MAC

Listed Company · HNX

Price

11,900

Latest close

03 Apr 2026

P/E 4.3x

EPS (TTM) 2,796

ROE (TTM) 9.0%

P/B 0.6x

BVPS (Latest) 21,052

ROA (TTM) 7.2%

What Is Changing

MAC no longer looks like a business simply rebounding from a weak base. Revenue posted +103.7% YoY, while net margin reached 25.96% with an additional -8.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND 65.8bn in 2025.
Revenue growth accelerated to 103.7% in 2025, up 40.4pp versus the prior year.
Net margin declined from 34.13% in the prior period to 25.96% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	253.6	124.5	76.2	82.0	89.6
Growth	+104%	+63%	-7%	-8%	—
Net Income	65.8	42.5	42.1	9.0	-11.3
Net Margin	25.96%	34.13%	55.16%	10.95%	-12.62%

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	85.6	72.0	53.2	42.8	40.6	34.4	30.1	19.1	21.0	20.6	19.7	16.6
Growth	+19%	+35%	+24%	+5%	+18%	+14%	+58%	-9%	+2%	+4%	+19%	—
Net Income	14.5	27.4	16.4	7.6	5.4	7.4	24.9	5.1	3.9	19.3	15.1	3.7
Net Margin	16.95%	38.10%	30.87%	17.73%	13.32%	21.50%	82.71%	26.83%	18.59%	93.90%	76.72%	22.42%

Financial Statements

Profitability

Net margin reached 25.96% while Revenue posted +103.7% YoY.

Balance Sheet

Inventory stood at 5.6bn, liabilities at 249.2bn, and equity at 925.0bn.

Cash Flow

Operating cash flow was -175.1bn in 2025, while investing cash flow was -135.4bn.

Financing cash flow: 728.2bn.

Item	2025	2024	2023	2022	2021
Revenue	253.6	124.5	76.2	82.0	89.6
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	253.6	124.5	76.2	82.0	89.6
Cost of Goods Sold	227.0	114.0	59.0	69.9	0.0
Gross Profit	26.7	10.5	17.3	12.1	4.5
Financial Income	88.6	62.2	40.2	19.7	0.6
Financial Expenses	18.3	2.0	1.4	3.4	-0.7
Interest Expense	9.0	0.4	0.9	0.1	-0.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	2.0	0.1	0.0	0.4	-0.5
General and Administrative Expenses	26.2	16.8	9.8	16.8	-13.9
Operating Profit	68.9	53.8	46.3	11.2	-10.0
Other Income	9.9	0.4	1.8	1.0	0.0
Other Expenses	0.6	0.4	0.4	3.3	0.0
Other Profit	9.3	0.0	1.4	-2.2	-1.4
Profit Before Tax	78.2	53.8	47.7	9.0	-11.3
Current Income Tax Expense	12.3	11.3	5.7	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	65.8	42.5	42.1	9.0	-11.3
Non-controlling Interest	—	-6.5	-0.3	0.0	0.0
Profit Attributable to Parent	65.8	49.0	42.3	9.0	-11.3
Earnings per Share	2,245.00	3,106.00	2,794.00	593.00	-33.00
Diluted EPS	2,245.00	3,106.00	2,794.00	593.00	-747.09

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	886.0	226.7	138.3	84.4	76.7
I. Cash and cash equivalents	458.9	41.2	25.8	12.0	13.3
1. Cash	83.5	16.1	13.2	4.2	0.0
2. Cash equivalents	375.4	25.1	12.6	7.8	0.0
II. Short-term financial investments	305.4	115.4	86.4	31.7	0.0
1. Available for sale securities	306.8	27.5	86.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-1.4	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	87.9	0.4	31.7	0.0
III. Short-term receivables	104.6	63.7	21.1	31.3	45.5
1. Short-term trade accounts receivable	46.4	18.0	16.8	42.2	0.0
2. Short-term prepayments to suppliers	36.4	41.5	0.7	3.2	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	23.3	4.9	3.6	3.9	0.0
7. Provision for short-term doubtful debts (*)	-1.4	-0.6	0.0	-18.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	5.6	3.8	3.5	9.1	13.2
1. Inventories	5.7	3.9	3.6	9.1	0.0
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0	0.0	0.0
V. Other short-term assets	11.5	2.6	1.4	0.3	0.3
1. Short-term prepayments	0.5	0.3	0.4	0.1	0.0
2. Value added tax to be reclaimed	10.5	2.2	1.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.5	0.0	0.0	0.2	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)	288.1	83.6	71.6	82.8	106.7
I. Long-term receivables	24.2	38.1	39.5	35.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	35.3
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	24.2	38.1	39.5	35.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	130.8	33.8	28.8	20.4	26.1
1. Tangible fixed assets	130.1	33.2	28.1	19.8	24.2
- Cost	183.3	74.6	64.4	54.2	0.0
- Accumulated depreciation	-53.2	-41.4	-36.2	-34.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.6	0.6	0.6	0.6	1.9
- Cost	0.7	0.7	0.7	0.7	0.0
- Accumulated depreciation	-0.0	-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	9.1	9.1	0.0	0.0	1.1
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	9.1	9.1	0.0	0.0	0.0
V. Long-term financial investments	121.5	1.2	1.8	27.1	43.9
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	120.6	0.0	0.0	9.5	0.0
3. Investments in other entities	0.9	1.2	1.2	23.9	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	-6.9	0.0
5. Held to maturity investments	—	0.0	0.6	0.6	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.5	1.3	1.4	0.3	0.0
1. Long-term prepayments	2.5	1.3	1.4	0.3	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	0.4
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)	1,174.2	310.3	209.8	167.2	183.4
A. LIABILITIES (300=210+330)	249.2	45.0	21.6	18.4	40.4
I. Short -term liabilities	211.2	33.6	21.6	18.4	40.4
1. Short-term trade accounts payable	39.0	9.5	5.5	8.2	11.2
2. Short-term advances from customers	37.6	0.6	0.1	0.0	0.1
3. Taxes and other payables to state authorities	11.4	9.6	0.8	1.5	0.0
4. Payable to employees	7.4	5.4	2.2	2.9	0.0
5. Short-term acrrued expenses	1.2	5.4	2.3	0.5	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	0.2	0.2	0.0	0.0	0.0
9. Other short-term payables	1.6	0.7	0.6	5.1	0.0
10. Short-term borrowings and financial leases	109.8	1.3	9.9	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.0	1.0	0.2	0.3	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	38.0	11.4	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	38.0	11.4	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)	925.0	265.2	188.2	148.7	143.0
I. Owner's equity	925.0	265.2	188.2	148.7	0.0
1. Owner's capital	439.6	151.4	151.4	151.4	143.0
- Common stock with voting right	439.6	151.4	151.4	151.4	151.4
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	-1.2	-0.6	-0.6	-0.6	-0.6
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	—	22.4	14.7	14.7	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	0.0
11. Undistributed earnings after tax	62.3	62.7	21.0	-16.7	-22.4
- Accumulated retained earning at the end of the previous period	9.1	13.7	-16.7	-25.7	-17.1
- Undistributed earnings in this period	53.2	49.0	37.8	9.0	-5.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	424.3	29.3	1.7	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)	1,174.2	310.3	209.8	167.2	183.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	78.2	53.8	47.7	9.0	-11.3
Depreciation of Fixed Assets and Investment Property	14.3	6.8	3.8	5.3	5.7
Provision (Increase)/Reversal	2.2	0.6	0.4	9.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-7.9	-6.8	-40.2	-20.4	0.0
Interest Expense	9.0	0.4	0.9	0.1	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	95.8	54.8	12.7	3.3	-3.5
Increase/(Decrease) in Receivables	-36.9	-42.6	35.3	11.1	0.0
Increase/(Decrease) in Inventory	-1.8	-0.3	5.6	4.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	65.5	11.1	-3.8	-3.5	0.0
Increase/(Decrease) in Prepaid Expenses	-1.4	0.2	-1.5	0.3	0.0
Changes in Trading Securities	-279.3	58.6	-86.0	1.5	0.0
Interest Paid	-6.2	-0.4	0.0	-0.1	0.0
Corporate Income Tax Paid	-10.8	-2.6	-5.5	0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	-0.2	-0.0	-0.4	0.0
Net Cash Flow from Operating Activities	-175.1	78.6	-43.3	16.3	14.3
Payments for Fixed Assets and Other Long-term Assets	-111.3	-21.2	-12.8	-2.7	-0.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	0.2	2.9	0.3
Loans and Purchases of Debt Instruments	-50.0	-87.5	-6.4	-31.8	0.1
Receipts from Loan Repayments and Sale of Debt Instruments	137.9	0.6	37.7	3.0	0.6
Investments in Other Entities	-120.6	0.0	-2.2	-9.8	-1.5
Proceeds from Investments in Other Entities	0.3	0.0	35.3	21.3	0.0
Dividends and Interest Income Received	8.3	6.3	1.9	1.1	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	-135.4	-101.5	53.7	-16.0	0.3
Proceeds from Equity Issuance and Capital Contributions	595.9	35.5	2.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	650.6	46.7	85.7	3.5	18.3
Repayment of Borrowings	-518.3	-44.0	-76.7	-5.0	-28.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	-7.6	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	728.2	38.3	3.5	-1.5	-10.5
Net Cash Flow During the Period	417.7	15.4	13.8	-1.2	5.4
Cash and Cash Equivalents at Beginning of Period	41.2	25.8	12.0	13.2	9.3
FX Difference from Revaluation	—	0.0	0.0	-0.0	-0.1
Cash and Cash Equivalents at End of Period	458.9	41.2	25.8	12.0	13.3

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	85.6	72.0	53.2	42.8	40.6	34.4	30.1	19.1	21.0	20.6	19.7	16.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	85.6	72.0	53.2	42.8	40.6	34.4	30.1	19.1	21.0	20.6	19.7	16.6
Cost of Goods Sold	76.1	66.4	47.2	37.2	34.8	31.0	28.0	20.0	17.6	14.4	14.6	13.5
Gross Profit	9.5	5.6	6.1	5.7	5.9	3.5	2.2	-0.9	3.4	6.2	5.1	3.1
Financial Income	10.3	45.9	23.4	9.8	5.3	10.6	36.4	10.0	2.2	20.6	6.3	4.8
Financial Expenses	6.9	7.8	3.7	0.5	-2.4	0.4	4.8	0.1	0.3	0.2	-6.4	1.0
Interest Expense	5.3	3.3	0.7	0.3	0.2	0.1	0.1	0.0	0.3	0.1	0.5	0.1
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.3	0.6	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	6.9	8.5	6.1	4.7	6.5	4.5	3.4	2.4	2.7	2.3	1.5	3.1
Operating Profit	4.6	34.5	19.7	10.2	7.0	9.2	30.3	6.5	2.7	24.3	16.2	3.8
Other Income	9.9	0.0	0.0	0.2	0.3	0.0	0.0	0.0	1.8	0.3	0.1	0.0
Other Expenses	0.0	0.5	0.0	0.2	0.3	0.2	0.1	0.0	0.9	0.4	0.1	0.1
Other Profit	9.8	-0.5	-0.0	-0.0	0.1	-0.2	-0.0	-0.0	0.9	-0.1	0.0	-0.1
Profit Before Tax	14.4	34.0	19.7	10.2	7.1	9.0	30.2	6.5	3.5	24.2	16.2	3.7
Current Income Tax Expense	-0.1	6.6	3.2	2.6	1.6	1.6	5.3	1.4	-0.4	4.9	1.1	0.0
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	14.5	27.4	16.4	7.6	5.4	7.4	24.9	5.1	3.9	19.3	15.1	3.7
Non-controlling Interest	3.1	5.5	4.4	-0.5	-1.1	-0.3	-0.3	-0.3	-0.3	-0.0	-0.0	0.0
Profit Attributable to Parent	11.4	21.9	12.0	8.1	6.5	7.7	25.2	5.4	4.1	19.3	15.1	3.7
Earnings per Share	500.00	966.00	795.00	535.00	429.00	506.00	1,665.25	357.00	274.00	1,276.00	985.00	246.00
Diluted EPS	500.00	965.94	529.76	534.62	428.88	505.90	1,665.25	357.30	274.03	1,276.13	985.19	245.84

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)	878.9	482.3	320.1	339.8	226.9	178.5	163.4	134.3	138.3	152.4	126.8	85.6
I. Cash and cash equivalents	458.9	16.3	21.6	84.0	41.2	63.5	7.2	34.8	26.2	43.5	17.8	1.6
1. Cash	83.5	16.3	13.6	77.0	16.1	10.3	7.2	5.8	13.6	2.7	8.8	1.6
2. Cash equivalents	375.4	—	8.0	7.0	25.1	53.2	0.0	29.0	12.6	40.8	9.0	0.0
II. Short-term financial investments	305.4	380.4	225.9	156.9	115.4	45.3	92.6	72.1	86.0	78.0	77.3	49.6
1. Available for sale securities	306.8	380.0	89.7	—	27.5	47.6	96.5	71.7	86.0	78.0	77.3	7.8
2. Provision for diminution in value of available for sale securities (*)	-1.4	—	-2.7	—	0.0	-2.7	-4.3	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.4	138.9	156.9	87.9	0.4	0.4	0.4	0.0	0.0	0.0	41.8
III. Short-term receivables	98.1	69.2	58.0	92.2	63.8	63.1	55.9	20.0	21.4	26.4	26.8	26.5
1. Short-term trade accounts receivable	46.4	34.3	26.2	22.2	18.0	18.4	24.8	14.1	16.8	21.5	36.9	37.7
2. Short-term prepayments to suppliers	36.4	27.0	22.2	57.9	41.5	34.3	25.3	2.3	0.9	1.7	3.3	3.1
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	16.7	9.5	11.0	12.8	4.9	10.4	5.8	3.6	3.6	3.2	4.6	3.6
7. Provision for short-term doubtful debts (*)	-1.4	-1.6	-1.4	-0.6	-0.6	0.0	0.0	0.0	0.0	0.0	-18.0	-18.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	5.4	5.0	4.6	4.1	3.8	4.0	4.4	4.4	3.5	4.2	4.7	7.7
1. Inventories	5.4	5.1	4.6	4.2	3.9	4.0	4.4	4.4	3.6	4.4	4.7	7.7
2. Provision for decline in value of inventories	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.2	0.0	0.0
V. Other short-term assets	11.2	11.4	10.1	2.5	2.7	2.7	3.4	3.1	1.1	0.3	0.2	0.4
1. Short-term prepayments	0.2	0.4	0.3	0.3	0.4	0.3	0.8	1.7	0.1	0.2	0.2	0.2
2. Value added tax to be reclaimed	10.5	11.0	9.8	2.2	2.2	2.3	2.5	1.4	1.0	0.1	0.0	0.0
3. Taxes and other receivables from state authorities	0.5	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.2
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)	296.4	182.1	176.5	70.6	83.4	85.3	87.5	71.0	71.6	60.8	66.5	83.2
I. Long-term receivables	31.6	33.2	34.8	36.5	38.1	39.5	39.5	39.5	39.5	39.5	37.3	35.0
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	31.6	33.2	34.8	36.5	38.1	39.5	39.5	39.5	39.5	39.5	37.2	35.0
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	131.4	136.0	109.6	32.0	33.8	34.1	35.8	29.2	28.8	17.6	18.5	19.4
1. Tangible fixed assets	130.8	135.3	108.9	31.3	33.2	33.5	35.2	28.5	28.1	17.0	17.8	18.8
- Cost	—	—	—	—	74.6	74.7	74.7	66.3	64.4	53.8	53.9	54.2
- Accumulated depreciation	—	—	—	—	-41.4	-41.3	-39.5	-37.7	-36.2	-36.9	-36.1	-35.4
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6	0.6
- 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	9.1	9.5	30.0	—	9.1	9.1	9.1	0.4	0.0	1.2	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	9.1	9.5	30.0	—	9.1	9.1	9.1	0.4	0.0	1.2	0.0	0.0
V. Long-term financial investments	121.5	0.9	0.9	0.9	1.2	1.2	1.8	1.8	1.8	1.8	10.6	28.5
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	120.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	9.5	9.5
3. Investments in other entities	0.9	0.9	0.9	0.9	1.2	1.2	1.2	1.2	1.2	1.2	1.2	26.1
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.7	-7.7
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.6	0.6	0.6	0.6	0.6	0.6
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	2.7	2.6	1.2	1.3	1.2	1.4	1.2	0.1	1.4	0.6	0.2	0.2
1. Long-term prepayments	2.7	2.6	1.2	1.3	1.2	1.4	1.2	0.1	1.4	0.6	0.2	0.2
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)	1,175.3	664.5	496.7	410.4	310.3	263.8	250.9	205.4	209.9	213.2	193.3	168.8
A. LIABILITIES (300=210+330)	249.9	248.1	107.4	45.0	43.8	36.3	31.6	12.0	21.6	24.3	23.8	16.3
I. Short -term liabilities	206.4	205.5	64.6	19.6	31.6	28.5	27.6	12.0	21.6	24.3	23.8	16.3
1. Short-term trade accounts payable	39.0	43.1	17.9	6.9	9.5	10.0	12.6	6.0	5.5	6.5	7.1	6.9
2. Short-term advances from customers	37.6	0.2	1.5	1.2	0.6	0.8	0.7	0.1	0.1	0.0	0.0	0.1
3. Taxes and other payables to state authorities	11.4	13.0	6.9	3.4	8.3	8.6	6.1	2.0	0.8	8.3	2.4	1.6
4. Payable to employees	6.6	3.1	2.7	2.3	5.4	1.9	1.9	1.6	2.2	1.6	1.5	1.3
5. Short-term acrrued expenses	2.7	0.5	1.1	1.0	5.4	5.0	3.4	0.5	0.1	0.0	0.4	1.3
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	0.2	0.1	0.1	0.1	0.2	0.1	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.6	1.3	1.3	0.9	0.7	0.5	0.6	1.8	2.9	3.9	4.6	4.9
10. Short-term borrowings and financial leases	104.3	141.2	30.0	2.9	0.5	0.6	1.4	0.0	9.9	3.7	7.5	0.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	3.0	3.0	3.0	1.0	1.0	1.0	1.0	0.0	0.2	0.2	0.2	0.3
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	43.5	42.6	42.8	25.5	12.2	7.8	4.0	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	43.5	42.6	42.8	25.5	12.2	7.8	4.0	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)	925.4	416.4	389.3	374.8	266.5	227.5	219.3	193.4	188.2	188.9	169.6	152.5
I. Owner's equity	925.4	416.4	389.3	374.8	266.5	227.5	219.3	193.4	188.2	188.9	169.6	152.5
1. Owner's capital	439.6	227.1	227.1	151.4	151.4	151.4	151.4	151.4	151.4	151.4	153.4	151.4
- Common stock with voting right	439.6	227.1	227.1	151.4	151.4	151.4	151.4	151.4	151.4	151.4	153.4	151.4
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	-1.2	-0.9	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6	-0.6
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	—	—	—	22.4	20.9	20.9	22.4	14.7	14.7	14.7	14.7	14.7
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	1.5	1.5	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	62.6	51.1	29.2	72.4	58.0	51.5	43.0	26.4	21.0	21.4	2.1	-13.0
- Accumulated retained earning at the end of the previous period	51.3	29.2	17.2	64.3	51.5	43.8	17.7	21.0	16.9	2.1	-13.0	-16.7
- Undistributed earnings in this period	11.4	21.9	12.0	8.1	6.5	7.7	25.2	5.4	4.1	19.3	15.1	3.7
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	424.4	139.1	133.6	129.2	35.4	2.9	3.2	1.5	1.7	2.0	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)	1,175.3	664.5	496.7	419.8	310.3	263.8	250.9	205.4	209.9	213.2	193.3	168.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	14.3	34.0	19.7	10.2	7.1	9.0	31.3	6.5	3.5	24.2	16.2	3.7
Depreciation of Fixed Assets and Investment Property	5.0	4.9	2.6	1.8	0.1	1.8	1.8	1.5	1.4	0.5	0.9	1.0
Provision (Increase)/Reversal	1.2	-2.4	3.4	—	-2.0	-0.8	3.5	0.0	25.2	-24.9	-0.5	0.7
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-2.1	-0.1	-3.5	-2.1	-1.0	-0.2	-14.1	10.0	-78.1	55.4	-22.2	4.8
Interest Expense	4.6	3.3	0.8	0.3	0.2	0.1	0.1	0.0	0.3	0.1	0.4	0.1
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	22.9	39.7	23.0	10.2	4.4	9.8	22.6	17.9	-47.8	55.4	-5.2	10.3
Increase/(Decrease) in Receivables	-47.3	6.8	30.2	-26.7	-3.3	-7.3	-36.6	0.7	22.9	-1.3	8.9	4.9
Increase/(Decrease) in Inventory	-0.6	-0.5	-0.4	-0.3	0.1	0.4	-0.0	-0.8	0.8	0.3	3.0	1.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	98.7	-64.8	50.0	-18.4	3.0	0.4	8.4	-0.8	-6.0	7.1	-2.8	-2.1
Increase/(Decrease) in Prepaid Expenses	-0.0	-1.5	0.1	0.0	0.1	0.3	-0.3	0.1	-1.0	-0.5	0.0	-0.0
Changes in Trading Securities	—	—	—	—	20.2	48.9	-24.8	14.3	-8.0	-0.7	-69.5	-7.8
Interest Paid	-4.0	-1.4	-0.4	-0.3	-0.2	-0.1	-0.0	-0.0	0.6	-0.6	0.1	-0.1
Corporate Income Tax Paid	-2.0	—	0.0	-8.8	3.7	0.0	-1.1	0.0	-5.5	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	-0.2	0.0	0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	132.1	-303.2	12.9	-16.8	28.0	52.5	-31.9	31.1	-44.0	59.6	-65.5	6.7
Payments for Fixed Assets and Other Long-term Assets	-9.1	-0.9	-100.8	-0.5	-1.6	-0.1	-17.1	-2.3	-12.0	-0.8	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.2	0.0	0.0	0.0	0.0	0.2	-0.1	0.1	0.0
Loans and Purchases of Debt Instruments	5.0	—	5.0	-60.0	-87.5	0.0	-0.0	0.0	-38.1	37.7	4.1	-10.1
Receipts from Loan Repayments and Sale of Debt Instruments	32.9	17.5	86.5	1.0	0.0	0.6	0.0	0.0	37.7	-37.7	37.7	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	-34.4	34.4	0.0	-2.2
Proceeds from Investments in Other Entities	0.0	0.0	0.3	—	-4.3	4.3	0.0	0.0	35.3	-25.8	25.8	0.0
Dividends and Interest Income Received	2.4	3.1	0.7	2.1	5.3	-4.1	14.1	-10.0	39.9	-38.3	5.1	-4.8
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	-144.6	74.6	-8.3	-57.1	-88.1	0.8	-3.0	-12.3	28.6	-30.6	72.7	-17.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	33.5	0.0	2.0	0.0	0.0	0.0	2.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	474.8	141.2	-39.3	73.9	10.3	4.6	22.6	0.0	18.3	11.2	56.1	0.0
Repayment of Borrowings	-513.7	-1.4	55.9	-59.1	-5.9	-1.6	-17.3	-9.9	-13.0	-14.6	-49.1	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	0.0	0.0	0.0	0.0	-7.6	0.0	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	455.1	139.8	16.6	116.8	37.9	3.0	7.4	-9.9	-2.2	-3.3	9.0	0.0
Net Cash Flow During the Period	442.6	-88.9	21.1	42.8	-22.3	56.3	-27.6	8.9	-17.7	25.7	16.3	-10.4
Cash and Cash Equivalents at Beginning of Period	16.3	105.2	84.0	41.2	25.8	25.8	25.8	25.8	12.0	12.0	12.0	12.0
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	458.9	16.3	105.2	84.0	41.2	63.5	7.2	34.8	25.8	43.5	17.8	1.6

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

MAC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research