PJC

Listed Company · HNX

Price

30,600

Latest close

27 Mar 2026

P/E 6.2x

EPS (TTM) 4,917

ROE (TTM) 23.0%

P/B 1.4x

BVPS (Latest) 22,195

ROA (TTM) 13.9%

What Is Changing

PJC no longer looks like a business simply rebounding from a weak base. Revenue posted +8.5% YoY, while net margin reached 2.84% with an additional +0.6pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 36.6bn in 2025.
Revenue growth accelerated to 8.5% in 2025, up 9.5pp versus the prior year.
Net margin improved from 2.23% in the prior period to 2.84% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,290.0	1,188.9	1,201.3	1,197.2	788.4
Growth	+8%	-1%	+0%	+52%	—
Net Income	36.6	26.5	31.7	24.8	20.8
Net Margin	2.84%	2.23%	2.64%	2.07%	2.63%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	367.6	326.5	306.3	289.7	305.3	285.4	307.3	292.7	313.7	294.3	289.2	305.6
Growth	+13%	+7%	+6%	-5%	+7%	-7%	+5%	-7%	+7%	+2%	-5%	—
Net Income	13.4	7.3	8.4	7.3	9.2	4.9	6.8	5.5	15.8	4.8	3.2	6.8
Net Margin	3.64%	2.25%	2.75%	2.51%	3.03%	1.70%	2.22%	1.89%	5.04%	1.62%	1.11%	2.21%

Financial Statements

Profitability

Net margin reached 2.84% while Revenue posted +8.5% YoY.

Balance Sheet

Inventory stood at 6.3bn, liabilities at 111.2bn, and equity at 162.6bn.

Cash Flow

Operating cash flow was 53.1bn in 2025, while investing cash flow was -5.2bn.

Financing cash flow: -20.6bn.

Item	2025	2024	2023	2022	2021
Revenue	1,290.0	1,188.9	1,201.3	1,197.2	788.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,290.0	1,188.9	1,201.3	1,197.2	788.4
Cost of Goods Sold	1,144.2	1,068.3	1,089.2	1,113.1	0.0
Gross Profit	145.8	120.7	112.1	84.1	61.7
Financial Income	0.4	0.7	2.3	0.8	0.0
Financial Expenses	0.1	0.8	0.6	1.1	-2.4
Interest Expense	—	0.0	0.0	0.0	-1.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	32.8	27.9	27.8	24.4	-20.7
General and Administrative Expenses	67.3	61.9	54.9	27.8	-15.6
Operating Profit	45.8	30.8	31.0	31.6	23.1
Other Income	0.3	3.2	8.8	0.3	0.0
Other Expenses	0.1	0.3	0.0	0.6	0.0
Other Profit	0.2	2.8	8.8	-0.3	3.0
Profit Before Tax	46.0	33.6	39.8	31.3	26.1
Current Income Tax Expense	9.4	7.2	8.1	6.5	-5.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	36.6	26.5	31.7	24.8	20.8
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	36.6	26.5	31.7	24.8	20.8
Earnings per Share	4,994.00	3,612.00	4,331.00	3,384.00	2,832.47
Diluted EPS	4,993.57	3,611.54	4,330.63	3,384.13	2,832.47

