13.7	5.8	9.4	7.9
Net Margin	1.98%	1.05%	2.28%	0.97%	1.50%	1.13%	1.19%	1.42%	1.11%	1.36%	1.43%	2.76%

Financial Statements

Profitability

Net margin reached 1.64% while Revenue posted -9.2% YoY.

Balance Sheet

Inventory stood at 1,263.3bn, liabilities at 2,329.7bn, and equity at 423.3bn.

Cash Flow

Operating cash flow was 298.8bn in 2025, while investing cash flow was 11.4bn.

Financing cash flow: -90.5bn.

Item	2025	2024	2023	2022	2021
Revenue	2,503.9	2,756.9	2,607.7	2,609.2	1,729.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	2,503.9	2,756.9	2,607.7	2,609.2	1,729.0
Cost of Goods Sold	2,360.0	2,632.0	2,504.5	2,540.1	0.0
Gross Profit	143.9	124.9	103.2	69.1	83.7
Financial Income	4.1	8.8	17.5	11.3	8.0
Financial Expenses	66.7	50.5	42.1	30.1	-30.4
Interest Expense	66.7	50.4	42.1	30.0	-30.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	0.1	0.8	1.5	1.4	-1.3
General and Administrative Expenses	29.1	30.3	27.0	20.6	-17.0
Operating Profit	52.1	52.2	50.2	28.3	43.1
Other Income	0.1	0.1	0.1	0.4	0.0
Other Expenses	0.1	1.5	0.2	0.2	0.0
Other Profit	0.0	-1.4	-0.2	0.2	-0.1
Profit Before Tax	52.1	50.8	50.0	28.4	43.0
Current Income Tax Expense	11.0	13.7	13.6	5.9	-9.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	41.1	37.0	36.4	22.5	34.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	41.1	37.0	36.4	22.5	34.0
Earnings per Share	2,744.00	2,472.00	2,187.00	1,279.00	2,265.91
Diluted EPS	2,744.00	2,472.00	2,429.71	1,279.00	2,265.91

