SD4

Listed Company · UPCOM

Price

1,600

Latest close

27 Mar 2026

P/E -2.8x

EPS (TTM) -580

ROE (TTM) 59.9%

P/B -1.2x

BVPS (Latest) -1,283

ROA (TTM) -0.9%

What Is Changing

SD4 has not yet shown a broad-based top-line recovery. Revenue posted -29.5% YoY, but net margin reached -4.65% with an additional +21.1pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from -44.27% in 2023 to -4.65% in 2025.
Revenue decreased 29.5% YoY to VND 117.0bn in 2025.
Net Income reached a multi-period high at VND -5.4bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	117.0	165.9	306.2	409.6	526.2
Growth	-30%	-46%	-25%	-22%	—
Net Income	-5.4	-42.8	-135.5	-10.2	-7.3
Net Margin	-4.65%	-25.78%	-44.27%	-2.49%	-1.39%

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	30.4	31.5	34.3	20.7	57.2	41.6	26.2	41.0	66.1	118.0	83.8	38.2
Growth	-4%	-8%	+65%	-64%	+38%	+59%	-36%	-38%	-44%	+41%	+119%	—
Net Income	2.5	-3.8	-0.6	-4.1	-9.6	-0.6	-17.5	-14.1	-93.2	-13.6	-29.5	0.1
Net Margin	8.27%	-12.08%	-1.80%	-19.56%	-16.73%	-1.43%	-66.96%	-34.40%	-140.99%	-11.54%	-35.18%	0.26%

Financial Statements

Profitability

Net margin reached -4.65% while Revenue posted -29.5% YoY.

Balance Sheet

Inventory stood at 133.3bn, liabilities at 637.5bn, and equity at -13.2bn.

Cash Flow

Operating cash flow was 31.3bn in 2025, while investing cash flow was 0.7bn.

Financing cash flow: -34.0bn.

Item	2025	2024	2023	2022	2021
Revenue	117.0	165.9	306.2	409.6	526.2
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	117.0	165.9	306.2	409.6	526.2
Cost of Goods Sold	83.8	158.3	399.2	361.4	0.0
Gross Profit	33.2	7.6	-93.1	48.2	87.1
Financial Income	10.2	1.7	15.2	20.3	0.2
Financial Expenses	24.4	27.7	29.7	42.8	-43.9
Interest Expense	24.4	23.3	26.7	40.1	-19.4
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	18.8	19.5	24.7	32.6	-49.2
Operating Profit	0.1	-37.8	-132.3	-6.8	-5.8
Other Income	0.6	3.6	2.2	4.7	0.0
Other Expenses	6.1	8.5	5.5	6.4	0.0
Other Profit	-5.5	-5.0	-3.3	-1.7	-2.6
Profit Before Tax	-5.4	-42.8	-135.5	-8.5	-8.4
Current Income Tax Expense	—	0.0	0.0	1.7	1.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-5.4	-42.8	-135.5	-10.2	-7.3
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-5.4	-42.8	-135.5	-10.2	-7.3
Earnings per Share	-528.00	-4,153.00	-13,160.00	-990.00	-703.00
Diluted EPS	-528.05	-4,153.00	-13,160.00	-990.00	-708.31

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	566.4	587.5	716.4	977.4	1,227.4
I. Cash and cash equivalents	1.7	3.7	1.5	0.5	2.5
1. Cash	1.7	3.7	1.5	0.5	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	400.3	423.3	533.7	659.7	812.9
1. Short-term trade accounts receivable	342.5	361.1	461.9	582.8	0.0
2. Short-term prepayments to suppliers	23.5	28.8	35.7	46.6	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	42.0	41.0	43.7	38.0	0.0
7. Provision for short-term doubtful debts (*)	-7.7	-7.7	-7.7	-7.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	133.3	130.4	149.0	287.7	384.8
1. Inventories	133.3	130.4	149.0	287.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	31.2	30.1	32.2	29.5	27.2
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	31.2	30.1	32.2	29.5	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)	57.8	71.8	90.6	103.2	119.0
I. Long-term receivables	0.1	0.1	0.1	0.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.2
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	0.1	0.1	0.1	0.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	49.7	62.3	76.7	93.4	110.8
1. Tangible fixed assets	49.7	62.3	76.7	93.4	110.8
- Cost	329.8	331.0	369.8	372.7	0.0
- Accumulated depreciation	-280.1	-268.6	-293.1	-279.3	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	—	0.0	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	8.0	6.7	6.7	6.7	6.6
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	10.4	10.4	10.4	10.4	0.0
4. Provision for diminution in value of long-term investments	-2.4	-3.8	-3.8	-3.8	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	—	2.8	7.2	2.3	0.0
1. Long-term prepayments	—	2.8	7.2	2.3	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	0.4
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)	624.2	659.3	807.0	1,080.6	1,346.4
A. LIABILITIES (300=210+330)	637.5	667.1	772.0	910.0	1,165.5
I. Short -term liabilities	587.5	614.9	718.8	855.4	1,109.7
1. Short-term trade accounts payable	145.6	169.7	201.4	228.4	275.7
2. Short-term advances from customers	16.7	13.6	27.2	91.7	148.9
3. Taxes and other payables to state authorities	63.8	63.7	64.6	69.0	0.0
4. Payable to employees	16.4	17.5	21.6	37.7	0.0
5. Short-term acrrued expenses	76.9	63.3	75.2	50.7	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	79.0	68.3	66.8	75.3	0.0
10. Short-term borrowings and financial leases	186.4	216.1	259.3	299.9	410.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.6	2.6	2.6	2.7	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	50.0	52.2	53.2	54.6	55.8
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	0.0	0.0
8. Long-term borrowings and financial leases	50.0	52.2	53.2	54.6	55.8
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)	-13.2	-7.8	35.0	170.5	180.9
I. Owner's equity	-13.2	-7.8	35.0	170.5	0.0
1. Owner's capital	103.0	103.0	103.0	103.0	180.9
- Common stock with voting right	103.0	103.0	103.0	103.0	103.0
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	1.3	1.3	1.3	0.0
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	1.3	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	48.3	48.3	48.3	48.3	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	-165.8	-160.4	-117.6	18.0	27.9
- Accumulated retained earning at the end of the previous period	-160.4	-117.6	18.0	28.2	26.2
- Undistributed earnings in this period	-5.4	-42.8	-135.5	-10.2	1.7
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)	624.2	659.3	807.0	1,080.6	1,346.4

Item	2025	2024	2023	2022
Profit Before Tax	-5.4	-42.8	-135.5	-8.5
Depreciation of Fixed Assets and Investment Property	12.6	14.3	16.7	18.1
Provision (Increase)/Reversal	-1.3	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	2.1	1.9	-0.0	-1.8
Gain/Loss from Investment Activities	-0.2	-3.5	-2.0	-20.0
Interest Expense	24.4	23.3	26.7	40.1
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	32.2	-6.8	-94.2	27.8
Increase/(Decrease) in Receivables	21.4	112.5	124.1	155.7
Increase/(Decrease) in Inventory	-2.9	18.6	138.7	97.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-20.8	-65.5	-103.5	-161.3
Increase/(Decrease) in Prepaid Expenses	2.8	4.4	-4.9	-1.9
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-1.4	-16.4	-15.7	-23.1
Corporate Income Tax Paid	—	-0.0	-1.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	-0.0	0.0
Net Cash Flow from Operating Activities	31.3	46.8	42.8	94.6
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	3.5	2.0	1.5
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.0	0.0	18.5
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.7	3.6	2.0	19.3
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	3.2	75.9	116.0	277.7
Repayment of Borrowings	-37.2	-124.0	-159.8	-393.6
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-34.0	-48.1	-43.7	-115.9
Net Cash Flow During the Period	-2.0	2.2	1.0	-2.0
Cash and Cash Equivalents at Beginning of Period	3.7	1.5	0.5	2.5
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.7	3.7	1.5	0.5

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	30.4	31.5	34.3	20.7	57.2	41.6	26.2	41.0	66.1	118.0	83.8	38.2
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	30.4	31.5	34.3	20.7	57.2	41.6	26.2	41.0	66.1	118.0	83.8	38.2
Cost of Goods Sold	17.2	18.9	32.0	15.8	53.4	36.1	30.3	38.5	146.9	113.2	97.4	40.7
Gross Profit	13.2	12.7	2.3	5.0	3.8	5.4	-4.2	2.5	-80.7	4.8	-13.6	-2.5
Financial Income	0.2	0.0	10.0	0.0	0.0	1.7	0.0	0.0	0.0	0.0	0.0	15.2
Financial Expenses	2.8	11.1	6.1	4.9	8.3	2.8	8.9	7.2	4.9	8.0	9.2	7.6
Interest Expense	2.8	12.8	6.1	4.9	8.3	2.8	8.9	7.2	4.9	8.0	9.2	7.6
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	4.4	5.1	4.0	5.1	4.4	4.6	5.3	7.4	6.1	6.2	5.0
Operating Profit	5.3	-2.8	1.0	-3.9	-9.7	-0.0	-17.6	-10.0	-93.0	-9.3	-29.0	0.1
Other Income	0.0	-0.0	0.5	-0.0	0.9	1.5	0.7	0.8	0.2	0.5	0.7	0.9
Other Expenses	2.8	1.0	2.2	0.1	0.8	2.0	0.5	4.9	0.4	3.2	1.2	0.7
Other Profit	-2.8	-1.0	-1.7	-0.1	0.1	-0.6	0.1	-4.1	-0.2	-2.7	-0.5	0.2
Profit Before Tax	2.5	-3.8	-0.6	-4.1	-9.6	-0.6	-17.5	-14.1	-93.2	-12.0	-29.5	0.3
Current Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.6	0.0	0.2
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.5	-3.8	-0.6	-4.1	-9.6	-0.6	-17.5	-14.1	-93.2	-13.6	-29.5	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	2.5	-3.8	-0.6	-4.1	-9.6	-0.6	-17.5	-14.1	-93.2	-13.6	-29.5	0.1
Earnings per Share	244.00	-370.05	-60.00	-394.00	-929.05	-58.00	-1,701.00	-1,369.00	-9,052.31	-1,322.27	-2,862.00	10.00
Diluted EPS	244.22	-370.00	-60.00	-393.57	-4,048.00	-57.74	-1,700.64	-1,368.85	-9,052.00	-1,322.00	-2,861.64	9.78

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)	566.4	569.9	560.6	567.1	602.0	644.3	656.9	665.9	716.3	905.6	955.2	949.9
I. Cash and cash equivalents	1.7	0.6	1.5	0.1	3.7	1.6	1.9	1.8	1.5	2.3	2.1	1.6
1. Cash	1.7	0.6	1.5	0.1	3.7	1.6	1.9	1.8	1.5	2.3	2.1	1.6
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	400.3	413.6	403.3	405.3	437.8	469.7	483.1	488.3	534.6	663.7	656.9	626.3
1. Short-term trade accounts receivable	342.5	357.2	347.2	343.2	375.7	396.2	413.0	417.1	462.8	581.2	580.6	559.1
2. Short-term prepayments to suppliers	23.5	22.1	22.0	28.4	28.8	39.7	33.0	35.4	35.7	46.2	43.6	35.0
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	42.0	41.9	41.8	41.4	41.0	41.4	44.7	43.5	43.7	44.0	40.3	40.0
7. Provision for short-term doubtful debts (*)	-7.7	-7.7	-7.7	-7.7	-7.7	-7.7	-7.7	-7.7	-7.7	-7.7	-7.7	-7.7
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	133.3	124.3	126.3	131.7	130.4	141.9	139.8	143.4	149.0	207.8	266.1	293.9
1. Inventories	133.3	124.3	126.3	131.7	130.4	141.9	139.8	143.4	149.0	207.8	266.1	293.9
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	31.2	31.4	29.5	30.0	30.1	31.2	32.2	32.3	31.3	31.8	30.1	28.1
1. Short-term prepayments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	31.2	31.4	29.5	30.0	30.1	31.2	32.2	32.3	31.3	31.8	30.1	28.1
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	57.8	59.5	62.9	66.9	71.8	76.9	82.0	85.6	91.3	96.3	97.1	98.1
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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	49.7	52.8	55.9	59.2	62.3	65.9	69.4	72.9	76.7	80.6	84.8	89.0
1. Tangible fixed assets	49.7	52.8	55.9	59.2	62.3	65.9	69.4	72.9	76.7	80.6	84.8	89.0
- Cost	—	—	—	—	331.0	336.5	341.8	368.3	370.3	370.3	372.7	372.7
- Accumulated depreciation	—	—	—	—	-268.6	-270.7	-272.3	-295.4	-293.6	-289.7	-287.9	-283.7
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	—	—	—	—	0.0	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	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	8.0	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7	6.7
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	10.4	10.4	10.4	10.4	10.4	10.4	10.4	10.4	10.4	10.4	10.4	10.4
4. Provision for diminution in value of long-term investments	-2.4	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8	-3.8
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	—	—	0.2	1.0	2.8	4.3	5.8	5.9	7.8	8.9	4.9	1.7
1. Long-term prepayments	—	—	0.2	1.0	2.8	4.3	5.8	5.9	7.8	8.9	4.9	1.7
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)	624.2	629.4	623.5	634.1	673.9	721.2	739.0	751.5	807.6	1,001.8	1,052.3	1,048.1
A. LIABILITIES (300=210+330)	637.5	645.2	636.0	645.9	680.6	718.4	735.6	730.6	771.6	872.5	911.0	877.4
I. Short -term liabilities	587.5	593.0	584.2	593.3	626.7	664.4	680.1	676.1	718.4	817.8	857.8	823.1
1. Short-term trade accounts payable	145.6	155.6	148.2	158.0	169.7	175.8	182.9	187.6	201.4	222.6	238.9	221.9
2. Short-term advances from customers	16.7	10.2	10.6	9.4	13.6	23.0	19.4	19.6	27.2	54.1	67.6	65.6
3. Taxes and other payables to state authorities	63.8	67.8	64.6	63.5	63.7	62.4	61.5	61.7	64.6	68.2	67.3	65.5
4. Payable to employees	16.4	18.0	15.5	16.4	17.4	18.2	18.5	17.1	21.2	22.3	25.8	24.5
5. Short-term acrrued expenses	76.9	68.3	66.1	66.5	63.3	69.1	69.2	67.1	75.2	69.1	70.5	69.9
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	79.0	70.8	71.8	68.3	67.7	65.8	71.3	65.8	66.8	89.5	91.4	85.6
10. Short-term borrowings and financial leases	186.4	199.8	204.7	208.5	228.6	247.5	254.5	254.7	259.3	289.4	293.7	287.5
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	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.6	2.7	2.7
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	50.0	52.1	51.8	52.6	53.8	54.0	55.5	54.4	53.2	54.8	53.2	54.3
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	50.0	52.1	51.8	52.6	53.8	54.0	55.5	54.4	53.2	54.8	53.2	54.3
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)	-13.2	-15.7	-12.4	-11.8	-6.7	2.9	3.4	20.9	36.0	129.3	141.3	170.6
I. Owner's equity	-13.2	-15.7	-12.4	-11.8	-6.7	2.9	3.4	20.9	36.0	129.3	141.3	170.6
1. Owner's capital	103.0	103.0	103.0	103.0	103.0	103.0	103.0	103.0	103.0	103.0	103.0	103.0
- Common stock with voting right	103.0	103.0	103.0	103.0	103.0	103.0	103.0	103.0	103.0	103.0	103.0	103.0
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	1.3	0.0	0.0	0.0	1.3	0.0	0.0	0.0	1.3
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	1.3	1.3	1.3	—	1.3	1.3	1.3	0.0	1.3	1.3	1.3	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	48.3	48.3	48.3	48.3	48.3	48.3	48.3	48.3	48.3	48.3	48.3	48.3
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	-165.8	-168.3	-165.0	-164.4	-159.3	-149.7	-149.2	-131.7	-116.5	-23.3	-11.3	18.1
- Accumulated retained earning at the end of the previous period	-160.4	-160.4	-160.4	-160.4	-117.6	-117.6	-117.6	-117.6	18.0	18.0	18.0	18.0
- Undistributed earnings in this period	-5.4	-8.0	-4.7	-4.1	-41.7	-32.1	-31.6	-14.1	-134.5	-41.3	-29.2	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)	624.2	629.4	623.5	634.1	673.9	721.2	739.0	751.5	807.6	1,001.8	1,052.3	1,048.1

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	2.5	-3.8	-0.1	-4.1	-9.6	-0.6	-17.4	-14.1	-94.3	-12.0	-29.5	0.3
Depreciation of Fixed Assets and Investment Property	3.0	3.2	3.2	3.2	3.5	3.6	5.0	2.2	6.3	1.8	4.2	4.4
Provision (Increase)/Reversal	-1.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	0.9	0.8	0.5	-1.5	3.0	-1.1	2.3	-2.3	2.0	0.5	-0.2
Gain/Loss from Investment Activities	-0.2	-0.0	-0.0	-0.0	-0.0	-0.3	-1.5	-0.0	13.2	-15.2	15.2	-15.2
Interest Expense	2.8	12.8	3.9	4.9	8.3	3.6	6.4	7.2	17.1	-6.9	24.1	-7.6
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	6.9	13.0	7.8	4.5	0.7	9.4	-8.6	-2.4	-60.0	-30.4	14.4	-18.3
Increase/(Decrease) in Receivables	13.5	-8.3	-1.8	18.0	32.2	11.6	5.4	45.2	129.6	-7.8	-32.6	34.9
Increase/(Decrease) in Inventory	-9.0	1.9	5.4	-1.3	11.5	-2.0	3.5	5.6	58.8	58.3	27.8	-6.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.7	4.7	-5.5	-18.2	-21.3	-2.8	-1.6	-43.9	-61.9	-40.0	25.3	-27.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.2	0.8	1.7	1.5	1.5	0.1	1.3	1.7	-4.1	-3.2	0.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	6.7	-8.0	0.6	-0.7	-5.9	-9.4	-0.8	-1.3	-20.6	11.0	-20.5	14.5
Corporate Income Tax Paid	—	—	—	—	0.0	0.0	0.0	0.0	-1.7	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	16.4	3.6	7.3	4.0	18.8	8.3	-1.9	4.5	45.9	-12.9	11.3	-1.5
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0	-2.4	2.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.5	—	—	0.8	1.3	-0.0	1.5	2.0	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	0.2	0.0	0.0	0.0	1.7	0.0	0.0	0.0	-15.2	15.2	-15.2	15.2
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	0.2	0.5	0.0	0.0	2.6	1.3	-0.0	1.5	-15.6	17.6	-15.2	15.2
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	-0.1	0.3	1.9	1.1	21.5	49.7	5.2	0.6	4.1	72.1	37.5	2.3
Repayment of Borrowings	-15.4	-5.3	-7.8	-8.7	-40.6	-59.6	-3.2	-6.3	-35.2	-76.6	-33.1	-14.8
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	-15.5	-5.0	-5.9	-7.6	-19.2	-9.9	2.0	-5.7	-31.1	-4.5	4.4	-12.5
Net Cash Flow During the Period	1.1	-0.9	1.4	-3.6	2.2	-0.3	0.1	0.3	-0.8	0.2	0.5	1.1
Cash and Cash Equivalents at Beginning of Period	0.6	1.5	0.1	3.7	1.5	1.5	1.5	1.5	0.5	0.5	0.5	0.5
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.7	0.6	1.5	0.1	3.7	1.6	1.9	1.8	1.5	2.3	2.1	1.6

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SD4

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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