SCG

Listed Company · HNX

Price

62,000

Latest close

02 Apr 2026

P/E 16.6x

EPS (TTM) 3,739

ROE (TTM) 21.2%

P/B 3.1x

BVPS (Latest) 19,733

ROA (TTM) 3.1%

What Is Changing

SCG no longer looks like a business simply rebounding from a weak base. Revenue posted +141.1% YoY, while net margin reached 4.95% with an additional -2.4pp 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 323.1bn in 2025.
Revenue increased 141.1% YoY to VND 6,520.6bn in 2025.
Net margin declined from 7.33% in the prior period to 4.95% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	6,520.6	2,705.1	793.6	1,742.1	2,857.3
Growth	+141%	+241%	-54%	-39%	—
Net Income	323.1	198.3	21.1	35.7	162.8
Net Margin	4.95%	7.33%	2.66%	2.05%	5.70%

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	3,181.4	1,301.0	1,775.1	263.2	1,309.0	677.4	552.9	165.9	301.5	277.0	178.9	130.8
Growth	+145%	-27%	+574%	-80%	+93%	+23%	+233%	-45%	+9%	+55%	+37%	—
Net Income	139.8	72.1	95.0	10.9	29.1	37.1	115.1	8.0	7.5	13.3	-1.0	-5.3
Net Margin	4.40%	5.54%	5.35%	4.13%	2.22%	5.48%	20.81%	4.82%	2.49%	4.79%	-0.56%	-4.05%

Financial Statements

Profitability

Net margin reached 4.95% while Revenue posted +141.1% YoY.

Balance Sheet

Inventory stood at 2,239.0bn, liabilities at 10,079.8bn, and equity at 1,682.6bn.

Cash Flow

Operating cash flow was 1,595.1bn in 2025, while investing cash flow was -227.0bn.

Financing cash flow: -1,388.6bn.

Item	2025	2024	2023	2022	2021
Revenue	6,520.6	2,705.1	793.6	1,742.1	2,857.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	6,520.6	2,705.1	793.6	1,742.1	2,857.3
Cost of Goods Sold	6,016.4	2,443.4	740.6	1,608.8	0.0
Gross Profit	504.2	261.7	53.0	133.3	242.5
Financial Income	361.0	380.4	477.5	268.2	168.8
Financial Expenses	367.8	333.4	434.9	225.4	-152.1
Interest Expense	361.2	329.9	430.4	222.5	-151.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.2	0.5	-0.1
General and Administrative Expenses	93.5	77.8	66.6	88.7	-54.7
Operating Profit	403.8	230.8	28.7	86.8	204.5
Other Income	4.1	1.3	0.9	1.1	0.0
Other Expenses	3.0	4.5	5.0	9.0	0.0
Other Profit	1.2	-3.1	-4.0	-7.9	-0.7
Profit Before Tax	405.0	227.7	24.7	79.0	203.7
Current Income Tax Expense	82.0	29.4	3.6	42.6	-40.9
Deferred Income Tax Expense	—	0.0	0.0	0.7	0.0
Net Income	323.1	198.3	21.1	35.7	162.8
Non-controlling Interest	-0.0	0.5	0.8	2.5	1.1
Profit Attributable to Parent	323.1	197.8	20.4	33.3	161.7
Earnings per Share	3,801.00	2,327.00	239.00	392.00	2,815.00
Diluted EPS	3,801.21	2,327.30	239.47	391.54	1,902.33

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	11,741.7	6,988.8	5,204.7	5,965.8	4,593.0
I. Cash and cash equivalents	57.6	78.1	117.4	29.5	227.3
1. Cash	57.6	78.1	117.4	29.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	230.0	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	230.0	0.0
III. Short-term receivables	9,444.8	6,162.4	4,742.3	5,430.4	4,181.6
1. Short-term trade accounts receivable	4,787.5	2,846.5	1,474.2	2,105.6	0.0
2. Short-term prepayments to suppliers	2,994.3	2,240.9	2,287.8	2,284.5	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	1,511.3	950.8	534.2	899.6	0.0
6. Other short-term receivables	151.7	124.2	446.0	140.7	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	2,239.0	731.4	316.3	272.7	183.2
1. Inventories	2,251.6	742.7	316.3	272.7	0.0
2. Provision for decline in value of inventories	-12.6	-11.3	0.0	0.0	0.0
V. Other short-term assets	0.3	16.9	28.8	3.2	0.9
1. Short-term prepayments	0.3	0.2	0.0	0.1	0.0
2. Value added tax to be reclaimed	—	16.7	28.8	3.1	0.0
3. Taxes and other receivables from state authorities	—	0.0	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)	20.6	1,512.7	1,594.3	1,539.5	280.3
I. Long-term receivables	—	1,500.0	1,567.8	1,500.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	1,500.0	1,500.0	1,500.0	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	67.8	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	6.5	6.4	7.7	10.0	9.9
1. Tangible fixed assets	5.5	6.1	7.2	9.1	8.6
- Cost	16.3	15.2	14.2	14.1	0.0
- Accumulated depreciation	-10.8	-9.1	-7.0	-5.0	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	1.0	0.2	0.6	0.9	1.3
- Cost	2.9	1.8	1.8	1.8	0.0
- Accumulated depreciation	-1.9	-1.6	-1.3	-0.9	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	0.8	0.8	0.8	0.8	2.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.8	0.8	0.8	0.8	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	230.0
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	13.4	5.6	18.0	28.7	0.0
1. Long-term prepayments	13.2	5.4	17.9	28.6	0.0
2. Deferred income tax assets	0.2	0.2	0.2	0.2	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	38.2
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)	11,762.4	8,501.5	6,799.0	7,505.3	4,873.3
A. LIABILITIES (300=210+330)	10,079.8	7,142.0	5,637.8	6,365.2	3,756.7
I. Short -term liabilities	9,422.7	6,668.9	4,156.1	6,247.6	2,162.1
1. Short-term trade accounts payable	1,226.9	1,066.9	676.0	882.6	737.1
2. Short-term advances from customers	2,466.2	293.7	227.7	612.5	59.3
3. Taxes and other payables to state authorities	123.0	31.3	38.1	70.2	0.0
4. Payable to employees	32.7	24.3	15.6	18.1	0.0
5. Short-term acrrued expenses	3,298.3	1,408.1	1,063.1	1,173.5	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	12.4	9.5	113.3	22.2	0.0
10. Short-term borrowings and financial leases	2,263.2	3,834.9	2,022.3	3,468.4	12.4
11. Provision for short-term liabilities	—	0.0	0.1	0.1	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	657.0	473.1	1,481.7	117.6	1,594.6
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	473.1	473.1	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	183.9	0.0	1,481.7	117.6	1,594.6
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)	1,682.6	1,359.5	1,161.2	1,140.1	1,116.6
I. Owner's equity	1,682.6	1,359.5	1,161.2	1,140.1	0.0
1. Owner's capital	850.0	850.0	850.0	850.0	1,116.6
- Common stock with voting right	850.0	850.0	850.0	850.0	850.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	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	—	0.0	0.0	0.0	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	819.6	496.5	298.6	278.3	257.3
- Accumulated retained earning at the end of the previous period	496.5	298.6	278.3	245.0	95.6
- Undistributed earnings in this period	323.1	197.8	20.4	33.3	161.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	13.2	13.2	12.7	12.0	9.5
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)	11,762.4	8,501.5	6,799.0	7,505.3	4,873.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	405.0	227.7	24.7	79.0	203.7
Depreciation of Fixed Assets and Investment Property	2.0	2.3	2.3	2.5	1.1
Provision (Increase)/Reversal	1.3	11.2	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	-361.0	-380.4	-477.5	-268.2	0.0
Interest Expense	362.0	330.6	431.3	224.9	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	409.4	191.5	-19.1	38.1	-116.0
Increase/(Decrease) in Receivables	-1,196.5	-1,307.0	626.1	-1,998.2	0.0
Increase/(Decrease) in Inventory	-1,508.9	-426.5	-43.6	-89.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4,283.5	1,233.6	-680.4	596.9	0.0
Increase/(Decrease) in Prepaid Expenses	-7.9	12.3	10.7	9.7	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-357.6	-376.2	-395.4	-204.2	0.0
Corporate Income Tax Paid	-26.8	-31.9	-29.2	-38.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1,595.1	-704.2	-530.9	-1,686.0	-1,377.9
Payments for Fixed Assets and Other Long-term Assets	-2.2	-0.3	-0.2	-4.0	-3.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1,922.4	-655.3	-603.3	-988.6	-486.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,362.0	441.6	995.8	345.0	9.9
Investments in Other Entities	—	0.0	0.0	0.0	-86.2
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	335.6	548.8	309.3	159.2	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	-227.0	334.8	701.6	-488.3	-403.8
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	349.9
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	2,825.7	695.6	0.0	2,061.0	1,960.8
Repayment of Borrowings	-4,214.4	-365.4	-82.8	-84.4	-350.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
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	-1,388.6	330.2	-82.8	1,976.6	1,960.7
Net Cash Flow During the Period	-20.5	-39.3	87.9	-197.8	-122.2
Cash and Cash Equivalents at Beginning of Period	78.1	117.4	29.5	227.3	48.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	57.6	78.1	117.4	29.5	227.3

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	3,181.4	1,301.0	1,775.1	263.2	1,309.0	677.4	552.9	165.9	301.5	277.0	178.9	130.8
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	3,181.4	1,301.0	1,775.1	263.2	1,309.0	677.4	552.9	165.9	301.5	277.0	178.9	130.8
Cost of Goods Sold	2,977.8	1,205.0	1,609.7	223.2	1,246.1	616.7	439.3	155.1	285.4	263.1	165.8	120.4
Gross Profit	203.5	95.9	165.4	40.0	62.8	60.6	113.6	10.7	16.1	13.9	13.1	10.4
Financial Income	93.7	112.8	73.6	80.9	84.4	84.3	106.6	105.1	114.8	120.6	121.7	120.4
Financial Expenses	94.3	95.5	97.4	89.2	84.2	80.8	77.3	90.6	100.0	106.3	115.6	113.0
Interest Expense	81.7	94.7	96.5	88.4	83.4	80.0	76.5	89.8	99.1	105.6	116.3	110.0
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	0.1	0.0	0.0	0.0
General and Administrative Expenses	29.5	23.2	20.8	18.9	28.0	18.1	17.8	13.8	18.1	14.1	18.6	12.7
Operating Profit	173.4	90.0	120.8	12.7	35.1	46.1	125.1	11.3	12.7	14.1	0.5	5.0
Other Income	0.7	2.5	0.5	0.3	0.1	0.5	0.7	0.1	0.6	0.2	0.0	0.1
Other Expenses	0.7	0.8	1.3	0.1	0.6	3.4	0.2	0.4	2.7	0.5	1.1	0.8
Other Profit	0.0	1.7	-0.8	0.2	-0.4	-2.9	0.5	-0.3	-2.0	-0.3	-1.0	-0.7
Profit Before Tax	173.4	91.7	120.0	13.0	34.6	43.2	125.6	11.1	10.7	13.8	-0.5	4.3
Current Income Tax Expense	33.6	19.6	25.1	2.1	5.5	6.1	10.5	3.1	3.1	0.5	0.5	9.6
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	139.8	72.1	95.0	10.9	29.1	37.1	115.1	8.0	7.5	13.3	-1.0	-5.3
Non-controlling Interest	0.3	-0.2	-0.2	0.1	0.6	0.0	0.1	-0.2	0.5	0.2	-0.3	0.4
Profit Attributable to Parent	139.5	72.3	95.2	10.8	28.5	37.1	115.0	8.2	7.0	13.0	-0.7	-5.7
Earnings per Share	1,641.00	851.00	1,120.00	127.00	335.00	436.00	1,352.00	96.00	82.00	153.00	-8.00	-67.00
Diluted EPS	1,641.37	850.56	1,119.78	126.58	335.10	436.30	1,352.43	96.21	82.28	153.42	-7.90	-67.11

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)	11,757.8	10,101.8	9,428.2	7,226.9	7,815.2	4,989.2	4,740.9	4,720.7	5,192.0	5,263.2	5,445.6	5,377.0
I. Cash and cash equivalents	57.6	6.4	48.8	147.9	78.1	54.2	80.1	86.1	117.4	30.1	33.0	60.7
1. Cash	57.6	6.4	48.8	97.9	78.1	54.2	80.1	86.1	117.4	30.1	33.0	60.7
2. Cash equivalents	—	—	—	50.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	235.2	235.2	230.0
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	235.2	235.2	230.0
III. Short-term receivables	9,470.7	8,991.3	8,114.4	5,597.2	7,017.8	4,668.7	4,431.9	4,255.7	4,757.1	4,684.9	4,897.6	4,800.6
1. Short-term trade accounts receivable	4,787.5	3,676.5	3,303.5	2,540.0	2,846.5	1,868.4	1,556.9	1,455.9	1,474.2	1,427.3	1,494.8	1,510.7
2. Short-term prepayments to suppliers	3,020.2	2,565.4	2,121.3	2,228.7	3,748.6	2,376.8	2,470.4	2,315.8	2,302.6	2,294.7	2,285.5	2,274.3
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	1,511.3	2,573.7	2,574.4	714.7	298.5	304.8	237.0	237.0	534.2	618.2	822.2	771.2
6. Other short-term receivables	151.7	175.7	115.1	113.9	124.2	118.7	167.6	247.0	446.0	344.7	295.1	244.4
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	2,229.1	1,103.2	1,252.0	1,414.4	704.1	244.3	209.4	338.4	291.0	285.9	277.9	282.2
1. Inventories	2,241.6	1,115.7	1,264.5	1,425.7	704.1	244.3	209.4	338.4	291.0	285.9	277.9	282.2
2. Provision for decline in value of inventories	-12.5	-12.5	-12.5	-11.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	0.3	0.9	12.9	67.4	15.2	22.1	19.5	40.5	26.7	27.2	1.9	3.5
1. Short-term prepayments	0.3	0.5	0.3	0.4	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.4	12.6	67.0	15.1	22.1	19.5	40.5	26.6	27.2	1.9	3.5
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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)	12.0	1,511.5	1,511.3	1,511.3	664.5	2,168.9	1,879.4	1,882.7	1,594.3	1,601.8	1,532.9	1,535.6
I. Long-term receivables	—	1,500.0	1,500.0	1,500.0	652.3	2,152.3	1,860.1	1,860.1	1,567.8	1,572.8	1,500.0	1,500.0
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	—	1,500.0	1,500.0	1,500.0	0.0	1,500.0	1,500.0	1,500.0	1,500.0	1,500.0	1,500.0	1,500.0
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	—	—	—	—	652.3	652.3	360.1	360.1	67.8	72.8	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	6.5	6.2	5.4	5.9	5.8	6.4	6.9	7.2	7.7	8.3	8.9	9.5
1. Tangible fixed assets	5.5	5.1	5.3	5.7	5.6	6.0	6.5	6.7	7.2	7.7	8.1	8.7
- Cost	—	—	—	—	14.5	14.5	14.5	14.2	14.2	14.2	14.2	14.3
- Accumulated depreciation	—	—	—	—	-8.9	-8.4	-8.0	-7.5	-7.0	-6.6	-6.1	-5.6
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.0	1.1	0.1	0.2	0.2	0.3	0.4	0.5	0.6	0.6	0.7	0.8
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	4.8	4.5	5.1	4.6	5.6	9.5	11.7	14.7	18.0	20.0	23.3	25.3
1. Long-term prepayments	4.6	4.3	4.9	4.5	5.4	9.3	11.5	14.5	17.9	19.8	23.1	25.1
2. Deferred income tax assets	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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)	11,769.8	11,613.3	10,939.4	8,738.2	8,479.7	7,158.1	6,620.3	6,603.5	6,786.4	6,865.0	6,978.5	6,912.6
A. LIABILITIES (300=210+330)	10,092.5	10,075.8	9,474.1	7,367.8	7,160.4	5,867.9	5,336.1	5,434.3	5,625.3	5,711.0	5,837.7	5,777.7
I. Short -term liabilities	9,435.5	9,065.0	8,957.3	6,894.7	7,160.4	4,385.6	3,854.0	3,952.3	4,143.5	2,385.5	2,512.5	5,660.2
1. Short-term trade accounts payable	1,219.3	1,090.4	1,043.9	873.9	1,054.8	791.1	717.8	640.2	664.8	712.5	667.8	665.5
2. Short-term advances from customers	2,466.3	2,119.7	2,356.2	559.5	765.6	665.8	229.6	211.4	227.7	272.3	325.3	299.7
3. Taxes and other payables to state authorities	122.1	65.2	50.1	28.1	20.5	17.2	16.7	24.7	40.4	64.4	68.5	77.0
4. Payable to employees	31.5	16.8	18.1	13.5	25.9	6.8	11.4	8.1	11.9	7.8	9.7	7.3
5. Short-term acrrued expenses	3,320.8	1,787.4	1,813.0	1,446.3	1,449.0	927.0	945.4	926.6	1,063.1	1,015.5	1,111.2	1,183.8
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	12.4	19.2	13.4	10.2	9.5	51.4	59.4	119.0	113.3	117.9	134.8	23.5
10. Short-term borrowings and financial leases	2,263.2	3,966.4	3,662.6	3,963.2	3,834.9	1,926.2	1,873.7	2,022.3	2,022.3	195.0	195.0	3,403.4
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1
12.. Bonus and welfare fund	—	—	—	—	0.0	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	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	657.0	1,010.8	516.8	473.1	0.0	1,482.3	1,482.1	1,481.9	1,481.7	3,325.4	3,325.2	117.6
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	473.1	865.6	516.8	473.1	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	183.9	145.2	—	—	0.0	1,482.3	1,482.1	1,481.9	1,481.7	3,325.4	3,325.2	117.6
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)	1,677.3	1,537.5	1,465.4	1,370.4	1,319.4	1,290.2	1,284.3	1,169.2	1,161.1	1,154.1	1,140.8	1,134.8
I. Owner's equity	1,677.3	1,537.5	1,465.4	1,370.4	1,319.4	1,290.2	1,284.3	1,169.2	1,161.1	1,154.1	1,140.8	1,134.8
1. Owner's capital	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0
- Common stock with voting right	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0	850.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
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	—	—	—	—	0.0	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	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	814.2	674.7	602.4	507.2	456.2	427.7	421.8	306.8	298.4	291.9	278.9	272.6
- Accumulated retained earning at the end of the previous period	496.5	496.5	496.5	496.5	298.6	298.6	298.6	298.6	278.3	278.3	278.3	278.3
- Undistributed earnings in this period	317.7	178.2	105.9	10.8	157.6	129.1	123.1	8.2	20.1	13.6	0.6	-5.7
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	13.2	12.9	13.1	13.3	13.3	12.7	12.6	12.5	12.8	12.3	12.1	12.4
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)	11,769.8	11,613.3	10,939.4	8,738.2	8,479.7	7,158.1	6,620.3	6,603.5	6,786.4	6,865.0	6,978.5	6,912.6

