CQN

Cảng Quảng Ninh ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 1.76x

Price

31,400

Latest close

04 Jun 2026

P/E 16.53x

P/B 2.21x

EPS 1,900

BVPS 14,204

ROE 13.7%

ROA 11.6%

Profit Margin 19.4%

Asset Turnover 0.60x

Equity Mult. 1.18x

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

What Is Changing

On a TTM 2026Q1 basis, CQN is improving on both revenue and margins, though the magnitude is still moderate — profit is at an all-time high. This signal only becomes convincing if the improvement continues through the next few periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 733bn
	                                
+7.4%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 143bn
	                                
+13.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	702.2	662.3	648.1	684.3	847.5
Growth	+6%	+2%	-5%	-19%	—
Net Income	131.9	119.2	92.1	95.1	90.9
Net Margin	18.79%	18.00%	14.21%	13.90%	10.72%

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	213.7	196.0	157.5	165.6	183.0	196.1	139.7	163.6	162.9	167.3	122.0	102.7
Growth	+9%	+24%	-5%	-9%	-7%	+40%	-15%	+0%	-3%	+37%	+19%	—
Net Income	43.8	21.3	25.7	51.8	36.7	25.0	21.3	42.8	30.0	25.2	21.6	33.1
Net Margin	20.51%	10.86%	16.28%	31.24%	20.08%	12.76%	15.28%	26.17%	18.44%	15.05%	17.74%	32.20%

Drivers of CQN's profit

TTM

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

Gross profit ↑ 14.0bn

Tax ↑ 3.1bn

Financial income ↓ 2.5bn

Other profit ↓ 2.5bn

TTM

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

Gross profit ↑ 6.7bn

Financial income ↑ 2.1bn

Other profit ↓ 2.3bn

Tax ↑ 1.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 12.6% = 18.5% × 0.60 × 1.15

2026Q1 13.7% = 19.4% × 0.60 × 1.18

ROE rose from 12.6% to 13.7% — all three components improved, with leverage contributing the most.

Net margin: 19.4% +1.0pp Asset turnover: 0.60x +0.00x Leverage: 1.18x +0.03x

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 19.45%, rising 1.0pp. Core operating signals are improving as SG&A / Revenue fell 2.2pp are enough to offset pressure from Gross margin fell 0.1pp (with lingering pressure from Other profit / Revenue fell 0.6pp and Net financial result / Revenue fell 0.4pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 19.45% +1.0pp

Gross Margin 28.96% −0.1pp

SG&A / Revenue 10.77% −2.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 16.91% +1.5pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.18x equity, with a net cash position equivalent to 0.02x equity.

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 5.4 days versus the same period last year. The main moves came from DIO fell 2.3 days, DSO rose 2.0 days, and DPO rose 5.1 days.

Extended payment timing is the main driver — consider whether this trades off supplier relationships.

Watchpoints

Receivables collection is slowing

DSO increased by +2.0 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 53.2 days +2.0 days

Inventory 27.6 days −2.3 days

Payables 15.2 days +5.1 days

Cash Conversion Cycle 65.6 days −5.4 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 299.0bn.

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 -0.02x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.76x +0.06x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 299.0bn in 2025, against investing cash flow of -204.9bn.

Post-investment cash flow was positive +94.1bn. Financing cash flow was negative +75.1bn.

CFO / net income was 1.76x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 250.9bn +36.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 1.76x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.76x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	702.2	662.3	648.1	684.3	847.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	702.2	662.3	648.1	684.3	847.5
Cost of Goods Sold	496.7	467.3	488.6	527.8	0.0
Gross Profit	205.4	195.0	159.6	156.5	136.5
Financial Income	15.8	17.8	23.8	23.5	48.5
Financial Expenses	-3.5	-2.5	6.9	6.8	-10.1
Interest Expense	—	0.0	0.1	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	85.3	86.5	76.8	72.3	-67.9
Operating Profit	139.4	128.8	99.6	100.9	107.0
Other Income	27.8	24.5	17.6	19.4	0.0
Other Expenses	2.3	3.5	1.7	1.0	0.0
Other Profit	25.4	21.0	15.9	18.3	8.4
Profit Before Tax	164.9	149.7	115.4	119.2	115.4
Current Income Tax Expense	32.9	30.5	23.3	24.1	-24.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	131.9	119.2	92.1	95.1	90.9
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	131.9	119.2	92.1	95.1	90.9
Earnings per Share	1,758.00	1,588.00	1,227.00	1,268.00	1,231.00
Diluted EPS	1,757.97	1,588.43	1,227.00	1,268.00	1,210.74

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	459.2	465.5	359.3	363.7	421.4
I. Cash and cash equivalents	47.4	28.0	49.8	52.1	29.5
1. Cash	47.4	28.0	24.8	52.1	0.0
2. Cash equivalents	—	0.0	25.0	0.0	0.0
II. Short-term financial investments	250.0	185.0	219.0	90.0	0.0
1. Available for sale securities	—	0.0	141.0	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	250.0	185.0	78.0	90.0	0.0
III. Short-term receivables	115.1	208.9	42.8	171.4	175.7
1. Short-term trade accounts receivable	62.4	171.2	44.0	90.3	0.0
2. Short-term prepayments to suppliers	3.0	6.5	3.8	2.5	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	47.7	0.0	0.0	0.0	0.0
6. Other short-term receivables	10.9	41.1	5.0	88.7	0.0
7. Provision for short-term doubtful debts (*)	-8.8	-10.0	-10.0	-10.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	40.6	40.5	40.7	44.4	42.2
1. Inventories	40.6	40.5	40.7	44.4	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	6.1	3.2	7.0	5.9	4.0
1. Short-term prepayments	2.3	2.1	3.4	4.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	3.8	1.1	3.7	1.8	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)	743.7	671.7	700.5	711.5	624.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	95.0	123.0	150.8	165.6	183.3
1. Tangible fixed assets	95.0	122.9	150.7	165.5	183.3
- Cost	612.4	625.7	624.8	620.2	0.0
- Accumulated depreciation	-517.4	-502.7	-474.0	-454.8	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	0.1	0.1	0.1
- Cost	4.2	4.2	4.2	4.2	0.0
- Accumulated depreciation	-4.2	-4.2	-4.2	-4.1	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	36.6	36.9	36.8	37.0	36.7
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	36.6	36.9	36.8	37.0	0.0
V. Long-term financial investments	592.8	485.8	487.5	487.5	392.3
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2.2	2.2	102.2	102.2	0.0
3. Investments in other entities	610.0	506.6	406.6	406.6	0.0
4. Provision for diminution in value of long-term investments	-19.4	-23.0	-26.3	-21.3	0.0
5. Held to maturity investments	—	0.0	5.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	19.3	26.0	25.4	21.5	0.0
1. Long-term prepayments	19.3	26.0	25.4	21.5	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	11.8
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)	1,203.0	1,137.2	1,059.8	1,075.3	1,045.6
A. LIABILITIES (300=210+330)	180.8	158.1	112.4	132.9	112.2
I. Short -term liabilities	180.8	158.1	112.4	132.9	112.2
1. Short-term trade accounts payable	25.9	20.4	12.3	19.4	13.1
2. Short-term advances from customers	4.3	1.6	3.1	3.6	1.7
3. Taxes and other payables to state authorities	16.8	8.4	7.2	8.4	0.0
4. Payable to employees	53.0	54.2	38.8	43.9	0.0
5. Short-term acrrued expenses	4.1	1.1	0.7	1.3	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	1.0	1.1	1.1	2.2	1.7
9. Other short-term payables	68.7	65.3	45.0	48.9	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	6.9	6.1	4.3	5.0	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	—	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)	1,022.2	979.1	947.4	942.4	933.4
I. Owner's equity	1,022.2	979.1	947.4	942.4	0.0
1. Owner's capital	750.5	750.5	750.5	750.5	933.4
- Common stock with voting right	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	87.1	87.1	87.1	87.1	87.1
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	184.6	141.5	109.8	104.8	95.8
- Accumulated retained earning at the end of the previous period	52.7	22.3	17.7	9.6	4.9
- Undistributed earnings in this period	131.9	119.2	92.1	95.1	90.9
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)	1,203.0	1,137.2	1,059.8	1,075.3	1,045.6

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	-28.5	-29.8	-24.1	-22.8	0.0
Other Operating Receipts	63.5	26.5	23.8	105.3	0.0
Other Operating Payments	-84.0	-75.9	-77.4	-205.2	0.0
Net Cash Flow from Operating Activities	299.0	186.2	-28.7	108.9	326.5
Payments for Fixed Assets and Other Long-term Assets	-1.9	-2.7	-16.0	-10.7	-17.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.6	0.3	1.9	1.2	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-150.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	130.0
Investments in Other Entities	-103.4	-33.9	0.0	-100.0	-217.9
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	12.5	5.1	38.3	18.1	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	-204.9	-133.2	101.3	-11.4	-244.8
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	—	0.0	30.0	0.0	0.0
Repayment of Borrowings	—	0.0	-30.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-75.1	-75.0	-75.0	-75.1	-75.0
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	-75.1	-75.0	-75.0	-75.1	-75.0
Net Cash Flow During the Period	19.0	-22.0	-2.4	22.4	7.4
Cash and Cash Equivalents at Beginning of Period	28.0	49.8	52.1	29.5	23.0
FX Difference from Revaluation	0.3	0.2	0.1	0.2	-0.1
Cash and Cash Equivalents at End of Period	47.4	28.0	49.8	52.1	29.5

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	213.7	196.0	157.5	165.6	183.0	196.1	139.7	163.6	162.9	167.3	122.0	102.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	213.7	196.0	157.5	165.6	183.0	196.1	139.7	163.6	162.9	167.3	122.0	102.7
Cost of Goods Sold	147.7	157.4	115.2	100.4	123.7	155.7	99.4	105.3	106.9	120.4	85.7	60.0
Gross Profit	66.0	38.6	42.3	65.3	59.3	40.3	40.3	58.3	56.0	46.9	36.3	42.6
Financial Income	4.7	5.5	3.7	3.9	2.7	13.6	0.3	3.8	0.1	6.5	6.3	10.2
Financial Expenses	—	-3.5	0.0	0.0	0.0	-2.6	0.0	0.0	0.0	3.2	0.9	1.2
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	—	24.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	21.8	27.5	18.9	10.7	—	30.3	18.0	16.2	21.9	23.8	17.7	13.8
Operating Profit	49.0	20.1	27.1	58.4	37.9	26.2	22.5	45.9	34.2	26.4	24.1	37.8
Other Income	6.7	7.1	5.2	6.7	8.7	7.8	4.5	8.5	3.7	6.1	3.4	3.7
Other Expenses	0.9	0.9	0.3	0.5	0.7	2.3	0.3	0.6	0.3	0.7	0.4	0.2
Other Profit	5.8	6.2	4.9	6.2	8.1	5.5	4.2	7.9	3.4	5.4	3.0	3.5
Profit Before Tax	54.8	26.3	32.1	64.7	45.9	31.7	26.7	53.8	37.5	31.8	27.1	41.3
Current Income Tax Expense	11.0	5.1	6.4	12.9	9.2	6.7	5.4	10.9	7.5	6.6	5.4	8.3
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	43.8	21.3	25.7	51.8	36.7	25.0	21.3	42.8	30.0	25.2	21.6	33.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	43.8	21.3	25.7	51.8	36.7	25.0	21.3	42.8	30.0	25.2	21.6	33.1
Earnings per Share	584.00	284.00	342.00	690.00	490.00	333.00	284.00	571.00	400.00	335.00	288.00	440.00
Diluted EPS	584.08	283.50	341.83	689.57	489.53	333.26	284.39	570.51	400.27	335.33	288.34	440.45

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)	530.2	459.4	423.1	441.3	492.5	465.5	398.9	430.2	405.4	364.2	320.6	356.3
I. Cash and cash equivalents	26.2	47.4	26.2	56.9	20.5	28.0	23.6	121.5	30.7	49.8	20.1	52.6
1. Cash	26.2	47.4	26.2	36.9	20.5	28.0	23.6	121.5	30.7	24.8	20.1	52.6
2. Cash equivalents	—	—	—	20.0	—	0.0	0.0	0.0	0.0	25.0	0.0	0.0
II. Short-term financial investments	367.7	250.0	250.0	240.0	255.0	185.0	281.0	216.0	269.0	224.0	68.0	75.0
1. Available for sale securities	—	—	—	—	—	0.0	141.0	141.0	141.0	141.0	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
3. Held to maturity investments	367.7	250.0	250.0	240.0	255.0	185.0	140.0	75.0	128.0	83.0	68.0	75.0
III. Short-term receivables	91.8	115.1	102.7	100.7	175.2	208.9	53.0	49.5	62.2	42.8	188.3	180.7
1. Short-term trade accounts receivable	78.1	62.4	50.0	68.7	135.5	171.2	48.9	50.2	56.0	44.0	180.7	177.3
2. Short-term prepayments to suppliers	4.7	3.0	4.5	2.3	2.6	6.5	2.5	2.2	8.8	3.8	4.1	4.3
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	—	47.7	47.7	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	17.8	10.9	10.6	39.7	47.1	41.1	11.7	7.2	7.4	5.0	13.5	9.1
7. Provision for short-term doubtful debts (*)	-8.8	-8.8	-10.0	-10.0	-10.0	-10.0	-10.0	-10.0	-10.0	-10.0	-10.0	-10.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	40.3	40.6	39.5	38.3	38.5	40.5	39.2	39.9	40.8	40.7	40.4	43.0
1. Inventories	40.3	40.6	39.5	38.3	38.5	40.5	39.2	39.9	40.8	40.7	40.4	43.0
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	4.2	6.3	4.7	5.4	3.3	3.2	2.1	3.3	2.7	6.9	3.9	5.0
1. Short-term prepayments	2.2	2.3	4.7	5.4	3.3	2.1	2.1	3.3	1.8	3.4	3.9	5.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	2.1	4.0	—	—	—	1.1	0.0	0.0	1.0	3.5	0.0	0.0
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)	735.0	743.7	746.0	757.2	699.4	671.7	679.8	691.1	696.1	697.0	707.3	710.4
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	89.1	95.0	100.7	108.1	115.6	123.0	130.4	138.0	145.6	150.8	156.5	159.6
1. Tangible fixed assets	89.1	95.0	100.7	108.1	115.6	122.9	130.4	138.0	145.6	150.7	156.5	159.6
- Cost	612.4	—	—	—	—	625.7	625.5	625.5	627.1	624.8	623.0	627.3
- Accumulated depreciation	-523.3	—	—	—	—	-502.7	-495.2	-487.6	-481.6	-474.0	-466.5	-467.7
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	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	0.1	0.1	0.1
- Cost	4.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-4.2	—	—	—	—	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
- 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
IV. Long-term assets in progress	36.7	36.6	36.6	36.9	36.7	36.9	36.6	36.8	36.6	36.8	38.0	39.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	36.7	36.6	36.6	36.9	36.7	36.9	36.6	36.8	36.6	36.8	38.0	39.6
V. Long-term financial investments	592.8	592.8	589.2	589.2	520.8	485.8	482.5	482.5	487.5	484.0	487.5	487.5
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	2.2	2.2	2.2	2.2	2.2	2.2	2.2	102.2	102.2	102.2	102.2	102.2
3. Investments in other entities	610.0	610.0	610.0	610.0	541.6	506.6	506.6	406.6	406.6	406.6	406.6	406.6
4. Provision for diminution in value of long-term investments	-19.4	-19.4	-23.0	-23.0	-23.0	-23.0	-26.3	-26.3	-26.3	-24.8	-21.3	-21.3
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	5.0	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	16.3	19.3	19.5	23.0	26.3	26.0	30.3	33.8	26.4	25.4	25.3	23.6
1. Long-term prepayments	16.3	19.3	19.5	23.0	26.3	26.0	30.3	33.8	26.4	25.4	25.3	23.6
2. Deferred income tax assets	—	—	—	—	—	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
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)	1,265.1	1,203.2	1,169.1	1,198.5	1,191.9	1,137.2	1,078.7	1,121.3	1,101.5	1,061.2	1,027.9	1,066.7
A. LIABILITIES (300=210+330)	199.1	178.6	164.9	219.7	176.1	158.1	124.6	188.5	124.0	114.0	105.9	166.3
I. Short -term liabilities	199.1	178.6	164.9	219.7	176.1	158.1	124.6	188.5	124.0	114.0	105.9	166.3
1. Short-term trade accounts payable	27.6	25.9	21.4	19.6	15.7	20.4	18.3	19.5	11.1	12.3	22.0	35.8
2. Short-term advances from customers	2.7	4.3	3.5	2.2	4.2	1.6	3.4	1.1	1.6	3.1	9.3	1.4
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	14.8	13.1	34.6	32.2	12.2	8.4	15.3	14.2	10.2	7.1	13.0	10.1
4. Payable to employees	57.7	54.5	36.7	36.3	54.7	54.2	33.4	35.2	37.8	40.3	24.1	18.1
5. Short-term acrrued expenses	5.2	4.1	4.8	3.4	3.7	1.1	3.5	1.5	3.4	0.7	2.2	0.2
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	0.3	1.0	0.3	1.1	0.3	1.1	0.3	1.1	0.3	1.1	0.3	1.1
9. Other short-term payables	88.9	68.7	52.4	112.6	82.7	65.3	43.9	106.8	58.6	45.1	30.4	94.4
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.8	6.9	11.4	12.2	2.6	6.1	6.4	9.1	1.0	4.3	4.7	5.2
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	—	—	—	—	—	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
2. Long-term advances from customers	—	—	—	—	—	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
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	—	—	—	—	—	0.0	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
8. Long-term borrowings and financial leases	—	—	—	—	—	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
10. Preferred stock (Debts)	—	—	—	—	—	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
12. Provision for long-term liabilities	—	—	—	—	—	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
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)	1,066.0	1,024.6	1,004.2	978.8	1,015.8	979.1	954.1	932.7	977.5	947.2	922.1	900.4
I. Owner's equity	1,066.0	1,024.6	1,004.2	978.8	1,015.8	979.1	954.1	932.7	977.5	947.2	922.1	900.4
1. Owner's capital	750.5	750.5	750.5	750.5	750.5	750.5	750.5	750.5	750.5	750.5	750.5	750.5
- Common stock with voting right	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00	750,499,360,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	87.1	87.1	87.1	87.1	87.1	87.1	87.1	87.1	87.1	87.1	87.1	87.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	228.4	187.0	166.6	141.2	178.2	141.5	116.5	95.1	139.9	109.6	84.5	62.8
- Accumulated retained earning at the end of the previous period	184.6	52.7	52.7	52.7	141.5	22.3	22.3	22.3	109.8	17.7	17.7	17.7
- Undistributed earnings in this period	43.8	134.3	113.9	88.5	36.7	119.2	94.2	72.9	30.0	91.9	66.7	45.1
12. Reserves for investment in construction	—	—	—	—	—	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
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)	1,265.1	1,203.2	1,169.1	1,198.5	1,191.9	1,137.2	1,078.7	1,121.3	1,101.5	1,061.2	1,027.9	1,066.7

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
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	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
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	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
Interest Expense	—	—	—	—	—	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
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	—	—	—	—	—	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
Increase/(Decrease) in Inventory	—	—	—	—	—	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
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	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
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-10.0	-15.5	-7.4	0.0	-5.6	-18.8	0.0	-6.2	-4.8	-9.4	-6.1	-3.0
Other Operating Receipts	8.0	—	—	—	—	8.1	5.8	8.7	3.9	7.1	7.8	-0.7
Other Operating Payments	-25.6	-34.7	-15.7	-11.4	-22.2	-48.1	-22.2	-18.8	-15.9	-21.1	-11.1	-17.0
Net Cash Flow from Operating Activities	47.2	18.9	99.8	85.0	95.3	49.5	40.5	28.9	33.3	31.2	35.3	-29.9
Payments for Fixed Assets and Other Long-term Assets	—	-1.7	0.0	-0.0	-0.1	-0.1	0.0	0.0	-2.5	-2.3	-2.5	-5.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.5	—	0.0	0.0	0.3	0.0	0.3	1.6	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	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
Investments in Other Entities	—	—	—	—	—	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
Dividends and Interest Income Received	1.6	3.4	2.8	4.0	2.3	0.0	1.6	3.3	0.1	15.4	1.0	5.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-68.4	2.2	-55.5	-48.9	-102.8	-45.1	-73.4	46.7	-27.4	-1.6	7.2	60.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	30.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	-30.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-0.0	-0.0	-75.0	0.0	-0.0	-0.0	-75.0	-0.0	-0.0	-0.0	-75.0	-0.0
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	-0.0	-0.0	-75.0	0.0	-0.0	-0.0	-75.0	-0.0	-0.0	-0.0	-75.0	-0.0
Net Cash Flow During the Period	-21.2	21.1	-30.7	36.1	-7.5	4.4	-107.9	75.6	5.9	29.6	-32.6	30.1
Cash and Cash Equivalents at Beginning of Period	47.4	26.2	56.9	20.5	28.0	49.8	49.8	49.8	24.8	52.1	52.1	52.1
FX Difference from Revaluation	—	0.3	0.3	0.3	—	-0.0	0.0	0.2	0.0	0.1	0.0	0.1
Cash and Cash Equivalents at End of Period	26.2	47.4	26.2	56.9	20.5	28.0	23.6	131.5	30.7	49.8	20.1	52.6

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CQN

What Is Changing

Drivers of CQN's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▲

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ●

Working Capital Efficiency ▲

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow