PRC

Logistics Portserco ·HNX ·2026Q1

● Maintaining

Part of pre-tax profit currently comes from other profit Net financial result/PBT 28.07%

Price

10,900

Latest close

04 Jun 2026

P/E 17.38x

P/B 0.92x

EPS 627

BVPS 11,806

ROE 3.0%

ROA 1.2%

Profit Margin 0.8%

Asset Turnover 1.48x

Equity Mult. 2.45x

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

What Is Changing

On a TTM 2026Q1 basis, PRC posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — margins have been expanding consistently over multiple periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 198bn
	                                
+50.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
−24.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	175.3	130.3	100.9	107.4	86.6
Growth	+35%	+29%	-6%	+24%	—
Net Income	2.9	2.0	0.1	49.8	1.3
Net Margin	1.68%	1.52%	0.11%	46.41%	1.54%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	54.5	51.0	51.8	40.8	31.8	34.5	31.9	33.5	30.4	26.5	27.8	21.8
Growth	+7%	-2%	+27%	+28%	-8%	+8%	-5%	+10%	+15%	-5%	+27%	—
Net Income	-0.6	0.1	0.9	1.2	0.7	0.4	0.7	0.5	0.5	-0.2	-0.1	0.2
Net Margin	-1.15%	0.29%	1.71%	3.01%	2.06%	1.04%	2.17%	1.37%	1.53%	-0.70%	-0.22%	1.11%

Drivers of PRC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Gross profit ↑ 4.4bn

Selling expenses ↓ 0.3bn

Other profit ↑ 0.3bn

Finance costs ↑ 4.0bn

Administrative expenses ↑ 1.1bn

Financial income ↓ 0.1bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Gross profit ↑ 0.5bn

Administrative expenses ↑ 1.0bn

Finance costs ↑ 0.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 6.1% = 1.6% × 2.03 × 1.81

2026Q1 3.0% = 0.8% × 1.48 × 2.45

ROE fell from 6.1% to 3.0% — asset turnover weakened the most, though leverage still provided support.

Net margin: 0.8% -0.8pp Asset turnover: 1.48x -0.55x Leverage: 2.45x +0.64x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 0.82%, falling 0.8pp. The main pressure is Gross margin fell 0.4pp, outweighing the improvement in SG&A / Revenue fell 1.6pp (in addition, Other profit / Revenue rose 0.0pp added support while Net financial result / Revenue fell 2.0pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 0.82% −0.8pp

Gross Margin 7.41% −0.4pp

SG&A / Revenue 4.24% −1.6pp

TTM YoY · 2025Q1 -> 2026Q1

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 — —

Capital Turnover 2.38x −0.46x

Average Invested Capital 83.2bn +36.9bn

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is elevated, requiring monitoring — liabilities at 1.47x equity, net debt at 1.32x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 38.8 days versus the same period last year. The main moves came from DIO fell 1.2 days, DSO fell 16.9 days, and DPO rose 20.7 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Working Capital Efficiency

Receivables 52.9 days −16.9 days

Inventory 7.5 days −1.2 days

Payables 58.7 days +20.7 days

Cash Conversion Cycle 1.7 days −38.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 20.6bn due to capex of 40.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.32x and interest coverage only at 0.39x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 6.4% of debt, and total debt stands at 50.7bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.32x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.39x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.32x +1.05x

Interest Coverage 0.39x −4.42x

Cash / Debt 6.4% −17.7pp

Short-term Debt / Total Debt 100.0% +41.0pp

CFO / NI 12.01x +5.46x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -1.6bn in 2025, against investing cash flow of -84.0bn.

Post-investment cash flow was negative +85.7bn. Financing cash flow was positive +89.4bn.

CFO / net income was 12.01x.

After spending +40.2bn on fixed-asset investment, the business generated trailing free cash flow of −20.6bn.

