SD3

Listed Company · UPCOM

Price

8,200

Latest close

01 Apr 2026

P/E 4.5x

EPS (TTM) 1,835

ROE (TTM) 42.6%

P/B 1.6x

BVPS (Latest) 5,142

ROA (TTM) 3.0%

What Is Changing

SD3 no longer looks like a business simply rebounding from a weak base. Revenue posted +35.6% YoY, while net margin reached 14.93% with an additional +16.5pp 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 25.4bn in 2025.
Net Margin broke above its recent high, rising 995bps to 14.93% in 2025.
Revenue growth accelerated to 35.6% in 2025, up 51.0pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	170.4	125.7	148.6	166.5	194.7
Growth	+36%	-15%	-11%	-14%	—
Net Income	25.4	-2.0	0.3	8.3	5.4
Net Margin	14.93%	-1.56%	0.22%	4.98%	2.77%

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	45.7	26.2	46.4	51.1	42.2	11.8	32.3	39.3	32.9	21.0	45.1	49.5
Growth	+75%	-44%	-9%	+21%	+257%	-63%	-18%	+20%	+57%	-54%	-9%	—
Net Income	26.3	-6.2	-7.4	17.2	34.9	-11.8	-8.5	9.0	-3.1	2.0	-6.0	15.3
Net Margin	57.61%	-23.52%	-15.87%	33.64%	82.60%	-99.75%	-26.41%	22.97%	-9.46%	9.56%	-13.31%	30.97%

Financial Statements

Profitability

Net margin reached 14.93% while Revenue posted +35.6% YoY.

Balance Sheet

Inventory stood at 148.7bn, liabilities at 913.9bn, and equity at 46.5bn.

Cash Flow

Operating cash flow was 47.8bn in 2025, while investing cash flow was -1.1bn.

Financing cash flow: -33.6bn.

Item	2025	2024	2023	2022	2021
Revenue	170.5	125.7	148.8	166.5	210.5
Revenue Deductions	0.1	0.0	0.2	0.0	0.0
Net Revenue	170.4	125.7	148.6	166.5	194.7
Cost of Goods Sold	61.7	55.3	71.6	74.7	0.0
Gross Profit	108.7	70.4	77.0	91.9	61.6
Financial Income	0.1	0.1	0.1	0.0	0.2
Financial Expenses	47.3	18.5	57.4	63.3	-34.5
Interest Expense	46.0	18.4	56.6	63.3	-34.5
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	25.4	40.9	17.6	18.6	-20.0
Operating Profit	36.1	11.1	2.0	10.0	7.3
Other Income	0.0	2.2	3.6	2.6	0.0
Other Expenses	6.5	12.9	3.5	1.9	0.0
Other Profit	-6.5	-10.7	0.2	0.7	-0.6
Profit Before Tax	29.6	0.4	2.2	10.7	6.7
Current Income Tax Expense	4.1	2.3	1.8	2.4	-1.3
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	25.4	-2.0	0.3	8.3	5.4
Non-controlling Interest	0.7	0.4	0.4	0.5	0.5
Profit Attributable to Parent	24.7	-2.3	-0.0	7.8	4.9
Earnings per Share	1,547.00	-145.00	-1.00	487.00	306.00
Diluted EPS	1,547.00	-145.00	-1.31	487.45	307.04

