HMR

Đá Hoàng Mai ·HNX ·2026Q1

▼▼ Declining sharply

Margins remain under pressure Net margin 7.23%, −3.12pp YoY

Price

11,400

Latest close

02 Jun 2026

P/E 19.11x

P/B 0.79x

EPS 597

BVPS 14,429

ROE 4.2%

ROA 3.9%

Profit Margin 7.2%

Asset Turnover 0.53x

Equity Mult. 1.09x

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

What Is Changing

On a TTM 2026Q1 basis, HMR is declining on both revenue and margins simultaneously, showing pressure from multiple directions at once. More notably, a significant portion of profit is supported by non-core sources, further affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 46bn
	                                
−15.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 3bn
	                                
−41.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    44.3%

Metric	2025	2024	2023	2022	2021
Revenue	47.2	53.0	67.7	51.7	30.8
Growth	-11%	-22%	+31%	+68%	—
Net Income	3.2	6.0	6.6	5.7	1.9
Net Margin	6.72%	11.38%	9.70%	11.06%	6.20%

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	9.9	11.4	17.4	7.7	10.7	19.1	18.7	6.4	8.8	21.1	32.4	9.7
Growth	-13%	-35%	+125%	-28%	-44%	+2%	+193%	-28%	-58%	-35%	+233%	—
Net Income	0.5	1.1	1.5	0.2	0.3	2.8	2.0	0.6	0.7	2.3	2.9	0.9
Net Margin	5.09%	9.80%	8.56%	3.17%	3.03%	14.67%	10.60%	8.91%	7.71%	10.83%	9.01%	9.60%

Drivers of HMR's profit

TTM

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

Other profit ↑ 3.2bn

Tax ↓ 0.8bn

Gross profit ↓ 6.4bn

TTM

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

Gross profit ↑ 0.1bn

Administrative expenses ↓ 0.1bn

Tax ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.5% = 10.3% × 0.68 × 1.08

2026Q1 4.2% = 7.2% × 0.53 × 1.09

ROE fell from 7.5% to 4.2% — asset turnover weakened the most, though leverage still provided support.

Net margin: 7.2% -3.1pp Asset turnover: 0.53x -0.14x Leverage: 1.09x +0.01x

Is the profit sustainable?

Margins are under pressure while earnings still rely significantly on non-core sources.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 7.23%, losing 3.1pp. The main pressure comes from Gross margin fell 9.9pp and SG&A / Revenue rose 0.8pp (in addition, Other profit / Revenue rose 6.4pp added support while Net financial result / Revenue fell 0.0pp remained a drag).

Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.

Profitability trend

Net Margin 7.23% −3.1pp

Gross Margin 11.47% −9.9pp

SG&A / Revenue 6.37% +0.8pp

Non-core / Revenue 4.23% +6.4pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Other income is supporting margin

Other income accounts for 45.5% of PBT and lifted net margin by 6.4pp — separate the operating contribution from this source.

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 4.02% −8.1pp

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 0.13x equity, with a net cash position equivalent to 0.02x equity.

Inventory ended the period at 17.9bn, roughly 19.8% of total assets.

Over the last 12 months, working capital absorbed 0.2bn of cash, mainly because of higher receivables. Part of that drag was offset by lower inventories and higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −11.9bn

Inventories decreased → higher CFO: +8.8bn

Payables increased → higher CFO: +2.8bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 22.0 days versus the same period last year. The main moves came from DIO fell 51.2 days, DSO rose 78.7 days, and DPO rose 5.5 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 372.0 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +78.7 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 200.8 days +78.7 days

Inventory 181.0 days −51.2 days

Payables 9.9 days +5.5 days

Cash Conversion Cycle 372.0 days +22.0 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

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 -0.02x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 0.26x +0.56x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -0.9bn in 2025, against investing cash flow of 1.6bn.

Post-investment cash flow was positive +0.7bn. Financing cash flow was negative +0.5bn.

CFO / net income was 0.26x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 0.9bn +2.5bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 3.1 pp. The next watchpoint is the earnings mix, when non-core contribution is 1.1%. The main offsetting support comes from balance-sheet flexibility, with net cash/equity at about -0.02x.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.02x of equity.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 1.1% of PBT and CFO / net income currently at 0.26x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 7.23% after a 3.1pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	47.2	53.0	67.7	51.7	30.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	47.2	53.0	67.7	51.7	30.8
Cost of Goods Sold	42.0	40.8	55.4	40.9	0.0
Gross Profit	5.2	12.2	12.2	10.8	3.9
Financial Income	0.0	0.1	0.1	0.0	0.0
Financial Expenses	0.0	0.1	0.0	0.0	-0.0
Interest Expense	0.0	0.1	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	3.0	3.0	4.2	4.9	-1.6
Operating Profit	2.2	9.1	8.1	5.9	2.4
Other Income	2.5	0.1	0.1	1.3	0.0
Other Expenses	0.5	1.0	0.0	0.0	0.0
Other Profit	1.9	-0.9	0.1	1.3	0.0
Profit Before Tax	4.1	8.2	8.2	7.2	2.4
Current Income Tax Expense	0.9	2.2	1.6	1.4	-0.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	3.2	6.0	6.6	5.7	1.9
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.2	6.0	6.6	5.7	1.9
Earnings per Share	565.00	1,075.00	1,170.00	1,019.00	340.32
Diluted EPS	565.00	1,074.94	1,170.18	1,019.46	340.32

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	81.5	82.0	90.1	81.2	77.4
I. Cash and cash equivalents	0.3	0.1	9.7	0.3	0.3
1. Cash	0.3	0.1	0.4	0.3	0.0
2. Cash equivalents	—	0.0	9.2	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	63.3	54.2	50.3	55.4	60.5
1. Short-term trade accounts receivable	28.8	28.6	24.2	27.3	0.0
2. Short-term prepayments to suppliers	35.2	26.4	26.9	28.7	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	0.1	0.1	0.1	0.1	0.0
7. Provision for short-term doubtful debts (*)	-0.8	-0.8	-0.8	-0.8	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	17.9	27.7	30.1	25.6	16.6
1. Inventories	17.9	27.7	30.1	25.6	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	0.0	0.0	0.0	0.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	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	0.0	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)	9.1	9.3	10.2	9.9	10.2
I. Long-term receivables	2.6	2.4	2.1	1.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	1.7
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	2.6	2.4	2.1	1.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	5.7	6.7	6.4	7.4	8.5
1. Tangible fixed assets	5.7	6.7	6.4	7.4	8.5
- Cost	31.8	34.3	33.0	32.5	0.0
- Accumulated depreciation	-26.1	-27.6	-26.5	-25.1	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	—	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
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	—	0.0	1.2	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	1.2	0.0	0.0
V. Long-term financial investments	0.8	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	0.8	0.0	0.0	0.0	0.0
3. Investments in other entities	—	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
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	—	0.2	0.4	0.6	0.0
1. Long-term prepayments	—	0.2	0.4	0.6	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	0.0
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)	90.6	91.3	100.3	91.1	87.5
A. LIABILITIES (300=210+330)	10.1	13.7	22.9	13.6	15.4
I. Short -term liabilities	8.2	12.3	22.2	13.5	12.6
1. Short-term trade accounts payable	0.5	3.2	4.9	6.1	4.6
2. Short-term advances from customers	0.1	0.2	0.2	0.1	0.2
3. Taxes and other payables to state authorities	1.6	3.4	2.4	2.5	0.0
4. Payable to employees	3.5	2.9	3.5	2.5	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	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	2.0	1.7	1.7	1.9	0.0
10. Short-term borrowings and financial leases	—	0.5	9.2	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.5	0.4	0.4	0.5	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	2.0	1.5	0.8	0.1	2.8
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	0.1	0.1	0.1	0.1	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	1.9	1.4	0.7	0.0	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)	80.5	77.6	77.3	77.5	72.1
I. Owner's equity	80.5	77.6	77.3	77.5	0.0
1. Owner's capital	56.1	56.1	56.1	56.1	72.1
- Common stock with voting right	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	9.2	9.2	9.2	9.2	9.2
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	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	—	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	15.1	12.3	12.0	12.2	6.8
- Accumulated retained earning at the end of the previous period	12.0	6.2	5.4	6.5	0.0
- Undistributed earnings in this period	3.2	6.0	6.6	5.7	6.8
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)	90.6	91.3	100.3	91.1	87.5

Item	2025	2024	2023	2022	2021
Profit Before Tax	4.1	8.2	8.2	7.2	0.0
Depreciation of Fixed Assets and Investment Property	1.0	1.1	1.8	2.3	0.0
Provision (Increase)/Reversal	—	0.7	0.7	-2.3	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-2.4	-0.1	-0.1	-0.0	0.0
Interest Expense	0.0	0.1	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	2.8	10.0	10.6	7.1	0.0
Increase/(Decrease) in Receivables	-11.8	-4.2	3.0	3.7	0.0
Increase/(Decrease) in Inventory	9.8	2.4	-4.6	-9.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.5	-1.4	-0.6	1.2	0.0
Increase/(Decrease) in Prepaid Expenses	0.2	0.2	0.2	-0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	-0.1	0.0	-0.0	0.0
Corporate Income Tax Paid	-2.2	-2.0	-1.4	-1.7	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.3	-0.4	-0.3	0.0
Net Cash Flow from Operating Activities	-0.9	4.6	6.7	0.3	0.0
Payments for Fixed Assets and Other Long-term Assets	—	-0.2	-0.1	-0.4	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.3	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	-0.8	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.1	0.0	0.0	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	1.6	-0.0	-0.1	-0.3	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	1.9	1.0	11.5	0.6	0.0
Repayment of Borrowings	-2.4	-9.7	-2.3	-0.6	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-5.4	-6.5	0.0	0.0
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	-0.5	-14.1	2.7	0.0	0.0
Net Cash Flow During the Period	0.2	-9.5	9.4	0.0	0.0
Cash and Cash Equivalents at Beginning of Period	0.1	9.7	0.3	0.3	0.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.3	0.1	9.7	0.3	0.0

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	9.9	11.4	17.4	7.7	10.7	19.1	18.7	6.4	8.8	21.1	32.4	9.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	9.9	11.4	17.4	7.7	10.7	19.1	18.7	6.4	8.8	21.1	32.4	9.7
Cost of Goods Sold	8.8	9.2	16.4	6.7	9.7	13.4	15.0	5.0	7.4	17.3	27.6	7.6
Gross Profit	1.1	2.1	1.0	1.0	1.0	5.7	3.7	1.3	1.4	3.8	4.7	2.1
Financial Income	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0	0.0
Financial Expenses	—	0.0	0.0	—	—	0.0	0.0	0.0	0.1	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	—	—	0.0	0.0	0.0	0.1	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	0.5	0.8	0.9	0.8	0.6	0.9	0.9	0.7	0.6	1.0	1.1	1.0
Operating Profit	0.6	1.4	0.2	0.3	0.4	4.9	2.8	0.7	0.8	2.8	3.6	1.1
Other Income	0.0	0.0	2.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.0	0.5	—	—	1.1	0.3	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	1.8	0.0	0.0	-1.1	-0.2	0.0	0.0	0.0	0.0	0.0
Profit Before Tax	0.6	1.4	2.0	0.3	0.4	3.8	2.5	0.7	0.9	2.9	3.6	1.2
Current Income Tax Expense	0.1	0.3	0.5	0.1	0.1	1.0	0.6	0.1	0.2	0.6	0.7	0.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.5	1.1	1.5	0.2	0.3	2.8	2.0	0.6	0.7	2.3	2.9	0.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.5	1.1	1.5	0.2	0.3	2.8	2.0	0.6	0.7	2.3	2.9	0.9
Earnings per Share	89.61	198.56	264.94	43.57	57.77	499.68	352.69	101.29	121.27	407.51	519.30	166.14
Diluted EPS	89.61	198.56	264.94	43.57	57.77	499.68	352.69	101.29	121.27	407.51	519.30	166.14

