ADC

Mỹ thuật và Truyền thông ·HNX ·2026Q1

▼ Under pressure

Financial result is supporting part of pre-tax profit Net financial result/PBT 15.19%

Price

19,000

Latest close

27 May 2026

P/E 6.34x

P/B 0.87x

EPS 2,998

BVPS 21,917

ROE 13.9%

ROA 7.5%

Profit Margin 3.2%

Asset Turnover 2.34x

Equity Mult. 1.85x

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

What Is Changing

On a TTM 2026Q1 basis, ADC is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 372bn
	                                
−6.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 12bn
	                                
−13.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	363.0	412.3	431.7	390.4	299.3
Growth	-12%	-4%	+11%	+30%	—
Net Income	11.1	14.0	14.2	13.2	10.4
Net Margin	3.05%	3.39%	3.30%	3.37%	3.47%

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	64.1	112.9	130.3	64.4	59.9	113.4	133.1	88.8	75.8	123.6	133.4	99.2
Growth	-43%	-13%	+102%	+7%	-47%	-15%	+50%	+17%	-39%	-7%	+35%	—
Net Income	1.7	5.4	3.1	1.7	1.5	4.9	4.1	3.4	1.8	4.9	4.2	3.2
Net Margin	2.64%	4.77%	2.42%	2.65%	2.42%	4.30%	3.06%	3.80%	2.42%	3.96%	3.14%	3.22%

Drivers of ADC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher selling expenses. Supporting and offsetting drivers:

Gross profit ↑ 7.3bn

Financial income ↑ 0.4bn

Administrative expenses ↓ 0.4bn

Tax ↓ 0.3bn

Selling expenses ↑ 10.1bn

Other profit ↓ 0.4bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 2.1bn

Selling expenses ↑ 1.5bn

Financial income ↓ 0.2bn

Other profit ↓ 0.1bn

Tax ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 16.7% = 3.5% × 2.73 × 1.76

2026Q1 13.9% = 3.2% × 2.34 × 1.85

ROE fell from 16.7% to 13.9% — asset turnover weakened the most, though leverage still provided support.

Net margin: 3.2% -0.3pp Asset turnover: 2.34x -0.39x Leverage: 1.85x +0.09x

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 stands at 3.21%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 3.21% −0.3pp

Gross Margin 38.66% +4.2pp

SG&A / Revenue 35.14% +4.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 3.26% −0.2pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 1.25x equity, with a net cash position equivalent to 0.10x equity.

Inventory ended the period at 44.3bn, roughly 23.1% of total assets.

Over the last 12 months, working capital absorbed 3.7bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −16.2bn

Inventories increased → lower CFO: −12.1bn

Payables increased → higher CFO: +24.6bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.6 days versus the same period last year. The main moves came from DIO rose 14.3 days, DSO rose 5.3 days, and DPO rose 23.2 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Receivables collection is slowing

DSO increased by +5.3 days, pointing to slower receivables turnover.

Inventory turnover is slowing

DIO increased by +14.3 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 22.0 days +5.3 days

Inventory 63.0 days +14.3 days

Payables 73.2 days +23.2 days

Cash Conversion Cycle 11.9 days −3.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

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 -0.10x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.43x −1.00x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -1.8bn in 2025, against investing cash flow of -3.4bn.

Post-investment cash flow was negative +5.2bn. Financing cash flow was negative +5.9bn.

CFO / net income was 0.43x.

After spending +2.9bn on fixed-asset investment, the business generated trailing free cash flow of +2.2bn.

Cash Conversion

CFO TTM 5.1bn −14.5bn

Cash Capex 2.9bn +1.6bn

FCF TTM +2.2bn −16.2bn

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 15.2%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.10x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.10x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 15.2% of PBT and CFO / net income currently at 0.43x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	363.0	412.3	431.7	390.4	299.3
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	363.0	412.3	431.7	390.4	299.3
Cost of Goods Sold	225.3	271.8	289.7	249.9	0.0
Gross Profit	137.7	140.5	141.9	140.5	112.1
Financial Income	2.9	2.0	1.6	0.7	1.3
Financial Expenses	0.1	0.3	0.3	0.2	0.1
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	109.4	104.3	103.8	104.3	-85.3
General and Administrative Expenses	16.9	20.2	20.9	19.7	-15.6
Operating Profit	14.2	17.7	18.5	17.1	12.7
Other Income	0.0	0.1	0.0	0.6	0.0
Other Expenses	0.2	0.2	0.3	0.5	0.0
Other Profit	-0.2	-0.2	-0.3	0.1	0.9
Profit Before Tax	14.0	17.6	18.2	17.2	13.6
Current Income Tax Expense	3.0	3.6	3.9	4.1	-3.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	11.1	14.0	14.2	13.2	10.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	11.1	14.0	14.2	13.2	10.4
Earnings per Share	2,256.00	2,808.00	2,862.00	2,645.00	2,092.00
Diluted EPS	2,782.77	2,808.00	2,862.00	2,645.00	2,613.88

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	161.7	148.3	133.2	127.9	111.9
I. Cash and cash equivalents	8.9	20.0	39.3	11.2	15.6
1. Cash	8.9	17.0	13.3	11.2	0.0
2. Cash equivalents	—	3.0	26.0	0.0	0.0
II. Short-term financial investments	58.4	55.8	12.8	18.1	0.0
1. Available for sale securities	0.4	0.8	0.8	0.8	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	58.0	55.0	12.0	17.3	0.0
III. Short-term receivables	47.3	36.6	33.5	39.9	41.5
1. Short-term trade accounts receivable	44.4	33.3	26.4	33.8	0.0
2. Short-term prepayments to suppliers	0.7	0.6	3.7	0.8	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	3.6	3.8	4.5	5.9	0.0
7. Provision for short-term doubtful debts (*)	-1.4	-1.2	-1.1	-0.6	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	44.3	33.4	42.4	52.9	35.5
1. Inventories	47.3	33.4	42.4	54.0	0.0
2. Provision for decline in value of inventories	-2.9	0.0	0.0	-1.1	0.0
V. Other short-term assets	2.8	2.6	5.1	5.8	5.3
1. Short-term prepayments	2.8	2.6	4.4	5.6	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.2	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.8	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)	30.5	26.5	29.0	34.1	31.8
I. Long-term receivables	4.4	4.8	4.6	7.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	7.9
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	4.4	4.8	4.6	7.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	18.1	17.2	18.2	19.4	21.2
1. Tangible fixed assets	16.1	16.2	16.9	18.1	19.4
- Cost	35.2	35.8	35.4	35.1	0.0
- Accumulated depreciation	-19.1	-19.5	-18.4	-17.0	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	2.0	1.0	1.2	1.3	1.8
- Cost	5.1	3.3	2.7	2.2	0.0
- Accumulated depreciation	-3.1	-2.3	-1.5	-0.9	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	0.2	0.3	0.0	0.1	0.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.3	0.0	0.1	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	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	7.8	4.3	6.3	7.0	0.0
1. Long-term prepayments	7.8	4.3	6.3	7.0	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	2.6
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)	192.1	174.9	162.2	162.0	143.7
A. LIABILITIES (300=210+330)	106.7	91.7	84.2	89.6	76.8
I. Short -term liabilities	106.7	91.7	84.2	89.6	76.8
1. Short-term trade accounts payable	62.8	47.2	43.6	45.3	46.7
2. Short-term advances from customers	0.4	0.4	0.7	1.1	0.2
3. Taxes and other payables to state authorities	6.5	7.6	3.1	3.7	0.0
4. Payable to employees	27.2	29.4	31.1	29.7	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.4	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	3.2	2.6	3.0	7.5	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	6.6	4.5	2.6	1.8	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	0.0	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	0.0	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)	85.5	83.2	78.0	72.4	66.9
I. Owner's equity	85.5	83.2	78.0	72.4	0.0
1. Owner's capital	39.8	39.8	39.8	39.8	66.9
- Common stock with voting right	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	-0.2
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	—	0.00	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	33.6	29.4	24.0	19.5	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	12.1	14.0	14.2	13.2	10.4
- Accumulated retained earning at the end of the previous period	1.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	11.1	14.0	14.2	13.2	10.4
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)	192.1	174.9	162.2	162.0	143.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	14.0	17.6	18.2	17.2	13.6
Depreciation of Fixed Assets and Investment Property	1.8	1.9	2.0	2.1	1.8
Provision (Increase)/Reversal	3.1	0.2	-0.6	-0.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.4	-1.5	-1.0	-0.7	0.0
Interest Expense	—	0.0	0.0	0.0	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	16.5	18.1	18.6	18.3	15.3
Increase/(Decrease) in Receivables	-10.3	-2.5	8.3	2.1	0.0
Increase/(Decrease) in Inventory	-13.9	9.1	11.5	-17.4	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	13.5	5.6	-6.1	10.4	0.0
Increase/(Decrease) in Prepaid Expenses	-3.6	3.8	2.0	-4.7	0.0
Changes in Trading Securities	0.3	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.7	-3.5	-4.0	-3.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.6	-1.0	-1.8	-1.0	0.0
Net Cash Flow from Operating Activities	-1.8	29.5	28.5	4.8	-21.6
Payments for Fixed Assets and Other Long-term Assets	-2.6	-1.3	-0.6	-0.2	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-68.0	-43.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	65.0	0.0	5.3	-7.3	0.2
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	2.2	1.5	0.9	0.7	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	-3.4	-42.8	5.6	-6.7	1.4
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	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-5.9	-6.0	-6.0	-5.6	-4.6
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	-5.9	-6.0	-6.0	-5.6	-4.6
Net Cash Flow During the Period	-11.2	-19.3	28.1	-7.5	5.9
Cash and Cash Equivalents at Beginning of Period	20.0	39.3	11.2	18.7	40.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.9	20.0	39.3	11.2	15.6

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	64.1	112.9	130.3	64.4	59.9	113.4	133.1	88.8	75.8	123.6	133.4	99.2
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	64.1	112.9	130.3	64.4	59.9	113.4	133.1	88.8	75.8	123.6	133.4	99.2
Cost of Goods Sold	39.9	54.8	93.5	39.8	37.8	70.3	95.0	55.8	51.9	77.7	96.0	69.4
Gross Profit	24.2	58.1	36.8	24.6	22.1	43.1	38.2	33.1	23.9	45.9	37.4	29.8
Financial Income	0.2	1.1	-0.5	1.5	0.4	0.7	0.2	0.6	0.5	0.4	0.4	0.3
Financial Expenses	0.1	0.0	—	—	0.1	0.2	0.0	0.0	0.0	0.2	0.0	0.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	19.0	44.6	28.5	20.5	17.6	31.7	29.2	24.2	18.0	31.3	26.8	21.9
General and Administrative Expenses	3.1	7.8	3.8	3.2	3.1	5.7	4.1	5.4	3.9	8.7	5.7	4.0
Operating Profit	2.1	6.7	4.0	2.3	1.7	6.1	5.1	4.1	2.4	6.1	5.3	4.1
Other Income	0.0	0.0	0.0	-0.1	0.1	0.0	0.0	0.0	0.0	0.1	0.1	0.1
Other Expenses	0.0	0.0	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2
Other Profit	0.0	-0.0	-0.1	-0.2	0.1	0.0	-0.0	-0.0	-0.0	0.0	-0.0	-0.1
Profit Before Tax	2.1	6.7	3.9	2.1	1.8	6.1	5.1	4.1	2.4	6.1	5.3	4.0
Current Income Tax Expense	0.4	1.3	0.8	0.4	0.4	1.2	1.0	0.7	0.6	1.2	1.1	0.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	1.7	5.4	3.1	1.7	1.5	4.9	4.1	3.4	1.8	4.9	4.2	3.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	1.7	5.4	3.1	1.7	1.5	4.9	4.1	3.4	1.8	4.9	4.2	3.2
Earnings per Share	425.00	1,354.00	791.00	428.00	365.00	1,225.00	1,022.00	848.00	461.00	1,231.00	1,055.00	804.00
Diluted EPS	425.33	1,353.53	790.98	428.49	365.01	1,225.17	1,022.35	848.00	461.00	1,231.00	1,055.00	804.00

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)	143.7	164.2	127.8	123.3	119.1	149.6	182.3	131.1	116.6	131.4	162.0	105.4
I. Cash and cash equivalents	8.7	8.9	8.8	10.1	13.3	20.0	40.1	29.9	33.0	39.3	19.6	8.3
1. Cash	8.7	8.9	8.8	10.1	13.3	17.0	12.1	11.9	13.0	13.3	11.6	3.3
2. Cash equivalents	—	—	—	—	—	3.0	28.0	18.0	20.0	26.0	8.0	5.0
II. Short-term financial investments	53.4	58.4	38.4	38.4	50.8	55.8	10.8	13.8	16.8	12.7	6.2	12.2
1. Available for sale securities	0.4	0.4	0.4	0.4	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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	53.0	58.0	38.0	38.0	50.0	55.0	10.0	13.0	16.0	11.9	5.5	11.5
III. Short-term receivables	35.4	46.3	39.0	23.6	18.0	38.6	66.0	38.1	26.3	32.5	52.9	31.3
1. Short-term trade accounts receivable	29.9	44.3	36.2	19.7	15.0	34.2	60.8	32.8	21.1	26.3	46.8	26.7
2. Short-term prepayments to suppliers	1.5	0.6	0.8	0.6	0.9	0.9	1.7	0.7	1.7	3.7	1.7	0.9
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	5.4	3.1	3.7	4.8	3.3	3.9	3.9	5.1	4.5	3.5	5.5	4.4
7. Provision for short-term doubtful debts (*)	-1.4	-1.6	-1.6	-1.6	-1.2	-0.4	-0.4	-0.5	-1.1	-1.1	-1.1	-0.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	42.5	47.8	36.9	47.7	33.3	32.6	59.8	42.5	35.9	42.5	78.2	48.3
1. Inventories	45.4	50.7	36.9	47.7	33.3	33.6	59.8	42.5	35.9	42.5	79.3	49.4
2. Provision for decline in value of inventories	-2.9	-2.9	—	—	—	-1.0	0.0	0.0	0.0	0.0	-1.1	-1.1
V. Other short-term assets	3.7	2.8	4.6	3.5	3.7	2.6	5.6	6.8	4.8	4.4	5.0	5.2
1. Short-term prepayments	3.7	2.8	4.6	3.5	3.7	2.6	4.9	6.8	4.8	4.4	4.6	5.2
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	—	—	—	—	—	0.0	0.7	0.0	0.0	0.0	0.5	0.0
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)	29.3	30.5	31.7	32.1	26.0	26.5	27.2	27.2	27.9	30.0	30.8	30.1
I. Long-term receivables	4.1	4.4	4.7	4.5	5.0	4.7	4.7	4.7	4.6	5.6	5.6	5.2
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	4.1	4.4	4.7	4.5	5.0	4.7	4.7	4.7	4.6	5.6	5.6	5.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	17.8	18.1	18.3	16.7	16.8	17.2	17.6	17.4	17.7	18.2	18.5	18.5
1. Tangible fixed assets	15.8	16.1	16.1	16.2	16.0	16.2	16.5	16.6	16.6	16.9	17.3	17.4
- Cost	35.3	—	—	—	—	35.7	35.8	35.6	35.4	35.4	35.4	35.1
- Accumulated depreciation	-19.5	—	—	—	—	-19.5	-19.3	-19.0	-18.7	-18.4	-18.1	-17.7
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	1.9	2.0	2.2	0.6	0.8	1.0	1.1	0.9	1.0	1.2	1.2	1.0
- Cost	5.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.2	—	—	—	—	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	0.2	0.2	0.2	1.6	0.5	0.3	0.0	0.0	0.0	0.0	0.0	0.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.2	0.2	0.2	1.6	0.5	0.3	0.0	0.0	0.0	0.0	0.0	0.1
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	7.2	7.8	8.5	9.2	3.6	4.3	4.9	5.0	5.7	6.3	6.7	6.4
1. Long-term prepayments	7.2	7.8	8.5	9.2	3.6	4.3	4.9	5.0	5.7	6.3	6.7	6.4
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)	173.0	194.7	159.6	155.4	145.1	176.0	209.5	158.3	144.6	161.4	192.8	135.5
A. LIABILITIES (300=210+330)	85.8	108.7	79.0	77.8	60.4	92.7	131.1	83.9	64.7	83.4	119.7	66.8
I. Short -term liabilities	85.8	108.7	79.0	77.8	60.4	92.7	131.1	83.9	64.7	83.4	119.7	66.8
1. Short-term trade accounts payable	54.4	62.8	49.2	55.0	37.0	47.1	93.0	47.2	33.9	43.5	81.0	40.5
2. Short-term advances from customers	0.6	0.5	1.5	0.7	0.9	0.4	1.2	0.8	0.8	0.7	1.8	1.5
3. Taxes and other payables to state authorities	1.9	6.5	5.3	1.5	2.8	7.5	2.6	2.2	0.5	2.4	2.7	1.9
4. Payable to employees	19.3	29.4	13.2	11.0	12.8	29.5	26.6	25.7	24.2	30.9	28.5	17.4
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.3	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	3.2	3.0	2.9	2.9	2.6	3.7	2.8	2.7	2.6	3.0	2.6	2.3
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	6.4	6.6	6.8	6.8	4.4	4.5	5.0	5.2	2.6	2.6	3.0	3.2
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	0.0	0.0	0.0	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	0.0	0.0	0.0	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)	87.2	86.0	80.6	77.6	84.6	83.3	78.4	74.4	79.9	78.0	73.1	68.7
I. Owner's equity	87.2	86.0	80.6	77.6	84.6	83.3	78.4	74.4	79.9	78.0	73.1	68.7
1. Owner's capital	39.8	39.8	39.8	39.8	39.8	39.8	39.8	39.8	39.8	39.8	39.8	39.8
- Common stock with voting right	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00	39,779,360,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	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
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	33.6	33.6	33.6	33.6	29.4	29.4	29.4	29.4	24.0	24.0	24.0	24.0
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	13.8	12.6	7.2	4.2	15.4	14.1	9.2	5.2	16.1	14.2	9.3	4.9
- Accumulated retained earning at the end of the previous period	12.1	1.0	1.0	1.0	14.0	0.0	0.0	0.0	14.2	0.0	0.0	0.0
- Undistributed earnings in this period	1.7	11.6	6.2	3.2	1.5	14.1	9.2	5.2	1.8	14.2	9.3	4.9
12. Reserves for investment in construction	—	—	—	—	—	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
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)	173.0	194.7	159.6	155.4	145.1	176.0	209.5	158.3	144.6	161.4	192.8	135.5

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	2.1	6.2	3.9	2.0	1.8	6.1	5.1	4.0	2.4	6.2	5.3	4.3
Depreciation of Fixed Assets and Investment Property	0.6	0.3	0.4	0.6	0.5	0.6	0.5	0.4	0.5	0.5	0.5	0.5
Provision (Increase)/Reversal	—	2.7	0.0	0.4	—	1.0	0.0	-0.7	0.0	-1.1	0.0	0.4
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-1.5	0.5	-1.2	-0.1	-0.7	-0.5	-0.6	-0.2	0.1	-0.7	-0.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	2.7	7.7	4.8	1.8	2.2	7.0	5.0	3.1	2.8	5.7	5.1	5.1
Increase/(Decrease) in Receivables	12.2	-7.2	-16.6	-4.5	18.1	27.6	-28.7	-10.4	7.3	21.8	-25.3	15.9
Increase/(Decrease) in Inventory	1.9	-10.3	9.7	-13.3	0.0	26.2	-18.1	-5.9	6.6	36.8	-24.0	-6.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-18.4	26.5	1.5	15.0	-29.5	-39.6	49.4	14.3	-15.5	-40.9	51.2	-15.4
Increase/(Decrease) in Prepaid Expenses	-0.3	2.6	-0.5	-5.3	-0.5	2.9	2.1	-1.4	0.2	0.6	1.0	-1.4
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	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.6	0.0	0.0	-1.7	-2.0	0.0	-0.1	-0.3	-3.2	0.0	0.0	-0.6
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.1
Other Operating Payments	-0.2	0.0	-0.3	-0.3	-0.1	0.4	-2.4	0.3	-0.6	2.5	-3.1	-1.2
Net Cash Flow from Operating Activities	-4.9	19.3	-1.4	-8.0	-11.8	24.5	7.2	-0.3	-2.5	26.5	4.8	-3.6
Payments for Fixed Assets and Other Long-term Assets	-0.3	-0.0	-0.6	-1.9	-0.0	-0.3	-0.4	-0.4	0.0	-0.1	-0.2	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-17.0	17.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-47.0	—	-21.0	—	-43.0	1.0	3.0	-4.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	5.0	27.0	—	33.0	5.0	-2.0	2.0	0.0	0.0	-6.5	6.0	-1.5
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	1.1	0.4	0.7	0.1	0.7	0.5	0.6	0.2	-0.2	0.8	0.1
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	4.7	-19.3	0.1	10.7	5.0	-44.7	3.1	3.2	-3.8	-6.8	6.5	-1.8
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	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	—	0.0	-0.0	-5.9	—	0.0	-0.1	-5.9	0.0	0.0	0.0	-6.0
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	—	0.0	-0.0	-5.9	—	0.0	-0.1	-5.9	0.0	0.0	0.0	-6.0
Net Cash Flow During the Period	-0.2	0.1	-1.3	-3.2	-6.8	-20.1	10.2	-3.1	-6.4	19.7	11.4	-11.4
Cash and Cash Equivalents at Beginning of Period	8.9	8.8	10.1	13.3	20.0	39.3	39.3	39.3	39.3	11.2	11.2	11.2
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.7	8.9	8.8	10.1	13.3	20.0	40.1	29.9	33.0	39.3	19.6	8.3

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ADC

What Is Changing

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Working Capital Efficiency ▲

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Investment Takeaway

Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow