SD2

Listed Company · UPCOM

Price

6,200

Latest close

02 Apr 2026

P/E 11.8x

EPS (TTM) 525

ROE (TTM) 5.8%

P/B 1.1x

BVPS (Latest) 5,622

ROA (TTM) 2.5%

What Is Changing

SD2 has not yet shown a broad-based top-line recovery. Revenue posted -28.7% YoY, but net margin reached 7.25% with an additional +11.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income turned positive to VND 7.6bn in 2025.
Net Margin broke above its recent high, rising 165bps to 7.25% in 2025.
Revenue decreased 28.7% YoY to VND 104.5bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	104.5	146.5	149.5	149.8	215.2
Growth	-29%	-2%	-0%	-30%	—
Net Income	7.6	-6.0	2.1	2.3	12.0
Net Margin	7.25%	-4.07%	1.42%	1.52%	5.59%

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	37.6	11.0	23.7	32.1	37.3	46.8	24.7	36.4	64.4	27.2	28.4	28.8
Growth	+241%	-54%	-26%	-14%	-20%	+90%	-32%	-43%	+137%	-4%	-1%	—
Net Income	5.3	0.1	0.9	1.3	0.1	0.2	0.2	0.1	8.9	-5.8	0.1	0.1
Net Margin	14.18%	0.88%	3.74%	3.91%	0.36%	0.34%	0.81%	0.33%	13.79%	-21.21%	0.20%	0.20%

Financial Statements

Profitability

Net margin reached 7.25% while Revenue posted -28.7% YoY.

Balance Sheet

Inventory stood at 53.5bn, liabilities at 141.6bn, and equity at 81.2bn.

Cash Flow

Operating cash flow was 48.1bn in 2025, while investing cash flow was 0.5bn.

Financing cash flow: -45.1bn.

Item	2025	2024	2023	2022	2021
Revenue	104.5	146.5	149.5	149.8	215.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	104.5	146.5	149.5	149.8	215.2
Cost of Goods Sold	86.9	136.5	133.6	137.6	0.0
Gross Profit	17.6	10.0	15.9	12.2	43.8
Financial Income	0.4	0.2	2.5	2.3	0.0
Financial Expenses	3.6	4.9	2.9	4.2	-7.3
Interest Expense	3.6	4.9	2.9	4.8	-7.3
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.1	1.3	2.6	3.7	-3.8
General and Administrative Expenses	0.1	7.3	13.7	12.2	-21.4
Operating Profit	13.2	-3.4	-0.8	-5.7	11.3
Other Income	9.6	4.2	7.6	8.4	0.0
Other Expenses	15.3	6.8	4.0	0.4	0.0
Other Profit	-5.7	-2.6	3.6	8.0	4.7
Profit Before Tax	7.6	-6.0	2.8	2.3	16.0
Current Income Tax Expense	—	0.0	0.7	0.0	-3.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	7.6	-6.0	2.1	2.3	12.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	7.6	-6.0	2.1	2.3	12.0
Earnings per Share	525.00	-413.00	147.00	158.00	700.00
Diluted EPS	525.03	-412.98	146.98	157.89	834.76