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	353.1	366.2	395.2	438.0	497.5
I. Cash and cash equivalents	39.7	26.5	25.4	17.5	20.4
1. Cash	39.7	26.5	25.4	17.5	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	164.2	183.8	227.5	252.6	288.6
1. Short-term trade accounts receivable	98.7	120.1	156.4	179.7	0.0
2. Short-term prepayments to suppliers	27.4	24.0	16.0	19.4	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	82.4	79.3	71.2	70.7	0.0
7. Provision for short-term doubtful debts (*)	-44.3	-39.7	-16.1	-17.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	148.7	155.5	137.4	166.5	187.4
1. Inventories	148.7	155.5	137.4	166.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	0.4	4.9	1.4	1.2
1. Short-term prepayments	0.3	0.2	4.8	0.7	0.0
2. Value added tax to be reclaimed	0.2	0.1	0.1	0.1	0.0
3. Taxes and other receivables from state authorities	0.0	0.1	0.0	0.6	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)	607.3	631.5	628.6	635.9	656.1
I. Long-term receivables	2.3	2.3	0.0	0.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.8
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	2.3	2.3	0.0	0.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	550.5	519.6	555.4	584.9	614.5
1. Tangible fixed assets	550.5	519.6	555.4	584.8	614.4
- Cost	867.9	864.1	911.1	941.4	0.0
- Accumulated depreciation	-317.5	-344.5	-355.7	-356.6	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	0.0	0.0	0.1
- Cost	0.5	0.4	0.4	0.4	0.0
- Accumulated depreciation	-0.5	-0.4	-0.4	-0.4	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	13.0	77.0	48.2	34.5	25.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	13.0	77.0	48.2	34.5	0.0
V. Long-term financial investments	4.8	5.0	5.0	5.9	5.9
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	4.9	4.9	4.9	4.9	0.0
4. Provision for diminution in value of long-term investments	-1.1	-0.9	-0.9	0.0	0.0
5. Held to maturity investments	1.0	1.0	1.0	1.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	36.8	27.7	19.9	9.8	0.0
1. Long-term prepayments	31.8	21.9	14.7	4.5	0.0
2. Deferred income tax assets	0.4	0.4	0.4	0.5	0.0
3. Long-term equipment, supplies, spare parts	4.6	5.3	4.8	4.8	0.0
4. Other long-term assets	—	0.0	0.0	0.0	9.7
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)	960.4	997.6	1,023.8	1,073.9	1,153.6
A. LIABILITIES (300=210+330)	913.9	944.1	966.2	1,009.4	1,036.1
I. Short -term liabilities	511.9	525.1	779.7	783.4	760.1
1. Short-term trade accounts payable	94.7	142.0	126.5	148.9	159.0
2. Short-term advances from customers	0.2	0.2	0.2	0.2	0.6
3. Taxes and other payables to state authorities	10.4	8.6	6.9	5.7	0.0
4. Payable to employees	2.2	1.4	1.2	3.4	0.0
5. Short-term acrrued expenses	263.3	215.4	205.2	192.9	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	19.4	19.1	27.2	31.1	0.0
10. Short-term borrowings and financial leases	121.8	138.4	412.1	399.3	445.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.1	0.4	1.9	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	402.0	418.9	186.5	226.0	276.0
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	0.1	0.3	0.3	0.0	0.0
8. Long-term borrowings and financial leases	401.9	418.6	186.2	226.0	276.0
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)	46.5	53.6	57.6	64.5	117.5
I. Owner's equity	46.5	53.6	57.6	64.5	0.0
1. Owner's capital	160.0	160.0	160.0	160.0	117.5
- Common stock with voting right	160.0	160.0	160.0	160.0	160.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	100.0	100.0	100.0	100.0	100.0
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	39.5	32.8	32.8	27.2	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	-256.2	-242.1	-238.0	-225.7	-172.2
- Accumulated retained earning at the end of the previous period	-280.9	-239.7	-238.0	-233.5	-175.4
- Undistributed earnings in this period	24.7	-2.3	-0.0	7.8	3.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	3.1	2.9	2.9	3.0	3.2
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)	960.4	997.6	1,023.8	1,073.9	1,153.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	29.6	0.4	2.2	10.7	4.7
Depreciation of Fixed Assets and Investment Property	34.6	35.0	29.3	29.5	17.4
Provision (Increase)/Reversal	4.7	23.7	-0.2	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.4	-1.4	-1.8	-1.7	0.0
Interest Expense	46.0	18.4	56.6	63.3	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	0.4	0.0
Operating Profit Before Changes in Working Capital	114.5	76.0	86.1	102.2	56.3
Increase/(Decrease) in Receivables	14.9	17.8	29.4	41.6	0.0
Increase/(Decrease) in Inventory	7.6	-17.6	29.1	-5.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-56.1	17.9	-47.2	-31.7	0.0
Increase/(Decrease) in Prepaid Expenses	-10.0	-2.6	-14.3	4.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-18.2	-18.1	-27.9	-15.7	0.0
Corporate Income Tax Paid	-2.3	-1.0	-1.4	-2.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.5	-3.1	-7.0	-1.6	0.0
Net Cash Flow from Operating Activities	47.8	69.3	46.7	91.7	133.3
Payments for Fixed Assets and Other Long-term Assets	-8.0	-28.7	-11.7	-0.6	-1.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.8	2.1	0.0	2.5	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	0.1	0.1	0.1	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	-1.1	-26.5	-11.5	2.0	-1.2
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	108.2	25.4	17.2	0.0	9.0
Repayment of Borrowings	-141.5	-66.6	-44.2	-96.3	-129.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.3	-0.3	-0.3	0.0	-0.2
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	-33.6	-41.6	-27.3	-96.3	-120.2
Net Cash Flow During the Period	13.2	1.1	7.9	-2.7	-1.2
Cash and Cash Equivalents at Beginning of Period	26.5	25.4	17.5	20.2	8.4
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	39.7	26.5	25.4	17.5	20.4

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	45.7	26.3	46.4	51.1	42.2	11.8	32.3	39.3	32.9	21.0	45.1	49.7
Revenue Deductions	—	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.2
Net Revenue	45.7	26.2	46.4	51.1	42.2	11.8	32.3	39.3	32.9	21.0	45.1	49.5
Cost of Goods Sold	3.1	15.0	22.7	19.3	18.5	15.6	11.5	21.2	8.1	11.6	30.8	15.3
Gross Profit	42.6	11.2	23.7	31.8	23.7	-3.8	20.8	18.1	24.8	9.4	14.3	34.2
Financial Income	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	1.9	0.0	0.0
Financial Expenses	8.5	12.1	17.9	8.2	-12.0	4.7	20.3	5.4	23.8	4.0	14.8	14.0
Interest Expense	7.4	12.1	17.8	8.2	-12.1	4.7	20.3	5.4	23.8	4.0	14.8	14.0
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	5.3	4.3	8.1	4.7	4.3	3.5	7.7	2.9	4.7	3.9	5.1	3.8
Operating Profit	28.8	-5.2	-2.3	19.0	31.5	-12.0	-7.2	9.9	-3.8	3.4	-5.5	16.3
Other Income	7.0	—	0.0	—	0.1	2.0	0.0	0.1	3.2	0.0	0.0	0.0
Other Expenses	7.3	0.8	4.4	0.8	-4.3	1.6	0.7	0.5	2.1	1.2	0.2	0.1
Other Profit	-0.3	-0.8	-4.4	-0.8	4.3	0.4	-0.7	-0.4	1.1	-1.2	-0.2	-0.1
Profit Before Tax	28.6	-6.0	-6.7	18.2	35.9	-11.6	-8.0	9.5	-2.7	2.3	-5.7	16.2
Current Income Tax Expense	2.2	0.1	0.7	1.0	1.0	0.2	0.6	0.4	0.4	0.2	0.3	0.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	26.3	-6.2	-7.4	17.2	34.9	-11.8	-8.5	9.0	-3.1	2.0	-6.0	15.3
Non-controlling Interest	0.4	0.0	0.1	0.2	0.1	0.0	0.1	0.1	0.1	0.0	0.0	0.2
Profit Attributable to Parent	26.0	-6.2	-7.5	17.0	34.8	-11.8	-8.6	8.9	-3.3	2.0	-6.0	15.2
Earnings per Share	1,625.00	-386.00	-467.00	1,063.00	2,172.00	-739.00	-540.00	558.00	-203.00	124.00	-377.00	948.00
Diluted EPS	1,625.00	-386.00	-467.00	1,063.00	40.00	-739.00	-540.00	558.00	-203.00	124.00	-377.00	948.00

