Leverage and liquidity require close discipline
·
Debt/equity
0.52x
Price
20,400
Latest close
02 Jun 2026
P/E
54.55x
P/B
1.33x
EPS
374
BVPS
15,313
ROE
3.4%
ROA
0.8%
Profit Margin
2.2%
Asset Turnover
0.37x
Equity Mult.
4.13x
TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity
What Is Changing
On a TTM 2026Q1 basis, CDC is losing revenue quickly, though margins have not been hit proportionally yet — profit momentum has been slowing across consecutive periods. More notably, operating cash flow is significantly negative relative to profit — this is pressure that needs close monitoring.
TTM REVENUE
VND 976bn
−19.2%YoY
NET MARGIN
2.20%
−0.8ppYoY
TTM NET PROFIT
VND 21bn
−39.9%YoY
CFO / Net Income
-8.46x
negative cash flow vs profit
Metric
2025
2024
2023
2022
2021
Revenue
1,240.0
1,168.8
1,303.7
1,325.0
796.6
Growth
+6%
-10%
-2%
+66%
—
Net Income
15.6
23.3
10.7
8.6
36.6
Net Margin
1.26%
2.00%
0.82%
0.65%
4.60%
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
216.9
240.1
289.4
229.5
256.9
438.9
234.8
277.8
214.0
408.9
312.3
329.6
Growth
-10%
-17%
+26%
-11%
-41%
+87%
-16%
+30%
-48%
+31%
-5%
—
Net Income
0.9
10.3
8.2
2.0
1.8
22.6
0.8
10.4
0.8
10.5
5.0
0.7
Net Margin
0.41%
4.27%
2.85%
0.89%
0.71%
5.15%
0.34%
3.76%
0.35%
2.57%
1.59%
0.22%
Drivers of CDC's profit
TTM·
|
Net profit attributable to parent declined vs last year, mainly due to lower gross profit. Supporting and offsetting drivers:
Finance costs
↓ 21.8bn
Financial income
↑ 11.6bn
Gross profit
↓ 17.4bn
Other profit
↓ 5.3bn
Administrative expenses
↑ 3.2bn
Tax
↑ 2.8bn
TTM·
|
Net profit attributable to parent declined vs prior quarter, mainly due to lower financial income. Supporting and offsetting drivers:
Net margin narrowed to 2.20%, falling 0.8pp. The main pressure comes from SG&A / Revenue rose 0.7pp and Gross margin fell 0.3pp (in addition, Net financial result / Revenue rose 2.7pp added support while Other profit / Revenue fell 0.4pp remained a drag).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
Profitability trend
Net Margin
2.20%
−0.8pp
Gross Margin
5.93%
−0.3pp
SG&A / Revenue
2.73%
+0.7pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 1.1% fluctuates with handover cycles.
Is capital being deployed efficiently?
▲
ROIC edged up to 1.13%, rising 0.8pp. That translates to 1.13 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.7pp, with capital turnover fell 0.46x; while invested capital expanded strongly by 574bn.
For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.
CAPITAL EFFICIENCY TREND
TTM YoY · 2025Q1 -> 2026Q1
ROIC
1.13%
+0.8pp
NOPAT Margin
2.05%
+1.7pp
Capital Turnover
0.55x
−0.46x
Average Invested Capital
1,770.1bn
+573.9bn
Balance Sheet
●
ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is typical for the real estate sector — liabilities at 2.57x equity, net debt at 1.75x equity.
Development inventory ended the period at 1,054.3bn, about 36.6% of total assets — reflecting projects in progress awaiting handover.
Over the last 12 months, working capital absorbed 160.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.
Working Capital Drivers
TTM YoY · 2025Q1 -> 2026Q1
Receivables increased
→ lower CFO:
−118.9bn
Inventories increased
→ lower CFO:
−747.3bn
Payables increased
→ higher CFO:
+705.7bn
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼
Leverage warrants monitoring, with net debt / equity at 1.75x and interest coverage only at 0.52x.
At present, short-term debt accounts for 57.3% of total debt, cash equals 7.2% of debt, and total debt stands at 1,526.4bn.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
Watchpoints
Net leverage is elevated
Net debt / equity stands at 1.75x, increasing balance-sheet pressure.
Interest coverage is thin
Interest coverage is 0.52x, leaving limited room to absorb financing costs.
Leverage and liquidity trend
Net Debt / Equity
1.75x
−0.12x
Interest Coverage
0.52x
+0.32x
Cash / Debt
7.2%
−19.9pp
Short-term Debt / Total Debt
57.3%
−17.3pp
CFO / NI
-8.46x
+15.32x
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●
High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -612.4bn in 2025, against investing cash flow of -94.0bn.
