PMS

Listed Company · HNX

Price

37,000

Latest close

03 Apr 2026

P/E 8.3x

EPS (TTM) 4,472

ROE (TTM) 18.3%

P/B 1.5x

BVPS (Latest) 25,151

ROA (TTM) 9.5%

What Is Changing

PMS has not yet shown a broad-based top-line recovery. Revenue posted -11.8% YoY, but net margin reached 2.67% with an additional +0.4pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin expanded consistently from 2.08% in 2023 to 2.67% in 2025.
Revenue decreased 11.8% YoY to VND 1,222.6bn in 2025.
Net Income reached a multi-period high at VND 32.7bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	1,222.6	1,385.9	1,421.9	1,570.7	1,129.3
Growth	-12%	-3%	-9%	+39%	—
Net Income	32.7	31.4	29.6	24.1	29.0
Net Margin	2.67%	2.27%	2.08%	1.53%	2.56%

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	353.4	311.0	309.7	249.7	369.2	304.8	343.7	368.1	474.5	318.3	330.0	301.1
Growth	+14%	+0%	+24%	-32%	+21%	-11%	-7%	-22%	+49%	-4%	+10%	—
Net Income	4.1	8.0	11.5	8.9	14.7	1.3	8.6	7.2	10.8	8.8	5.5	5.4
Net Margin	1.16%	2.56%	3.72%	3.58%	3.98%	0.43%	2.51%	1.95%	2.27%	2.76%	1.67%	1.81%

Financial Statements

Profitability

Net margin reached 2.67% while Revenue posted -11.8% YoY.

Balance Sheet

Inventory stood at 91.5bn, liabilities at 172.0bn, and equity at 181.8bn.

Cash Flow

Operating cash flow was 12.7bn in 2025, while investing cash flow was -7.4bn.

Financing cash flow: -6.8bn.

Item	2025	2024	2023	2022	2021
Revenue	1,222.6	1,385.9	1,421.9	1,570.8	1,129.4
Revenue Deductions	—	0.0	0.0	0.2	0.0
Net Revenue	1,222.6	1,385.9	1,421.9	1,570.7	1,129.3
Cost of Goods Sold	1,081.1	1,253.7	1,300.6	1,479.2	0.0
Gross Profit	141.5	132.1	121.3	91.5	103.3
Financial Income	0.2	0.5	0.2	0.2	6.9
Financial Expenses	3.6	3.7	4.0	3.1	-3.4
Interest Expense	3.3	3.5	3.6	2.9	-3.3
Share of Associates and Joint Ventures	10.1	7.3	5.6	5.5	2.8
Selling Expenses	44.5	39.8	34.7	28.8	-30.0
General and Administrative Expenses	61.2	55.8	53.7	38.0	-48.1
Operating Profit	42.5	40.6	34.7	27.3	31.5
Other Income	0.1	0.1	1.5	0.2	0.0
Other Expenses	2.3	1.2	0.1	0.9	0.0
Other Profit	-2.2	-1.2	1.4	-0.7	0.1
Profit Before Tax	40.3	39.4	36.1	26.6	31.6
Current Income Tax Expense	7.6	8.0	6.5	2.5	-2.6
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	32.7	31.4	29.6	24.1	29.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	32.7	31.4	29.6	24.1	29.0
Earnings per Share	4,506.00	4,177.00	3,865.00	3,130.00	3,765.00
Diluted EPS	4,522.58	4,344.89	4,090.84	3,328.53	4,007.51

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	221.3	200.9	300.1	207.6	187.7
I. Cash and cash equivalents	19.4	20.8	30.0	21.8	13.5
1. Cash	19.4	17.1	30.0	21.8	0.0
2. Cash equivalents	—	3.8	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	107.5	117.5	187.8	102.4	91.2
1. Short-term trade accounts receivable	97.9	92.7	165.5	89.5	0.0
2. Short-term prepayments to suppliers	4.2	6.5	14.3	4.9	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	5.4	18.2	7.9	8.0	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	91.5	61.8	81.5	78.2	81.1
1. Inventories	91.5	61.8	81.5	78.2	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	2.8	0.8	0.8	5.1	1.8
1. Short-term prepayments	2.1	0.1	0.2	4.8	0.0
2. Value added tax to be reclaimed	0.7	0.4	0.3	0.1	0.0
3. Taxes and other receivables from state authorities	0.1	0.3	0.3	0.3	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)	132.6	127.2	121.3	125.8	137.0
I. Long-term receivables	0.3	0.6	0.5	0.6	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.6
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	0.3	0.6	0.5	0.6	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	60.5	55.7	56.9	64.3	69.3
1. Tangible fixed assets	59.3	54.5	55.6	63.0	68.0
- Cost	170.3	155.9	148.8	147.2	0.0
- Accumulated depreciation	-111.0	-101.4	-93.2	-84.1	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	1.2	1.2	1.3	1.3	1.4
- Cost	2.1	2.1	2.1	2.1	0.0
- Accumulated depreciation	-0.9	-0.9	-0.8	-0.8	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	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	27.2	24.4	22.7	18.5	23.5
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	27.2	24.4	22.7	18.4	0.0
3. Investments in other entities	0.4	0.4	0.0	0.4	0.0
4. Provision for diminution in value of long-term investments	-0.4	-0.4	-0.4	-0.3	0.0
5. Held to maturity investments	—	0.0	0.4	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	44.6	46.5	41.3	42.4	0.0
1. Long-term prepayments	44.6	46.5	41.2	42.3	0.0
2. Deferred income tax assets	0.0	0.1	0.1	0.1	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	43.7
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)	353.8	328.1	421.4	333.3	324.7
A. LIABILITIES (300=210+330)	172.0	153.9	250.0	167.3	161.3
I. Short -term liabilities	168.8	151.2	246.9	165.9	160.1
1. Short-term trade accounts payable	57.9	65.7	112.1	57.3	68.2
2. Short-term advances from customers	14.7	4.7	6.2	4.9	4.1
3. Taxes and other payables to state authorities	1.5	5.4	2.5	4.4	0.0
4. Payable to employees	18.2	16.8	16.1	11.6	0.0
5. Short-term acrrued expenses	3.4	1.7	8.9	4.6	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	15.8	13.4	14.5	11.7	0.0
10. Short-term borrowings and financial leases	56.2	42.0	85.4	69.9	57.4
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.1	1.5	1.2	1.6	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	3.2	2.7	3.1	1.4	1.2
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	1.4	1.3	1.6	1.4	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	1.8	1.4	1.4	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)	181.8	174.2	171.4	166.1	163.5
I. Owner's equity	181.8	174.2	171.4	166.1	0.0
1. Owner's capital	72.3	72.3	72.3	72.3	163.5
- Common stock with voting right	72.3	72.3	72.3	72.3	72.3
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	25.4	25.4	25.4	25.4	25.4
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	40.7	40.7	40.7	40.7	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	43.8	36.2	33.4	28.1	29.0
- Accumulated retained earning at the end of the previous period	11.3	5.8	5.6	5.5	6.5
- Undistributed earnings in this period	32.4	30.4	27.8	22.5	22.5
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)	353.8	328.1	421.4	333.3	324.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	40.3	39.4	36.1	26.6	26.7
Depreciation of Fixed Assets and Investment Property	9.6	9.3	10.1	9.7	9.4
Provision (Increase)/Reversal	0.4	-0.0	1.5	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.2	-0.0	-0.0	0.0
Gain/Loss from Investment Activities	-7.0	0.3	-5.7	-5.6	0.0
Interest Expense	3.3	3.5	3.6	2.9	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	46.6	52.3	45.6	33.6	31.5
Increase/(Decrease) in Receivables	7.4	68.4	-89.8	-5.5	0.0
Increase/(Decrease) in Inventory	-29.8	19.7	-3.3	2.9	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.3	-54.8	65.0	-8.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.1	-5.2	5.7	-3.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-3.2	-3.6	-3.5	-3.0	0.0
Corporate Income Tax Paid	-10.7	-5.8	-5.7	-2.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-4.7	-5.4	-4.5	-2.7	0.0
Net Cash Flow from Operating Activities	12.7	65.8	9.4	11.0	32.9
Payments for Fixed Assets and Other Long-term Assets	-14.4	-8.7	-2.7	-4.7	-1.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	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	7.0	0.3	5.5	6.1	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	-7.4	-8.4	2.8	1.5	5.1
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	169.5	192.0	176.6	212.0	161.3
Repayment of Borrowings	-155.3	-235.4	-161.1	-199.5	-176.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-21.0	-23.1	-19.6	-16.7	-15.7
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-6.8	-66.5	-4.1	-4.2	-30.7
Net Cash Flow During the Period	-1.4	-9.1	8.2	8.3	-0.1
Cash and Cash Equivalents at Beginning of Period	20.8	30.0	21.8	13.5	6.2
FX Difference from Revaluation	-0.0	0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	19.4	20.8	30.0	21.8	13.5

