HGM

Cơ khí và Khoáng sản Hà Giang ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 67.95%, +11.10pp YoY

Price

158,000

Latest close

03 Jun 2026

P/E 5.16x

P/B 3.84x

EPS 30,596

BVPS 41,173

ROE 91.2%

ROA 78.4%

Profit Margin 68.0%

Asset Turnover 1.15x

Equity Mult. 1.16x

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

What Is Changing

On a TTM 2026Q1 basis, HGM is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 618bn
	                                
+30.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 420bn
	                                
+56.4%YoY

Metric	2025	2024	2023	2022	2021
Revenue	694.8	370.4	175.7	201.0	154.1
Growth	+88%	+111%	-13%	+30%	—
Net Income	475.7	183.2	54.9	53.9	70.4
Net Margin	68.46%	49.44%	31.22%	26.84%	45.69%

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	77.2	88.3	173.0	279.2	154.2	121.8	112.5	83.8	52.5	27.8	51.6	57.4
Growth	-13%	-49%	-38%	+81%	+27%	+8%	+34%	+60%	+89%	-46%	-10%	—
Net Income	43.1	53.2	115.6	207.9	101.9	57.9	58.7	49.9	18.8	6.2	18.4	20.0
Net Margin	55.79%	60.27%	66.82%	74.45%	66.10%	47.56%	52.16%	59.63%	35.87%	22.49%	35.77%	34.82%

Drivers of HGM's profit

TTM

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

Gross profit ↑ 157.5bn

Tax ↑ 33.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Tax ↓ 14.7bn

Gross profit ↓ 73.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 94.7% = 56.9% × 1.37 × 1.21

2026Q1 91.2% = 68.0% × 1.15 × 1.16

ROE fell from 94.7% to 91.2% — asset turnover weakened the most, though net margin still provided support.

Net margin: 68.0% +11.1pp Asset turnover: 1.15x -0.22x Leverage: 1.16x -0.05x

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 67.95%, rising 11.1pp. The main driver is Gross margin rose 8.1pp and SG&A / Revenue fell 1.3pp, moving in line with the stronger net margin (with additional support from Net financial result / Revenue rose 3.1pp).

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

Profitability trend

Net Margin 67.95% +11.1pp

Gross Margin 81.94% +8.1pp

SG&A / Revenue 4.44% −1.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

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

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

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 68.33% +10.6pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.31x equity, with a net cash position equivalent to 0.08x equity.

Over the last 12 months, working capital released 6.0bn of cash, mainly thanks to lower receivables and lower inventories. Pressure from lower payables only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +15.2bn

Inventories decreased → higher CFO: +1.8bn

Payables decreased → lower CFO: −11.0bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 1.2 days versus the same period last year. The main moves came from DIO fell 2.6 days, DSO fell 2.4 days, and DPO fell 3.8 days.

Working capital cycle is flat — components are offsetting each other.

Working Capital Efficiency

Receivables 7.8 days −2.4 days

Inventory 69.5 days −2.6 days

Payables 14.9 days −3.8 days

Cash Conversion Cycle 62.4 days −1.2 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 476.8bn.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.08x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.88x −0.05x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 476.8bn in 2025, against investing cash flow of -17.1bn.

Post-investment cash flow was positive +459.7bn. Financing cash flow was negative +312.5bn.

CFO / net income was 0.88x.

After spending +7.6bn on fixed-asset investment, the business generated trailing free cash flow of +361.2bn.

Cash Conversion

CFO TTM 368.9bn +120.6bn

Cash Capex 7.6bn −2.3bn

FCF TTM +361.2bn +122.9bn

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. Even so, capital efficiency remains the area to verify in upcoming periods.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 67.95% after expanding 11.1pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	694.8	370.4	175.7	201.0	154.1
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	694.8	370.4	175.7	201.0	154.1
Cost of Goods Sold	114.9	130.8	93.5	76.0	0.0
Gross Profit	579.9	239.6	82.1	125.0	83.9
Financial Income	23.0	11.0	7.1	4.8	3.0
Financial Expenses	-22.5	-11.1	1.2	41.3	20.8
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	1.3	3.0	1.7	4.3	-4.2
General and Administrative Expenses	28.1	24.5	15.4	14.3	-11.9
Operating Profit	595.9	234.1	71.0	69.8	91.6
Other Income	0.1	0.0	0.3	0.0	0.0
Other Expenses	3.8	4.4	1.9	1.8	0.0
Other Profit	-3.7	-4.4	-1.6	-1.7	-2.8
Profit Before Tax	592.2	229.8	69.3	68.1	88.8
Current Income Tax Expense	116.5	46.6	14.5	14.1	-18.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	475.7	183.2	54.9	53.9	70.4
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	475.7	183.2	54.9	53.9	70.4
Earnings per Share	35,863.00	14,394.00	4,373.00	4,298.00	5,612.00
Diluted EPS	37,750.34	14,536.17	4,353.31	4,280.71	5,588.82

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	515.5	343.8	169.0	143.7	128.1
I. Cash and cash equivalents	258.4	105.2	23.1	20.1	18.3
1. Cash	258.4	82.2	23.1	19.1	0.0
2. Cash equivalents	—	23.0	0.0	1.0	0.0
II. Short-term financial investments	222.9	202.7	100.0	69.0	0.0
1. Available for sale securities	—	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
3. Held to maturity investments	222.9	202.7	100.0	69.0	0.0
III. Short-term receivables	10.9	12.1	11.1	8.0	3.9
1. Short-term trade accounts receivable	0.2	4.6	7.0	4.9	0.0
2. Short-term prepayments to suppliers	3.8	2.4	2.0	1.6	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	7.7	5.8	2.8	2.3	0.0
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.7	-0.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	23.3	23.8	34.7	39.6	31.6
1. Inventories	23.3	23.8	34.7	39.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.0	0.1	6.9	0.8
1. Short-term prepayments	—	0.0	0.1	0.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	6.8	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	108.3	81.0	69.9	71.8	98.9
I. Long-term receivables	7.4	3.7	3.2	2.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	2.6
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	7.4	3.7	3.2	2.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	18.6	17.8	14.5	17.3	17.8
1. Tangible fixed assets	16.1	13.9	9.3	10.6	9.8
- Cost	89.2	83.4	75.6	72.6	0.0
- Accumulated depreciation	-73.1	-69.5	-66.3	-62.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.5	3.9	5.2	6.6	8.0
- Cost	46.2	46.2	46.2	46.2	0.0
- Accumulated depreciation	-43.6	-42.3	-40.9	-39.5	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	12.3	11.9	10.5	9.7	6.9
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	12.3	11.9	10.5	9.7	0.0
V. Long-term financial investments	69.4	46.9	40.4	41.2	70.7
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	12.8	12.8	0.0
3. Investments in other entities	69.5	69.5	69.5	69.5	0.0
4. Provision for diminution in value of long-term investments	-6.1	-28.6	-41.9	-41.0	0.0
5. Held to maturity investments	6.0	6.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.6	0.7	1.4	0.7	0.0
1. Long-term prepayments	0.6	0.7	1.4	0.7	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	0.8
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	623.8	424.9	238.8	215.5	227.0
A. LIABILITIES (300=210+330)	148.1	81.7	41.3	33.5	33.3
I. Short -term liabilities	135.5	68.9	28.4	20.5	20.1
1. Short-term trade accounts payable	1.9	9.2	7.5	6.2	3.4
2. Short-term advances from customers	—	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	68.6	18.7	6.3	3.8	0.0
4. Payable to employees	9.0	10.3	5.1	4.0	0.0
5. Short-term acrrued expenses	—	0.1	0.1	0.3	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	16.5	15.7	8.5	0.5	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	39.4	14.8	0.9	5.9	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	12.6	12.8	12.9	13.0	13.2
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	12.6	12.8	12.9	13.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	475.7	343.2	197.5	182.0	193.7
I. Owner's equity	475.7	343.2	197.5	182.0	0.0
1. Owner's capital	126.0	126.0	126.0	126.0	193.7
- Common stock with voting right	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	9.5	9.5	4.5	4.5	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	4.5
5. Treasury shares	—	0.00	-42,833,907,079.00	-42,833,907,079.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	50.0	50.0	50.0	50.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	1.1	1.1	1.1	1.1	0.0
11. Undistributed earnings after tax	289.1	156.6	58.8	43.3	55.0
- Accumulated retained earning at the end of the previous period	1.1	7.8	18.6	21.8	0.0
- Undistributed earnings in this period	288.1	148.8	40.2	21.4	55.0
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	623.8	424.9	238.8	215.5	227.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	592.2	229.8	69.3	68.1	88.8
Depreciation of Fixed Assets and Investment Property	5.9	4.6	5.7	6.3	5.9
Provision (Increase)/Reversal	-22.7	-13.4	0.8	40.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	-6.0	-1.8	-0.2	-0.9	0.0
Gain/Loss from Investment Activities	-9.7	-8.5	-6.2	-3.9	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	559.6	210.7	69.5	110.4	70.8
Increase/(Decrease) in Receivables	-2.9	0.1	-3.2	-4.5	0.0
Increase/(Decrease) in Inventory	0.5	10.8	5.0	-8.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.2	15.0	10.5	2.9	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.8	-0.7	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-68.3	-35.0	-5.9	-27.4	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-6.0	-4.5	-14.5	-7.1	0.0
Net Cash Flow from Operating Activities	476.8	197.9	60.7	66.4	72.0
Payments for Fixed Assets and Other Long-term Assets	-7.0	-9.3	-3.7	-8.6	-8.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.2
Loans and Purchases of Debt Instruments	-546.8	-202.7	-100.0	-69.0	-73.5
Receipts from Loan Repayments and Sale of Debt Instruments	526.6	94.0	69.0	73.0	30.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	15.3	0.0	0.0	0.0
Dividends and Interest Income Received	10.0	4.3	6.6	4.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-17.1	-98.5	-28.1	-0.4	-50.0
Proceeds from Equity Issuance and Capital Contributions	—	47,812,219,056.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	-1.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-312.5	-66.9	-29.8	-65.6	-21.5
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-312.5	-19.1	-29.8	-65.6	-22.5
Net Cash Flow During the Period	147.2	80.3	2.8	0.4	1.2
Cash and Cash Equivalents at Beginning of Period	105.2	23.1	20.1	18.8	18.7
FX Difference from Revaluation	6.0	1.8	0.2	0.9	-0.1
Cash and Cash Equivalents at End of Period	258.4	105.2	23.1	20.1	18.3

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
Revenue	77.2	88.3	173.0	279.2	154.2	121.8	112.5	83.8	52.5	27.8	51.6	57.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	77.2	88.3	173.0	279.2	154.2	121.8	112.5	83.8	52.5	27.8	51.6	57.4
Cost of Goods Sold	19.9	27.9	24.9	38.9	23.2	46.4	29.4	24.5	28.2	12.4	26.6	31.7
Gross Profit	57.3	60.4	148.1	240.3	131.0	75.3	83.1	59.2	24.3	15.4	25.0	25.7
Financial Income	2.8	8.1	2.7	9.7	2.5	4.7	0.9	1.1	4.2	1.8	2.1	1.8
Financial Expenses	—	-11.6	—	-10.9	—	-6.2	3.3	-8.3	0.1	2.8	0.1	-1.8
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.2	0.4	0.3	0.4	0.2	0.4	1.1	1.0	0.5	0.4	0.3	0.6
General and Administrative Expenses	5.4	12.6	5.1	3.0	4.4	10.5	5.6	3.9	3.7	4.8	3.4	3.7
Operating Profit	54.5	67.1	145.4	257.5	128.9	75.2	74.1	63.8	24.1	9.1	23.3	25.0
Other Income	—	—	—	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.3
Other Expenses	0.7	1.1	0.9	0.3	1.5	2.5	0.4	0.8	0.7	0.6	0.3	0.2
Other Profit	-0.7	-1.1	-0.9	-0.2	-1.5	-2.5	-0.4	-0.8	-0.7	-0.6	-0.3	0.1
Profit Before Tax	53.8	66.0	144.5	257.3	127.4	72.7	73.7	63.0	23.4	8.5	23.0	25.1
Current Income Tax Expense	10.8	12.8	28.9	49.4	25.5	14.8	15.0	13.1	4.6	2.2	4.6	5.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	43.1	53.2	115.6	207.9	101.9	57.9	58.7	49.9	18.8	6.2	18.4	20.0
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	43.1	53.2	115.6	207.9	101.9	57.9	58.7	49.9	18.8	6.2	18.4	20.0
Earnings per Share	3,418.00	2,548.00	8,772.00	15,858.00	7,683.00	4,366.00	4,674.00	3,981.00	1,501.00	421.00	1,547.00	1,676.00
Diluted EPS	3,418.46	4,224.72	9,175.89	16,500.03	8,087.79	4,595.97	4,654.96	3,964.14	1,494.32	495.98	1,463.85	1,585.93

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)	479.2	515.5	580.2	528.7	398.9	343.5	287.5	198.6	148.2	169.1	171.6	147.6
I. Cash and cash equivalents	42.2	258.4	188.3	157.3	124.4	105.2	132.8	74.5	24.9	23.1	33.0	9.6
1. Cash	42.2	258.4	86.4	157.3	124.4	82.2	129.4	64.4	22.6	23.1	32.5	9.6
2. Cash equivalents	—	—	101.9	—	—	23.0	3.4	10.1	2.3	0.0	0.5	0.0
II. Short-term financial investments	399.9	222.9	369.8	314.9	214.7	202.7	123.7	88.6	88.9	100.0	107.0	110.8
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	399.9	222.9	369.8	314.9	214.7	202.7	123.7	88.6	88.9	100.0	107.0	110.8
III. Short-term receivables	14.9	10.9	11.7	46.1	36.1	12.1	6.6	7.5	7.6	11.1	12.4	4.7
1. Short-term trade accounts receivable	0.2	0.2	0.2	34.1	26.1	4.6	0.2	0.2	0.2	7.0	7.4	0.2
2. Short-term prepayments to suppliers	3.6	3.8	2.9	3.7	2.3	2.4	3.1	3.2	3.0	2.0	1.6	1.6
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	11.8	7.7	9.3	9.1	8.4	5.8	4.0	4.8	5.0	2.8	4.0	3.6
7. Provision for short-term doubtful debts (*)	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7	-0.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	20.4	23.3	10.5	10.5	22.2	23.5	24.3	28.0	26.7	34.8	19.1	22.4
1. Inventories	20.4	23.3	10.5	10.5	22.2	23.5	24.3	28.0	26.7	34.8	19.1	22.4
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	1.8	—	—	—	1.6	0.0	0.0	0.0	0.2	0.1	0.1	0.1
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.1	0.1	0.1	0.1
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.8	—	—	—	1.6	0.0	0.0	0.0	0.1	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	111.2	108.3	95.1	92.6	82.1	81.0	74.4	67.0	57.9	69.4	72.4	73.4
I. Long-term receivables	9.0	7.4	5.1	3.7	3.7	3.7	3.4	3.4	3.4	3.2	3.2	3.2
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	9.0	7.4	5.1	3.7	3.7	3.7	3.4	3.4	3.4	3.2	3.2	3.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	20.2	18.6	19.7	19.7	20.6	17.8	19.0	15.1	14.8	23.4	14.6	15.7
1. Tangible fixed assets	18.0	16.1	16.8	16.5	17.1	13.9	14.7	10.5	9.9	9.3	9.0	9.8
- Cost	92.4	—	—	—	—	83.4	83.4	78.2	76.8	75.6	74.6	74.5
- Accumulated depreciation	-74.4	—	—	—	—	-69.5	-68.6	-67.6	-66.9	-66.3	-65.6	-64.7
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	2.2	2.5	2.9	3.2	3.5	3.9	4.2	4.6	4.9	14.2	5.6	5.9
- Cost	46.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-44.0	—	—	—	—	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	12.1	12.3	11.9	10.7	10.2	11.9	10.7	10.4	11.0	1.1	10.1	9.6
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	12.1	12.3	11.9	10.7	10.2	11.9	10.7	10.4	11.0	1.1	10.1	9.6
V. Long-term financial investments	69.4	69.4	57.8	57.8	46.9	46.9	40.5	35.9	27.6	40.4	43.1	43.1
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	12.8	12.8	12.8
3. Investments in other entities	69.5	69.5	69.5	69.5	69.5	69.5	69.5	69.5	69.5	69.5	69.5	69.5
4. Provision for diminution in value of long-term investments	-6.1	-6.1	-17.7	-17.7	-28.6	-28.6	-34.9	-33.5	-41.9	-41.9	-39.2	-39.2
5. Held to maturity investments	6.0	6.0	6.0	6.0	6.0	6.0	6.0	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	0.5	0.6	0.7	0.7	0.6	0.7	0.8	2.1	1.1	1.4	1.5	1.8
1. Long-term prepayments	0.5	0.6	0.7	0.7	0.6	0.7	0.8	2.1	1.1	1.4	1.5	1.8
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)	590.4	623.8	675.3	621.3	481.0	424.5	361.9	265.6	206.2	238.5	244.0	221.0
A. LIABILITIES (300=210+330)	71.6	148.1	143.1	132.0	78.8	79.3	53.0	53.7	41.7	41.2	39.8	35.3
I. Short -term liabilities	59.0	135.5	130.4	119.3	66.0	66.4	40.2	40.8	28.8	28.3	26.9	22.3
1. Short-term trade accounts payable	1.9	1.9	2.1	6.2	7.2	9.2	5.7	6.1	5.4	7.5	4.7	5.2
2. Short-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.5	0.0
3. Taxes and other payables to state authorities	15.4	68.6	84.0	81.6	30.9	18.7	19.5	20.0	10.0	6.2	12.0	7.0
4. Payable to employees	3.0	9.0	2.9	2.6	2.4	10.3	2.3	2.0	2.0	5.1	2.0	1.9
5. Short-term acrrued expenses	—	—	—	—	—	0.1	0.1	0.9	0.1	0.1	0.0	0.3
6. Short-term inter-company payables	0.7	—	—	—	—	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	—	16.5	2.7	5.6	6.2	13.2	0.5	2.5	0.6	8.5	0.5	0.7
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	38.0	39.4	38.7	23.2	19.2	14.9	12.2	9.3	10.7	0.9	6.3	7.3
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	12.6	12.6	12.7	12.7	12.8	12.8	12.8	12.8	12.9	12.9	12.9	12.9
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	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	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	12.6	12.6	12.7	12.7	12.8	12.8	12.8	12.8	12.9	12.9	12.9	12.9
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	518.8	475.7	532.2	489.3	402.2	345.2	308.9	211.9	164.4	197.3	204.2	185.7
I. Owner's equity	518.8	475.7	532.2	489.3	402.2	345.2	308.9	211.9	164.4	197.3	204.2	185.7
1. Owner's capital	126.0	126.0	126.0	126.0	126.0	126.0	126.0	126.0	126.0	126.0	126.0	126.0
- Common stock with voting right	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00	126,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	9.5	9.5	9.5	9.5	9.5	5.0	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	—	—	—	—	—	4.5	4.5	4.5	4.5	4.5	4.5	4.5
5. Treasury shares	—	—	—	—	—	0.00	-1,582,196,599.00	-42,833,907,079.00	-42,833,907,079.00	-42,833,907,079.00	-42,833,907,079.00	-42,833,907,079.00
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	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0	50.0
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	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
11. Undistributed earnings after tax	332.2	289.1	345.7	302.8	215.6	158.7	128.8	73.1	25.7	58.5	65.4	47.0
- Accumulated retained earning at the end of the previous period	289.1	1.1	1.1	1.1	118.8	7.8	7.8	7.8	7.8	18.6	18.6	18.6
- Undistributed earnings in this period	43.1	288.1	344.6	301.7	96.8	150.9	121.1	65.3	17.9	39.9	46.8	28.4
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)	590.4	623.8	675.3	621.3	481.0	424.5	361.9	265.6	206.2	238.5	244.0	221.0

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
Profit Before Tax	53.8	66.0	144.5	254.3	127.4	72.7	73.7	63.0	23.4	8.8	23.0	25.1
Depreciation of Fixed Assets and Investment Property	1.7	1.6	1.5	1.5	1.3	1.2	1.3	1.0	1.0	1.0	1.2	2.0
Provision (Increase)/Reversal	-0.0	-11.7	-0.0	-11.0	-0.0	-6.3	1.4	-8.4	-0.0	2.7	-0.0	-1.9
FX Gain/Loss from Revaluation of Monetary Items	—	1.4	—	-7.4	—	-1.8	1.3	0.5	-0.6	0.3	-0.2	-0.3
Gain/Loss from Investment Activities	-2.8	5.3	-10.1	-2.4	-2.5	-6.6	-0.4	-1.0	-3.7	-1.3	-2.1	-1.5
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	52.7	55.2	143.4	234.9	126.2	59.2	77.3	55.1	20.2	11.5	21.9	23.5
Increase/(Decrease) in Receivables	-5.9	-3.5	32.8	-8.2	-24.0	-4.4	1.0	0.7	2.9	0.6	-7.5	-0.3
Increase/(Decrease) in Inventory	2.9	-12.8	0.0	11.7	1.7	0.8	3.7	-1.3	8.0	-15.6	3.3	13.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-23.6	20.5	-7.8	-0.1	-18.8	22.6	-3.5	5.2	-13.9	10.5	1.0	-18.2
Increase/(Decrease) in Prepaid Expenses	0.1	0.1	0.1	-0.1	0.1	0.1	1.3	-0.9	0.2	0.1	0.3	-1.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-62.2	-28.9	-25.5	0.0	-13.9	-15.0	-15.1	-4.9	0.0	-5.9	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-1.4	-2.0	-0.6	-2.9	-0.7	-0.1	-0.0	-3.9	-0.5	-6.6	-1.0	-3.7
Net Cash Flow from Operating Activities	-37.4	28.6	142.4	235.3	70.5	63.1	64.7	50.0	17.0	-5.5	18.0	14.0
Payments for Fixed Assets and Other Long-term Assets	-3.0	-1.0	-2.6	-1.0	-2.4	-1.3	-5.3	-1.0	-1.8	-1.3	-0.6	-0.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-399.9	-177.0	-226.8	71.7	-214.7	-79.0	-41.1	6.3	-88.9	7.0	3.8	-32.8
Receipts from Loan Repayments and Sale of Debt Instruments	222.9	323.9	70.0	-70.0	202.7	0.0	0.0	-6.0	100.0	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	—	—	—	—	—	2.5	-2.5	2.5	12.8	0.0	0.0	0.0
Dividends and Interest Income Received	1.3	4.1	2.9	2.1	0.9	3.9	2.5	-1.7	3.9	2.0	1.9	1.4
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	-178.8	150.0	-156.5	2.9	-13.5	-74.0	-46.3	0.1	26.0	7.6	5.2	-32.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	6,560,508,576.00	41,251,710,480.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-107.1	-56.7	-110.9	-37.8	-25.2	0.0	0.0	-41.7	-11.9	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	—	-107.1	-56.7	-110.9	-37.8	-18.6	41.3	0.0	-41.7	-11.9	0.0	0.0
Net Cash Flow During the Period	-216.2	71.5	-70.8	127.3	19.2	-29.5	59.6	50.1	1.3	-9.7	23.2	-18.1
Cash and Cash Equivalents at Beginning of Period	258.4	188.3	259.1	124.4	105.2	23.1	23.1	23.1	23.1	20.1	20.1	20.1
FX Difference from Revaluation	—	6.0	7.4	7.4	—	1.8	-1.3	-0.5	0.6	-0.3	0.2	0.3
Cash and Cash Equivalents at End of Period	42.2	258.4	188.3	259.1	124.4	105.2	132.8	74.5	24.9	23.1	33.0	9.6

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HGM

What Is Changing

Drivers of HGM's profit

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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