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	2,680.8	2,063.3	2,458.0	2,309.6	2,285.4
I. Cash and cash equivalents	420.3	200.6	603.0	510.5	422.7
1. Cash	116.4	196.7	462.0	130.5	0.0
2. Cash equivalents	303.9	3.9	141.0	380.0	0.0
II. Short-term financial investments	—	7.3	32.7	32.5	0.0
1. Available for sale securities	—	0.0	13.0	13.0	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	—	7.3	19.7	19.5	0.0
III. Short-term receivables	851.1	862.5	885.1	895.9	964.2
1. Short-term trade accounts receivable	598.1	535.6	546.9	384.9	0.0
2. Short-term prepayments to suppliers	215.0	121.7	133.2	262.6	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	37.9	205.1	205.0	248.3	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	1,263.3	883.9	849.8	803.5	831.7
1. Inventories	1,263.3	883.9	849.8	803.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	146.1	109.0	87.4	67.2	53.7
1. Short-term prepayments	0.7	0.4	3.1	0.5	0.0
2. Value added tax to be reclaimed	145.2	108.5	84.1	64.9	0.0
3. Taxes and other receivables from state authorities	0.2	0.1	0.1	1.8	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)	72.3	78.1	82.0	102.6	109.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	8.9	10.4	56.9	59.2	63.1
1. Tangible fixed assets	8.9	10.4	56.9	59.2	63.1
- Cost	30.1	30.1	110.4	109.0	0.0
- Accumulated depreciation	-21.3	-19.8	-53.5	-49.9	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	—	0.0	0.0	0.0	0.0
- Cost	0.9	0.9	0.9	0.9	0.0
- Accumulated depreciation	-0.9	-0.9	-0.9	-0.9	0.0
III. Investment properties	43.3	46.1	0.0	0.0	0.0
- Cost	84.0	84.0	0.0	0.0	0.0
- Accumulated depreciation	-40.7	-37.9	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	13.0	13.0	20.0	40.0	43.0
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	13.0	13.0	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	20.0	40.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	7.1	8.5	5.0	3.4	0.0
1. Long-term prepayments	7.1	8.5	5.0	3.4	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	3.5
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)	2,753.0	2,141.4	2,540.0	2,412.2	2,395.0
A. LIABILITIES (300=210+330)	2,329.7	1,757.3	2,184.8	2,075.0	2,046.5
I. Short -term liabilities	2,304.7	1,729.0	2,152.0	2,040.7	2,012.1
1. Short-term trade accounts payable	516.8	489.0	581.0	418.5	407.4
2. Short-term advances from customers	901.3	203.9	774.5	934.5	1,062.4
3. Taxes and other payables to state authorities	2.9	1.1	3.2	0.0	0.0
4. Payable to employees	0.1	0.7	2.2	2.0	0.0
5. Short-term acrrued expenses	0.1	40.3	2.4	5.8	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	1.2	19.2	40.5	70.4	0.0
10. Short-term borrowings and financial leases	876.9	967.4	740.6	601.8	483.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	5.3	7.4	7.6	7.8	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	25.0	28.3	32.8	34.3	34.4
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.1	0.1
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	25.0	28.3	25.0	26.3	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	7.8	7.8	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)	423.3	384.1	355.2	337.1	348.5
I. Owner's equity	423.3	384.1	355.2	337.1	0.0
1. Owner's capital	149.8	149.8	149.8	149.8	348.5
- Common stock with voting right	149.8	149.8	149.8	149.8	149.8
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	20.9	20.9	20.9	20.9	20.9
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	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	136.9	136.9	73.7	73.7	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	115.6	76.4	110.7	92.7	104.0
- Accumulated retained earning at the end of the previous period	74.5	39.3	74.3	70.2	97.4
- Undistributed earnings in this period	41.1	37.0	36.4	22.5	6.6
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)	2,753.0	2,141.4	2,540.0	2,412.2	2,395.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	52.1	50.8	50.0	28.4	43.0
Depreciation of Fixed Assets and Investment Property	4.3	4.2	4.1	4.0	4.1
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-4.1	-6.5	-17.1	-11.3	0.0
Interest Expense	66.7	50.5	42.1	30.0	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	119.1	98.9	78.9	51.1	62.2
Increase/(Decrease) in Receivables	-26.1	3.5	-8.5	52.2	0.0
Increase/(Decrease) in Inventory	-379.4	-34.1	-41.3	33.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	666.8	-652.0	-30.3	-89.2	0.0
Increase/(Decrease) in Prepaid Expenses	1.2	0.4	-4.3	3.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-69.6	-56.9	-48.8	-36.4	0.0
Corporate Income Tax Paid	-9.2	-15.8	-8.7	-6.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.9	-3.8	-3.6	-3.6	0.0
Net Cash Flow from Operating Activities	298.8	-659.9	-66.5	4.8	132.7
Payments for Fixed Assets and Other Long-term Assets	—	-3.7	-1.9	0.0	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	-0.2	-16.5	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	20.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	7.3	32.4	0.0	0.0	0.0
Dividends and Interest Income Received	4.1	6.5	17.1	11.3	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	11.4	35.1	35.1	-5.2	6.7
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	2,352.1	2,303.6	1,820.4	1,756.1	1,046.4
Repayment of Borrowings	-2,442.6	-2,076.8	-1,681.6	-1,638.0	-1,076.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-4.5	-15.0	-30.0	-30.0
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	-90.5	222.3	123.8	88.1	-60.0
Net Cash Flow During the Period	219.7	-402.4	92.4	87.8	72.5
Cash and Cash Equivalents at Beginning of Period	200.6	603.0	510.5	422.7	343.3
FX Difference from Revaluation	—	0.0	0.1	-0.0	0.0
Cash and Cash Equivalents at End of Period	420.3	200.6	603.0	510.5	422.7

