PMB

Listed Company · HNX

Price

10,800

Latest close

03 Apr 2026

P/E 6.4x

EPS (TTM) 1,681

ROE (TTM) 13.8%

P/B 0.9x

BVPS (Latest) 12,441

ROA (TTM) 9.3%

What Is Changing

PMB no longer looks like a business simply rebounding from a weak base. Revenue posted +23.1% YoY, while net margin reached 0.76% with an additional +0.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 103.7% to VND 20.2bn in 2025.
Net margin improved from 0.46% in the prior period to 0.76% in 2025.
Revenue growth accelerated to 23.1% in 2025, up 22.8pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	2,651.2	2,153.3	2,146.4	2,735.6	2,056.4
Growth	+23%	+0%	-22%	+33%	—
Net Income	20.2	9.9	6.3	17.8	38.4
Net Margin	0.76%	0.46%	0.29%	0.65%	1.87%

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	604.4	518.3	793.6	734.9	470.3	494.9	667.6	520.5	530.3	493.6	615.2	507.4
Growth	+17%	-35%	+8%	+56%	-5%	-26%	+28%	-2%	+7%	-20%	+21%	—
Net Income	3.6	1.0	7.1	8.5	-0.0	0.5	5.3	4.1	-0.8	2.1	3.2	1.8
Net Margin	0.60%	0.18%	0.90%	1.16%	-0.00%	0.11%	0.79%	0.79%	-0.16%	0.43%	0.53%	0.36%

Financial Statements

Profitability

Net margin reached 0.76% while Revenue posted +23.1% YoY.

Balance Sheet

Inventory stood at 35.3bn, liabilities at 91.8bn, and equity at 149.3bn.

Cash Flow

Operating cash flow was 35.9bn in 2025, while investing cash flow was 0.4bn.

Financing cash flow: -8.4bn.

Item	2025	2024	2023	2022	2021
Revenue	2,722.6	2,195.5	2,183.7	2,767.8	2,084.1
Revenue Deductions	71.3	42.2	37.4	32.2	0.0
Net Revenue	2,651.2	2,153.3	2,146.4	2,735.6	2,056.4
Cost of Goods Sold	2,560.0	2,078.5	2,070.0	2,647.3	0.0
Gross Profit	91.2	74.8	76.3	88.3	106.6
Financial Income	3.1	1.2	1.9	1.3	1.6
Financial Expenses	0.3	0.0	0.0	0.3	-0.6
Interest Expense	0.3	0.0	0.0	0.3	-0.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	57.8	55.5	56.1	55.9	-51.5
General and Administrative Expenses	16.3	15.7	16.5	16.5	-15.3
Operating Profit	19.9	4.7	5.6	16.9	40.8
Other Income	5.6	8.7	5.1	5.5	0.0
Other Expenses	0.0	0.5	0.3	0.0	0.0
Other Profit	5.5	8.2	4.8	5.5	7.4
Profit Before Tax	25.5	13.0	10.3	22.4	48.2
Current Income Tax Expense	5.3	3.1	-0.4	7.2	-9.7
Deferred Income Tax Expense	—	0.0	4.5	-2.7	0.0
Net Income	20.2	9.9	6.3	17.8	38.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	20.2	9.9	6.3	17.8	38.4
Earnings per Share	1,271.00	644.00	422.00	1,190.00	3,200.20
Diluted EPS	1,681.11	825.25	527.34	1,487.15	3,200.20

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	234.1	184.3	172.2	183.6	213.8
I. Cash and cash equivalents	167.7	139.8	120.9	96.2	122.8
1. Cash	14.8	46.8	53.1	38.3	0.0
2. Cash equivalents	153.0	93.0	67.8	57.9	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	29.4	11.1	19.4	20.9	39.6
1. Short-term trade accounts receivable	6.8	8.0	12.1	11.9	0.0
2. Short-term prepayments to suppliers	22.4	2.9	6.6	8.4	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	0.2	0.2	0.6	0.6	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	35.3	32.9	29.6	66.3	51.0
1. Inventories	36.2	32.9	31.9	73.8	0.0
2. Provision for decline in value of inventories	-0.9	0.0	-2.3	-7.4	0.0
V. Other short-term assets	1.7	0.4	2.3	0.2	0.3
1. Short-term prepayments	0.3	0.4	0.2	0.2	0.0
2. Value added tax to be reclaimed	1.5	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	2.2	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)	6.9	8.6	12.8	14.1	16.0
I. Long-term receivables	0.1	0.1	0.1	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	0.1	0.1	0.1	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	4.4	3.7	5.3	6.9	9.1
1. Tangible fixed assets	4.4	3.7	5.3	6.9	9.1
- Cost	39.7	43.7	44.6	43.3	0.0
- Accumulated depreciation	-35.3	-40.0	-39.3	-36.3	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	—	0.0	0.0	0.0	0.0
- Cost	0.1	0.1	0.1	0.1	0.0
- Accumulated depreciation	-0.1	-0.1	-0.1	-0.1	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	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	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	2.4	4.8	7.4	7.1	0.0
1. Long-term prepayments	2.4	4.8	7.4	2.6	0.0
2. Deferred income tax assets	—	0.0	0.0	4.5	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	6.8
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)	241.0	192.9	184.9	197.7	229.8
A. LIABILITIES (300=210+330)	91.8	50.4	40.6	43.4	68.9
I. Short -term liabilities	91.8	50.4	40.6	43.4	68.9
1. Short-term trade accounts payable	6.9	17.6	2.9	4.8	13.2
2. Short-term advances from customers	47.7	17.8	6.4	3.4	22.6
3. Taxes and other payables to state authorities	1.0	0.9	0.7	3.2	0.0
4. Payable to employees	12.7	5.9	5.4	0.5	0.0
5. Short-term acrrued expenses	0.6	0.9	1.3	5.9	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	17.6	4.3	19.9	20.2	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	5.2	3.0	4.1	5.5	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	—	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)	—	0.0	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)	149.3	142.4	144.3	154.3	160.9
I. Owner's equity	149.3	142.4	144.3	154.3	0.0
1. Owner's capital	120.0	120.0	120.0	120.0	160.9
- Common stock with voting right	120.0	120.0	120.0	120.0	120.0
- 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	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	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	10.0	10.0	10.0	10.0	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	19.3	12.4	14.3	24.3	30.9
- Accumulated retained earning at the end of the previous period	4.0	4.7	9.2	10.0	1.5
- Undistributed earnings in this period	15.3	7.7	5.1	14.3	29.4
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)	241.0	192.9	184.9	197.7	229.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	25.5	13.0	10.3	22.4	46.1
Depreciation of Fixed Assets and Investment Property	1.0	2.9	3.4	3.6	3.3
Provision (Increase)/Reversal	0.9	-2.3	-5.1	7.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.0	-0.5	-1.9	-1.3	0.0
Interest Expense	0.3	0.0	0.0	0.3	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	25.6	13.0	6.7	32.4	48.5
Increase/(Decrease) in Receivables	-19.8	10.5	6.0	18.7	0.0
Increase/(Decrease) in Inventory	-3.2	-1.0	41.8	-22.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	38.7	8.3	-1.2	-15.2	0.0
Increase/(Decrease) in Prepaid Expenses	2.5	2.3	-4.7	2.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.3	-0.0	-0.0	-0.3	0.0
Corporate Income Tax Paid	-4.8	-0.5	-4.2	-10.6	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-2.7	-3.2	-5.6	-10.6	0.0
Net Cash Flow from Operating Activities	35.9	29.4	38.8	-6.1	15.6
Payments for Fixed Assets and Other Long-term Assets	-1.7	-1.3	-1.7	-1.4	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.0	0.5	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	1.9	1.3	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	0.4	-0.8	0.3	-0.1	1.3
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	189.9	309.4
Repayment of Borrowings	—	0.0	0.0	-189.9	-309.4
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-8.4	-9.6	-14.4	-20.4	-8.4
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	-8.4	-9.6	-14.4	-20.4	-8.4
Net Cash Flow During the Period	27.9	19.0	24.7	-26.7	-8.9
Cash and Cash Equivalents at Beginning of Period	139.8	120.9	96.2	122.8	114.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	167.7	139.8	120.9	96.2	122.8

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	618.2	523.5	825.9	754.9	464.9	504.7	686.6	539.3	543.1	498.7	627.3	514.6
Revenue Deductions	13.8	5.2	32.3	20.0	-5.4	9.7	19.0	18.8	12.8	5.2	12.2	7.2
Net Revenue	604.4	518.3	793.6	734.9	470.3	494.9	667.6	520.5	530.3	493.6	615.2	507.4
Cost of Goods Sold	576.9	502.7	770.0	710.4	452.9	481.4	643.5	500.7	512.5	475.0	593.8	488.8
Gross Profit	27.5	15.6	23.6	24.5	17.4	13.5	24.1	19.8	17.8	18.6	21.4	18.6
Financial Income	1.1	0.7	0.7	0.6	0.6	0.3	0.2	0.2	0.3	0.5	0.6	0.5
Financial Expenses	0.2	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.2	—	0.1	0.0	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	20.9	11.6	12.5	12.9	16.4	13.2	14.2	11.7	13.8	15.6	13.8	13.0
General and Administrative Expenses	6.1	3.5	3.4	3.2	5.1	3.9	3.5	3.3	4.7	3.8	4.1	3.9
Operating Profit	1.3	1.3	8.3	9.0	-3.6	-3.2	6.6	5.0	-0.4	-0.2	4.0	2.2
Other Income	3.2	0.1	0.6	1.8	4.6	3.8	0.0	0.3	2.1	2.9	0.0	0.0
Other Expenses	0.0	—	0.0	—	0.5	0.0	0.0	0.0	0.3	0.0	0.0	0.0
Other Profit	3.2	0.1	0.5	1.8	4.1	3.8	0.0	0.3	1.8	2.9	0.0	0.0
Profit Before Tax	4.5	1.3	8.9	10.7	0.5	0.7	6.6	5.2	1.4	2.7	4.0	2.3
Current Income Tax Expense	0.9	0.4	1.8	2.2	0.5	0.1	1.3	1.1	6.7	0.5	0.8	-4.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	-4.5	0.0	0.0	4.5
Net Income	3.6	1.0	7.1	8.5	-0.0	0.5	5.3	4.1	-0.8	2.1	3.2	1.8
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.6	1.0	7.1	8.5	-0.0	0.5	5.3	4.1	-0.8	2.1	3.2	1.8
Earnings per Share	300.14	79.22	592.03	709.72	-0.33	43.46	440.18	341.94	-70.14	177.77	269.40	150.32
Diluted EPS	300.14	79.22	592.03	709.72	-0.33	43.46	440.18	341.94	-70.14	177.77	269.40	150.32

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)	234.1	288.6	266.8	192.0	184.3	235.6	227.2	190.0	172.2	183.5	202.1	208.0
I. Cash and cash equivalents	167.7	140.0	178.5	130.3	139.8	131.6	133.1	88.1	120.9	108.8	111.9	102.1
1. Cash	14.8	19.8	32.4	46.2	46.8	58.6	40.1	45.1	53.1	36.1	44.2	29.5
2. Cash equivalents	153.0	120.1	146.1	84.1	93.0	73.0	93.0	43.0	67.8	72.8	67.7	72.6
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	29.4	84.4	81.4	43.5	11.1	23.2	19.0	26.8	19.4	26.2	20.3	50.1
1. Short-term trade accounts receivable	6.8	40.1	9.0	3.2	8.0	8.2	3.8	3.1	12.1	7.2	3.1	0.3
2. Short-term prepayments to suppliers	22.4	41.0	72.1	24.6	2.9	14.8	14.8	19.6	6.6	18.5	16.8	48.8
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	0.2	3.3	0.4	15.6	0.2	0.3	0.4	4.1	0.6	0.5	0.4	1.1
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
IV. Inventories	35.3	60.5	6.2	17.4	32.9	80.0	74.5	73.4	29.6	45.3	65.9	50.1
1. Inventories	36.2	60.5	6.2	17.4	32.9	80.0	74.5	74.7	31.9	47.2	69.2	51.7
2. Provision for decline in value of inventories	-0.9	—	—	—	0.0	-0.0	-0.0	-1.3	-2.3	-1.9	-3.3	-1.6
V. Other short-term assets	1.7	3.7	0.7	0.8	0.4	0.7	0.6	1.7	2.3	3.2	4.0	5.6
1. Short-term prepayments	0.3	1.3	0.7	0.8	0.4	0.7	0.6	0.6	0.2	0.5	0.7	1.5
2. Value added tax to be reclaimed	1.5	2.4	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.1
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	1.1	2.2	2.7	3.2	4.0
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)	6.9	5.9	6.6	7.6	8.6	8.4	9.7	11.1	12.8	14.1	6.3	8.0
I. Long-term receivables	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	4.4	3.1	3.3	3.5	3.7	3.4	3.8	4.6	5.3	5.8	5.2	6.1
1. Tangible fixed assets	4.4	3.1	3.3	3.5	3.7	3.4	3.8	4.6	5.3	5.8	5.2	6.0
- Cost	—	—	—	—	43.7	43.6	43.4	43.6	44.6	44.3	42.8	42.8
- Accumulated depreciation	—	—	—	—	-40.0	-40.2	-39.5	-39.0	-39.3	-38.5	-37.7	-36.8
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	—	—	—	—	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
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	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	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	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	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	0.0
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	2.4	2.7	3.3	4.0	4.8	5.0	5.8	6.5	7.4	8.2	1.1	1.8
1. Long-term prepayments	2.4	2.7	3.3	4.0	4.8	5.0	5.8	6.5	7.4	8.2	1.1	1.8
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)	241.0	294.5	273.5	199.6	192.9	244.0	236.9	201.2	184.9	197.6	208.4	215.9
A. LIABILITIES (300=210+330)	91.8	147.0	118.5	48.6	50.4	101.3	85.1	52.7	40.6	52.2	50.7	59.8
I. Short -term liabilities	91.8	147.0	118.5	48.6	50.4	101.3	85.1	52.7	40.6	52.2	50.7	59.8
1. Short-term trade accounts payable	6.9	36.5	4.4	2.5	17.6	6.7	5.1	3.4	2.9	4.4	3.9	5.5
2. Short-term advances from customers	47.7	62.5	47.4	10.3	17.8	46.8	31.2	13.3	6.4	18.1	13.0	32.4
3. Taxes and other payables to state authorities	1.0	0.4	2.0	2.5	0.9	0.2	0.2	0.2	0.7	0.2	0.0	0.0
4. Payable to employees	12.7	0.4	0.4	0.4	5.9	0.5	0.4	0.4	5.4	0.4	0.4	0.4
5. Short-term acrrued expenses	0.6	8.4	9.3	7.3	0.9	9.6	10.9	5.5	1.3	11.7	12.3	6.2
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	17.6	34.8	49.5	23.3	4.3	32.9	32.2	26.5	19.9	13.0	15.6	10.1
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	5.2	4.0	5.5	2.5	3.0	4.6	5.2	3.4	4.1	4.4	5.5	5.2
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	—	—	—	—	0.0	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	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	—	—	—	—	0.0	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	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)	149.3	147.5	154.9	150.9	142.4	142.7	151.8	148.4	144.3	145.4	157.7	156.1
I. Owner's equity	149.3	147.5	154.9	150.9	142.4	142.7	151.8	148.4	144.3	145.4	157.7	156.1
1. Owner's capital	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- Common stock with voting right	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0	120.0
- 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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	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	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
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	19.3	17.4	24.9	20.9	12.4	12.7	21.8	18.4	14.3	15.4	27.6	26.1
- Accumulated retained earning at the end of the previous period	4.0	4.0	12.4	12.4	4.7	4.7	14.3	14.3	9.2	9.2	23.6	24.3
- Undistributed earnings in this period	15.3	13.4	12.5	8.5	7.7	8.0	7.5	4.1	5.1	6.2	4.0	1.8
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)	241.0	294.5	273.5	199.6	192.9	244.0	236.9	201.2	184.9	197.6	208.4	215.9

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	4.5	1.3	8.9	10.7	0.5	0.7	6.6	5.2	1.4	2.7	4.0	2.3
Depreciation of Fixed Assets and Investment Property	0.3	0.2	0.2	0.2	0.7	0.7	0.7	0.8	0.8	0.9	0.9	0.9
Provision (Increase)/Reversal	0.9	—	—	—	-0.0	0.0	-1.3	-1.0	0.4	-1.4	1.7	-5.8
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	-0.0	0.0	-1.5	-0.6	-0.6	-0.4	-0.1	-0.2	-0.3	-1.6	0.5	-0.5
Interest Expense	0.2	0.0	0.1	0.0	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	5.9	1.6	7.7	10.4	0.6	1.0	6.0	4.8	2.3	0.5	7.1	-3.2
Increase/(Decrease) in Receivables	57.9	-7.4	-36.3	-34.0	11.3	-3.3	7.9	-7.7	14.0	-8.6	29.9	-29.3
Increase/(Decrease) in Inventory	24.4	-54.4	11.2	15.5	47.1	-5.5	0.2	-42.8	15.2	22.0	-17.6	22.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-57.1	31.6	67.1	-2.8	-48.5	15.4	31.1	12.1	-18.2	7.2	-11.4	21.3
Increase/(Decrease) in Prepaid Expenses	1.4	-0.0	0.8	0.4	0.4	0.7	0.8	0.5	1.2	-6.9	1.5	-0.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Interest Paid	4.1	-4.3	-0.1	-0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	-0.0	0.0
Corporate Income Tax Paid	-136.4	134.3	-2.1	-0.5	-0.5	-0.2	0.0	-0.1	-1.7	0.0	0.0	-2.5
Other Operating Receipts	—	—	—	—	1.3	3.0	-0.6	0.7	-0.2	-2.0	2.0	0.2
Other Operating Payments	-2.1	—	35.8	-36.5	-3.1	-3.2	-0.2	-0.6	-0.6	-1.1	-1.3	-2.5
Net Cash Flow from Operating Activities	31.4	-32.1	48.3	-11.7	8.6	7.8	45.1	-33.1	11.9	11.2	10.3	5.5
Payments for Fixed Assets and Other Long-term Assets	-1.6	-0.0	—	—	-1.2	-0.3	0.0	0.0	-0.2	-1.5	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.4	1.7	0.3	0.0	0.0	0.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	1.5	—	0.6	0.6	0.6	-0.2	0.2	0.3	1.6	-0.5	0.5
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	0.0	0.0
Net Cash Flow from Investing Activities	-3.6	2.0	-0.2	2.2	-0.3	0.4	-0.2	0.4	0.1	0.1	-0.5	0.5
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	—	76.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	-76.6	—	—	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	0.0	-8.4	—	—	0.0	-9.6	0.0	0.0	0.0	-14.4	0.0	0.0
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	0.0	-8.4	—	—	0.0	-9.6	0.0	0.0	0.0	-14.4	0.0	0.0
Net Cash Flow During the Period	27.8	-38.5	48.2	-9.5	8.2	-1.4	45.0	-32.7	12.0	-3.1	9.8	6.0
Cash and Cash Equivalents at Beginning of Period	140.0	178.5	130.3	139.8	120.9	120.9	120.9	120.9	96.2	96.2	96.2	96.2
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	167.7	140.0	178.5	130.3	139.8	131.6	133.1	88.1	120.9	108.8	111.9	102.1

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What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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