CCP

Cảng Cửa Cấm Hải Phòng ·UPCOM ·2025Q3

▼▼ Declining sharply

Pre-tax profit relies materially on non-core sources Net financial result/PBT 45.75%

Price

21,500

Latest close

01 Jun 2026

P/E 10.23x

P/B 0.99x

EPS 2,101

BVPS 21,620

ROE 8.1%

ROA 6.2%

Profit Margin 31.1%

Asset Turnover 0.20x

Equity Mult. 1.31x

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

What Is Changing

On a Năm 2025 basis, CCP posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 9bn
	                                
−21.4%YoY

	                            
	                                NET MARGIN
	                            
	                                    48.38%
	                                
−145.8ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 4bn
	                                
−80.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    45.8%
	                                
affects earnings quality

Metric	Q3'25	Q2'25	Q1'25	Q3'24	Q3'22	Q2'22	Q1'22
Revenue	2.0	2.7	2.9	2.9	69.1	29.6	32.2
Growth	-24%	-7%	-0%	-96%	+133%	-8%	—
Net Income	2.7	0.7	0.8	0.9	-0.4	-0.8	-0.9
Net Margin	133.49%	28.10%	26.52%	30.06%	-0.59%	-2.66%	-2.92%

Drivers of CCP's profit

TTM

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

Gross profit ↑ 0.9bn

Financial income ↑ 0.5bn

Minority interests ↑ 1.1bn

Tax ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 48.62% −145.8pp

Gross Margin 63.75% —

SG&A / Revenue 54.23% —

Non-core / Revenue 26.98% —

TTM YoY · 2022Q3 -> 2025Q3

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (45.8% of PBT) — sustainability should be monitored.

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 30.10% —

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 0.09x equity, with a net cash position equivalent to 0.03x equity.

Over the last 12 months, working capital absorbed 0.5bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +0.3bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −0.8bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

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 -0.03x +0.01x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.23x —

TTM YoY · 2022Q3 -> 2025Q3

Cash Flow

Operating cash flow reached -0.7bn in 2025, against investing cash flow of 0.8bn.

Post-investment cash flow was positive +0.1bn. Financing cash flow was positive 0.0bn.

CFO / net income was -0.23x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 0.7bn −28.7bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.03x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.03x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 45.8% of PBT and CFO / net income currently at -0.23x.

Statement Data

Item	2025	2024	2023	2022
Revenue	8.7	11.1	19.3	230.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	8.7	11.1	19.3	230.8
Cost of Goods Sold	3.6	4.3	17.9	229.7
Gross Profit	5.1	6.8	1.4	1.1
Financial Income	3.0	2.5	1.5	1.0
Financial Expenses	—	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.2
General and Administrative Expenses	5.1	5.6	4.2	4.2
Operating Profit	3.0	3.7	-1.2	-2.2
Other Income	2.3	22.6	0.4	0.0
Other Expenses	—	0.8	0.2	0.0
Other Profit	2.3	21.8	0.3	0.0
Profit Before Tax	5.3	25.5	-1.0	-2.2
Current Income Tax Expense	1.1	4.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	4.2	21.5	-1.0	-2.2
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	4.2	21.5	-1.0	-2.2
Earnings per Share	1,758.00	8,977.00	-408.00	-921.00
Diluted EPS	1,758.10	8,977.34	-408.27	-921.25

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	55.8	51.5	23.1	32.7
I. Cash and cash equivalents	1.1	1.0	0.4	1.9
1. Cash	1.1	1.0	0.4	1.9
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	54.5	50.0	22.0	18.0
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	54.5	50.0	22.0	18.0
III. Short-term receivables	0.1	0.5	0.7	12.8
1. Short-term trade accounts receivable	0.0	0.2	0.5	12.4
2. Short-term prepayments to suppliers	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.2	0.2	0.4
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	—	0.0	0.0	0.0
1. Inventories	—	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.1	0.0	0.0	0.0
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.1	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)	0.6	1.3	5.9	8.2
I. Long-term receivables	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	0.5	1.1	5.3	7.2
1. Tangible fixed assets	0.5	1.1	5.3	7.2
- Cost	20.5	31.6	42.9	42.9
- Accumulated depreciation	-19.9	-30.5	-37.6	-35.7
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.3
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.3
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
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	0.0	0.2	0.6	0.6
1. Long-term prepayments	0.0	0.2	0.6	0.6
2. Deferred income tax assets	—	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)	56.4	52.8	29.0	40.9
A. LIABILITIES (300=210+330)	4.4	4.7	2.5	13.3
I. Short -term liabilities	3.3	2.3	1.0	13.3
1. Short-term trade accounts payable	0.3	0.1	0.1	12.2
2. Short-term advances from customers	—	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.9	0.7	0.0	0.0
4. Payable to employees	1.6	1.0	0.3	0.5
5. Short-term acrrued expenses	0.3	0.3	0.3	0.3
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	0.1	0.2	0.2	0.2
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.0	0.1	0.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	1.1	2.4	1.5	0.0
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	1.1	2.4	1.5	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
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)	51.9	48.1	26.6	27.5
I. Owner's equity	51.9	48.1	26.6	27.5
1. Owner's capital	24.0	24.0	24.0	24.0
- Common stock with voting right	24,000,000,000.00	24,000,000,000.00	24,000,000,000.00	24,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	3.9	3.9	3.9	3.9
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	5.1	5.1	5.1	5.1
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	18.9	15.1	-6.4	-5.5
- Accumulated retained earning at the end of the previous period	14.7	-6.4	-5.5	-3.3
- Undistributed earnings in this period	4.2	21.5	-1.0	-2.2
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	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)	56.4	52.8	29.0	40.9

Item	2025	2024	2023	2022
Profit Before Tax	5.3	25.5	-1.0	-2.2
Depreciation of Fixed Assets and Investment Property	0.6	1.3	1.9	1.9
Provision (Increase)/Reversal	—	0.0	0.0	-0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.0	-0.0
Gain/Loss from Investment Activities	-5.3	-22.0	-1.4	-1.0
Interest Expense	—	0.0	0.0	0.0
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	0.6	4.9	-0.5	-1.4
Increase/(Decrease) in Receivables	0.3	0.2	12.0	-6.6
Increase/(Decrease) in Inventory	—	0.0	0.0	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.8	1.7	-10.8	6.8
Increase/(Decrease) in Prepaid Expenses	0.2	0.4	0.2	0.3
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	-0.0
Corporate Income Tax Paid	-0.8	-3.4	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.1	-0.0	-0.2
Net Cash Flow from Operating Activities	-0.7	3.7	0.8	-1.1
Payments for Fixed Assets and Other Long-term Assets	—	-0.2	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.3	22.6	0.0	0.0
Loans and Purchases of Debt Instruments	-127.0	-87.5	-18.6	-4.0
Receipts from Loan Repayments and Sale of Debt Instruments	122.5	59.5	14.6	4.5
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	3.0	2.5	1.7	1.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.8	-3.1	-2.3	1.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	33.6
Repayment of Borrowings	—	0.0	0.0	-33.6
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	0.0	0.0
Net Cash Flow During the Period	0.1	0.6	-1.5	0.4
Cash and Cash Equivalents at Beginning of Period	1.0	0.4	1.9	1.5
FX Difference from Revaluation	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.1	1.0	0.4	1.9

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q3'22	Q2'22	Q1'22
Revenue	2.0	2.7	2.9	2.9	69.1	29.6	32.2
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0
Net Revenue	2.0	2.7	2.9	2.9	69.1	29.6	32.2
Cost of Goods Sold	0.7	0.9	1.1	1.0	68.7	29.5	32.4
Gross Profit	1.3	1.7	1.8	1.8	0.4	0.1	-0.2
Financial Income	0.8	0.7	0.7	0.6	0.3	0.2	0.2
Financial Expenses	—	—	—	0.0	0.0	0.0	0.0
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	—	—	—	0.0	0.0	0.1	0.0
General and Administrative Expenses	1.2	1.5	1.5	1.4	1.1	1.0	1.0
Operating Profit	0.8	0.9	0.9	1.1	-0.4	-0.8	-0.9
Other Income	2.4	—	—	0.0	0.0	0.0	0.0
Other Expenses	0.1	—	—	0.0	0.0	0.0	0.0
Other Profit	2.3	—	—	0.0	0.0	0.0	0.0
Profit Before Tax	3.2	0.9	0.9	1.1	-0.4	-0.8	-0.9
Current Income Tax Expense	0.5	0.2	0.2	0.2	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0
Net Income	2.7	0.7	0.8	0.9	-0.4	-0.8	-0.9
Non-controlling Interest	1.0	0.3	0.3	0.3	-0.1	-0.3	-0.3
Profit Attributable to Parent	1.7	0.5	0.5	0.5	-0.3	-0.5	-0.6
Earnings per Share	1,117.00	311.00	315.00	358.00	-170.00	-329.00	-392.00
Diluted EPS	714.13	198.52	201.61	228.69	-108.85	-210.00	-250.53

Item	Q3'25	Q2'25	Q1'25	Q3'24	Q3'22	Q2'22	Q1'22
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	56.3	53.9	51.8	54.0	38.5	19.9	21.7
I. Cash and cash equivalents	1.7	0.7	0.7	1.0	1.3	1.2	1.5
1. Cash	1.7	0.7	0.7	1.0	1.3	1.2	1.5
2. Cash equivalents	—	—	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	54.5	53.0	51.0	52.5	18.0	18.0	18.0
1. Available for sale securities	—	—	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	54.5	53.0	51.0	52.5	18.0	18.0	18.0
III. Short-term receivables	0.0	0.1	0.1	0.4	19.2	0.8	2.3
1. Short-term trade accounts receivable	0.0	0.1	0.1	0.4	18.9	0.5	2.2
2. Short-term prepayments to suppliers	—	—	—	0.0	0.0	0.0	0.0
3. Short-term inter-company receivables	—	—	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.1	0.3	0.2	0.1
7. Provision for short-term doubtful debts (*)	—	—	—	0.0	0.0	0.0	-0.0
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0
IV. Inventories	—	—	—	0.0	0.0	0.0	0.0
1. Inventories	—	—	—	0.0	0.0	0.0	0.0
2. Provision for decline in value of inventories	—	—	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	—	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	0.7	0.8	1.1	1.4	8.7	9.3	9.8
I. Long-term receivables	—	—	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.6	0.7	0.9	1.1	7.7	8.2	8.7
1. Tangible fixed assets	0.6	0.7	0.9	1.1	7.7	8.2	8.7
- Cost	—	—	—	31.5	42.9	42.9	42.9
- Accumulated depreciation	—	—	—	-30.4	-35.2	-34.8	-34.3
2. Financial leased fixed assets	—	—	—	0.0	0.0	0.0	0.0
- Cost	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	0.0	0.0	0.0	0.0
- Cost	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	0.0	0.0	0.0	0.0
- Cost	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	0.0	0.3	0.3	0.3
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	0.0	0.3	0.3	0.3
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	0.1	0.1	0.2	0.3	0.7	0.8	0.8
1. Long-term prepayments	0.1	0.1	0.2	0.3	0.7	0.8	0.8
2. Deferred income tax assets	—	—	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	0.0	0.0	0.0	0.0
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)	57.0	54.7	52.9	55.4	47.2	29.2	31.5
A. LIABILITIES (300=210+330)	5.1	5.5	4.0	10.0	19.6	1.2	2.7
I. Short -term liabilities	3.5	3.0	1.6	7.6	19.6	1.2	2.7
1. Short-term trade accounts payable	0.1	0.1	0.1	0.1	18.5	0.1	1.6
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.5	1.0	0.4	3.3	0.2	0.0	0.1
4. Payable to employees	1.5	1.4	0.9	1.0	0.4	0.4	0.4
5. Short-term acrrued expenses	0.2	0.2	0.1	0.2	0.2	0.2	0.1
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	0.1	0.2	0.1	2.9	0.2	0.2	0.2
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	0.2	0.2	0.0	0.0	0.1	0.2	0.2
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	1.6	2.4	2.4	2.4	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	1.6	2.4	2.4	2.4	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)	51.9	49.2	48.9	45.4	27.6	28.0	28.8
I. Owner's equity	51.9	49.2	48.9	45.4	27.6	28.0	28.8
1. Owner's capital	24.0	24.0	24.0	24.0	24.0	24.0	24.0
- Common stock with voting right	24,000,000,000.00	24,000,000,000.00	24,000,000,000.00	24,000,000,000.00	24,000,000,000.00	24,000,000,000.00	24,000,000,000.00
- Preferred stock	—	—	—	0.00	0.00	0.00	0.00
2. Share premium	3.9	3.9	3.9	3.9	3.9	3.9	3.9
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	5.1	5.1	5.1	5.1	5.1	5.1	5.1
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	18.9	16.2	15.9	12.4	-5.4	-5.0	-4.2
- Accumulated retained earning at the end of the previous period	14.7	14.7	15.1	-6.4	-3.3	-3.3	-3.3
- Undistributed earnings in this period	4.2	1.5	0.8	18.8	-2.1	-1.7	-0.9
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)	57.0	54.7	52.9	55.4	47.2	29.2	31.5

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q3'24	Q3'22	Q2'22	Q1'22
Profit Before Tax	0.3	3.2	0.9	0.9	22.1	-0.4	-0.8	-0.9
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.2	0.2	1.1	0.5	0.5	0.5
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	—	—	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.1	-0.8	-0.7	-0.7	-1.7	-0.3	-0.2	-0.2
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	-2.8	2.5	0.4	0.5	21.6	-0.2	-0.5	-0.7
Increase/(Decrease) in Receivables	-0.2	0.1	-0.0	0.3	0.2	-18.5	1.5	3.9
Increase/(Decrease) in Inventory	—	—	—	—	0.0	-0.0	0.0	-0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.1	-0.4	0.9	-0.2	7.5	18.4	-1.6	-4.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	0.1	0.0	0.3	0.1	0.1	0.1
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	0.0	-0.2	0.0	-0.6	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0
Other Operating Payments	0.2	-0.3	-0.0	-0.1	-0.2	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-3.8	1.8	1.3	-0.0	29.5	-0.2	-0.5	-0.7
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.3	—	—	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-12.5	-50.0	-16.0	-48.5	-85.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	12.5	48.5	14.0	47.5	54.5	0.0	0.0	0.5
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	0.8	0.8	0.7	0.7	1.7	0.3	0.2	0.2
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	3.1	-0.7	-1.3	-0.3	-28.8	0.3	0.2	0.7
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	—	—	—	—	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-0.7	1.0	0.0	-0.4	0.6	0.1	-0.3	-0.0
Cash and Cash Equivalents at Beginning of Period	1.7	0.7	0.7	1.0	0.4	1.5	1.5	1.5
FX Difference from Revaluation	0.0	—	—	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.1	1.7	0.7	0.7	1.0	1.3	1.2	1.5

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CCP

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