STC

Sách và Thiết bị Trường học Thành phố Hồ Chí Minh ·HNX ·2026Q1

▼▼ Declining sharply

Financial result is supporting part of pre-tax profit Net financial result/PBT 18.23%

Price

14,300

Latest close

02 Jun 2026

P/E 24.83x

P/B 0.63x

EPS 576

BVPS 22,772

ROE 4.7%

ROA 3.6%

Profit Margin 1.9%

Asset Turnover 1.95x

Equity Mult. 1.28x

TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity

What Is Changing

On a TTM 2026Q1 basis, STC posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 339bn
	                                
−33.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 6bn
	                                
−63.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	398.3	490.3	503.3	513.6	520.5
Growth	-19%	-3%	-2%	-1%	—
Net Income	10.7	14.9	15.5	17.1	19.0
Net Margin	2.68%	3.03%	3.08%	3.34%	3.65%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	15.5	97.1	159.6	66.8	74.8	176.6	186.0	75.6	52.1	171.2	194.3	88.0
Growth	-84%	-39%	+139%	-11%	-58%	-5%	+146%	+45%	-70%	-12%	+121%	—
Net Income	-0.9	2.0	3.2	1.7	3.7	7.3	3.7	1.9	1.8	5.3	4.8	2.6
Net Margin	-5.95%	2.09%	2.03%	2.61%	4.88%	4.16%	2.01%	2.57%	3.53%	3.11%	2.48%	2.91%

Drivers of STC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Selling expenses ↓ 24.1bn

Administrative expenses ↓ 13.6bn

Gross profit ↓ 49.7bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Selling expenses ↓ 7.9bn

Administrative expenses ↓ 4.6bn

Gross profit ↓ 17.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 11.9% = 3.3% × 2.72 × 1.35

2026Q1 4.5% = 1.8% × 1.95 × 1.28

ROE fell from 11.9% to 4.5% — all three components weakened, with asset turnover being the main drag.

Net margin: 1.8% -1.5pp Asset turnover: 1.95x -0.77x Leverage: 1.28x -0.06x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 1.80%, falling 1.5pp. The main pressure is Gross margin fell 4.8pp, outweighing the improvement in SG&A / Revenue fell 3.0pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.0pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 1.80% −1.5pp

Gross Margin 14.31% −4.8pp

SG&A / Revenue 12.82% −3.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.24x equity, with a net cash position equivalent to 0.11x equity.

Inventory ended the period at 38.9bn, roughly 22.8% of total assets.

Over the last 12 months, working capital released 16.6bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +29.1bn

Inventories decreased → higher CFO: +26.0bn

Payables decreased → lower CFO: −38.4bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 15.2 days versus the same period last year. The main moves came from DIO rose 12.8 days, DSO rose 7.6 days, and DPO rose 5.2 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 94.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +7.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 40.0 days +7.6 days

Inventory 80.4 days +12.8 days

Payables 25.7 days +5.2 days

Cash Conversion Cycle 94.7 days +15.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 6.7bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.11x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 3.04x +2.56x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 6.7bn in 2025, against investing cash flow of -3.1bn.

Post-investment cash flow was positive +3.5bn. Financing cash flow was negative +8.3bn.

CFO / net income was 3.04x.

After spending +3.3bn on fixed-asset investment, the business generated trailing free cash flow of +15.9bn.

Cash Conversion

CFO TTM 19.2bn +11.6bn

Cash Capex 3.3bn +0.6bn

FCF TTM +15.9bn +11.0bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is the earnings mix, when non-core contribution is 18.2%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.11x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.11x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 3.04x. Even so, net financial result still accounts for 18.2% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	398.5	490.7	504.2	514.5	527.7
Revenue Deductions	0.2	0.4	0.9	0.9	0.0
Net Revenue	398.3	490.3	503.3	513.6	520.5
Cost of Goods Sold	332.1	399.9	409.4	402.2	0.0
Gross Profit	66.1	90.4	93.9	111.4	112.9
Financial Income	1.3	1.5	1.3	0.7	0.6
Financial Expenses	0.1	0.5	0.3	0.7	-0.2
Interest Expense	0.1	0.5	0.3	0.7	-0.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	26.1	38.2	39.9	47.0	-52.9
General and Administrative Expenses	29.9	37.1	39.1	46.3	-39.9
Operating Profit	11.5	16.1	15.9	18.2	20.5
Other Income	0.7	1.0	1.8	1.0	0.0
Other Expenses	0.1	0.1	0.0	0.0	0.0
Other Profit	0.6	0.9	1.8	1.0	0.8
Profit Before Tax	12.1	17.0	17.7	19.2	21.3
Current Income Tax Expense	1.4	2.1	2.3	2.1	-2.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	10.7	14.9	15.5	17.1	19.0
Non-controlling Interest	0.1	0.5	0.6	0.5	0.4
Profit Attributable to Parent	10.6	14.3	14.9	16.7	18.7
Earnings per Share	1,332.00	1,799.00	1,865.00	2,099.00	2,463.00
Diluted EPS	1,332.00	1,799.00	1,865.00	2,099.00	3,294.20

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	127.8	174.6	168.4	186.2	194.4
I. Cash and cash equivalents	45.2	49.9	35.6	33.6	17.8
1. Cash	39.3	6.1	8.1	10.4	0.0
2. Cash equivalents	5.9	43.8	27.5	23.2	0.0
II. Short-term financial investments	13.6	13.0	8.1	5.7	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	13.6	13.0	8.1	5.7	0.0
III. Short-term receivables	24.1	38.9	39.2	57.2	87.6
1. Short-term trade accounts receivable	24.3	39.3	38.9	55.3	0.0
2. Short-term prepayments to suppliers	0.3	0.2	1.1	2.3	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	0.5	0.5	0.3	0.2	0.0
7. Provision for short-term doubtful debts (*)	-1.0	-1.1	-1.0	-0.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	38.9	69.6	82.8	87.7	85.4
1. Inventories	47.5	72.9	88.2	95.8	0.0
2. Provision for decline in value of inventories	-8.5	-3.3	-5.4	-8.1	0.0
V. Other short-term assets	6.0	3.2	2.6	2.0	0.9
1. Short-term prepayments	1.4	1.1	1.5	1.4	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	4.6	2.1	1.1	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)	42.8	39.9	40.3	42.5	45.9
I. Long-term receivables	0.0	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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	29.6	28.4	30.2	32.1	35.4
1. Tangible fixed assets	28.5	28.4	30.2	32.0	35.2
- Cost	78.0	74.8	73.6	72.6	0.0
- Accumulated depreciation	-49.5	-46.5	-43.4	-40.6	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	1.1	0.0	0.0	0.1	0.3
- Cost	2.2	0.7	0.7	0.7	0.0
- Accumulated depreciation	-1.1	-0.7	-0.7	-0.6	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	0.7	1.8	0.4	0.4	0.6
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	1.8	0.4	0.4	0.0
V. Long-term financial investments	0.5	0.5	0.5	0.5	0.5
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	0.5	0.5	0.5	0.5	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	12.0	9.3	9.1	9.4	0.0
1. Long-term prepayments	12.0	9.3	9.1	9.4	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	9.4
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)	170.6	214.5	208.7	228.7	240.3
A. LIABILITIES (300=210+330)	32.7	75.9	72.4	95.0	110.1
I. Short -term liabilities	32.7	75.9	72.3	95.0	110.1
1. Short-term trade accounts payable	10.6	30.8	24.6	37.4	53.7
2. Short-term advances from customers	0.5	0.5	0.9	1.3	0.6
3. Taxes and other payables to state authorities	1.0	2.2	1.0	2.0	0.0
4. Payable to employees	9.8	22.5	23.5	30.8	0.0
5. Short-term acrrued expenses	1.0	0.9	3.9	5.1	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	1.4	1.8	1.3	1.4	0.2
9. Other short-term payables	0.6	1.1	0.8	0.9	0.0
10. Short-term borrowings and financial leases	—	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	7.7	16.1	16.3	16.1	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	—	0.0	0.1	0.0	0.0
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	—	0.0	0.1	0.0	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)	—	0.00	0.00	0.00	0.00
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)	137.9	138.6	136.3	133.7	130.2
I. Owner's equity	137.9	138.6	136.3	133.7	0.0
1. Owner's capital	56.7	56.7	56.7	56.7	130.2
- Common stock with voting right	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	13.8	13.8	13.8	13.8	13.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	6.5	6.5	6.5	6.5	6.5
5. Treasury shares	—	0.00	0.00	0.00	0.00
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	50.4	50.4	48.2	45.5	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	7.9	8.3	8.3	8.3	8.8
- Accumulated retained earning at the end of the previous period	0.4	0.4	0.4	0.4	0.4
- Undistributed earnings in this period	7.5	7.9	7.9	8.0	8.4
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	2.6	2.9	2.9	2.9	2.8
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)	170.6	214.5	208.7	228.7	240.3

Item	2025	2024	2023	2022	2021
Profit Before Tax	12.1	17.0	17.7	19.2	21.3
Depreciation of Fixed Assets and Investment Property	3.5	3.2	3.4	3.9	4.0
Provision (Increase)/Reversal	5.2	-2.0	-2.2	5.6	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	-1.2	-0.9	-1.2	-0.4	0.0
Interest Expense	0.1	0.5	0.3	0.7	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	19.6	17.8	18.1	28.9	26.8
Increase/(Decrease) in Receivables	12.4	-0.7	17.0	29.9	0.0
Increase/(Decrease) in Inventory	25.4	15.3	7.5	-7.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-34.2	3.3	-22.5	-18.4	0.0
Increase/(Decrease) in Prepaid Expenses	-3.1	0.1	0.1	-0.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.1	-0.5	-0.3	-0.7	0.0
Corporate Income Tax Paid	-1.9	-1.9	-2.6	-2.5	0.0
Other Operating Receipts	—	0.0	0.1	0.1	0.0
Other Operating Payments	-11.5	-4.6	-4.4	-2.0	0.0
Net Cash Flow from Operating Activities	6.7	28.9	13.0	27.4	-34.7
Payments for Fixed Assets and Other Long-term Assets	-3.8	-2.2	-1.4	-0.6	-1.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	-0.6	-10.2	-2.4	-3.1	-0.1
Receipts from Loan Repayments and Sale of Debt Instruments	—	5.4	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	1.2	0.7	1.1	0.3	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	-3.1	-6.3	-2.7	-3.4	-1.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	6.6	0.0	57.4	31.0
Repayment of Borrowings	—	-6.6	0.0	-57.4	-31.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-8.3	-8.3	-8.3	-8.3	-7.7
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	-8.3	-8.3	-8.3	-8.3	-7.7
Net Cash Flow During the Period	-4.8	14.3	2.1	15.8	-2.1
Cash and Cash Equivalents at Beginning of Period	49.9	35.6	33.6	17.8	61.2
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	45.2	49.9	35.6	33.6	17.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	15.6	97.2	159.7	66.9	74.8	176.8	186.1	75.6	52.2	171.9	194.5	88.1
Revenue Deductions	0.0	0.1	0.1	0.0	—	0.3	0.1	0.0	0.1	0.6	0.2	0.0
Net Revenue	15.5	97.1	159.6	66.8	74.8	176.6	186.0	75.6	52.1	171.2	194.3	88.0
Cost of Goods Sold	12.0	84.0	140.6	53.8	53.6	136.2	161.7	63.2	38.8	138.1	165.5	73.0
Gross Profit	3.5	13.0	18.9	13.0	21.1	40.3	24.3	12.4	13.3	33.2	28.8	15.0
Financial Income	0.1	0.9	-0.4	0.6	0.2	1.1	0.0	0.3	0.1	0.6	0.0	0.4
Financial Expenses	—	—	0.0	0.0	—	0.2	0.3	0.0	0.0	0.1	0.2	0.0
Interest Expense	—	—	0.0	0.0	—	0.2	0.3	0.0	0.0	0.1	0.2	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.6	5.5	6.5	5.6	8.5	18.1	10.2	5.4	4.4	16.0	13.3	4.6
General and Administrative Expenses	4.2	6.5	8.5	6.2	8.8	15.2	9.5	5.5	6.9	13.0	9.8	8.1
Operating Profit	-1.0	2.0	3.6	1.7	4.1	7.9	4.3	1.9	2.0	4.6	5.5	2.8
Other Income	0.1	0.2	0.0	0.3	0.2	0.2	0.1	0.6	0.0	1.2	0.2	0.3
Other Expenses	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.0
Other Profit	0.1	0.2	0.0	0.3	0.1	0.2	0.1	0.6	0.0	1.2	0.2	0.3
Profit Before Tax	-0.9	2.2	3.7	2.0	4.2	8.1	4.5	2.4	2.1	5.8	5.7	3.1
Current Income Tax Expense	—	0.2	0.4	0.2	0.6	0.7	0.7	0.5	0.2	0.5	0.9	0.5
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.9	2.0	3.2	1.7	3.7	7.3	3.7	1.9	1.8	5.3	4.8	2.6
Non-controlling Interest	-0.2	-0.3	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.1	0.1
Profit Attributable to Parent	-0.8	2.3	3.1	1.6	3.5	7.2	3.6	1.8	1.7	5.2	4.7	2.5
Earnings per Share	-137.00	-131.00	553.00	291.00	619.00	543.00	641.00	324.00	293.00	142.00	825.00	435.00
Diluted EPS	-137.00	-131.00	553.00	291.00	619.00	1,799.00	641.00	324.00	293.00	142.00	825.00	435.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	103.9	127.7	189.6	206.6	162.5	174.6	237.4	221.5	134.5	168.4	249.9	236.0
I. Cash and cash equivalents	14.2	45.2	40.7	10.9	13.6	49.9	13.0	8.7	20.1	35.6	9.5	11.9
1. Cash	6.1	39.3	39.8	10.0	5.8	6.1	12.1	6.8	4.1	8.1	7.0	6.2
2. Cash equivalents	8.1	5.9	0.8	0.8	7.8	43.8	0.8	1.8	15.9	27.5	2.4	5.7
II. Short-term financial investments	13.6	13.6	13.0	13.0	13.0	13.0	8.3	8.3	8.1	8.1	5.9	5.9
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	13.6	13.6	13.0	13.0	13.0	13.0	8.3	8.3	8.1	8.1	5.9	5.9
III. Short-term receivables	25.1	24.0	31.2	19.6	58.9	38.9	58.4	26.1	33.1	39.2	61.9	41.1
1. Short-term trade accounts receivable	15.1	24.0	30.9	19.3	59.2	39.3	57.6	26.1	31.9	38.9	62.1	41.7
2. Short-term prepayments to suppliers	4.0	0.3	0.4	0.5	0.4	0.2	1.3	0.4	1.7	1.1	0.9	0.4
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.1	0.5	1.2	1.1	0.3	0.5	0.3	0.4	0.5	0.3	0.4	0.5
7. Provision for short-term doubtful debts (*)	-1.0	-0.8	-1.2	-1.2	-1.1	-1.1	-0.7	-0.7	-1.0	-1.0	-1.5	-1.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	42.4	38.9	99.7	162.3	73.7	69.6	155.2	177.5	71.1	82.8	170.5	175.3
1. Inventories	51.0	47.5	103.4	165.9	77.0	72.9	160.1	182.4	76.5	88.2	174.5	179.4
2. Provision for decline in value of inventories	-8.5	-8.5	-3.6	-3.6	-3.3	-3.3	-4.9	-4.9	-5.4	-5.4	-4.1	-4.1
V. Other short-term assets	8.5	6.0	4.9	0.9	3.3	3.2	2.5	0.9	2.1	2.6	2.2	1.8
1. Short-term prepayments	1.1	1.4	1.4	0.5	0.9	1.1	2.0	0.9	1.1	1.5	1.5	1.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	7.4	4.6	3.6	0.4	2.4	2.1	0.5	0.0	1.0	1.1	0.7	0.8
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	42.3	42.8	43.1	39.7	39.0	39.9	39.1	40.0	40.9	40.2	40.3	41.2
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
2. Long-term prepayments to suppliers	—	—	—	—	—	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
4. Long-term inter-company receivables	—	—	—	—	—	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
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
II. Fixed assets	28.8	29.6	30.0	29.5	28.9	28.4	28.7	29.4	30.2	30.0	30.0	30.8
1. Tangible fixed assets	27.9	28.5	28.8	28.3	27.6	28.4	28.7	29.4	30.2	30.0	30.0	30.8
- Cost	78.1	—	—	—	—	74.8	74.6	74.4	74.4	73.4	72.7	73.1
- Accumulated depreciation	-50.2	—	—	—	—	-46.5	-45.8	-45.0	-44.2	-43.4	-42.7	-42.3
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.0	1.1	1.1	1.2	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	2.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.3	—	—	—	—	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
- Cost	—	—	—	—	—	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
IV. Long-term assets in progress	0.7	0.7	0.7	0.7	0.7	1.8	0.4	0.5	0.4	0.4	0.4	0.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.7	0.7	0.7	0.7	0.7	1.8	0.4	0.5	0.4	0.4	0.4	0.4
V. Long-term financial investments	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
1. Investments in subsidiaries	—	—	—	—	—	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
3. Investments in other entities	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
4. Provision for diminution in value of long-term investments	—	—	—	—	—	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
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	12.2	12.0	12.0	9.0	8.9	9.3	9.4	9.6	9.7	9.3	9.3	9.4
1. Long-term prepayments	12.2	12.0	12.0	9.0	8.9	9.3	9.4	9.6	9.7	9.3	9.3	9.4
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	146.2	170.5	232.7	246.3	201.5	214.5	276.5	261.5	175.4	208.7	290.2	277.2
A. LIABILITIES (300=210+330)	17.1	32.6	93.7	110.6	59.6	75.9	141.0	129.7	37.6	72.4	154.7	146.5
I. Short -term liabilities	17.1	32.6	93.7	110.6	59.6	75.9	141.0	129.7	37.5	72.3	154.6	146.4
1. Short-term trade accounts payable	6.5	10.6	63.3	92.3	34.4	30.8	60.6	105.4	12.1	24.6	92.6	117.6
2. Short-term advances from customers	0.7	0.5	11.4	5.2	0.3	0.5	6.0	3.0	1.0	0.9	3.8	0.9
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.2	1.0	0.7	0.2	2.7	2.2	1.0	1.7	0.5	1.0	2.8	3.9
4. Payable to employees	—	9.8	6.3	6.3	7.8	22.5	9.6	3.5	2.2	23.5	17.3	8.2
5. Short-term acrrued expenses	3.7	1.0	3.6	0.2	3.6	0.9	2.0	0.2	3.9	3.9	4.5	0.9
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	0.7	1.4	2.6	0.7	1.1	1.8	3.2	0.3	0.9	1.3	2.4	0.1
9. Other short-term payables	0.6	0.5	1.0	0.8	1.3	1.1	1.0	0.7	0.9	0.8	0.9	1.8
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	44.2	1.1	0.0	0.0	18.3	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.5	7.7	4.8	4.9	8.4	16.1	13.5	13.7	16.0	16.3	12.0	13.0
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.0
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	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
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	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
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	129.0	137.9	139.0	135.7	141.9	138.6	135.5	131.8	137.8	136.3	135.6	130.7
I. Owner's equity	129.0	137.9	139.0	135.7	141.9	138.6	135.5	131.8	137.8	136.3	135.6	130.7
1. Owner's capital	56.7	56.7	56.7	56.7	56.7	56.7	56.7	56.7	56.7	56.7	56.7	56.7
- Common stock with voting right	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00	56,655,300,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8	13.8
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5	6.5
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	50.4	50.4	50.4	50.4	50.4	50.5	48.2	48.2	48.2	48.2	45.5	45.5
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	-0.8	7.9	8.7	5.5	11.8	8.3	7.5	3.9	10.0	8.3	10.1	5.5
- Accumulated retained earning at the end of the previous period	—	0.4	0.4	0.4	8.3	0.4	0.4	0.4	8.3	0.4	0.4	0.4
- Undistributed earnings in this period	-0.8	7.5	8.3	5.2	3.5	7.9	7.1	3.5	1.7	7.9	9.8	5.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	2.4	2.6	2.9	2.8	2.7	2.9	2.9	2.8	2.7	2.9	2.9	2.8
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	146.2	170.5	232.7	246.3	201.5	214.5	276.5	261.5	175.4	208.7	290.2	277.2

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-0.9	2.2	3.7	2.0	4.2	8.1	4.5	2.4	2.1	5.8	5.7	3.1
Depreciation of Fixed Assets and Investment Property	0.8	0.9	0.9	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.9
Provision (Increase)/Reversal	-0.0	4.7	0.0	0.5	—	-1.3	0.0	-0.7	0.0	0.8	0.0	-3.0
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	0.0
Gain/Loss from Investment Activities	-0.1	-0.8	0.4	-0.6	-0.2	-0.4	-0.0	-0.3	-0.1	-0.4	0.0	-0.4
Interest Expense	—	0.0	0.0	0.0	—	0.2	0.3	0.0	0.0	0.1	0.2	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	-0.2	7.0	4.9	2.8	4.8	7.3	5.6	2.2	2.8	7.1	6.7	0.5
Increase/(Decrease) in Receivables	-3.7	6.3	-15.0	41.5	-20.4	17.2	-32.4	8.2	6.2	22.7	-20.6	-8.4
Increase/(Decrease) in Inventory	-3.5	55.9	62.5	-88.9	-4.1	87.2	22.3	-105.9	11.7	86.3	4.9	-73.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-12.4	-63.9	-16.8	54.7	-8.2	-23.6	-31.8	93.1	-34.3	-67.9	-9.4	81.0
Increase/(Decrease) in Prepaid Expenses	0.1	-0.1	-3.9	0.4	0.5	0.8	-0.8	0.3	-0.2	0.2	-0.4	0.4
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	-0.0	-0.0	—	-0.2	-0.3	-0.0	0.0	-0.1	-0.2	0.0
Corporate Income Tax Paid	-0.2	-0.4	-0.2	-0.6	-0.7	-0.8	-0.5	-0.2	-0.5	-0.9	-0.5	-0.4
Other Operating Receipts	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-3.2	-0.2	-0.1	-3.5	-7.8	-1.7	-0.2	-2.3	-0.4	-0.3	-1.0	-0.5
Net Cash Flow from Operating Activities	-23.3	4.6	31.4	6.4	-35.8	86.3	-38.2	-4.6	-14.6	47.1	-20.6	-1.3
Payments for Fixed Assets and Other Long-term Assets	-0.1	-0.2	-1.6	-1.4	-0.5	-0.7	-0.6	-1.0	0.0	-0.8	-0.2	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.1	0.0	0.0
Loans and Purchases of Debt Instruments	—	-0.6	0.0	-0.0	—	-10.0	0.0	0.7	-0.8	-2.2	0.0	-0.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	5.4	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
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.6	0.0	0.2	0.4	0.2	0.0	0.3	0.2	0.3	0.0	0.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	0.1	-0.1	-1.6	-1.3	-0.1	-5.1	-0.5	0.0	-0.6	-2.6	-0.1	0.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	-37.6	43.1	1.1	0.0	-18.3	18.3	0.0
Repayment of Borrowings	—	—	—	—	—	-6.6	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
Dividends Paid	-7.9	0.0	0.0	-7.9	-0.3	0.0	0.0	-7.9	-0.3	0.0	0.0	-7.9
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	-7.9	0.0	0.0	-7.9	-0.3	-44.2	43.1	-6.8	-0.3	-18.3	18.3	-7.9
Net Cash Flow During the Period	-31.0	4.5	29.8	-2.8	-36.3	37.0	4.3	-11.4	-15.6	26.2	-2.5	-9.2
Cash and Cash Equivalents at Beginning of Period	45.2	40.7	10.9	13.6	49.9	35.6	35.6	35.6	35.6	33.6	33.6	33.6
FX Difference from Revaluation	—	0.0	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	14.2	45.2	40.7	10.9	13.6	49.9	13.0	8.7	20.1	35.6	9.5	11.9

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STC

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Cash Flow