HDM

Dệt may Huế ·UPCOM ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 1.72x

Price

35,200

Latest close

02 Jun 2026

P/E 4.52x

P/B 1.27x

EPS 7,782

BVPS 27,702

ROE 31.2%

ROA 13.8%

Profit Margin 7.0%

Asset Turnover 1.98x

Equity Mult. 2.27x

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

What Is Changing

On a TTM 2026Q1 basis, HDM 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 2,242bn
	                                
+13.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 156bn
	                                
+32.2%YoY

Metric	2025	2024	2023	2022
Revenue	2,271.5	1,953.4	1,842.3	2,010.4
Growth	+16%	+6%	-8%	—
Net Income	150.8	109.4	95.5	137.8
Net Margin	6.64%	5.60%	5.18%	6.85%

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	473.1	603.6	564.7	600.8	502.3	559.3	453.3	459.1	481.7	533.8	385.5	319.1
Growth	-22%	+7%	-6%	+20%	-10%	+23%	-1%	-5%	-10%	+38%	+21%	—
Net Income	36.8	31.1	34.8	53.6	31.2	31.1	26.2	29.8	22.2	26.2	15.8	25.3
Net Margin	7.79%	5.15%	6.17%	8.92%	6.20%	5.56%	5.78%	6.49%	4.60%	4.91%	4.11%	7.92%

Drivers of HDM's profit

TTM

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

Gross profit ↑ 81.8bn

Finance costs ↓ 15.6bn

Administrative expenses ↑ 52.6bn

Tax ↑ 9.0bn

TTM

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

Gross profit ↑ 10.1bn

Selling expenses ↓ 1.9bn

Financial income ↑ 1.1bn

Administrative expenses ↑ 6.0bn

Tax ↑ 3.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 28.1% = 6.0% × 1.94 × 2.42

2026Q1 31.2% = 7.0% × 1.98 × 2.27

ROE rose from 28.1% to 31.2% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 7.0% +1.0pp Asset turnover: 1.98x +0.03x Leverage: 2.27x -0.15x

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 6.97%, rising 1.0pp. Core operating signals are improving as Gross margin rose 2.0pp are enough to offset pressure from SG&A / Revenue rose 1.5pp (in addition, Net financial result / Revenue rose 0.8pp added support while Other profit / Revenue fell 0.1pp 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 6.97% +1.0pp

Gross Margin 15.77% +2.0pp

SG&A / Revenue 7.98% +1.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 72.3 days.

Is capital being deployed efficiently?

ROIC expanded to 18.89%, rising 2.4pp. That translates to 18.89 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.0pp, with capital turnover fell 0.08x; while invested capital rose by 117bn.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 18.89% +2.4pp

NOPAT Margin 6.85% +1.0pp

Capital Turnover 2.76x −0.08x

Average Invested Capital 813.0bn +116.5bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is balanced — liabilities at 1.65x equity, net debt at 0.64x equity.

Inventory ended the period at 239.3bn, roughly 17.4% of total assets.

Over the last 12 months, working capital released 33.7bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +14.8bn

Inventories increased → lower CFO: −5.0bn

Payables increased → higher CFO: +23.9bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.3 days versus the same period last year. The main moves came from DIO rose 2.1 days, DSO fell 5.9 days, and DPO fell 0.4 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Watchpoints

Inventory turnover is slowing

DIO increased by +2.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 43.8 days −5.9 days

Inventory 42.9 days +2.1 days

Payables 14.5 days −0.4 days

Cash Conversion Cycle 72.3 days −3.3 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage is balanced for now, with net debt / equity at 0.64x and interest coverage at 7.79x.

At present, short-term debt accounts for 66.8% of total debt, cash equals 13.5% of debt, and total debt stands at 409.0bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 66.8% of total debt, raising near-term refinancing needs.

Cash buffer is thin relative to debt

Cash / debt stands at 13.5%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.64x +0.03x

Interest Coverage 7.79x +4.21x

Cash / Debt 13.5% −3.3pp

Short-term Debt / Total Debt 66.8% −8.2pp

CFO / NI 1.72x +0.92x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 273.3bn in 2025, against investing cash flow of -207.7bn.

Post-investment cash flow was positive +65.5bn. Financing cash flow was positive +11.2bn.

CFO / net income was 1.72x.

After spending +101.9bn on fixed-asset investment, the business generated trailing free cash flow of +166.5bn.

Cash Conversion

CFO TTM 268.4bn +174.4bn

Cash Capex 101.9bn +46.7bn

FCF TTM +166.5bn +127.8bn

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 earnings conversion is confirmed, with CFO/NI at 1.72x. Warning and risk signals are not yet decisive enough to shift the picture.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 1.72x.

Statement Data

Item	2025	2024	2023	2022
Revenue	2,271.6	1,953.4	1,842.3	2,010.4
Revenue Deductions	0.1	0.0	0.0	0.0
Net Revenue	2,271.5	1,953.4	1,842.3	2,010.4
Cost of Goods Sold	1,927.9	1,694.7	1,603.5	1,707.2
Gross Profit	343.5	258.7	238.7	303.3
Financial Income	41.9	43.4	35.4	39.7
Financial Expenses	25.0	41.5	38.3	25.9
Interest Expense	15.2	17.1	20.3	9.6
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	64.0	63.5	54.9	73.6
General and Administrative Expenses	110.9	63.2	61.4	74.0
Operating Profit	185.5	133.8	119.5	169.4
Other Income	11.9	13.3	6.5	7.1
Other Expenses	8.0	9.8	4.8	6.0
Other Profit	3.9	3.5	1.7	1.2
Profit Before Tax	189.5	137.3	121.2	170.6
Current Income Tax Expense	36.1	29.2	20.0	39.8
Deferred Income Tax Expense	2.6	-1.3	5.7	-7.0
Net Income	150.8	109.4	95.5	137.8
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	150.8	109.4	95.5	137.8
Earnings per Share	6,535.00	4,831.00	4,752.08	7,751.00
Diluted EPS	7,503.09	5,443.95	4,752.08	9,049.61

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,019.6	820.1	868.3	775.2
I. Cash and cash equivalents	130.9	54.1	90.0	100.0
1. Cash	7.9	22.1	22.5	10.1
2. Cash equivalents	123.0	32.0	67.5	89.9
II. Short-term financial investments	188.0	54.0	103.0	42.0
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	188.0	54.0	103.0	42.0
III. Short-term receivables	432.0	420.5	373.6	198.7
1. Short-term trade accounts receivable	361.1	342.7	357.8	192.8
2. Short-term prepayments to suppliers	50.4	81.9	19.2	6.1
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	27.0	2.4	3.0	6.1
7. Provision for short-term doubtful debts (*)	-6.6	-6.5	-6.3	-6.2
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	239.3	281.2	288.9	406.8
1. Inventories	240.7	282.8	294.0	445.8
2. Provision for decline in value of inventories	-1.3	-1.6	-5.1	-39.0
V. Other short-term assets	29.5	10.3	12.8	27.7
1. Short-term prepayments	3.2	3.3	3.2	6.1
2. Value added tax to be reclaimed	26.2	7.0	9.2	21.6
3. Taxes and other receivables from state authorities	—	0.0	0.5	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	356.1	316.8	337.8	383.2
I. Long-term receivables	0.9	0.9	0.0	9.8
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	9.8
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	0.9	0.9	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	253.9	294.7	307.6	302.1
1. Tangible fixed assets	253.7	294.3	306.7	302.0
- Cost	1,111.1	1,098.9	1,085.0	1,015.1
- Accumulated depreciation	-857.4	-804.6	-778.3	-713.1
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	0.2	0.4	0.9	0.2
- Cost	3.6	3.5	3.5	2.6
- Accumulated depreciation	-3.5	-3.1	-2.6	-2.4
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	87.1	1.1	0.5	37.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	87.1	1.1	0.5	37.6
V. Long-term financial investments	10.0	10.0	10.0	5.8
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	11.2	11.2	10.7	6.7
4. Provision for diminution in value of long-term investments	-1.2	-1.2	-0.8	-0.9
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	4.2	10.0	19.7	27.8
1. Long-term prepayments	4.2	7.4	18.4	20.8
2. Deferred income tax assets	—	2.6	1.3	7.0
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)	1,375.8	1,136.9	1,206.1	1,158.4
A. LIABILITIES (300=210+330)	855.9	723.5	831.2	750.5
I. Short -term liabilities	717.2	642.6	722.2	603.9
1. Short-term trade accounts payable	63.5	59.5	91.5	87.4
2. Short-term advances from customers	2.5	0.8	2.8	5.6
3. Taxes and other payables to state authorities	14.7	15.3	13.4	12.1
4. Payable to employees	167.5	131.0	102.8	176.0
5. Short-term acrrued expenses	6.1	2.5	3.6	3.5
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	33.3	41.8	63.9	5.8
10. Short-term borrowings and financial leases	380.3	351.5	411.0	288.2
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	49.3	40.3	33.2	25.2
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	138.7	80.9	109.0	146.6
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	102.7	80.9	109.0	146.6
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	36.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	519.9	413.3	375.0	407.9
I. Owner's equity	519.9	413.3	375.0	407.9
1. Owner's capital	201.0	201.0	201.0	152.2
- Common stock with voting right	200,962,590,000.00	200,962,590,000.00	200,962,590,000.00	152,247,010,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	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	147.5	127.5	107.5	102.5
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	171.4	84.9	66.5	153.2
- Accumulated retained earning at the end of the previous period	50.8	35.8	31.3	15.4
- Undistributed earnings in this period	120.6	49.1	35.2	137.8
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)	1,375.8	1,136.9	1,206.1	1,158.4

Item	2025	2024	2023	2022
Profit Before Tax	189.5	137.3	121.2	170.6
Depreciation of Fixed Assets and Investment Property	59.5	59.2	65.3	56.0
Provision (Increase)/Reversal	-0.2	-2.9	-33.4	39.6
FX Gain/Loss from Revaluation of Monetary Items	1.0	2.1	-0.1	-3.6
Gain/Loss from Investment Activities	-11.6	-6.7	-11.0	-10.1
Interest Expense	15.2	17.1	20.3	9.6
Gain/Loss on Disposal of Fixed Assets	—	-0.6	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	36.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	289.3	205.6	162.3	262.1
Increase/(Decrease) in Receivables	-52.2	-7.7	-153.1	-63.1
Increase/(Decrease) in Inventory	42.1	11.1	160.4	-130.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	47.5	-10.7	-39.4	-64.9
Increase/(Decrease) in Prepaid Expenses	3.2	11.0	4.3	-14.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-15.4	-17.2	-20.0	-17.7
Corporate Income Tax Paid	-36.3	-28.8	-20.3	-40.9
Other Operating Receipts	0.0	0.0	0.0	0.2
Other Operating Payments	-5.1	-3.6	-6.8	-2.6
Net Cash Flow from Operating Activities	273.3	159.8	87.4	-71.3
Payments for Fixed Assets and Other Long-term Assets	-84.2	-79.1	-67.5	-136.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.5	0.6	0.0	1.3
Loans and Purchases of Debt Instruments	-216.0	-32.0	-66.0	-43.5
Receipts from Loan Repayments and Sale of Debt Instruments	82.0	81.0	5.0	33.5
Investments in Other Entities	—	0.0	-4.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	9.9	6.5	10.7	8.3
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	-207.7	-23.0	-121.9	-136.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	1,387.7	1,276.7	1,022.7	926.7
Repayment of Borrowings	-1,336.9	-1,368.6	-937.3	-753.9
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-39.6	-80.9	-60.9	-15.8
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	11.2	-172.7	24.4	157.0
Net Cash Flow During the Period	76.8	-35.9	-10.0	-51.1
Cash and Cash Equivalents at Beginning of Period	54.1	90.0	100.0	151.1
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	130.9	54.1	90.0	100.0