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)	366.5	384.8	391.1	364.8	367.9	317.9	378.3	378.0	400.9	405.6	396.0	449.4
I. Cash and cash equivalents	39.7	52.6	51.1	2.3	27.0	1.5	35.5	13.5	25.9	10.1	11.9	18.0
1. Cash	39.7	52.6	51.1	2.3	27.0	1.5	35.5	13.5	25.9	10.1	11.9	18.0
2. Cash equivalents	—	—	—	—	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	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	177.6	178.3	183.0	205.0	184.8	182.3	207.9	227.8	226.9	242.2	236.5	266.9
1. Short-term trade accounts receivable	98.7	106.4	112.5	134.5	120.1	114.2	119.1	154.2	156.4	155.7	168.9	191.9
2. Short-term prepayments to suppliers	27.4	26.2	23.7	23.9	24.4	30.6	28.5	16.2	16.3	29.1	22.9	20.3
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	91.2	85.3	86.4	86.3	80.0	79.2	79.4	73.5	70.3	74.5	61.8	71.9
7. Provision for short-term doubtful debts (*)	-39.7	-39.7	-39.7	-39.7	-39.7	-41.6	-19.1	-16.1	-16.1	-17.1	-17.1	-17.1
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	148.7	153.1	156.8	157.1	155.5	132.9	132.2	135.8	147.5	151.3	146.3	162.8
1. Inventories	148.7	153.1	156.8	157.1	155.5	132.9	132.2	135.8	147.5	151.3	146.3	162.8
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	0.6	0.9	0.2	0.4	0.6	1.2	2.7	0.8	0.7	2.0	1.3	1.7
1. Short-term prepayments	0.3	0.2	0.1	0.2	0.4	1.0	2.5	0.5	0.6	0.8	0.6	0.8
2. Value added tax to be reclaimed	0.2	0.7	0.1	0.2	0.1	0.1	0.1	0.1	0.1	0.5	0.1	0.2
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.3	0.0	0.8	0.6	0.6
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)	608.1	594.4	603.7	616.3	633.0	612.9	623.9	615.7	634.0	623.4	620.2	624.4
I. Long-term receivables	2.3	2.3	2.3	2.3	2.3	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	2.3	2.3	2.3	2.3	2.3	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	550.0	556.6	493.7	507.0	519.2	528.0	540.4	545.3	555.2	562.6	562.7	570.1
1. Tangible fixed assets	550.0	556.6	493.7	507.0	519.2	528.0	540.4	545.3	555.2	562.6	562.7	570.1
- Cost	—	—	—	—	864.1	864.1	910.8	910.8	911.1	941.4	941.4	941.4
- Accumulated depreciation	—	—	—	—	-344.9	-336.1	-370.4	-365.5	-355.9	-378.8	-378.7	-371.4
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	14.2	6.2	78.1	78.2	76.6	56.1	53.3	49.7	48.0	42.8	40.0	37.4
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	14.2	6.2	78.1	78.2	76.6	56.1	53.3	49.7	48.0	42.8	40.0	37.4
V. Long-term financial investments	4.8	4.8	4.8	5.0	5.0	5.0	5.0	5.0	5.9	5.9	5.9	5.9
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	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9	4.9
4. Provision for diminution in value of long-term investments	-1.1	-1.1	-1.1	-0.9	-0.9	-0.9	-0.9	-0.9	0.0	0.0	0.0	0.0
5. Held to maturity investments	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
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	36.8	24.6	24.8	23.9	29.9	22.9	24.3	14.9	24.2	11.3	10.8	10.2
1. Long-term prepayments	31.8	19.4	19.6	18.1	18.9	12.5	19.1	9.7	18.9	6.1	5.5	4.9
2. Deferred income tax assets	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.5	0.5
3. Long-term equipment, supplies, spare parts	4.6	4.8	4.8	5.3	10.6	10.0	4.8	4.8	4.8	4.8	4.8	4.8
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)	974.6	979.2	994.8	981.1	1,000.9	930.8	1,002.2	993.7	1,034.9	1,029.0	1,016.1	1,073.8
A. LIABILITIES (300=210+330)	892.3	923.3	932.6	910.3	945.4	910.1	954.9	927.1	969.5	960.1	960.0	994.0
I. Short -term liabilities	490.9	456.4	555.7	491.8	799.2	751.9	799.4	737.8	783.0	752.8	756.2	759.8
1. Short-term trade accounts payable	94.7	122.7	111.6	105.1	119.9	108.5	113.6	111.6	129.6	105.3	122.5	133.9
2. Short-term advances from customers	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.6	0.6	0.5	0.5
3. Taxes and other payables to state authorities	10.3	7.6	7.6	7.7	8.4	6.1	5.3	4.8	6.9	4.3	5.1	5.2
4. Payable to employees	2.2	0.8	1.8	3.0	1.4	0.1	1.6	1.3	1.2	2.1	3.7	2.2
5. Short-term acrrued expenses	233.6	233.6	241.7	219.0	215.3	227.1	224.4	205.1	205.2	192.6	195.3	189.4
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	27.5	15.6	37.8	41.9	42.8	19.4	26.8	24.2	27.1	48.1	26.8	28.5
10. Short-term borrowings and financial leases	122.4	75.0	154.1	115.0	411.1	388.5	424.9	390.5	412.1	395.3	395.3	399.3
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	1.0	0.9	0.0	0.1	1.9	2.6	0.3	0.4	4.5	7.1	0.7
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	401.4	466.9	376.9	418.5	146.2	158.2	155.5	189.2	186.5	207.3	203.8	234.3
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	0.1	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.0	0.0
8. Long-term borrowings and financial leases	401.3	466.6	376.6	418.2	145.9	157.9	155.2	188.9	186.2	207.0	203.8	234.3
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)	82.3	55.9	62.2	70.8	55.4	20.7	47.3	66.7	65.4	68.9	56.1	79.8
I. Owner's equity	82.3	55.9	62.2	70.8	55.4	20.7	47.3	66.7	65.4	68.9	56.1	79.8
1. Owner's capital	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0
- Common stock with voting right	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0	160.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0	100.0
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	39.6	39.6	39.6	32.8	32.8	32.8	32.8	32.8	32.8	32.8	32.8	27.2
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	-220.8	-246.7	-240.6	-225.1	-240.2	-275.0	-248.4	-229.1	-230.6	-227.0	-239.6	-210.5
- Accumulated retained earning at the end of the previous period	-250.0	-250.0	-250.1	-242.1	-240.9	-240.9	-248.7	-238.0	-238.0	-238.0	-248.8	-225.7
- Undistributed earnings in this period	29.3	3.3	9.5	17.0	0.6	-34.1	0.3	8.9	7.4	11.0	9.1	15.2
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	3.5	3.1	3.2	3.1	2.8	2.8	2.9	3.0	3.3	3.2	2.9	3.1
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)	974.6	979.2	994.8	981.1	1,000.9	930.8	1,002.2	993.7	1,034.9	1,029.0	1,016.1	1,073.8

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	24.1	-6.1	-6.7	18.2	35.9	-11.6	-30.5	9.5	-10.4	2.3	-5.8	16.2
Depreciation of Fixed Assets and Investment Property	-0.4	9.6	12.9	12.6	8.8	12.7	4.6	10.1	7.1	0.2	7.2	14.8
Provision (Increase)/Reversal	4.6	0.0	0.1	—	-2.0	-0.0	25.6	0.0	-0.2	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	0.0
Gain/Loss from Investment Activities	-0.4	-0.0	-0.0	-0.0	-0.1	0.1	-0.1	-0.0	0.2	-1.9	-0.0	-0.0
Interest Expense	7.3	12.1	18.4	8.2	-12.1	4.7	20.3	5.4	23.8	4.0	14.8	14.0
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	35.2	15.6	24.8	39.0	30.5	5.8	20.0	24.9	20.4	4.5	16.1	45.0
Increase/(Decrease) in Receivables	31.8	-17.9	22.3	-21.3	-21.4	-10.9	-0.6	16.2	20.3	2.8	20.7	-14.4
Increase/(Decrease) in Inventory	4.6	3.6	0.8	-1.5	-26.6	-6.0	3.6	1.6	44.3	-31.6	12.8	3.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-49.9	-2.4	4.8	-8.6	26.5	16.7	-2.3	-20.0	-31.4	31.1	-20.0	-26.9
Increase/(Decrease) in Prepaid Expenses	-12.5	0.1	-1.4	3.9	5.9	-4.0	7.3	-9.4	-12.7	-0.7	-0.3	-0.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.6	-8.8	-0.7	-8.2	0.0	-8.9	-1.1	-5.4	-1.4	-13.3	0.7	-14.0
Corporate Income Tax Paid	-0.0	0.0	-0.0	-2.3	0.0	0.0	-0.2	-0.8	-1.4	1.1	-0.5	-0.6
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.1	0.1	-0.3	-0.1	0.0	2.3	-0.7	0.0	-7.0	1.5	-1.5	0.0
Net Cash Flow from Operating Activities	5.2	-8.5	50.3	0.8	14.9	-5.0	26.0	7.1	31.1	-4.7	28.0	-7.7
Payments for Fixed Assets and Other Long-term Assets	-6.8	0.0	—	-1.2	0.0	5.4	-5.4	0.0	-11.7	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	6.8	—	—	—	0.0	-0.1	0.1	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	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	0.1	—	0.0	—	0.0	-0.0	0.0	0.0	0.1	-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	0.1	-1.2	1.2	-1.2	0.0	5.2	-5.2	0.0	-11.5	-0.0	0.0	0.0
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	18.0	90.0	0.0	0.2	16.6	-10.2	16.3	2.7	17.2	-10.8	2.5	8.3
Repayment of Borrowings	-35.9	-79.1	-2.5	-24.0	-6.0	-23.4	-15.6	-21.6	-21.2	14.0	-37.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	—	-0.3	—	0.0	0.0	0.0	0.0	-0.3	0.3	-0.3	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	-18.2	11.2	-2.8	-23.8	10.6	-33.7	0.7	-18.9	-4.3	3.4	-34.7	8.3
Net Cash Flow During the Period	-12.9	1.5	48.7	-24.2	25.5	-33.5	21.4	-11.8	15.3	-1.3	-6.7	0.5
Cash and Cash Equivalents at Beginning of Period	52.6	51.1	2.3	26.5	25.4	25.4	25.4	25.4	17.5	17.5	17.5	17.5
FX Difference from Revaluation	0.0	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	39.7	52.6	51.1	2.3	27.0	1.5	35.0	13.5	25.4	10.1	11.4	18.0

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Balance Sheet

Cash Flow

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