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)	79.2	84.3	82.4	77.3	76.1	82.0	74.4	67.8	66.6	90.1	77.6	69.6
I. Cash and cash equivalents	2.7	0.3	2.0	0.4	0.2	0.1	0.2	0.2	2.3	0.4	0.8	14.1
1. Cash	2.7	0.3	2.0	0.4	0.2	0.1	0.2	0.2	2.3	0.4	0.8	14.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	9.2	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	9.2	0.0	0.0
III. Short-term receivables	60.6	66.1	63.9	52.9	51.1	54.2	42.6	33.4	34.1	50.3	49.5	20.1
1. Short-term trade accounts receivable	24.9	14.6	26.6	20.3	26.1	16.7	15.8	13.8	10.6	24.2	22.2	14.4
2. Short-term prepayments to suppliers	36.4	51.4	37.9	33.3	25.7	38.3	27.6	19.8	24.2	26.9	28.1	6.2
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	—	0.9	0.2	0.2	0.1	0.1	0.1	0.6	0.1	0.1	0.1	0.3
6. Other short-term receivables	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for short-term doubtful debts (*)	-0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-0.8
8. Assets awaiting resolution	—	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	-0.8	0.0
IV. Inventories	15.9	17.9	16.6	23.9	24.8	27.7	31.5	34.1	30.2	30.1	27.2	35.4
1. Inventories	15.9	17.9	16.6	23.9	24.8	27.7	31.5	34.1	30.2	30.1	27.2	35.4
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	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1	0.0	0.0	0.1
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.1	0.1	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	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	8.8	8.3	8.6	8.9	9.2	9.3	9.6	9.9	10.2	10.2	9.3	9.1
I. Long-term receivables	2.6	2.6	2.6	2.6	2.6	2.4	2.3	2.3	2.3	2.1	2.1	2.1
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	2.6	2.6	2.6	2.6	2.6	2.4	2.3	2.3	2.3	2.1	2.1	2.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	5.4	5.7	5.9	6.2	6.5	6.7	7.0	7.2	7.5	6.4	6.7	6.5
1. Tangible fixed assets	5.4	5.7	5.9	6.2	6.5	6.7	7.0	7.2	7.5	6.4	6.7	6.5
- Cost	31.8	—	—	—	—	34.3	34.3	34.3	34.3	33.0	33.0	32.4
- Accumulated depreciation	-26.4	—	—	—	—	-27.6	-27.4	-27.1	-26.8	-26.5	-26.3	-25.9
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	—	—	—	—	—	0.0	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	1.2	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	1.2	0.0	0.0
V. Long-term financial investments	0.8	—	—	—	—	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
2. Investments in associates, joint-ventures	0.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	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	—	—	0.0	0.1	0.1	0.2	0.2	0.3	0.3	0.4	0.4	0.5
1. Long-term prepayments	—	—	0.0	0.1	0.1	0.2	0.2	0.3	0.3	0.4	0.4	0.5
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)	88.0	92.6	91.0	86.1	85.3	91.3	83.9	77.6	76.8	100.3	86.8	78.7
A. LIABILITIES (300=210+330)	7.1	12.1	11.3	8.0	7.4	13.7	9.1	4.8	4.2	22.9	11.8	6.3
I. Short -term liabilities	5.1	10.2	9.4	7.9	7.3	13.6	9.0	4.7	4.1	22.8	11.7	6.2
1. Short-term trade accounts payable	1.4	0.5	0.7	0.9	0.9	3.2	1.2	0.4	0.2	4.9	3.9	1.4
2. Short-term advances from customers	0.1	2.1	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
3. Taxes and other payables to state authorities	1.0	1.6	2.5	1.2	1.8	3.4	1.5	0.4	0.8	2.4	2.3	0.8
4. Payable to employees	1.0	3.5	2.7	2.0	0.8	2.9	2.3	1.0	0.9	3.5	3.1	1.3
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	1.3	2.0	2.0	1.7	1.8	1.7	2.3	1.2	1.0	2.4	1.4	2.3
10. Short-term borrowings and financial leases	—	—	1.1	—	—	0.5	0.0	0.0	0.0	9.2	0.3	0.0
11. Provision for short-term liabilities	—	—	—	1.7	1.5	1.4	1.2	1.0	0.9	0.0	0.0	0.0
12.. Bonus and welfare fund	0.3	0.5	0.2	0.3	0.3	0.4	0.4	0.6	0.3	0.4	0.4	0.2
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	2.0	2.0	2.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	1.9	1.9	1.9	—	—	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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	81.0	80.5	79.7	78.2	77.9	77.6	74.8	72.8	72.6	77.3	75.1	72.4
I. Owner's equity	81.0	80.5	79.7	78.2	77.9	77.6	74.8	72.8	72.6	77.3	75.1	72.4
1. Owner's capital	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1	56.1
- Common stock with voting right	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00	56,124,440,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2	9.2
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	15.6	15.1	14.3	12.8	12.6	12.3	9.5	7.5	7.3	12.0	9.7	7.1
- Accumulated retained earning at the end of the previous period	15.1	12.0	12.3	12.3	12.3	6.2	6.2	6.2	6.6	5.4	5.4	5.7
- Undistributed earnings in this period	0.5	3.2	2.1	0.6	0.3	6.0	3.2	1.2	0.7	6.6	4.3	1.4
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)	88.0	92.6	91.0	86.1	85.3	91.3	83.9	77.6	76.8	100.3	86.8	78.7

