SCJ

Listed Company · UPCOM

Price

2,900

Latest close

02 Apr 2026

P/E 13.5x

EPS (TTM) 215

ROE (TTM) 1.8%

P/B 0.2x

BVPS (Latest) 12,200

ROA (TTM) 0.7%

What Is Changing

SCJ has not yet shown a broad-based top-line recovery. Revenue posted -11.6% YoY, but net margin reached 1.01% with an additional +0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -9.2% in 2025 from 58.7% in the prior period, at VND 11.3bn.
Revenue decreased 11.6% YoY to VND 1,128.2bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,128.2	1,276.5	1,176.4	1,199.7	1,336.9
Growth	-12%	+9%	-2%	-10%	—
Net Income	11.3	12.5	7.9	4.6	14.1
Net Margin	1.01%	0.98%	0.67%	0.39%	1.05%

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	316.9	274.7	283.2	253.5	373.7	312.5	300.3	290.0	323.0	258.3	342.9	252.2
Growth	+15%	-3%	+12%	-32%	+20%	+4%	+4%	-10%	+25%	-25%	+36%	—
Net Income	3.6	6.3	5.8	-3.2	4.9	5.2	2.1	0.3	2.6	2.5	1.7	0.6
Net Margin	1.13%	2.28%	2.03%	-1.26%	1.31%	1.66%	0.70%	0.12%	0.81%	0.96%	0.49%	0.25%

Financial Statements

Profitability

Net margin reached 1.01% while Revenue posted -11.6% YoY.

Balance Sheet

Inventory stood at 143.1bn, liabilities at 956.0bn, and equity at 704.9bn.

Cash Flow

Operating cash flow was -95.6bn in 2025, while investing cash flow was -11.4bn.

Financing cash flow: 107.7bn.

Item	2025	2024	2023	2022	2021
Revenue	1,128.2	1,276.8	1,177.3	1,200.1	1,337.0
Revenue Deductions	—	0.3	0.9	0.5	0.0
Net Revenue	1,128.2	1,276.5	1,176.4	1,199.7	1,336.9
Cost of Goods Sold	1,022.9	1,157.0	1,022.0	1,014.5	0.0
Gross Profit	105.3	119.5	154.4	185.1	137.4
Financial Income	0.6	0.0	0.2	0.2	0.9
Financial Expenses	42.6	56.3	92.6	114.6	-92.8
Interest Expense	41.4	54.8	91.3	113.5	-92.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	8.9	9.0	8.6	12.5	-15.5
General and Administrative Expenses	36.4	35.8	35.4	38.3	-10.0
Operating Profit	18.0	18.4	18.1	19.9	20.0
Other Income	0.0	0.0	0.3	0.0	0.0
Other Expenses	2.8	1.3	1.0	1.7	0.0
Other Profit	-2.8	-1.3	-0.7	-1.7	-1.8
Profit Before Tax	15.2	17.1	17.4	18.2	18.2
Current Income Tax Expense	3.8	4.6	9.5	13.6	-4.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	11.3	12.5	7.9	4.6	14.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	11.3	12.5	7.9	4.6	14.1
Earnings per Share	196.00	216.00	138.00	123.00	373.00
Diluted EPS	196.00	216.00	138.00	123.00	372.69

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	350.0	235.6	247.6	333.0	300.7
I. Cash and cash equivalents	1.6	0.9	8.6	13.9	2.0
1. Cash	1.6	0.9	8.6	13.9	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	201.8	110.3	40.9	142.7	39.1
1. Short-term trade accounts receivable	166.1	97.0	26.4	124.4	0.0
2. Short-term prepayments to suppliers	10.1	14.3	15.4	19.0	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	27.4	0.9	0.8	0.9	0.0
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	-1.6	-1.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	143.1	123.9	183.1	141.5	207.0
1. Inventories	143.1	123.9	183.1	141.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.6	0.6	14.9	35.0	52.7
1. Short-term prepayments	3.3	0.6	3.4	8.8	0.0
2. Value added tax to be reclaimed	—	0.0	11.6	26.2	0.0
3. Taxes and other receivables from state authorities	0.3	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)	1,310.8	1,421.1	1,544.5	1,646.5	1,737.2
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	1,180.6	1,267.4	1,365.5	1,435.8	1,459.2
1. Tangible fixed assets	1,180.6	1,267.4	1,365.5	1,435.8	1,459.2
- Cost	2,057.6	2,047.4	2,046.0	2,019.5	0.0
- Accumulated depreciation	-877.0	-780.0	-680.5	-583.7	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	0.2	0.2	0.2	0.2	0.0
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2	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	—	0.0	0.0	6.3	51.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	6.3	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	130.2	153.7	179.1	204.4	0.0
1. Long-term prepayments	130.2	153.7	179.1	204.4	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	226.3
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,660.9	1,656.7	1,792.2	1,979.6	2,037.8
A. LIABILITIES (300=210+330)	956.0	963.2	1,111.1	1,506.2	1,560.1
I. Short -term liabilities	666.8	624.8	750.8	826.8	585.7
1. Short-term trade accounts payable	146.2	218.5	116.2	98.3	162.4
2. Short-term advances from customers	0.2	0.8	30.9	1.3	14.9
3. Taxes and other payables to state authorities	4.6	6.6	9.5	12.0	0.0
4. Payable to employees	4.5	4.2	4.5	4.5	0.0
5. Short-term acrrued expenses	9.2	10.5	12.4	18.1	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	1.7	1.4	1.9	0.9	0.0
10. Short-term borrowings and financial leases	500.3	382.8	575.4	691.7	379.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0	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	289.2	338.4	360.4	679.4	974.3
1. Long-term trade payables	14.8	31.7	50.3	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	22.5	10.0	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	274.4	284.2	300.1	679.4	974.3
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)	704.9	693.5	681.0	473.4	477.8
I. Owner's equity	704.9	693.5	681.0	473.4	0.0
1. Owner's capital	578.4	578.4	578.4	378.4	477.8
- Common stock with voting right	578.4	578.4	578.4	378.4	378.4
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	7.4	7.4	7.4	7.7	7.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	59.4	59.4	59.4	59.4	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	0.0
11. Undistributed earnings after tax	59.7	48.4	35.9	28.0	32.4
- Accumulated retained earning at the end of the previous period	48.4	35.9	28.0	23.3	18.3
- Undistributed earnings in this period	11.3	12.5	7.9	4.6	14.1
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,660.9	1,656.7	1,792.2	1,979.6	2,037.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	15.2	17.1	17.4	18.2	18.2
Depreciation of Fixed Assets and Investment Property	124.4	123.8	123.1	97.8	84.7
Provision (Increase)/Reversal	—	0.2	0.0	0.7	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	1.5	0.9	0.4	0.0
Gain/Loss from Investment Activities	0.5	-0.0	0.0	-0.0	0.0
Interest Expense	41.4	54.8	91.3	113.5	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	181.6	197.4	232.7	230.5	127.5
Increase/(Decrease) in Receivables	-91.7	-58.0	116.3	-83.9	0.0
Increase/(Decrease) in Inventory	-19.2	59.2	-41.6	65.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-92.7	53.4	90.5	-85.8	0.0
Increase/(Decrease) in Prepaid Expenses	-3.5	3.9	6.5	16.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-63.9	-44.1	-87.0	-110.3	0.0
Corporate Income Tax Paid	-6.1	-9.5	-12.0	-9.3	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	-95.6	202.2	305.5	23.2	-453.6
Payments for Fixed Assets and Other Long-term Assets	-12.2	-1.4	-16.3	-28.2	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	1.4	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.6	0.0	0.0	0.0	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	-1.4	-14.9	-28.2	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0	199.8	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	1,245.2	1,180.1	863.3	1,087.8	957.5
Repayment of Borrowings	-1,137.4	-1,388.6	-1,358.9	-1,070.8	-504.7
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	107.7	-208.5	-295.8	17.0	452.7
Net Cash Flow During the Period	0.7	-7.8	-5.3	12.0	-0.4
Cash and Cash Equivalents at Beginning of Period	0.9	8.6	13.9	1.9	2.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.6	0.9	8.6	13.9	2.0

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	316.9	274.7	283.2	253.5	373.7	312.6	300.4	290.1	323.5	258.5	343.0	252.4
Revenue Deductions	—	—	—	—	0.1	0.1	0.1	0.1	0.4	0.2	0.1	0.2
Net Revenue	316.9	274.7	283.2	253.5	373.7	312.5	300.3	290.0	323.0	258.3	342.9	252.2
Cost of Goods Sold	291.0	246.0	251.7	234.1	344.6	282.1	269.9	260.4	278.8	223.4	303.4	216.4
Gross Profit	25.8	28.7	31.5	19.4	29.1	30.4	30.4	29.6	44.2	34.9	39.5	35.8
Financial Income	0.4	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0
Financial Expenses	10.6	10.7	11.4	9.7	9.9	12.3	15.9	18.1	22.3	21.3	26.3	23.8
Interest Expense	10.5	10.7	10.4	9.7	9.8	12.3	14.5	18.1	21.4	21.3	26.3	23.8
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.7	2.2	2.2	2.0	2.8	2.3	2.2	1.7	2.4	1.9	2.5	1.8
General and Administrative Expenses	9.6	9.2	9.2	8.8	8.8	8.8	9.1	9.4	8.9	8.5	8.8	9.5
Operating Profit	4.3	6.8	8.6	-1.1	7.6	7.1	3.2	0.4	10.6	3.2	2.1	0.8
Other Income	0.1	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0	0.8
Other Expenses	0.2	0.1	1.5	2.1	0.3	0.6	0.3	0.0	0.0	0.3	0.0	0.8
Other Profit	-0.1	-0.1	-1.4	-2.1	-0.3	-0.6	-0.3	0.0	0.0	-0.1	0.0	0.0
Profit Before Tax	4.2	6.6	7.2	-3.2	7.3	6.5	2.9	0.4	10.6	3.1	2.1	0.8
Current Income Tax Expense	0.6	0.4	1.4	—	2.4	1.3	0.8	0.1	8.0	0.6	0.4	0.2
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.6	6.3	5.8	-3.2	4.9	5.2	2.1	0.3	2.6	2.5	1.7	0.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.6	6.3	5.8	-3.2	4.9	5.2	2.1	0.3	2.6	2.5	1.7	0.6
Earnings per Share	62.00	108.00	100.00	-55.00	85.00	90.00	36.00	6.00	45.00	43.00	29.00	17.00
Diluted EPS	61.90	108.09	99.52	-55.38	84.91	89.79	36.17	5.87	45.31	42.83	29.18	11.08

