ANT

Rau quả Thực phẩm An Giang ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 7.21%, +1.34pp YoY

Price

26,650

Latest close

02 Jun 2026

P/E 3.62x

P/B 1.25x

EPS 7,355

BVPS 21,238

ROE 28.4%

ROA 8.2%

Profit Margin 7.0%

Asset Turnover 1.18x

Equity Mult. 3.45x

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

What Is Changing

On a TTM 2026Q1 basis, ANT is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,733bn
	                                
+9.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 125bn
	                                
+34.5%YoY

Metric	2025	2024	2023	2022
Revenue	1,799.8	1,404.8	756.4	584.5
Growth	+28%	+86%	+29%	—
Net Income	129.2	73.7	10.1	35.2
Net Margin	7.18%	5.25%	1.33%	6.02%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	440.3	349.0	464.7	479.4	467.1	293.9	415.9	404.7	291.0
Growth	+26%	-25%	-3%	+3%	+59%	-29%	+3%	+39%	—
Net Income	32.1	30.6	32.4	29.9	38.8	10.2	21.8	22.2	12.7
Net Margin	7.28%	8.78%	6.97%	6.24%	8.30%	3.48%	5.24%	5.48%	4.36%

Drivers of ANT's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 44.4bn

Selling expenses ↓ 8.1bn

Financial income ↑ 6.6bn

Other profit ↑ 5.1bn

Finance costs ↑ 13.5bn

Administrative expenses ↑ 10.8bn

TTM

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

Administrative expenses ↓ 14.2bn

Selling expenses ↓ 4.1bn

Financial income ↑ 2.0bn

Tax ↓ 1.2bn

Gross profit ↓ 23.9bn

Deferred tax ↑ 3.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 32.8% = 5.9% × 1.52 × 3.67

2026Q1 29.3% = 7.2% × 1.18 × 3.45

ROE fell from 32.8% to 29.3% — asset turnover weakened the most, though net margin still provided support.

Net margin: 7.2% +1.3pp Asset turnover: 1.18x -0.34x Leverage: 3.45x -0.22x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin edged up to 7.21%, rising 1.3pp. The main driver is SG&A / Revenue fell 1.2pp and Gross margin rose 0.4pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.3pp added support while Net financial result / Revenue fell 0.2pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 7.21% +1.3pp

Gross Margin 24.79% +0.4pp

SG&A / Revenue 14.20% −1.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC narrowed to 10.61%, falling 0.4pp. That translates to 10.61 in after-tax operating profit for every 100 units of operating capital. Although NOPAT margin rose 1.1pp, capital turnover fell 0.35x still pulled ROIC lower, while invested capital expanded strongly by 292bn.

Pressure came from turnover — added capital has not been absorbed quickly enough, a typical investment-cycle dynamic.

CAPITAL EFFICIENCY TREND

ROIC 10.61% −0.4pp

NOPAT Margin 6.94% +1.1pp

Capital Turnover 1.53x −0.35x

Average Invested Capital 1,132.9bn +291.6bn

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 2.01x equity, net debt at 1.15x equity.

Inventory ended the period at 219.2bn, roughly 15.3% of total assets.

Over the last 12 months, working capital released 107.0bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +125.4bn

Inventories decreased → higher CFO: +53.8bn

Payables decreased → lower CFO: −72.2bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 7.0 days versus the same period last year. The main moves came from DIO rose 3.6 days, DSO rose 11.0 days, and DPO rose 7.6 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 94.8 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +11.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 45.3 days +11.0 days

Inventory 86.4 days +3.6 days

Payables 36.9 days +7.6 days

Cash Conversion Cycle 94.8 days +7.0 days

Is financial risk significant?

Financial risk is low — leverage is safe, both CFO and FCF are positive.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.15x and interest coverage only at 1.91x.

At present, short-term debt accounts for 81.6% of total debt, cash equals 29.3% of debt, and total debt stands at 831.3bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.15x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 1.91x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 1.15x −1.25x

Interest Coverage 1.91x +0.15x

Cash / Debt 29.3% +28.6pp

Short-term Debt / Total Debt 81.6% +4.6pp

CFO / NI 2.26x +2.43x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 249.8bn in 2025, against investing cash flow of -172.5bn.

Post-investment cash flow was positive +77.3bn. Financing cash flow was positive +152.8bn.

CFO / net income was 2.26x.

