Sharp Revenue DeclineA ~22% revenue drop in 2025 materially reduces scale and undermines pricing power and fixed-cost absorption. Prolonged top-line contraction risks longer-term market share erosion, forces restructuring or price concessions, and makes sustainable recovery of margins more difficult.
Collapse In Net ProfitabilityNet income plunged and net margin compressed to near-zero in 2025, and ROE is near zero. This volatility erodes retained earnings and limits the company's ability to fund growth or returns internally, making consistent shareholder value creation uncertain over the medium term.
Weakened Cash Conversion In 2025Operating cash flow and free cash flow swung sharply in 2025, producing negative FCF. Even with low leverage, continued weak cash conversion pressures liquidity, may force cuts to capex or dividends, and could require external funding if recovery is delayed.