Cash Conversion

CFO TTM 19.6bn +5.4bn

Cash Capex 40.2bn +22.4bn

FCF TTM −20.6bn −17.0bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is 28.1%. The main risk still sits in leverage and liquidity, with interest coverage at 0.39x.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 12.01x. Even so, net financial result still accounts for 28.1% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.39x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	175.4	130.4	100.9	107.4	86.6
Revenue Deductions	0.0	0.0	0.0	0.0	0.0
Net Revenue	175.3	130.3	100.9	107.4	86.6
Cost of Goods Sold	161.1	119.5	93.9	100.2	0.0
Gross Profit	14.2	10.8	7.0	7.2	8.1
Financial Income	0.0	0.1	1.2	0.8	0.0
Financial Expenses	3.6	0.6	1.0	1.6	-1.6
Interest Expense	3.6	0.6	1.0	1.6	-1.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.2	1.6	1.2	1.3	-1.5
General and Administrative Expenses	6.2	6.7	5.9	6.5	-4.4
Operating Profit	3.1	2.1	0.1	-1.4	0.6
Other Income	1.0	0.3	0.0	64.2	0.0
Other Expenses	0.2	0.0	0.1	0.1	0.0
Other Profit	0.8	0.3	-0.0	64.1	1.0
Profit Before Tax	3.9	2.4	0.1	62.7	1.6
Current Income Tax Expense	1.0	0.4	0.0	12.8	-0.3
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	2.9	2.0	0.1	49.8	1.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	2.9	2.0	0.1	49.8	1.3
Earnings per Share	922.00	1,646.00	96.00	41,537.00	1,111.00
Diluted EPS	922.00	1,646.00	96.00	41,537.00	1,110.65

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	80.6	26.5	33.9	81.8	19.5
I. Cash and cash equivalents	8.0	4.3	2.6	41.7	2.4
1. Cash	8.0	4.3	2.6	1.7	0.0
2. Cash equivalents	—	0.0	0.0	40.0	0.0
II. Short-term financial investments	35.6	0.0	6.0	16.0	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	35.6	0.0	6.0	16.0	0.0
III. Short-term receivables	24.6	20.0	21.3	19.7	12.8
1. Short-term trade accounts receivable	23.8	21.4	22.2	20.8	0.0
2. Short-term prepayments to suppliers	0.4	0.3	0.1	0.1	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	2.6	0.8	0.7	1.1	0.0
7. Provision for short-term doubtful debts (*)	-2.1	-2.4	-1.8	-2.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	3.9	1.8	3.7	4.2	3.9
1. Inventories	3.9	1.8	3.7	4.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	8.5	0.4	0.3	0.2	0.4
1. Short-term prepayments	1.3	0.3	0.2	0.2	0.0
2. Value added tax to be reclaimed	7.2	0.1	0.1	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)	101.5	26.3	23.0	24.0	40.0
I. Long-term receivables	1.7	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	1.7	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	82.3	13.6	10.0	11.4	27.3
1. Tangible fixed assets	70.4	7.8	3.8	4.6	12.5
- Cost	98.1	29.5	26.1	25.4	0.0
- Accumulated depreciation	-27.7	-21.7	-22.3	-20.8	0.0
2. Financial leased fixed assets	8.3	2.2	2.7	3.2	3.7
- Cost	9.2	3.9	3.9	3.9	0.0
- Accumulated depreciation	-0.9	-1.7	-1.2	-0.6	0.0
3. Intangible fixed assets	3.5	3.5	3.5	3.5	11.0
- Cost	3.5	3.5	3.5	3.5	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	11.6	11.6	11.6	11.2	11.2
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	11.6	11.6	11.6	11.2	0.0
V. Long-term financial investments	0.1	0.1	0.1	0.1	0.1
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	0.1	0.1	0.1	0.1	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	5.9	1.2	1.4	1.3	0.0
1. Long-term prepayments	5.9	1.2	1.4	1.3	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	1.4
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)	182.1	52.8	56.9	105.8	59.5
A. LIABILITIES (300=210+330)	108.3	17.1	22.0	28.4	30.8
I. Short -term liabilities	43.1	14.9	15.5	21.0	21.9
1. Short-term trade accounts payable	15.6	7.0	3.7	3.8	3.4
2. Short-term advances from customers	0.0	0.0	0.1	0.0	0.1
3. Taxes and other payables to state authorities	1.7	1.3	0.9	13.7	0.0
4. Payable to employees	3.0	1.9	1.3	1.1	0.0
5. Short-term acrrued expenses	1.8	0.4	0.9	1.1	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	0.1	0.3	0.3
9. Other short-term payables	0.2	0.1	0.1	0.1	0.0
10. Short-term borrowings and financial leases	20.7	4.1	8.3	0.7	15.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	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	65.2	2.3	6.5	7.4	8.8
1. Long-term trade payables	15.9	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	49.2	2.3	6.5	7.4	8.8
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)	73.8	35.7	34.9	77.4	28.8
I. Owner's equity	73.8	35.7	34.9	77.4	0.0
1. Owner's capital	62.0	12.0	12.0	12.0	28.8
- Common stock with voting right	61,996,980,000.00	12,000,000,000.00	12,000,000,000.00	12,000,000,000.00	12,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	4.3	0.1	0.1	0.1	0.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	1.6	1.6	1.6	1.6	1.6
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	—	13.0	13.0	13.0	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	5.9	9.0	8.2	50.7	2.0
- Accumulated retained earning at the end of the previous period	3.0	7.0	8.1	0.8	0.7
- Undistributed earnings in this period	2.9	2.0	0.1	49.8	1.3
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)	182.1	52.8	56.9	105.8	59.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
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
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
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	-0.5	0.0	-12.8	-0.2	0.0
Other Operating Receipts	10.6	11.0	9.0	21.9	0.0
Other Operating Payments	-20.8	-13.8	-12.8	-19.5	0.0
Net Cash Flow from Operating Activities	-1.6	10.1	-14.4	1.0	-3.0
Payments for Fixed Assets and Other Long-term Assets	-49.6	-5.7	-1.3	-0.8	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.2	0.8	0.0	72.6	1.4
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	0.2	1.7	0.2	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	-84.0	1.2	10.5	56.0	1.4
Proceeds from Equity Issuance and Capital Contributions	35,347,113,500.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	91.6	23.6	20.9	26.7	34.9
Repayment of Borrowings	-35.0	-31.5	-13.5	-42.6	-31.0
Repayment of Finance Leases	-2.6	-0.7	-0.7	-0.7	-1.2
Dividends Paid	—	-1.2	-42.0	-1.2	-0.6
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	89.4	-9.7	-35.2	-17.7	2.1
Net Cash Flow During the Period	3.7	1.7	-39.2	39.3	1.1
Cash and Cash Equivalents at Beginning of Period	4.3	2.6	41.7	2.4	2.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	8.0	4.3	2.6	41.7	2.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	54.5	51.0	51.8	40.8	31.8	34.6	31.9	33.5	30.4	26.5	27.8	21.8
Revenue Deductions	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	54.5	51.0	51.8	40.8	31.8	34.5	31.9	33.5	30.4	26.5	27.8	21.8
Cost of Goods Sold	51.9	47.4	46.9	37.2	29.6	31.7	29.0	31.0	27.8	24.6	26.1	20.3
Gross Profit	2.7	3.6	4.9	3.6	2.2	2.8	2.9	2.4	2.7	2.0	1.7	1.5
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.3	0.0	0.9
Financial Expenses	1.0	1.5	1.6	0.4	0.1	0.1	0.1	0.1	0.2	0.3	0.3	0.2
Interest Expense	1.0	1.5	1.6	0.4	0.1	0.1	0.1	0.1	0.2	0.3	0.3	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.3	0.4	0.2	0.3	0.3	0.4	0.4	0.4	0.4	0.4	0.3	0.3
General and Administrative Expenses	2.0	1.9	1.8	1.5	1.0	2.0	1.6	1.5	1.6	1.8	1.2	1.6
Operating Profit	-0.6	-0.2	1.2	1.3	0.7	0.3	0.8	0.5	0.5	-0.2	-0.1	0.2
Other Income	—	0.4	0.2	0.2	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	0.4	0.1	0.2	0.1	0.1	0.1	0.1	-0.0	0.0	-0.0	-0.0
Profit Before Tax	-0.6	0.2	1.3	1.6	0.8	0.5	0.9	0.6	0.5	-0.2	-0.1	0.2
Current Income Tax Expense	—	0.0	0.4	0.3	0.2	0.1	0.2	0.1	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.6	0.1	0.9	1.2	0.7	0.4	0.7	0.5	0.5	-0.2	-0.1	0.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.6	0.1	0.9	1.2	0.7	0.4	0.7	0.5	0.5	-0.2	-0.1	0.2
Earnings per Share	-102.00	47.00	286.00	396.00	547.00	300.00	577.00	381.00	388.00	-155.00	-50.00	202.00
Diluted EPS	-101.51	23.72	285.63	396.31	546.54	299.70	576.87	381.08	388.38	-155.04	-50.07	201.79

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	88.0	80.6	43.3	35.6	33.4	26.5	27.5	30.8	35.2	33.9	37.1	34.7
I. Cash and cash equivalents	3.3	8.0	2.9	3.7	3.0	4.3	2.7	2.7	2.2	2.6	2.5	2.1
1. Cash	3.3	8.0	2.9	3.7	3.0	4.3	2.7	2.7	2.2	2.6	2.5	0.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.6
II. Short-term financial investments	35.6	35.6	—	—	—	0.0	0.0	0.0	6.0	6.0	6.0	6.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	35.6	35.6	—	—	—	0.0	0.0	0.0	6.0	6.0	6.0	6.0
III. Short-term receivables	33.8	24.6	27.8	23.1	26.1	20.0	21.8	24.6	23.1	21.3	24.1	22.0
1. Short-term trade accounts receivable	31.0	23.8	27.1	23.3	26.4	21.4	22.5	25.2	24.0	22.2	25.5	22.8
2. Short-term prepayments to suppliers	2.1	0.4	0.5	0.2	0.1	0.3	0.2	0.3	0.2	0.1	0.1	0.5
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	2.8	2.6	2.6	2.1	2.0	0.8	0.9	0.9	0.7	0.7	0.9	1.1
7. Provision for short-term doubtful debts (*)	-2.1	-2.1	-2.4	-2.4	-2.4	-2.4	-1.8	-1.8	-1.8	-1.8	-2.3	-2.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5.2	3.9	3.7	3.0	2.3	1.8	2.5	2.8	3.4	3.7	4.0	4.2
1. Inventories	5.2	3.9	3.7	3.0	2.3	1.8	2.5	2.8	3.4	3.7	4.0	4.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	10.1	8.5	8.9	5.8	2.0	0.4	0.5	0.7	0.5	0.3	0.5	0.5
1. Short-term prepayments	1.4	1.3	2.2	1.8	0.8	0.3	0.4	0.5	0.4	0.2	0.5	0.5
2. Value added tax to be reclaimed	8.6	7.2	6.7	4.0	1.2	0.1	0.1	0.2	0.0	0.1	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
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	108.1	101.5	105.6	84.0	38.3	26.3	24.7	25.3	22.6	23.0	23.6	23.8
I. Long-term receivables	2.2	1.7	1.7	1.7	—	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
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	2.2	1.7	1.7	1.7	—	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
II. Fixed assets	88.1	82.3	86.0	44.4	13.0	13.6	11.8	9.0	9.6	10.0	10.5	11.1
1. Tangible fixed assets	76.7	70.4	73.7	31.7	9.5	7.8	5.9	3.0	3.5	3.8	4.2	4.6
- Cost	107.7	—	—	—	—	29.5	27.6	25.5	26.1	26.1	26.4	26.4
- Accumulated depreciation	-31.0	—	—	—	—	-21.7	-21.7	-22.4	-22.6	-22.3	-22.2	-21.8
2. Financial leased fixed assets	7.9	8.3	8.7	9.1	—	2.2	2.3	2.5	2.6	2.7	2.8	3.0
- Cost	9.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5	3.5
- Cost	3.5	—	—	—	—	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
III. Investment properties	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	11.6	11.6	11.6	33.0	23.9	11.6	11.6	14.9	11.6	11.6	11.6	11.2
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	11.6	11.6	11.6	33.0	23.9	11.6	11.6	14.9	11.6	11.6	11.6	11.2
V. Long-term financial investments	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. Investments in subsidiaries	—	—	—	—	—	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
3. Investments in other entities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	6.2	5.9	6.3	4.9	1.3	1.2	1.3	1.4	1.4	1.4	1.4	1.4
1. Long-term prepayments	6.2	5.9	6.3	4.9	1.3	1.2	1.3	1.4	1.4	1.4	1.4	1.4
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	196.1	182.1	148.9	119.6	71.7	52.8	52.2	56.2	57.8	56.9	60.7	58.6
A. LIABILITIES (300=210+330)	122.9	108.1	110.7	82.3	35.6	17.1	16.9	21.5	22.4	22.0	25.6	23.4
I. Short -term liabilities	73.0	43.0	38.8	29.6	30.4	14.3	12.8	19.4	21.5	15.5	15.8	12.8
1. Short-term trade accounts payable	16.5	15.6	14.9	13.9	19.7	7.0	5.9	9.2	5.5	3.7	4.2	4.5
2. Short-term advances from customers	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.3
3. Taxes and other payables to state authorities	0.9	1.7	1.7	1.4	1.0	1.3	1.2	1.0	0.9	0.9	1.2	1.0
4. Payable to employees	2.5	3.0	2.5	1.5	0.9	1.9	2.1	1.8	1.2	1.3	1.5	1.4
5. Short-term acrrued expenses	1.7	1.6	1.1	0.7	0.8	0.4	0.7	0.9	0.6	0.9	2.9	1.8
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	0.3	—	0.2	0.0	0.3	0.0	0.4	0.1	0.3	0.1	0.3	0.1
9. Other short-term payables	0.2	0.2	0.2	0.1	0.2	0.0	0.1	0.1	0.1	0.1	0.1	0.1
10. Short-term borrowings and financial leases	50.7	20.7	18.1	11.9	7.5	3.6	2.3	6.0	12.8	8.3	5.3	3.7
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	49.9	65.2	71.8	52.6	5.2	2.8	4.1	2.1	1.0	6.5	9.8	10.6
1. Long-term trade payables	22.8	15.9	17.6	19.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	27.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	49.2	54.2	33.3	5.2	2.8	4.1	2.1	1.0	6.5	9.8	10.6
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	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
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	73.2	74.0	38.2	37.3	36.1	35.7	35.3	34.6	35.4	34.9	35.1	35.2
I. Owner's equity	73.2	74.0	38.2	37.3	36.1	35.7	35.3	34.6	35.4	34.9	35.1	35.2
1. Owner's capital	62.0	62.0	31.0	31.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0
- Common stock with voting right	61,996,980,000.00	61,996,980,000.00	30,998,490,000.00	30,998,490,000.00	12,000,000,000.00	12,000,000,000.00	12,000,000,000.00	12,000,000,000.00	12,000,000,000.00	12,000,000,000.00	12,000,000,000.00	12,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	4.3	4.4	-0.2	-0.2	-0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6	1.6
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	13.0	13.0	13.0	13.0	13.0	13.0	13.0	13.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	5.3	5.9	5.8	4.9	9.6	9.0	8.6	7.9	8.6	8.2	8.4	8.4
- Accumulated retained earning at the end of the previous period	5.9	3.0	3.0	3.0	9.0	7.0	7.0	7.0	8.2	8.1	8.1	8.1
- Undistributed earnings in this period	-0.6	2.9	2.8	1.9	0.7	2.0	1.6	0.9	0.5	0.1	0.3	0.4
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	196.1	182.1	148.9	119.6	71.7	52.8	52.2	56.2	57.8	56.9	60.7	58.6

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	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	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	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
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.8	-0.0	-0.1	0.0	-0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	28.9	—	—	—	—	12.4	-4.2	0.5	5.0	3.0	1.6	-7.3
Other Operating Payments	-2.3	-10.2	4.6	-12.0	-3.1	-12.0	2.5	-5.7	-1.0	-3.6	-3.3	-4.5
Net Cash Flow from Operating Activities	25.7	13.5	-6.9	-12.6	4.5	3.7	4.4	1.7	0.8	0.3	-0.3	-18.4
Payments for Fixed Assets and Other Long-term Assets	-2.7	-4.4	-23.0	-10.1	-12.1	-2.3	-2.6	-0.7	0.0	-0.3	0.0	-0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.6	0.1	0.4	0.1	0.2	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
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	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
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	—	0.0	0.0	0.2	0.0	0.3	0.0	1.4
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-38.3	-39.4	-23.0	-9.7	-12.0	-2.2	-2.6	5.6	0.0	-0.1	0.0	26.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	26.4	13.2	34.7	32.5	11.3	7.1	6.4	4.8	5.3	-4.7	10.7	11.7
Repayment of Borrowings	-18.0	-16.4	-5.5	-9.1	-4.0	-7.0	-8.0	-10.2	-6.2	4.7	-9.7	-6.5
Repayment of Finance Leases	-0.6	-1.2	0.0	-0.5	-1.0	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2
Dividends Paid	—	—	—	—	—	0.0	0.0	-1.2	0.0	0.0	0.0	-42.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	7.8	30.9	29.2	23.0	6.3	0.0	-1.8	-6.8	-1.1	-0.2	0.8	-37.0
Net Cash Flow During the Period	-4.8	5.0	-0.7	0.6	-1.2	1.5	-0.0	0.5	-0.4	0.1	0.4	-29.0
Cash and Cash Equivalents at Beginning of Period	8.0	2.9	3.7	3.0	4.3	2.6	2.6	2.6	2.6	41.7	41.7	41.7
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.2	8.0	2.9	3.7	3.0	4.3	2.7	2.7	2.2	2.6	2.5	2.1

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PRC

What Is Changing

Drivers of PRC's profit

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Balance Sheet ●

Working Capital Efficiency ▲▲

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Leverage & Liquidity ▼▼

Cash Flow ▼▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow