CJC

Cơ điện Miền Trung ·HNX ·2026Q1

▼▼ Declining sharply

Capital efficiency remains weak ROE 2.39%, −0.36pp YoY

Price

—

Latest close

P/E —

P/B —

EPS 663

BVPS 12,557

ROE 5.4%

ROA 2.3%

Profit Margin 1.8%

Asset Turnover 1.25x

Equity Mult. 2.39x

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

What Is Changing

On a TTM 2026Q1 basis, CJC is losing revenue quickly, though margins have not been hit proportionally yet — profit momentum has been slowing across consecutive periods. More notably, profit is significantly supported by non-core sources and operating cash flow is not yet positive — the earnings quality picture needs close monitoring.

	                            
	                                TTM REVENUE
	                            
	                                    VND 291bn
	                                
−25.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 5bn
	                                
−30.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    35.9%

Metric	2025	2024	2023	2022	2021
Revenue	319.3	387.4	252.4	240.2	95.9
Growth	-18%	+53%	+5%	+150%	—
Net Income	5.9	7.8	4.0	1.8	-2.5
Net Margin	1.86%	2.02%	1.58%	0.76%	-2.57%

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	34.2	114.4	57.6	84.6	62.7	55.8	48.1	224.7	58.7	109.8	51.1	50.1
Growth	-70%	+98%	-32%	+35%	+12%	+16%	-79%	+283%	-47%	+115%	+2%	—
Net Income	0.6	3.7	0.6	0.4	1.0	4.2	0.6	1.8	1.3	2.5	0.6	0.5
Net Margin	1.68%	3.27%	1.07%	0.45%	1.63%	7.52%	1.17%	0.80%	2.14%	2.31%	1.09%	1.00%

Drivers of CJC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 3.0bn

Finance costs ↓ 2.1bn

Gross profit ↓ 7.9bn

Other profit ↓ 1.6bn

Tax ↑ 1.1bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 1.2bn

Tax ↓ 0.1bn

Finance costs ↓ 0.1bn

Other profit ↑ 0.1bn

Gross profit ↓ 1.9bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.3% = 1.9% × 1.50 × 2.86

2026Q1 5.4% = 1.8% × 1.25 × 2.39

ROE fell from 8.3% to 5.4% — all three components weakened, with leverage being the main drag.

Net margin: 1.8% -0.1pp Asset turnover: 1.25x -0.25x Leverage: 2.39x -0.48x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 1.82%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 1.82% −0.1pp

Gross Margin 8.09% +0.1pp

SG&A / Revenue 5.85% −0.1pp

Non-core / Revenue 0.06% +0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Non-core sources is supporting margin

Margin support from non-core sources remains high (35.9% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 2.39%, falling 0.4pp. That translates to 2.39 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 0.2pp, capital turnover fell 0.87x still pulled ROIC lower, with invested capital holding roughly steady.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

Watchpoints

ROIC remains low

ROIC is currently 2.39% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 2.39% −0.4pp

NOPAT Margin 1.17% +0.2pp

Capital Turnover 2.04x −0.87x

Average Invested Capital 142.4bn +8.2bn

Balance Sheet

Capital structure is balanced — liabilities at 1.40x equity, net debt at 0.57x equity.

Inventory ended the period at 62.5bn, roughly 26.1% of total assets.

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

Cash conversion cycle lengthened by 53.7 days versus the same period last year. The main moves came from DIO rose 28.0 days, DSO rose 4.9 days, and DPO fell 20.7 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 196.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +4.9 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 95.6 days +4.9 days

Inventory 138.0 days +28.0 days

Payables 37.4 days −20.7 days

Cash Conversion Cycle 196.2 days +53.7 days

Is financial risk significant?

Leverage is safe but FCF is negative at 25.3bn due to capex of 0.9bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.57x and interest coverage only at 1.87x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 32.0% of debt, and total debt stands at 84.3bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.87x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.57x +0.23x

Interest Coverage 1.87x +1.00x

Cash / Debt 32.0% −3.8pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI -4.59x −8.04x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 21.3bn in 2025, against investing cash flow of -1.0bn.

Post-investment cash flow was positive +20.3bn. Financing cash flow was negative +18.3bn.

CFO / net income was -4.59x.

After spending +0.9bn on fixed-asset investment, the business generated trailing free cash flow of −25.3bn.

Cash Conversion

CFO TTM 24.4bn −50.5bn

Cash Capex 0.9bn −3.6bn

FCF TTM −25.3bn −46.9bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is -33.0%. The main risk still sits in capital efficiency remains weak, with ROIC at 2.4%.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for -33.0% of PBT and CFO / net income currently at -4.59x.

Key risk: Capital efficiency remains weak.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	319.3	387.4	252.4	240.2	95.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	319.3	387.4	252.4	240.2	95.9
Cost of Goods Sold	293.8	356.6	227.1	222.1	0.0
Gross Profit	25.5	30.8	25.3	18.1	13.1
Financial Income	0.1	0.2	0.2	0.3	0.0
Financial Expenses	2.4	4.7	5.9	4.2	-4.0
Interest Expense	2.3	4.7	5.5	4.1	-4.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2.6	5.9	4.7	0.0	0.0
General and Administrative Expenses	15.6	16.6	13.0	12.6	-11.9
Operating Profit	4.9	3.7	1.8	1.6	-2.9
Other Income	2.8	4.3	2.5	0.2	0.0
Other Expenses	0.5	0.1	0.3	0.1	0.0
Other Profit	2.3	4.1	2.2	0.2	0.4
Profit Before Tax	7.2	7.8	4.0	1.8	-2.5
Current Income Tax Expense	1.3	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	5.9	7.8	4.0	1.8	-2.5
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	5.9	7.8	4.0	1.8	-2.5
Earnings per Share	741.00	977.00	729.00	457.00	-618.00
Diluted EPS	741.00	977.00	729.00	457.00	-617.16

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	222.1	227.7	205.9	200.6	110.6
I. Cash and cash equivalents	32.1	30.2	18.3	19.5	8.9
1. Cash	32.1	30.2	18.3	19.5	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	4.1	9.3	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	4.1	9.3	0.0
III. Short-term receivables	123.1	110.7	132.1	81.7	58.3
1. Short-term trade accounts receivable	117.2	99.9	118.5	76.0	0.0
2. Short-term prepayments to suppliers	5.4	9.3	9.7	1.7	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	2.2	3.2	5.5	5.7	0.0
7. Provision for short-term doubtful debts (*)	-1.7	-1.7	-1.7	-1.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	62.5	82.7	51.0	87.4	43.1
1. Inventories	62.5	82.7	51.0	87.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	4.4	4.2	0.5	2.7	0.4
1. Short-term prepayments	0.7	1.0	0.4	0.2	0.0
2. Value added tax to be reclaimed	3.6	3.1	0.0	2.4	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	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)	17.5	19.6	14.6	15.5	16.8
I. Long-term receivables	1.3	1.5	1.0	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	1.3	1.5	1.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	12.1	14.6	12.5	12.3	14.2
1. Tangible fixed assets	12.1	14.6	12.5	12.3	14.1
- Cost	125.0	123.6	118.3	114.5	0.0
- Accumulated depreciation	-112.9	-109.0	-105.8	-102.2	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	—	0.7	0.5	1.2	1.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.7	0.5	1.2	0.0
V. Long-term financial investments	0.0	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	1.8	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	-1.8	-1.8	-1.7	-1.7	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	4.0	2.8	0.5	1.9	0.0
1. Long-term prepayments	4.0	2.8	0.5	1.9	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	1.5
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)	239.6	247.4	220.6	216.1	127.4
A. LIABILITIES (300=210+330)	139.7	153.4	134.4	173.8	87.0
I. Short -term liabilities	128.4	143.9	130.3	173.7	87.0
1. Short-term trade accounts payable	64.6	32.3	25.7	49.0	18.9
2. Short-term advances from customers	24.9	55.6	28.9	30.9	9.7
3. Taxes and other payables to state authorities	0.8	0.0	4.9	0.0	0.0
4. Payable to employees	5.6	5.0	4.4	1.1	0.0
5. Short-term acrrued expenses	1.9	2.4	1.7	1.3	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	0.2	0.6	0.3	0.4	0.0
10. Short-term borrowings and financial leases	28.9	47.3	63.9	90.9	55.5
11. Provision for short-term liabilities	1.4	0.7	0.4	0.0	0.0
12.. Bonus and welfare fund	0.0	0.2	0.2	0.2	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	11.3	9.5	4.1	0.1	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)	—	0.00	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	11.3	9.5	4.1	0.1	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)	99.9	93.9	86.1	42.3	40.4
I. Owner's equity	99.9	93.9	86.1	42.3	0.0
1. Owner's capital	80.0	80.0	80.0	40.0	40.4
- Common stock with voting right	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	40,000,000,000.00	40,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	3.7	3.7	3.7	3.8	3.8
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	17.0	17.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	10.7	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	16.2	10.3	2.4	-29.3	-31.1
- Accumulated retained earning at the end of the previous period	10.3	2.4	-1.5	-31.1	-34.2
- Undistributed earnings in this period	5.9	7.8	4.0	1.8	3.1
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)	239.6	247.4	220.6	216.1	127.4

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	-0.6	0.0	0.0	0.0	0.0
Other Operating Receipts	42.7	63.9	32.4	26.3	0.0
Other Operating Payments	-23.0	-41.3	-15.6	-17.1	0.0
Net Cash Flow from Operating Activities	21.3	30.0	-16.2	-13.7	23.8
Payments for Fixed Assets and Other Long-term Assets	-1.1	-5.8	-3.3	-2.0	-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	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	0.2	0.1	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	-1.0	-1.5	2.1	-11.1	-2.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	39,880,000,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	152.6	286.7	147.5	167.4	91.7
Repayment of Borrowings	-170.9	-303.4	-174.4	-132.0	-109.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-18.3	-16.6	12.9	35.4	-17.6
Net Cash Flow During the Period	2.0	11.9	-1.2	10.6	5.9
Cash and Cash Equivalents at Beginning of Period	30.2	18.3	19.5	8.9	4.6
FX Difference from Revaluation	0.0	-0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	32.1	30.2	18.3	19.5	8.9

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	34.2	114.4	57.6	84.6	62.7	55.8	48.1	224.7	58.7	109.8	51.1	50.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	34.2	114.4	57.6	84.6	62.7	55.8	48.1	224.7	58.7	109.8	51.1	50.1
Cost of Goods Sold	30.4	106.0	52.5	78.5	57.0	50.0	42.7	210.3	53.7	99.6	45.7	43.6
Gross Profit	3.8	8.4	5.2	6.2	5.7	5.8	5.4	14.4	5.1	10.2	5.4	6.5
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.2	-0.0	0.1
Financial Expenses	0.7	0.4	0.3	0.8	0.8	0.9	0.8	1.9	1.2	1.9	1.6	1.4
Interest Expense	0.7	0.3	0.3	0.8	0.8	0.9	0.8	1.8	1.2	1.5	1.6	1.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	2.0	—	0.6	—	0.3	0.0	5.6	0.0	4.7	0.0	0.0
General and Administrative Expenses	2.3	4.0	3.9	4.1	3.5	4.5	4.1	5.3	2.7	3.6	3.2	4.6
Operating Profit	0.7	2.0	0.9	0.7	1.4	0.1	0.6	1.8	1.3	0.2	0.6	0.7
Other Income	0.0	2.8	0.0	0.1	0.0	4.2	0.0	0.0	0.0	2.6	0.0	0.0
Other Expenses	0.0	0.0	0.2	0.2	0.1	0.1	0.0	0.0	0.0	0.3	0.0	0.2
Other Profit	-0.0	2.7	-0.2	-0.1	-0.1	4.1	0.0	0.0	-0.0	2.3	0.0	-0.2
Profit Before Tax	0.7	4.7	0.8	0.5	1.3	4.2	0.6	1.8	1.3	2.5	0.6	0.5
Current Income Tax Expense	0.1	0.9	0.2	0.1	0.3	0.0	0.0	0.0	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	3.7	0.6	0.4	1.0	4.2	0.6	1.8	1.3	2.5	0.6	0.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.6	3.7	0.6	0.4	1.0	4.2	0.6	1.8	1.3	2.5	0.6	0.5
Earnings per Share	72.00	467.00	77.00	47.00	127.00	525.00	71.00	225.00	157.00	318.00	105.00	125.00
Diluted EPS	72.00	467.00	77.00	47.00	127.00	977.00	71.00	225.00	157.00	318.00	105.00	125.00