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	999.0	554.1	482.9	467.8	915.0	574.0	498.9	768.9	1,237.9	429.8	653.7	286.4
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	999.0	554.1	482.9	467.8	915.0	574.0	498.9	768.9	1,237.9	429.8	653.7	286.4
Cost of Goods Sold	949.7	525.6	448.6	436.0	871.9	545.8	475.3	739.0	1,201.8	407.4	627.8	267.5
Gross Profit	49.3	28.5	34.3	31.8	43.1	28.2	23.6	29.9	36.1	22.4	25.9	18.9
Financial Income	1.8	0.8	1.2	0.4	3.1	1.3	2.1	2.3	4.0	6.4	2.1	4.5
Financial Expenses	17.4	16.2	15.2	17.9	14.1	13.6	11.5	11.3	11.9	10.9	11.0	8.2
Interest Expense	17.4	16.2	15.2	17.9	14.1	13.6	11.5	11.3	11.9	10.9	11.0	8.2
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	0.1	0.1	0.3	0.2	0.3	0.4	0.3	0.5	0.3
General and Administrative Expenses	8.6	5.8	6.6	8.0	8.9	7.5	6.7	7.1	8.3	8.2	5.2	5.0
Operating Profit	25.0	7.3	13.6	6.1	23.1	8.1	7.4	13.6	19.5	9.3	11.4	9.9
Other Income	—	—	—	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	0.1	1.5	0.0	0.0	0.0	0.1	0.1	0.0	0.0
Other Profit	—	—	—	0.0	-1.4	0.0	-0.0	0.0	-0.1	-0.1	0.0	0.0
Profit Before Tax	25.0	7.3	13.6	6.2	21.7	8.1	7.4	13.6	19.4	9.2	11.4	9.9
Current Income Tax Expense	5.3	1.5	2.6	1.6	8.0	1.6	1.5	2.6	5.6	3.4	2.0	2.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	19.7	5.8	11.0	4.5	13.7	6.5	5.9	10.9	13.7	5.8	9.4	7.9
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	19.7	5.8	11.0	4.5	13.7	6.5	5.9	10.9	13.7	5.8	9.4	7.9
Earnings per Share	1,317.25	388.29	735.53	302.89	913.25	432.44	395.00	730.73	916.53	390.28	624.20	527.66
Diluted EPS	1,317.25	388.29	735.53	302.89	913.25	432.44	395.00	730.73	916.53	390.28	624.20	527.66

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)	2,680.8	2,553.9	2,504.8	2,221.0	2,077.6	2,417.7	2,408.4	2,198.7	2,464.6	2,472.7	2,414.6	2,237.2
I. Cash and cash equivalents	420.3	263.4	185.7	108.4	200.6	271.5	343.7	308.4	602.9	252.2	415.6	237.9
1. Cash	116.4	159.5	181.9	54.5	196.7	117.6	339.9	187.4	461.9	182.1	235.6	57.9
2. Cash equivalents	303.9	103.9	3.9	53.9	3.9	153.9	3.9	121.0	141.0	70.0	180.0	180.0
II. Short-term financial investments	—	7.3	7.3	7.3	20.3	20.3	25.7	29.9	32.7	32.7	32.5	32.5
1. Available for sale securities	—	—	—	—	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0
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	—	7.3	7.3	7.3	7.3	7.3	12.7	16.9	19.7	19.7	19.5	19.5
III. Short-term receivables	851.1	683.2	715.0	870.1	862.5	899.2	829.2	802.5	909.8	1,022.7	937.6	953.4
1. Short-term trade accounts receivable	598.1	346.3	449.6	472.3	535.6	513.2	438.7	403.4	546.9	411.7	466.3	360.6
2. Short-term prepayments to suppliers	215.0	176.7	112.0	205.1	121.7	151.1	123.3	131.7	133.2	372.7	239.4	363.8
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	37.9	160.1	153.5	192.7	205.1	234.9	267.3	267.4	229.7	238.3	232.0	229.0
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	1,263.3	1,436.4	1,435.7	1,111.0	883.9	1,101.0	1,090.5	953.3	831.8	1,062.6	944.7	928.1
1. Inventories	1,263.3	1,436.4	1,435.7	1,111.0	883.9	1,101.0	1,090.5	953.3	831.8	1,062.6	944.7	928.1
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	146.1	163.6	161.0	124.2	110.2	125.7	119.3	104.5	87.4	102.5	84.2	85.2
1. Short-term prepayments	0.7	0.6	0.5	0.5	1.6	0.5	2.0	2.5	3.1	3.6	2.0	2.4
2. Value added tax to be reclaimed	145.2	161.7	160.3	121.9	108.5	123.1	115.3	101.2	84.1	95.8	81.9	81.3
3. Taxes and other receivables from state authorities	0.2	1.3	0.3	1.8	0.1	2.1	2.0	0.8	0.1	3.2	0.2	1.5
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)	72.3	73.5	74.8	76.6	63.8	61.4	61.4	80.6	82.0	83.2	105.3	101.2
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	8.9	9.2	9.6	10.0	10.4	7.0	54.9	55.8	56.9	57.9	58.6	58.2
1. Tangible fixed assets	8.9	9.2	9.6	10.0	10.4	7.0	54.9	55.8	56.9	57.9	58.6	58.2
- Cost	—	—	—	—	30.1	26.4	110.5	110.4	110.4	110.3	110.0	109.0
- Accumulated depreciation	—	—	—	—	-19.8	-19.4	-55.6	-54.6	-53.5	-52.4	-51.4	-50.9
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	—	—	—	—	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
III. Investment properties	43.3	44.0	44.7	45.4	46.1	46.8	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	13.0	13.0	13.0	13.0	0.0	0.0	0.0	20.0	20.0	20.0	40.0	40.0
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	13.0	13.0	13.0	13.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	20.0	20.0	20.0	40.0	40.0
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	7.1	7.3	7.5	8.2	7.3	7.6	6.5	4.7	5.0	5.3	6.7	3.0
1. Long-term prepayments	7.1	7.3	7.5	8.2	7.3	7.6	6.5	4.7	5.0	5.3	6.7	3.0
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)	2,753.0	2,627.4	2,579.6	2,297.6	2,141.4	2,479.1	2,469.8	2,279.3	2,546.6	2,555.9	2,520.0	2,338.4
A. LIABILITIES (300=210+330)	2,329.7	2,223.8	2,180.0	1,909.0	1,757.3	2,108.7	2,105.9	1,913.1	2,190.9	2,214.0	2,165.6	1,993.3
I. Short -term liabilities	2,304.7	2,198.4	2,151.5	1,880.6	1,729.0	2,080.6	2,080.8	1,880.2	2,158.1	2,178.9	2,130.7	1,958.8
1. Short-term trade accounts payable	516.8	462.2	541.5	447.3	489.0	370.8	430.1	389.6	588.1	433.8	395.9	287.6
2. Short-term advances from customers	901.3	756.5	615.9	240.1	203.9	558.0	721.4	755.6	774.5	1,053.8	1,140.4	1,104.3
3. Taxes and other payables to state authorities	2.9	—	0.2	—	1.1	0.0	0.0	0.0	2.7	0.0	0.7	0.0
4. Payable to employees	0.1	0.2	0.3	0.2	0.7	2.2	2.5	2.5	2.2	2.3	2.0	2.0
5. Short-term acrrued expenses	0.1	—	1.1	1.3	40.3	0.6	3.3	0.8	2.0	5.5	13.0	0.7
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	1.2	1.8	13.8	26.9	19.2	48.5	39.9	35.9	40.5	77.5	55.5	60.2
10. Short-term borrowings and financial leases	876.9	971.8	974.3	1,159.9	967.4	1,092.9	875.5	690.7	740.6	597.7	518.1	498.2
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	5.3	5.9	4.3	4.8	7.4	7.6	8.0	5.0	7.6	8.1	5.2	5.8
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	25.0	25.4	28.6	28.4	28.3	28.1	25.1	33.0	32.8	35.1	34.8	34.6
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	0.1	0.1
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	25.0	25.4	28.6	28.4	28.3	28.1	25.1	25.1	25.0	27.3	26.9	26.6
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	7.8	7.8	7.8	7.8	7.8
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)	423.3	403.6	399.6	388.6	384.1	370.4	363.9	366.1	355.6	341.9	354.4	345.0
I. Owner's equity	423.3	403.6	399.6	388.6	384.1	370.4	363.9	366.1	355.6	341.9	354.4	345.0
1. Owner's capital	149.8	149.8	149.8	149.8	149.8	149.8	149.8	149.8	149.8	149.8	149.8	149.8
- Common stock with voting right	149.8	149.8	149.8	149.8	149.8	149.8	149.8	149.8	149.8	149.8	149.8	149.8
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9	20.9
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	-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	136.9	136.9	136.9	136.9	136.9	136.9	136.9	73.7	73.7	73.7	73.7	73.7
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	115.6	95.9	91.9	80.9	76.4	62.7	56.2	121.7	111.2	97.4	110.0	100.6
- Accumulated retained earning at the end of the previous period	74.5	74.5	76.4	76.4	62.7	56.2	50.3	110.7	97.4	91.6	100.6	92.7
- Undistributed earnings in this period	41.1	21.4	15.6	4.5	13.7	6.5	5.9	10.9	13.7	5.8	9.4	7.9
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)	2,753.0	2,627.4	2,579.6	2,297.6	2,141.4	2,479.1	2,469.8	2,279.3	2,546.6	2,555.9	2,520.0	2,338.4