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	0.6	1.4	2.0	0.3	0.4	3.8	2.5	0.7	0.9	2.9	3.6	1.2
Depreciation of Fixed Assets and Investment Property	0.3	0.5	0.0	0.3	0.3	0.3	0.3	0.3	0.3	0.7	0.0	0.5
Provision (Increase)/Reversal	—	—	—	0.3	—	0.0	-0.3	0.3	0.0	0.7	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	-2.4	0.0	-0.0	0.0	0.1	0.1	-0.1	0.1	-0.1	0.0	-0.0
Interest Expense	—	0.0	-0.0	—	—	0.0	-0.2	0.2	-0.1	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	0.9	-0.4	1.6	0.9	0.7	4.1	2.3	1.4	1.1	4.1	3.7	1.7
Increase/(Decrease) in Receivables	2.7	-1.9	-11.1	-1.6	2.9	-11.5	-9.2	0.7	15.9	-2.7	-20.6	5.1
Increase/(Decrease) in Inventory	2.0	-1.3	7.4	0.8	3.0	3.8	2.6	-3.9	-0.0	-2.9	8.1	-3.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-2.1	2.0	2.4	0.4	-4.5	2.4	1.0	3.1	-11.3	3.9	-6.2	11.8
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.1	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.0	0.0
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	0.2	-0.2	0.1	-1.4	1.4	-1.4
Corporate Income Tax Paid	-0.9	-0.3	-0.2	-0.3	-1.4	0.8	3.3	-3.3	1.6	-1.4	1.4	-1.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.1	0.1	-0.1	-0.1	-0.1	0.2	-0.0	-0.1	-0.1	0.0	-0.1
Net Cash Flow from Operating Activities	2.4	-2.0	0.3	0.2	0.6	-0.5	0.4	-2.2	7.5	-0.4	-12.1	12.0
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	-0.2	0.1	0.0	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	2.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	9.2	-9.2	9.2	0.0	0.0	0.0
Dividends and Interest Income Received	-0.0	0.0	-0.0	0.0	-0.0	-0.1	-0.1	0.1	-0.1	0.0	-0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.0	1.6	-0.0	0.0	-0.0	-0.1	9.1	-9.1	9.0	0.1	-0.0	-0.2
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	—	1.9	—	—	—	0.0	-0.5	0.5	0.0	11.5	-1.0	1.0
Repayment of Borrowings	—	-1.9	0.0	0.0	-0.5	0.5	0.5	-0.5	-9.2	-2.3	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	1.3	—	—	0.0	-0.3	0.0	-5.4	0.3	-0.5	0.2
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	—	-1.3	1.3	0.0	-0.5	0.5	-0.3	0.0	-14.6	9.5	-1.5	1.2
Net Cash Flow During the Period	2.4	-1.7	1.6	0.2	0.1	-0.0	9.2	-11.3	1.8	9.2	-13.6	13.0
Cash and Cash Equivalents at Beginning of Period	0.3	2.0	0.4	0.2	0.1	0.4	0.4	9.7	0.4	0.3	0.3	0.3
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	2.7	0.3	2.0	0.4	0.2	0.1	0.2	0.2	2.3	9.7	0.5	14.1

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HMR

What Is Changing

Drivers of HMR's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ▼▼

Is capital being used efficiently?

Is capital being deployed efficiently? ●

Balance Sheet ▲

Working Capital Efficiency ▼

Is financial risk significant?

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