PMC

Listed Company · HNX

Price

144,700

Latest close

01 Apr 2026

P/E 21.7x

EPS (TTM) 6,675

ROE (TTM) 31.0%

P/B 5.6x

BVPS (Latest) 25,808

ROA (TTM) 22.8%

What Is Changing

PMC no longer looks like a business simply rebounding from a weak base. Revenue posted +9.7% YoY, while net margin reached 15.06% with an additional -1.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin fell below its recent low, compressing 58bps to 15.06% in 2025.
Revenue growth accelerated to 9.7% in 2025, up 7.0pp versus the prior year.
Quarterly Net Income decreased 9.6% YoY to VND 17.9bn in 2025Q4.

Metric	2025	2024	2023	2022	2021
Revenue	546.6	498.2	485.2	472.3	414.2
Growth	+10%	+3%	+3%	+14%	—
Net Income	82.3	80.1	83.6	83.4	64.8
Net Margin	15.06%	16.09%	17.22%	17.66%	15.63%

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	162.1	126.5	132.3	125.7	137.1	122.7	137.2	101.2	132.2	146.1	103.7	103.2
Growth	+28%	-4%	+5%	-8%	+12%	-11%	+36%	-23%	-9%	+41%	+0%	—
Net Income	17.9	19.4	22.4	22.7	19.8	21.5	24.2	14.7	24.7	20.8	22.9	15.2
Net Margin	11.02%	15.32%	16.91%	18.06%	14.42%	17.51%	17.63%	14.52%	18.68%	14.21%	22.13%	14.69%

Financial Statements

Profitability

Net margin reached 15.06% while Revenue posted +9.7% YoY.

Balance Sheet

Inventory stood at 103.9bn, liabilities at 104.6bn, and equity at 240.9bn.

Cash Flow

Operating cash flow was 20.7bn in 2025, while investing cash flow was 68.0bn.

Financing cash flow: -108.3bn.

Item	2025	2024	2023	2022	2021
Revenue	547.6	498.4	485.4	472.7	414.4
Revenue Deductions	1.0	0.2	0.3	0.4	0.0
Net Revenue	546.6	498.2	485.2	472.3	414.2
Cost of Goods Sold	323.4	311.0	315.1	285.9	0.0
Gross Profit	223.2	187.2	170.1	186.4	147.5
Financial Income	3.9	9.6	19.9	13.2	9.4
Financial Expenses	0.3	0.0	0.0	0.1	-0.0
Interest Expense	0.3	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	63.0	47.1	45.1	49.7	-39.2
General and Administrative Expenses	62.3	49.6	40.6	45.9	-35.7
Operating Profit	101.5	100.0	104.3	103.9	82.0
Other Income	1.7	0.3	0.6	2.4	0.0
Other Expenses	0.1	0.1	0.3	1.8	0.0
Other Profit	1.5	0.3	0.3	0.6	-0.7
Profit Before Tax	103.0	100.3	104.6	104.5	81.3
Current Income Tax Expense	20.7	20.2	21.0	21.1	-16.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	82.3	80.1	83.6	83.4	64.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	82.3	80.1	83.6	83.4	64.8
Earnings per Share	6,438.00	6,268.00	6,536.00	6,525.00	5,263.00
Diluted EPS	6,438.00	6,268.00	6,536.00	6,525.00	6,939.10