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	473.1	603.7	564.8	600.8	502.3	559.3	453.3	459.1	481.7	533.8	385.5	319.1
Revenue Deductions	0.0	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	473.1	603.6	564.7	600.8	502.3	559.3	453.3	459.1	481.7	533.8	385.5	319.1
Cost of Goods Sold	393.8	492.9	492.2	509.7	433.1	481.4	388.8	398.9	425.6	470.1	336.7	265.9
Gross Profit	79.3	110.7	72.5	91.1	69.2	77.9	64.5	60.2	56.1	63.8	48.9	53.2
Financial Income	9.5	7.0	11.2	15.3	8.4	10.1	6.9	15.9	10.4	8.3	8.9	11.6
Financial Expenses	7.3	5.6	4.9	7.0	7.5	14.3	9.9	8.6	8.7	8.1	12.7	8.4
Interest Expense	4.2	3.9	3.6	3.5	4.1	4.3	4.1	3.8	4.9	4.7	4.6	5.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	13.7	16.1	14.3	18.0	15.6	18.5	14.7	15.3	15.0	14.7	11.1	11.0
General and Administrative Expenses	22.5	58.8	18.8	16.7	16.5	17.9	14.5	15.4	15.4	15.2	14.0	14.3
Operating Profit	45.2	37.2	45.8	64.7	37.9	37.3	32.3	36.9	27.4	34.0	20.0	31.0
Other Income	5.0	4.0	2.2	3.2	2.5	8.8	1.7	1.2	1.6	1.5	1.2	1.0
Other Expenses	4.0	1.4	3.9	1.6	1.1	6.4	1.2	1.1	1.0	1.2	1.0	1.0
Other Profit	1.0	2.6	-1.7	1.6	1.4	2.4	0.5	0.0	0.6	0.3	0.2	0.0
Profit Before Tax	46.2	39.8	44.1	66.3	39.3	39.7	32.8	36.9	27.9	34.4	20.1	31.1
Current Income Tax Expense	9.4	8.1	9.8	12.7	6.2	10.9	6.5	7.4	4.5	9.5	0.5	5.8
Deferred Income Tax Expense	—	0.6	-0.6	0.0	2.0	-2.3	0.1	-0.3	1.3	-1.3	3.8	0.0
Net Income	36.8	31.1	34.8	53.6	31.2	31.1	26.2	29.8	22.2	26.2	15.8	25.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	36.8	31.1	34.8	53.6	31.2	31.1	26.2	29.8	22.2	26.2	15.8	25.3
Earnings per Share	1,834.00	1,548.00	1,734.00	2,666.00	1,551.00	1,548.00	1,304.00	1,484.00	1,103.55	1,303.31	787.65	1,257.38
Diluted EPS	1,834.00	1,547.57	1,734.12	2,665.98	1,550.53	1,547.55	1,303.64	1,483.66	1,103.55	1,303.31	787.65	1,257.38

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)	896.4	1,019.6	953.6	912.7	694.8	820.8	728.6	760.5	710.5	868.3	673.0	606.1
I. Cash and cash equivalents	55.3	130.9	205.0	156.1	55.0	54.1	55.9	118.9	125.9	90.0	133.9	118.7
1. Cash	50.3	7.9	13.0	11.1	8.0	22.1	42.9	41.9	101.4	22.5	22.7	8.5
2. Cash equivalents	5.0	123.0	192.0	145.0	47.0	32.0	13.0	76.9	24.5	67.5	111.1	110.2
II. Short-term financial investments	245.0	188.0	107.0	12.0	12.0	54.0	90.0	58.0	71.0	103.0	78.0	68.0
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	245.0	188.0	107.0	12.0	12.0	54.0	90.0	58.0	71.0	103.0	78.0	68.0
III. Short-term receivables	331.0	431.7	343.2	484.7	391.7	421.4	232.4	231.1	341.8	373.6	157.2	144.9
1. Short-term trade accounts receivable	267.7	361.1	214.8	350.2	271.0	342.7	176.7	219.9	266.8	357.8	148.8	142.2
2. Short-term prepayments to suppliers	65.4	50.2	85.4	101.4	96.4	81.9	58.7	13.6	76.4	19.2	8.7	3.5
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	4.5	27.0	49.6	39.7	30.8	3.3	3.4	4.1	4.9	3.0	6.0	5.4
7. Provision for short-term doubtful debts (*)	-6.6	-6.6	-6.6	-6.6	-6.5	-6.5	-6.5	-6.5	-6.3	-6.3	-6.2	-6.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	223.0	239.6	284.7	230.0	217.7	281.2	319.1	331.9	159.9	288.9	291.3	259.5
1. Inventories	224.4	241.0	285.2	231.0	219.4	282.8	320.2	333.3	160.8	294.0	292.3	274.1
2. Provision for decline in value of inventories	-1.3	-1.3	-0.6	-1.0	-1.7	-1.6	-1.1	-1.5	-0.9	-5.1	-1.0	-14.5
V. Other short-term assets	42.1	29.5	13.7	29.9	18.5	10.0	31.2	20.7	11.9	12.8	12.7	15.0
1. Short-term prepayments	4.1	3.2	3.0	3.5	2.8	3.3	2.6	2.7	3.4	3.2	2.8	4.0
2. Value added tax to be reclaimed	38.0	26.2	10.7	26.4	15.7	6.8	28.6	18.0	8.0	9.2	9.4	10.5
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0	0.0	0.5	0.5	0.5	0.5
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)	370.0	356.7	326.7	315.1	308.3	315.9	320.2	330.9	319.4	337.8	363.3	379.3
I. Long-term receivables	0.9	0.9	—	0.9	—	0.0	0.0	0.0	0.0	0.0	9.8	9.8
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	9.8	9.8
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	0.9	0.9	—	0.9	—	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	240.4	253.9	258.0	268.6	280.1	294.7	284.8	280.6	293.1	307.6	321.3	321.1
1. Tangible fixed assets	240.3	253.7	257.7	268.2	279.8	294.3	284.2	279.9	292.3	306.7	321.2	321.0
- Cost	1,111.8	—	—	—	—	1,098.9	1,091.7	1,081.7	1,078.1	1,085.0	1,082.7	1,065.8
- Accumulated depreciation	-871.5	—	—	—	—	-804.6	-807.5	-801.7	-785.8	-778.3	-761.5	-744.8
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	0.1	0.2	0.2	0.4	0.3	0.4	0.6	0.7	0.8	0.9	0.1	0.2
- Cost	3.6	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.5	—	—	—	—	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	115.2	87.1	53.1	29.5	11.3	1.1	16.1	27.6	1.3	0.5	0.4	15.9
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	115.2	87.1	53.1	29.5	11.3	1.1	16.1	27.6	1.3	0.5	0.4	15.9
V. Long-term financial investments	10.0	10.0	10.0	10.0	10.0	10.0	9.7	10.0	10.0	10.0	9.9	9.9
1. Investments in subsidiaries	—	—	—	—	—	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	11.2	11.2	11.2	11.2	11.2	11.2	10.7	10.7	10.7	10.7	10.7	10.7
4. Provision for diminution in value of long-term investments	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.1	-0.8	-0.8	-0.8	-0.9	-0.9
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	3.4	4.8	5.6	6.1	6.9	10.0	9.6	12.7	15.1	19.7	21.9	22.6
1. Long-term prepayments	3.4	4.2	5.0	5.5	6.2	7.4	9.3	12.4	15.1	18.4	21.9	22.6
2. Deferred income tax assets	—	0.6	0.6	0.6	0.6	2.6	0.3	0.3	0.0	1.3	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)	1,266.4	1,376.4	1,280.4	1,227.9	1,003.1	1,136.6	1,048.8	1,091.3	1,029.9	1,206.1	1,036.4	985.3
A. LIABILITIES (300=210+330)	709.7	856.6	761.6	743.9	558.6	723.4	626.5	695.2	632.7	768.1	634.8	606.6
I. Short -term liabilities	538.0	717.9	658.1	664.1	477.2	642.5	532.3	598.7	522.0	659.1	505.8	460.0
1. Short-term trade accounts payable	75.7	63.5	94.7	122.5	74.0	56.6	78.2	110.0	64.9	91.5	97.2	90.5
2. Short-term advances from customers	1.6	2.5	5.0	2.3	2.5	0.8	1.4	2.5	1.6	0.0	3.1	3.2
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	8.9	15.4	27.7	21.5	7.1	15.4	11.3	9.1	5.1	13.4	14.4	15.1
4. Payable to employees	122.3	167.5	189.2	134.3	101.5	131.0	100.2	99.0	84.6	102.8	115.4	126.5
5. Short-term acrrued expenses	9.0	6.1	5.2	7.3	5.6	5.2	4.4	5.6	5.0	3.6	5.4	4.5
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	3.9	33.3	5.0	4.3	5.6	41.8	6.0	24.2	35.7	3.6	5.8	3.2
10. Short-term borrowings and financial leases	273.4	380.3	280.8	321.5	244.6	351.5	290.3	308.1	295.5	411.0	231.3	183.9
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	43.1	49.3	50.4	50.4	36.3	40.3	40.3	40.3	29.6	33.2	33.2	33.2
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	171.7	138.7	103.5	79.8	81.5	80.9	94.2	96.5	110.7	109.0	129.0	146.6
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	135.7	102.7	103.5	79.8	81.5	80.9	94.2	96.5	110.7	109.0	129.0	146.6
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	36.0	36.0	—	—	—	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)	556.7	519.8	518.8	484.0	444.5	413.2	422.3	396.1	397.2	435.3	401.6	378.8
I. Owner's equity	556.7	519.8	518.8	484.0	444.5	413.2	422.3	396.1	397.2	435.3	401.6	378.8
1. Owner's capital	201.0	201.0	201.0	201.0	201.0	201.0	201.0	201.0	201.0	201.0	201.0	201.0
- Common stock with voting right	200,962,590,000.00	200,962,590,000.00	200,962,590,000.00	200,962,590,000.00	200,962,590,000.00	200,962,590,000.00	200,962,590,000.00	200,962,590,000.00	200,962,590,000.00	200,962,590,000.00	200,962,590,000.00	200,962,590,000.00
- 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	147.5	147.5	147.5	147.5	127.5	127.5	127.5	127.5	107.5	107.5	107.5	107.5
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	208.3	171.3	170.4	135.5	116.1	84.8	93.9	67.7	88.7	126.8	93.1	70.3
- Accumulated retained earning at the end of the previous period	171.4	50.8	50.8	50.8	84.9	35.8	35.8	37.1	66.5	31.3	23.8	23.8
- Undistributed earnings in this period	36.8	120.5	119.6	84.7	31.2	49.0	58.1	30.6	22.2	95.5	69.3	46.5
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)	1,266.4	1,376.4	1,280.4	1,227.9	1,003.1	1,136.6	1,048.8	1,091.3	1,029.9	1,203.3	1,036.4	985.3

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	46.2	39.8	44.1	66.3	39.3	39.7	32.8	36.9	27.9	34.4	20.1	31.1
Depreciation of Fixed Assets and Investment Property	14.1	14.3	14.7	15.1	15.4	11.3	15.5	16.0	16.4	16.8	16.7	15.8
Provision (Increase)/Reversal	—	0.7	-0.4	-0.6	0.1	0.7	-0.1	0.8	-4.2	4.6	-13.6	11.3
FX Gain/Loss from Revaluation of Monetary Items	1.0	1.0	-0.3	-0.1	0.3	3.0	-0.1	-1.5	0.7	-6.4	4.4	0.8
Gain/Loss from Investment Activities	-3.3	-3.8	-2.6	-4.6	-0.6	-0.3	-1.1	-2.8	-1.0	-1.6	-2.2	-6.3
Interest Expense	5.1	3.9	3.6	3.5	4.1	4.3	4.1	3.8	4.9	4.7	4.6	5.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.4	-0.4	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	63.1	92.0	59.1	79.6	58.6	58.7	51.4	52.8	44.8	52.4	30.1	58.0
Increase/(Decrease) in Receivables	89.2	-127.0	145.3	-92.6	22.2	-162.3	-24.8	107.9	36.2	-208.2	-11.3	234.5
Increase/(Decrease) in Inventory	16.3	44.6	-54.2	-11.7	63.5	37.4	13.1	-172.6	133.2	6.9	-18.4	-88.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-33.0	-61.0	33.7	84.2	-9.4	3.8	-25.5	61.2	-44.7	9.9	-28.4	-2.5
Increase/(Decrease) in Prepaid Expenses	-0.1	0.7	0.9	0.0	1.6	-0.0	3.2	3.4	3.1	2.1	1.8	-2.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-3.5	-5.6	-2.4	-4.7	-2.8	-6.0	-2.7	-5.3	-3.1	-4.8	-4.1	-6.1
Corporate Income Tax Paid	-14.1	-18.2	-5.0	0.0	-13.1	-6.0	-6.0	-4.2	-12.6	-9.1	-0.3	-0.1
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-6.2	-1.0	-0.0	0.0	-4.0	0.0	-0.0	-0.1	-3.5	0.0	0.0	-0.4
Net Cash Flow from Operating Activities	111.8	-75.6	177.4	54.9	116.6	-74.4	8.7	43.2	153.3	-150.7	-30.6	192.4
Payments for Fixed Assets and Other Long-term Assets	-28.7	-23.7	-17.3	-32.2	-10.9	-6.3	0.8	-38.8	-2.6	-37.0	27.7	-34.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.3	-0.0	0.3	—	-0.9	0.0	0.4	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-163.0	-53.0	—	—	36.0	13.0	0.0	0.0	-30.0	-5.0	-31.0
Receipts from Loan Repayments and Sale of Debt Instruments	-57.0	40.0	—	0.0	42.0	0.0	-45.0	13.0	32.0	5.0	-5.0	0.0
Investments in Other Entities	—	—	—	—	—	-0.4	0.0	0.0	0.0	0.0	0.0	-4.0
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	3.3	2.4	2.8	4.1	0.6	1.1	0.4	3.1	1.0	1.3	3.5	4.9
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	-82.4	-102.0	-109.5	-27.8	31.7	29.5	-30.8	-22.3	30.4	-60.7	21.2	-64.1
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	325.7	380.6	355.4	340.2	311.5	359.3	351.3	337.9	273.0	348.1	244.3	225.7
Repayment of Borrowings	-400.5	36.0	-374.4	-266.1	-419.3	-315.7	-372.0	-335.6	-390.7	-180.4	-219.8	-275.9
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-30.2	-0.0	0.0	-0.0	-39.6	-0.6	-20.1	-30.0	-30.2	-0.0	-0.0	-60.9
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	-105.0	103.5	-19.0	74.1	-147.4	43.1	-40.7	-27.7	-148.0	167.8	24.4	-111.1
Net Cash Flow During the Period	-75.7	-74.2	48.9	101.1	0.8	-1.8	-62.9	-6.8	35.7	-43.6	15.1	17.2
Cash and Cash Equivalents at Beginning of Period	130.9	205.0	156.1	55.0	54.1	90.0	90.0	90.0	90.0	100.0	100.0	100.0
FX Difference from Revaluation	0.1	0.0	-0.0	0.0	-0.0	0.1	-0.0	-0.2	0.2	-0.3	0.1	0.1
Cash and Cash Equivalents at End of Period	55.3	130.9	205.0	156.1	55.0	54.1	55.9	118.9	125.9	90.0	133.9	118.7

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HDM

What Is Changing

Drivers of HDM's profit

Financial Highlights

Is the profit sustainable?

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