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	353.4	311.0	309.7	249.7	369.2	304.8	343.7	368.1	474.5	318.3	330.0	301.1
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	353.4	311.0	309.7	249.7	369.2	304.8	343.7	368.1	474.5	318.3	330.0	301.1
Cost of Goods Sold	319.7	272.3	271.1	219.3	332.6	274.6	312.7	333.8	431.1	290.0	300.5	280.9
Gross Profit	33.6	38.7	38.6	30.4	36.6	30.1	31.1	34.3	43.4	28.4	29.5	20.2
Financial Income	0.0	0.0	0.1	0.0	0.3	0.1	0.1	0.1	0.0	0.0	0.1	0.0
Financial Expenses	0.9	0.9	1.0	0.8	-3.6	5.1	0.9	1.3	0.8	0.8	1.1	1.3
Interest Expense	0.8	0.8	0.9	0.8	0.5	0.5	0.9	1.3	0.7	0.7	0.9	1.2
Share of Associates and Joint Ventures	2.2	2.4	2.0	3.5	1.1	3.3	1.1	1.9	1.1	1.7	1.2	1.6
Selling Expenses	8.7	14.3	18.0	7.4	13.5	8.2	10.4	7.6	10.0	8.1	9.6	6.1
General and Administrative Expenses	20.2	15.1	6.4	15.5	8.9	17.9	10.3	18.7	21.7	11.3	13.0	7.7
Operating Profit	6.0	10.7	15.4	10.3	19.1	2.3	10.6	8.7	12.1	9.8	7.1	6.8
Other Income	0.0	—	0.1	0.0	0.0	0.0	0.1	0.0	0.5	1.0	0.0	0.0
Other Expenses	1.0	0.6	0.7	—	0.7	0.4	0.1	0.0	0.1	0.0	0.0	0.0
Other Profit	-1.0	-0.6	-0.7	0.0	-0.7	-0.4	-0.0	-0.0	0.5	1.0	0.0	0.0
Profit Before Tax	5.1	10.1	14.7	10.3	18.4	1.9	10.6	8.6	12.5	10.8	7.1	6.8
Current Income Tax Expense	0.9	2.1	3.3	1.4	3.8	0.7	2.0	1.4	1.9	2.0	1.6	1.2
Deferred Income Tax Expense	0.0	0.0	-0.0	-0.0	-0.1	-0.1	-0.1	0.0	-0.1	0.1	0.0	0.1
Net Income	4.1	8.0	11.5	8.9	14.7	1.3	8.6	7.2	10.8	8.8	5.5	5.4
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	4.1	8.0	11.5	8.9	14.7	1.3	8.6	7.2	10.8	8.8	5.5	5.4
Earnings per Share	558.00	1,097.00	1,594.00	1,223.00	2,020.00	298.00	1,159.00	961.00	1,444.00	1,152.00	699.00	710.00
Diluted EPS	566.62	1,101.91	1,593.18	1,236.01	2,034.82	180.03	1,191.47	994.32	1,492.80	1,217.62	762.95	752.86

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)	221.3	231.0	207.7	200.7	200.7	227.3	212.5	259.1	300.1	186.6	173.2	181.4
I. Cash and cash equivalents	19.4	28.8	29.2	18.0	20.8	21.2	26.9	22.2	30.0	19.3	30.5	20.1
1. Cash	19.4	28.8	29.2	18.0	20.8	21.2	26.9	22.2	30.0	19.3	30.5	20.1
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	107.5	110.0	110.4	112.9	117.5	122.4	113.5	182.2	187.8	92.2	92.3	95.9
1. Short-term trade accounts receivable	97.9	86.9	81.6	76.9	92.7	97.1	85.8	135.4	165.5	79.4	83.9	74.7
2. Short-term prepayments to suppliers	4.2	14.9	23.3	7.1	6.5	14.9	18.6	25.0	14.3	7.9	2.7	8.9
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	5.4	8.1	5.5	28.9	18.2	10.4	9.1	21.8	7.9	5.0	5.8	12.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	91.5	87.7	64.9	66.1	61.8	78.7	66.0	50.4	81.5	71.0	46.2	60.6
1. Inventories	91.5	87.7	64.9	66.1	61.8	78.7	66.0	50.4	81.5	71.0	46.2	60.6
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	2.8	4.6	3.2	3.7	0.6	5.0	6.1	4.3	0.8	4.0	4.2	4.9
1. Short-term prepayments	2.1	3.3	3.1	3.1	0.1	2.6	4.2	3.4	0.1	3.2	3.7	4.5
2. Value added tax to be reclaimed	0.7	1.3	0.0	0.0	0.4	1.9	1.2	0.0	0.3	0.1	0.1	0.1
3. Taxes and other receivables from state authorities	0.1	0.0	—	0.5	0.1	0.5	0.6	0.8	0.3	0.8	0.5	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)	132.6	132.0	120.5	121.2	127.2	117.2	114.2	115.0	121.4	119.7	121.5	122.1
I. Long-term receivables	0.3	0.3	0.3	0.3	0.6	0.6	0.5	0.5	0.5	0.6	0.6	0.6
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	0.3	0.3	0.3	0.3	0.6	0.6	0.5	0.5	0.5	0.6	0.6	0.6
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	60.5	61.2	52.1	54.3	55.7	52.4	53.2	54.7	56.9	57.0	59.4	61.9
1. Tangible fixed assets	59.3	60.0	50.9	53.1	54.5	51.2	51.9	53.4	55.6	55.7	58.1	60.6
- Cost	—	—	—	—	155.9	150.7	150.3	149.3	148.8	146.4	147.2	147.2
- Accumulated depreciation	—	—	—	—	-101.4	-99.4	-98.4	-95.8	-93.2	-90.7	-89.2	-86.7
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	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.3	1.3	1.3	1.3
- 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	0.8	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	0.8	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	27.2	25.0	22.6	20.6	24.4	23.3	20.1	19.0	22.7	21.6	20.0	18.7
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	27.2	25.0	22.6	20.6	24.4	23.3	20.1	19.0	22.7	21.6	19.9	18.7
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.4	-0.3	-0.3	-0.3	-0.3
5. Held to maturity investments	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4	0.4
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	44.6	45.6	45.6	46.0	46.5	40.1	40.5	40.9	41.3	40.6	41.7	40.9
1. Long-term prepayments	44.6	45.5	45.5	46.0	46.5	40.0	40.4	40.8	41.2	40.5	41.6	40.9
2. Deferred income tax assets	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	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)	353.8	363.1	328.2	321.8	327.9	344.5	326.7	374.1	421.4	306.3	294.8	303.5
A. LIABILITIES (300=210+330)	172.0	185.4	158.5	139.3	153.9	184.9	167.7	196.0	249.9	145.1	141.6	132.6
I. Short -term liabilities	168.8	182.5	155.7	136.7	151.2	182.2	165.1	193.2	246.9	143.8	140.2	131.2
1. Short-term trade accounts payable	57.9	53.3	57.7	61.0	65.7	77.5	61.0	76.0	112.1	56.8	44.8	46.1
2. Short-term advances from customers	14.7	17.7	7.4	4.4	4.7	18.6	11.0	12.4	6.2	4.3	2.7	3.8
3. Taxes and other payables to state authorities	1.5	14.9	10.7	4.9	5.4	6.3	4.1	7.9	2.4	10.2	12.1	7.2
4. Payable to employees	18.2	13.5	7.6	15.1	16.8	12.8	6.2	9.8	16.1	10.5	8.2	5.4
5. Short-term acrrued expenses	3.4	12.9	8.1	2.4	1.7	17.9	16.7	12.7	8.9	6.0	5.6	6.2
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	15.8	11.8	11.7	11.8	13.4	16.1	27.3	12.2	14.5	20.2	19.6	11.4
10. Short-term borrowings and financial leases	56.2	57.1	50.7	35.9	42.0	31.2	36.4	61.3	85.4	33.8	44.5	49.8
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	1.1	1.4	1.8	1.2	1.5	1.9	2.4	0.9	1.2	2.1	2.6	1.3
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	3.2	2.9	2.8	2.7	2.7	2.6	2.6	2.8	3.1	1.3	1.3	1.4
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	1.4	1.5	1.4	1.2	1.3	1.2	1.2	1.3	1.6	1.3	1.3	1.4
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	1.8	1.4	1.4	1.4	1.4	1.4	1.4	1.4	1.4	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)	181.8	177.7	169.8	182.5	174.0	159.6	158.9	178.1	171.5	161.2	153.2	170.9
I. Owner's equity	181.8	177.7	169.8	182.5	174.0	159.6	158.9	178.1	171.5	161.2	153.2	170.9
1. Owner's capital	72.3	72.3	72.3	72.3	72.3	72.3	72.3	72.3	72.3	72.3	72.3	72.3
- Common stock with voting right	72.3	72.3	72.3	72.3	72.3	72.3	72.3	72.3	72.3	72.3	72.3	72.3
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	25.4	25.4	25.4	25.4	25.4	25.4	25.4	25.4	25.4	25.4	25.4	25.4
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	40.7	40.7	40.7	40.7	40.7	40.7	40.7	40.7	40.7	40.7	40.7	40.7
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	43.8	39.6	31.7	44.5	36.0	21.6	20.9	40.1	33.5	23.2	15.2	32.9
- Accumulated retained earning at the end of the previous period	11.3	11.3	11.3	35.6	5.8	5.8	5.8	33.1	5.6	5.6	5.6	27.8
- Undistributed earnings in this period	32.4	28.3	20.4	8.9	30.2	15.8	15.1	6.9	27.9	17.6	9.6	5.1
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)	353.8	363.1	328.2	321.8	327.9	344.5	326.7	374.1	421.4	306.3	294.8	303.5

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
Profit Before Tax	5.1	10.1	14.8	10.3	18.4	1.9	10.6	8.6	12.5	10.3	6.5	6.8
Depreciation of Fixed Assets and Investment Property	2.7	2.5	2.2	2.2	2.2	1.8	2.6	2.6	2.5	2.5	2.5	2.5
Provision (Increase)/Reversal	0.4	—	-0.0	—	1.4	0.0	0.0	0.0	1.5	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.0	-0.0	-0.0	0.0	-0.2	-0.0	-0.0	0.0	-0.0	0.0	-0.0	0.0
Gain/Loss from Investment Activities	-1.1	-0.3	-6.3	0.7	2.3	11.5	-8.3	-4.3	-0.3	-2.5	-1.8	-1.0
Interest Expense	0.8	0.8	0.9	0.8	0.8	0.5	0.9	1.3	0.7	0.7	0.9	1.2
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	7.9	13.1	11.6	14.0	25.0	15.7	5.8	8.2	16.9	11.0	8.1	9.5
Increase/(Decrease) in Receivables	0.4	-1.0	-3.8	11.8	6.8	-12.8	63.6	12.7	-94.3	-1.5	-0.4	6.5
Increase/(Decrease) in Inventory	-3.9	-22.7	1.2	-4.4	16.9	-12.7	-15.6	31.1	-10.5	-24.8	14.3	17.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-9.2	20.4	4.5	-8.4	-39.7	28.2	-5.7	-29.4	56.2	21.9	1.5	-14.6
Increase/(Decrease) in Prepaid Expenses	2.2	-0.2	0.4	-2.5	-3.9	2.0	-0.3	-2.9	2.3	1.6	0.1	1.6
Changes in Trading Securities	—	—	—	—	0.0	0.0	1.4	-1.4	0.0	0.0	0.0	0.0
Interest Paid	-0.7	-0.8	-0.9	-0.8	-0.7	-0.6	-0.8	-1.3	-0.7	-0.7	-0.8	-1.3
Corporate Income Tax Paid	-5.6	-1.0	-0.1	-4.0	-2.4	-0.4	-2.9	0.0	-3.6	-0.9	-0.3	-0.9
Other Operating Receipts	—	—	—	—	0.0	0.0	0.3	-0.3	0.0	0.0	0.0	0.0
Other Operating Payments	2.6	-2.6	-2.9	-1.7	0.1	-7.5	-3.5	0.0	4.2	-6.5	-2.1	-0.1
Net Cash Flow from Operating Activities	-6.4	5.2	10.0	4.0	1.9	12.0	42.2	16.8	-29.4	-0.0	20.5	18.4
Payments for Fixed Assets and Other Long-term Assets	-2.0	-11.7	0.0	-0.7	-13.2	-1.1	-1.1	-0.4	-2.5	-0.2	0.0	-0.1
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	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	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	-0.0	7.0	0.0	0.0	0.1	0.1	0.0	0.2	0.0	5.2	0.0
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	-1.9	-11.7	7.0	-0.7	-13.2	-1.0	-1.0	-0.4	-2.3	-0.1	5.2	-0.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-18.7	18.7
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	46.4	25.9	50.7	46.5	80.1	20.2	35.0	56.8	90.0	30.5	37.4	18.7
Repayment of Borrowings	-47.3	-19.6	-35.9	-52.6	-69.3	-25.4	-59.9	-80.8	-38.4	-41.2	-42.8	-38.8
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.2	-0.3	-20.5	-0.0	-0.0	-11.5	-11.6	-0.1	-9.2	-0.4	-9.9	-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	-1.1	6.1	-5.7	-6.2	10.8	-16.7	-36.5	-24.1	42.3	-11.0	-15.3	-20.1
Net Cash Flow During the Period	-9.4	-0.4	11.2	-2.9	-0.5	-5.7	4.7	-7.7	10.7	-11.2	10.4	-1.8
Cash and Cash Equivalents at Beginning of Period	28.8	29.2	18.0	20.8	30.0	30.0	30.0	30.0	21.8	21.8	21.8	21.8
FX Difference from Revaluation	-0.0	0.0	0.0	-0.0	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	19.4	28.8	29.2	18.0	20.8	21.2	26.9	22.2	30.0	19.3	30.5	20.1

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PMS

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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