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	219.6	335.4	379.1	441.1	389.0
I. Cash and cash equivalents	40.6	60.1	13.3	37.5	29.4
1. Cash	40.6	14.1	13.3	23.5	0.0
2. Cash equivalents	—	46.0	0.0	14.0	0.0
II. Short-term financial investments	0.5	141.0	249.0	256.1	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	0.5	141.0	249.0	256.1	0.0
III. Short-term receivables	66.2	62.8	49.1	42.8	45.2
1. Short-term trade accounts receivable	34.7	42.3	40.3	36.7	0.0
2. Short-term prepayments to suppliers	31.8	18.5	6.2	4.3	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	0.8	3.0	3.6	3.2	0.0
7. Provision for short-term doubtful debts (*)	-1.1	-1.0	-1.0	-1.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	103.9	71.1	67.2	104.5	71.4
1. Inventories	103.9	71.1	67.2	104.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.4	0.4	0.5	0.3	0.9
1. Short-term prepayments	3.6	0.4	0.5	0.3	0.0
2. Value added tax to be reclaimed	4.8	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	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)	125.8	40.4	47.3	53.0	62.5
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	93.2	34.3	42.1	48.6	56.9
1. Tangible fixed assets	91.2	32.1	39.7	45.9	53.9
- Cost	289.2	223.8	220.3	215.4	0.0
- Accumulated depreciation	-198.0	-191.8	-180.6	-169.5	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.0	2.2	2.4	2.7	3.0
- Cost	8.1	8.1	8.1	8.1	0.0
- Accumulated depreciation	-6.1	-5.8	-5.6	-5.3	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	2.4	0.1	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.4	0.1	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	30.2	6.1	5.2	4.4	0.0
1. Long-term prepayments	30.2	6.1	5.2	4.4	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	5.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	345.4	375.8	426.4	494.1	451.5
A. LIABILITIES (300=210+330)	104.6	86.2	83.2	66.3	62.6
I. Short -term liabilities	104.6	86.2	83.2	66.3	62.6
1. Short-term trade accounts payable	28.5	16.3	12.7	15.7	8.4
2. Short-term advances from customers	1.9	1.5	1.0	0.7	0.8
3. Taxes and other payables to state authorities	8.1	8.2	10.5	8.2	0.0
4. Payable to employees	38.3	35.0	32.8	28.3	0.0
5. Short-term acrrued expenses	4.3	0.0	0.0	0.0	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	15.8	16.2	14.6	6.3	0.0
10. Short-term borrowings and financial leases	0.2	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	7.4	9.2	11.6	7.2	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)	240.9	289.6	343.2	427.8	388.9
I. Owner's equity	240.9	289.6	343.2	427.8	0.0
1. Owner's capital	93.3	93.3	93.3	93.3	388.9
- Common stock with voting right	93.3	93.3	93.3	93.3	93.3
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	1.0	1.0	1.0	1.0	1.0
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	93.3	93.3	195.0	279.7	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	53.3	102.1	53.9	53.8	39.8
- Accumulated retained earning at the end of the previous period	0.3	50.7	0.0	0.0	0.0
- Undistributed earnings in this period	53.0	51.3	53.9	53.8	39.8
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)	345.4	375.8	426.4	494.1	451.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	103.0	100.3	104.6	104.5	81.3
Depreciation of Fixed Assets and Investment Property	12.0	11.4	11.9	12.5	14.0
Provision (Increase)/Reversal	0.0	0.0	-0.5	-0.4	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	-4.6	-9.5	-20.0	-14.1	0.0
Interest Expense	0.3	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	110.7	102.3	96.1	102.5	86.7
Increase/(Decrease) in Receivables	-10.8	-14.4	-5.5	3.9	0.0
Increase/(Decrease) in Inventory	-32.8	-3.9	37.3	-33.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	25.0	16.4	6.6	7.7	0.0
Increase/(Decrease) in Prepaid Expenses	-27.4	-1.0	-1.0	1.8	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.3	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-19.7	-21.4	-20.6	-20.9	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-23.9	-24.1	-18.2	-24.9	0.0
Net Cash Flow from Operating Activities	20.7	54.0	94.7	37.0	62.8
Payments for Fixed Assets and Other Long-term Assets	-79.6	-14.8	-8.0	-5.3	-4.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	0.0	0.2	1.3	0.3
Loans and Purchases of Debt Instruments	-111.5	-365.5	-539.9	-519.6	-465.6
Receipts from Loan Repayments and Sale of Debt Instruments	252.0	473.5	547.0	505.6	335.0
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	6.0	10.1	19.4	11.8	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	68.0	103.4	18.7	-6.2	-126.8
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	20.2	0.0	0.0	0.0	0.0
Repayment of Borrowings	-20.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-108.5	-110.5	-137.5	-22.8	-21.7
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	-108.3	-110.5	-137.5	-22.8	-21.7
Net Cash Flow During the Period	-19.5	46.8	-24.2	8.0	11.3
Cash and Cash Equivalents at Beginning of Period	60.1	13.3	37.5	29.4	115.0
FX Difference from Revaluation	0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	40.6	60.1	13.3	37.5	29.4

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	162.1	127.5	132.3	125.7	137.1	122.7	137.2	101.3	132.3	146.2	103.7	103.3
Revenue Deductions	0.0	1.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.1
Net Revenue	162.1	126.5	132.3	125.7	137.1	122.7	137.2	101.2	132.2	146.1	103.7	103.2
Cost of Goods Sold	103.2	73.5	75.7	71.0	84.5	74.1	87.0	65.4	85.1	98.8	64.7	66.5
Gross Profit	58.9	53.0	56.6	54.7	52.6	48.7	50.1	35.8	47.1	47.3	39.0	36.6
Financial Income	0.0	0.9	1.7	1.2	3.9	0.9	3.7	1.1	8.1	1.3	9.6	0.8
Financial Expenses	—	0.3	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	0.3	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	20.5	13.0	14.7	14.8	15.4	10.5	11.3	9.9	12.3	11.8	10.6	10.4
General and Administrative Expenses	16.9	16.5	15.5	13.4	16.3	12.2	12.2	8.8	12.1	10.9	9.4	8.2
Operating Profit	21.5	24.2	28.1	27.7	24.7	26.8	30.3	18.2	30.9	25.9	28.6	18.8
Other Income	1.0	0.0	0.0	0.7	0.0	0.0	0.0	0.2	0.1	0.0	0.3	0.2
Other Expenses	0.0	—	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0
Other Profit	0.9	0.0	-0.0	0.7	0.0	0.0	0.0	0.2	0.0	0.0	0.1	0.1
Profit Before Tax	22.4	24.2	28.0	28.4	24.7	26.9	30.3	18.4	31.0	25.9	28.8	18.9
Current Income Tax Expense	4.5	4.8	5.6	5.7	5.0	5.4	6.2	3.7	6.2	5.2	5.8	3.8
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	17.9	19.4	22.4	22.7	19.8	21.5	24.2	14.7	24.7	20.8	22.9	15.2
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	17.9	19.4	22.4	22.7	19.8	21.5	24.2	14.7	24.7	20.8	22.9	15.2
Earnings per Share	1,448.00	1,572.00	1,814.00	1,841.00	1,603.00	1,743.00	1,961.00	1,192.00	2,004.00	1,684.00	1,861.00	1,230.00
Diluted EPS	1,913.95	2,076.67	2,396.22	2,432.27	2,118.17	2,302.15	2,590.90	1,575.18	2,647.28	2,224.23	2,458.16	1,624.39

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)	219.6	261.5	312.5	291.9	335.4	353.3	347.5	356.7	379.1	465.5	444.4	423.7
I. Cash and cash equivalents	40.6	31.9	5.0	29.8	60.1	10.4	6.4	5.3	13.3	13.9	7.3	7.4
1. Cash	40.6	31.9	5.0	8.8	14.1	10.4	6.4	5.3	13.3	13.9	7.3	7.4
2. Cash equivalents	—	—	—	21.0	46.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.5	0.5	92.0	112.0	141.0	221.0	205.5	237.5	249.0	314.5	277.9	274.4
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	0.5	0.5	92.0	112.0	141.0	221.0	205.5	237.5	249.0	314.5	277.9	274.4
III. Short-term receivables	66.2	109.4	91.3	54.3	62.8	47.7	70.4	34.2	49.1	49.3	47.3	40.0
1. Short-term trade accounts receivable	34.7	35.6	29.6	31.0	42.3	39.3	43.6	27.7	40.3	44.7	30.1	31.3
2. Short-term prepayments to suppliers	31.8	73.9	60.1	23.1	18.5	8.2	25.5	6.3	6.2	4.0	13.7	8.0
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	0.8	1.0	2.6	1.3	3.0	1.2	2.4	1.3	3.6	2.1	4.9	2.1
7. Provision for short-term doubtful debts (*)	-1.1	-1.1	-1.1	-1.0	-1.0	-1.0	-1.0	-1.0	-1.0	-1.4	-1.4	-1.5
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	103.9	115.3	117.4	95.1	71.1	72.7	62.4	79.4	67.2	87.1	110.6	101.5
1. Inventories	103.9	115.3	117.4	95.1	71.1	72.7	62.4	79.4	67.2	87.1	110.6	101.5
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	8.4	4.5	6.8	0.6	0.4	1.5	2.8	0.3	0.5	0.6	1.2	0.4
1. Short-term prepayments	3.6	4.5	6.5	0.6	0.4	1.5	2.8	0.3	0.5	0.6	1.2	0.4
2. Value added tax to be reclaimed	4.8	0.0	0.3	0.0	0.0	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	0.0	0.0
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)	125.8	63.2	52.2	41.0	40.4	40.3	42.4	44.6	47.3	47.8	50.0	52.2
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	93.2	51.5	40.4	32.4	34.3	35.2	37.6	39.4	42.1	43.3	45.3	47.6
1. Tangible fixed assets	91.2	49.5	38.3	30.2	32.1	33.0	35.3	37.0	39.7	40.8	42.7	44.9
- Cost	—	—	—	—	223.8	222.1	221.6	220.4	220.3	218.4	217.5	217.0
- Accumulated depreciation	—	—	—	—	-191.8	-189.1	-186.3	-183.5	-180.6	-177.6	-174.7	-172.1
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	2.0	2.0	2.1	2.2	2.2	2.3	2.3	2.4	2.4	2.5	2.6	2.7
- 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	2.4	2.4	2.3	0.2	0.1	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	2.4	2.4	2.3	0.2	0.1	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	30.2	9.2	9.5	8.4	6.1	5.0	4.8	5.2	5.2	4.5	4.7	4.7
1. Long-term prepayments	30.2	9.2	9.5	8.4	6.1	5.0	4.8	5.2	5.2	4.5	4.7	4.7
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)	345.4	324.7	364.8	333.0	375.8	393.5	389.9	401.3	426.4	513.2	494.3	476.0
A. LIABILITIES (300=210+330)	104.6	88.0	106.7	78.7	86.2	67.6	70.8	62.3	83.2	71.1	58.6	52.0
I. Short -term liabilities	104.6	88.0	106.7	78.7	86.2	67.6	70.8	62.3	83.2	71.1	58.6	52.0
1. Short-term trade accounts payable	28.5	15.4	24.5	28.2	16.3	14.1	16.6	19.7	12.7	14.2	16.5	16.2
2. Short-term advances from customers	1.9	2.1	1.5	1.5	1.5	1.5	0.3	1.0	1.0	1.0	1.1	1.3
3. Taxes and other payables to state authorities	8.1	13.6	8.6	6.6	8.2	10.3	11.8	4.3	10.5	8.6	6.4	4.3
4. Payable to employees	38.3	33.5	29.5	18.5	35.0	20.2	18.4	8.8	32.8	24.7	12.1	8.8
5. Short-term acrrued expenses	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	15.8	17.9	16.0	17.7	16.2	14.9	15.7	20.6	14.6	14.7	13.5	13.8
10. Short-term borrowings and financial leases	0.2	—	20.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	4.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	7.4	5.6	6.7	6.3	9.2	6.6	8.0	7.9	11.6	7.9	9.0	7.6
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)	240.9	236.7	258.1	254.2	289.6	326.0	319.0	339.0	343.2	442.1	435.7	423.9
I. Owner's equity	240.9	236.7	258.1	254.2	289.6	326.0	319.0	339.0	343.2	442.1	435.7	423.9
1. Owner's capital	93.3	93.3	93.3	93.3	93.3	93.3	93.3	93.3	93.3	93.3	93.3	93.3
- Common stock with voting right	93.3	93.3	93.3	93.3	93.3	93.3	93.3	93.3	93.3	93.3	93.3	93.3
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
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	93.3	93.3	93.3	93.3	93.3	195.0	195.0	195.0	195.0	312.6	312.6	279.7
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	53.3	49.1	70.6	66.7	102.1	36.7	29.8	49.7	53.9	35.2	28.8	50.0
- Accumulated retained earning at the end of the previous period	0.3	0.3	36.4	49.5	50.7	0.3	0.3	38.6	0.0	0.0	0.0	38.5
- Undistributed earnings in this period	53.0	48.8	34.1	17.2	51.3	36.4	29.4	11.1	53.9	35.2	28.8	11.5
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)	345.4	324.7	364.8	333.0	375.8	393.5	389.9	401.3	426.4	513.2	494.3	476.0

