Chememan Public Company Limited

Financial Dashboard

Consolidated Financial Reporting · FY 2025

Situation Overview — FY 2025 Consolidated

Total Revenue

1.6MTHB K
PY: 1.7M THB K-6.7%

Gross Profit

391,306THB K
PY: 425,800 THB K-8.1%

Gross Margin

24.7%
PY: 25.1 %-1.6%

Net Income

208,698THB K
PY: 245,300 THB K-14.9%

Net Margin

13.2%
PY: 14.4 %-8.3%

EBITDA

328,500THB K
PY: 362,100 THB K-9.3%

Diagnostic Analysis — Why Is This Happening?

Revenue & Net Income Trend (with YoY%)

Revenue declined in Q2-Q3 but recovered in Q4. Net income gap widened due to FX losses and rising SG&A. YoY% shows persistent negative gap.

JanFebMarAprMayJunJulAugSepOctNovDec070140210280THB M-9-6-303YoY %
  • Revenue CY
  • Revenue PY
  • Net Income CY
  • Revenue YoY%

P&L Waterfall — Where Revenue Goes

COGS consumes 75.3% of revenue. FX loss of 66M THB is the 3rd largest cost bucket after COGS and SG&A.

RevenueCOGSGross ProfitSelling ExpAdmin ExpOther IncomeFX Gain/LossTaxNet Income-1600M-800M0M800M1600M

Revenue Bridge — YoY Decomposition

Volume decline (-47.6M) and lost customers (-42.4M) are the primary drags. Price erosion adds -25.5M. FX translation cost -18.4M.

-600060012001800PY RevenueVolumeEffectPrice EffectMix EffectFXTranslationNewProductsLostCustomersCY Revenue

Gross Margin Pressure (MoM Trend)

GPM compressed from 25.1% to 24.7% YoY. COGS as % of revenue rose steadily — above industry benchmark of 73%.

JanFebMarAprMayJunJulAugSepOctNovDec2022242628GPM %PY Avg 25.1%
  • GPM CY
  • GPM PY

Operating Leverage — SG&A vs Revenue Growth

NEGATIVE operating leverage: SG&A grew +8.5% while revenue declined -6.7%. SG&A ratio deteriorated from 9.1% to 10.6%.

Q1'24Q2'24Q3'24Q4'24Q1'25Q2'25Q3'25Q4'25-12-6061289101112
  • Revenue Growth %
  • SG&A Growth %
  • SG&A % of Rev

Other Income / (Expense) — FX Distortion

FX loss of 65.8M THB (vs 15.2M PY) distorts profitability. Excluding FX, other income grew +30.6%.

-80K-40K0K40K80KDividendIncomeInterestIncomeMgmt FeeIncomeFXGain/(Loss)Other
  • FY 2025
  • FY 2024

Cross-Dimensional Relationship Insights

Revenue Volume vs Gross Margin — Monthly

Higher revenue months correlate with higher GPM — scale economies exist. Q2 (low revenue, low GPM) confirms fixed-cost absorption issue. CY GPM consistently below PY.

JanFebMarAprMayJunJulAugSepOctNovDec070140210280Revenue (THB M)222427GPM %
  • Revenue (M)
  • GPM CY %
  • GPM PY %

Entity Performance — Revenue Growth vs Margin Change

CMAN-AU is the star (+12.5% growth, +2.4pp margin). HLL-VN is in crisis (-18.3% growth, -3.1pp margin). CMAN-TH needs volume recovery.

-25-10520CMAN-THCMAN-AUHLL-VNNM-VN
  • Revenue Growth %
  • Net Margin Δ (pp)
Positive GrowthNegative GrowthMargin ImprovingMargin Eroding

Detailed Evidence — Quarterly P&L Statement

P&L Statement with QoQ% and YoY%

P&L Line ItemQ1 2025Q2 2025QoQ%Q3 2025QoQ%Q4 2025QoQ%YTD 2025YTD 2024YoY%
Revenue415,000380,000-8.4%395,000+3.9%397,000+0.5%1,586,7381,699,909-6.7%
Sales - 3rd Party345,000318,000-7.8%330,000+3.8%332,000+0.6%1,325,0001,420,000-6.7%
Sales - Subsidiary28,00024,000-14.3%26,000+8.3%25,343-2.5%103,34364,977+59.0%
Sales - Related Party500450-10.0%480+6.7%441-8.1%1,871488+283.4%
Other Revenue41,50037,550-9.5%38,520+2.6%39,216+1.8%156,524214,444-27.0%
COGS(312,000)(290,000)+7.1%(298,000)-2.8%(295,432)+0.9%(1,195,432)(1,274,109)+6.2%
Gross Profit103,00090,000-12.6%97,000+7.8%101,306+4.4%391,306425,800-8.1%
Selling Expenses(20,800)(21,500)-3.4%(23,200)-7.9%(23,745)-2.3%(89,245)(79,500)-12.3%
Admin Expenses(18,900)(19,200)-1.6%(20,100)-4.7%(20,432)-1.7%(78,632)(75,200)-4.6%
Operating Profit63,30049,300-22.1%53,700+8.9%57,129+6.4%223,429271,100-17.6%
Other Income/(Expense)28,00024,500-12.5%26,200+6.9%24,544-6.3%103,24479,070+30.6%
FX Gain/(Loss)(14,600)(18,000)-23.3%(15,600)+13.3%(17,600)-12.8%(65,800)(15,200)-332.9%
Profit Before Tax76,70055,800-27.2%64,300+15.2%64,073-0.4%260,873334,970-22.1%
Tax(14,200)(11,800)+16.9%(12,800)-8.5%(13,375)-4.5%(52,175)(89,670)+41.8%
Net Income62,50044,000-29.6%51,500+17.0%50,698-1.6%208,698245,300-14.9%