SMN

Sách và Thiết bị Giáo dục Miền Nam ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 29.13%, −1.92pp YoY

Price

8,300

Latest close

02 Jun 2026

P/E -25.30x

P/B 0.50x

EPS -328

BVPS 16,539

ROE 1.2%

ROA 0.8%

Profit Margin 0.3%

Asset Turnover 2.75x

Equity Mult. 1.55x

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

What Is Changing

On a TTM 2026Q1 basis, SMN posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 325bn
	                                
−31.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
−91.0%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    46.8%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	333.3	464.1	447.8	500.3	467.5
Growth	-28%	+4%	-10%	+7%	—
Net Income	0.7	9.3	9.5	11.8	11.6
Net Margin	0.22%	1.99%	2.13%	2.35%	2.47%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	10.1	27.4	120.5	166.8	18.7	37.2	196.0	224.1	4.0	50.4	196.3	186.6
Growth	-63%	-77%	-28%	+791%	-50%	-81%	-13%	+5555%	-92%	-74%	+5%	—
Net Income	-2.5	-2.3	2.6	3.1	0.1	0.6	5.4	4.4	-1.2	1.5	4.3	4.0
Net Margin	-24.43%	-8.30%	2.14%	1.87%	0.29%	1.62%	2.78%	1.99%	-29.98%	2.94%	2.21%	2.13%

Drivers of SMN's profit

TTM

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

Selling expenses ↓ 10.5bn

Administrative expenses ↓ 6.0bn

Gross profit ↓ 25.1bn

Financial income ↓ 3.8bn

TTM

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

Administrative expenses ↓ 0.4bn

Selling expenses ↓ 0.3bn

Gross profit ↓ 3.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.4% = 2.2% × 4.92 × 1.23

2026Q1 1.2% = 0.3% × 2.75 × 1.55

ROE fell from 13.4% to 1.2% — asset turnover weakened the most, though leverage still provided support.

Net margin: 0.3% -1.9pp Asset turnover: 2.75x -2.18x Leverage: 1.55x +0.32x

Is the profit sustainable?

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

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 0.29%, losing 1.9pp. The main pressure comes from Gross margin fell 1.3pp and SG&A / Revenue rose 0.4pp (with lingering pressure from Net financial result / Revenue fell 0.5pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 0.29% −1.9pp

Gross Margin 12.63% −1.3pp

SG&A / Revenue 12.29% +0.4pp

Non-core / Revenue 0.31% −0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result share remains high

Even though contribution decreased by 0.6pp, financial result still accounts for 63.8% of PBT — earnings durability should be monitored in coming periods.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.88x equity, with a net cash position equivalent to 0.06x equity.

Inventory ended the period at 90.5bn, roughly 63.9% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 24.8 days versus the same period last year. The main moves came from DIO rose 54.2 days, DSO rose 8.3 days, and DPO rose 37.7 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +24.8 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +8.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 27.5 days +8.3 days

Inventory 87.7 days +54.2 days

Payables 48.6 days +37.7 days

Cash Conversion Cycle 66.6 days +24.8 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 1.2bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.06x −0.02x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 6.20x +5.77x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 1.2bn in 2025, against investing cash flow of 0.7bn.

Post-investment cash flow was positive +1.9bn. Financing cash flow was negative +4.8bn.

CFO / net income was 6.20x.

After spending +0.4bn on fixed-asset investment, the business generated trailing free cash flow of +5.4bn.

Cash Conversion

CFO TTM 5.9bn +1.4bn

Cash Capex 0.4bn +0.4bn

FCF TTM +5.4bn +1.1bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 1.9 pp. The next watchpoint is the earnings mix, when non-core contribution is 46.8%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.06x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.06x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 6.20x. Even so, net financial result still accounts for 46.8% of PBT, so the earnings mix still needs monitoring.

Key risk: profitability remains under pressure, with trailing-12M net margin at 29.13% after a 1.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	334.1	466.8	453.8	503.0	470.1
Revenue Deductions	0.8	2.7	6.0	2.7	0.0
Net Revenue	333.3	464.1	447.8	500.3	467.5
Cost of Goods Sold	291.2	398.0	379.0	424.7	0.0
Gross Profit	42.1	66.1	68.8	75.6	62.4
Financial Income	1.0	4.8	6.3	3.6	2.8
Financial Expenses	1.4	1.3	2.5	1.3	-0.6
Interest Expense	0.0	0.8	1.1	0.6	-0.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	27.2	38.6	36.8	41.7	-31.8
General and Administrative Expenses	13.7	19.1	23.2	20.7	-17.9
Operating Profit	0.9	11.9	12.5	15.5	14.5
Other Income	0.7	2.2	2.9	1.5	0.0
Other Expenses	0.2	1.4	2.1	1.8	0.0
Other Profit	0.4	0.8	0.8	-0.3	-0.1
Profit Before Tax	1.3	12.7	13.3	15.2	14.5
Current Income Tax Expense	0.5	3.4	3.7	3.4	-2.9
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.7	9.3	9.5	11.8	11.6
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	0.7	9.3	9.5	11.8	11.6
Earnings per Share	108.00	1,365.00	1,412.00	1,746.00	1,627.00
Diluted EPS	108.00	1,365.00	1,412.00	1,746.00	2,626.44

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	113.9	72.2	68.2	78.0	110.8
I. Cash and cash equivalents	7.8	10.7	8.5	15.7	14.3
1. Cash	6.8	10.7	5.5	4.7	0.0
2. Cash equivalents	1.0	0.0	3.0	11.0	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	13.8	22.7	33.2	36.8	56.9
1. Short-term trade accounts receivable	14.7	23.2	25.6	34.0	0.0
2. Short-term prepayments to suppliers	—	0.0	6.4	0.0	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	2.0	0.0
6. Other short-term receivables	0.7	1.0	2.7	2.6	0.0
7. Provision for short-term doubtful debts (*)	-1.6	-1.6	-1.5	-1.9	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	90.5	38.2	25.9	24.9	35.0
1. Inventories	106.8	40.6	29.9	28.1	0.0
2. Provision for decline in value of inventories	-16.4	-2.5	-4.0	-3.3	0.0
V. Other short-term assets	1.8	0.6	0.6	0.7	2.9
1. Short-term prepayments	0.5	0.6	0.6	0.7	0.0
2. Value added tax to be reclaimed	0.1	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.3	0.0	0.0	0.0	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)	27.6	29.1	29.7	30.9	31.4
I. Long-term receivables	14.8	14.9	14.8	14.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	14.8
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	14.8	14.9	14.8	14.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	1.1	1.5	2.2	3.0	3.0
1. Tangible fixed assets	1.1	1.5	2.2	3.0	3.0
- Cost	6.7	7.6	7.6	7.6	0.0
- Accumulated depreciation	-5.7	-6.2	-5.4	-4.6	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	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	0.0
V. Long-term financial investments	2.8	3.3	3.3	3.3	3.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	3.3	3.3	3.3	3.3	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	-0.5	0.0	0.0	0.0	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	8.8	9.4	9.3	9.7	0.0
1. Long-term prepayments	8.8	9.4	9.3	9.7	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	10.3
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)	141.5	101.3	97.9	108.9	142.2
A. LIABILITIES (300=210+330)	66.1	21.6	19.4	32.0	68.1
I. Short -term liabilities	66.1	21.6	19.4	32.0	68.1
1. Short-term trade accounts payable	61.7	13.4	6.9	12.3	41.3
2. Short-term advances from customers	0.1	0.3	0.4	0.7	9.3
3. Taxes and other payables to state authorities	—	2.5	3.7	3.6	0.0
4. Payable to employees	1.9	0.7	0.3	4.6	0.0
5. Short-term acrrued expenses	0.0	0.3	1.9	4.4	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	0.2	0.7	1.6	2.3	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.2	3.8	4.6	4.1	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)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	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)	75.3	79.7	78.5	76.9	74.1
I. Owner's equity	75.3	79.7	78.5	76.9	0.0
1. Owner's capital	44.0	44.0	44.0	44.0	74.1
- Common stock with voting right	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.0	0.0
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	—	0.00	0.00	-200,000,000.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	30.7	29.6	28.2	28.2	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	0.5	6.0	6.2	4.8	4.8
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	0.5	6.0	6.2	4.8	4.8
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)	141.5	101.3	97.9	108.9	142.2