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
Profit Before Tax	22.4	24.2	28.0	28.4	24.7	26.9	30.3	18.4	31.0	25.9	28.8	18.9
Depreciation of Fixed Assets and Investment Property	3.7	2.8	2.7	2.7	2.7	2.8	2.9	2.9	3.0	3.0	3.0	3.0
Provision (Increase)/Reversal	-0.0	0.0	0.0	—	0.0	0.0	0.0	0.0	-0.4	0.0	-0.0	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	0.0
Gain/Loss from Investment Activities	-0.5	-0.9	-1.5	-1.7	-3.8	-0.9	-3.7	-1.1	-8.1	-1.3	-9.7	-0.8
Interest Expense	0.0	0.3	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	25.5	26.4	29.4	29.3	23.7	28.8	29.6	20.2	25.4	27.6	22.0	21.1
Increase/(Decrease) in Receivables	38.4	-19.2	-41.4	11.5	-12.9	21.2	-34.9	12.3	2.5	-4.9	-4.4	1.2
Increase/(Decrease) in Inventory	11.3	2.2	-22.3	-24.0	1.6	-10.3	17.0	-12.1	19.9	23.5	-9.1	3.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-20.1	25.5	28.2	-8.6	20.1	1.3	10.2	-15.1	7.0	12.7	4.6	-17.8
Increase/(Decrease) in Prepaid Expenses	-17.8	2.2	-9.0	-2.7	-0.1	1.1	-2.0	0.0	-0.5	0.8	-0.8	-0.4
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	12.4	-12.7	—	—	0.0	0.0	7.8	-7.8	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-8.0	—	-5.1	-6.6	-4.8	-5.5	-11.1	0.0	-4.6	-5.2	-3.4	-7.4
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-8.4	—	-5.0	-10.6	-2.2	-6.6	-5.8	-9.5	-2.3	-6.2	-4.2	-5.6
Net Cash Flow from Operating Activities	27.5	30.2	-25.4	-11.6	25.3	30.0	10.8	-12.1	47.4	48.5	4.7	-5.8
Payments for Fixed Assets and Other Long-term Assets	-9.0	-43.3	-24.8	-2.5	-8.4	-3.0	-0.6	-2.8	-3.0	-1.6	-1.4	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.0	0.0	0.7	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	-111.5	0.0	-140.5	-95.0	-130.0	-112.5	-131.5	-183.0	-112.9
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	91.5	20.0	140.5	80.0	125.0	127.0	141.5	178.0	94.9	179.5	94.6
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	0.0	2.4	0.0	3.6	1.6	2.4	2.4	3.8	6.2	4.1	6.8	2.3
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	-8.5	50.6	-4.8	30.8	73.3	-16.1	33.8	12.4	68.8	-34.1	1.9	-17.9
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	0.2	—	20.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-20.0	—	—	—	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	-10.5	-33.9	-14.7	-49.4	-48.9	-9.9	-43.5	-8.3	-116.8	-7.7	-6.7	-6.3
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	-10.4	-53.9	5.3	-49.4	-48.9	-9.9	-43.5	-8.3	-116.8	-7.7	-6.7	-6.3
Net Cash Flow During the Period	8.7	26.9	-24.9	-30.2	49.7	4.0	1.1	-8.0	-0.7	6.6	-0.1	-30.1
Cash and Cash Equivalents at Beginning of Period	31.9	5.0	29.8	60.1	13.3	13.3	13.3	13.3	37.5	37.5	37.5	37.5
FX Difference from Revaluation	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	40.6	31.9	5.0	29.8	60.1	10.4	6.4	5.3	13.3	13.9	7.3	7.4

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PMC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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