AN CUONG ANNUAL REPORTS 2024

TOGETHER IN BELIEF – LEADING INNOVATION On the journey to ever greater heights, the An Cuong team moves forward, bound by an unshakable belief. Innovation is the beacon that illuminates the path beyond all limits. To us, pioneering is not merely the first step; it is the fire that fuels ambition, bringing visionary ideas to life. Each individual, every bold innovation, converges to craft a story of inspiration—laying a solid foundation for An Cuong's legacy.

E P

E P

BELIEF

TOGETHER IN

INNOVATION

LEADING IN

On the journey to ever greater heights, An Cuong team moves forward, bound by an unshakable belief—innovation is the beacon that illuminates the path beyond all limits. To us, pioneering is not merely the first step; it is the fire that fuels ambition, bringing visionary ideas to life. Each individual, every bold innovation, converges to craft a story of inspiration—laying solid foundation for An Cuong’s legacy.

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

002

003

Abbreviations

Explanation

Explanation

Abbreviation

Abbreviation

5S AGM AN CUONG/ THE COMPANY ASEAN

IIP IR KPI

Lean management process initiated by Toyota Annual General Meeting of Shareholders An Cuong Wood Working JSC Association of Southeast Asian Nations Board of Directors Board of Management Compounded average growth rate Earnings before Interest, Tax, Depreciation and Amortisation Extraordinary General Meeting of Shareholders Earnings Per Share Financial Statements Gross Domestic Product General Meeting of Shareholders

Index of Industrial Production Investor Relations Key Performance Indicator Medium Density Fiberboard Melamine Faced Chipboard Research and Development

MDF MFC R&D ROA ROE RPTS

BOD BOM CAGR EBITDA EGM EPS FS

Return on Assets Return on Equity Related Party Transactions Social Accountability Supervisory Board Special Purpose Entity/ Special Purpose Vehicle State Securities Commission Vietnam Chamber of Commerce and Industry Year-on-Year

SA SB SPE/SPV SSC VCCI YOY

GDP GMS GRI HOSE IFC

Global Reporting Initiative Ho Chi Minh Stock Exchange International Finance Corporation

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

004

005

Table of Contents

008 – 009

2024 Highlights

006 – 011

Message from Chairmain of the Board of Directors

012 – 013

Financial Summary 2020 - 2024

General Information

Business Performance

Corporate Governance

Sustainable Development

Consolidated Financial Statements

Appendix

ASEAN Corporate Governance Scorecard Certificates & Quality Certifications List of distributors,

Vietnam Business Landscape in 2024 Report on 2024 Performance Business Plan & Strategy For 2025

Report of The Board of Directors Report of Independent Members of the BOD Report of The supervisory board Remuneration and Benefits of the BOD and Key Executives Risk Management Stock Information & Investor Relations Activities

Corporate information Vision - Mission - Core Values Corporate milestone Distribution Network & Products Subsidiaries and Associates Organizational Apparatus Introducing the BOD, SB, and BOM Journey of the year 2024 2024 Awards

2024 Outstanding Achievements in Sustainable Development 2024 Sustainable Development Report 2024 ESG Data CSR activities in 2024 GRI Index

partner showrooms & franchised showrooms

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

~ 140,000 PARTNERS & CUSTOMERS

TOTAL ASSETS 5,640 VND bn

006

007

2.1 %

Yoy

NUMBER OF EMPLOYEES 2,465 employees

EQUITY

4,176

VND bn

2.4 %

Yoy

BUSINESS LOCATIONS as end of December 2024

Yoy 5.8 % 3,981 VND bn NET REVENUE

144

TOTAL REMUNERATION EXPENSES ~ 609 VND bn

PROFIT AFTER TAX

420

VND bn

2.1 %

Yoy

SHARES ISSUED AS STOCK DIVIDEND

GROSS MARGIN 31.4 %

240

VND bn

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

008

009

Message from Chairman of the Board of Directors

CHAIRMAN OF THE BOARD

VALUE

OF CREATING

Nghia

Le

CONQUERING THE

FUTURE The year 2024 marks a remarkable 30-year journey of relentless dedication by An Cuong—a journey driven by an steadfast ambition to rise higher, built upon core values nurtured across generations. Inspired by the image of Mount Everest, An Cuong celebrates the resilience, inner strength, and the relentless pursuit of new challenges embraced by our entire team. Today's success is the culmination of trust from customers, the devoted commitment of partners, and the tireless contributions of every employee. This journey will continue, expanding and shining even brighter. As we step into a new chapter, we pledge to continuously scale up, enhance our competitive edge, and drive sustainable growth. With resolute determination and the unity of all our employees, I believe An Cuong will continue to leave a brilliant mark, leading industry trends and spreading positive values throughout the community and society.

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

010

011

Dear valued shareholders, In 2024, supported by favorable policies enacted by the Government and other authorities, the business environment experienced substantial improvements, leading to marked economic recovery. This progress was evidenced by key indicators, including GDP growth rates and the total value of import and export activities…