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	180.4	91.7	120.0	13.0	34.6	43.2	89.4	11.1	7.1	13.8	-0.5	4.3
Depreciation of Fixed Assets and Investment Property	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.6	0.6	0.6	0.6	0.6
Provision (Increase)/Reversal	0.1	0.0	1.2	—	-0.1	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	-93.7	-112.8	-73.6	-80.9	-84.4	-84.3	-106.6	-105.1	-114.8	-120.6	-121.7	-120.4
Interest Expense	82.3	94.4	96.9	88.4	83.4	79.7	77.0	89.8	99.4	105.8	116.1	110.0
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	169.6	73.7	145.0	21.1	34.1	39.1	60.3	-3.7	-7.7	-0.5	-5.5	-5.4
Increase/(Decrease) in Receivables	2.0	-868.4	-597.6	267.6	-843.9	-184.6	-228.1	-2.1	-17.4	33.2	6.9	603.4
Increase/(Decrease) in Inventory	-1,135.9	163.4	146.6	-683.0	-459.8	22.7	71.4	-22.2	-30.3	-8.0	4.4	-9.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	1,658.2	138.5	2,389.7	97.1	905.0	394.6	152.2	-201.3	-63.6	-98.2	14.9	-533.6
Increase/(Decrease) in Prepaid Expenses	-8.7	0.3	-0.3	0.7	3.7	2.2	3.0	3.3	1.9	3.3	2.0	3.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-82.5	-94.6	-93.6	-86.9	-125.0	-84.7	-84.3	-82.1	-88.8	-134.8	-63.4	-108.5
Corporate Income Tax Paid	-7.4	-11.2	-5.2	-3.0	-2.6	0.7	-17.0	-13.0	-29.2	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	595.3	-598.3	1,984.6	-386.4	-488.6	189.9	-42.4	-321.0	-235.0	-205.1	-40.7	-50.1
Payments for Fixed Assets and Other Long-term Assets	-0.8	-1.3	-0.0	-0.1	0.0	0.0	-0.3	0.0	0.0	0.0	0.0	-0.2
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	-1,860.0	-62.4	-3.0	-360.0	0.0	-292.3	-162.0	0.0	-310.2	-131.2
Receipts from Loan Repayments and Sale of Debt Instruments	1,062.4	0.8	0.2	298.5	9.2	0.0	0.0	432.3	351.0	131.2	254.0	259.6
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	59.5	107.1	77.0	92.1	80.0	91.6	185.3	149.7	150.0	70.9	70.3	18.1
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	1,121.1	106.6	-1,782.8	328.1	86.2	-268.4	185.0	289.7	339.0	202.1	14.1	146.3
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	1,168.3	1,276.4	243.6	137.5	534.5	52.8	108.3	0.0	0.0	0.0	-0.6	0.6
Repayment of Borrowings	-2,833.5	-827.0	-544.4	-9.4	-108.3	-0.3	-256.9	0.0	-16.7	-0.0	-0.5	-65.6
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	-1,665.2	449.3	-300.8	128.1	426.2	52.6	-148.6	0.0	-16.7	-0.0	-1.1	-65.0
Net Cash Flow During the Period	51.2	-42.4	-99.0	69.8	23.8	-25.9	-6.0	-31.2	87.3	-3.0	-27.7	31.2
Cash and Cash Equivalents at Beginning of Period	6.4	48.8	147.9	78.1	117.4	117.4	117.4	117.4	29.5	29.5	29.5	29.5
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	57.6	6.4	48.8	147.9	78.1	54.2	80.1	86.1	117.4	30.1	33.0	60.7

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

SCG

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research