DHD

Dược Vật tư Y tế Hải Dương ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 8.29%, +1.56pp YoY

Price

28,600

Latest close

03 Jun 2026

P/E 17.38x

P/B 1.98x

EPS 1,646

BVPS 14,452

ROE 12.0%

ROA 6.9%

Profit Margin 8.3%

Asset Turnover 0.84x

Equity Mult. 1.73x

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

What Is Changing

On a TTM 2026Q1 basis, DHD 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 715bn
	                                
+5.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 59bn
	                                
+29.6%YoY

Metric	2025	2024	2023	2022
Revenue	683.7	665.0	614.7	615.8
Growth	+3%	+8%	-0%	—
Net Income	55.7	40.6	31.5	30.0
Net Margin	8.15%	6.11%	5.13%	4.87%

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	192.2	196.1	164.6	162.1	160.9	183.5	160.6	174.2	146.6	165.8	139.0	128.5
Growth	-2%	+19%	+2%	+1%	-12%	+14%	-8%	+19%	-12%	+19%	+8%	—
Net Income	16.9	17.6	13.0	11.9	13.3	11.8	10.5	10.1	8.1	7.8	8.2	7.1
Net Margin	8.79%	8.95%	7.88%	7.32%	8.27%	6.45%	6.57%	5.77%	5.54%	4.68%	5.89%	5.50%

Drivers of DHD's profit

TTM

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

Gross profit ↑ 27.7bn

Administrative expenses ↑ 7.1bn

Tax ↑ 3.5bn

Selling expenses ↑ 3.3bn

TTM

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

Gross profit ↑ 5.9bn

Tax ↑ 0.9bn

Selling expenses ↑ 0.8bn

Administrative expenses ↑ 0.5bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.2% = 6.7% × 1.03 × 1.47

2026Q1 12.0% = 8.3% × 0.84 × 1.73

ROE rose from 10.2% to 12.0% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 8.3% +1.6pp Asset turnover: 0.84x -0.20x Leverage: 1.73x +0.26x

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 expanded to 8.29%, rising 1.6pp. Core operating signals are improving as Gross margin rose 2.2pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (in addition, Net financial result / Revenue rose 0.1pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 8.29% +1.6pp

Gross Margin 35.16% +2.2pp

SG&A / Revenue 24.32% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC stands at 8.87%, broadly flat versus the same period. That translates to 8.87 in after-tax operating profit for every 100 units of operating capital. NOPAT margin rose 1.6pp, but capital turnover fell 0.27x, while invested capital expanded strongly by 156bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

CAPITAL EFFICIENCY TREND

ROIC 8.87% +0.0pp

NOPAT Margin 8.13% +1.6pp

Capital Turnover 1.09x −0.27x

Average Invested Capital 655.5bn +155.9bn

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.89x equity, net debt at 0.49x equity.

Inventory ended the period at 143.6bn, roughly 15.1% of total assets.

Over the last 12 months, working capital absorbed 8.1bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +32.9bn

Inventories increased → lower CFO: −15.2bn

Payables decreased → lower CFO: −25.9bn

Working Capital Efficiency

Cash conversion cycle lengthened by 3.8 days versus the same period last year. The main moves came from DIO rose 14.5 days, DSO rose 2.7 days, and DPO rose 13.5 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 117.5 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +2.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 64.0 days +2.7 days

Inventory 113.1 days +14.5 days

Payables 59.6 days +13.5 days

Cash Conversion Cycle 117.5 days +3.8 days

Is financial risk significant?

Leverage is safe but FCF is negative at 183.9bn due to capex of 265.2bn — an investment choice, not an urgent risk.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.49x and interest coverage at 12.28x.

At present, short-term debt accounts for 22.9% of total debt, cash equals 16.5% of debt, and total debt stands at 307.3bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 16.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.49x +0.35x

Interest Coverage 12.28x +2.70x

Cash / Debt 16.5% −21.0pp

Short-term Debt / Total Debt 22.9% −36.5pp

CFO / NI 1.37x +1.17x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 55.7bn in 2025, against investing cash flow of -268.3bn.

Post-investment cash flow was negative +212.6bn. Financing cash flow was positive +225.8bn.

CFO / net income was 1.37x.

After spending +265.2bn on fixed-asset investment, the business generated trailing free cash flow of −183.9bn.

Cash Conversion

CFO TTM 81.3bn +72.0bn

Cash Capex 265.2bn +231.8bn

FCF TTM −183.9bn −159.8bn

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 1.6 pp. The main risk still sits in self-funded cash generation remains weak.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 8.29% after expanding 1.6pp versus the same period last year.

Key risk: self-funded cash generation remains weak, with trailing-12M FCF still at 183.9bn.

Statement Data

Item	2025	2024	2023	2022
Revenue	689.5	668.1	616.3	617.5
Revenue Deductions	5.8	3.1	1.5	1.7
Net Revenue	683.7	665.0	614.7	615.8
Cost of Goods Sold	438.7	454.8	426.7	442.9
Gross Profit	245.0	210.2	188.1	172.9
Financial Income	1.2	0.6	0.4	0.2
Financial Expenses	5.7	6.3	8.5	6.5
Interest Expense	3.2	3.2	5.5	4.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	79.0	74.1	68.6	61.0
General and Administrative Expenses	93.2	81.8	72.7	69.1
Operating Profit	68.3	48.6	38.6	36.5
Other Income	2.0	2.2	0.9	1.7
Other Expenses	0.5	0.0	0.0	0.5
Other Profit	1.4	2.1	0.9	1.3
Profit Before Tax	69.8	50.8	39.5	37.8
Current Income Tax Expense	14.1	10.2	8.0	7.8
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	55.7	40.6	31.5	30.0
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	55.7	40.6	31.5	30.0
Earnings per Share	1,548.00	1,453.00	1,545.00	2,255.00
Diluted EPS	1,548.00	1,453.00	1,545.00	2,255.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	333.3	341.1	266.6	264.0
I. Cash and cash equivalents	44.6	31.4	25.4	39.4
1. Cash	44.6	31.4	25.4	39.4
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
III. Short-term receivables	121.0	180.8	135.8	112.3
1. Short-term trade accounts receivable	109.9	118.2	100.3	105.8
2. Short-term prepayments to suppliers	17.5	59.7	29.0	5.1
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	0.2	6.5	6.6	1.4
7. Provision for short-term doubtful debts (*)	-6.6	-3.7	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	143.6	127.9	104.4	111.2
1. Inventories	143.6	127.9	104.4	111.2
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	24.1	1.1	1.0	1.2
1. Short-term prepayments	0.8	0.6	0.8	1.0
2. Value added tax to be reclaimed	23.3	0.4	0.2	0.1
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.1
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)	619.2	305.2	312.4	313.1
I. Long-term receivables	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	472.4	277.9	294.2	296.7
1. Tangible fixed assets	454.2	259.7	276.0	278.3
- Cost	697.7	481.4	470.8	453.0
- Accumulated depreciation	-243.6	-221.7	-194.9	-174.7
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	18.3	18.3	18.3	18.4
- Cost	25.6	25.6	25.6	25.6
- Accumulated depreciation	-7.3	-7.3	-7.3	-7.1
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	142.4	24.4	10.6	8.4
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	142.4	24.4	10.6	8.4
V. Long-term financial investments	0.7	0.0	0.0	0.0
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	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	0.7	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	3.8	2.9	7.5	7.9
1. Long-term prepayments	3.8	2.9	7.5	7.9
2. Deferred income tax assets	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	952.6	646.4	579.0	577.1
A. LIABILITIES (300=210+330)	449.2	192.1	158.9	182.2
I. Short -term liabilities	212.2	186.1	156.6	179.9
1. Short-term trade accounts payable	74.9	63.9	47.3	77.4
2. Short-term advances from customers	28.3	27.0	11.8	15.6
3. Taxes and other payables to state authorities	10.0	7.2	2.6	3.3
4. Payable to employees	17.0	4.9	1.1	0.3
5. Short-term acrrued expenses	0.6	0.4	0.5	1.0
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	1.0	3.2	0.8	0.3
9. Other short-term payables	7.6	7.2	5.0	2.1
10. Short-term borrowings and financial leases	66.8	65.9	80.6	72.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	6.0	6.4	7.0	7.2
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	237.1	6.0	2.2	2.3
1. Long-term trade payables	—	0.0	0.0	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	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	237.0	6.0	2.2	2.2
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	—	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.1
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	503.3	454.3	420.1	394.9
I. Owner's equity	503.3	454.3	420.1	394.9
1. Owner's capital	360.0	279.5	204.0	150.0
- Common stock with voting right	359,959,290,000.00	279,473,170,000.00	203,996,300,000.00	149,997,850,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	28.7
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	79.6	124.6	174.6	174.6
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	63.8	50.2	41.5	41.6
- Accumulated retained earning at the end of the previous period	8.4	9.9	10.3	11.9
- Undistributed earnings in this period	55.3	40.3	31.3	29.7
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	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)	952.6	646.4	579.0	577.1

Item	2025	2024	2023	2022
Profit Before Tax	69.8	50.8	39.5	37.8
Depreciation of Fixed Assets and Investment Property	27.9	27.3	23.1	25.0
Provision (Increase)/Reversal	2.9	3.7	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	0.1	-0.1	0.0	0.1
Gain/Loss from Investment Activities	-0.1	-0.1	-0.0	-0.1
Interest Expense	3.2	3.2	5.5	4.0
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	103.7	84.8	68.1	66.8
Increase/(Decrease) in Receivables	33.2	-48.8	-23.6	11.5
Increase/(Decrease) in Inventory	-15.7	-23.6	6.8	-20.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-48.9	40.1	-31.9	-5.0
Increase/(Decrease) in Prepaid Expenses	-1.1	4.8	0.6	2.8
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-3.2	-3.2	-5.5	-4.0
Corporate Income Tax Paid	-11.5	-5.6	-8.7	-7.1
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-0.9	-0.5	-0.2	-0.5
Net Cash Flow from Operating Activities	55.7	48.0	5.6	44.6
Payments for Fixed Assets and Other Long-term Assets	-268.4	-25.3	-21.2	-12.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.2	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0
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	-268.3	-25.1	-21.2	-12.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	373.5	152.8	187.6	171.1
Repayment of Borrowings	-141.6	-163.7	-180.0	-176.6
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-6.1	-6.1	-6.0	-6.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	225.8	-17.0	1.6	-11.4
Net Cash Flow During the Period	13.1	6.0	-13.9	20.6
Cash and Cash Equivalents at Beginning of Period	31.4	25.4	39.4	18.8
FX Difference from Revaluation	-0.0	0.0	-0.0	-0.1
Cash and Cash Equivalents at End of Period	44.6	31.4	25.4	39.4

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	193.5	198.9	165.8	163.3	161.6	185.2	161.6	174.5	146.7	166.2	139.4	128.6
Revenue Deductions	1.3	2.7	1.2	1.2	0.7	1.7	1.0	0.3	0.1	0.4	0.4	0.1
Net Revenue	192.2	196.1	164.6	162.1	160.9	183.5	160.6	174.2	146.6	165.8	139.0	128.5
Cost of Goods Sold	126.3	128.2	106.8	102.3	100.9	124.2	107.6	122.8	100.1	109.5	92.2	90.6
Gross Profit	65.9	67.9	57.8	59.8	60.0	59.3	53.0	51.4	46.5	56.3	46.7	37.9
Financial Income	0.2	0.3	0.3	0.4	0.2	0.4	0.1	0.1	0.1	0.1	0.2	0.0
Financial Expenses	1.7	1.5	1.3	1.4	1.4	1.3	1.5	1.5	1.9	2.6	2.0	2.0
Interest Expense	1.1	0.8	0.8	0.8	0.7	0.7	0.7	0.8	1.0	1.3	1.4	1.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	21.5	19.4	20.4	19.1	20.8	19.0	18.3	19.1	17.6	23.5	16.5	11.4
General and Administrative Expenses	21.9	25.5	21.1	25.0	21.4	24.9	20.4	19.6	17.1	20.8	18.4	15.7
Operating Profit	21.0	21.7	15.4	14.7	16.5	14.4	12.9	11.3	9.9	9.5	10.0	8.8
Other Income	0.1	0.4	1.3	0.2	0.1	0.4	0.2	1.2	0.3	0.3	0.3	0.1
Other Expenses	—	0.0	0.5	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.1	0.4	0.8	0.1	0.1	0.4	0.2	1.2	0.3	0.3	0.3	0.0
Profit Before Tax	21.1	22.1	16.2	14.8	16.6	14.8	13.2	12.6	10.1	9.8	10.2	8.8
Current Income Tax Expense	4.2	4.5	3.2	3.0	3.3	3.0	2.6	2.5	2.0	2.1	2.0	1.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	16.9	17.6	13.0	11.9	13.3	11.8	10.5	10.1	8.1	7.8	8.2	7.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	16.9	17.6	13.0	11.9	13.3	11.8	10.5	10.1	8.1	7.8	8.2	7.1
Earnings per Share	470.00	486.00	360.00	330.00	476.00	423.00	377.00	456.00	398.00	380.00	401.00	443.00
Diluted EPS	470.00	486.00	360.00	330.00	476.00	1,451.00	377.00	456.00	398.00	380.00	401.00	443.00

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)	376.9	335.5	342.8	411.1	386.8	341.1	337.2	336.5	309.6	266.5	260.8	250.2
I. Cash and cash equivalents	50.8	44.6	51.5	39.3	40.1	31.4	38.9	38.9	37.1	25.4	36.8	36.6
1. Cash	50.8	44.6	51.5	39.3	40.1	31.4	38.9	38.9	37.1	25.4	36.8	36.6
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	150.2	122.1	134.8	223.4	208.5	180.8	168.7	179.6	162.3	135.8	120.4	109.6
1. Short-term trade accounts receivable	134.7	109.9	107.8	108.0	116.0	118.2	105.6	124.6	112.0	100.3	97.9	101.5
2. Short-term prepayments to suppliers	21.8	18.6	29.7	118.2	89.6	59.7	53.9	45.7	43.7	29.0	10.3	6.7
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.2	0.9	0.9	6.6	6.5	9.2	9.3	6.6	6.6	12.2	1.3
7. Provision for short-term doubtful debts (*)	-6.6	-6.6	-3.7	-3.7	-3.7	-3.7	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	151.2	144.1	134.9	137.5	136.0	127.9	128.7	117.2	109.9	104.3	102.8	102.2
1. Inventories	151.2	144.1	134.9	137.5	136.0	127.9	128.7	117.2	109.9	104.3	102.8	102.2
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	24.8	24.7	21.6	10.9	2.2	1.0	0.8	0.8	0.3	1.0	0.8	1.8
1. Short-term prepayments	1.1	0.8	0.7	0.7	0.5	0.6	0.7	0.8	0.0	0.8	0.7	0.9
2. Value added tax to be reclaimed	23.1	23.2	20.2	10.2	1.3	0.4	0.1	0.0	0.0	0.2	0.0	0.6
3. Taxes and other receivables from state authorities	0.6	—	—	—	0.4	0.0	0.0	0.0	0.3	0.0	0.1	0.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.7	0.7	—	—	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)	632.1	619.7	572.3	420.6	310.7	305.3	295.3	300.7	305.8	312.4	313.4	315.4
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	488.8	472.4	260.0	266.9	272.5	277.9	279.7	284.8	288.0	294.2	294.4	297.4
1. Tangible fixed assets	470.5	454.2	241.8	248.7	254.2	259.7	261.5	266.6	269.8	276.0	276.1	279.2
- Cost	719.5	—	—	—	—	481.4	476.6	474.9	471.4	470.8	465.4	463.0
- Accumulated depreciation	-248.9	—	—	—	—	-221.7	-215.1	-208.3	-201.6	-194.9	-189.3	-183.8
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	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3	18.3
- Cost	25.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.3	—	—	—	—	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	139.9	142.4	309.0	151.4	35.8	24.5	12.4	11.5	11.2	10.6	12.0	10.5
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	139.9	142.4	309.0	151.4	35.8	24.5	12.4	11.5	11.2	10.6	12.0	10.5
V. Long-term financial investments	0.7	1.2	1.2	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	1.2	1.2	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	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	0.0	0.0	0.0
5. Held to maturity investments	0.7	—	—	—	—	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	2.8	3.8	2.2	2.1	2.4	2.9	3.2	4.4	6.6	7.5	7.1	7.4
1. Long-term prepayments	2.8	3.8	2.2	2.1	2.4	2.9	3.2	4.4	6.6	7.5	7.1	7.4
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)	1,009.0	955.2	915.1	831.8	697.5	646.4	632.5	637.2	615.5	578.9	574.1	565.5
A. LIABILITIES (300=210+330)	488.8	450.7	428.1	358.5	229.9	192.2	190.1	202.6	187.2	158.8	161.7	161.2
I. Short -term liabilities	251.7	213.7	213.3	185.6	186.5	186.2	187.9	200.4	185.0	156.6	159.4	158.9
1. Short-term trade accounts payable	92.0	74.9	68.9	57.3	59.3	63.9	63.4	75.5	55.7	47.4	40.6	49.5
2. Short-term advances from customers	36.5	28.3	25.0	24.0	22.7	27.0	19.5	26.0	25.2	11.8	14.2	9.7
3. Taxes and other payables to state authorities	4.8	10.1	5.3	4.6	3.8	7.2	4.2	3.8	2.7	2.6	3.7	2.1
4. Payable to employees	31.1	18.3	28.9	22.4	18.1	4.9	13.9	11.7	10.0	1.0	9.1	7.9
5. Short-term acrrued expenses	1.0	0.6	0.5	0.4	1.1	0.4	0.7	1.7	1.7	0.5	1.2	0.6
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	0.6	1.0	1.0	1.3	1.9	3.3	4.7	2.7	2.5	1.4	3.4	2.0
9. Other short-term payables	8.8	7.6	11.4	11.4	9.0	7.2	9.9	9.8	8.6	4.4	6.1	5.9
10. Short-term borrowings and financial leases	70.3	66.8	65.2	57.4	63.3	65.9	63.9	61.9	71.7	80.6	73.8	73.9
11. Provision for short-term liabilities	0.7	—	0.9	0.6	0.9	0.0	1.0	0.6	0.1	0.0	0.1	0.1
12.. Bonus and welfare fund	5.9	6.0	6.2	6.3	6.3	6.4	6.7	6.8	6.8	7.0	7.1	7.1
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	237.1	237.1	214.8	172.9	43.4	6.0	2.2	2.2	2.2	2.2	2.3	2.3
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	237.0	237.0	214.8	172.9	43.4	6.0	2.2	2.2	2.2	2.2	2.2	2.2
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	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)	520.2	504.5	487.0	473.2	467.6	454.2	442.5	434.6	428.3	420.1	412.5	404.3
I. Owner's equity	520.2	504.5	487.0	473.2	467.6	454.2	442.5	434.6	428.3	420.1	412.5	404.3
1. Owner's capital	360.0	361.1	361.1	360.2	279.5	279.5	279.5	279.5	204.0	204.0	204.0	204.0
- Common stock with voting right	359,959,290,000.00	361,119,290,000.00	361,119,290,000.00	360,169,290,000.00	279,473,170,000.00	279,473,170,000.00	279,473,170,000.00	279,473,170,000.00	203,996,300,000.00	203,996,300,000.00	203,996,300,000.00	203,996,300,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	79.6	79.6	79.6	79.6	124.6	124.6	124.6	124.6	174.6	149.3	149.3	149.3
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	80.6	63.8	46.3	33.5	63.5	50.1	38.4	30.6	49.7	66.8	59.1	51.0
- Accumulated retained earning at the end of the previous period	63.8	8.4	8.4	8.4	50.2	9.9	9.9	12.5	41.5	35.5	35.5	35.5
- Undistributed earnings in this period	16.9	55.3	37.9	25.1	13.3	40.3	28.5	18.1	8.1	31.3	23.6	15.5
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)	1,009.0	955.2	915.1	831.8	697.5	646.4	632.5	637.2	615.5	578.9	574.1	565.5

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
Profit Before Tax	21.1	22.1	16.2	14.8	16.6	14.8	13.2	12.6	10.1	9.8	10.2	8.8
Depreciation of Fixed Assets and Investment Property	7.0	7.0	7.8	7.0	6.2	6.9	6.8	6.8	6.8	5.5	5.9	5.8
Provision (Increase)/Reversal	0.7	2.1	0.2	-0.2	0.9	2.7	0.4	0.6	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.1	—	—	—	-0.1	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.0	-0.0	-0.1	-0.0	-0.0	-0.0	-0.0	-0.1	0.0	-0.0	-0.0	-0.0
Interest Expense	1.1	0.8	0.8	0.8	0.7	0.7	0.7	0.8	1.0	1.3	1.4	1.4
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	29.8	32.0	25.0	22.4	24.4	25.0	21.1	20.6	18.0	16.6	17.6	16.0
Increase/(Decrease) in Receivables	-28.9	7.8	77.9	-23.8	-28.6	-16.0	10.7	-17.3	-26.2	-15.7	-10.2	36.5
Increase/(Decrease) in Inventory	-7.6	-8.7	2.6	-1.5	-8.1	0.8	-11.5	-7.3	-5.6	-1.6	-0.6	2.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	25.3	-15.3	-17.8	-18.0	2.3	-5.0	-15.8	23.9	37.1	-9.2	0.2	-58.8
Increase/(Decrease) in Prepaid Expenses	0.6	-1.7	-0.0	-0.0	0.6	0.5	1.3	1.3	1.7	-0.5	0.6	0.7
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.1	-0.8	-0.8	-0.8	-0.7	-0.7	-0.7	-0.8	-1.0	-1.3	-1.4	-1.4
Corporate Income Tax Paid	-9.0	-0.3	-4.9	0.0	-6.3	-0.0	-2.0	-1.8	-1.8	-2.8	-1.5	-1.8
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.1	-0.7	-0.1	-0.1	-0.1	-0.3	-0.1	-0.1	-0.1	-0.1	-0.0	-0.0
Net Cash Flow from Operating Activities	9.1	12.2	81.9	-21.8	-16.6	4.3	3.0	18.6	22.1	-14.6	4.5	-6.1
Payments for Fixed Assets and Other Long-term Assets	-6.4	-43.0	-119.4	-96.5	-9.6	-17.7	-2.5	-3.7	-1.4	-3.5	-4.3	-8.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0
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	-6.3	-42.9	-119.4	-96.4	-9.6	-17.7	-2.4	-3.5	-1.4	-3.5	-4.3	-8.5
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	32.6	68.0	77.8	158.5	69.1	45.0	35.2	38.4	34.2	51.7	47.7	48.9
Repayment of Borrowings	-29.1	-44.1	-28.1	-34.9	-34.4	-39.1	-33.2	-48.2	-43.1	-45.0	-47.8	-51.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-6.1	—	0.0	-2.6	-3.5	0.0	0.0	0.0	-6.0
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	3.5	23.9	49.7	117.5	34.8	5.8	-0.6	-13.3	-8.9	6.7	-0.1	-8.5
Net Cash Flow During the Period	6.2	-6.9	12.2	-0.8	8.6	-7.6	0.0	1.8	11.7	-11.4	0.1	-23.1
Cash and Cash Equivalents at Beginning of Period	44.6	51.5	39.3	40.1	31.4	25.4	25.4	25.4	25.4	39.4	39.4	39.4
FX Difference from Revaluation	—	-0.0	—	—	—	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	50.8	44.6	51.5	39.3	40.1	31.4	38.9	38.9	37.1	25.4	36.8	36.6

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DHD

What Is Changing

Drivers of DHD's profit

Financial Highlights

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What is driving the margin? ▲

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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