After spending +61.7bn on fixed-asset investment, the business generated trailing free cash flow of +212.5bn.

Cash Conversion

CFO TTM 274.3bn +290.1bn

Cash Capex 61.7bn −58.4bn

FCF TTM +212.5bn +348.5bn

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 1.3 pp. The main risk still sits in leverage and liquidity, with interest coverage at 1.91x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 7.21% after expanding 1.3pp versus the same period last year.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.91x.

Statement Data

Item	2025	2024	2023	2022
Revenue	1,800.8	1,404.8	757.6	584.6
Revenue Deductions	1.0	0.0	1.2	0.0
Net Revenue	1,799.8	1,404.8	756.4	584.5
Cost of Goods Sold	1,350.0	1,060.4	601.5	418.3
Gross Profit	449.8	344.4	154.9	166.2
Financial Income	31.6	19.1	12.2	9.8
Financial Expenses	73.2	54.5	41.3	12.1
Interest Expense	54.4	39.5	30.6	6.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	139.3	126.4	64.3	70.4
General and Administrative Expenses	125.2	95.5	59.7	54.5
Operating Profit	143.7	87.0	1.7	39.1
Other Income	6.3	0.9	10.3	0.0
Other Expenses	0.6	0.3	0.3	0.1
Other Profit	5.7	0.6	10.0	-0.1
Profit Before Tax	149.4	87.6	11.7	39.0
Current Income Tax Expense	18.0	14.4	3.6	6.1
Deferred Income Tax Expense	2.1	-0.5	-2.0	-2.4
Net Income	129.2	73.7	10.1	35.2
Non-controlling Interest	5.4	0.6	-3.6	0.0
Profit Attributable to Parent	123.9	73.1	13.6	35.2
Earnings per Share	5,875.00	3,975.00	1,412.00	4,401.00
Diluted EPS	5,161.22	3,975.10	946.12	4,400.92

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	965.1	760.4	354.1	183.3
I. Cash and cash equivalents	287.4	57.2	25.8	12.3
1. Cash	11.9	57.2	23.2	8.7
2. Cash equivalents	275.5	0.0	2.6	3.6
II. Short-term financial investments	256.5	143.5	11.3	23.0
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	256.5	143.5	11.3	23.0
III. Short-term receivables	146.9	212.7	135.3	40.9
1. Short-term trade accounts receivable	138.3	79.8	34.7	20.3
2. Short-term prepayments to suppliers	6.3	16.6	6.0	3.4
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	8.5	121.0	98.4	20.6
7. Provision for short-term doubtful debts (*)	-6.1	-4.7	-3.8	-3.3
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	219.2	323.0	166.7	94.5
1. Inventories	232.9	331.4	171.9	97.5
2. Provision for decline in value of inventories	-13.7	-8.4	-5.2	-3.0
V. Other short-term assets	55.1	23.9	15.0	12.6
1. Short-term prepayments	5.8	5.5	3.3	2.9
2. Value added tax to be reclaimed	49.2	18.5	11.7	9.7
3. Taxes and other receivables from state authorities	0.0	0.0	0.0	0.0
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)	471.4	463.1	432.5	220.9
I. Long-term receivables	7.0	7.0	3.7	3.7
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	7.0	7.0	3.7	3.7
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	422.3	392.3	394.0	113.2
1. Tangible fixed assets	401.1	362.4	378.0	92.4
- Cost	661.3	577.2	558.3	255.1
- Accumulated depreciation	-260.2	-214.8	-180.3	-162.7
2. Financial leased fixed assets	18.5	26.9	13.1	17.8
- Cost	39.1	39.1	18.5	18.5
- Accumulated depreciation	-20.6	-12.3	-5.4	-0.8
3. Intangible fixed assets	2.7	3.0	2.9	3.0
- Cost	5.2	5.2	4.8	4.6
- Accumulated depreciation	-2.6	-2.2	-1.9	-1.6
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	5.7	34.6	0.4	70.9
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	5.7	34.6	0.4	70.9
V. Long-term financial investments	4.0	4.0	4.0	20.0
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	20.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	4.0	4.0	4.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	32.5	25.3	30.4	13.1
1. Long-term prepayments	24.0	13.9	18.7	10.7
2. Deferred income tax assets	2.7	4.8	4.3	2.4
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	5.8	6.6	7.4	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,436.6	1,223.6	786.6	404.2
A. LIABILITIES (300=210+330)	958.8	921.7	558.4	273.2
I. Short -term liabilities	807.5	736.6	363.4	226.6
1. Short-term trade accounts payable	67.2	70.2	34.7	43.6
2. Short-term advances from customers	1.7	63.7	20.8	0.6
3. Taxes and other payables to state authorities	18.1	15.1	3.6	2.2
4. Payable to employees	14.9	8.4	5.9	5.1
5. Short-term acrrued expenses	15.7	25.3	10.7	17.7
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	0.1	0.0
9. Other short-term payables	3.7	1.5	3.5	2.0
10. Short-term borrowings and financial leases	685.0	546.3	284.1	155.3
11. Provision for short-term liabilities	0.8	6.1	0.0	0.0
12.. Bonus and welfare fund	0.5	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	151.4	185.1	195.1	46.6
1. Long-term trade payables	—	1.2	14.3	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	0.1	0.1	0.1
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	148.6	181.7	178.5	44.2
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	2.7	2.1	2.2	2.2
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)	477.7	301.9	228.2	131.0
I. Owner's equity	477.7	301.9	228.2	131.0
1. Owner's capital	240.0	184.0	144.0	80.0
- Common stock with voting right	240,037,080,000.00	183,998,230,000.00	143,999,880,000.00	80,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	9.6	-0.2	-0.2	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
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	5.6
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	198.4	93.8	60.6	45.4
- Accumulated retained earning at the end of the previous period	74.5	20.6	47.0	10.2
- Undistributed earnings in this period	123.9	73.1	13.6	35.2
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	29.6	24.3	23.7	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)	1,436.6	1,223.6	786.6	404.2

Item	2025	2024	2023	2022
Profit Before Tax	149.4	87.6	11.7	39.0
Depreciation of Fixed Assets and Investment Property	56.9	47.7	34.3	18.7
Provision (Increase)/Reversal	2.2	10.1	-1.5	4.8
FX Gain/Loss from Revaluation of Monetary Items	0.4	0.2	0.1	-1.0
Gain/Loss from Investment Activities	-14.2	-3.2	-3.2	-0.5
Interest Expense	54.4	39.5	30.6	6.1
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	249.1	181.9	71.9	67.0
Increase/(Decrease) in Receivables	29.0	-69.3	-103.7	-4.8
Increase/(Decrease) in Inventory	100.7	-159.2	-63.8	-38.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-67.2	79.9	11.2	25.9
Increase/(Decrease) in Prepaid Expenses	7.3	2.6	0.0	1.5
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-54.2	-39.3	-28.4	-6.0
Corporate Income Tax Paid	-14.6	-3.2	-2.5	-4.7
Other Operating Receipts	0.0	0.0	2.0	0.0
Other Operating Payments	-0.3	-0.1	-0.0	-0.4
Net Cash Flow from Operating Activities	249.8	-6.8	-113.4	40.2
Payments for Fixed Assets and Other Long-term Assets	-69.8	-75.5	-71.1	-82.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.1	0.5	0.0
Loans and Purchases of Debt Instruments	-228.0	-192.3	-22.8	-55.6
Receipts from Loan Repayments and Sale of Debt Instruments	115.0	60.1	41.3	33.6
Investments in Other Entities	—	0.0	-17.7	-40.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	10.1	1.7	2.8	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	-172.5	-205.9	-67.0	-144.5
Proceeds from Equity Issuance and Capital Contributions	47,220,176,576.00	0.00	59,818,009,544.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	1,500.0	1,171.6	658.7	430.3
Repayment of Borrowings	-1,386.1	-917.9	-520.4	-335.2
Repayment of Finance Leases	-8.3	-9.7	-4.2	-2.2
Dividends Paid	—	0.0	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	152.8	244.0	193.9	92.9
Net Cash Flow During the Period	230.2	31.4	13.5	-11.4
Cash and Cash Equivalents at Beginning of Period	57.2	25.8	12.3	23.7
FX Difference from Revaluation	-0.0	0.0	0.0	-0.0
Cash and Cash Equivalents at End of Period	287.4	57.2	25.8	12.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Revenue	440.3	350.0	464.7	479.4	467.1	293.9	416.0	404.7	291.0
Revenue Deductions	0.0	1.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	440.3	349.0	464.7	479.4	467.1	293.9	415.9	404.7	291.0
Cost of Goods Sold	337.6	276.0	343.6	346.4	340.6	225.4	328.0	302.3	213.9
Gross Profit	102.7	73.0	121.0	133.0	126.5	68.5	87.9	102.4	77.1
Financial Income	7.8	8.8	8.2	8.8	5.8	7.6	7.1	6.4	5.3
Financial Expenses	14.6	15.9	18.2	25.8	13.3	15.6	16.3	15.9	8.9
Interest Expense	13.2	13.9	14.3	14.8	11.4	13.9	12.7	10.0	5.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0
Selling Expenses	32.8	10.3	54.3	37.8	36.9	27.1	35.9	43.3	37.7
General and Administrative Expenses	23.8	24.1	20.2	42.9	38.0	20.7	17.1	24.4	20.7
Operating Profit	39.3	31.5	36.4	35.3	44.1	12.7	25.7	25.2	15.1
Other Income	0.0	6.3	0.0	0.0	0.0	0.1	0.7	0.1	0.0
Other Expenses	0.1	0.4	0.1	0.0	0.1	0.1	0.1	0.1	0.1
Other Profit	-0.1	5.8	-0.1	-0.0	-0.1	0.0	0.7	0.0	-0.1
Profit Before Tax	39.2	37.4	36.4	35.3	44.1	12.7	26.4	25.2	15.1
Current Income Tax Expense	5.9	3.3	5.0	3.5	7.1	2.0	4.7	3.3	2.4
Deferred Income Tax Expense	1.2	3.4	-1.0	1.9	-1.8	0.5	-0.1	-0.3	0.0
Net Income	32.1	30.6	32.4	29.9	38.8	10.2	21.8	22.2	12.7
Non-controlling Interest	1.7	2.2	-0.8	0.7	1.7	-1.0	-0.8	1.0	0.0
Profit Attributable to Parent	30.3	28.4	33.2	29.2	37.0	11.2	22.6	21.2	12.7
Earnings per Share	1,265.00	1,246.00	1,731.00	3,113.00	1,992.00	611.00	1,229.00	1,151.00	690.01
Diluted EPS	1,264.34	1,185.05	1,617.47	1,426.45	1,986.08	610.96	1,228.82	1,151.48	690.01

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,044.9	965.1	935.7	1,010.7	954.3	747.6	631.9	595.6	381.1
I. Cash and cash equivalents	243.5	287.4	259.0	6.8	6.0	57.2	13.3	31.6	22.4
1. Cash	15.0	11.9	212.0	6.8	6.0	57.2	13.3	29.0	19.8
2. Cash equivalents	228.5	275.5	47.0	—	—	0.0	0.0	2.6	2.6
II. Short-term financial investments	234.8	256.5	262.0	237.0	204.5	143.5	108.3	50.8	11.3
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	234.8	256.5	262.0	237.0	204.5	143.5	108.3	50.8	11.3
III. Short-term receivables	225.0	146.9	149.9	403.5	387.4	212.7	215.0	267.2	140.1
1. Short-term trade accounts receivable	218.6	138.3	146.7	199.5	211.3	79.8	79.8	125.3	85.8
2. Short-term prepayments to suppliers	7.9	6.3	3.2	10.7	16.2	16.6	9.1	9.2	6.8
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	48.5
6. Other short-term receivables	4.6	8.5	5.1	198.4	164.6	121.0	130.8	137.4	3.5
7. Provision for short-term doubtful debts (*)	-6.1	-6.1	-5.1	-5.1	-4.7	-4.7	-4.6	-4.6	-4.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0
IV. Inventories	282.9	219.2	224.5	324.0	326.1	310.2	273.9	228.7	196.5
1. Inventories	282.9	232.9	237.2	330.3	334.5	328.5	290.6	246.9	208.5
2. Provision for decline in value of inventories	—	-13.7	-12.7	-6.3	-8.4	-18.3	-16.7	-18.2	-12.0
V. Other short-term assets	58.7	55.1	40.4	39.5	30.3	23.9	21.4	17.3	10.9
1. Short-term prepayments	7.1	5.8	5.2	6.5	5.5	5.5	4.1	4.4	3.4
2. Value added tax to be reclaimed	50.7	49.2	35.2	33.0	24.8	18.5	17.3	12.7	6.8
3. Taxes and other receivables from state authorities	0.9	0.0	—	—	0.0	0.0	0.0	0.1	0.6
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)	471.5	471.4	469.4	467.2	470.3	478.9	436.4	432.0	274.5
I. Long-term receivables	6.9	7.0	7.0	6.7	7.8	7.0	7.0	6.5	4.5
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.8	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	6.9	7.0	7.0	6.7	6.9	7.0	7.0	6.5	4.5
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0
II. Fixed assets	417.7	422.3	427.3	421.8	412.9	392.3	383.4	382.5	193.8
1. Tangible fixed assets	398.7	401.1	403.9	396.3	385.2	362.4	351.7	356.5	173.6
- Cost	671.7	—	—	—	—	577.2	557.1	552.1	347.8
- Accumulated depreciation	-273.0	—	—	—	—	-214.8	-205.4	-195.6	-174.2
2. Financial leased fixed assets	16.4	18.5	20.6	22.7	24.8	26.9	28.5	22.7	17.4
- Cost	39.1	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	-22.7	—	—	—	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.6	2.7	2.8	2.8	2.9	3.0	3.1	3.2	2.7
- Cost	5.2	—	—	—	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	-2.7	—	—	—	—	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	—	5.7	—	6.1	16.3	34.6	5.8	5.4	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	5.7	—	6.1	16.3	34.6	5.8	5.4	0.0
V. Long-term financial investments	14.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	62.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	58.5
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	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	—	—	—	—	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	14.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0	4.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	32.9	32.5	31.1	28.6	29.3	41.1	36.3	33.7	13.7
1. Long-term prepayments	25.8	24.0	19.2	17.6	16.4	28.6	23.0	22.1	12.0
2. Deferred income tax assets	1.5	2.7	5.9	4.9	6.6	5.9	6.5	4.6	1.7
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	0.0
5. Goodwill	5.6	5.8	6.0	6.2	6.4	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	6.6	6.8	7.0	0.0
TOTAL ASSETS (280=100+200)	1,516.4	1,436.6	1,405.1	1,478.0	1,424.6	1,226.5	1,068.3	1,027.7	655.7
A. LIABILITIES (300=210+330)	1,006.6	958.8	1,001.3	1,107.4	1,081.7	926.7	779.0	762.1	431.9
I. Short -term liabilities	851.4	807.5	829.1	928.2	888.9	739.7	601.1	565.0	356.9
1. Short-term trade accounts payable	134.2	67.2	54.4	117.1	129.2	70.2	43.2	57.7	63.0
2. Short-term advances from customers	3.3	1.7	6.7	12.4	60.4	63.7	57.7	11.0	8.1
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	6.0	18.1	14.7	10.5	8.1	15.7	13.2	5.7	3.1
4. Payable to employees	17.3	14.9	12.1	9.7	10.4	8.4	8.7	9.2	7.1
5. Short-term acrrued expenses	5.4	15.7	24.5	39.7	31.0	25.3	28.4	30.9	18.1
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	5.9	3.7	4.2	3.9	3.2	1.5	3.3	4.1	5.4
10. Short-term borrowings and financial leases	678.7	685.0	694.4	733.6	640.5	544.3	427.5	427.5	240.3
11. Provision for short-term liabilities	—	0.8	17.7	0.8	6.1	10.5	19.0	19.0	11.7
12.. Bonus and welfare fund	0.4	0.5	0.4	0.5	0.0	0.0	0.0	0.0	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	155.2	151.4	172.2	179.2	192.8	187.0	177.9	197.0	75.0
1. Long-term trade payables	—	—	—	1.2	—	1.2	4.1	9.7	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	0.1	0.1	0.1	0.1	0.1	0.1
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	152.6	148.6	169.4	175.2	190.7	183.7	171.6	185.2	72.8
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	2.6	2.7	2.7	2.8	2.1	2.1	2.1	2.1	2.1
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)	509.8	477.7	403.8	370.6	343.0	299.8	289.3	265.6	223.8
I. Owner's equity	509.8	477.7	403.8	370.6	343.0	299.8	289.3	265.6	223.8
1. Owner's capital	240.0	240.0	205.0	205.0	186.4	184.0	184.0	184.0	184.0
- Common stock with voting right	240,037,080,000.00	240,037,080,000.00	205,037,080,000.00	205,037,080,000.00	186,398,230,000.00	183,998,230,000.00	183,998,230,000.00	183,998,230,000.00	183,998,230,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00
2. Share premium	9.6	9.6	-0.3	-0.3	-0.3	-0.2	-0.2	-0.2	-0.2
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	0.00	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	—	—	—	—	—	0.0	0.0	0.0	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	228.8	198.4	171.1	138.4	130.8	91.6	80.0	56.1	40.0
- Accumulated retained earning at the end of the previous period	198.4	74.5	74.5	74.5	93.8	20.6	20.6	20.6	27.3
- Undistributed earnings in this period	30.3	123.9	96.5	63.8	37.0	70.9	59.4	35.5	12.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0
13. Minority's interest	31.3	29.6	28.0	27.5	26.0	24.4	25.5	25.7	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)	1,516.4	1,436.6	1,405.1	1,478.0	1,424.6	1,226.5	1,068.3	1,027.7	655.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24
Profit Before Tax	39.2	35.5	36.4	33.5	44.1	13.0	29.2	27.7	15.1
Depreciation of Fixed Assets and Investment Property	15.2	14.9	14.6	14.2	13.3	12.4	12.1	15.1	8.1
Provision (Increase)/Reversal	-14.5	-14.9	23.3	-6.2	-0.0	-6.9	-1.5	9.7	23.1
FX Gain/Loss from Revaluation of Monetary Items	—	-5.6	0.2	5.8	—	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-5.6	-5.9	-3.8	-2.6	-1.9	-1.6	-1.0	0.6	-1.3
Interest Expense	13.2	13.9	14.3	14.8	11.4	10.5	9.8	14.1	5.0
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	47.4	37.9	85.0	59.4	66.8	27.4	48.6	67.2	50.0
Increase/(Decrease) in Receivables	-85.3	-6.2	244.1	-27.2	-181.7	10.0	45.4	-82.7	-50.8
Increase/(Decrease) in Inventory	-50.0	6.4	93.1	4.2	-3.1	-37.9	-43.6	-10.6	-64.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	72.4	-10.7	-82.4	-51.6	77.4	33.2	28.5	14.0	34.3
Increase/(Decrease) in Prepaid Expenses	1.7	2.0	3.1	4.7	-2.5	-6.9	-0.6	-3.3	-1.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0
Interest Paid	-13.5	-13.4	-14.7	-14.1	-12.0	-10.1	-10.0	-14.2	-5.0
Corporate Income Tax Paid	-17.8	-0.1	0.0	-0.1	-14.5	0.0	0.0	-0.6	-2.6
Other Operating Receipts	0.0	—	—	—	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.0	-0.0	-0.2	-0.1	-0.0	0.0	-0.0	-0.0	-0.0
Net Cash Flow from Operating Activities	-45.1	15.9	328.1	-24.7	-69.6	15.6	68.3	-30.2	-39.8
Payments for Fixed Assets and Other Long-term Assets	-19.5	-18.1	-8.4	-15.7	-27.6	-65.5	-7.6	-19.4	-3.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	—	—	—	0.1	0.0	-3.7	3.8
Loans and Purchases of Debt Instruments	-78.6	-62.5	-29.0	-43.0	-93.5	-84.0	-57.5	-48.2	-2.6
Receipts from Loan Repayments and Sale of Debt Instruments	94.0	68.0	4.0	10.5	32.5	48.8	0.0	5.2	6.2
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	7.6	4.2	2.5	2.0	1.4	1.0	0.4	0.2	0.2
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	3.5	-8.2	-30.9	-46.1	-87.2	-99.6	-64.7	-66.0	4.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	377.6	348.1	311.9	442.4	397.7	310.4	315.6	351.7	193.4
Repayment of Borrowings	-377.8	-370.2	-354.8	-368.7	-292.4	-180.4	-334.2	-243.9	-159.4
Repayment of Finance Leases	-2.1	-2.1	-2.1	-2.1	-2.1	-2.1	-3.3	-3.3	-1.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0
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	-2.3	20.7	-45.0	71.6	105.5	127.9	-21.8	104.5	33.0
Net Cash Flow During the Period	-43.9	28.4	252.2	0.8	-51.2	43.9	-18.3	8.3	-2.6
Cash and Cash Equivalents at Beginning of Period	287.4	259.0	6.8	6.0	57.2	25.8	25.8	25.8	24.9
FX Difference from Revaluation	-0.0	-0.0	—	0.0	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	243.5	287.4	259.0	6.8	6.0	57.2	13.3	31.6	22.4

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ANT

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