The year 2024 marked a significant milestone for An Cuong as we celebrated the 30-year anniversary of our establishment. While 30 years may seem brief compared to the legacies of global corporations spanning centuries, it represented an extraordinary chapter of dedication, resilience, and ambition. The journey reflected the unwavering commitment of the founders and countless employees who devoted the prime years of their lives to the Company, overcame challenges together, and turned visions into reality. Their shared determination and passion have shaped An Cuong into the strong, dynamic, and innovative enterprise it has become. On this special occasion, I wish to express my deep appreciation and pride in having the opportunity to work alongside such a kind-hearted and professional team. It is this kindness—toward our work, colleagues, the Company, and our customers - that has guided our team to achieve excellence in every project and product delivered. Also, I would like to extend my heartfelt gratitude to all of my employees for unwaveringly maintaining their trust in the Company. This shared trust across our entire team has been instrumental in shaping An Cuong’s extraordinary journey over the past 30 years. As An Cuong embarks on a new phase of growth, I am confident that we will continue to nurture this trust as we innovate, create, and achieve new milestones together, forging a sustainable and enduring future. I would also like to take this opportunity to honor the unwavering dedication and invaluable contributions of the members of the Board of Directors. Equally significant, on behalf of the Board of Directors and the entire An Cuong team, I extend deepest respect and heartfelt acknowledgment to our esteemed customers and business partners. Your trust has served as the foundation of An Cuong’s 30-year journey and remains a source of inspiration, driving us to strive for even greater achievements in the future. Wishing you enduring health and success in all your pursuits.

Through the measures implemented to address the challenges of the previous year, we are grateful for the progress made in 2024. An Cuong recorded Net Revenue of VND 3,980.9 billion and NPAT of VND 420.0 billion , reflecting growth rates of 5.8% and 2.1% respectively compared to 2023. The annual gross profit margin reached 31.4%, the highest level in the past five years. These outcomes are a testament to the collective trust, collaboration, and unwavering commitment of nearly 2,500 An Cuong employees who united to overcome challenges and achieve meaningful progress. Training programs were organized with greater frequency to enhance staff and worker awareness of occupational safety, fire prevention and firefighting, as well as environmental protection. Throughout the year, An Cuong demonstrated a steadfast commitment to advancing initiatives aimed at carbon neutrality. Key efforts included the implementation of rooftop solar energy solutions, the gradual deployment of electric vehicles to replace fossil fuel-powered ones, and collaborative partnerships to organize reforestation activities, such as tree-planting projects in degraded areas… Shareholders can readily recognize the strategic transformation An Cuong has undertook in customer engagement throughout last year. This included the establishment of Creative Hub by An Cuong in major cities and the introduction of an Online Catalogue on the website. Additionally, Make Your Space application - a platform that empowers customers to design interior spaces effortlessly using intuitive actions on their smartphones or personal computers. At the manufacturing facilities, advanced automation technologies were integrated, and production processes were restructured to achieve significant improvements in operational efficiency and productivity. Furthermore, initiatives focused on minimizing material waste were implemented, leading to enhanced cost optimization in production activities. While the broader landscape revealed certain positive developments, it would be challenging to describe 2024 as a year of favorable conditions. Domestic consumers maintained a cautious approach to spending, and the real estate sector continued to face enduring challenges. These dynamics collectively presented significant headwinds to An Cuong’s business operations. In this context, An Cuong implemented a series of strategic solutions to adapt to evolving market conditions, while proactively redefining our approaches to business development and manufacturing processes.

Yours respectfully,

CHAIRMAN OF THE BOARD

(Signed)

LE DUC NGHIA

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

012

013

Net Revenue & EBITDA (VND bn)

Source: An Cuong

Financial Summary 2020 - 2024

4,475

3,981

3,754

3,762

3,294

704

891

678

686

672

Item

Unit

2020 2021

2022 2023*

2024

2020

2021

2022

2023

2024

Net Revenue

EBITDA

VND bn

Net Revenue

3,753.6

3,293.5

4,475.5

3,762.1

3,980.9

Gross Profit

VND bn

1,018.0

895.9

1.,337.8

1,107.6

1,251.4

Total Assets & Equity (VND bn)

Source: An Cuong

VND bn

Profit after tax

492.0

451.3

615.6

411.2

420.0

VND bn

EBITDA

686.2

678.1

890.9

671.9

703.3

5,640

5,522

5,467

VND

EPS

5,633.0

4,513.0

3,757.0

2,470.0

2,786.0

4,983

4,453

4,076

4,176

3,912

3,777

3,517

Total Assets

VND bn

4,453.1

4,982.9

5,467.2

5,522.1

5,639.6

VND bn

Equity

3,516.7

3,776.8

3,912.2

4,076.5

4,176.0

VND bn

876,6

876.5

1,358.5

1,507.9

1,507.9

Share Capital

2020

2021

2022

2023

2024

VND bn

Total Debts

307.9

567.0

813.7

706.6

728.0

Equity

Total Assets

times

Equity-to-Asset ratio

0.8

0.8

0.7

0.7

0.7

Profit Margin

Source: An Cuong

Debt-to-Asset ratio

times

0.1

0.1

0.1

0.1

0.1

31.4%

29.9%

%

14.3%

12.4%

16.0%

10.1%

10.1%

29.4%

ROE

27.2%

27.1%

ROA

%

11.4%

9.6%

11.8%

7.4%

7.4%

13.8%

13.7%

13.1%

(*) Presented according to the 2024 audited consolidated financial statements

11.6%

10.5%

2020

2021

2022

2023

2024

Net profit margin %

Gross profit margin %

30years OF A SHARED VISION

For three decades, An Cuong has paved an extraordinary path, where every individual is a vital link in a journey of brilliance and meaning. From the challenges of our early days to the remarkable milestones we celebrate today, we have stood united—shoulder to shoulder—driven by an unstoppable ambition to turn aspirations into achievements. Our steadfast belief in the mission to elevate industry standards, safeguard our core values, and overcome every challenge to reach new heights is more than just a guiding light—it is the bond that unites every member of An Cuong team.

General Information

Corporate information Vision - Mission - Core Values Corporate milestone Distribution Network & Products Subsidiaries and Associates Organizational Apparatus Introducing the BOD, SB, and BOM Journey of the year 2024 2024 Awards

018 _019 020_021 022_023 024_027 058_059 060_061 062_069 070_071 072_073

ANNUAL REPORT 2024 BÁO CÁ O THƯỜNG NIÊN 20 24

TOGETHER IN BELIEF, LEADING IN INNOVATION

018

018

019

Corporate information Thông tin doanh nghi ệ p

Business Name Tên giao dịch

AN CUONG WOOD - WORKING JOINT STOCK COMPANY AN CUONG WOOD - WORKING JSC CÔNG T Y CỔ PHẦN GỖ AN CƯỜNG AN CUONG WOOD - WORKING JOINT STOCK COMPANY AN CUONG WOOD - WORKING JSC

Company Name Abbreviation

Logo

General information Thông tin chung

Land lot no.681, map sheet no.05, street no. ĐT 747B, Phuoc Hai quarter, Thai Hoa ward, Tan Uyen City, Binh Duong Province Th ử a đấ t s ố 681, T ờ b ản đồ s ố 05, Đường Đ T 74 7B, Khu phố Phước Hả i, Ph ường Thái H ò a, Thành phố Tân Uy ên, Tỉnh Bình Dương, Việ t Nam

Headquarters

(0274) 362 6282 - (0274) 362 6283 (0274) 362 6282 - (0274) 362 6283

Telephone

Điện thoại

(0274) 362 6284

Fax

(0274) 362 6284

www.ancuong.com ACG

www.ancuong.com ACG

Website Stock code Business Registration number Website

3700748131

3700748131

ERNST & YOUNG VIETNAM LIMITED (EY VIETNAM) CÔNG TY TNHH ERNST & YOUNG VIỆT NA M

Auditor Đơn vị kiểm toán độc lập

VND 1,507,879,460,000 1.507.879.460.000 đồng

Charter Capital Vốn điều lệ

(tại ngày 31/12/2024)

(as at 31/12/2024)

M ột nghìn năm t r ăm linh b ả y t ỷ, tám tr ăm b ả y m ươi chín tr iệu, b ốn t r ăm sáu m ươi nghìn đồng

Bằng chữ

Primary business activities Ngành nghề kinh doanh

Manufacturing and trading of wooden household products and industrial wood, industrial panels, interior decoration items, kitchen equipment, and other wood-based products; Providing installation services. Sản xu ấ t và buôn bán hàng g ỗ gia dụng, g ỗ công nghiệp; Ván công nghiệp, hàng trang trí nội th ấ t, thi ế t bị nhà b ếp và các s ản phẩm khác từ g ỗ; Các dịch vụ gia công lắp đặ t…

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

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021

VISION MISSION CORE VALUES

Core values

01

Placing people at the core of all corporate activities, we recognize their pivotal role in driving sustainable growth for both the organization and society. Employees are regarded as the company’s key asset. The company establishes proper policies to attract talent and fosters a supportive work environment where individuals can thrive, collaborate, and grow professionally within a cohesive and dynamic team. Human resource Continuously pursuing improvements to achieve perfection. This commitment not only minimizes stagnation but also plays a critical role in driving growth, achieving breakthrough successes, and ensuring the company’s sustainable development. Innovation Employees are carefully recruited, trained, and assigned tasks based on the principle of "the right person for the right job," fostering creativity and dedication. This practice ensures the delivery of exceptional products and services to our customers, establishing the foundation for the Company’s value and reputation. Excellence Integrity stands as one of the four fundamental virtues that every individual and all businesses must uphold. Serving as a cornerstone of business ethics, it embodies transparency and trust. As a guiding principle, integrity drives all An Cuong’s activities, reaffirming our dedication to ethical practices and sustainable growth. Integrity

Becoming the leading manufacturer and supplier of materials, solutions, and furniture made from industrial wood in Southeast Asia, while expanding its influence across Asia. Vision

02

Mission

Delivering comprehensive solutions utilizing industrial wood for interior design, addressing diverse needs while enhancing the functionality and aesthetic appeal of living spaces.

03

04

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

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023

Corporate milestone

Successfully completed the nationwide distribution network expansion plan. Executed a series of strategic digital transformation initiatives, including establishing a digital office environment, upgrading to the SAP S4/HANA system, and developing an advanced data warehouse. 2022 STRENGTHENING CAPABILITIES AND EMBRACING DIGITAL TRANSFORMATION

2014

RESTRUCTURING AND ACCELERATING GROWTH

Transitioned to a joint-stock company model with charter capital reaching VND 240 billion. Expanded the production area to 70,000m² and offered a collection of 800 wood colors. Achieved CQ and Green Label certifications. During this year, revenue increased by 1.5 times, while net profit grew nearly fourfold. 2015 BREAKING THROUGH THE TRILLION-VND REVENUE MILESTONE 2016 Secured strategic investments from Whitlam Holding Pte. Ltd. and Sumitomo Forestry Singapore Ltd., Achieved revenue exceeding VND 1,000 billion, with net profit increasing by over 62%. STRATEGIC INVESTMENT

Over three decades, An Cuong has embodied relentless dedication, groundbreaking innovation, and an unyielding aspiration to conquer new milestones. From the pioneering beginnings, we have forged a proud legacy that continues to elevate Vietnam’s industrial wood industry to remarkable heights. Founded with VND 220 million, the Company specialized in trading industrial wood materials, including MFC, plastic edging, and adhesives. STARTING UP 1994 2006 Years AN CUONG’S 0 FOGRING THE PATH LEADING WITH EXCELLENCE

Strategic Vision Building upon its legacy, An Cuong strives for perfection, continuously enhancing its global presence while contributing to the sustainable development of the industrial wood sector, communities, and society.

2024 30 YEARS OF DRIVING IMPACT AND INNOVATION

Recognized as the leading manufacturer of industrial wood in Vietnam and Southeast Asia, with annual revenue exceeding $200 million. Ranked among the Top 100 Private Enterprises with the Highest Tax Contributions in Vietnam. Honored with numerous prestigious awards, including National Brand, CSI 100, VNR Top 50 Vietnam The Best, Top 10 Leading Building Materials Companies in Vietnam, HR Asia Best Companies to Work for in Asia.... Operated a comprehensive distribution network, featuring 25 flagship showrooms and over 100 dealer showrooms nationwide.

2008

Expanded to 35,000m², the factory incorporated advanced machinery from Germany and Italy, enhancing production capacity and advancing research into interior solutions for the industrial wood sector. SCALING UP OPERATIONS 2009 EXPANDING AND DEVELOPING NEW PRODUCTS Increased charter capital to VND 90 billion, secured exclusive distribution rights for Formica® Laminate, and developed the Melamine board product portfolio, Expanded Melamine and Laminate collections, invested $3 million in state-of-the-art German machinery for high-gloss Acrylic production and edge banding, and commenced exports to Australia, Japan, Singapore, and Malaysia. ELEVATING QUALITY, EXPANDING MARKET PRESENCE 2012

strengthening corporate governance. Net profit margin reached nearly 18%.

2019

EXPANSION & EXPERIENCE INNOVATION

Operated the second factory, increasing the total production and warehouse area to 240,000m². Simultaneously, launched An Cuong One-Stop Shopping Center, the largest showroom in Southeast Asia, laying the foundation for a nationwide distribution expansion plan.

TRANSITIONING TO MANUFACTURING

Established in Binh Duong, the first factory marked a pivotal step, positioning the Company as a leading producer of high-quality MFC boards.

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025

AN CUONG’S An Cuong’s showrooms Distribution Network & Products

AN CUONG SHOW GALLERY AND DESIGN CENTER Block A-Happy Valley - 816 Nguyen Van Linh, Tan Phu Ward, District 7, HCMC

HEAD OFFICE 702/1K Su Van Hanh, Ward 12, District 10, HCMC

SHOWROOMS

HANOI

HO CHI MINH ONE-STOP

SHOPPING CENTER 279 Nguyen Van Troi, Ward 10, Phu Nhuan District, HCMC

DA NANG SHOWROOMS

HO CHI MINH ONE-STOP SHOPPING CENTER

MANUFACTURING FACILITIES CENTRAL WAREHOUSE SHOWROOM

39 Nguyen Co Thach, An Loi Dong Ward, District 2, HCMC.

BINH DUONG

HO CHI MINH SHOWROOMS

AN CUONG SHOW GALLERY AND DESIGN CENTER 702/3F Su Van Hanh, Ward 12, District 10, HCMC.

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027

AN CUONG SHOW GALLERY AND DESIGN CENTER

SHOW GALLERY AND DESIGN CENTER

201 Binh Duong Boulevard, Phu Tho Ward, Thu Dau Mot City, Binh Duong

Villa C4-N08-B, Dich Vong New Urban Area, Cau Giay District, Hanoi

AN CUONG SHOW GALLERY AND DESIGN CENTER

ONE-STOP SHOPPING CENTER 10 Chuong Duong Do, Chuong DuongWard, Hoan Kiem District, Hanoi

Street no. DT 747B, Phuoc Hai Quarter, Thai Hoa Ward, Tan Uyen City, Binh Duong

AN CUONG SHOW GALLERY AND DESIGN CENTER

DA NANG ONE-STOP SHOPPING CENTER 451 Dien Bien Phu, Hoa Khe Ward, Thanh Khe District,Da Nang City

Lot A17,Dat Cuoc Industrial Park Area B, Dat Cuoc Commune, Bac Tan Uyen District, Binh Duong Province

AN CUONG SHOW GALLERY AND DESIGN CENTER S503.01S04 VinhomesGrand Park, Nguyen Xien, Long Thanh My Ward, Thu Duc City, HCMC

AN CUONG SHOW GALLERY AND DESIGN CENTER Street no. DT 747B, Phuoc Hai Quarter, Thai Hoa Ward, Tan Uyen City, Binh Duong

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029

International market

REPRESENTATIVE IN US

REPRESENTATIVE IN CANADA

REPRESENTATIVE IN LAOS

3457 Collins Ave, Unit 4A, Richmond, CA 94806 Mail: tranglnd2@ancuong.com

30 Prennan Avenue, Etobicoke, Ontario Canada M9B 4B8 Phone: +1 437 346 6068 Mail: tuanaccsaigon@gmail.com

Kamphaengmueang Road, Thatluangkang Village, Saysettha District, Vientiane Capital Phone: +8652091886868 Mail: phamthithuhien.hld@gmail.com

SHOWROOM AND REPRESENTATIVE IN MALAYSIA

SHOWROOM AND REPRESENTATIVE IN CAMBODIA

REPRESENTATIVE IN AUSTRALIA

REPRESENTATIVE IN JAPAN

Sumitomo Forestry Australia PTY LTD Suite7, 395 Ferntree Gully Road, Mount Waverley, VIC 3149, Australia Phone: +61 395745500 Mail: kataoka@sfcau.com

No.5, Jln SL17/14, Goodview Bdr Sg Long, 43000 Kajang, Selangor

# 98, Commercial Borey Chip Mong Land mark 271, Prek Ta Kong Village, Sangkat Chak Angre Leu, Khan Meanchey, Phnom Penh Phone: +855 0712 683 683 Mail: hanhacc@ancuong.com

Timb er & Building M aterials Division Business Planning Department, Keidanren Kaikan, 1-3-2 Otemachi, Chiyoda-Ku, Tokyo 100-8270, Japan Phone: +81 70 4459 7027 Mail: OOTANI_yuuya@star.sfc.co.jp

Phone: +6012 8613218 Mail: teoacc@ancuong.com

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059

Subsidiaries and Associates

An Cuong Wood – Working Manufacturing Co., Ltd.

