QCC

Listed Company · UPCOM

Price

20,900

Latest close

03 Apr 2026

P/E —

EPS (TTM) —

ROE (TTM) 5.1%

P/B —

BVPS (Latest) —

ROA (TTM) 4.0%

What Is Changing

QCC no longer looks like a business simply rebounding from a weak base. Revenue posted +27.6% YoY, while net margin reached 3.07% with an additional -0.0pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 26.4% to VND 1.1bn in 2025.
Revenue growth accelerated to 27.6% in 2025, up 80.3pp versus the prior year.

Metric	2025	2024	2023	2022
Revenue	34.9	27.3	57.7	42.8
Growth	+28%	-53%	+35%	—
Net Income	1.1	0.8	1.6	1.3
Net Margin	3.07%	3.10%	2.73%	3.14%

Financial Statements

Profitability

Net margin reached 3.07% while Revenue posted +27.6% YoY.

Balance Sheet

Inventory stood at 4.5bn, liabilities at 4.9bn, and equity at 21.1bn.

Cash Flow

Operating cash flow was -5.3bn in 2025, while investing cash flow was 0.1bn.

Financing cash flow: -0.7bn.

Item	2025	2024	2023	2022
Revenue	34.9	27.3	57.7	42.8
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	34.9	27.3	57.7	42.8
Cost of Goods Sold	31.0	23.4	51.5	37.7
Gross Profit	3.8	3.9	6.2	5.0
Financial Income	0.1	0.2	0.1	0.1
Financial Expenses	—	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0
General and Administrative Expenses	2.6	3.0	3.6	3.3
Operating Profit	1.3	1.1	2.6	1.9
Other Income	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.2	0.2
Other Profit	-0.0	-0.0	-0.2	-0.2
Profit Before Tax	1.3	1.1	2.4	1.7
Current Income Tax Expense	0.2	0.2	0.8	0.4
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	1.1	0.8	1.6	1.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	1.1	0.8	1.6	1.3
Earnings per Share	765.00	605.00	1,128.00	959.00
Diluted EPS	765.00	605.00	1,128.00	959.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	25.3	25.7	30.9	37.2
I. Cash and cash equivalents	3.0	8.9	4.7	2.2
1. Cash	2.0	2.9	4.7	2.2
2. Cash equivalents	1.0	6.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.3
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.3
III. Short-term receivables	17.7	13.1	23.6	25.7
1. Short-term trade accounts receivable	14.1	11.8	22.2	24.1
2. Short-term prepayments to suppliers	1.2	0.1	0.1	0.4
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	2.1	1.0	1.1	1.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	0.3	0.3	0.3	0.3
IV. Inventories	4.5	3.5	2.5	8.9
1. Inventories	4.5	3.5	2.5	8.9
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	0.1	0.1	0.1	0.1
1. Short-term prepayments	0.1	0.1	0.0	0.1
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.1	0.1
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	0.8	1.1	1.3	1.1
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	0.5	0.8	1.0	0.7
1. Tangible fixed assets	0.5	0.8	1.0	0.7
- Cost	7.5	7.6	7.9	7.2
- Accumulated depreciation	-7.0	-6.8	-6.8	-6.5
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
III. Investment properties	0.2	0.3	0.1	0.2
- Cost	0.9	0.9	0.6	0.6
- Accumulated depreciation	-0.7	-0.6	-0.5	-0.4
IV. Long-term assets in progress	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.0	0.1	0.1	0.2
1. Long-term prepayments	0.0	0.1	0.1	0.2
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	26.1	26.8	32.2	38.3
A. LIABILITIES (300=210+330)	4.9	5.9	10.5	16.9
I. Short -term liabilities	4.9	5.9	10.5	16.9
1. Short-term trade accounts payable	2.3	2.0	4.4	4.1
2. Short-term advances from customers	—	1.3	0.0	1.1
3. Taxes and other payables to state authorities	1.0	0.6	1.3	1.7
4. Payable to employees	—	0.1	0.6	0.4
5. Short-term acrrued expenses	—	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0
9. Other short-term payables	1.7	1.8	4.2	9.6
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	21.1	20.9	21.6	21.4
I. Owner's equity	21.1	20.9	21.6	21.4
1. Owner's capital	15.0	15.0	15.0	15.0
- Common stock with voting right	15.0	15.0	15.0	15.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	6.7	6.7	6.7	6.7
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-1.6	-1.6	-1.6	-1.6
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	1.1	0.8	1.6	1.3
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0
- Undistributed earnings in this period	1.1	0.8	1.6	1.3
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	26.1	26.8	32.2	38.3

Item	2025	2024	2023	2022
Profit Before Tax	—	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-0.2	-0.5	-0.7	-0.2
Other Operating Receipts	1.1	7.3	8.1	4.4
Other Operating Payments	-5.4	-8.7	-6.8	-4.8
Net Cash Flow from Operating Activities	-5.3	5.3	3.8	-8.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	-0.7	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.2	0.1	0.2
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.1	0.2	-0.3	2.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	—	1.1	0.1	2.4
Repayment of Borrowings	—	-1.1	-0.1	-2.4
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-0.7	-1.3	-1.0	-0.7
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-0.7	-1.3	-1.0	-0.7
Net Cash Flow During the Period	-5.9	4.2	2.5	-6.8
Cash and Cash Equivalents at Beginning of Period	8.9	4.7	2.2	9.1
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	3.0	8.9	4.7	2.2

Item	Q4'25
Corporate Income Tax Paid	-0.2
Other Operating Payments	-5.4
Net Cash Flow from Operating Activities	-5.3
Dividends and Interest Income Received	0.1
Net Cash Flow from Investing Activities	0.1
Dividends Paid	-0.7
Net Cash Flow from Financing Activities	-0.7
Net Cash Flow During the Period	-5.9
Cash and Cash Equivalents at Beginning of Period	8.9
Cash and Cash Equivalents at End of Period	3.0

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QCC

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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