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	215.9	286.4	435.8	447.3	440.2
I. Cash and cash equivalents	4.5	1.1	2.4	28.0	15.8
1. Cash	4.5	1.1	2.4	12.9	0.0
2. Cash equivalents	—	0.0	0.0	15.1	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	156.0	214.7	294.2	259.1	242.0
1. Short-term trade accounts receivable	153.7	216.9	225.6	213.0	0.0
2. Short-term prepayments to suppliers	5.0	13.6	28.2	16.7	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	0.5	0.0	0.0	0.0	0.0
6. Other short-term receivables	62.2	59.7	59.6	48.7	0.0
7. Provision for short-term doubtful debts (*)	-67.4	-77.6	-22.3	-22.4	0.0
8. Assets awaiting resolution	2.1	2.1	3.2	3.2	0.0
IV. Inventories	53.5	66.7	135.6	156.5	175.8
1. Inventories	53.5	66.7	135.6	156.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	1.8	3.8	3.6	3.7	6.6
1. Short-term prepayments	0.5	1.0	0.8	0.1	0.0
2. Value added tax to be reclaimed	1.3	2.8	2.7	3.6	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.1	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)	6.9	10.4	16.3	25.1	31.8
I. Long-term receivables	1.6	1.0	1.6	1.7	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.6
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	1.6	1.0	1.6	1.7	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4.7	7.8	12.0	19.8	28.2
1. Tangible fixed assets	4.6	7.8	12.0	19.8	28.2
- Cost	83.2	92.4	106.3	132.9	0.0
- Accumulated depreciation	-78.6	-84.5	-94.3	-113.1	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	0.1	0.0	0.0	0.0	0.0
- Cost	0.1	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	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	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	0.6	0.6	0.6	0.6	0.6
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	0.6	0.6	0.6	0.6	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	0.1	0.9	2.0	3.0	0.0
1. Long-term prepayments	0.1	0.9	2.0	3.0	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	1.4
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)	222.8	296.8	452.1	472.5	472.1
A. LIABILITIES (300=210+330)	141.6	223.3	271.5	293.9	295.9
I. Short -term liabilities	141.6	222.0	270.0	293.0	293.7
1. Short-term trade accounts payable	62.1	80.1	87.7	76.7	80.0
2. Short-term advances from customers	16.9	28.7	57.3	85.8	72.2
3. Taxes and other payables to state authorities	12.3	20.4	17.7	17.0	0.0
4. Payable to employees	4.5	4.1	4.8	6.0	0.0
5. Short-term acrrued expenses	21.1	18.6	16.1	11.3	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	0.4	0.3	0.2	0.2	0.0
9. Other short-term payables	6.1	6.8	9.2	17.0	0.0
10. Short-term borrowings and financial leases	18.3	63.0	77.0	78.6	92.8
11. Provision for short-term liabilities	—	0.0	0.0	0.4	0.0
12.. Bonus and welfare fund	0.0	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	—	1.2	1.4	0.9	2.2
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	—	0.0	0.0	0.1	0.0
8. Long-term borrowings and financial leases	—	0.4	0.6	0.0	1.7
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	—	0.8	0.8	0.8	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)	81.2	73.5	180.6	178.5	176.2
I. Owner's equity	81.2	73.5	180.6	178.5	0.0
1. Owner's capital	144.2	144.2	144.2	144.2	176.2
- Common stock with voting right	144.2	144.2	144.2	144.2	144.2
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	15.7	15.7	15.7	15.7	15.7
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	7.4	7.4	7.4	7.4	7.4
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	25.0	25.0	25.0	25.0	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	-111.1	-118.8	-11.6	-13.8	-16.1
- Accumulated retained earning at the end of the previous period	-118.6	-112.8	-13.8	-16.0	-28.1
- Undistributed earnings in this period	7.6	-6.0	2.1	2.3	12.0
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)	222.8	296.8	452.1	472.5	472.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	7.6	-6.0	2.8	2.3	16.0
Depreciation of Fixed Assets and Investment Property	3.2	4.2	4.6	5.6	6.7
Provision (Increase)/Reversal	-10.8	-2.4	-0.5	-0.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-7.8	0.0
Gain/Loss from Investment Activities	-1.0	-3.0	-6.8	0.0	0.0
Interest Expense	3.6	4.9	2.9	4.8	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	2.5	-2.2	3.1	4.0	30.3
Increase/(Decrease) in Receivables	70.4	23.8	-34.1	-14.2	0.0
Increase/(Decrease) in Inventory	13.2	32.3	20.9	19.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-38.0	-40.5	-11.2	16.5	0.0
Increase/(Decrease) in Prepaid Expenses	1.3	0.4	0.3	-1.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.3	-3.1	-2.5	-4.8	0.0
Corporate Income Tax Paid	-0.0	-0.9	-0.1	-3.1	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	48.1	9.9	-23.8	16.9	79.1
Payments for Fixed Assets and Other Long-term Assets	-0.1	0.0	-1.1	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.7	2.8	8.6	8.3	5.9
Loans and Purchases of Debt Instruments	-0.5	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.6	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	0.4	0.2	2.5	2.3	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	0.5	3.0	10.0	11.1	5.9
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	29.9	63.1	79.4	60.2	86.6
Repayment of Borrowings	-75.0	-77.3	-82.6	-76.1	-158.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-8.6	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	-45.1	-14.2	-11.8	-15.9	-71.6
Net Cash Flow During the Period	3.4	-1.3	-25.6	12.2	-1.1
Cash and Cash Equivalents at Beginning of Period	1.1	2.4	28.0	15.8	2.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.5	1.1	2.4	28.0	15.8

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	37.6	11.0	23.7	32.1	37.3	46.8	24.7	36.4	64.4	27.2	28.4	28.8
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	37.6	11.0	23.7	32.1	37.3	46.8	24.7	36.4	64.4	27.2	28.4	28.8
Cost of Goods Sold	25.2	8.7	23.6	29.4	32.2	51.5	19.6	33.9	52.1	28.3	24.6	27.6
Gross Profit	12.4	2.3	0.2	2.7	5.1	-4.6	5.0	2.5	12.3	-1.1	3.7	1.1
Financial Income	-0.0	0.0	0.2	0.2	0.0	-0.2	0.3	0.5	1.2	0.9	0.6	0.2
Financial Expenses	0.6	0.8	1.1	1.1	0.5	0.7	0.7	0.7	0.4	0.8	0.7	0.8
Interest Expense	0.6	0.6	1.1	1.1	0.5	0.7	0.7	0.7	0.4	0.8	0.7	0.8
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.4	0.2	0.2	0.3	0.3	0.3	0.4	0.3	1.8	0.3	0.3	0.2
General and Administrative Expenses	-2.3	0.8	2.0	-0.5	4.1	-2.5	2.7	2.9	2.6	4.4	4.1	2.0
Operating Profit	13.6	0.6	-3.0	2.1	0.2	-3.3	1.5	-1.0	8.5	-5.8	-0.8	-1.7
Other Income	4.3	0.1	4.2	0.9	0.0	3.8	0.9	1.2	6.7	0.4	0.9	4.3
Other Expenses	12.5	0.6	0.4	1.7	0.1	0.3	2.2	0.1	5.7	0.4	0.1	2.6
Other Profit	-8.3	-0.5	3.9	-0.8	-0.1	3.4	-1.3	1.1	1.1	0.0	0.8	1.7
Profit Before Tax	5.3	0.1	0.9	1.3	0.1	0.2	0.2	0.1	9.6	-5.8	0.1	0.1
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.7	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	5.3	0.1	0.9	1.3	0.1	0.2	0.2	0.1	8.9	-5.8	0.1	0.1
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.3	0.1	0.9	1.3	0.1	0.2	0.2	0.1	8.9	-5.8	0.1	0.1
Earnings per Share	369.57	6.73	61.60	87.00	9.22	10.94	13.77	8.41	615.45	-400.27	8.00	4.04
Diluted EPS	369.57	6.73	61.60	87.14	9.22	10.94	13.77	8.41	615.45	-400.27	4.03	4.04

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)	215.2	244.9	257.7	293.3	380.5	393.2	405.8	414.1	435.1	408.3	430.3	431.9
I. Cash and cash equivalents	4.5	3.7	0.6	2.4	1.1	2.2	1.1	1.5	2.4	0.5	11.2	13.0
1. Cash	4.5	3.7	0.5	2.4	1.1	2.2	1.1	1.5	2.4	0.5	1.2	1.7
2. Cash equivalents	—	—	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	10.0	11.3
II. Short-term financial investments	—	—	—	—	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	155.3	180.9	198.5	225.2	273.4	288.3	266.2	275.9	294.3	254.1	252.0	253.5
1. Short-term trade accounts receivable	153.2	183.2	198.0	223.2	216.9	221.5	205.0	211.9	225.6	192.0	189.8	191.3
2. Short-term prepayments to suppliers	5.0	5.5	8.0	8.8	13.6	19.3	20.9	21.8	28.3	33.3	33.8	34.1
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	0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	62.0	63.3	64.4	65.7	59.7	62.7	59.5	61.4	59.6	48.0	47.6	47.3
7. Provision for short-term doubtful debts (*)	-67.5	-73.2	-74.0	-74.7	-20.0	-18.3	-22.3	-22.3	-22.3	-22.3	-22.4	-22.4
8. Assets awaiting resolution	2.1	2.1	2.1	2.1	3.2	3.2	3.2	3.2	3.2	3.2	3.2	3.2
IV. Inventories	53.5	57.9	55.1	62.1	102.1	98.6	134.3	132.9	135.6	147.3	162.5	161.4
1. Inventories	53.5	57.9	55.1	62.1	102.1	98.6	134.3	132.9	135.6	147.3	162.5	161.4
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	1.8	2.5	3.5	3.6	3.8	4.0	4.2	3.9	2.8	6.4	4.5	4.0
1. Short-term prepayments	0.5	0.5	0.8	0.5	1.0	1.2	1.1	1.2	0.1	2.5	0.1	0.1
2. Value added tax to be reclaimed	1.3	1.9	2.7	3.1	2.8	2.8	3.0	2.7	2.7	3.9	4.4	3.9
3. Taxes and other receivables from state authorities	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	6.9	8.8	8.0	10.4	12.1	14.9	14.0	14.2	17.0	19.1	23.2	22.9
I. Long-term receivables	1.6	2.0	1.2	0.5	1.0	0.5	0.5	0.5	1.6	1.2	1.6	0.2
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	1.6	2.0	1.2	0.5	1.0	0.5	0.5	0.5	1.6	1.2	1.6	0.2
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	4.7	5.4	5.9	6.8	7.8	8.8	9.8	10.9	12.0	16.4	17.5	18.7
1. Tangible fixed assets	4.6	5.4	5.9	6.8	7.8	8.8	9.8	10.9	12.0	16.4	17.5	18.7
- Cost	—	—	—	—	92.4	106.3	106.3	106.3	106.3	119.7	119.7	121.4
- Accumulated depreciation	—	—	—	—	-84.5	-97.5	-96.5	-95.4	-94.3	-103.3	-102.2	-102.7
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	0.1	—	—	—	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	—	—	—	—	0.0	2.0	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	2.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
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	0.1	0.9	0.4	2.5	2.6	3.0	3.2	2.2	2.7	0.9	3.4	3.4
1. Long-term prepayments	0.1	0.9	0.4	2.5	2.6	3.0	3.2	2.2	2.7	0.9	3.4	3.4
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)	222.1	253.8	265.8	303.7	392.6	408.0	419.8	428.3	452.1	427.4	453.5	454.8
A. LIABILITIES (300=210+330)	141.0	178.0	190.1	228.9	211.5	226.9	238.9	247.6	271.5	254.5	274.8	276.2
I. Short -term liabilities	141.0	176.8	189.0	227.7	210.3	225.6	237.5	246.2	270.0	253.7	272.9	275.3
1. Short-term trade accounts payable	61.6	71.5	77.1	95.1	80.1	84.0	81.9	80.7	87.7	77.3	79.9	76.7
2. Short-term advances from customers	16.9	27.8	23.9	22.7	28.7	48.3	54.1	56.2	59.3	68.8	75.3	80.1
3. Taxes and other payables to state authorities	12.3	16.9	19.3	19.6	16.3	17.9	15.2	14.0	17.7	17.3	15.7	17.2
4. Payable to employees	4.5	3.8	3.4	3.1	4.4	2.9	3.5	4.1	4.8	3.6	3.4	3.8
5. Short-term acrrued expenses	21.1	19.9	19.0	18.1	10.0	7.3	10.2	13.6	16.1	8.1	8.2	7.3
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	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.6	0.2	0.6	0.2	0.2
9. Other short-term payables	5.9	4.5	5.5	7.0	7.4	4.9	5.5	6.0	7.2	9.7	16.9	17.4
10. Short-term borrowings and financial leases	18.3	32.2	40.3	61.7	63.0	59.9	67.0	71.0	77.0	68.2	73.2	72.6
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	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	—	1.2	1.2	1.2	1.2	1.3	1.4	1.4	1.4	0.8	1.9	0.8
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.1	0.0
8. Long-term borrowings and financial leases	—	0.4	0.4	0.4	0.4	0.5	0.0	0.6	0.6	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	—	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	0.5	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	81.1	75.8	75.7	74.8	181.1	181.1	181.0	180.8	180.6	172.9	178.6	178.6
I. Owner's equity	81.1	75.8	75.7	74.8	181.1	181.1	181.0	180.8	180.6	172.9	178.6	178.6
1. Owner's capital	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2
- Common stock with voting right	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2	144.2
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7	15.7
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	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4	7.4
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	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0	25.0
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	-111.2	-116.5	-116.6	-117.5	-11.2	-11.2	-11.3	-11.5	-11.6	-19.4	-13.7	-13.7
- Accumulated retained earning at the end of the previous period	-118.8	-118.8	-118.8	-118.8	-11.8	-11.6	-11.6	-11.6	-13.8	-13.8	-13.8	-13.8
- Undistributed earnings in this period	7.6	2.2	2.1	1.3	0.6	0.5	0.3	0.1	2.1	-5.7	0.1	0.1
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)	222.1	253.7	265.8	303.7	392.6	408.0	419.8	428.3	452.1	427.4	453.5	454.8

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	5.3	0.1	0.9	1.3	0.1	0.2	0.2	0.1	8.5	-5.8	0.1	0.1
Depreciation of Fixed Assets and Investment Property	0.8	0.7	0.7	1.0	1.0	1.0	1.1	1.1	1.2	1.1	1.1	1.2
Provision (Increase)/Reversal	-6.5	-0.8	-0.7	-2.9	1.6	-4.0	0.0	0.0	0.0	-0.1	0.0	-0.4
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	0.0	-0.0	-0.8	-0.2	0.0	-3.5	-0.1	-0.7	-2.1	-0.9	-3.6	-0.2
Interest Expense	0.6	0.8	1.1	1.1	0.5	0.7	0.7	0.7	0.6	0.8	0.7	0.8
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	0.3	0.7	1.2	0.3	3.3	-5.7	1.9	1.3	8.1	-4.7	-1.7	1.4
Increase/(Decrease) in Receivables	32.2	18.4	27.0	-7.2	12.7	-17.6	9.1	19.6	-39.5	-1.1	-0.4	6.8
Increase/(Decrease) in Inventory	4.4	-2.8	7.0	4.6	-3.5	35.7	-1.4	2.7	11.7	15.3	-1.1	-5.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-21.9	-4.6	-17.9	6.4	-17.9	-5.5	-3.9	-17.1	8.7	-6.6	-1.9	-11.3
Increase/(Decrease) in Prepaid Expenses	0.9	-0.3	1.9	-1.1	0.5	0.1	-0.9	-0.6	0.6	0.1	-0.1	-0.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.2	-0.5	-0.5	-1.0	-0.3	-1.1	-0.7	-0.2	-0.8	-0.7	-0.8
Corporate Income Tax Paid	0.0	0.0	-0.0	—	-0.2	0.0	-0.0	-0.7	0.0	-0.1	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	—	—	—	0.1	0.0	0.0	0.0	-0.0	-0.0	0.0	1.1	-1.1
Net Cash Flow from Operating Activities	15.8	11.3	18.5	2.5	-6.2	6.7	3.6	4.5	-10.7	2.1	-4.8	-10.3
Payments for Fixed Assets and Other Long-term Assets	-0.1	—	—	—	2.0	-2.0	0.0	0.0	-1.1	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	-0.2	0.9	—	-0.0	3.7	-0.2	0.2	5.5	0.0	2.0	1.1
Loans and Purchases of Debt Instruments	-0.5	—	—	—	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	-0.0	0.0	0.2	0.2	0.0	-0.2	0.3	0.5	0.8	0.9	0.6	0.2
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	-0.6	-0.2	1.1	0.2	2.0	1.5	0.1	0.7	5.3	0.9	2.5	1.3
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	0.5	10.9	2.4	16.1	24.4	7.7	9.9	21.1	17.3	11.8	15.8	34.5
Repayment of Borrowings	-14.9	-18.9	-23.7	-17.5	-21.3	-14.8	-14.0	-27.1	-10.1	-16.7	-15.2	-40.6
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	-8.6	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	8.7	-8.7	0.0	0.0
Net Cash Flow from Financing Activities	-14.3	-8.1	-21.3	-1.4	3.1	-7.1	-4.1	-6.0	7.2	-13.6	0.6	-6.0
Net Cash Flow During the Period	0.9	3.0	-1.8	1.3	-1.1	1.1	-0.4	-0.9	1.9	-10.7	-1.7	-15.1
Cash and Cash Equivalents at Beginning of Period	3.7	0.6	2.4	1.1	2.4	2.4	2.4	2.4	28.0	28.0	28.0	28.0
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	4.5	3.7	0.6	2.4	1.1	2.2	1.1	1.5	2.4	0.5	11.2	13.0

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SD2

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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