Malloca Vietnam Co., Ltd

An Cuong Wood – Working Manufacturing Co., Ltd. operates in the same sector to that of the Parent company and makes a significant contribution to the overall ecosystem. Established and operating within an industrial park, the company benefits from a range of investment promotion incentives provided under applicable legal regulations.

Malloca Vietnam Co., Ltd. is a kitchen appliance brand registered under copyright in Spain. With over 20 years of development in Vietnam, Malloca has established a nationwide distribution network. In 2024, the company continued to maintain a strong financial position, operating profitably without any short-term or long-term borrowings.

Strong Growth

Kitchen Appliance Brand

1,743 VNDbn

20 years of

Over

in revenue

Over

development

297 VNDbn

In 2024, the company delivered robust growth with revenues exceeding VND 1,743 billion and NPAT of VND 297 billion. The company maintained a solid financial position, demonstrated by its low ratios of total liabilities to total assets (0.39 times) and total borrowings to total assets (0.2 times). AConcept Vietnam Co., Ltd

in net profit after tax

Thang Loi Homes JSC Thang Loi Homes JSC is a real estate developer operating The Win City and Central Park projects in Duc Hoa District, Long An Province. The projects are currently undergoing legal procedures, with no significant business activities recorded last year.

AConcept Vietnam Co., Ltd. offers furniture and decorative accessories, providing unique customer experiences. In 2024, the BOD initiated a strategic restructuring to streamline the company’s product portfolio and explore new business opportunities. AConcept maintained a stable financial structure, with no short-term or long-term borrowings.

Inspired by Experience

30 stores

Over

nationwide

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061

Organizational Apparatus

GENERAL MEETING OF SHAREHOLDERS

Head of Supervisory Board

Board of Directors

CEO

Head of Secretary & Legal

MD

Head of Finance & Supporting Functions

Head of Furniture Factory

Head of Wood Based Panel Factory

Head of Material Planning

Head of Sale & Marketing

Head of Customer Services

Head of Supply Chain

Head of Project & Export

Head of Business

Solutions

Project

Export

Technical Director

USA & Canada

New Products & Prototype Manager

Showrooms, Showdepots & Shops

Costing Manager

Procurement Manager

Finance Accounting Manager

Furniture Factory Managers

Vehicle Manager

Area Sales

Customer Services, Internal Control, Account Receivable

Import & Export Manager

Design Manager

Japan

Warehouse Managers

Material Warehouse Manager

HR Manage

Project Sales

Transport Coordination Manager

Warehouse Systems

Production Coordinating

Australia

Quality Assurance Manager

Wood Based Panel Manager

Admin Manager

Repair & Maintenance Manager

Factory Managers

IT Manager

PR & Marketing

Agents & Distributors

Site Manager

Southeast Asia

Repair & Maintenance Manager

Project Management

Hanoi / Da Nang Branchs

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063

Board of Directiors

MR. LE DUC NGHIA

Chairman of the Board

Mr. Le Duc Nghia, the Founder and Chairman of the Board of Directors at An Cuong, possesses over three decades of expertise in the industrial wood sector, underpinned by his education in Germany. With a proven track record and a deep understanding of market dynamics, Mr. Nghia is recognized as a leading expert in materials and solutions for the industrial wood industry, both in Vietnam and across the region.

In addition to his leadership at An Cuong, Mr. Le Duc Nghia holds several key positions in other organizations, including:

Chairman of An Cuong Wood – Working Manufacturing Co., Ltd.; Chairman of Malloca Vietnam Co., Ltd.; Chairman and General Director of AConcept Vietnam Co., Ltd.; Board Member of Thang Loi Group Real Estate JSC; Board Member of Thang Loi Homes JSC;

Director of NC Vietnam Investment Co., Ltd.; General Director of An Cuong Trading Co., Ltd.; Chairman of the Board of VA Homes Real Estate JSC.

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065

Mr.

Mrs.

Mr.

Mr.

Mr.

Mr.

MASAO KAMIBAYASHIYAMA Vice Chairman of the Board

NGUYEN THI DIEU PHUONG Member of the Board

NGUYEN MINH TUAN Member of the Board

LE THANH PHONG Member of the Board

PHAN QUOC CONG Independent Member of the Board

NGUYEN THANH QUYEN Independent Member of the Board

Mr. Nguyen Thanh Quyen is an accomplished corporate leader and an expert in the real estate sector. In 2022, he was honored with the Red Star Award, ranking 14th among Vietnam's Top 100 Outstanding Young Entrepreneurs. Currently, Mr. Quyen holds key executive positions in other organizations, including: Member of the Board of Directors and CEO of Thang Loi Real Estate Group JSC; Board Member of Thang Loi Homes JSC; Chairman of the Members' Council at Thanh Long NewTown Co., Ltd.; Chairman of the Board of Directors at Thang Loi Central Highlands Real Estate Investment and Business JSC; Board Member of Thang Loi Southern Real Estate Investment and Business JSC; CEO of Thang Loi Land JSC; Owner and CEO of Young Group Co., Ltd. He graduated with a Bachelor's degree in Business Administration from Industrial University of Ho Chi Minh City

Mrs. Nguyen Thi Dieu Phuong serves as Co-head of Vietnam Opportunity Fund, in charge of private equity investment at VinaCapital Fund Management Company. Beyond her role at An Cuong, Mrs. Dieu Phuong is also a board member at other enterprises, including In Holdings JSC, Hung Vuong JSC, Tam Tri Medical JSC, and Khang Dien House Trading and Investment JSC.

Mr. Nguyen Minh Tuan is a co-founder of An Cuong and currently serves as a member of the Members' Council at An Cuong Trading Co., Ltd., Thai Son Bac Electrical Equipment Trading Co., Ltd., and Thai Son Nam Trading Co., Ltd He earned a bachelor's degree in Mechanical Engineering from the Belarusian Technical Institute and a Bachelor of Laws specializing in Economics from Hanoi Law University.

Mr. Le Thanh Phong serves as a Member of the Board of Directors and Deputy General Director at An Cuong, where he is responsible for overseeing the ... sector. With more than 20 years of industry experience, he is widely regarded as one of Vietnam's leading experts in laminate sheets, industrial wood products, and furniture accessories. He earned a Bachelor’s degree in Economics from University of Economics Ho Chi Minh City.

Mr. Kamibayashiyama serves as the Vice Chairman of the Board of Directors, with strategic responsibility for driving the expansion of international business operations at An Cuong. Masao Additionally, he holds the position of General Director at Sumitomo Forestry Vietnam. Mr. Masao Kamibayashiyama earned his bachelor's degree from Seijyo University in Japan,

He earned a Bachelor's degree from Ho Chi Minh City University of Technology in 1993, followed by a Master's degree in Business Administration from Ho Chi Minh City Open University. He later achieved a Doctorate in Business Administration from Southern California University.

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

066

067

Supervisory Board

Mrs.

Mrs.

Mrs.

TRAN THI NGOC TUE Head of Supervisory Board

MAI THI PHUONG THAO Member of Supervisory Board

NGUYEN THI THUY TRANG Member of Supervisory Board

Mrs. Nguyen Thi Thuy Trang has 10 years of experience in corporate legal consulting. She earned a bachelor's degree in Accounting and graduated from Law University of HCMC.

Mrs. Mai Thi Phuong Thao is a seasoned expert in private equity investments. She currently serves as the Senior Investment Manager at VinaCapital Fund Management Company, managing private equity investments. She graduated with a Bachelor’s degree from Foreign Trade University - Ho Chi Minh City, and earned an MBA from the University of Hawaii.

Mrs. Tran Thi Ngoc Tue has over 20 years of extensive experience in the fields of finance and accounting. She graduated from the Auditing Faculty of University of Economics Ho Chi Minh City, and also earned a bachelor's degree from Banking University of Ho Chi Minh City.

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

068

069

Board of Management

Mrs.

Mrs.

Mrs.

Mrs.

Mr.

Mr.

VO THI NGOC ANH General Director

LE THANH PHONG Deputy General Director

NGUYEN THI DUYEN Deputy General Director

NGO TAN TRI Deputy General Director

NGUYEN THI KIM THOA Deputy General Director

THIEU THI NGOC DIEM Chief Accountant cum Head of the Finance and Accounting Division Possessing more than 20 years of expertise in finance and accounting, Mrs. Thieu Thi Ngoc Diem has played a key role in projects focused on developing ERP systems, financial control frameworks.

Mrs. Nguyen Thi Duyen possesses nearly 20 years of experience in the industrial wood sector. She is highly specialized in the production of industrial wood surfaces and has undergone advanced professional training in South Korea.

Mr. Le Thanh Phong is one of Vietnam's leading experts in laminate sheets, industrial wood products, and furniture accessories. With over 20 years of extensive industry experience, he has established a strong reputation for his expertise.

Mrs. Vo Thi Ngoc Anh has over 25 years of experience in the industrial wood sector. She is a consulting expert specializing in furniture materials and industrial wood cores, bringing extensive knowledge and expertise to the field.

With over 20 years of experience, Mrs. Nguyen Thi Kim Thoa has extensive experience in building and developing supply chains within the industrial wood manufacturing sector.

Mr. Ngo Tan Tri has nearly 20 years of expertise in industrial wood furniture manufacturing, with advanced training from German and Italian experts.

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

070

041

Journey of the year 2024 An Cuong’s activities in 2024 continued to reinforce its pioneering position in Vietnam’s industrial wood sector. Driven by a commitment to innovation and sustainable development, the Company achieved remarkable progress and groundbreaking milestones over the past year. These achievements not only solidified the brand’s reputation but also set new standards, contributing to the creation of lasting value for the industry and the community.

Accelerated Digital Transformation and Elevated Customer Experience

In the second quarter, An Cuong officially launched our Creative Hub by An Cuong in three major cities: Ho Chi Minh City, Hanoi, and Da Nang. This innovative space goes beyond merely showcasing An Cuong’s products—it has created an inspiring environment where partners, designers, and customers can freely unleash their creativity and craft unique living spaces.

images. Notably, its integrated 3D visualization feature has allowed customers to effortlessly select and envision how products fit into their spaces, no matter where they are. In addition to enhancing customer experiences, An Cuong has adopted comprehensive digital solutions in its operations. These included implementing Smart Factory management system and Data Warehouse, which systematically manage various data and information. These advancements helped streamline decision-making processes and improve overall production and business efficiency.

On the journey to solidify the pioneering position, An Cuong has consistently made bold investments in applications designed to deliver optimal and modern experiences for customers. With this vision, the Company introduced our two latest applications, Make Your Space and Catalogue Online , to partners and customers. Featuring an intuitive interface and high interactivity, Make Your Space has empowered users to select materials, colors, and product layouts tailored to their specific needs, turning interior designs into vivid and interactive visuals. Meanwhile, the Catalogue Online platform has offered a comprehensive product search experience with detailed information and sharp

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

072

073

Promoted Responsible Manufacturing and Business Practices for the Environment and Community

In recognition of unwavering dedication and achievements of An Cuong and the team, the Company was once again honored over the past year with numerous prestigious awards across various categories.

An Cuong, in collaboration with our business partners and the Gaia Nature Conservation organization, planted 2,000 ironwood trees at Ben En National Park, Thanh Hoa. This initiative represented a collective effort to restore native forests and contribute to reforestation. In April 2024, An Cuong became the first wood enterprise to conduct a greenhouse gas emission inventory in compliance with ISO 14064-1:2018 standard. This foundational action has demonstrated the Company's commitment to supporting the Government's goal of achieving carbon neutrality by 2050. Simultaneously, the Company has intensified its energy transition efforts by increasing the use of solar energy in production processes as a substitute for grid electricity. Additionally, it has progressively replaced equipment and vehicles that rely on fossil fuels, further contributing to a sustainable and eco-friendly operational model. Reviewing and reorganizing production processes has been actively pursued, yielding positive outcomes in reducing material waste and surplus by-products. These efforts have significantly minimized the volume of generated waste, contributing to greater efficiency and sustainability.

VIETNAM VALUE VIETNAM NATIONAL BRAND

EXCELLENT SUSTAINABLE BUSINESS MARKETING AWARDS 2024

For eight consecutive years, An Cuong has proudly been honored with this prestigious award organized by the Government and the Ministry of Industry and Trade. This achievement not only underscores the exceptional quality of our products but also solidifies the prominence of An Cuong as a key player on the national economic landscape.

Excellent Sustainable Business Marketing - Kotler Global Awards 2024: This prestigious recognition celebrated An Cuong’s exceptional achievements in sustainable business marketing strategies, further affirming the stature of a Vietnamese brand on the international stage.

HR ASIA BEST COMPANIES TO WORK FOR IN ASIA 2024

PRIVATE 100 VIETNAM LARGEST TAXPAYERS LIST

HR Asia Best Companies to Work for in Asia 2024: This accolade recognized An Cuong’s dedication to fostering a professional and humane work environment while promoting the holistic development of its employees.

An Cuong was honored in PRIVATE 100 - Vietnam Largest Taxpayers list, compiled by CafeF, identified the 100 largest tax-contributing private enterprises in Vietnam in 2024.

TOP 100 CSI

TOP 10 CSA

TOP 50 VNR

Top 100 Sustainable Companies CSI 100

Top 50 Corporate Sustainability Awards CSA

VNR Top 50 Vietnam The Best

DEFINED BY BELIEF DRIVEN BY

STRATEGY A strong belief and steadfast unity form the foundation that enables An Cuong to build and execute its strategic vision throughout our development journey, shaping each step and paving the way for sustainable success. From pioneering product innovation and technological advancements to establishing a sustainable business model, every decision An Cuong makes is based on a deep understanding of the market and customer needs.

Business Performance

078_081 082_085 096_099

Vietnam Business Landscape in 2024 Report on 2024 Performance Business Plan & Strategy For 2025

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

078

079

Following prolonged economic challenges in 2023, Vietnam's economy demonstrated a robust recovery, driven by timely government support policies and the dedicated efforts of various economic sectors. According to data from the GSO, GDP growth rate in 2024 reached 7.09%, surpassing the projected target range of 6-6.5%. Vietnam Business Landscape in 2024

Industry sector

The year 2024 also witnessed a robust recovery in the industrial and service sectors, with growth rates of 8.24% and 7.38%, respectively, making significant contributions to the total value added to the economy. In the industrial and construction sectors, last year performance continued to face substantial challenges from declining global demand. However, thanks to decisive measures to address these difficulties, the added value of the entire industrial sector recorded a growth of 4.15%, an improvement compared to the low growth rate of 2023. Notably, the manufacturing and processing industries grew by 4.75%, signaling positive recovery despite ongoing pressures. Commercial and service activities remained a highlight of the economy in 2024, with vibrant growth across multiple sectors. The added value of the service sector recorded a 7.25% increase, surpassing the 6.82% growth achieved in 2023. The total retail sales of goods and consumer service revenue at current prices were estimated at VND 6,800.5 trillion, an 11.2% increase compared to the previous year. In the final months of 2024, Vietnam's export turnover showed a marked recovery after facing challenges during the first half of the year. The total export turnover for 2024 is estimated at USD 730 billion, reflecting a 6.9% growth compared to the previous year. This improvement was driven by the effective utilization of FTAs and diversification of export markets. These positive signs highlight Vietnam's swift adaptability in the context of ongoing global economic fluctuations. With an estimated USD 42.3 billion in registered FDI for 2024, which represented a 15.6% increase compared to 2023, Vietnam solidified its position as a safe and attractive destination for international investors. This surge in investment reflected the strong confidence of foreign investors in Vietnam's business environment, particularly due to the effective implementation of government policies aimed at streamlining administrative procedures and enhancing investment incentives.

GDP Growth(%)

Source: GSO

8.02

7.09

Trade and services sector

5.05

2.91

2.58

2020

2021

2022

2023

2024

Export sector

Agro-forestry and fishery sector

Agriculture, forestry, and fisheries played a crucial role in maintaining economic stability. This sector recorded a growth rate of 3.27%, contributing 5.37% to the total value added to the economy. Agricultural export turnover sustained stable growth, while livestock farming and aquaculture developed further through the adoption of advanced technological models, yielding significant economic efficiency.

Foreign Direct Investment (FDI)

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

080

081

The wooden furniture industry in 2024

Over the past year, while the macroeconomic situation showed overall improvement, demand for furniture products in general, and industrial wood products in particular, did not fully recovered.

The U.S. remained the most critical market for Vietnam's wood industry, accounting for 55.6% of the total export turnover of wood and wooden products in 2024.

Consumers remained cautious in spending on furniture, as income levels were impacted by the prolonged economic downturn in recent years.

According to expers, the recovery of the U.S. housing market is expected to play a key role in sustaining the export growth momentum of the industry in 2025. Additionally, the cooling of transportation costs and increasing demand are projected to improve order volumes for exporters of wood and wooden products.

Additionally, in 2024, Vietnam's real estate market gradually showed positive signs of recovery, supported by significant advancements in improving the legal framework, with increasingly transparent and clear information for all participants. However, 2024 remained a transitional year, serving as a foundation to drive the real estate market's growth in the upcoming period. Real estate corporations still need time to restore their financial health and restart projects after a period of stagnation. While the domestic market remained sluggish, the export market was considered a stabilizing factor for the wooden furniture industry in 2024. According to estimates from the General Department of Customs for 2024, the export value of wood and wooden products reached approximately USD 16.3 billion, reflecting a 20.3% increase compared to 2023, indicating a partial recovery of the industry after a challenging year. Among these, the export turnover of wooden products was estimated at USD 11.2 billion, marking a 21.9% increase and highlighting positive signals driven by market diversification strategies and improved product quality.

Export value of wood and wooden products over the years

Source: General Department of Customs

20.3%

19.7%

16.2%

16.30

16.01

14.80

13.40

12.37

Nevertheless, the wood industry faces significant challenges, including increasingly stringent demands from major partners such as the U.S. and EU regarding design, quality, and compliance with regulations on sustainable forest management and carbon emission reductions. Exporting businesses are required to adhere to new standards, such as anti-deforestation regulations, accountability measures, and the Carbon Border Adjustment Mechanism (CBAM) introduced by the European Commission. Moreover, U.S. tariff policies are expected to present potential challenges for export activities in general, as well as for the export of wood and wooden products specifically to this market. This scenario underscores the need for businesses to diversify their markets while intensifying investment in technology and sustainable production processes to meet new standards, optimize costs, and enhance competitiveness on the global stage.

8.1%

-16.2%

2020

2021

2022

2023

2024

Export value (USDbn)

Growth rate (%)

ANNUAL REPORT 2024

TOGETHER IN BELIEF, LEADING IN INNOVATION

082

083

Report on 2024 Performance

Business Results in 2024

real estate developers initiating or restarting projects remained limited. In response, and under the strategic guidance of the BOD, the BOM implemented a series of key initiatives aimed at countering these challenges. These included the restructuring of business operations, an in-depth review and optimization of production processes, and the execution of digital transformation projects across the organization. By adopting advanced technologies and leveraging innovative strategies, the Company achieved significant enhancements in operational efficiency, cost reduction, and profit margin improvements. Moreover, these initiatives elevated customer experience standards, ensured employment and income stability for employees, as well as delivered long-term sustainable value to shareholders and stakeholders.

The year 2024 offered a balanced narrative of challenges and progress, with positive developments steadily gaining momentum. The domestic economy demonstrated significant recovery, highlighted by notable growth across key macroeconomic indicators. Supportive government policies targeting issues across diverse economic sectors contributed to a favorable environment for business activities, benefitting both enterprises and individuals alike. While these initiatives have yielded early signs of improvement, their potential to deliver lasting transformative effects remains a key focus for future evaluation. In 2024, domestic market demand for An Cuong's products remained constrained, as consumers exercised caution with discretionary spending on items such as furniture. Furthermore, the number of

Consolidated Results in 2024

Source: An Cuong

Items

FY2023

FY2024

Year-on-year change

Total Assets

2.1%

5,639.6

5,522.1

Owners’ Equity

2.4%

4,176.0

4,076.5

Net Revenue

5.8%

3,980.9

3,762.1

Operating Profit

8.7%

574.7

528.9

PBT

-0.9%

523.7

528.5

NPAT

2.1%

420.0

411.2

In VNDbn

Net Revenue

The real estate sector, along with the financial stability of key real estate clients of An Cuong, faced persistent liquidity constraints in 2024, directly impacting the Company's sales performance and receivables management. During the year, An Cuong recognized provisions exceeding VND 200 billion, primarily tied to receivables from entities such as Novareal and Hung Thinh Group. Excluding the impact of extraordinary items, An Cuong's consolidated NPAT reached VND 591.4 billion, reflecting a robust growth of 35.4% year-over-year and surpassing the financial targets set by the GMS. With the gradual recovery of the real estate market, the Company remains optimistic about the possibility of recovering these receivables, which could lead to a reversal of the provisions, thereby enhancing future financial performance.

3,980.9 VNDbn

1,251.4 Gross Profit VNDbn 2,786 EPS VND

420.0 NPAT VNDbn 591.4 Adjusted-NPAT(*) VNDbn

35.4

Increased % yoy

(*) excluding extraordinary provisions

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