Post-investment cash flow was negative +706.4bn. Financing cash flow was positive +807.5bn.
CFO / net income was -8.46x.
Track how much investment can be funded internally from operating cash flow.
For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.
Cash Conversion
TTM Cash Conversion · 2025Q1 -> 2026Q1
CFO TTM
179.6bn
+628.9bn
Cash Capex
—
—
FCF TTM
—
—
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 leverage and liquidity remaining the main constraint, with interest coverage at 0.52x. The next watchpoint is capital efficiency, with ROIC at 1.1%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at -8.46x.
Improvement: earnings conversion looks more confirmed, with CFO / net income at -8.46x.
Watchpoint: Capital efficiency needs cycle context.
Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.52x.
Statement Data
Item
2025
2024
2023
2022
2021
Revenue
1,240.0
1,168.8
1,303.7
1,325.6
796.6
Revenue Deductions
—
0.0
0.0
0.6
0.0
Net Revenue
1,240.0
1,168.8
1,303.7
1,325.0
796.6
Cost of Goods Sold
1,189.9
1,100.7
1,207.9
1,263.2
0.0
Gross Profit
50.1
68.1
95.8
61.9
54.0
Financial Income
52.9
37.8
25.3
19.5
22.9
Financial Expenses
59.2
64.2
59.5
40.3
-13.9
Interest Expense
57.5
60.8
55.0
38.9
-12.1
Share of Associates and Joint Ventures
2.9
1.8
-0.7
0.0
-0.1
Selling Expenses
0.1
1.5
1.9
3.3
-1.9
General and Administrative Expenses
26.5
38.5
40.4
43.3
-28.6
Operating Profit
20.0
3.5
18.6
-5.5
32.3
Other Income
2.5
9.1
3.9
20.0
0.0
Other Expenses
1.7
1.0
1.6
2.5
0.0
Other Profit
0.9
8.1
2.2
17.5
11.7
Profit Before Tax
20.8
11.7
20.9
12.1
44.0
Current Income Tax Expense
9.2
6.2
9.5
2.9
-7.4
Deferred Income Tax Expense
-4.0
-17.9
0.7
0.6
0.0
Net Income
15.6
23.3
10.7
8.6
36.6
Non-controlling Interest
0.4
-0.7
2.1
1.5
2.4
Profit Attributable to Parent
15.3
24.0
8.6
7.0
34.3
Earnings per Share
354.00
1,094.00
389.00
188.00
837.00
Diluted EPS
159.00
547.00
389.00
320.09
1,559.46
Item
2025
2024
2023
2022
2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)
2,642.7
1,606.7
1,613.2
1,447.1
1,104.9
I. Cash and cash equivalents
124.8
23.7
121.2
92.8
35.1
1. Cash
124.8
12.7
77.5
92.8
0.0
2. Cash equivalents
—
10.9
43.7
0.0
0.0
II. Short-term financial investments
405.7
369.0
350.4
354.3
0.0
1. Available for sale securities
0.9
0.9
0.9
0.9
0.0
2. Provision for diminution in value of available for sale securities (*)
-0.2
-0.2
-0.2
-0.2
0.0
3. Held to maturity investments
405.0
368.2
349.6
353.5
0.0
III. Short-term receivables
1,027.2
865.3
745.8
742.0
449.0
1. Short-term trade accounts receivable
296.7
218.8
562.0
575.3
0.0
2. Short-term prepayments to suppliers
467.6
427.0
96.6
182.5
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
41.9
56.4
81.4
5.0
0.0
6. Other short-term receivables
254.8
198.1
80.3
53.7
0.0
7. Provision for short-term doubtful debts (*)
-34.0
-35.0
-74.6
-74.6
0.0
8. Assets awaiting resolution
0.1
0.1
0.1
0.1
0.0
IV. Inventories
1,054.3
338.0
382.4
242.5
219.4
1. Inventories
1,054.3
338.0
382.4
242.5
0.0
2. Provision for decline in value of inventories
—
0.0
0.0
0.0
0.0
V. Other short-term assets
30.8
10.7
13.4
15.5
12.0
1. Short-term prepayments
0.4
1.0
7.5
0.3
0.0
2. Value added tax to be reclaimed
26.7
6.1
5.5
13.2
0.0
3. Taxes and other receivables from state authorities
3.8
3.6
0.4
2.0
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)
235.7
399.3
192.7
209.7
170.2
I. Long-term receivables
1.6
156.5
0.6
0.7
0.0
1. Long-term trade receivables
—
0.0
0.0
0.0
10.1
2. Long-term prepayments to suppliers
—
138.9
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
1.6
17.6
0.6
0.7
0.0
7. Provision for long-term doubtful debts
—
0.0
0.0
0.0
0.0
II. Fixed assets
13.8
12.3
118.5
125.7
30.4
1. Tangible fixed assets
10.3
12.3
49.2
52.3
28.1
- Cost
35.6
37.6
159.1
152.1
0.0
- Accumulated depreciation
-25.3
-25.3
-109.9
-99.8
0.0
2. Financial leased fixed assets
3.4
0.0
6.0
6.6
0.0
- Cost
3.6
0.0
6.6
6.6
0.0
- Accumulated depreciation
-0.2
0.0
-0.7
0.0
0.0
3. Intangible fixed assets
—
0.0
63.4
66.8
2.3
- Cost
—
0.0
66.8
66.8
0.0
- Accumulated depreciation
—
0.0
-3.4
0.0
0.0
III. Investment properties
35.4
37.2
39.2
41.0
42.8
- Cost
65.4
65.4
66.8
65.0
0.0
- Accumulated depreciation
-30.0
-28.2
-27.6
-24.0
0.0
IV. Long-term assets in progress
35.7
119.9
28.8
28.8
28.7
1. Long-term production in progress
34.6
119.8
28.8
28.7
0.0
2. Construction in progress
1.2
0.1
0.0
0.1
0.0
V. Long-term financial investments
142.4
71.8
3.3
7.5
56.3
1. Investments in subsidiaries
—
0.0
0.0
0.0
0.0
2. Investments in associates, joint-ventures
141.9
71.8
0.0
1.2
0.0
3. Investments in other entities
0.5
0.0
6.3
6.3
0.0
4. Provision for diminution in value of long-term investments
—
0.0
-3.0
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
6.8
1.6
2.2
5.9
0.0
1. Long-term prepayments
2.3
1.1
2.2
5.9
0.0
2. Deferred income tax assets
4.5
0.5
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
1.8
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)
2,878.4
2,006.0
1,805.9
1,656.8
1,275.1
A. LIABILITIES (300=210+330)
2,071.2
1,549.5
1,467.6
1,329.7
973.7
I. Short -term liabilities
1,137.3
1,176.6
1,216.3
1,050.8
894.4
1. Short-term trade accounts payable
71.4
100.1
182.1
216.5
144.1
2. Short-term advances from customers
93.5
47.2
147.7
170.0
146.9
3. Taxes and other payables to state authorities
13.3
10.6
13.1
10.2
0.0
4. Payable to employees
9.5
6.0
9.1
9.6
0.0
5. Short-term acrrued expenses
152.4
124.1
53.7
87.3
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
—
7.9
0.0
0.0
0.0
9. Other short-term payables
19.7
17.7
17.5
13.1
0.0
10. Short-term borrowings and financial leases
767.9
851.4
777.8
518.4
451.7
11. Provision for short-term liabilities
8.5
8.5
11.3
21.7
0.0
12.. Bonus and welfare fund
1.3
3.2
4.1
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
933.9
372.9
251.2
278.8
79.3
1. Long-term trade payables
66.1
52.0
48.1
0.0
0.0
2. Long-term advances from customers
93.6
96.7
108.7
96.1
0.0
3. Long-term acrrued expenses
30.0
30.0
30.0
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
0.2
0.2
0.2
0.2
0.2
7. Other long-term liabilities
6.7
6.7
6.6
7.0
0.0
8. Long-term borrowings and financial leases
734.2
184.2
37.1
155.5
46.5
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
2.2
2.3
19.6
19.0
0.0
12. Provision for long-term liabilities
0.9
0.9
0.9
1.0
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)
807.2
456.5
338.3
327.2
301.4
I. Owner's equity
807.2
456.5
338.3
327.2
0.0
1. Owner's capital
527.7
219.9
219.9
219.9
301.4
- Common stock with voting right
527,726,610,000.00
219,887,160,000.00
219,887,160,000.00
219,887,160,000.00
219,887,160,000.00
- Preferred stock
—
0.00
0.00
0.00
0.00
2. Share premium
21.4
14.3
14.3
14.3
14.3
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
7.1
7.1
7.9
5.6
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
14.1
82.9
68.3
73.4
48.0
- Accumulated retained earning at the end of the previous period
-1.2
58.8
41.8
66.3
12.1
- Undistributed earnings in this period
15.3
24.0
26.6
7.0
35.9
12. Reserves for investment in construction
—
0.0
0.0
0.0
0.0
13. Minority's interest
236.8
132.3
27.9
14.0
13.4
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)
2,878.4
2,006.0
1,805.9
1,656.8
1,275.1
Item
2025
2024
2023
2022
2021
Profit Before Tax
20.8
11.7
20.9
12.1
38.7
Depreciation of Fixed Assets and Investment Property
5.8
8.4
12.3
4.7
5.9
Provision (Increase)/Reversal
-0.9
2.4
3.9
-7.1
0.0
FX Gain/Loss from Revaluation of Monetary Items
0.1
0.1
-0.1
2.6
0.0
Gain/Loss from Investment Activities
-37.6
-24.9
-24.3
-19.8
0.0
Interest Expense
57.5
60.8
55.0
38.9
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
45.7
58.4
67.7
31.5
63.5
Increase/(Decrease) in Receivables
-95.8
-803.4
149.2
-307.0
0.0
Increase/(Decrease) in Inventory
-655.4
-160.5
-140.0
-23.8
0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)
152.4
315.7
-61.4
93.3
0.0
Increase/(Decrease) in Prepaid Expenses
-0.6
3.4
-3.4
0.5
0.0
Changes in Trading Securities
—
0.0
0.0
0.0
0.0
Interest Paid
-52.8
-58.1
-54.0
-38.1
0.0
Corporate Income Tax Paid
-4.2
-5.9
-4.5
-6.4
0.0
Other Operating Receipts
—
0.0
0.0
0.0
0.0
Other Operating Payments
-1.8
-2.5
-1.1
0.0
0.0
Net Cash Flow from Operating Activities
-612.4
-652.8
-47.6
-249.9
-243.1
Payments for Fixed Assets and Other Long-term Assets
-0.7
-0.5
-8.8
-3.2
-8.5
Proceeds from Disposal of Fixed Assets and Long-term Assets
—
0.0
0.0
1.5
24.1
Loans and Purchases of Debt Instruments
-394.3
-244.4
-133.9
0.0
-304.5
Receipts from Loan Repayments and Sale of Debt Instruments
314.7
206.5
21.4
0.0
269.1
Investments in Other Entities
-67.8
-44.9
0.0
-0.0
-48.8
Proceeds from Investments in Other Entities
26.9
25.7
2.0
0.0
0.0
Dividends and Interest Income Received
27.1
23.2
19.1
19.2
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
-94.0
-34.4
-100.1
17.5
-41.8
Proceeds from Equity Issuance and Capital Contributions
335,796,776,000.00
148,700,000,000.00
0.00
0.00
0.00
Share Repurchases
—
0.00
0.00
0.00
0.00
Proceeds from Borrowings
1,806.6
1,540.0
1,118.2
849.0
592.8
Repayment of Borrowings
-1,334.2
-1,093.9
-939.7
-676.2
-320.8
Repayment of Finance Leases
-0.8
-0.4
-1.1
0.0
0.0
Dividends Paid
—
-4.6
-1.2
-2.3
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
807.5
589.7
176.1
170.5
271.9
Net Cash Flow During the Period
101.1
-97.5
28.4
-61.9
27.5
Cash and Cash Equivalents at Beginning of Period
23.7
121.2
92.8
25.3
48.1
FX Difference from Revaluation
—
0.0
-0.0
0.0
0.0
Cash and Cash Equivalents at End of Period
124.8
23.7
121.2
-36.6
35.1
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
216.9
240.1
289.4
229.5
256.9
438.9
234.8
277.8
214.0
408.9
312.3
329.6
Revenue Deductions
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Net Revenue
216.9
240.1
289.4
229.5
256.9
438.9
234.8
277.8
214.0
408.9
312.3
329.6
Cost of Goods Sold
203.9
235.4
263.2
215.6
242.9
426.5
225.9
237.8
200.4
374.2
287.6
305.8
Gross Profit
13.1
4.7
26.1
13.9
13.9
12.4
8.9
40.0
13.7
34.7
24.7
23.8
Financial Income
2.8
38.6
4.5
3.9
4.5
17.2
4.3
12.1
2.8
10.2
3.0
4.6
Financial Expenses
8.1
18.1
15.7
11.3
11.0
27.8
6.6
29.6
7.2
17.9
13.1
15.8
Interest Expense
8.1
17.4
15.7
10.3
11.0
25.0
6.5
22.1
7.2
16.6
11.6
15.5
Share of Associates and Joint Ventures
—
-1.1
-0.1
0.9
0.1
0.0
0.2
0.6
0.0
0.0
0.0
0.0
Selling Expenses
0.1
0.1
0.1
—
—
0.0
0.5
0.5
0.5
0.4
0.4
0.4
General and Administrative Expenses
5.4
9.4
6.0
5.6
4.7
2.7
5.2
10.5
7.4
11.7
7.8
11.4
Operating Profit
2.3
14.6
8.7
1.9
2.7
-0.9
1.1
12.2
1.5
14.9
6.5
0.7
Other Income
2.4
0.2
2.0
0.5
0.1
5.5
0.1
1.0
0.1
0.9
0.1
1.0
Other Expenses
3.7
0.3
0.3
1.0
0.3
0.4
0.4
0.3
0.1
0.4
0.0
0.1
Other Profit
-1.3
-0.1
1.7
-0.5
-0.2
5.1
-0.3
0.6
0.1
0.5
0.1
0.9
Profit Before Tax
0.9
14.5
10.5
1.4
2.5
4.2
0.8
12.8
1.5
15.5
6.5
1.6
Current Income Tax Expense
0.0
4.8
2.2
0.5
1.1
-0.2
0.0
3.7
0.9
5.2
1.8
1.1
Deferred Income Tax Expense
—
-0.5
—
-1.1
-0.5
-18.3
0.0
-1.4
-0.1
-0.2
-0.2
-0.2
Net Income
0.9
10.3
8.2
2.0
1.8
22.6
0.8
10.4
0.8
10.5
5.0
0.7
Non-controlling Interest
0.0
—
0.2
0.0
0.0
0.7
-0.3
1.2
-0.2
0.2
0.8
0.3
Profit Attributable to Parent
0.9
10.3
8.1
2.0
1.8
21.9
1.1
9.3
0.9
10.3
4.2
0.4
Earnings per Share
17.00
175.00
160.00
22.00
82.00
948.00
49.00
421.00
43.00
467.00
191.00
18.00
Diluted EPS
8.00
175.00
160.00
22.00
82.00
1,257.00
49.00
421.00
43.00
467.00
191.00
18.00
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)
2,793.0
2,796.7
2,406.8
2,053.7
1,800.4
1,902.7
1,565.8
1,406.6
1,625.3
1,695.0
1,598.2
1,522.7
I. Cash and cash equivalents
109.9
139.6
23.6
80.0
318.2
26.2
72.6
20.0
79.2
128.4
67.0
68.6
1. Cash
109.9
139.6
23.6
80.0
96.5
15.2
68.1
15.5
35.2
77.5
21.1
28.3
2. Cash equivalents
—
—
—
—
221.7
10.9
4.5
4.5
44.0
50.9
45.9
40.4
II. Short-term financial investments
517.7
405.7
396.2
400.7
209.7
399.6
367.9
381.4
333.4
343.1
306.6
346.6
1. Available for sale securities
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
2. Provision for diminution in value of available for sale securities (*)
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
-0.2
3. Held to maturity investments
517.0
405.0
395.5
400.0
209.0
398.8
367.2
380.6
332.6
342.4
305.9
345.9
III. Short-term receivables
937.3
1,129.5
1,043.0
1,052.5
880.4
1,123.3
806.3
716.1
767.0
855.9
791.3
656.8
1. Short-term trade accounts receivable
256.2
245.9
356.7
233.0
244.7
327.6
365.6
374.2
507.5
601.3
583.1
498.8
2. Short-term prepayments to suppliers
493.1
645.1
419.0
593.9
465.0
565.5
257.9
201.5
157.9
168.2
152.5
109.0
3. Short-term inter-company receivables
—
—
—
—
—
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
5. Short-term loan receivables
—
41.9
72.2
74.5
56.4
59.4
76.4
76.4
81.4
81.4
81.4
78.4
6. Other short-term receivables
223.2
231.9
228.9
184.5
147.5
208.7
149.2
98.9
94.8
79.4
50.7
54.4
7. Provision for short-term doubtful debts (*)
-35.2
-35.4
-34.0
-33.4
-33.3
-37.9
-42.8
-34.9
-74.6
-74.4
-76.3
-83.8
8. Assets awaiting resolution
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
0.1
IV. Inventories
1,190.2
1,090.3
918.6
500.9
379.2
343.5
307.7
279.9
429.9
344.5
410.2
421.8
1. Inventories
1,190.2
1,090.3
918.6
500.9
379.2
343.5
307.7
279.9
429.9
344.5
410.2
421.8
2. Provision for decline in value of inventories
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
V. Other short-term assets
38.0
31.5
25.5
19.6
12.9
10.0
11.2
9.3
15.8
23.1
23.1
28.8
1. Short-term prepayments
0.4
0.5
0.5
0.8
0.5
0.4
1.2
0.3
7.0
8.0
2.7
8.7
2. Value added tax to be reclaimed
33.7
27.3
20.3
14.2
8.5
6.0
4.1
1.2
8.6
14.7
19.0
19.2
3. Taxes and other receivables from state authorities
3.8
3.8
4.7
4.6
3.9
3.6
6.0
7.8
0.2
0.4
1.4
0.9
4. Government bonds
—
—
—
—
—
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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)
258.8
165.6
273.5
371.5
377.3
245.4
248.2
301.6
191.3
199.2
209.7
196.2
I. Long-term receivables
25.7
1.6
18.5
126.2
135.5
0.2
0.2
52.2
0.6
0.6
0.6
0.7
1. Long-term trade receivables
23.9
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2. Long-term prepayments to suppliers
—
—
—
107.9
117.9
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
4. Long-term inter-company receivables
—
—
—
—
—
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
6. Other long-term receivables
1.9
1.6
18.5
18.3
17.6
0.2
0.2
52.2
0.6
0.6
0.6
0.7
7. Provision for long-term doubtful debts
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
II. Fixed assets
10.9
13.8
14.7
15.3
12.1
12.4
11.0
11.5
116.8
122.0
122.4
122.9
1. Tangible fixed assets
6.1
10.3
11.2
11.7
12.1
12.4
11.0
11.5
47.8
49.2
49.5
49.8
- Cost
25.7
—
—
—
—
37.7
33.8
33.8
159.4
159.1
157.2
157.3
- Accumulated depreciation
-19.6
—
—
—
—
-25.3
-22.8
-22.2
-111.5
-109.9
-107.8
-107.6
2. Financial leased fixed assets
4.8
3.5
3.6
3.6
—
0.0
0.0
0.0
5.8
6.0
6.1
6.3
- Cost
5.2
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- Accumulated depreciation
-0.4
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3. Intangible fixed assets
—
—
—
—
—
0.0
0.0
0.0
63.2
66.8
66.8
66.8
- Cost
—
—
—
—
—
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
III. Investment properties
34.9
35.4
35.8
34.9
35.4
37.2
130.0
133.0
38.8
39.2
39.7
40.1
- Cost
65.4
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- Accumulated depreciation
-30.5
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
IV. Long-term assets in progress
36.7
35.7
121.8
120.2
120.1
119.9
28.8
28.8
28.8
28.8
32.3
29.0
1. Long-term production in progress
34.6
34.6
121.2
119.8
120.0
119.8
28.8
28.8
28.8
28.8
32.3
28.7
2. Construction in progress
2.1
1.2
0.7
0.4
0.1
0.1
0.0
0.0
0.0
0.0
0.0
0.3
V. Long-term financial investments
142.4
74.7
79.0
72.9
71.9
72.3
74.5
73.4
3.3
6.3
6.3
0.7
1. Investments in subsidiaries
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2. Investments in associates, joint-ventures
141.9
74.2
78.4
72.9
71.9
72.3
74.5
73.4
0.0
0.0
0.0
0.7
3. Investments in other entities
0.5
0.5
0.5
—
—
0.0
0.0
0.0
6.3
6.3
6.3
0.0
4. Provision for diminution in value of long-term investments
—
—
—
—
—
0.0
0.0
0.0
-3.0
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
6. Other long-term investments
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
VI. Other long-term assets
8.2
4.4
3.6
2.0
2.3
3.4
3.7
2.6
3.0
2.2
8.4
2.7
1. Long-term prepayments
3.7
2.3
1.5
1.5
1.8
2.9
3.7
2.6
3.0
2.2
8.4
2.6
2. Deferred income tax assets
4.5
2.1
2.1
0.5
0.5
0.5
0.0
0.0
0.0
0.0
0.0
0.1
3. Long-term equipment, supplies, spare parts
—
—
—
—
—
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
5. Goodwill
—
—
—
—
—
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
TOTAL ASSETS (280=100+200)
3,051.8
2,962.3
2,680.4
2,425.2
2,177.7
2,148.1
1,814.0
1,708.2
1,816.6
1,894.2
1,808.0
1,718.9
A. LIABILITIES (300=210+330)
2,243.7
2,090.8
1,953.9
1,724.5
1,719.3
1,760.8
1,467.2
1,304.6
1,477.5
1,545.8
1,483.1
1,401.3
I. Short -term liabilities
1,402.7
1,170.7
1,167.3
1,080.7
1,234.1
1,387.5
1,235.1
1,053.5
1,230.0
1,192.0
1,128.7
1,086.6
1. Short-term trade accounts payable
105.3
100.7
147.2
108.3
132.7
127.8
156.9
111.6
182.6
218.0
223.6
193.0
2. Short-term advances from customers
191.5
93.5
52.2
41.2
38.1
154.4
40.4
76.1
157.0
199.0
221.4
178.0
3. Taxes and other payables to state authorities
13.4
12.0
7.5
8.2
12.1
10.6
12.7
12.0
10.0
13.4
11.1
8.4
4. Payable to employees
8.0
9.5
8.6
4.5
4.3
6.5
2.6
4.2
5.0
9.1
7.0
8.3
5. Short-term acrrued expenses
162.1
155.5
153.2
145.1
135.0
124.6
87.5
84.1
54.5
53.5
77.1
93.6
6. Short-term inter-company payables
—
—
—
—
—
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
8. Short-term unearned revenue
26.7
—
5.8
5.2
9.3
7.9
7.5
15.1
9.9
0.0
3.3
6.5
9. Other short-term payables
12.3
21.8
12.3
16.6
14.9
12.2
13.4
11.8
17.0
17.3
21.0
12.2
10. Short-term borrowings and financial leases
874.0
768.0
770.5
740.3
876.5
931.8
902.0
726.5
779.8
666.3
545.3
560.6
11. Provision for short-term liabilities
8.4
8.5
8.5
8.5
8.5
8.5
8.5
8.5
11.2
11.3
15.0
21.7
12.. Bonus and welfare fund
0.9
1.3
1.5
2.8
2.7
3.2
3.5
3.7
2.9
4.1
4.0
4.2
13. Price stabilization fund
—
—
—
—
—
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
II. Long-term liabilities
841.0
920.0
786.6
643.8
485.2
373.2
232.0
251.1
247.5
353.7
354.4
314.6
1. Long-term trade payables
55.7
52.8
44.1
46.2
49.8
52.0
56.6
54.5
44.4
48.1
45.2
38.7
2. Long-term advances from customers
93.1
93.6
96.8
96.8
96.7
96.7
97.4
96.6
108.8
96.5
96.5
95.4
3. Long-term acrrued expenses
30.0
30.0
30.0
30.0
30.0
30.0
30.0
30.0
30.0
30.0
30.0
0.0
4. Inter-company payables on business capital
—
—
—
—
—
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
6. Long-term unearned revenue
0.2
0.2
0.2
0.2
0.2
0.2
4.6
0.2
0.2
0.2
0.2
0.2
7. Other long-term liabilities
6.6
6.7
6.7
6.8
6.8
6.8
6.7
7.1
6.4
6.6
6.6
6.9
8. Long-term borrowings and financial leases
652.3
734.1
605.6
462.3
299.1
184.2
31.0
59.0
37.1
148.6
152.9
153.3
9. Convertible bonds
—
—
—
—
—
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
11. Deferred income tax liabilities
2.2
1.8
2.3
0.8
1.8
2.6
4.9
2.9
19.8
22.9
22.1
19.3
12. Provision for long-term liabilities
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
0.9
13. Fund for technology development
—
—
—
—
—
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
B. OWNER'S EQUITY (400=410+430)
808.1
871.5
726.5
700.7
458.3
387.3
346.9
403.6
339.1
348.4
324.8
317.6
I. Owner's equity
808.1
871.5
726.5
700.7
458.3
387.3
346.9
403.6
339.1
348.4
324.8
317.6
1. Owner's capital
527.7
527.7
439.8
439.8
219.9
219.9
219.9
219.9
219.9
219.9
219.9
219.9
- Common stock with voting right
527,726,610,000.00
527,729,180,000.00
439,774,320,000.00
439,774,320,000.00
219,887,160,000.00
219,887,160,000.00
219,887,160,000.00
219,887,160,000.00
219,887,160,000.00
219,887,160,000.00
219,887,160,000.00
219,887,160,000.00
- Preferred stock
—
—
—
—
—
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2. Share premium
21.4
21.4
35.8
35.8
14.3
14.3
14.3
14.3
14.3
14.3
14.3
14.3
3. Convertible bond option
—
—
—
—
—
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
5. Treasury shares
—
—
—
—
—
0.00
0.00
0.00
0.00
0.00
0.00
0.00
6. Assets revaluation differences
—
—
—
—
—
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
8. Investment and development fund
7.1
7.1
7.1
7.1
7.1
5.9
5.9
5.9
7.9
7.9
7.9
6.3
9. Fund to support corporate restructuring
—
—
—
—
—
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
11. Undistributed earnings after tax
15.0
32.7
95.2
85.7
84.7
69.2
78.2
75.1
69.3
67.9
52.6
44.3
- Accumulated retained earning at the end of the previous period
14.1
8.7
81.5
81.8
82.9
40.5
71.4
65.0
68.3
43.8
45.8
42.0
- Undistributed earnings in this period
0.9
24.0
13.7
3.8
1.8
28.6
6.8
10.1
0.9
24.0
6.8
2.3
12. Reserves for investment in construction
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
13. Minority's interest
236.8
282.5
148.5
132.3
132.3
78.0
28.5
88.3
27.7
38.4
30.1
32.8
14. Financial reserves
—
—
—
—
—
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
1. Subsidized not-for-profit funds
—
—
—
—
—
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
C. MINORITY'S INTEREST
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)
3,051.8
2,962.3
2,680.4
2,425.2
2,177.7
2,148.1
1,814.0
1,708.2
1,816.6
1,894.2
1,808.0
1,718.9
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
0.9
6.5
10.5
1.4
2.5
4.2
0.8
10.4
1.5
6.9
6.5
3.9
Depreciation of Fixed Assets and Investment Property
4.9
2.6
1.1
-0.4
2.5
-5.9
-0.1
8.2
2.5
6.3
0.8
2.7
Provision (Increase)/Reversal
0.0
0.1
-0.1
0.7
-1.7
-14.4
-0.2
7.4
-0.0
4.8
-0.4
-0.4
FX Gain/Loss from Revaluation of Monetary Items
—
-0.9
0.0
0.9
0.1
-1.6
0.0
1.7
0.0
-1.4
1.2
0.2
Gain/Loss from Investment Activities
-2.8
-19.1
-6.2
-7.8
-4.5
19.8
-12.2
-11.1
-2.8
-12.0
-1.2
-10.5
Interest Expense
8.1
20.6
15.7
10.3
11.0
0.0
6.5
21.9
7.2
17.5
11.6
17.5
Gain/Loss on Disposal of Fixed Assets
—
—
—
—
—
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
Amortization of Goodwill
—
—
—
—
—
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
Operating Profit Before Changes in Working Capital
11.2
10.6
20.1
5.1
9.9
2.1
-5.2
38.5
8.4
22.2
18.6
13.4
Increase/(Decrease) in Receivables
-143.0
134.5
-89.7
-20.7
-119.9
-335.9
-133.4
-129.5
57.7
109.2
-133.0
1.7
Increase/(Decrease) in Inventory
-136.5
-111.4
-382.1
-117.2
-44.7
-45.6
41.4
-62.8
-43.6
31.3
8.4
9.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)
218.7
4.1
140.5
342.3
-334.5
263.8
47.0
55.1
-56.1
-165.3
87.6
-31.8
Increase/(Decrease) in Prepaid Expenses
-1.5
-0.4
-0.3
0.3
-0.2
0.9
-4.2
2.2
0.5
1.3
0.1
-2.8
Changes in Trading Securities
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Interest Paid
-17.7
-12.8
-17.8
-14.3
-7.8
-15.9
-9.6
-14.9
-13.1
-14.4
-12.5
-16.3
Corporate Income Tax Paid
-0.3
-0.4
-1.1
-0.1
-2.7
-0.9
3.3
-1.5
-3.5
-1.6
-0.4
0.0
Other Operating Receipts
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Other Operating Payments
—
0.0
0.0
0.3
-2.0
-0.7
0.5
-1.3
-0.5
0.3
-0.1
-0.7
Net Cash Flow from Operating Activities
-69.1
24.2
-330.4
195.7
-501.9
-132.3
-60.2
-114.2
-50.2
-17.2
-31.4
-26.6
Payments for Fixed Assets and Other Long-term Assets
—
0.5
-0.6
-0.2
-0.4
-0.3
0.3
0.0
-0.3
-3.4
-0.0
-2.0
Proceeds from Disposal of Fixed Assets and Long-term Assets
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Loans and Purchases of Debt Instruments
-51.1
-67.2
-4.5
-214.0
-108.5
-173.4
-27.3
-55.7
-25.0
-26.2
-19.5
-17.1
Receipts from Loan Repayments and Sale of Debt Instruments
30.0
30.8
11.2
-55.7
328.3
56.5
65.4
11.6
28.0
-16.2
18.2
3.5
Investments in Other Entities
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Proceeds from Investments in Other Entities
52.0
24.2
2.7
—
—
3.0
0.0
11.0
0.0
2.0
0.0
0.0
Dividends and Interest Income Received
1.7
14.8
3.9
12.9
-4.5
-0.1
10.3
6.8
3.4
5.0
5.4
5.1
Increase/(Decrease) in Term Deposits
—
—
—
—
—
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
Other Investing Receipts
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Other Investing Payments
—
—
—
—
—
23.8
0.0
-23.8
0.0
0.0
0.0
0.0
Net Cash Flow from Investing Activities
32.7
-58.0
6.0
-257.0
214.9
-90.7
48.7
-50.1
6.1
-38.7
4.0
-10.5
Proceeds from Equity Issuance and Capital Contributions