GCF

Thực phẩm G.C ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 14.66%, +1.02pp YoY

Price

19,000

Latest close

02 Jun 2026

P/E 6.52x

P/B 1.23x

EPS 2,912

BVPS 15,404

ROE 19.9%

ROA 14.3%

Profit Margin 15.1%

Asset Turnover 0.95x

Equity Mult. 1.39x

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

What Is Changing

On a TTM 2026Q1 basis, GCF is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit momentum has been slowing across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 749bn
	                                
+23.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 110bn
	                                
+32.5%YoY

Metric	2025	2024	2023	2022
Revenue	689.1	578.7	474.7	430.6
Growth	+19%	+22%	+10%	—
Net Income	36.2	63.8	26.3	26.6
Net Margin	5.26%	11.02%	5.54%	6.17%

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	186.0	171.3	192.3	199.7	147.6	146.5	172.0	141.5	118.6	107.7	131.5	126.7
Growth	+9%	-11%	-4%	+35%	+1%	-15%	+22%	+19%	+10%	-18%	+4%	—
Net Income	31.3	19.1	31.6	27.8	24.1	11.4	22.9	24.4	7.5	1.4	12.5	4.7
Net Margin	16.85%	11.13%	16.43%	13.94%	16.36%	7.75%	13.34%	17.26%	6.29%	1.27%	9.49%	3.75%

Drivers of GCF's profit

TTM

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

Gross profit ↑ 38.8bn

Finance costs ↓ 7.1bn

Selling expenses ↑ 8.8bn

Tax ↑ 7.0bn

Other profit ↓ 4.3bn

TTM

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

Gross profit ↑ 14.9bn

Finance costs ↓ 1.2bn

Selling expenses ↑ 4.7bn

Tax ↑ 3.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 19.6% = 13.6% × 0.86 × 1.68

2026Q1 19.4% = 14.7% × 0.95 × 1.39

ROE is broadly flat at 19.4% — the components are offsetting one another.

Net margin: 14.7% +1.0pp Asset turnover: 0.95x +0.09x Leverage: 1.39x -0.28x

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 14.66%, rising 1.0pp. Core operating signals are improving as SG&A / Revenue fell 2.6pp are enough to offset pressure from Gross margin fell 1.9pp (in addition, Net financial result / Revenue rose 1.3pp added support while Other profit / Revenue fell 0.6pp remained a drag).

Most of the margin increase comes from non-core items — core operations have not kept pace, this is a margin expansion to watch carefully.

Profitability trend

Net Margin 14.66% +1.0pp

Gross Margin 35.72% −1.9pp

SG&A / Revenue 15.54% −2.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 103.2 days.

Is capital being deployed efficiently?

ROIC expanded to 20.26%, rising 6.7pp. That translates to 20.26 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 1.5pp and capital turnover rose 0.35x, with invested capital easing slightly by 52bn — capital-return quality improved from both sides.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

CAPITAL EFFICIENCY TREND

ROIC 20.26% +6.7pp

NOPAT Margin 15.07% +1.5pp

Capital Turnover 1.34x +0.35x

Average Invested Capital 557.4bn −52.1bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Balance sheet is exceptionally sound — liabilities at 0.22x equity, with a net cash position equivalent to 0.26x equity.

Inventory ended the period at 94.9bn, roughly 12.2% of total assets.

Over the last 12 months, working capital released 63.0bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +11.2bn

Inventories decreased → higher CFO: +1.6bn

Payables increased → higher CFO: +50.2bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 25.7 days versus the same period last year. The main moves came from DIO fell 9.2 days, DSO fell 16.0 days, and DPO rose 0.5 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 103.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 54.0 days −16.0 days

Inventory 67.5 days −9.2 days

Payables 18.2 days +0.5 days

Cash Conversion Cycle 103.2 days −25.7 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 71.5bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.26x and interest coverage at 15.38x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 312.8% of debt, and total debt stands at 81.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -0.26x −0.59x

Interest Coverage 15.38x +8.94x

Cash / Debt 312.8% +288.1pp

Short-term Debt / Total Debt 100.0% +1.4pp

CFO / NI 1.38x +0.89x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 71.5bn in 2025, against investing cash flow of -19.2bn.

Post-investment cash flow was positive +52.3bn. Financing cash flow was positive +85.3bn.

CFO / net income was 1.38x.

After spending +33.1bn on fixed-asset investment, the business generated trailing free cash flow of +122.0bn.

Cash Conversion

CFO TTM 155.1bn +112.9bn

Cash Capex 33.1bn −45.3bn

FCF TTM +122.0bn +158.1bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 14.66% after expanding 1.0pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022
Revenue	694.9	589.9	484.3	433.1
Revenue Deductions	5.9	11.2	9.6	2.5
Net Revenue	689.1	578.7	474.7	430.6
Cost of Goods Sold	470.0	374.4	337.8	310.6
Gross Profit	219.1	204.3	136.8	120.0
Financial Income	5.8	2.8	1.9	1.9
Financial Expenses	10.8	15.5	20.4	14.2
Interest Expense	10.2	14.6	19.8	13.7
Share of Associates and Joint Ventures	0.0	0.1	0.1	-0.0
Selling Expenses	46.6	38.9	30.3	29.0
General and Administrative Expenses	90.7	67.2	46.7	44.4
Operating Profit	76.7	85.7	41.4	34.4
Other Income	1.7	0.5	0.8	2.0
Other Expenses	15.4	0.4	0.8	0.6
Other Profit	-13.7	0.1	0.1	1.4
Profit Before Tax	63.0	85.8	41.5	35.8
Current Income Tax Expense	21.7	16.6	11.1	6.9
Deferred Income Tax Expense	5.1	5.5	4.1	2.3
Net Income	36.2	63.8	26.3	26.6
Non-controlling Interest	-7.6	-3.6	-2.6	-1.1
Profit Attributable to Parent	43.8	67.4	28.9	27.7
Earnings per Share	1,009.00	1,969.00	767.00	968.00
Diluted EPS	1,009.00	1,878.00	767.00	968.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	497.4	395.9	399.3	328.7
I. Cash and cash equivalents	164.2	26.0	15.0	9.9
1. Cash	78.0	11.0	15.0	9.9
2. Cash equivalents	86.2	15.0	0.0	0.0
II. Short-term financial investments	21.0	35.8	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	21.0	35.8	0.0	0.0
III. Short-term receivables	199.9	246.6	303.7	242.0
1. Short-term trade accounts receivable	117.6	116.7	107.7	106.7
2. Short-term prepayments to suppliers	14.1	132.2	185.6	137.3
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	14.0	0.0
6. Other short-term receivables	126.0	33.6	9.7	4.0
7. Provision for short-term doubtful debts (*)	-57.8	-36.0	-13.3	-6.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	94.9	75.2	74.3	74.2
1. Inventories	97.8	75.2	75.0	74.2
2. Provision for decline in value of inventories	-2.9	0.0	-0.7	0.0
V. Other short-term assets	17.5	12.3	6.2	2.6
1. Short-term prepayments	2.6	2.1	0.6	1.0
2. Value added tax to be reclaimed	14.8	8.6	5.5	1.5
3. Taxes and other receivables from state authorities	0.1	1.6	0.1	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)	278.8	269.2	272.8	302.3
I. Long-term receivables	0.7	2.1	1.0	4.6
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	0.7	2.1	1.0	4.6
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	232.1	188.1	181.1	197.3
1. Tangible fixed assets	96.9	95.6	86.9	101.2
- Cost	187.6	181.6	157.8	161.5
- Accumulated depreciation	-90.7	-86.0	-70.9	-60.3
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	135.2	92.5	94.2	96.1
- Cost	141.8	98.1	98.1	98.4
- Accumulated depreciation	-6.6	-5.5	-3.9	-2.3
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	21.9	53.2	55.2	59.2
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	21.9	53.2	55.2	59.2
V. Long-term financial investments	11.3	11.3	20.1	22.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	10.2	10.2	20.1	20.0
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	1.1	1.1	0.0	2.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	12.7	14.5	15.4	19.1
1. Long-term prepayments	11.6	14.4	15.3	19.1
2. Deferred income tax assets	1.0	0.1	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)	776.1	665.0	672.1	631.0
A. LIABILITIES (300=210+330)	141.3	238.0	301.8	281.2
I. Short -term liabilities	120.0	220.4	287.3	270.1
1. Short-term trade accounts payable	15.9	22.2	20.0	25.3
2. Short-term advances from customers	1.7	0.5	0.0	0.1
3. Taxes and other payables to state authorities	7.7	11.6	11.5	9.9
4. Payable to employees	1.1	7.5	7.7	7.6
5. Short-term acrrued expenses	19.8	15.0	6.2	1.1
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	2.2	1.5	2.1	5.8
10. Short-term borrowings and financial leases	62.7	154.4	235.3	219.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	8.8	7.5	4.4	0.4
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	21.4	17.6	14.6	11.1
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	—	1.6	3.2	2.3
8. Long-term borrowings and financial leases	1.9	2.5	3.4	5.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	19.5	13.5	8.0	3.8
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	634.8	427.1	370.3	349.8
I. Owner's equity	634.8	427.1	370.3	349.8
1. Owner's capital	432.5	306.8	306.8	260.0
- Common stock with voting right	432,464,710,000.00	306,799,990,000.00	306,799,990,000.00	260,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	142.4	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
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	60.8	113.9	53.5	76.8
- Accumulated retained earning at the end of the previous period	20.3	53.9	30.0	51.6
- Undistributed earnings in this period	40.4	60.0	23.5	25.2
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	-0.8	6.3	9.9	13.0
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)	776.1	665.0	672.1	631.0

Item	2025	2024	2023	2022
Profit Before Tax	63.0	85.8	41.5	35.8
Depreciation of Fixed Assets and Investment Property	22.6	18.2	18.1	17.2
Provision (Increase)/Reversal	24.8	21.9	8.0	3.5
FX Gain/Loss from Revaluation of Monetary Items	-0.8	-0.4	-0.1	0.1
Gain/Loss from Investment Activities	-2.9	-0.5	-0.4	-0.3
Interest Expense	10.2	14.6	19.8	13.7
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	116.9	139.7	86.8	69.8
Increase/(Decrease) in Receivables	21.8	-0.1	-44.1	-86.7
Increase/(Decrease) in Inventory	-22.6	-7.4	-3.1	-17.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.0	27.6	-6.5	7.4
Increase/(Decrease) in Prepaid Expenses	2.3	0.8	5.7	1.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-10.2	-14.6	-19.8	-13.4
Corporate Income Tax Paid	-25.5	-19.1	-6.7	-6.5
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-5.2	-3.8	-1.4	-2.6
Net Cash Flow from Operating Activities	71.5	123.0	11.1	-47.9
Payments for Fixed Assets and Other Long-term Assets	-36.8	-66.8	-11.9	-37.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.4	48.3	4.1	0.4
Loans and Purchases of Debt Instruments	-80.4	-95.5	-14.0	-0.5
Receipts from Loan Repayments and Sale of Debt Instruments	95.4	72.8	2.0	0.5
Investments in Other Entities	—	0.0	-8.0	-20.0
Proceeds from Investments in Other Entities	—	10.0	11.2	0.0
Dividends and Interest Income Received	1.3	0.8	0.1	0.2
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-19.2	-30.5	-16.5	-56.9
Proceeds from Equity Issuance and Capital Contributions	229,488,550,000.00	355,000,000.00	0.00	0.00
Share Repurchases	—	0.00	-3,202,024,570.00	0.00
Proceeds from Borrowings	482.8	475.9	467.1	421.9
Repayment of Borrowings	-575.1	-557.7	-453.3	-313.8
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-51.9	-0.3	-0.2	-0.2
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	85.3	-81.7	10.4	107.9
Net Cash Flow During the Period	137.6	10.9	5.0	3.1
Cash and Cash Equivalents at Beginning of Period	26.0	15.0	9.9	6.8
FX Difference from Revaluation	0.6	0.0	0.2	-0.0
Cash and Cash Equivalents at End of Period	164.2	26.0	15.0	9.9

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
Revenue	186.6	173.0	192.6	200.2	149.4	150.2	172.6	148.2	118.8	107.9	138.2	127.4
Revenue Deductions	0.6	1.7	0.3	0.5	1.8	3.7	0.6	6.7	0.1	0.2	6.7	0.7
Net Revenue	186.0	171.3	192.3	199.7	147.6	146.5	172.0	141.5	118.6	107.7	131.5	126.7
Cost of Goods Sold	117.0	115.6	122.3	126.7	93.5	97.6	106.5	81.1	87.9	71.5	95.7	92.1
Gross Profit	69.0	55.7	70.0	73.0	54.1	48.9	65.5	60.4	30.8	36.2	35.8	34.6
Financial Income	0.8	3.1	0.4	1.7	0.6	4.5	0.1	0.8	0.6	0.5	0.7	0.3
Financial Expenses	1.5	1.2	3.1	3.8	2.7	5.8	3.5	4.7	4.6	6.6	3.4	5.3
Interest Expense	1.1	1.0	3.1	3.7	2.5	5.9	1.8	4.5	4.6	4.7	5.0	5.2
Share of Associates and Joint Ventures	—	—	-0.0	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	-0.0
Selling Expenses	15.3	12.2	12.6	11.3	10.7	13.6	9.4	8.9	7.1	8.0	7.8	7.6
General and Administrative Expenses	13.4	16.8	12.7	22.1	12.9	18.4	20.8	15.4	9.2	13.4	9.4	13.4
Operating Profit	39.7	28.6	41.9	37.4	28.4	15.6	31.8	32.0	10.5	8.7	15.9	8.6
Other Income	0.0	0.9	1.6	0.1	0.7	0.1	0.1	0.3	0.1	-0.6	1.2	0.1
Other Expenses	-0.5	4.9	2.0	0.2	0.6	0.1	0.0	0.1	0.0	-0.7	1.5	0.2
Other Profit	0.5	-4.0	-0.4	-0.1	0.1	0.0	0.0	0.1	0.0	0.1	-0.3	-0.1
Profit Before Tax	40.2	24.6	41.5	37.2	28.5	15.6	31.8	32.1	10.5	8.8	15.6	8.5
Current Income Tax Expense	8.2	3.8	8.4	7.3	4.4	3.3	6.5	6.5	3.1	5.6	3.1	1.4
Deferred Income Tax Expense	0.6	1.8	1.5	2.1	-0.0	1.0	2.4	1.3	-0.1	1.8	-0.0	2.3
Net Income	31.3	19.1	31.6	27.8	24.1	11.4	22.9	24.4	7.5	1.4	12.5	4.7
Non-controlling Interest	0.1	-1.4	-0.5	-1.2	-0.0	-1.1	-1.5	-1.0	-0.4	-0.9	-0.5	-0.9
Profit Attributable to Parent	31.3	20.4	32.0	29.0	24.2	12.4	24.5	25.4	7.8	2.3	12.9	5.7
Earnings per Share	723.00	472.00	815.00	902.00	751.00	405.00	798.00	829.00	255.00	75.00	422.00	185.00
Diluted EPS	723.00	472.00	815.07	902.00	751.00	2,053.00	798.00	829.00	255.00	75.00	422.00	185.00

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)	550.9	544.1	532.2	469.1	473.7	400.0	409.5	357.7	398.2	381.7	380.6	342.4
I. Cash and cash equivalents	255.1	78.0	42.2	10.3	51.1	26.0	19.4	28.8	11.5	15.0	17.7	15.5
1. Cash	195.4	78.0	42.2	10.3	36.1	11.0	19.4	28.8	11.5	15.0	17.7	15.5
2. Cash equivalents	59.7	—	—	—	15.0	15.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	16.9	107.2	40.9	20.9	35.8	36.9	21.7	20.8	58.8	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	16.9	107.2	40.9	20.9	35.8	36.9	21.7	20.8	58.8	0.0	0.0	0.0
III. Short-term receivables	175.7	235.5	332.1	324.3	283.5	250.5	287.8	236.7	252.2	285.7	302.0	274.4
1. Short-term trade accounts receivable	100.9	126.4	131.3	153.3	120.1	116.7	119.6	116.1	112.7	107.8	107.2	132.2
2. Short-term prepayments to suppliers	9.7	127.7	137.9	131.0	170.6	132.2	181.1	127.0	142.0	185.7	186.4	146.5
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	—	—	60.0	65.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	106.1	11.8	32.8	18.7	28.7	33.6	15.6	11.7	10.8	5.5	18.1	5.3
7. Provision for short-term doubtful debts (*)	-41.0	-30.5	-29.9	-43.7	-36.0	-32.0	-28.5	-18.1	-13.3	-13.3	-9.6	-9.6
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	84.3	105.8	101.4	99.8	90.7	75.7	72.5	64.2	67.7	74.4	54.8	48.7
1. Inventories	87.3	105.8	101.4	99.8	90.7	75.7	73.2	64.9	68.4	75.1	54.8	48.7
2. Provision for decline in value of inventories	-2.9	—	—	—	—	0.0	-0.7	-0.7	-0.7	-0.7	0.0	0.0
V. Other short-term assets	19.0	17.6	15.5	13.8	12.6	10.9	8.1	7.2	8.1	6.6	6.1	3.7
1. Short-term prepayments	1.8	2.7	3.1	2.3	1.9	2.1	0.9	0.7	0.6	1.0	1.0	0.9
2. Value added tax to be reclaimed	17.1	14.8	12.2	11.3	10.1	8.6	7.0	6.4	5.9	5.5	4.9	2.6
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.5	0.1	0.1	0.1	1.6	0.1	0.1	0.1
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)	278.0	293.9	294.6	292.8	272.3	267.9	247.0	268.6	270.0	290.2	278.7	291.7
I. Long-term receivables	0.7	0.7	1.2	1.4	2.7	2.1	1.3	1.3	2.0	15.0	1.0	4.7
1. Long-term trade receivables	0.5	—	—	—	—	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	0.2	0.7	1.2	1.4	2.7	2.1	1.3	1.3	2.0	15.0	1.0	4.7
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	243.0	240.3	241.1	241.1	232.8	231.1	173.4	174.5	177.3	181.1	180.7	184.0
1. Tangible fixed assets	108.2	105.1	105.6	105.3	96.5	95.5	80.5	81.1	83.6	86.9	86.1	89.0
- Cost	204.0	—	—	—	—	181.6	163.1	159.6	158.1	157.8	154.5	155.3
- Accumulated depreciation	-95.8	—	—	—	—	-86.0	-82.6	-78.5	-74.5	-70.9	-68.4	-66.3
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	134.8	135.2	135.6	135.9	136.2	135.5	93.0	93.4	93.8	94.2	94.6	95.0
- Cost	141.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-7.0	—	—	—	—	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	9.3	24.9	24.5	24.5	10.2	10.2	47.7	57.5	55.1	59.1	59.9	59.1
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	9.3	24.9	24.5	24.5	10.2	10.2	47.7	57.5	55.1	59.1	59.9	59.1
V. Long-term financial investments	11.3	11.2	11.2	11.2	11.2	10.1	10.1	20.1	20.0	20.0	21.7	28.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	10.2	10.1	10.1	10.1	10.1	10.1	10.1	20.1	20.0	20.0	20.0	28.0
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	1.7	0.0
5. Held to maturity investments	1.1	1.1	1.1	1.1	1.1	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	13.7	16.8	16.5	14.7	15.5	14.4	14.5	15.3	15.6	15.0	15.3	16.0
1. Long-term prepayments	13.3	16.8	16.2	14.7	15.5	14.4	14.5	15.3	15.6	15.0	15.3	16.0
2. Deferred income tax assets	0.4	—	0.3	—	—	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)	828.9	837.9	826.8	761.9	746.0	667.8	656.5	626.3	668.2	672.0	659.3	634.1
A. LIABILITIES (300=210+330)	162.8	143.3	142.0	319.4	279.9	238.4	231.0	223.7	290.5	301.3	284.9	273.7
I. Short -term liabilities	143.3	123.0	123.0	301.2	262.0	220.2	217.3	210.4	276.5	286.7	272.2	260.7
1. Short-term trade accounts payable	27.7	15.9	20.1	26.3	20.4	22.2	15.6	16.6	16.4	20.0	14.3	25.7
2. Short-term advances from customers	3.1	0.6	0.6	0.3	0.3	0.5	0.1	0.3	3.9	0.0	0.2	1.7
3. Dividends and profits payable	0.3	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	13.0	10.0	10.7	12.0	7.9	12.0	13.2	10.0	8.9	13.2	11.1	10.2
4. Payable to employees	0.9	1.1	8.4	9.6	8.4	7.5	6.4	6.2	5.2	7.7	6.6	5.5
5. Short-term acrrued expenses	11.9	19.8	14.4	17.9	14.2	15.0	11.9	10.2	7.5	6.2	11.9	8.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	2.7	2.4	2.7	2.5	2.5	1.5	2.1	2.1	3.5	2.1	2.6	3.3
10. Short-term borrowings and financial leases	81.6	62.1	62.8	228.9	204.2	153.8	166.5	161.6	227.4	235.3	225.4	205.7
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	2.2	11.0	3.3	3.7	4.1	7.6	1.4	3.5	3.6	2.1	0.1	0.1
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	19.5	20.3	18.9	18.3	17.9	18.2	13.7	13.3	14.0	14.6	12.7	13.0
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	—	—	—	—	1.6	1.6	1.3	2.3	3.0	3.2	2.5	2.5
8. Long-term borrowings and financial leases	—	2.5	2.7	2.8	3.0	3.1	0.0	1.9	3.2	3.4	4.0	4.2
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	19.5	17.8	16.3	15.4	13.4	13.5	12.4	9.1	7.8	8.0	6.2	6.2
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)	666.1	694.7	684.8	442.5	466.1	429.4	425.5	402.6	377.7	370.7	374.4	360.4
I. Owner's equity	666.1	694.7	684.8	442.5	466.1	429.4	425.5	402.6	377.7	370.7	374.4	360.4
1. Owner's capital	432.5	432.5	393.1	321.8	321.8	306.8	306.8	306.8	306.8	306.8	306.8	306.8
- Common stock with voting right	432,464,710,000.00	432,464,710,000.00	393,149,990,000.00	321,799,990,000.00	321,799,990,000.00	306,799,990,000.00	306,799,990,000.00	306,799,990,000.00	306,799,990,000.00	306,799,990,000.00	306,799,990,000.00	306,799,990,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	142.4	142.4	142.7	—	—	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	—	—	—	—	—	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	92.1	116.3	143.6	115.6	138.1	116.5	111.1	86.9	61.3	54.2	56.7	42.3
- Accumulated retained earning at the end of the previous period	60.8	20.7	62.4	62.4	113.9	53.9	53.5	53.6	53.5	30.0	31.7	30.0
- Undistributed earnings in this period	31.3	95.6	81.2	53.2	24.2	62.6	57.6	33.3	7.8	24.2	25.1	12.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	-0.8	3.6	5.3	5.1	6.3	6.1	7.5	8.9	9.6	9.7	10.9	11.3
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)	828.9	837.9	826.8	761.9	746.0	667.8	656.5	626.3	668.2	672.0	659.3	634.1

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
Profit Before Tax	40.2	-39.4	41.5	32.4	28.5	15.6	31.8	32.0	10.5	8.9	15.6	8.3
Depreciation of Fixed Assets and Investment Property	5.8	6.4	5.1	5.7	5.3	4.9	4.4	4.4	4.5	4.8	4.4	4.4
Provision (Increase)/Reversal	—	15.2	1.8	7.8	—	2.8	10.0	5.2	0.0	6.0	-1.7	3.6
FX Gain/Loss from Revaluation of Monetary Items	—	-0.4	-0.1	-0.3	—	-0.3	-0.2	0.2	0.0	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-0.7	-2.0	-0.2	-0.7	-0.0	-4.4	1.1	-0.1	-0.2	-0.6	0.4	-0.2
Interest Expense	1.1	1.0	3.1	3.7	2.5	5.9	2.9	4.5	4.6	4.7	5.0	5.2
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	46.4	-19.2	51.3	48.5	36.4	24.6	50.1	46.2	19.3	23.6	23.8	21.3
Increase/(Decrease) in Receivables	-21.9	58.7	-26.1	0.5	-11.2	-2.5	0.8	-36.6	58.4	16.5	-30.6	-14.3
Increase/(Decrease) in Inventory	8.6	3.6	6.5	-17.2	-15.5	-2.5	-5.5	0.6	6.8	-22.7	-4.6	4.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	50.0	7.2	-25.8	18.8	-6.2	19.7	-42.3	27.8	-3.9	-4.7	-6.4	11.3
Increase/(Decrease) in Prepaid Expenses	1.1	5.4	-2.6	0.4	-0.9	-1.1	-0.4	1.2	-0.2	1.2	-0.8	4.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-1.1	-0.3	-3.7	-3.7	-2.5	-5.9	-2.9	-4.5	-4.6	-4.7	-5.0	-5.2
Corporate Income Tax Paid	-3.5	-6.0	-8.5	-3.8	-7.2	-11.0	3.9	-3.9	-8.1	-0.3	-2.6	-0.7
Other Operating Receipts	—	—	—	—	—	0.0	-0.6	0.6	0.0	0.0	0.0	0.0
Other Operating Payments	-6.6	-1.0	0.8	-1.5	-3.4	-0.8	-1.6	-0.6	-0.8	-1.0	-0.0	-0.0
Net Cash Flow from Operating Activities	73.0	48.3	-8.1	41.9	-10.6	20.5	1.7	30.7	66.9	7.7	-26.3	20.7
Payments for Fixed Assets and Other Long-term Assets	-3.8	4.9	-5.8	-28.4	-7.5	-61.0	-8.2	-1.6	-0.6	-3.4	-2.0	-4.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.8	0.6	—	—	60.5	-0.0	0.0	0.0	2.5	-1.9	1.9
Loans and Purchases of Debt Instruments	—	-60.3	57.1	-77.2	—	-15.2	-1.0	38.0	-58.8	-14.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	4.1	80.4	-12.2	27.2	—	0.0	-14.0	14.0	0.0	0.0	0.0	2.0
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	10.0	0.0	0.0	-1.7	12.9	0.0
Dividends and Interest Income Received	0.7	0.8	-0.3	0.7	0.0	1.2	-1.2	0.2	0.2	0.0	0.0	0.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	1.0	26.6	39.5	-77.7	-7.5	-14.4	-14.4	50.6	-59.2	-16.6	9.1	-0.7
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	355,000,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	-3,202,024,570.00	0.00	0.00
Proceeds from Borrowings	50.8	235.9	-86.2	233.5	99.7	101.8	88.7	137.2	97.2	134.6	138.3	89.5
Repayment of Borrowings	-33.9	-188.4	-128.4	-186.9	-71.4	-101.3	-85.7	-201.2	-108.4	-125.3	-118.8	-104.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.4	0.4	-51.9	—	-0.3	0.3	-0.3	0.0	-0.2	0.0	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	17.0	46.8	0.6	-5.3	43.3	0.2	3.2	-63.9	-11.2	5.9	19.5	-15.2
Net Cash Flow During the Period	90.9	121.7	31.9	-41.1	25.2	6.3	-9.5	17.4	-3.5	-3.0	2.3	4.7
Cash and Cash Equivalents at Beginning of Period	164.2	42.2	10.3	51.1	26.0	15.0	15.0	15.0	15.0	9.9	9.8	9.9
FX Difference from Revaluation	—	0.6	0.3	0.3	—	0.3	0.2	-0.2	0.0	0.2	0.0	0.0
Cash and Cash Equivalents at End of Period	255.1	164.2	42.2	10.3	51.1	26.0	19.4	28.8	11.5	15.0	17.7	15.5

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GCF

What Is Changing

Drivers of GCF's profit

Financial Highlights

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Balance Sheet ▲

Working Capital Efficiency ▲▲

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Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow