MCP

Listed Company · HOSE

Price

27,200

Latest close

03 Apr 2026

P/E 50.7x

EPS (TTM) 536

ROE (TTM) 3.8%

P/B 2.0x

BVPS (Latest) 13,935

ROA (TTM) 3.2%

What Is Changing

MCP has not yet shown a broad-based top-line recovery. Revenue posted -10.4% YoY, but net margin reached 2.21% with an additional -4.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income fell to a multi-period low at VND 9.3bn in 2025.
Revenue decreased 10.4% YoY to VND 418.1bn in 2025.
Net margin declined from 6.45% in the prior period to 2.21% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	418.1	466.6	492.8	514.6	431.3
Growth	-10%	-5%	-4%	+19%	—
Net Income	9.3	30.1	17.4	11.3	22.6
Net Margin	2.21%	6.45%	3.54%	2.19%	5.24%

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	116.7	111.9	100.4	89.4	106.0	117.4	125.2	118.1	125.7	130.4	120.6	116.2
Growth	+4%	+11%	+12%	-16%	-10%	-6%	+6%	-6%	-4%	+8%	+4%	—
Net Income	7.4	1.3	1.0	0.8	12.5	4.2	6.0	6.6	1.9	8.2	6.5	1.5
Net Margin	6.37%	1.12%	0.99%	0.88%	11.77%	3.60%	4.76%	5.62%	1.55%	6.27%	5.38%	1.28%

Financial Statements

Profitability

Net margin reached 2.21% while Revenue posted -10.4% YoY.

Balance Sheet

Inventory stood at 84.8bn, liabilities at 49.6bn, and equity at 275.7bn.

Cash Flow

Operating cash flow was -24.9bn in 2025, while investing cash flow was 52.1bn.

Financing cash flow: -7.2bn.

Item	2025	2024	2023	2022	2021
Revenue	418.6	467.3	494.0	515.8	431.7
Revenue Deductions	0.5	0.7	1.2	1.2	0.0
Net Revenue	418.1	466.6	492.8	514.6	431.3
Cost of Goods Sold	377.0	411.1	432.6	462.3	0.0
Gross Profit	41.1	55.5	60.2	52.3	63.3
Financial Income	12.9	20.3	0.9	1.7	2.8
Financial Expenses	2.1	1.7	2.7	6.6	-3.7
Interest Expense	1.1	0.2	1.6	3.9	-4.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	11.8	14.6	15.5	16.7	-16.3
General and Administrative Expenses	28.8	21.9	20.0	16.6	-18.0
Operating Profit	11.2	37.6	22.8	13.9	28.1
Other Income	0.6	0.4	0.3	0.1	0.0
Other Expenses	0.0	0.2	0.9	0.1	0.0
Other Profit	0.6	0.1	-0.6	0.0	0.3
Profit Before Tax	11.9	37.8	22.3	13.9	28.4
Current Income Tax Expense	2.6	7.7	4.8	2.7	-5.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	9.3	30.1	17.4	11.3	22.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	9.3	30.1	17.4	11.3	22.6
Earnings per Share	466.00	1,667.00	1,159.00	749.00	1,500.00
Diluted EPS	465.26	1,665.50	1,159.00	748.39	1,498.96

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	306.0	294.2	237.8	222.2	244.6
I. Cash and cash equivalents	36.8	16.9	11.2	5.3	24.5
1. Cash	36.8	15.9	11.2	5.3	0.0
2. Cash equivalents	—	1.0	0.0	0.0	0.0
II. Short-term financial investments	38.0	85.0	25.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	38.0	85.0	25.0	0.0	0.0
III. Short-term receivables	140.4	129.5	89.6	93.5	100.6
1. Short-term trade accounts receivable	59.8	65.5	85.9	92.1	0.0
2. Short-term prepayments to suppliers	11.1	3.9	4.2	1.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	68.2	64.9	0.0	0.0	0.0
6. Other short-term receivables	11.3	0.6	0.5	0.1	0.0
7. Provision for short-term doubtful debts (*)	-10.0	-5.5	-1.2	-0.2	0.0
8. Assets awaiting resolution	—	0.0	0.2	0.0	0.0
IV. Inventories	84.8	61.6	109.8	120.3	110.5
1. Inventories	84.8	61.6	109.8	120.3	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	5.9	1.2	2.2	3.1	1.7
1. Short-term prepayments	0.4	1.1	1.3	2.7	0.0
2. Value added tax to be reclaimed	0.3	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	5.2	0.1	0.9	0.4	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)	19.3	23.5	81.3	89.3	89.2
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	11.5	17.0	24.7	34.6	35.7
1. Tangible fixed assets	11.5	17.0	24.7	34.6	35.7
- Cost	363.2	362.9	360.1	359.3	0.0
- Accumulated depreciation	-351.8	-345.8	-335.3	-324.7	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	—	0.0	0.0	0.0	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	—	0.0	1.2	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	1.2	0.0	0.0
V. Long-term financial investments	1.8	2.0	49.0	48.8	49.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	2.0	2.0	49.0	49.0	0.0
4. Provision for diminution in value of long-term investments	-0.1	0.0	0.0	-0.2	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	6.0	4.5	6.3	5.8	0.0
1. Long-term prepayments	6.0	4.5	6.3	5.8	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	4.6
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	325.3	317.7	319.1	311.4	333.8
A. LIABILITIES (300=210+330)	49.6	41.0	70.7	79.4	110.8
I. Short -term liabilities	49.6	41.0	70.7	79.4	110.8
1. Short-term trade accounts payable	28.0	16.0	16.7	27.3	19.0
2. Short-term advances from customers	1.0	0.3	0.1	0.0	0.5
3. Taxes and other payables to state authorities	1.3	5.7	5.6	2.8	0.0
4. Payable to employees	3.8	8.5	7.8	5.3	0.0
5. Short-term acrrued expenses	4.4	0.7	1.3	1.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	9.3	9.2	10.1	11.3	0.0
10. Short-term borrowings and financial leases	—	0.0	28.2	29.9	63.5
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	0.6	0.9	1.8	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	275.7	276.7	248.3	232.0	223.0
I. Owner's equity	275.7	276.7	248.3	232.0	0.0
1. Owner's capital	198.9	180.8	150.7	150.7	223.0
- Common stock with voting right	198.9	180.8	150.7	150.7	150.7
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.5	0.5	15.6	15.6	15.6
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	-0.3	-0.3	-0.3	-0.3	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	67.1	65.6	64.9	54.8	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	9.6	30.1	17.4	11.3	22.4
- Accumulated retained earning at the end of the previous period	0.3	0.0	0.0	0.0	0.1
- Undistributed earnings in this period	9.3	30.1	17.4	11.3	22.3
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)	325.3	317.7	319.1	311.4	333.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	11.9	37.8	22.3	13.9	0.0
Depreciation of Fixed Assets and Investment Property	6.0	10.5	10.7	11.1	0.0
Provision (Increase)/Reversal	4.7	4.3	0.8	0.4	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.3	-0.0	-0.1	0.0
Gain/Loss from Investment Activities	-12.8	-19.5	-0.5	-1.2	0.0
Interest Expense	1.1	0.2	1.6	3.9	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	10.8	33.0	34.9	28.0	0.0
Increase/(Decrease) in Receivables	-13.4	21.1	2.8	6.6	0.0
Increase/(Decrease) in Inventory	-23.2	48.2	10.5	-9.8	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.2	-3.1	-6.4	4.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.9	2.1	0.8	-2.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.1	-0.5	-1.4	-4.0	0.0
Corporate Income Tax Paid	-5.4	-5.3	-4.8	-2.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.9	-2.1	-2.0	-2.3	0.0
Net Cash Flow from Operating Activities	-24.9	93.4	34.5	17.5	4.8
Payments for Fixed Assets and Other Long-term Assets	-0.4	-1.6	-2.0	-10.2	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.1
Loans and Purchases of Debt Instruments	-153.3	-149.9	-25.0	0.0	-38.2
Receipts from Loan Repayments and Sale of Debt Instruments	200.3	25.0	0.0	7.2	105.0
Investments in Other Entities	—	0.0	0.0	0.0	-47.0
Proceeds from Investments in Other Entities	—	64.9	0.0	0.0	0.0
Dividends and Interest Income Received	5.4	2.0	0.1	1.4	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	52.1	-59.5	-26.9	-1.6	23.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	47.2	5.8	54.7	174.9	49.3
Repayment of Borrowings	-47.2	-33.9	-56.4	-209.3	-102.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-7.2	0.0	0.0	-0.8	-11.2
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	-7.2	-28.2	-1.7	-35.2	-64.1
Net Cash Flow During the Period	19.9	5.7	5.9	-19.3	12.7
Cash and Cash Equivalents at Beginning of Period	16.9	11.2	5.3	24.5	54.8
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	36.8	16.9	11.2	5.3	24.5

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	116.7	111.9	100.7	89.4	106.0	117.4	125.2	118.1	125.7	130.8	121.1	116.4
Revenue Deductions	0.0	0.1	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.5	0.5	0.3
Net Revenue	116.7	111.9	100.4	89.4	106.0	117.4	125.2	118.1	125.7	130.4	120.6	116.2
Cost of Goods Sold	102.9	100.7	92.7	81.0	95.7	104.0	110.0	102.2	112.3	110.9	103.8	106.0
Gross Profit	13.8	11.1	7.7	8.4	10.3	13.4	15.2	15.9	13.4	19.4	16.8	10.2
Financial Income	4.1	1.8	6.1	1.0	18.6	0.6	0.6	0.4	0.5	0.0	0.0	0.3
Financial Expenses	0.3	0.7	1.0	0.1	0.4	0.5	0.3	0.4	0.7	0.2	0.6	1.3
Interest Expense	0.2	0.6	0.3	0.0	0.0	0.0	0.0	0.2	0.4	0.1	0.5	0.7
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	3.0	2.9	3.1	3.0	3.4	3.6	4.1	3.7	4.4	4.2	3.9	3.2
General and Administrative Expenses	5.6	7.9	8.3	5.3	9.7	4.6	3.9	3.9	5.5	5.0	4.3	4.1
Operating Profit	8.9	1.5	1.4	0.9	15.4	5.3	7.4	8.3	3.3	10.0	8.1	1.9
Other Income	0.4	0.2	0.0	0.1	0.0	0.1	0.3	0.0	0.0	0.3	0.0	0.0
Other Expenses	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.0	0.8	0.1	0.0	0.0
Other Profit	0.4	0.2	-0.0	0.1	0.0	0.1	0.0	0.0	-0.7	0.2	0.0	0.0
Profit Before Tax	9.4	1.7	1.3	1.0	15.5	5.3	7.5	8.3	2.6	10.2	8.1	1.9
Current Income Tax Expense	2.0	0.5	0.4	0.2	3.0	1.1	1.5	1.7	0.6	2.0	1.6	0.4
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	7.4	1.3	1.0	0.8	12.5	4.2	6.0	6.6	1.9	8.2	6.5	1.5
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	7.4	1.3	1.0	0.8	12.5	4.2	6.0	6.6	1.9	8.2	6.5	1.5
Earnings per Share	374.00	63.00	55.00	44.00	829.00	281.00	396.00	441.00	129.00	543.00	431.00	99.00
Diluted EPS	373.84	63.15	55.14	43.62	827.77	280.32	395.13	440.33	129.31	542.29	430.33	98.61

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)	308.0	362.0	362.1	309.0	295.4	243.2	241.2	229.1	238.7	227.7	213.0	219.1
I. Cash and cash equivalents	36.8	25.1	9.2	10.7	16.9	18.6	6.9	3.8	11.1	10.1	6.1	14.1
1. Cash	36.8	25.1	9.2	10.7	15.9	16.6	4.9	3.8	11.1	10.1	6.1	14.1
2. Cash equivalents	—	—	—	—	1.0	2.0	2.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	38.0	105.0	105.3	98.3	85.0	61.0	47.0	31.0	25.0	25.0	0.0	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	38.0	105.0	105.3	98.3	85.0	61.0	47.0	31.0	25.0	25.0	0.0	0.0
III. Short-term receivables	140.7	134.3	134.8	139.6	130.1	75.6	100.4	96.2	90.4	96.8	96.4	97.6
1. Short-term trade accounts receivable	59.5	66.6	62.0	65.5	65.5	69.0	85.6	88.7	85.9	89.6	89.8	96.3
2. Short-term prepayments to suppliers	11.2	5.4	9.3	14.0	4.6	2.0	15.6	8.3	4.2	7.0	6.3	1.3
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	68.2	68.2	68.2	64.9	64.9	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	11.5	2.0	1.8	0.6	0.1	5.2	0.5	0.2	0.5	0.3	0.5	0.1
7. Provision for short-term doubtful debts (*)	-9.7	-8.5	-7.1	-5.5	-5.5	-0.7	-1.2	-1.2	-0.5	-0.2	-0.2	-0.2
8. Assets awaiting resolution	—	0.6	0.6	—	0.6	0.1	0.0	0.2	0.2	0.0	0.0	0.0
IV. Inventories	86.0	92.1	101.6	59.4	62.2	86.9	82.1	96.6	110.2	90.8	107.0	104.1
1. Inventories	86.0	92.1	101.6	59.4	62.2	86.9	82.1	96.6	110.2	90.8	107.0	104.1
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.5	5.5	11.2	1.0	1.2	1.2	4.7	1.6	2.1	5.0	3.5	3.2
1. Short-term prepayments	1.1	5.1	10.0	0.8	1.1	0.9	1.3	1.3	1.3	1.2	1.7	2.3
2. Value added tax to be reclaimed	—	—	0.5	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	5.4	0.4	0.7	0.2	0.1	0.3	3.4	0.4	0.8	3.8	1.8	0.9
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)	18.9	18.6	19.6	20.5	23.5	73.4	76.8	78.4	80.5	81.6	83.0	86.2
I. Long-term receivables	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. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	11.5	12.2	13.0	14.8	17.0	19.7	22.3	23.4	26.0	27.8	29.1	31.7
1. Tangible fixed assets	11.5	12.2	13.0	14.8	17.0	19.7	22.3	23.4	26.0	27.8	29.1	31.7
- Cost	—	—	—	—	362.9	362.9	362.9	361.3	361.3	360.5	359.3	359.3
- Accumulated depreciation	—	—	—	—	-345.8	-343.2	-340.5	-337.9	-335.3	-332.8	-330.2	-327.6
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	1.8	2.0	2.0	2.0	2.0	49.0	49.0	49.0	49.0	48.8	48.8	48.8
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	1.8	2.0	2.0	2.0	2.0	49.0	49.0	49.0	49.0	49.0	49.0	49.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.2	-0.2	-0.2
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	5.6	4.4	4.6	3.7	4.5	4.8	5.5	6.0	5.6	5.0	5.1	5.7
1. Long-term prepayments	5.6	4.4	4.6	3.7	4.5	4.8	5.5	6.0	5.6	5.0	5.1	5.7
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	326.9	380.6	381.6	329.5	318.9	316.7	318.0	307.5	319.3	309.3	296.0	305.3
A. LIABILITIES (300=210+330)	49.8	103.8	106.1	52.0	42.6	52.9	58.8	52.5	70.4	62.2	57.1	71.8
I. Short -term liabilities	49.8	103.8	106.1	52.0	42.6	52.9	58.8	52.5	70.4	62.2	57.1	71.8
1. Short-term trade accounts payable	28.0	27.7	25.9	23.2	15.9	20.2	29.2	19.9	16.7	15.0	18.1	18.6
2. Short-term advances from customers	1.0	1.3	0.9	0.5	0.3	0.1	0.2	0.1	0.1	0.0	0.1	0.0
3. Taxes and other payables to state authorities	1.6	12.0	10.8	4.0	5.5	11.4	8.1	7.5	5.5	21.8	9.6	3.8
4. Payable to employees	3.8	5.8	5.3	6.9	10.4	9.0	8.1	7.4	7.7	6.5	4.8	6.2
5. Short-term acrrued expenses	4.3	4.9	3.7	0.9	0.8	1.1	1.0	1.0	1.3	0.9	0.7	0.7
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	9.3	8.8	9.4	10.1	9.2	10.4	10.1	10.5	10.0	11.4	11.1	11.1
10. Short-term borrowings and financial leases	—	41.5	47.2	5.7	0.0	0.0	0.0	5.6	28.1	5.5	10.8	29.6
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	1.8	1.8	3.0	0.6	0.6	0.6	2.2	0.4	0.9	0.9	1.9	1.8
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	277.1	276.8	275.5	277.5	276.3	263.8	259.2	255.0	248.9	247.1	238.9	233.5
I. Owner's equity	277.1	276.8	275.5	277.5	276.3	263.8	259.2	255.0	248.9	247.1	238.9	233.5
1. Owner's capital	198.9	198.9	180.8	180.8	150.7	150.7	150.7	150.7	150.7	150.7	150.7	150.7
- Common stock with voting right	198.9	198.9	180.8	180.8	150.7	150.7	150.7	150.7	150.7	150.7	150.7	150.7
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.5	0.5	0.5	0.5	15.6	15.6	30.6	15.6	15.6	15.6	15.6	15.6
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	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3	-0.3
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	67.1	67.1	67.1	65.6	65.6	65.6	65.6	64.9	64.9	64.9	64.9	54.8
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	11.0	10.6	27.4	30.9	44.8	32.3	12.6	24.1	18.0	16.2	8.0	12.8
- Accumulated retained earning at the end of the previous period	0.3	7.6	25.6	30.1	15.1	15.1	0.0	17.4	0.0	0.0	0.0	11.3
- Undistributed earnings in this period	10.7	3.1	1.8	0.8	29.7	17.2	12.6	6.6	18.0	16.2	8.0	1.5
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	326.9	380.6	381.6	329.5	318.9	316.7	318.0	307.5	319.3	309.3	296.0	305.3

Item	Q4'25	Q2'25	Q1'25	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23	Q4'22
Profit Before Tax	9.5	1.4	1.0	-16.3	8.0	8.3	22.3	-10.1	8.2	1.9	13.9
Depreciation of Fixed Assets and Investment Property	1.6	1.8	2.6	-5.2	2.6	2.6	10.7	-5.5	2.6	2.9	11.1
Provision (Increase)/Reversal	3.1	1.5	—	0.0	0.0	0.0	0.8	0.0	0.0	0.0	0.4
FX Gain/Loss from Revaluation of Monetary Items	-0.0	0.0	—	0.2	-0.2	0.0	-0.0	-0.0	0.0	0.0	-0.1
Gain/Loss from Investment Activities	-5.8	-6.1	-1.0	0.8	-0.3	-0.4	-0.5	0.0	-0.0	-0.0	-1.2
Interest Expense	0.8	0.3	0.0	-0.2	-0.2	0.4	1.6	-1.2	0.5	0.7	3.9
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	—	—	—	0.5	-0.5	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	9.2	-1.0	2.6	-20.3	9.4	10.9	34.9	-16.8	11.3	5.5	28.0
Increase/(Decrease) in Receivables	-10.1	6.9	-10.2	9.6	-2.0	-7.6	2.8	4.3	0.3	-4.6	6.6
Increase/(Decrease) in Inventory	12.8	-38.3	2.3	-27.8	14.5	13.2	10.5	-13.3	-2.8	16.2	-9.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-4.7	8.3	6.7	-9.9	5.1	4.7	-6.4	4.0	2.1	-6.1	4.1
Increase/(Decrease) in Prepaid Expenses	8.1	-10.0	1.1	-0.9	0.5	0.3	0.8	-1.7	1.2	0.4	-2.3
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.8	-0.3	-0.0	0.5	-0.3	-0.2	-1.4	1.2	-0.5	-0.8	-4.0
Corporate Income Tax Paid	-1.5	-2.4	-1.5	1.5	-1.5	0.0	-4.8	1.5	0.0	-1.5	-2.7
Other Operating Receipts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.3	-0.6	-0.0	0.5	-0.0	-0.5	-2.0	1.0	-1.0	-0.0	-2.3
Net Cash Flow from Operating Activities	11.7	-37.5	0.8	-46.6	25.8	20.9	34.5	-19.8	10.7	9.1	17.5
Payments for Fixed Assets and Other Long-term Assets	0.0	0.0	-0.4	1.6	-1.6	0.0	-2.0	0.0	0.0	0.0	-10.2
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	-48.0	-105.3	—	47.0	-41.0	-6.0	-25.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	115.3	97.3	-12.3	-25.0	25.0	0.0	0.0	0.0	0.0	0.0	7.2
Investments in Other Entities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	3.0	1.4	1.0	-0.9	0.5	0.3	0.1	-0.0	0.0	0.0	1.4
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	70.3	-6.6	-11.7	22.7	-17.1	-5.7	-26.9	-0.0	0.0	0.0	-1.6
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	0.0	41.5	5.7	-5.8	0.1	5.6	54.7	-17.0	1.2	15.8	174.9
Repayment of Borrowings	-47.2	—	—	33.9	-5.7	-28.3	-56.4	36.0	-20.0	-16.0	-209.3
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-7.2	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.8
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	-54.4	41.5	5.7	28.2	-5.5	-22.6	-1.7	19.0	-18.8	-0.2	-35.2
Net Cash Flow During the Period	27.6	-2.5	-5.2	4.2	3.2	-7.4	5.9	-0.8	-8.1	8.9	-19.3
Cash and Cash Equivalents at Beginning of Period	16.9	10.7	15.9	0.0	11.2	11.2	5.3	0.0	5.3	5.3	24.5
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	36.8	9.2	10.7	0.0	6.9	3.8	11.2	0.0	6.1	14.1	5.3

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MCP

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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