BMJ

Khoáng sản Miền Đông AHP ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 15.07%, +6.13pp YoY

Price

11,400

Latest close

20 May 2026

P/E 12.54x

P/B 0.85x

EPS 909

BVPS 13,406

ROE 7.2%

ROA 5.3%

Profit Margin 15.1%

Asset Turnover 0.35x

Equity Mult. 1.36x

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

What Is Changing

On a TTM 2026Q1 basis, BMJ has not accelerated revenue sharply, but profitability is improving visibly — profit is at an all-time high. However, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 633bn
	                                
+7.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 95bn
	                                
+81.7%YoY

	                            
	                                CFO / Net Income
	                            
	                                    -0.80x
	                                
negative cash flow vs profit

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	131.8	92.5	207.5	201.5	115.4	228.2	132.0	111.9	63.0	115.7	132.1	110.4
Growth	+42%	-55%	+3%	+75%	-49%	+73%	+18%	+78%	-46%	-12%	+20%	—
Net Income	11.1	45.0	15.3	24.1	12.3	11.7	10.8	17.7	8.3	12.0	11.9	18.4
Net Margin	8.41%	48.58%	7.36%	11.97%	10.64%	5.13%	8.20%	15.82%	13.22%	10.39%	9.03%	16.67%

Drivers of BMJ's profit

TTM

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

Gross profit ↑ 41.3bn

Financial income ↑ 7.9bn

Tax ↑ 10.2bn

TTM

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

Selling expenses ↓ 1.3bn

Gross profit ↑ 0.8bn

Tax ↓ 0.3bn

Financial income ↓ 3.2bn

Administrative expenses ↑ 0.4bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 4.4% = 8.9% × 0.37 × 1.34

2026Q1 7.2% = 15.1% × 0.35 × 1.36

ROE rose from 4.4% to 7.2% — mainly driven by net margin, despite asset turnover moving in the opposite direction.

Net margin: 15.1% +6.1pp Asset turnover: 0.35x -0.01x Leverage: 1.36x +0.02x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 15.07%, rising 6.1pp. The main driver is Gross margin rose 5.4pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 1.1pp and Other profit / Revenue rose 0.6pp).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 15.07% +6.1pp

Gross Margin 20.87% +5.4pp

SG&A / Revenue 3.89% −0.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 74.0 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 5.78%, rising 2.0pp. That translates to 5.78 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 5.6pp, with capital turnover broadly stable; while invested capital rose by 192bn.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

CAPITAL EFFICIENCY TREND

ROIC 5.78% +2.0pp

NOPAT Margin 14.61% +5.6pp

Capital Turnover 0.40x −0.02x

Average Invested Capital 1,602.1bn +191.7bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.34x equity, net debt at 0.25x equity.

Inventory ended the period at 308.4bn, roughly 16.4% of total assets.

Over the last 12 months, working capital absorbed 150.3bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +13.9bn

Inventories increased → lower CFO: −161.7bn

Payables decreased → lower CFO: −2.5bn

Working Capital Efficiency

Cash conversion cycle lengthened by 74.0 days versus the same period last year. The main moves came from DIO rose 62.6 days, DSO rose 2.2 days, and DPO fell 9.2 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 170.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +2.2 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 20.1 days +2.2 days

Inventory 174.8 days +62.6 days

Payables 24.9 days −9.2 days

Cash Conversion Cycle 170.0 days +74.0 days

Is financial risk significant?

Leverage is safe but FCF is negative at 117.0bn due to capex of 41.1bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.25x and interest coverage at 4.40x.

At present, short-term debt accounts for 91.7% of total debt, cash equals 4.5% of debt, and total debt stands at 368.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 91.7% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 4.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.25x +0.07x

Interest Coverage 4.40x +1.77x

Cash / Debt 4.5% −35.2pp

Short-term Debt / Total Debt 91.7% +8.1pp

CFO / NI -0.80x −1.36x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 19.1bn in 2025, against investing cash flow of -21.8bn.

Post-investment cash flow was negative +2.6bn. Financing cash flow was positive +6.0bn.

CFO / net income was -0.80x.

After spending +41.1bn on fixed-asset investment, the business generated trailing free cash flow of −117.0bn.

Cash Conversion

CFO TTM 76.0bn −105.7bn

Cash Capex 41.1bn —

FCF TTM −117.0bn —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 6.1 pp. The main risk still sits in leverage and liquidity, with interest coverage at 4.40x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 15.07% after expanding 6.1pp versus the same period last year.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 0.25x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022
Revenue	616.9	535.1	454.1	200.6
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	616.9	535.1	454.1	200.6
Cost of Goods Sold	485.7	457.0	372.9	163.3
Gross Profit	131.2	78.0	81.2	37.3
Financial Income	35.8	27.4	14.6	9.6
Financial Expenses	27.0	22.8	12.0	1.5
Interest Expense	26.4	22.8	12.0	1.5
Share of Associates and Joint Ventures	1.8	0.0	0.0	0.0
Selling Expenses	11.4	10.1	15.7	4.3
General and Administrative Expenses	14.4	11.8	9.8	8.0
Operating Profit	116.0	60.8	58.2	33.2
Other Income	4.0	0.8	8.2	1.7
Other Expenses	0.7	0.9	0.6	1.9
Other Profit	3.3	-0.0	7.6	-0.2
Profit Before Tax	119.4	60.7	65.8	32.9
Current Income Tax Expense	23.5	12.2	13.2	6.9
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	95.8	48.5	52.7	26.1
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	95.8	48.5	52.7	26.1
Earnings per Share	913.00	462.00	502.00	130.00
Diluted EPS	912.83	462.32	501.60	248.20

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	425.8	514.6	689.0	452.0
I. Cash and cash equivalents	39.1	35.7	46.4	19.6
1. Cash	39.1	5.7	46.4	19.6
2. Cash equivalents	—	30.0	0.0	0.0
II. Short-term financial investments	—	0.0	2.0	2.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	2.0	2.0
III. Short-term receivables	70.8	334.9	484.6	67.3
1. Short-term trade accounts receivable	36.5	31.8	80.6	7.0
2. Short-term prepayments to suppliers	9.9	61.2	13.0	12.6
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	194.0	338.4	0.0
6. Other short-term receivables	25.1	48.5	53.2	48.2
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.6	-0.6
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	308.4	142.5	155.8	361.5
1. Inventories	308.4	142.5	155.8	361.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	7.5	1.5	0.1	1.7
1. Short-term prepayments	3.0	1.5	0.1	0.4
2. Value added tax to be reclaimed	4.3	0.0	0.0	1.3
3. Taxes and other receivables from state authorities	0.2	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	1,451.8	1,131.9	841.5	806.2
I. Long-term receivables	14.2	6.3	4.8	3.4
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	14.2	6.3	4.8	3.4
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	178.2	164.4	106.7	73.9
1. Tangible fixed assets	88.7	102.0	74.4	73.9
- Cost	158.0	164.1	126.2	116.7
- Accumulated depreciation	-69.3	-62.1	-51.8	-42.8
2. Financial leased fixed assets	89.5	62.4	32.2	0.0
- Cost	102.7	67.6	33.0	0.0
- Accumulated depreciation	-13.2	-5.1	-0.8	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	0.2	0.2	0.2	0.2
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2
III. Investment properties	8.7	8.7	8.6	8.6
- Cost	8.7	8.7	8.6	8.6
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	435.2	0.0	0.0	0.0
1. Long-term production in progress	435.2	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	778.0	921.5	697.5	697.5
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	399.8	224.0	0.0	0.0
3. Investments in other entities	378.2	697.5	697.5	697.5
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	37.6	31.0	24.0	22.7
1. Long-term prepayments	37.5	31.0	24.0	22.7
2. Deferred income tax assets	0.1	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,877.6	1,646.5	1,530.5	1,258.2
A. LIABILITIES (300=210+330)	481.0	430.6	362.3	142.3
I. Short -term liabilities	446.2	393.4	327.7	123.7
1. Short-term trade accounts payable	31.6	41.8	133.4	17.6
2. Short-term advances from customers	60.5	25.1	19.6	72.4
3. Taxes and other payables to state authorities	17.3	10.5	7.4	4.7
4. Payable to employees	2.8	2.5	1.1	1.0
5. Short-term acrrued expenses	2.3	1.0	1.4	3.4
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.8	0.5	0.6	0.3
10. Short-term borrowings and financial leases	330.6	312.0	163.8	23.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.4	0.0	0.2	1.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	34.8	37.2	34.6	18.6
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	30.7	33.3	30.9	15.1
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	4.1	3.9	3.7	3.4
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	1,396.6	1,216.0	1,168.2	1,115.9
I. Owner's equity	1,396.6	1,216.0	1,168.2	1,115.9
1. Owner's capital	1,050.0	1,050.0	1,050.0	1,050.0
- Common stock with voting right	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-1.4	-1.4	-1.4	-1.4
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	12.9	12.9	12.9	12.9
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	249.5	154.4	106.6	54.4
- Accumulated retained earning at the end of the previous period	153.7	105.9	54.0	28.3
- Undistributed earnings in this period	95.8	48.5	52.7	26.1
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	85.5	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,877.6	1,646.5	1,530.5	1,258.2

Item	2025	2024	2023	2022
Profit Before Tax	119.4	60.7	65.8	32.9
Depreciation of Fixed Assets and Investment Property	20.0	14.9	10.0	6.7
Provision (Increase)/Reversal	0.2	0.2	0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-36.4	-27.5	-14.6	-9.8
Interest Expense	26.4	22.8	12.0	1.5
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	129.6	71.1	73.3	31.4
Increase/(Decrease) in Receivables	80.0	5.7	-66.6	-47.5
Increase/(Decrease) in Inventory	-165.9	13.3	205.7	-279.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	25.5	-95.9	63.9	46.7
Increase/(Decrease) in Prepaid Expenses	-7.9	-8.4	-1.0	26.9
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-26.2	-22.7	-11.7	-1.5
Corporate Income Tax Paid	-15.8	-12.3	-12.6	-4.8
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.7	-1.1	-0.8
Net Cash Flow from Operating Activities	19.1	-50.0	249.9	-229.1
Payments for Fixed Assets and Other Long-term Assets	-33.6	-60.5	-32.6	-32.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	21.1	23.8	0.0	0.2
Loans and Purchases of Debt Instruments	-444.0	-1,076.3	-421.5	-646.0
Receipts from Loan Repayments and Sale of Debt Instruments	638.0	1,222.6	83.2	644.0
Investments in Other Entities	-557.2	-224.0	0.0	-551.8
Proceeds from Investments in Other Entities	344.4	0.0	0.0	0.0
Dividends and Interest Income Received	9.5	27.4	14.7	8.7
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-21.8	-87.1	-356.2	-577.2
Proceeds from Equity Issuance and Capital Contributions	20,400,000,000.00	0.00	0.00	749,999,780,000.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	451.8	537.9	231.1	58.0
Repayment of Borrowings	-447.8	-402.7	-96.5	-30.2
Repayment of Finance Leases	-18.3	-8.8	-1.4	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	6.0	126.4	133.2	777.8
Net Cash Flow During the Period	3.4	-10.7	26.8	-28.5
Cash and Cash Equivalents at Beginning of Period	35.7	46.4	19.6	48.1
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	39.1	35.7	46.4	19.6

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	131.8	92.5	207.5	201.5	115.4	228.2	132.0	111.9	63.0	115.7	132.1	110.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	131.8	92.5	207.5	201.5	115.4	228.2	132.0	111.9	63.0	115.7	132.1	110.4
Cost of Goods Sold	106.1	56.0	178.1	160.9	90.4	205.7	114.6	85.9	50.8	96.4	113.2	84.6
Gross Profit	25.7	36.5	29.4	40.6	24.9	22.5	17.4	26.0	12.2	19.3	18.9	25.8
Financial Income	0.0	27.9	2.3	2.0	3.2	7.3	7.3	6.5	6.3	5.5	4.8	4.0
Financial Expenses	6.0	7.0	6.4	6.7	6.0	7.2	6.6	5.2	3.8	4.5	3.4	2.7
Interest Expense	6.0	7.0	6.4	6.7	6.0	7.2	0.0	5.2	3.8	4.5	3.4	2.7
Share of Associates and Joint Ventures	0.0	1.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.3	2.4	2.8	2.6	3.6	4.3	1.7	2.1	2.0	2.7	2.7	7.6
General and Administrative Expenses	3.5	4.0	3.7	3.4	3.1	3.7	2.9	2.8	2.4	2.6	2.7	2.4
Operating Profit	13.9	52.8	18.8	29.8	15.3	14.5	13.5	22.5	10.3	15.0	14.9	17.1
Other Income	0.2	3.2	0.5	0.5	0.1	0.2	0.2	0.2	1.5	0.2	0.1	6.0
Other Expenses	0.2	0.2	0.2	0.2	0.1	0.1	0.2	0.5	1.3	0.2	0.1	0.2
Other Profit	-0.0	3.0	0.3	0.4	0.0	0.1	0.0	-0.3	0.1	0.0	-0.0	5.9
Profit Before Tax	13.9	55.8	19.1	30.2	15.3	14.6	13.5	22.2	10.4	15.0	14.9	23.0
Current Income Tax Expense	2.8	10.8	3.8	6.0	3.1	2.9	2.7	4.5	2.1	3.0	3.0	4.6
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	11.1	45.0	15.3	24.1	12.3	11.7	10.8	17.7	8.3	12.0	11.9	18.4
Non-controlling Interest	-0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	11.1	45.0	15.3	24.1	12.3	11.7	10.8	17.7	8.3	12.0	11.9	18.4
Earnings per Share	106.00	428.00	145.00	230.00	117.00	112.00	103.00	169.00	79.00	114.00	114.00	175.00
Diluted EPS	105.72	428.18	145.39	229.74	116.91	111.52	103.07	168.62	79.27	114.46	113.55	175.31

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)	436.4	422.3	416.1	399.1	392.8	516.1	757.2	740.3	668.9	688.9	649.0	544.0
I. Cash and cash equivalents	16.5	39.1	10.0	46.8	141.9	35.7	173.5	72.4	20.7	46.4	74.0	10.3
1. Cash	16.5	39.1	10.0	46.8	141.9	5.7	173.5	72.4	20.7	46.4	74.0	10.3
2. Cash equivalents	—	—	—	—	—	30.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	2.0	2.0	2.0	2.0	2.0
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	—	—	—	—	—	0.0	0.0	2.0	2.0	2.0	2.0	2.0
III. Short-term receivables	91.9	70.7	253.7	191.0	90.6	334.9	430.8	523.3	499.9	484.6	407.4	381.4
1. Short-term trade accounts receivable	37.2	36.5	42.9	31.5	32.7	31.8	21.8	24.3	25.1	80.6	76.8	22.9
2. Short-term prepayments to suppliers	21.2	9.9	20.2	21.3	4.6	61.2	70.9	61.5	32.1	13.0	0.0	24.5
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	—	—	128.5	80.0	—	194.0	253.0	364.0	390.3	338.4	266.4	273.5
6. Other short-term receivables	34.1	25.0	62.7	58.8	53.9	48.5	85.6	74.1	53.0	53.2	64.8	61.1
7. Provision for short-term doubtful debts (*)	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	320.8	305.1	149.4	158.0	159.1	142.5	150.2	142.4	146.0	155.8	152.4	149.7
1. Inventories	320.8	305.1	149.4	158.0	159.1	142.5	150.2	142.4	146.0	155.8	152.4	149.7
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	7.2	7.3	3.0	3.3	1.2	3.0	2.7	0.2	0.3	0.1	13.2	0.6
1. Short-term prepayments	2.6	3.0	3.0	3.2	1.2	3.0	0.8	0.2	0.3	0.1	13.2	0.6
2. Value added tax to be reclaimed	4.4	4.3	—	0.1	—	0.0	1.9	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	1,452.2	1,451.7	1,323.5	1,319.8	1,307.8	1,130.4	891.8	871.9	848.4	841.3	845.7	806.7
I. Long-term receivables	14.4	14.2	14.2	14.2	14.2	6.3	6.3	6.3	5.0	4.8	4.8	3.7
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	14.4	14.2	14.2	14.2	14.2	6.3	6.3	6.3	5.0	4.8	4.8	3.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	172.8	178.2	151.8	155.1	159.8	164.4	132.6	135.4	104.2	106.7	109.8	71.1
1. Tangible fixed assets	85.5	88.7	60.2	61.3	63.8	102.0	68.7	70.2	72.6	74.4	76.9	71.1
- Cost	158.0	—	—	—	—	164.1	127.8	126.7	126.7	126.2	126.5	118.2
- Accumulated depreciation	-72.5	—	—	—	—	-62.1	-59.1	-56.6	-54.1	-51.8	-49.6	-47.2
2. Financial leased fixed assets	87.3	89.5	91.6	93.8	96.0	62.4	63.8	65.2	31.5	32.2	32.9	0.0
- Cost	102.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-15.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.7	8.6	8.6	8.6	8.6
- Cost	8.7	—	—	—	—	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	442.7	435.2	19.7	11.9	—	0.0	23.8	0.0	10.7	0.0	0.0	0.4
1. Long-term production in progress	435.3	435.2	—	—	—	0.0	23.8	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.3	—	19.7	11.9	—	0.0	0.0	0.0	10.7	0.0	0.0	0.4
V. Long-term financial investments	778.0	778.0	1,095.5	1,095.5	1,095.5	921.5	697.5	697.5	697.5	697.5	697.5	697.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	399.8	399.8	398.0	398.0	398.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	378.2	378.2	697.5	697.5	697.5	921.5	697.5	697.5	697.5	697.5	697.5	697.5
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	35.7	37.5	33.7	34.4	29.7	29.5	22.8	24.0	22.4	23.8	25.0	25.5
1. Long-term prepayments	35.6	37.4	33.7	34.4	29.7	29.5	22.8	24.0	22.4	23.8	25.0	25.5
2. Deferred income tax assets	0.1	0.1	—	—	—	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)	1,888.6	1,874.0	1,739.6	1,718.9	1,700.6	1,646.5	1,649.0	1,612.2	1,517.3	1,530.2	1,494.7	1,350.7
A. LIABILITIES (300=210+330)	480.9	476.8	472.9	467.3	472.3	430.6	444.7	418.7	340.8	362.1	391.0	257.7
I. Short -term liabilities	446.1	437.9	434.0	419.4	409.7	393.4	403.8	372.9	309.8	321.7	347.3	233.3
1. Short-term trade accounts payable	33.9	28.4	24.4	26.1	34.5	41.8	27.0	37.8	58.3	133.4	114.1	30.4
2. Short-term advances from customers	63.5	60.5	57.1	61.0	61.2	25.1	35.0	40.4	50.3	19.6	31.2	11.7
3. Taxes and other payables to state authorities	6.7	17.4	8.4	9.8	10.7	10.5	4.9	11.0	5.9	7.4	6.6	8.9
4. Payable to employees	1.5	2.8	2.2	1.9	2.1	2.5	1.4	1.1	1.1	1.1	1.1	1.1
5. Short-term acrrued expenses	1.4	1.2	0.8	1.3	1.4	1.0	0.9	2.3	0.7	1.4	12.6	1.1
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	0.8	0.8	0.9	0.8	0.6	0.5	0.8	0.8	0.6	0.5	53.1	53.3
10. Short-term borrowings and financial leases	337.9	326.4	339.7	318.1	299.3	312.0	333.9	279.7	192.9	158.0	128.4	126.6
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	0.4	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.3
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	34.8	38.9	38.9	47.9	62.6	37.2	40.9	45.8	31.0	40.4	43.8	24.4
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	30.7	34.8	34.8	43.9	58.7	33.3	37.5	42.4	27.6	36.7	40.1	20.7
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	4.1	4.1	4.1	4.0	3.9	3.9	3.4	3.4	3.4	3.7	3.7	3.7
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)	1,407.7	1,397.2	1,266.7	1,251.6	1,228.2	1,216.0	1,204.3	1,193.4	1,176.5	1,168.1	1,103.6	1,093.0
I. Owner's equity	1,407.7	1,397.2	1,266.7	1,251.6	1,228.2	1,216.0	1,204.3	1,193.4	1,176.5	1,168.1	1,103.6	1,093.0
1. Owner's capital	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0	1,050.0
- Common stock with voting right	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00	1,049,999,780,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4	-1.4
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	12.9	12.9	12.9	12.9	12.9	12.9	12.9	12.9	12.9	12.9	12.9	12.9
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	260.6	250.1	205.2	190.1	166.7	154.4	142.7	131.9	115.0	106.6	42.1	31.4
- Accumulated retained earning at the end of the previous period	249.5	153.7	153.7	153.7	154.4	105.9	105.9	105.9	106.6	54.0	1.5	1.5
- Undistributed earnings in this period	11.1	96.4	51.5	36.4	12.3	48.6	36.9	26.0	8.3	52.6	40.6	30.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	85.5	85.5	—	—	—	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)	1,888.6	1,874.0	1,739.6	1,718.9	1,700.6	1,646.5	1,649.0	1,612.2	1,517.3	1,530.2	1,494.7	1,350.7

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	13.9	55.0	19.1	29.9	15.3	14.6	13.5	22.2	10.4	15.1	14.9	21.4
Depreciation of Fixed Assets and Investment Property	5.4	6.0	4.7	4.6	4.6	4.5	3.9	3.3	3.2	3.2	2.5	2.2
Provision (Increase)/Reversal	—	0.0	0.1	0.1	—	0.0	0.0	0.0	0.4	-0.2	0.0	0.2
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	-29.0	-2.3	-1.9	-3.2	-7.3	-7.3	-6.5	-6.4	-5.4	-4.8	0.3
Interest Expense	6.0	7.1	6.4	6.8	6.0	7.2	6.6	5.2	3.8	4.5	3.4	2.7
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	25.3	39.1	28.1	39.6	22.9	19.1	16.7	24.1	11.3	17.2	16.0	26.8
Increase/(Decrease) in Receivables	-21.4	59.4	-13.6	-10.5	44.7	11.9	-19.0	-25.0	37.7	-34.8	-2.6	-22.1
Increase/(Decrease) in Inventory	-12.4	-159.0	8.7	1.1	-16.6	7.7	-7.7	3.5	9.8	-3.4	4.0	177.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.9	13.9	-22.6	5.2	28.9	11.7	-21.5	-26.1	-46.5	30.3	78.9	-13.4
Increase/(Decrease) in Prepaid Expenses	2.2	-3.7	0.9	-6.7	1.6	-8.8	0.5	-1.5	1.4	14.1	-11.3	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-6.5	-6.9	-6.5	-6.8	-6.0	-7.2	-6.7	-5.1	-3.8	-4.2	-3.4	-2.7
Corporate Income Tax Paid	-10.7	-3.9	-5.9	-3.1	-2.9	-2.7	-4.5	-2.1	-3.0	-2.7	-4.6	-2.9
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.2	-0.2	-0.1	—	0.0	-0.0	-0.3	-0.7	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-22.5	-60.9	-11.2	18.7	72.6	31.6	-42.2	-32.3	6.1	16.5	76.8	163.2
Payments for Fixed Assets and Other Long-term Assets	-7.5	-2.1	-1.7	-29.8	—	6.6	-19.2	-26.3	-12.6	10.2	-41.5	-1.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-7.0	7.0	-7.0	28.1	0.0	0.0	0.0	1.4	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-70.0	-128.5	-128.5	-117.0	-165.0	-50.0	-471.0	-390.3	-87.0	-61.0	-235.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	198.5	80.0	48.5	311.0	224.0	163.0	497.3	338.4	15.0	68.2	0.0
Investments in Other Entities	—	—	—	—	—	-224.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	344.4	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	2.1	5.2	-1.0	3.2	15.0	0.2	6.6	5.6	14.6	0.1	-4.6
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	-7.4	82.7	-38.0	-117.8	51.3	-143.3	94.0	6.6	-57.6	-47.2	-34.3	-241.2
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	112.2	26.6	172.6	160.9	91.7	181.4	140.4	105.2	110.9	47.8	49.0	96.1
Repayment of Borrowings	-99.7	-34.7	-155.0	-151.8	-106.4	-204.6	-88.1	-26.4	-83.6	-43.3	-27.8	-19.5
Repayment of Finance Leases	-5.1	-5.1	-5.1	-5.1	-3.0	-3.0	-3.0	-1.4	-1.4	-1.4	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	7.4	7.2	12.5	4.0	-17.7	-26.1	49.3	77.4	25.8	3.1	21.2	76.6
Net Cash Flow During the Period	-22.6	29.1	-36.7	-95.2	106.2	-137.8	101.1	51.7	-25.7	-27.6	63.7	-1.4
Cash and Cash Equivalents at Beginning of Period	39.1	10.0	46.8	141.9	35.7	46.4	46.4	46.4	46.4	19.6	19.6	19.6
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	16.5	39.1	10.0	46.8	141.9	35.7	173.5	72.4	20.7	46.4	74.0	10.3

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BMJ

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What is driving the margin?

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Balance Sheet

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Leverage & Liquidity

Cash Flow