SCS

Listed Company · HOSE

Price

54,400

Latest close

02 Apr 2026

P/E 6.9x

EPS (TTM) 7,914

ROE (TTM) 50.6%

P/B 3.3x

BVPS (Latest) 16,459

ROA (TTM) 37.0%

What Is Changing

SCS no longer looks like a business simply rebounding from a weak base. Revenue posted +15.4% YoY, while net margin reached 62.76% with an additional -4.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 405bps to 62.76% in 2025.
Net Income reached a multi-period high at VND 751.1bn in 2025.
Revenue increased 15.4% YoY to VND 1,196.6bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,196.6	1,036.9	704.8	851.0	839.1
Growth	+15%	+47%	-17%	+1%	—
Net Income	751.1	692.8	498.3	646.1	564.6
Net Margin	62.76%	66.82%	70.70%	75.93%	67.29%

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	327.0	311.6	291.7	266.3	294.1	265.9	264.1	212.8	198.8	171.6	172.4	162.0
Growth	+5%	+7%	+10%	-9%	+11%	+1%	+24%	+7%	+16%	-0%	+6%	—
Net Income	188.2	204.0	188.9	169.9	170.2	185.8	189.5	147.3	128.4	127.6	129.1	113.2
Net Margin	57.55%	65.47%	64.74%	63.80%	57.89%	69.86%	71.77%	69.21%	64.57%	74.37%	74.91%	69.85%

Financial Statements

Profitability

Net margin reached 62.76% while Revenue posted +15.4% YoY.

Balance Sheet

Inventory stood at 0.0bn, liabilities at 604.2bn, and equity at 1,561.7bn.

Cash Flow

Operating cash flow was 735.2bn in 2025, while investing cash flow was -438.3bn.

Financing cash flow: -506.7bn.

Item	2025	2024	2023	2022	2021
Revenue	1,196.6	1,036.9	704.8	851.0	839.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,196.6	1,036.9	704.8	851.0	839.1
Cost of Goods Sold	257.9	236.1	169.5	153.0	0.0
Gross Profit	938.8	800.8	535.3	698.0	652.2
Financial Income	71.1	56.5	88.3	58.6	34.5
Financial Expenses	0.3	1.1	1.3	0.4	-0.5
Interest Expense	0.3	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	68.8	71.1	51.7	56.9	-78.1
Operating Profit	940.8	785.1	570.6	699.3	608.1
Other Income	2.0	0.5	0.4	0.5	0.0
Other Expenses	3.1	2.9	2.4	3.1	0.0
Other Profit	-1.1	-2.4	-2.0	-2.7	-1.8
Profit Before Tax	939.6	782.7	568.6	696.6	606.3
Current Income Tax Expense	188.6	89.9	70.3	50.5	-41.7
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	751.1	692.8	498.3	646.1	564.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	751.1	692.8	498.3	646.1	564.6
Earnings per Share	7,112.00	6,547.00	4,638.00	6,505.00	5,265.00
Diluted EPS	7,112.00	6,547.00	4,638.00	6,505.00	9,746.04

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,694.0	1,388.4	1,162.5	1,000.4	852.0
I. Cash and cash equivalents	108.5	317.3	163.0	51.3	58.4
1. Cash	58.5	125.3	148.0	51.3	0.0
2. Cash equivalents	50.0	192.0	15.0	0.0	0.0
II. Short-term financial investments	1,448.4	954.0	899.0	860.0	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	1,448.4	954.0	899.0	860.0	0.0
III. Short-term receivables	131.4	111.4	96.2	85.3	312.3
1. Short-term trade accounts receivable	105.5	89.4	61.1	64.9	0.0
2. Short-term prepayments to suppliers	3.1	2.8	0.3	5.4	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	27.1	23.5	39.2	19.2	0.0
7. Provision for short-term doubtful debts (*)	-4.3	-4.3	-4.3	-4.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.7	5.6	4.3	3.8	1.3
1. Short-term prepayments	5.7	5.6	4.3	3.8	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	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)	471.9	509.1	540.5	555.2	564.0
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	342.2	374.5	356.1	391.5	411.9
1. Tangible fixed assets	342.2	374.3	355.9	390.9	411.2
- Cost	938.8	934.5	878.5	877.5	0.0
- Accumulated depreciation	-596.7	-560.2	-522.7	-486.6	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	0.1	0.3	0.6	0.7
- Cost	22.1	22.1	22.1	22.1	0.0
- Accumulated depreciation	-22.1	-22.0	-21.9	-21.6	0.0
III. Investment properties	64.3	71.4	77.5	78.7	85.4
- Cost	162.8	162.8	161.7	156.0	0.0
- Accumulated depreciation	-98.5	-91.4	-84.2	-77.3	0.0
IV. Long-term assets in progress	2.6	0.1	43.1	20.8	1.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.6	0.1	43.1	20.8	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	62.8	63.2	63.8	64.2	0.0
1. Long-term prepayments	61.0	61.4	61.8	62.2	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	1.8	1.8	2.0	2.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	64.9
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)	2,165.9	1,897.5	1,703.0	1,555.6	1,416.0
A. LIABILITIES (300=210+330)	604.2	491.7	364.2	121.9	165.6
I. Short -term liabilities	600.3	487.3	358.4	117.6	162.1
1. Short-term trade accounts payable	5.9	5.8	12.1	3.6	7.6
2. Short-term advances from customers	2.7	2.2	1.3	2.8	6.9
3. Taxes and other payables to state authorities	52.2	30.1	26.5	14.3	0.0
4. Payable to employees	36.8	27.8	14.5	5.3	0.0
5. Short-term acrrued expenses	3.7	2.8	1.5	1.1	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	0.9	0.9	0.0	0.1	0.2
9. Other short-term payables	288.0	325.4	220.7	33.0	0.0
10. Short-term borrowings and financial leases	97.9	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	112.1	92.4	81.8	57.4	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	4.0	4.4	5.8	4.3	3.5
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	4.0	4.4	5.8	4.3	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	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)	1,561.7	1,405.8	1,338.8	1,433.7	1,250.4
I. Owner's equity	1,561.7	1,405.8	1,338.8	1,433.7	0.0
1. Owner's capital	1,020.8	1,020.8	1,015.7	1,010.7	1,250.4
- Common stock with voting right	948.9	948.9	943.8	938.8	579.4
- Preferred stock	71.9	71.9	71.9	71.9	0.0
2. Share premium	14.7	14.7	8.0	0.0	43.5
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	526.2	370.4	315.1	423.0	618.9
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	46.9	88.8
- Undistributed earnings in this period	526.2	370.4	315.1	376.0	530.1
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)	2,165.9	1,897.5	1,703.0	1,555.6	1,416.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	939.6	782.7	568.6	696.6	602.9
Depreciation of Fixed Assets and Investment Property	46.3	44.8	43.8	43.7	54.5
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-1.1	1.1	0.5	0.1	0.0
Gain/Loss from Investment Activities	-69.0	-54.8	-86.2	-58.6	0.0
Interest Expense	0.3	0.0	0.0	0.0	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	916.1	773.7	526.6	681.9	624.6
Increase/(Decrease) in Receivables	-14.8	-25.5	0.1	25.6	0.0
Increase/(Decrease) in Inventory	0.0	0.2	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.2	28.5	14.0	-29.7	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	-0.9	-0.1	-1.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.3	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-163.5	-90.9	-58.9	-53.0	0.0
Other Operating Receipts	—	0.0	0.0	0.5	0.0
Other Operating Payments	-8.9	-19.3	-26.6	-35.0	0.0
Net Cash Flow from Operating Activities	735.2	665.8	455.2	588.4	595.7
Payments for Fixed Assets and Other Long-term Assets	-8.9	-18.7	-21.9	-37.2	-10.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.5	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-2,544.4	-1,556.0	-1,444.0	-1,604.0	-965.0
Receipts from Loan Repayments and Sale of Debt Instruments	2,050.0	1,501.0	1,405.0	1,434.0	691.0
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	63.5	66.0	70.8	51.1	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	-438.3	-7.7	10.0	-156.0	-251.7
Proceeds from Equity Issuance and Capital Contributions	—	11.7	13.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	97.9	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-604.6	-514.6	-366.5	-438.8	-271.3
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	-506.7	-502.9	-353.5	-438.8	-271.3
Net Cash Flow During the Period	-209.9	155.2	111.6	-6.4	24.2
Cash and Cash Equivalents at Beginning of Period	317.3	163.0	51.3	57.9	36.1
FX Difference from Revaluation	1.0	-0.9	0.1	-0.2	-0.5
Cash and Cash Equivalents at End of Period	108.5	317.3	163.0	51.3	58.4

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
Revenue	327.0	311.6	291.7	266.3	294.1	265.9	264.1	212.8	198.8	171.6	172.4	162.0
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	327.0	311.6	291.7	266.3	294.1	265.9	264.1	212.8	198.8	171.6	172.4	162.0
Cost of Goods Sold	88.6	60.6	58.3	50.3	87.2	53.1	51.3	44.5	54.5	37.7	37.9	39.4
Gross Profit	238.4	251.0	233.4	216.0	206.9	212.8	212.8	168.3	144.3	133.9	134.4	122.7
Financial Income	21.0	18.4	18.1	13.6	15.3	12.2	14.5	14.6	19.0	24.3	25.2	19.7
Financial Expenses	0.3	—	—	0.0	1.1	0.0	0.1	0.0	0.9	0.0	0.4	0.0
Interest Expense	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
General and Administrative Expenses	23.5	15.3	15.1	14.9	28.5	15.3	13.4	13.9	16.0	12.0	11.3	12.4
Operating Profit	235.6	254.0	236.5	214.7	192.6	209.7	213.9	168.9	146.5	146.2	147.9	130.0
Other Income	0.1	1.5	0.2	0.2	0.1	0.2	0.1	0.2	0.1	0.0	0.0	0.1
Other Expenses	0.7	0.7	0.6	1.2	0.6	0.7	0.7	0.9	0.6	0.5	0.5	0.8
Other Profit	-0.6	0.8	-0.4	-1.0	-0.6	-0.5	-0.6	-0.7	-0.4	-0.5	-0.5	-0.7
Profit Before Tax	235.1	254.9	236.1	213.7	192.0	209.2	213.3	168.2	146.1	145.7	147.4	129.4
Current Income Tax Expense	46.9	50.9	47.2	43.8	21.8	23.4	23.8	20.9	17.7	18.1	18.3	16.2
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	188.2	204.0	188.9	169.9	170.2	185.8	189.5	147.3	128.4	127.6	129.1	113.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	188.2	204.0	188.9	169.9	170.2	185.8	189.5	147.3	128.4	127.6	129.1	113.2
Earnings per Share	1,983.09	2,149.58	1,990.39	1,790.81	1,793.88	1,957.82	1,997.49	1,552.21	1,360.25	1,352.08	1,368.15	1,199.36
Diluted EPS	1,983.09	2,149.58	1,990.39	1,790.81	1,793.88	1,957.82	1,997.49	1,552.21	1,360.25	1,352.08	1,368.15	1,199.36

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)	1,693.9	1,462.0	1,504.5	1,289.1	1,388.4	1,234.9	1,009.4	1,119.3	1,162.5	1,079.0	1,270.5	1,136.3
I. Cash and cash equivalents	108.5	173.2	201.6	160.5	317.3	50.9	100.4	73.4	163.0	73.6	199.5	82.1
1. Cash	58.5	163.2	166.6	140.5	125.3	50.9	100.4	73.4	148.0	73.6	52.5	82.1
2. Cash equivalents	50.0	10.0	35.0	20.0	192.0	0.0	0.0	0.0	15.0	0.0	147.0	0.0
II. Short-term financial investments	1,448.4	1,166.0	1,176.0	1,019.0	954.0	1,084.0	797.0	937.0	899.0	889.0	969.0	974.0
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	1,448.4	1,166.0	1,176.0	1,019.0	954.0	1,084.0	797.0	937.0	899.0	889.0	969.0	974.0
III. Short-term receivables	131.3	117.1	121.8	103.8	111.4	93.0	105.2	103.9	96.2	112.5	96.9	74.9
1. Short-term trade accounts receivable	105.5	107.2	104.0	97.9	89.4	78.4	96.5	85.4	61.1	62.7	59.0	55.2
2. Short-term prepayments to suppliers	3.1	0.9	1.1	1.0	2.8	5.6	2.1	3.2	0.3	18.7	5.7	5.0
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	27.1	13.4	21.0	9.2	23.5	13.3	10.9	19.6	39.2	35.5	36.5	19.0
7. Provision for short-term doubtful debts (*)	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3	-4.3
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	5.7	5.7	5.2	5.8	5.6	7.0	6.8	4.9	4.3	3.9	5.2	5.3
1. Short-term prepayments	5.7	5.7	5.2	5.8	5.6	7.0	6.8	4.9	4.3	3.9	5.2	4.6
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.7
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)	471.9	479.5	490.1	501.8	509.1	516.0	525.3	530.4	540.5	522.7	533.7	544.1
I. Long-term receivables	0.0	0.0	0.0	0.0	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	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	342.2	349.4	359.2	369.1	374.5	379.2	385.8	347.4	356.1	363.8	373.0	382.3
1. Tangible fixed assets	342.2	349.4	359.1	368.9	374.3	379.1	385.6	347.1	355.9	363.5	372.6	381.8
- Cost	—	—	—	—	934.5	929.5	926.4	878.6	878.5	877.1	877.1	877.6
- Accumulated depreciation	—	—	—	—	-560.2	-550.4	-540.8	-531.5	-522.7	-513.6	-504.4	-495.8
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	0.1	0.1	0.1	0.1	0.2	0.2	0.2	0.3	0.4	0.4	0.5
- 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	64.3	66.0	67.8	69.6	71.4	73.2	75.0	75.7	77.5	79.2	81.0	77.0
- 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	2.6	1.0	0.1	0.1	0.1	0.1	0.9	43.6	43.1	15.8	15.7	20.8
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	2.6	1.0	0.1	0.1	0.1	0.1	0.9	43.6	43.1	15.8	15.7	20.8
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	62.8	62.9	63.0	63.1	63.2	63.5	63.6	63.7	63.8	63.9	64.0	64.1
1. Long-term prepayments	61.0	61.1	61.2	61.3	61.4	61.5	61.6	61.7	61.8	61.9	62.0	62.1
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	1.8	1.8	1.8	1.8	1.8	2.0	2.0	2.0	2.0	2.0	2.0	2.0
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)	2,165.9	1,941.5	1,994.6	1,791.0	1,897.5	1,750.9	1,534.7	1,649.7	1,703.0	1,601.8	1,804.3	1,680.4
A. LIABILITIES (300=210+330)	604.2	311.9	569.1	215.2	491.7	211.5	181.1	151.9	364.2	184.2	514.3	120.5
I. Short -term liabilities	600.2	307.9	564.8	210.7	483.9	203.3	174.6	145.5	359.0	179.1	509.8	116.2
1. Short-term trade accounts payable	5.8	5.8	6.4	7.5	5.8	6.7	4.4	6.0	12.1	3.0	5.9	6.8
2. Short-term advances from customers	2.7	3.9	2.2	1.7	8.0	2.0	3.4	2.0	1.3	1.8	2.2	2.5
3. Taxes and other payables to state authorities	52.3	111.7	56.2	49.2	30.1	63.7	28.0	25.2	26.5	50.2	45.0	19.3
4. Payable to employees	36.8	14.6	9.9	6.5	27.8	12.0	10.0	8.9	14.5	6.3	5.3	7.4
5. Short-term acrrued expenses	3.8	3.7	4.3	2.9	2.8	3.6	2.8	3.2	1.5	1.3	1.4	2.0
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	0.9	2.2	3.5	4.8	0.9	2.2	3.5	4.8	0.0	0.0	0.0	0.0
9. Other short-term payables	288.0	47.8	355.8	45.7	316.1	33.9	34.6	33.8	221.3	32.7	362.7	33.3
10. Short-term borrowings and financial leases	97.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	112.1	118.2	126.4	92.4	92.4	79.1	87.9	61.7	81.8	83.8	87.3	44.8
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	4.0	4.0	4.3	4.6	7.9	8.2	6.5	6.4	5.2	5.1	4.6	4.4
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	0.0	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	4.0	4.0	4.3	4.6	7.9	8.2	6.5	6.4	5.2	5.1	4.6	4.4
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	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)	1,561.7	1,629.7	1,425.5	1,575.7	1,405.8	1,539.4	1,353.6	1,497.8	1,338.8	1,417.5	1,289.9	1,559.9
I. Owner's equity	1,561.7	1,629.7	1,425.5	1,575.7	1,405.8	1,539.4	1,353.6	1,497.8	1,338.8	1,417.5	1,289.9	1,559.9
1. Owner's capital	1,020.8	1,020.8	1,020.8	1,020.8	1,020.8	1,020.8	1,020.8	1,020.8	1,015.7	1,015.7	1,015.7	1,015.7
- Common stock with voting right	948.9	948.9	948.9	948.9	948.9	948.9	948.9	948.9	943.8	943.8	943.8	943.8
- Preferred stock	71.9	71.9	71.9	71.9	71.9	71.9	71.9	71.9	71.9	71.9	71.9	71.9
2. Share premium	14.7	14.7	14.7	14.7	14.7	14.7	14.7	14.7	8.0	8.0	8.0	8.0
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	526.3	594.3	390.1	540.3	370.4	504.0	318.2	462.4	315.1	393.8	266.2	536.2
- Accumulated retained earning at the end of the previous period	—	51.1	51.1	370.4	0.0	0.5	0.5	315.1	0.0	41.7	41.7	423.0
- Undistributed earnings in this period	526.3	543.2	339.0	169.9	370.4	503.4	317.7	147.3	315.1	352.2	224.6	113.2
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)	2,165.9	1,941.5	1,994.6	1,791.0	1,897.5	1,750.9	1,534.7	1,649.7	1,703.0	1,601.8	1,804.3	1,680.4

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	235.0	254.9	236.1	213.7	192.0	209.2	213.3	168.2	146.1	145.7	147.4	129.4
Depreciation of Fixed Assets and Investment Property	13.6	9.5	11.6	11.6	11.6	11.5	11.1	10.6	10.9	11.0	10.9	11.0
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	1.3	0.0	-2.4	—	2.8	-0.0	-1.7	0.0	2.0	-1.9	0.4	0.0
Gain/Loss from Investment Activities	-21.4	-18.4	-15.7	-13.6	-15.3	-12.2	-12.8	-14.6	-18.7	-22.4	-25.3	-19.7
Interest Expense	0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	228.8	246.0	229.6	211.7	191.1	208.5	209.9	164.2	140.2	132.4	133.5	120.6
Increase/(Decrease) in Receivables	0.7	-2.7	-5.3	-7.5	-10.9	15.8	-9.0	-21.2	-3.7	-1.8	-3.3	8.9
Increase/(Decrease) in Inventory	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	6.7	4.5	12.1	-17.2	9.7	17.6	1.7	-0.5	3.2	1.6	2.2	7.1
Increase/(Decrease) in Prepaid Expenses	0.1	-0.5	0.7	-0.1	1.4	-0.1	-1.8	-0.5	-0.3	1.3	-0.5	-0.7
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-97.9	0.0	-43.8	-21.8	-47.2	0.0	-20.9	-22.8	-31.3	-16.2	0.0	-11.4
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-8.2	-0.6	—	12.1	-7.7	-5.9	-17.9	-2.1	-3.5	-8.5	-12.6
Net Cash Flow from Operating Activities	138.1	239.1	192.8	165.1	156.2	234.1	174.1	101.3	106.1	113.9	123.4	111.8
Payments for Fixed Assets and Other Long-term Assets	-6.1	0.9	-0.3	-3.4	-2.5	-4.2	-6.5	-5.6	-7.6	-14.2	-0.1	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	-489.4	-879.0	-262.0	-914.0	-75.0	-684.0	-355.0	-442.0	-290.0	-345.0	-160.0	-649.0
Receipts from Loan Repayments and Sale of Debt Instruments	207.0	889.0	105.0	849.0	205.0	397.0	495.0	404.0	280.0	425.0	165.0	535.0
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	6.2	25.8	3.7	27.8	7.2	7.9	21.5	29.4	20.7	22.4	7.1	20.6
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	-280.9	36.8	-153.6	-40.6	134.8	-283.3	155.0	-14.2	3.1	88.2	12.1	-93.5
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	11.7	0.0	0.0	0.0	13.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	97.9	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-19.0	-304.2	-0.1	-281.3	-22.7	-0.4	-303.2	-188.4	-18.6	-329.6	-17.8	-0.6
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	78.9	-304.2	-0.1	-281.3	-22.7	-0.4	-303.2	-176.7	-18.6	-329.6	-17.8	12.4
Net Cash Flow During the Period	-63.8	-28.3	39.0	-156.8	268.4	-49.5	25.9	-89.6	90.6	-127.5	117.7	30.8
Cash and Cash Equivalents at Beginning of Period	173.2	201.6	160.5	317.3	163.0	163.0	163.0	163.0	51.3	51.3	51.3	51.3
FX Difference from Revaluation	1.0	2.0	2.0	—	-2.0	0.0	1.0	0.0	-1.2	1.6	-0.3	0.0
Cash and Cash Equivalents at End of Period	108.5	173.2	201.6	160.5	317.3	50.9	100.4	73.4	163.0	73.6	199.5	82.1

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