HHC

Listed Company · HNX

Price

167,000

Latest close

31 Mar 2026

P/E 55.6x

EPS (TTM) 3,002

ROE (TTM) 7.5%

P/B 4.1x

BVPS (Latest) 40,591

ROA (TTM) 5.1%

What Is Changing

HHC has not yet shown a broad-based top-line recovery. Revenue posted -9.4% YoY, but net margin reached 7.05% with an additional +1.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 132bps to 7.05% in 2025.
Net Income recovered 11.5% to VND 49.3bn in 2025.
Revenue decreased 9.4% YoY to VND 699.5bn in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	699.5	772.3	866.3	1,454.6	930.6
Growth	-9%	-11%	-40%	+56%	—
Net Income	49.3	44.3	49.6	52.8	52.3
Net Margin	7.05%	5.73%	5.72%	3.63%	5.62%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	260.9	157.4	117.2	164.0	274.5	160.1	136.0	206.5	223.2	274.6	154.7	215.0
Growth	+66%	+34%	-29%	-40%	+71%	+18%	-34%	-7%	-19%	+77%	-28%	—
Net Income	30.1	9.4	0.6	9.2	13.4	12.9	2.9	21.1	10.9	24.3	6.6	10.5
Net Margin	11.55%	6.00%	0.49%	5.59%	4.87%	8.06%	2.17%	10.22%	4.90%	8.84%	4.26%	4.88%

Financial Statements

Profitability

Net margin reached 7.05% while Revenue posted -9.4% YoY.

Balance Sheet

Inventory stood at 51.3bn, liabilities at 321.7bn, and equity at 666.7bn.

Cash Flow

Operating cash flow was -65.0bn in 2024, while investing cash flow was 92.1bn.

Financing cash flow: 25.9bn.

Item	2025	2024	2023	2022	2021
Revenue	768.2	818.0	915.0	1,517.0	1,002.4
Revenue Deductions	68.7	45.8	48.6	62.4	0.0
Net Revenue	699.5	772.3	866.3	1,454.6	930.6
Cost of Goods Sold	542.3	602.7	690.9	1,258.9	0.0
Gross Profit	157.2	169.6	175.4	195.7	143.4
Financial Income	44.4	81.8	70.5	75.6	26.7
Financial Expenses	10.2	46.4	47.1	56.9	-26.4
Interest Expense	9.8	46.2	46.9	56.4	-26.0
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0
Selling Expenses	95.0	101.4	87.5	123.5	-110.3
General and Administrative Expenses	33.6	45.3	46.8	48.1	-47.4
Operating Profit	62.7	58.4	64.6	42.8	-14.1
Other Income	0.2	0.3	0.5	28.7	0.0
Other Expenses	1.1	1.5	0.5	1.3	0.0
Other Profit	-0.8	-1.2	-0.0	27.4	80.0
Profit Before Tax	61.9	57.2	64.6	70.1	65.9
Current Income Tax Expense	12.6	12.9	15.0	17.3	-13.7
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	49.3	44.3	49.6	52.8	52.3
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	49.3	44.3	49.6	52.8	52.3
Earnings per Share	3,003.00	2,694.00	3,018.00	3,214.00	3,183.12
Diluted EPS	3,003.29	2,694.16	3,018.30	3,213.78	3,183.12

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	598.7	698.7	1,416.3	1,028.4	987.6
I. Cash and cash equivalents	57.5	64.8	11.7	18.4	19.0
1. Cash	57.5	19.2	11.7	18.4	0.0
2. Cash equivalents	0.0	45.6	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	86.0	0.0
1. Available for sale securities	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
3. Held to maturity investments	0.0	0.0	0.0	86.0	0.0
III. Short-term receivables	482.1	574.0	1,308.8	797.6	737.1
1. Short-term trade accounts receivable	178.1	127.6	120.5	280.0	0.0
2. Short-term prepayments to suppliers	1.4	9.3	122.6	132.1	0.0
3. Short-term inter-company receivables	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
5. Short-term loan receivables	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	303.8	438.0	1,065.6	385.5	0.0
7. Provision for short-term doubtful debts (*)	-1.6	-1.3	0.0	0.0	0.0
8. Assets awaiting resolution	0.4	0.4	0.0	0.0	0.0
IV. Inventories	51.3	59.6	95.3	125.5	134.6
1. Inventories	51.3	59.6	95.3	125.5	0.0
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	7.8	0.3	0.6	0.9	1.9
1. Short-term prepayments	1.3	0.3	0.2	0.5	0.0
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.1	0.0
3. Taxes and other receivables from state authorities	6.5	0.1	0.3	0.3	0.0
4. Government bonds	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	389.6	243.6	334.8	216.5	257.9
I. Long-term receivables	211.3	62.5	135.4	2.6	0.0
1. Long-term trade receivables	0.0	0.0	0.0	0.0	2.6
2. Long-term prepayments to suppliers	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
4. Long-term inter-company receivables	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
6. Other long-term receivables	211.3	62.5	135.4	2.6	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	126.4	138.0	153.4	167.1	184.4
1. Tangible fixed assets	125.4	137.5	152.6	167.1	184.4
- Cost	420.8	415.7	423.6	422.5	0.0
- Accumulated depreciation	-295.4	-278.1	-271.0	-255.4	0.0
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.1	0.4	0.8	0.0	0.0
- Cost	2.5	1.2	1.2	0.2	0.0
- Accumulated depreciation	-1.4	-0.8	-0.5	-0.2	0.0
III. Investment properties	0.0	0.0	0.0	0.0	0.0
- Cost	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	0.0	0.0	0.0	22.3
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	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
3. Investments in other entities	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
5. Held to maturity investments	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
VI. Other long-term assets	51.9	43.2	46.1	46.8	0.0
1. Long-term prepayments	51.9	43.2	46.1	46.8	0.0
2. Deferred income tax assets	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
4. Other long-term assets	0.0	0.0	0.0	0.0	48.6
5. Goodwill	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	988.4	942.3	1,751.1	1,244.9	1,245.5
A. LIABILITIES (300=210+330)	321.7	301.1	1,151.7	692.4	743.2
I. Short -term liabilities	319.7	299.2	1,150.1	686.5	662.5
1. Short-term trade accounts payable	48.7	19.1	80.9	287.9	137.1
2. Short-term advances from customers	7.8	1.8	120.9	123.3	132.6
3. Taxes and other payables to state authorities	11.5	10.8	10.7	13.5	0.0
4. Payable to employees	20.8	22.6	19.5	23.9	0.0
5. Short-term acrrued expenses	40.1	12.5	8.0	16.5	0.0
6. Short-term inter-company payables	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
8. Short-term unearned revenue	3.4	26.6	0.4	1.1	1.1
9. Other short-term payables	21.5	20.3	750.3	20.9	0.0
10. Short-term borrowings and financial leases	157.2	175.3	149.4	191.7	314.8
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	8.6	10.2	10.1	7.7	0.0
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.9	1.9	1.5	5.9	80.7
1. Long-term trade payables	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
3. Long-term acrrued expenses	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
5. Long-term inter-company payables	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
7. Other long-term liabilities	1.9	1.9	1.5	1.7	0.0
8. Long-term borrowings and financial leases	0.0	0.0	0.0	4.2	79.1
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	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
13. Fund for technology development	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
B. OWNER'S EQUITY (400=410+430)	666.7	641.2	599.5	552.5	502.4
I. Owner's equity	666.7	641.2	599.5	552.5	0.0
1. Owner's capital	164.2	164.2	164.2	164.2	502.4
- Common stock with voting right	164.2	164.2	164.2	164.2	164.2
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	33.5	33.5	33.5	33.5	33.5
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	3.7	3.7	3.7	3.7	3.7
5. Treasury shares	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	413.2	392.8	345.7	295.5	0.0
9. Fund to support corporate restructuring	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
11. Undistributed earnings after tax	52.1	47.1	52.4	55.6	55.1
- Accumulated retained earning at the end of the previous period	2.8	2.8	2.8	2.8	2.8
- Undistributed earnings in this period	49.3	44.3	49.6	52.8	52.3
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	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
1. Subsidized not-for-profit funds	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
C. MINORITY'S INTEREST	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	988.4	942.3	1,751.1	1,244.9	1,245.5

Item	2024	2023	2022	2021	2020
Profit Before Tax	57.2	64.6	70.1	65.9	57.2
Depreciation of Fixed Assets and Investment Property	17.3	17.1	17.3	17.9	39.2
Provision (Increase)/Reversal	1.3	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.1	0.1	0.0	0.0
Gain/Loss from Investment Activities	-80.5	-70.1	-74.4	0.0	0.0
Interest Expense	11.6	46.9	56.4	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	0.0	0.0	0.0	0.0	0.0
Other Adjustments	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	6.8	58.6	69.6	83.2	83.6
Increase/(Decrease) in Receivables	793.1	-638.7	-47.0	0.0	0.0
Increase/(Decrease) in Inventory	35.7	30.2	9.2	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-878.3	486.4	168.9	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	2.9	1.0	2.3	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	-11.7	-24.6	-55.0	0.0	0.0
Corporate Income Tax Paid	-11.1	-20.7	-20.6	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-2.4	-0.2	-0.2	0.0	0.0
Net Cash Flow from Operating Activities	-65.0	-108.1	127.2	4.5	-276.6
Payments for Fixed Assets and Other Long-term Assets	-2.7	-3.0	-9.0	-7.3	-25.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	0.0	0.0	15.5
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	-5.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	86.0	9.0	17.0	46.0
Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	94.8	64.8	70.1	0.0	0.0
Increase/(Decrease) in Term Deposits	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
Other Investing Receipts	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	92.1	147.9	70.1	54.9	46.4
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	614.7	535.2	507.8	661.6	967.2
Repayment of Borrowings	-588.8	-581.7	-705.8	-713.7	-900.1
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	25.9	-46.5	-198.0	-52.1	67.1
Net Cash Flow During the Period	53.0	-6.7	-0.7	-8.7	-83.3
Cash and Cash Equivalents at Beginning of Period	11.7	18.4	19.0	11.6	94.8
FX Difference from Revaluation	0.1	-0.0	0.1	0.1	0.1
Cash and Cash Equivalents at End of Period	64.8	11.7	18.4	19.0	11.6

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	305.2	166.3	126.6	170.1	291.9	172.2	143.1	215.3	238.5	284.8	165.8	225.8
Revenue Deductions	44.3	8.9	9.4	6.1	17.4	12.1	7.2	8.8	15.3	10.2	11.1	10.8
Net Revenue	260.9	157.4	117.2	164.0	274.5	160.1	136.0	206.5	223.2	274.6	154.7	215.0
Cost of Goods Sold	201.3	119.7	94.1	127.2	213.8	122.1	108.0	158.8	176.3	211.0	124.0	179.5
Gross Profit	59.7	37.6	23.1	36.8	60.8	38.0	28.0	47.8	46.9	63.6	30.7	35.5
Financial Income	10.9	10.9	11.4	11.1	8.4	8.3	35.9	35.8	47.9	0.4	12.0	10.3
Financial Expenses	2.2	2.0	3.0	3.0	0.2	0.0	27.0	26.1	29.4	5.0	7.0	4.7
Interest Expense	1.9	2.0	3.0	2.9	3.1	2.9	3.2	26.1	5.1	4.9	7.0	4.6
Share of Associates and Joint Ventures	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	29.2	23.5	21.1	21.2	36.1	19.9	22.9	21.8	36.4	17.2	15.4	17.2
General and Administrative Expenses	0.7	11.4	9.7	11.8	16.3	8.8	9.8	9.1	12.9	11.1	12.1	10.7
Operating Profit	38.5	11.6	0.8	11.9	16.7	17.7	4.2	26.6	16.1	30.6	8.1	13.2
Other Income	0.1	0.2	0.0	0.0	0.3	0.0	0.0	0.0	0.1	0.0	0.4	0.0
Other Expenses	0.4	0.3	0.0	0.3	0.2	0.6	0.5	0.2	0.2	0.2	0.0	0.1
Other Profit	-0.3	-0.1	-0.0	-0.3	0.1	-0.6	-0.5	-0.1	-0.1	-0.2	0.4	-0.1
Profit Before Tax	38.1	11.5	0.7	11.5	16.7	17.0	3.7	26.4	16.0	30.4	8.4	13.1
Current Income Tax Expense	8.0	2.1	0.2	2.4	3.3	4.1	0.7	5.3	5.0	6.1	1.9	2.6
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	30.1	9.4	0.6	9.2	13.4	12.9	2.9	21.1	10.9	24.3	6.6	10.5
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	30.1	9.4	0.6	9.2	13.4	12.9	2.9	21.1	10.9	24.3	6.6	10.5
Earnings per Share	1,835.00	574.00	35.00	558.00	814.00	786.00	180.00	1,285.00	665.00	1,477.00	401.00	639.00
Diluted EPS	1,835.19	574.71	34.93	558.45	814.34	785.71	179.56	1,285.40	665.37	1,477.43	401.11	639.41

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	598.7	456.3	490.3	576.2	636.1	1,279.1	1,281.9	1,289.8	1,548.8	1,436.9	793.1	946.9
I. Cash and cash equivalents	57.5	17.2	16.1	61.2	19.2	12.3	16.1	10.1	11.7	13.6	6.7	7.8
1. Cash	57.5	17.2	16.1	25.6	19.2	12.3	16.1	10.1	11.7	13.6	6.7	7.8
2. Cash equivalents	0.0	0.0	0.0	35.6	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	0.0	0.0	0.0	0.0	45.6	0.0	0.0	0.0	0.0	5.0	5.0	5.0
1. Available for sale securities	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	0.0	0.0	0.0	0.0	45.6	0.0	0.0	0.0	0.0	5.0	5.0	5.0
III. Short-term receivables	482.1	372.4	404.8	452.9	511.0	1,189.0	1,193.8	1,211.1	1,441.3	1,325.9	660.2	802.2
1. Short-term trade accounts receivable	178.1	58.8	68.3	81.9	127.6	96.8	97.0	119.0	120.5	123.4	65.9	193.1
2. Short-term prepayments to suppliers	1.4	4.1	19.3	8.9	9.3	6.0	3.8	4.6	122.6	124.6	124.0	132.8
3. Short-term inter-company receivables	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	303.8	310.7	318.1	363.0	374.1	1,086.2	1,093.0	1,087.5	1,198.1	1,077.9	470.3	476.2
7. Provision for short-term doubtful debts (*)	-1.6	-1.6	-1.3	-1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.4	0.4	0.4	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	51.3	65.3	67.8	61.2	60.0	75.9	71.5	67.5	95.3	91.5	118.7	129.7
1. Inventories	51.3	65.3	67.8	61.2	60.0	75.9	71.5	67.5	95.3	91.5	118.7	129.7
2. Provision for decline in value of inventories	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	7.8	1.4	1.6	0.9	0.3	1.9	0.4	1.1	0.6	1.0	2.5	2.2
1. Short-term prepayments	1.3	1.4	1.2	0.7	0.3	0.1	0.1	0.7	0.2	0.7	1.4	1.9
2. Value added tax to be reclaimed	0.0	0.0	0.3	0.2	0.0	0.0	0.0	0.1	0.0	0.0	0.8	0.1
3. Taxes and other receivables from state authorities	6.5	0.0	0.0	0.0	0.1	1.8	0.3	0.3	0.3	0.3	0.3	0.3
4. Government bonds	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	389.6	391.6	400.7	337.6	314.1	322.5	325.6	329.8	202.3	294.7	210.3	214.0
I. Long-term receivables	211.3	211.4	217.1	161.5	133.0	135.4	135.4	135.4	2.9	92.2	2.6	2.6
1. Long-term trade receivables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	211.3	211.4	217.1	161.5	133.0	135.4	135.4	135.4	2.9	92.2	2.6	2.6
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	126.4	126.4	138.4	133.6	138.0	141.3	145.6	149.1	153.4	155.6	160.0	162.9
1. Tangible fixed assets	125.4	126.0	137.9	133.2	137.5	140.8	145.0	148.4	152.6	154.7	159.1	162.9
- Cost	420.8	417.0	424.6	415.6	415.7	414.8	414.8	423.6	423.6	422.0	422.2	422.1
- Accumulated depreciation	-295.4	-291.0	-286.7	-282.3	-278.1	-274.1	-269.8	-275.2	-271.0	-267.2	-263.1	-259.2
2. Financial leased fixed assets	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.1	0.4	0.5	0.4	0.4	0.5	0.6	0.7	0.8	0.9	1.0	0.0
- Cost	2.5	1.6	1.6	1.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.4	-1.2	-1.0	-0.9	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	0.0	1.7	1.1	0.0	0.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	0.0	1.7	1.1	0.0	0.0	2.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	51.9	52.1	44.2	42.6	43.2	43.9	44.6	45.4	46.1	46.9	47.7	48.5
1. Long-term prepayments	51.9	52.1	44.2	42.6	43.2	43.9	44.6	45.4	46.1	46.9	47.7	48.5
2. Deferred income tax assets	0.0	0.0	0.0	0.0	0.0	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	988.4	847.9	891.0	913.8	950.2	1,601.6	1,607.5	1,619.6	1,751.1	1,731.6	1,003.4	1,160.9
A. LIABILITIES (300=210+330)	321.7	211.3	240.0	263.4	302.8	967.7	986.4	999.0	1,152.2	1,143.6	436.4	597.9
I. Short -term liabilities	319.7	209.4	238.1	261.4	300.9	965.8	984.5	997.6	1,150.7	1,141.5	434.3	592.0
1. Short-term trade accounts payable	48.7	40.5	8.2	11.5	19.1	26.0	20.8	25.0	80.9	19.5	8.3	156.9
2. Short-term advances from customers	7.8	4.5	3.3	2.7	1.8	1.8	1.9	1.9	120.9	124.5	121.2	123.3
3. Taxes and other payables to state authorities	11.5	5.7	0.3	6.4	11.4	4.4	1.5	8.0	10.5	25.8	12.8	5.6
4. Payable to employees	20.8	9.4	8.3	8.7	22.6	9.9	9.2	10.0	20.2	8.8	7.2	8.5
5. Short-term acrrued expenses	40.1	13.6	12.1	10.1	11.3	2.7	5.1	8.0	8.0	1.4	0.3	4.5
6. Short-term inter-company payables	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	3.4	9.3	12.8	13.9	22.0	0.7	1.3	0.3	0.4	0.4	1.0	1.1
9. Other short-term payables	21.5	22.9	24.0	20.7	27.2	747.6	765.2	755.8	750.3	725.4	19.5	19.7
10. Short-term borrowings and financial leases	157.2	94.9	160.4	178.7	175.3	160.7	167.0	178.4	149.4	225.5	253.7	264.6
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	8.6	8.6	8.8	8.8	10.2	12.0	12.4	10.1	10.1	10.2	10.2	7.7
13. Price stabilization fund	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	1.9	1.9	1.9	2.0	1.9	1.9	1.9	1.5	1.5	2.1	2.1	5.9
1. Long-term trade payables	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	1.9	1.9	1.9	2.0	1.9	1.9	1.9	1.5	1.5	1.7	1.7	1.7
8. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.4	0.4	4.2
9. Convertible bonds	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	666.7	636.6	651.0	650.4	647.3	634.0	621.1	620.6	599.0	588.0	567.0	563.0
I. Owner's equity	666.7	636.6	651.0	650.4	647.3	634.0	621.1	620.6	599.0	588.0	567.0	563.0
1. Owner's capital	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2
- Common stock with voting right	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2	164.2
- Preferred stock	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5	33.5
3. Convertible bond option	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7	3.7
5. Treasury shares	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	413.2	413.2	437.0	392.8	392.8	392.8	392.8	345.7	345.7	345.7	345.7	295.5
9. Fund to support corporate restructuring	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	52.1	22.0	12.5	56.2	53.1	39.8	26.9	73.5	51.9	40.9	19.9	66.1
- Accumulated retained earning at the end of the previous period	2.8	2.8	2.8	47.1	2.8	2.8	2.8	52.4	2.8	2.8	2.8	55.6
- Undistributed earnings in this period	49.3	19.2	9.7	9.2	50.3	37.0	24.1	21.1	49.1	38.1	17.1	10.5
12. Reserves for investment in construction	0.0	0.0	0.0	0.0	0.0	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	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	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	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	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	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	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	988.4	847.9	891.0	913.8	950.2	1,601.6	1,607.5	1,619.6	1,751.1	1,731.6	1,003.4	1,160.9

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	61.9	0.0	0.8	11.5	16.7	18.9	1.8	26.4	16.6	30.4	4.4	13.1
Depreciation of Fixed Assets and Investment Property	20.8	0.0	4.4	4.4	4.4	4.4	4.3	4.3	4.4	4.3	4.3	4.2
Provision (Increase)/Reversal	0.3	0.0	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.4	0.0	-0.2	-0.1	-0.1	-0.1	0.0	-0.2	0.3	-0.1	-0.0	-0.1
Gain/Loss from Investment Activities	-36.6	0.0	-10.9	-11.0	-11.2	36.1	-34.9	-35.5	-36.4	-11.4	-12.0	-10.2
Interest Expense	9.8	0.0	3.0	2.9	3.1	-45.1	27.5	26.1	29.4	4.9	8.0	4.6
Gain/Loss on Disposal of Fixed Assets	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	55.8	0.0	-2.6	7.8	13.0	14.3	-1.4	21.1	14.2	28.0	4.7	11.7
Increase/(Decrease) in Receivables	63.0	0.0	3.1	16.2	661.9	0.1	27.0	115.6	-29.0	-831.6	224.8	-2.9
Increase/(Decrease) in Inventory	8.7	0.0	-6.6	-1.6	15.9	-4.3	-4.1	27.7	-3.8	27.2	11.0	-4.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	2.3	0.0	0.3	-37.9	-666.3	-18.4	-8.8	-187.9	-14.1	806.3	-146.4	-159.5
Increase/(Decrease) in Prepaid Expenses	-28.8	0.0	-10.0	0.2	0.5	0.8	1.3	0.3	1.2	1.5	1.3	-3.1
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-10.3	0.0	-2.9	-2.9	-19.4	-2.9	-17.8	-20.7	-6.6	-4.0	-8.9	-5.2
Corporate Income Tax Paid	-11.4	0.0	-6.9	-4.2	0.0	-1.4	-5.3	-4.3	-10.8	0.0	0.0	-9.9
Other Operating Receipts	0.1	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	0.0	-0.0	-1.4	-1.8	-0.5	-0.1	-0.1	-0.1	0.0	-0.1	0.0
Net Cash Flow from Operating Activities	79.2	0.0	-25.5	-23.9	3.9	-12.4	-9.1	-48.2	-48.9	27.5	86.4	-173.1
Payments for Fixed Assets and Other Long-term Assets	-3.7	0.0	-1.5	-0.2	-1.1	0.0	-0.8	-0.6	-0.2	-1.3	-1.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
Loans and Purchases of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	89.5	-170.5	81.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	86.0	-87.0	87.0	0.0
Investments in Other Entities	0.0	0.0	0.0	0.0	-45.6	0.0	0.0	0.0	795.4	-795.4	0.0	0.0
Proceeds from Investments in Other Entities	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-792.9	792.9	0.0	0.0
Dividends and Interest Income Received	35.0	0.0	0.2	16.9	35.1	14.7	27.3	18.0	35.5	8.7	11.9	8.7
Increase/(Decrease) in Term Deposits	0.0	0.0	0.0	0.0	0.0	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	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	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	31.4	0.0	-1.3	16.8	-11.6	14.7	26.6	17.4	123.8	7.5	-73.0	89.7
Proceeds from Equity Issuance and Capital Contributions	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	352.6	0.0	113.4	156.1	205.8	128.3	115.1	169.8	86.8	159.5	98.4	190.4
Repayment of Borrowings	-470.7	0.0	-131.8	-152.7	-191.3	-134.6	-126.5	-140.8	-163.3	-187.7	-113.1	-117.5
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Receipts	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-118.1	0.0	-18.3	3.4	14.6	-6.3	-11.4	29.0	-76.5	-28.2	-14.7	72.9
Net Cash Flow During the Period	-7.5	0.0	-45.2	-3.7	6.9	-3.9	6.1	-1.8	-1.7	6.7	-1.2	-10.5
Cash and Cash Equivalents at Beginning of Period	64.8	16.1	61.2	64.8	11.7	11.7	11.7	11.7	18.4	18.4	18.4	18.4
FX Difference from Revaluation	0.2	0.0	0.1	0.1	0.1	0.1	0.0	0.1	-0.2	0.1	0.1	-0.1
Cash and Cash Equivalents at End of Period	57.5	0.0	16.1	61.2	19.2	12.3	16.1	10.1	11.7	13.6	6.7	7.8

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HHC

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Balance Sheet

Cash Flow

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