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)	349.2	347.3	327.7	246.9	235.6	287.3	224.6	236.0	251.4	299.2	394.2	342.0
I. Cash and cash equivalents	1.6	3.3	1.0	1.0	0.9	2.6	0.7	1.9	8.6	3.3	2.0	4.9
1. Cash	1.6	3.3	1.0	1.0	0.9	2.6	0.7	1.9	8.6	3.3	2.0	4.9
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	26.0	28.0	2.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	26.0	28.0	2.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	175.8	147.5	144.3	106.3	110.5	164.7	104.0	92.8	44.3	104.0	156.9	116.7
1. Short-term trade accounts receivable	166.1	134.1	123.3	72.2	97.0	147.9	52.5	65.2	29.8	92.7	144.7	95.6
2. Short-term prepayments to suppliers	10.2	13.3	22.0	34.6	14.3	17.6	51.6	28.4	15.4	12.1	13.1	21.8
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	1.4	2.0	0.8	1.3	0.9	0.8	1.5	0.8	0.8	0.8	0.8	0.9
7. Provision for short-term doubtful debts (*)	-1.8	-1.8	-1.8	-1.8	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	141.4	166.0	171.3	127.1	123.9	114.0	106.1	120.7	183.1	161.5	197.5	173.1
1. Inventories	141.4	166.0	171.3	127.1	123.9	114.0	106.1	120.7	183.1	161.5	197.5	173.1
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	4.5	2.5	8.9	10.5	0.4	6.0	13.9	20.5	15.4	30.4	37.8	47.3
1. Short-term prepayments	4.3	2.5	6.6	10.5	0.4	6.0	12.3	17.7	3.4	16.9	18.6	23.5
2. Value added tax to be reclaimed	—	—	2.3	—	0.0	0.0	1.6	2.9	12.0	13.5	19.2	23.9
3. Taxes and other receivables from state authorities	0.3	—	—	—	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)	1,311.6	1,336.5	1,367.8	1,400.4	1,420.9	1,451.8	1,482.9	1,514.0	1,544.1	1,575.4	1,596.9	1,615.7
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	1,180.6	1,201.2	1,226.3	1,252.8	1,267.4	1,292.2	1,317.1	1,342.0	1,365.1	1,390.0	1,406.9	1,413.5
1. Tangible fixed assets	1,180.6	1,201.2	1,226.3	1,252.8	1,267.4	1,292.2	1,317.1	1,342.0	1,365.1	1,390.0	1,406.9	1,413.5
- Cost	—	—	—	—	2,047.4	2,047.4	2,047.4	2,047.4	2,045.5	2,045.5	2,039.1	2,021.1
- Accumulated depreciation	—	—	—	—	-780.0	-755.2	-730.4	-705.4	-680.5	-655.6	-632.2	-607.6
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	—	—	—	—	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	—	—	—	—	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	1.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.3
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	1.7	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	6.3
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	129.3	135.4	141.5	147.5	153.5	159.6	165.8	172.0	179.1	185.4	189.9	196.0
1. Long-term prepayments	129.3	135.4	141.5	147.5	153.5	159.6	165.8	172.0	179.1	185.4	189.9	196.0
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)	1,660.9	1,683.8	1,695.4	1,647.3	1,656.6	1,739.1	1,707.5	1,749.9	1,795.6	1,874.6	1,991.1	1,957.7
A. LIABILITIES (300=210+330)	955.3	981.8	999.3	956.9	962.9	1,050.3	1,024.0	1,068.5	1,114.6	1,196.3	1,315.6	1,283.9
I. Short -term liabilities	666.1	664.3	708.8	660.9	624.5	588.9	675.3	724.4	749.7	800.1	916.1	799.7
1. Short-term trade accounts payable	145.4	143.4	177.1	156.7	218.1	145.2	101.2	39.7	116.2	119.4	259.7	168.3
2. Short-term advances from customers	0.2	3.6	19.3	8.0	0.8	5.5	8.8	79.9	35.0	38.2	59.6	53.1
3. Taxes and other payables to state authorities	4.7	6.7	8.4	10.0	6.7	6.2	9.6	10.3	9.4	2.6	6.1	12.7
4. Payable to employees	4.5	4.6	4.2	3.8	4.2	4.5	4.3	4.2	4.5	4.3	4.3	4.6
5. Short-term acrrued expenses	9.2	9.3	1.2	4.7	10.6	10.7	12.8	18.0	13.0	25.4	21.2	13.6
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	1.7	1.9	2.1	1.9	1.4	3.2	2.4	3.3	1.5	1.9	2.2	1.6
10. Short-term borrowings and financial leases	500.3	494.8	496.5	475.8	382.8	413.7	536.2	569.0	570.1	608.3	562.9	545.8
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0	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	289.2	317.4	290.5	296.0	338.4	461.4	348.8	344.2	365.0	396.2	399.5	484.2
1. Long-term trade payables	14.8	39.5	35.2	31.7	31.7	31.6	31.6	50.3	50.3	29.7	13.8	13.8
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	22.5	17.6	13.5	10.0	10.0	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	274.4	278.0	255.3	264.3	284.2	412.1	303.6	284.0	304.8	366.5	385.7	470.4
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)	705.6	702.0	696.1	690.3	693.7	688.8	683.5	681.4	680.9	678.3	675.5	673.8
I. Owner's equity	705.6	702.0	696.1	690.3	693.7	688.8	683.5	681.4	680.9	678.3	675.5	673.8
1. Owner's capital	578.4	578.4	578.4	578.4	578.4	578.4	578.4	578.4	578.4	578.4	578.4	578.4
- Common stock with voting right	578.4	578.4	578.4	578.4	578.4	578.4	578.4	578.4	578.4	578.4	578.4	578.4
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	59.4	59.4	59.4	59.4	59.4	59.4	59.4	59.4	59.4	59.4	59.4	59.4
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	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	60.4	56.8	50.9	45.2	48.5	43.6	38.3	36.2	35.7	33.1	30.3	28.6
- Accumulated retained earning at the end of the previous period	48.4	48.4	48.4	48.4	35.9	35.9	35.9	35.9	28.0	28.0	28.0	28.0
- Undistributed earnings in this period	12.1	8.5	2.6	-3.2	12.7	7.7	2.4	0.3	7.8	5.1	2.3	0.6
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,660.9	1,683.8	1,695.4	1,647.3	1,656.6	1,739.1	1,707.5	1,749.9	1,795.6	1,874.6	1,991.1	1,957.7

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
Profit Before Tax	3.4	6.6	8.4	-3.2	7.3	6.5	3.1	0.4	10.9	3.1	2.7	0.8
Depreciation of Fixed Assets and Investment Property	49.2	13.0	37.3	24.9	24.8	12.8	37.0	24.9	49.2	24.8	23.8	25.3
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	-0.9	—	1.0	—	0.0	-1.4	1.4	0.0	0.9	-0.2	0.2	0.0
Gain/Loss from Investment Activities	0.8	-1.4	1.2	-0.0	-0.0	-0.0	0.0	-0.0	0.2	-0.2	-0.0	-0.0
Interest Expense	10.6	10.7	10.5	9.7	9.8	12.3	14.7	18.1	69.9	-27.8	25.4	23.8
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	63.9	27.9	58.4	31.4	41.8	30.1	56.2	43.4	131.1	-0.2	52.0	49.8
Increase/(Decrease) in Receivables	-52.6	4.2	-37.4	-5.9	59.8	-61.8	4.4	-57.5	73.1	50.4	-20.8	13.6
Increase/(Decrease) in Inventory	22.9	5.4	-44.3	-3.2	-9.9	-7.9	14.6	62.4	-21.6	36.0	-24.4	-31.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-74.2	0.4	-25.2	6.3	87.4	108.7	-90.5	42.6	-219.4	80.4	7.2	222.2
Increase/(Decrease) in Prepaid Expenses	-1.7	4.0	4.0	-9.9	5.6	5.2	6.5	-14.3	14.7	-12.9	19.4	-14.7
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-33.0	21.0	-42.2	-9.7	-9.8	-9.9	-17.1	-18.1	-65.7	25.1	-22.7	-23.8
Corporate Income Tax Paid	-4.7	—	-1.4	—	0.0	3.5	-3.5	0.0	-12.0	7.0	-7.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-127.2	127.2
Other Operating Payments	—	-6.6	—	-92.3	-18.0	-54.9	44.1	-44.1	49.0	-49.0	0.0	0.0
Net Cash Flow from Operating Activities	18.1	-34.6	4.2	-83.3	157.1	13.0	14.7	14.4	-50.7	137.0	-123.7	342.9
Payments for Fixed Assets and Other Long-term Assets	-22.6	13.9	-13.9	10.3	0.0	2.9	-2.9	1.4	-45.8	38.1	-11.5	2.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	—	—	—	0.0	0.0	0.0	0.0	1.4	-0.8	0.8	0.0
Loans and Purchases of Debt Instruments	—	—	-2.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.6	—	0.0	—	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	0.0
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	-21.8	15.9	-15.9	10.3	0.0	2.9	-2.9	1.4	-44.4	37.3	-10.7	2.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	199.8	-199.8	199.8	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	466.2	284.6	197.9	296.4	185.8	503.3	292.8	270.3	276.2	250.0	155.8	181.3
Repayment of Borrowings	-464.3	-263.6	-186.2	-223.3	-344.6	-517.2	-305.9	-292.9	-375.5	-223.3	-224.0	-536.1
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	1.9	21.0	11.7	73.1	-158.8	-14.0	-13.1	-22.6	100.5	-173.0	131.6	-354.9
Net Cash Flow During the Period	-1.7	2.3	0.0	0.2	-1.7	1.9	-1.2	-6.7	5.4	1.2	-2.8	-9.0
Cash and Cash Equivalents at Beginning of Period	3.3	1.0	1.0	0.9	8.6	8.6	8.6	8.6	13.9	13.9	13.9	13.9
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	1.6	3.3	1.0	1.0	0.9	2.6	0.7	1.9	8.6	3.3	2.0	4.9

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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