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	25.0	7.3	13.6	6.2	21.7	8.1	7.4	13.6	19.5	9.2	11.4	9.9
Depreciation of Fixed Assets and Investment Property	1.0	1.1	1.1	1.1	1.0	1.0	1.0	1.1	1.1	1.0	1.0	1.0
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	0.8	-0.8	-0.1	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.8	-0.8	-1.2	-0.4	-3.0	-1.3	-0.6	-1.4	-4.3	-6.3	-2.1	-4.5
Interest Expense	17.4	16.2	15.2	17.9	14.1	13.6	11.5	11.3	11.9	10.9	11.0	8.2
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	41.8	23.7	28.8	24.8	33.8	21.5	20.1	23.7	28.1	14.9	21.3	14.6
Increase/(Decrease) in Receivables	-151.2	30.3	117.0	-22.2	61.9	-76.3	-40.2	69.3	149.3	-98.9	15.1	-73.9
Increase/(Decrease) in Inventory	173.1	-0.6	-324.7	-227.1	218.2	-9.0	-135.9	-102.2	214.1	-116.7	-15.3	-123.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	198.5	45.1	459.3	-36.1	-235.2	-211.7	-0.2	-220.3	-159.7	-48.4	152.0	25.9
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	0.8	0.2	-0.9	0.5	-1.3	0.9	0.8	-0.2	-3.3	-1.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-17.5	-16.3	-17.7	-18.2	-17.1	-15.1	-12.8	-11.9	-13.2	-12.2	-12.0	-11.4
Corporate Income Tax Paid	-1.5	-2.6	-1.2	-4.0	-5.2	-1.5	-2.6	-6.6	0.0	-7.0	0.0	-1.6
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.5	-0.3	-0.5	-2.6	-0.2	-0.5	-0.6	-2.6	-0.6	-0.5	-0.5	-2.0
Net Cash Flow from Operating Activities	242.8	79.3	261.8	-285.1	55.4	-292.1	-173.4	-249.7	218.8	-268.9	157.1	-173.5
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	-3.7	0.0	-0.0	0.0	-0.2	-0.3	-1.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	-2.8	2.8	-20.0	19.8	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	5.4	27.0	0.0	20.0	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	7.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.8	0.8	1.2	0.4	3.0	1.3	0.6	1.4	4.3	6.3	2.0	4.5
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	9.1	0.8	1.2	0.4	-0.7	6.7	24.7	4.1	4.1	25.8	0.7	4.5
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	482.4	652.3	583.3	634.1	571.5	503.0	456.3	772.8	479.1	464.6	380.9	495.8
Repayment of Borrowings	-577.3	-654.7	-768.9	-441.6	-697.1	-285.5	-271.5	-822.7	-336.2	-384.9	-361.1	-599.4
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	-4.3	0.0	0.0	-15.0	0.0	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	-95.0	-2.5	-185.6	192.5	-125.5	213.2	184.8	-49.9	127.9	79.6	19.9	-103.6
Net Cash Flow During the Period	156.9	77.7	77.4	-92.3	-70.8	-72.3	36.1	-295.4	350.8	-163.5	177.7	-272.6
Cash and Cash Equivalents at Beginning of Period	263.4	185.7	108.4	200.6	603.0	603.0	603.0	603.0	510.5	510.5	510.5	510.5
FX Difference from Revaluation	—	—	—	—	0.0	0.0	-0.8	0.8	0.1	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	420.3	263.4	185.7	108.4	200.6	271.5	343.7	308.4	603.0	252.2	415.6	237.9

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SC5

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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