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.6	-3.6	-3.5	-3.3	0.0
Other Operating Receipts	2.9	4.0	5.3	7.2	0.0
Other Operating Payments	-6.1	-8.6	-9.4	-16.4	0.0
Net Cash Flow from Operating Activities	1.2	6.9	-5.2	7.0	4.5
Payments for Fixed Assets and Other Long-term Assets	-0.3	-0.0	-0.0	-0.8	-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-9.5
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	7.7
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.8	0.3	0.6	0.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	0.7	0.3	2.6	-0.8	-1.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	259,410,000.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	6.2	118.4	52.8	50.0	50.0
Repayment of Borrowings	-6.2	-118.4	-52.8	-50.0	-50.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-4.8	-4.8	-4.8	-4.8	-4.3
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	-4.8	-4.8	-4.6	-4.8	-4.3
Net Cash Flow During the Period	-3.0	2.3	-7.2	1.4	11.4
Cash and Cash Equivalents at Beginning of Period	10.7	8.5	15.7	14.3	15.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.8	10.7	8.5	15.7	14.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	10.1	27.6	120.7	166.9	18.9	39.9	196.0	227.0	4.0	48.1	203.0	188.2
Revenue Deductions	0.0	0.2	0.3	0.2	0.2	2.7	0.0	2.9	0.0	-2.4	6.7	1.6
Net Revenue	10.1	27.4	120.5	166.8	18.7	37.2	196.0	224.1	4.0	50.4	196.3	186.6
Cost of Goods Sold	9.2	27.8	102.2	144.6	14.6	25.1	171.2	199.0	2.9	35.8	168.0	164.2
Gross Profit	1.0	-0.4	18.2	22.2	4.1	12.1	24.8	25.0	1.1	14.6	28.3	22.5
Financial Income	0.1	0.3	0.4	0.1	0.2	4.5	0.1	0.1	0.1	5.6	0.1	0.3
Financial Expenses	—	0.2	0.1	0.0	0.0	0.1	0.5	0.6	0.0	-0.3	1.8	1.0
Interest Expense	—	—	—	0.0	0.0	0.0	0.4	0.4	0.0	0.1	0.3	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	1.7	0.8	10.5	13.6	1.9	7.9	13.5	13.8	1.5	7.4	14.7	11.9
General and Administrative Expenses	1.9	1.8	5.0	4.7	2.3	7.3	4.2	5.6	0.9	11.1	5.9	5.0
Operating Profit	-2.5	-2.8	3.1	4.0	0.1	1.3	6.8	5.1	-1.3	2.0	6.0	4.9
Other Income	0.0	0.2	0.2	0.0	0.2	1.1	0.2	0.7	0.1	2.1	0.2	0.3
Other Expenses	0.0	0.0	0.0	0.1	0.2	0.7	0.2	0.5	0.1	1.5	0.3	0.3
Other Profit	0.0	0.2	0.2	-0.1	0.0	0.4	0.1	0.3	0.1	0.7	-0.0	0.0
Profit Before Tax	-2.5	-2.6	3.3	3.9	0.1	1.6	6.8	5.4	-1.2	2.7	5.9	4.9
Current Income Tax Expense	—	-0.4	0.7	0.8	0.0	1.0	1.4	0.9	-0.0	1.2	1.6	0.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-2.5	-2.3	2.6	3.1	0.1	0.6	5.4	4.4	-1.2	1.5	4.3	4.0
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-2.5	-2.3	2.6	3.1	0.1	0.6	5.4	4.4	-1.2	1.5	4.3	4.0
Earnings per Share	-563.00	-541.00	586.00	190.00	12.00	-347.00	1,235.00	751.00	-271.00	-126.00	986.00	607.00
Diluted EPS	-563.00	-541.00	586.00	190.00	12.00	1,375.00	1,235.00	751.00	-269.68	336.22	984.16	901.91

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	109.3	115.2	179.1	310.9	70.4	72.1	149.6	200.4	63.6	68.2	144.5	212.5
I. Cash and cash equivalents	4.4	7.8	7.4	68.2	2.8	10.8	6.3	1.9	1.8	8.5	12.6	24.1
1. Cash	4.4	6.8	3.4	2.5	2.8	10.8	6.3	1.9	1.8	5.5	12.6	5.1
2. Cash equivalents	—	1.0	4.0	65.7	0.0	0.0	0.0	0.0	0.0	3.0	0.0	19.0
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	17.0	13.8	43.3	97.5	34.7	22.7	83.8	91.0	22.1	33.3	72.9	96.2
1. Short-term trade accounts receivable	15.9	14.7	44.4	98.7	33.1	23.2	84.8	88.9	17.0	25.6	73.1	96.4
2. Short-term prepayments to suppliers	0.0	—	0.0	0.0	0.1	0.0	0.0	0.1	0.3	6.4	0.9	0.4
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	1.1	0.0	0.0	0.0
6. Other short-term receivables	2.6	0.7	0.5	0.4	3.1	1.0	0.6	3.6	5.2	2.7	0.8	1.2
7. Provision for short-term doubtful debts (*)	-1.6	-1.6	-1.6	-1.6	-1.6	-1.6	-1.5	-1.5	-1.5	-1.5	-1.9	-1.9
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	86.1	92.5	127.7	144.0	31.5	38.1	58.2	106.0	37.4	25.9	58.4	91.4
1. Inventories	102.5	106.8	130.2	146.5	33.9	40.6	62.2	110.0	41.3	29.9	61.6	94.7
2. Provision for decline in value of inventories	-16.4	-14.3	-2.5	-2.5	-2.5	-2.5	-4.0	-4.0	-4.0	-4.0	-3.3	-3.3
V. Other short-term assets	1.8	1.1	0.8	1.1	1.3	0.5	1.3	1.5	2.3	0.6	0.7	0.8
1. Short-term prepayments	0.6	0.4	0.3	0.4	0.5	0.5	0.5	0.6	1.0	0.6	0.7	0.8
2. Value added tax to be reclaimed	0.2	0.1	—	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.1	0.6	0.4	0.7	0.8	0.0	0.8	0.9	1.3	0.0	0.0	0.0
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)	27.7	28.2	28.4	28.6	29.1	29.1	29.5	30.0	30.2	29.7	29.9	30.2
I. Long-term receivables	14.8	14.8	14.9	14.9	14.9	14.9	14.9	14.9	14.8	14.8	14.8	14.8
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	14.8	14.8	14.9	14.9	14.9	14.9	14.9	14.9	14.8	14.8	14.8	14.8
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	1.2	1.1	1.3	1.1	1.5	1.5	1.7	1.9	2.2	2.2	2.4	2.6
1. Tangible fixed assets	1.2	1.1	1.3	1.1	1.5	1.5	1.7	1.9	2.2	2.2	2.4	2.6
- Cost	6.8	—	—	—	7.6	7.6	7.6	7.6	7.6	7.6	7.6	7.6
- Accumulated depreciation	-5.7	—	—	—	-6.2	-6.2	-6.0	-5.8	-5.4	-5.4	-5.2	-5.0
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	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	0.0	0.0	0.0	0.0
V. Long-term financial investments	2.8	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3
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	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3
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	-0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	8.9	8.9	8.9	9.2	9.4	9.4	9.6	9.9	9.8	9.3	9.4	9.5
1. Long-term prepayments	8.9	8.9	8.9	9.2	9.4	9.4	9.6	9.9	9.8	9.3	9.4	9.5
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)	137.0	143.4	207.6	339.5	99.5	101.2	179.2	230.5	93.8	97.9	174.5	242.7
A. LIABILITIES (300=210+330)	64.2	66.3	128.1	262.6	19.7	21.5	97.9	154.7	16.4	19.4	95.5	168.0
I. Short -term liabilities	64.2	66.3	128.1	262.6	19.7	21.5	97.9	154.7	16.4	19.4	95.5	168.0
1. Short-term trade accounts payable	61.6	60.9	112.8	252.4	14.0	13.4	74.6	89.3	10.6	6.9	56.6	107.8
2. Short-term advances from customers	0.1	0.1	0.9	1.1	1.9	0.3	1.3	0.6	0.3	0.4	1.2	0.5
3. Taxes and other payables to state authorities	0.0	—	1.0	0.8	0.0	2.3	1.6	1.1	0.0	3.6	1.4	1.0
4. Payable to employees	—	1.9	3.7	—	0.0	0.7	4.3	0.0	0.0	0.3	4.6	0.1
5. Short-term acrrued expenses	0.1	0.2	1.6	0.6	0.3	0.3	1.6	2.4	0.8	1.9	5.3	3.5
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	0.7	0.2	4.5	3.5	0.1	0.7	7.6	6.6	0.5	1.6	8.3	3.8
10. Short-term borrowings and financial leases	—	—	—	—	0.0	0.0	3.0	50.0	0.0	0.0	13.7	46.8
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	1.7	3.0	3.6	4.2	3.4	3.8	4.0	4.6	4.1	4.6	4.5	4.5
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)	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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)	72.9	77.1	79.5	76.9	79.8	79.7	81.3	75.8	77.3	78.6	79.0	74.7
I. Owner's equity	72.9	77.1	79.5	76.9	79.8	79.7	81.3	75.8	77.3	78.6	79.0	74.7
1. Owner's capital	44.0	44.0	44.0	44.0	44.0	44.0	44.0	44.0	44.0	44.0	44.0	44.0
- Common stock with voting right	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00	44,050,000,000.00
- Preferred stock	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0
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	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	-87,000,000.00	-87,000,000.00
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	30.7	30.7	30.7	30.7	29.6	29.6	29.6	29.9	28.2	29.6	28.6	28.6
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	-2.0	2.3	4.6	2.1	6.1	6.1	7.6	1.8	5.0	4.8	6.4	2.1
- Accumulated retained earning at the end of the previous period	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	-2.0	2.3	4.6	2.1	6.1	6.1	7.6	1.8	5.0	4.8	6.4	2.1
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)	137.0	143.4	207.6	339.5	99.5	101.2	179.2	230.5	93.8	97.9	174.5	242.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	-0.7	-0.8	-0.0	-1.1	-1.4	-0.9	-0.0	-1.2	-1.2	-1.3	0.0
Other Operating Receipts	0.2	—	—	—	0.0	0.6	10.3	0.7	1.4	2.7	-0.3	1.0
Other Operating Payments	-2.0	6.4	-9.6	1.1	-4.0	-5.4	-6.4	-0.1	-7.0	3.2	-3.3	-2.4
Net Cash Flow from Operating Activities	-3.4	0.6	-61.4	70.2	-8.1	7.5	51.2	-46.1	-5.7	9.5	21.5	8.5
Payments for Fixed Assets and Other Long-term Assets	-0.1	-0.3	0.0	0.0	-0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	—	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	0.1	0.5	0.0	0.2	0.0	0.1	0.1	0.1	0.1	-0.0	0.3
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	0.0	-0.0	0.5	0.0	0.2	0.0	0.1	1.1	-1.0	0.1	-0.0	1.8
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	0.00	0.00	0.00	0.00	111,680,000.00	0.00	147,730,000.00
Share Repurchases	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	6.2	0.0	0.0	68.4	50.0	0.0	0.0	0.0	23.0
Repayment of Borrowings	—	0.0	0.0	-6.2	0.0	-3.0	-115.4	0.0	0.0	-13.7	-33.1	-6.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.1	0.1	-4.8	0.0	0.0	0.1	-4.8	0.0	-0.1	0.1	-4.8
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	—	-0.1	0.1	-4.8	0.0	-3.0	-46.9	45.2	0.0	-13.6	-33.1	12.4
Net Cash Flow During the Period	-3.4	0.4	-60.8	65.3	-7.9	4.5	4.3	0.2	-6.7	-4.1	-11.6	22.6
Cash and Cash Equivalents at Beginning of Period	7.8	7.4	68.2	2.8	10.7	8.5	8.5	8.5	8.5	15.7	15.7	15.7
FX Difference from Revaluation	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	4.4	7.8	7.4	68.2	2.8	10.8	6.3	1.9	1.8	8.5	12.6	24.1

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SMN

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Balance Sheet ●

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Statement Data

What is driving the margin?

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Working Capital Efficiency

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Cash Flow