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	120.8	83.1	130.5	131.6	63.5
I. Cash and cash equivalents	55.8	28.4	68.1	63.9	17.0
1. Cash	35.6	13.0	16.7	23.9	0.0
2. Cash equivalents	20.1	15.4	51.3	40.0	0.0
II. Short-term financial investments	5.6	5.0	10.0	10.3	0.0
1. Available for sale securities	0.0	0.1	0.1	0.3	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	5.6	5.0	10.0	10.0	0.0
III. Short-term receivables	50.0	38.6	41.4	47.0	34.6
1. Short-term trade accounts receivable	43.4	36.0	39.0	43.9	0.0
2. Short-term prepayments to suppliers	1.7	1.7	1.5	1.3	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.8	1.0	0.9	1.8	0.0
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	6.3	8.6	7.7	7.7	9.9
1. Inventories	6.3	8.6	7.7	7.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	3.2	2.4	3.2	2.7	1.8
1. Short-term prepayments	1.5	1.3	0.9	2.7	0.0
2. Value added tax to be reclaimed	—	1.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.7	0.0	2.3	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)	153.0	168.7	101.3	96.9	130.2
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	126.0	116.2	75.7	77.2	114.7
1. Tangible fixed assets	119.4	109.4	68.9	72.5	110.0
- Cost	558.0	525.9	459.1	430.9	0.0
- Accumulated depreciation	-438.6	-416.5	-390.2	-358.4	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	6.6	6.8	6.8	4.7	4.7
- Cost	7.9	7.9	7.9	5.8	0.0
- Accumulated depreciation	-1.3	-1.1	-1.1	-1.1	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	7.6	33.4	7.3	8.4	6.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	7.6	33.4	7.3	8.4	0.0
V. Long-term financial investments	—	1.1	1.2	1.1	1.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	1.8	1.8	1.8	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	—	-0.7	-0.6	-0.7	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	19.4	18.0	17.1	10.2	0.0
1. Long-term prepayments	19.4	18.0	17.1	10.2	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	8.5
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)	273.8	251.8	231.7	228.5	193.8
A. LIABILITIES (300=210+330)	111.2	97.6	79.1	89.9	63.3
I. Short -term liabilities	95.8	82.2	64.5	75.5	63.3
1. Short-term trade accounts payable	18.8	17.0	15.0	16.3	9.1
2. Short-term advances from customers	2.2	0.6	0.9	1.0	0.6
3. Taxes and other payables to state authorities	3.8	4.5	5.9	4.7	0.0
4. Payable to employees	59.4	50.9	30.2	44.0	0.0
5. Short-term acrrued expenses	1.3	1.3	2.1	1.8	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	0.4	0.0	1.0
9. Other short-term payables	5.0	3.8	3.2	3.2	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	5.4	4.2	6.9	4.5	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	15.4	15.4	14.6	14.3	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	15.4	15.4	14.6	14.3	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)	—	0.0	0.0	0.0	0.0
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)	162.6	154.2	152.6	138.6	130.5
I. Owner's equity	162.6	154.2	152.6	138.6	0.0
1. Owner's capital	73.3	73.3	73.3	73.3	130.5
- Common stock with voting right	73.3	73.3	73.3	73.3	73.3
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	7.1	7.1	7.1	7.1	7.1
5. Treasury shares	-0.0	-0.0	-0.0	-0.0	0.0
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	43.0	43.0	40.5	33.4	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	39.2	30.7	31.7	24.8	20.8
- Accumulated retained earning at the end of the previous period	2.6	4.3	0.0	0.0	0.0
- Undistributed earnings in this period	36.6	26.5	31.7	24.8	20.8
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)	273.8	251.8	231.7	228.5	193.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	46.0	33.6	39.8	31.3	26.1
Depreciation of Fixed Assets and Investment Property	24.4	29.5	33.2	38.5	45.7
Provision (Increase)/Reversal	-0.7	0.1	-0.2	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	-0.6	-1.0	-2.4	-1.0	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	69.1	62.2	70.5	68.8	72.2
Increase/(Decrease) in Receivables	-11.2	3.3	3.9	-12.1	0.0
Increase/(Decrease) in Inventory	2.2	-0.8	-0.1	2.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	11.2	23.2	-15.3	23.4	0.0
Increase/(Decrease) in Prepaid Expenses	-1.6	-1.3	-5.1	-2.6	0.0
Changes in Trading Securities	0.1	0.0	0.3	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-10.4	-8.7	-7.0	-5.7	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-6.2	-5.5	-4.2	-3.7	0.0
Net Cash Flow from Operating Activities	53.1	72.2	43.0	70.3	44.4
Payments for Fixed Assets and Other Long-term Assets	-7.1	-96.6	-30.3	-3.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.4	0.2	0.2	0.8
Loans and Purchases of Debt Instruments	-5.6	0.0	0.0	-10.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	5.0	5.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.8	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.4	1.0	2.2	0.4	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	-5.2	-90.2	-27.9	-12.4	0.8
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	-26.7
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-20.6	-21.6	-10.9	-10.9	-11.1
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	-20.6	-21.6	-10.9	-10.9	-37.7
Net Cash Flow During the Period	27.3	-39.6	4.1	46.9	9.4
Cash and Cash Equivalents at Beginning of Period	28.4	68.1	63.9	17.0	9.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	55.8	28.4	68.1	63.9	17.0

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	367.6	326.5	306.3	289.7	305.3	285.4	307.3	292.7	313.7	294.3	289.2	305.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	367.6	326.5	306.3	289.7	305.3	285.4	307.3	292.7	313.7	294.3	289.2	305.6
Cost of Goods Sold	326.2	292.6	267.1	258.1	268.6	255.9	279.1	266.4	281.6	269.2	254.3	284.6
Gross Profit	41.3	33.9	39.2	31.6	36.7	29.5	28.2	26.3	32.1	25.2	34.9	21.0
Financial Income	0.2	0.1	0.1	0.0	0.2	0.1	0.1	0.3	0.6	0.6	0.5	0.6
Financial Expenses	-0.5	0.2	0.2	0.2	0.3	0.2	0.1	0.1	-0.2	0.3	0.2	0.3
Interest Expense	—	—	—	—	0.0	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	0.0
Selling Expenses	9.6	8.4	7.9	7.0	8.5	6.9	6.4	6.1	7.2	6.3	8.5	5.8
General and Administrative Expenses	15.7	16.2	20.6	15.3	18.8	16.2	13.3	13.5	14.5	13.2	22.7	7.1
Operating Profit	16.7	9.2	10.6	9.1	9.3	6.2	8.4	6.9	11.2	6.0	4.0	8.3
Other Income	0.0	0.0	-0.0	0.2	2.9	0.0	0.0	0.2	8.6	0.0	0.0	0.2
Other Expenses	-0.0	0.0	0.0	0.1	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	-0.0	0.2	2.6	0.0	0.0	0.2	8.6	0.0	0.0	0.2
Profit Before Tax	16.8	9.2	10.6	9.2	11.9	6.2	8.4	7.1	19.8	6.0	4.0	8.5
Current Income Tax Expense	3.4	1.9	2.2	1.9	2.7	1.3	1.6	1.5	4.0	1.2	0.8	1.8
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	13.4	7.3	8.4	7.3	9.2	4.9	6.8	5.5	15.8	4.8	3.2	6.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	13.4	7.3	8.4	7.3	9.2	4.9	6.8	5.5	15.8	4.8	3.2	6.8
Earnings per Share	1,828.00	1,001.00	1,094.00	994.00	1,261.00	663.00	932.00	756.00	2,157.66	651.96	438.20	920.00
Diluted EPS	1,828.22	1,001.13	1,148.58	994.01	1,260.88	663.49	932.42	756.71	2,157.66	651.96	438.20	921.75

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	120.8	105.5	95.8	83.6	83.1	94.0	87.8	103.1	129.0	131.1	113.4	113.4
I. Cash and cash equivalents	55.8	41.5	28.5	16.7	23.1	45.8	34.2	30.4	26.8	34.1	32.8	24.7
1. Cash	35.6	26.0	28.5	16.7	13.0	40.5	23.9	14.7	16.7	29.1	32.8	24.7
2. Cash equivalents	20.1	15.5	—	—	10.0	5.3	10.3	15.6	10.1	5.0	0.0	0.0
II. Short-term financial investments	5.6	0.1	5.5	5.5	10.4	5.0	0.1	10.0	51.3	50.8	30.5	30.5
1. Available for sale securities	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.3
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	-0.0
3. Held to maturity investments	5.6	—	5.5	5.4	10.4	5.0	0.0	10.0	51.2	50.7	30.5	30.2
III. Short-term receivables	50.0	52.2	50.5	50.5	38.6	34.9	40.7	46.8	41.4	36.2	39.7	46.3
1. Short-term trade accounts receivable	43.4	42.1	46.8	45.3	36.0	32.8	37.4	40.0	39.0	33.7	34.0	40.1
2. Short-term prepayments to suppliers	1.7	2.7	2.7	1.9	1.7	1.6	2.1	2.0	1.5	1.4	4.2	1.8
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.8	7.3	1.0	3.3	1.0	0.6	1.2	4.8	0.9	1.1	1.5	4.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	6.3	9.9	8.8	7.5	8.6	7.4	9.5	9.6	7.7	8.7	8.5	8.4
1. Inventories	6.3	9.9	8.8	7.5	8.6	7.4	9.5	9.6	7.7	8.7	8.5	8.4
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	3.2	1.8	2.4	3.4	2.4	0.8	3.2	6.2	1.8	1.3	1.9	3.6
1. Short-term prepayments	1.5	1.3	1.7	2.0	1.3	0.8	1.5	2.0	1.0	1.3	1.9	2.0
2. Value added tax to be reclaimed	—	—	—	—	1.1	0.0	0.5	1.6	0.0	0.0	0.0	1.2
3. Taxes and other receivables from state authorities	1.7	0.4	0.8	1.4	0.0	0.0	1.2	2.7	0.8	0.0	0.0	0.3
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	153.0	149.8	154.5	161.4	168.7	148.8	149.6	127.0	101.3	97.4	105.8	116.1
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	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	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	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	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	126.0	124.7	129.1	135.2	116.2	123.4	124.1	89.2	75.8	80.9	89.5	69.2
1. Tangible fixed assets	119.4	118.1	122.4	128.5	109.4	116.8	117.4	82.5	69.0	76.2	84.8	64.5
- Cost	—	—	—	—	525.9	525.9	520.0	477.5	459.1	458.9	458.8	429.6
- Accumulated depreciation	—	—	—	—	-416.5	-409.1	-402.7	-395.0	-390.1	-382.7	-374.0	-365.1
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	6.6	6.7	6.7	6.8	6.8	6.6	6.7	6.8	6.8	4.7	4.7	4.7
- Cost	—	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	7.6	7.9	7.9	7.8	33.4	7.6	7.3	20.1	7.3	8.6	8.6	37.8
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.6	7.9	7.9	7.8	33.4	7.6	7.3	20.1	7.3	8.6	8.6	37.8
V. Long-term financial investments	—	1.1	1.1	1.1	1.1	1.2	1.2	1.2	1.2	1.2	1.2	1.1
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8	1.8
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-0.7	-0.7	-0.7	-0.7	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.7
5. Held to maturity investments	—	—	—	—	0.0	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	0.0
VI. Other long-term assets	19.4	16.1	16.4	17.3	18.0	16.6	17.0	16.4	17.0	6.8	6.6	8.0
1. Long-term prepayments	19.4	16.1	16.4	17.3	18.0	16.6	17.0	16.4	17.0	6.8	6.6	8.0
2. Deferred income tax assets	—	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	273.8	255.3	250.3	245.0	251.8	242.8	237.3	230.1	230.3	228.4	219.2	229.5
A. LIABILITIES (300=210+330)	111.2	106.0	108.5	83.5	97.6	97.9	97.2	71.9	78.9	92.8	88.4	84.2
I. Short -term liabilities	95.8	90.7	93.0	69.0	82.2	82.2	81.5	58.0	64.3	78.1	74.1	70.7
1. Short-term trade accounts payable	18.8	19.3	28.2	22.5	17.0	14.1	19.7	22.7	15.0	10.8	11.2	24.5
2. Short-term advances from customers	2.2	1.5	1.1	2.6	0.6	1.0	0.6	0.8	0.9	0.8	5.5	1.1
3. Taxes and other payables to state authorities	3.8	4.0	4.3	4.0	4.5	2.8	2.1	2.3	5.6	3.5	2.5	1.8
4. Payable to employees	59.4	40.1	25.9	24.5	50.9	38.6	28.8	16.4	30.2	40.6	24.5	24.9
5. Short-term acrrued expenses	1.3	11.6	10.3	7.5	1.3	7.9	6.6	6.8	2.2	8.6	17.5	12.2
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	0.3	—	0.3	0.0	0.3	0.0	0.3	0.4	0.3	0.0	0.3
9. Other short-term payables	5.0	6.4	14.3	5.5	3.8	11.5	16.5	3.4	3.2	5.0	4.2	2.5
10. Short-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
12.. Bonus and welfare fund	5.4	7.4	8.7	2.1	4.2	6.0	7.0	5.1	6.9	8.6	8.8	3.4
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	15.4	15.4	15.6	14.5	15.4	15.7	15.8	13.9	14.6	14.7	14.3	13.4
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	15.4	15.4	15.6	14.5	15.4	15.7	15.8	13.9	14.6	14.7	14.3	13.4
8. Long-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	162.6	149.2	141.7	161.5	154.2	144.9	140.1	158.2	151.4	135.6	130.9	145.4
I. Owner's equity	162.6	149.2	141.7	161.5	154.2	144.9	140.1	158.2	151.4	135.6	130.9	145.4
1. Owner's capital	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3
- Common stock with voting right	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3	73.3
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	—	—	—	—	0.0	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	0.0
4. Other capital of owners	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1	7.1
5. Treasury shares	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
6. Assets revaluation differences	—	—	—	—	0.0	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	0.0
8. Investment and development fund	43.0	43.0	43.0	43.0	43.0	43.0	43.0	40.5	40.5	40.5	40.5	33.4
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	39.2	25.8	18.3	38.0	30.7	21.5	16.7	37.3	30.6	14.7	10.0	31.5
- Accumulated retained earning at the end of the previous period	2.6	2.6	2.6	4.3	4.3	4.3	4.3	31.7	0.0	0.0	0.0	24.8
- Undistributed earnings in this period	36.6	23.2	15.7	33.7	26.5	17.2	12.4	5.5	30.6	14.7	10.0	6.8
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	273.8	255.3	250.3	245.0	251.8	242.8	237.3	230.1	230.3	228.4	219.2	229.5

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	16.8	9.2	10.8	9.2	11.9	6.2	8.4	7.1	21.3	6.0	4.0	8.5
Depreciation of Fixed Assets and Investment Property	5.3	6.2	6.3	6.6	7.2	8.2	7.8	6.3	7.5	8.7	9.0	8.1
Provision (Increase)/Reversal	-0.7	0.0	0.0	0.1	0.1	0.0	0.0	0.0	-0.1	-0.0	-0.1	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-0.1	-0.1	-0.3	-0.3	-0.1	-0.1	-0.5	-1.9	0.7	-0.4	-0.8
Interest Expense	—	—	—	—	0.0	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	0.0
Interest Income and Dividends	—	—	—	—	0.0	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	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	21.1	15.3	17.0	15.7	18.9	14.3	16.1	12.9	26.9	15.3	12.5	15.8
Increase/(Decrease) in Receivables	1.7	-1.3	0.6	-12.2	-4.3	7.2	7.0	-5.8	-7.0	0.5	9.9	0.4
Increase/(Decrease) in Inventory	3.6	-1.1	-1.3	1.0	-1.2	2.1	0.1	-1.9	1.0	-0.2	-0.1	-0.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	5.8	7.6	9.8	-12.0	8.5	5.2	13.8	-5.4	-15.5	6.6	-1.8	-4.6
Increase/(Decrease) in Prepaid Expenses	-3.5	0.7	1.1	0.1	-1.9	1.1	-0.1	-0.3	-9.9	0.6	1.4	2.9
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-3.8	-2.2	-1.9	-2.5	-1.5	-1.6	-1.5	-4.1	-1.2	-0.8	-1.8	-3.2
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.8	-1.3	-0.4	-2.6	-1.8	-1.0	-1.3	-1.4	-1.7	-0.2	3.7	-6.0
Net Cash Flow from Operating Activities	23.1	17.6	25.0	-12.6	16.7	27.2	34.1	-6.1	-7.4	21.7	24.1	4.6
Payments for Fixed Assets and Other Long-term Assets	-4.9	-1.8	-0.4	—	-28.8	-4.7	-35.3	-27.4	-0.4	0.0	-10.1	-19.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.0	0.2	0.2	0.0	0.0	0.2	0.0	0.0	0.1	0.1
Loans and Purchases of Debt Instruments	-5.6	—	—	—	0.0	0.0	0.0	0.0	50.0	-50.0	20.2	-20.2
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	5.0	-5.0	0.0	5.0	0.0	-10.0	10.0	0.0	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	1.8	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.2	0.0	0.1	0.0	-0.2	-0.2	0.4	0.3	1.7	-0.6	0.5	0.6
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.1	-0.1
Net Cash Flow from Investing Activities	-8.4	-1.8	-0.3	5.3	-33.8	-4.9	-29.9	-26.9	41.3	-40.6	10.8	-39.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	—	—	—	—	0.0	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	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.5	-8.3	-7.4	-4.4	-5.6	-5.8	-5.4	-4.7	-0.1	-0.1	-6.3	-4.4
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-0.5	-8.3	-7.4	-4.4	-5.6	-5.8	-5.4	-4.7	-0.1	-0.1	-6.3	-4.4
Net Cash Flow During the Period	14.2	7.5	17.3	-11.8	-22.7	16.6	-1.1	-37.7	33.8	-19.0	28.6	-39.2
Cash and Cash Equivalents at Beginning of Period	41.5	34.0	16.7	28.4	68.1	68.1	68.1	68.1	63.9	63.9	63.9	63.9
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	55.8	41.5	34.0	16.7	23.1	45.8	29.2	30.4	68.1	34.3	53.3	24.7

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PJC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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