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)	255.1	222.5	152.9	186.3	178.5	229.0	202.8	266.2	310.4	206.0	202.7	163.0
I. Cash and cash equivalents	27.0	32.1	13.5	25.3	17.9	30.2	27.0	20.8	25.7	18.3	24.2	4.4
1. Cash	27.0	32.1	13.5	25.3	17.9	30.2	27.0	20.8	25.7	18.3	24.2	4.4
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.4	0.4	0.4	4.1	6.1	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	—	—	—	—	—	0.0	0.4	0.4	0.4	4.1	6.1	6.0
III. Short-term receivables	77.0	123.1	74.4	97.6	91.3	110.7	103.0	168.2	120.8	132.1	88.5	55.6
1. Short-term trade accounts receivable	71.8	117.2	65.4	87.2	80.6	99.9	97.2	162.9	113.9	118.5	75.9	47.2
2. Short-term prepayments to suppliers	3.9	5.4	7.2	9.0	9.9	9.3	2.4	2.9	3.8	9.7	8.9	4.3
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	—	2.2	3.5	3.0	2.5	3.3	5.1	4.1	4.7	5.5	5.4	5.8
7. Provision for short-term doubtful debts (*)	2.9	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7	-1.7
8. Assets awaiting resolution	-1.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	136.7	62.2	60.0	60.4	65.3	83.1	70.2	75.3	151.6	51.1	83.2	95.1
1. Inventories	136.7	62.2	60.0	60.4	65.3	83.1	70.2	75.3	151.6	51.1	83.2	95.1
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	14.4	5.1	5.0	3.0	4.0	5.1	2.3	1.5	11.9	0.5	0.7	2.0
1. Short-term prepayments	3.4	1.4	2.2	1.2	1.3	1.8	1.1	1.4	2.0	0.4	0.6	0.9
2. Value added tax to be reclaimed	10.7	3.6	2.7	1.8	2.7	3.1	1.0	0.0	9.8	0.0	0.0	0.9
3. Taxes and other receivables from state authorities	0.2	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	14.6	16.8	15.3	17.9	18.0	18.7	16.2	28.2	14.7	14.6	13.0	14.1
I. Long-term receivables	0.8	1.3	0.9	1.1	1.5	1.5	0.0	14.5	1.3	1.0	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	—	1.3	0.9	1.1	1.5	1.5	0.0	14.5	1.3	1.0	0.0	0.0
7. Provision for long-term doubtful debts	0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	11.7	12.1	12.0	13.1	13.5	13.7	13.8	12.5	12.0	12.5	10.7	11.5
1. Tangible fixed assets	11.7	12.1	12.0	13.1	13.5	13.7	13.8	12.5	12.0	12.5	10.7	11.5
- Cost	125.2	—	—	—	—	122.7	122.3	120.1	118.7	118.3	115.6	115.5
- Accumulated depreciation	-113.5	—	—	—	—	-109.0	-108.5	-107.6	-106.7	-105.8	-104.9	-104.0
2. Financial leased fixed assets	—	—	—	—	—	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
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	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	—	—	0.4	0.4	0.4	0.6	0.4	1.1	1.1	0.5	0.4	0.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	0.4	0.4	0.4	0.6	0.4	1.1	1.1	0.5	0.4	0.4
V. Long-term financial investments	0.0	0.0	0.0	0.0	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
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	1.8
3. Investments in other entities	-1.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.8	-1.7	-1.7	-1.7	-1.7
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	2.1	3.4	1.9	3.3	2.6	2.8	2.0	0.1	0.3	0.5	1.8	2.1
1. Long-term prepayments	2.1	3.4	1.9	3.3	2.6	2.8	2.0	0.1	0.3	0.5	1.8	2.1
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)	269.7	239.3	168.2	204.2	196.5	247.7	219.1	294.4	325.2	220.7	215.7	177.1
A. LIABILITIES (300=210+330)	169.2	139.6	72.2	108.9	101.6	153.7	129.3	205.2	237.8	134.5	132.1	134.0
I. Short -term liabilities	157.9	128.5	62.7	99.3	92.1	147.2	120.2	196.1	233.7	130.6	131.9	133.9
1. Short-term trade accounts payable	40.8	64.6	11.7	24.4	14.0	32.2	16.2	59.1	100.7	25.7	22.7	31.8
2. Short-term advances from customers	28.3	24.9	18.2	33.4	22.4	56.0	53.0	50.2	49.6	28.9	37.5	30.6
3. Taxes and other payables to state authorities	0.0	0.9	0.2	0.3	0.2	0.0	3.6	1.2	0.0	4.9	1.4	0.0
4. Payable to employees	2.4	5.4	1.5	1.7	1.5	4.9	3.6	2.2	1.3	4.4	1.5	1.1
5. Short-term acrrued expenses	0.5	1.9	1.5	3.0	2.8	2.4	2.4	2.7	1.5	1.8	1.6	3.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	0.3	0.2	0.6	0.7	0.6	0.6	0.5	0.5	0.3	0.3	0.4	0.3
10. Short-term borrowings and financial leases	84.3	28.9	27.8	34.6	50.0	47.3	39.8	79.1	79.7	63.9	66.7	66.6
11. Provision for short-term liabilities	1.4	1.6	1.3	1.3	0.7	3.6	0.9	0.9	0.4	0.5	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	11.3	11.1	9.5	9.5	9.5	6.6	9.1	9.1	4.1	3.9	0.1	0.1
1. Long-term trade payables	—	—	—	—	—	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	—	—	—	—	—	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
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	11.3	11.1	9.5	9.5	9.5	6.6	9.1	9.1	4.1	3.9	0.1	0.1
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)	100.5	99.7	96.0	95.3	95.0	93.9	89.8	89.2	87.4	86.1	83.6	43.2
I. Owner's equity	100.5	99.7	96.0	95.3	95.0	93.9	89.8	89.2	87.4	86.1	83.6	43.2
1. Owner's capital	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	80.0	40.0
- Common stock with voting right	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	80,000,000,000.00	40,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.8
3. Convertible bond option	—	—	—	—	—	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	17.0	17.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	10.7	10.7
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	16.8	16.0	12.3	11.7	11.3	10.3	6.1	5.5	3.7	2.4	-27.8	-28.4
- Accumulated retained earning at the end of the previous period	16.2	12.3	11.7	11.3	10.3	6.1	5.5	3.7	2.4	-0.1	-28.4	-28.9
- Undistributed earnings in this period	0.6	3.7	0.6	0.4	1.0	4.2	0.6	1.8	1.3	2.5	0.6	0.5
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)	269.7	239.3	168.2	204.2	196.5	247.7	219.1	294.4	325.2	220.7	215.7	177.1

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	-0.9	-0.3	-0.3	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.6	—	—	—	—	2.0	16.4	30.2	4.0	20.4	2.2	9.2
Other Operating Payments	-3.0	-13.5	-3.0	-3.1	-3.5	-7.8	-6.5	-17.4	-10.5	-7.3	-3.5	-1.0
Net Cash Flow from Operating Activities	-60.0	17.7	-5.0	22.9	-14.3	-4.4	47.5	-2.6	-11.6	-2.0	-20.0	-15.8
Payments for Fixed Assets and Other Long-term Assets	-0.5	-0.3	0.0	-0.1	-0.7	-0.1	-2.0	-1.7	-0.8	-3.0	-0.1	0.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	—	—	0.0	0.0	0.0	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	—	—	—	—	—	-3.7	3.7	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	0.0	0.0	0.2	0.0	0.0	0.1
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	-0.5	-0.3	0.0	-0.1	-0.7	0.2	-2.0	-1.7	3.1	-1.0	-0.2	-2.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	-120,000,000.00	40,000,000,000.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	100.8	33.8	39.6	31.8	47.4	31.8	34.1	142.4	78.5	47.5	24.2	51.2
Repayment of Borrowings	-45.5	-32.7	-46.4	-47.2	-44.7	-24.3	-73.4	-143.0	-62.6	-50.3	-24.1	-38.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	55.3	1.2	-6.8	-15.4	2.7	7.4	-39.3	-0.6	15.9	-2.9	40.0	12.3
Net Cash Flow During the Period	-5.2	18.6	-11.7	7.4	-12.3	3.3	6.2	-4.9	7.4	-5.9	19.8	-5.9
Cash and Cash Equivalents at Beginning of Period	32.1	13.5	25.3	17.9	30.2	18.3	18.3	18.3	18.3	19.5	19.5	19.5
FX Difference from Revaluation	—	0.0	0.0	0.0	—	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	27.0	32.1	13.5	25.3	17.9	30.2	27.0	20.8	25.7	18.3	24.2	4.4

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CJC

What Is Changing

Drivers of CJC's profit

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Balance Sheet ●

Working Capital Efficiency ▼▼

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow