HSP

Listed Company · UPCOM

Price

14,200

Latest close

03 Apr 2026

P/E 9.5x

EPS (TTM) 1,498

ROE (TTM) 9.1%

P/B 0.9x

BVPS (Latest) 16,404

ROA (TTM) 7.9%

What Is Changing

HSP no longer looks like a business simply rebounding from a weak base. Revenue posted +3.8% YoY, while net margin reached 4.74% with an additional -0.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income growth slowed to -1.1% in 2025 from 36.2% in the prior period, at VND 20.5bn.
Revenue growth accelerated to 3.8% in 2025, up 4.3pp versus the prior year.
Net margin declined from 4.98% in the prior period to 4.74% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	433.1	417.3	419.4	462.8	436.6
Growth	+4%	-1%	-9%	+6%	—
Net Income	20.5	20.8	15.3	12.3	11.4
Net Margin	4.74%	4.98%	3.64%	2.65%	2.61%

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	106.6	112.1	114.4	100.0	122.4	99.8	104.3	91.0	116.7	97.6	103.3	101.8
Growth	-5%	-2%	+14%	-18%	+23%	-4%	+15%	-22%	+19%	-5%	+1%	—
Net Income	3.6	5.3	4.5	4.6	10.1	5.2	3.8	2.5	5.4	4.6	3.1	2.3
Net Margin	3.41%	4.70%	3.96%	4.58%	8.29%	5.24%	3.68%	2.78%	4.60%	4.76%	3.01%	2.29%

Financial Statements

Profitability

Net margin reached 4.74% while Revenue posted +3.8% YoY.

Balance Sheet

Inventory stood at 84.0bn, liabilities at 29.8bn, and equity at 197.4bn.

Cash Flow

Operating cash flow was 4.8bn in 2024, while investing cash flow was 17.3bn.

Financing cash flow: -13.7bn.

Item	2025	2024	2023	2022	2021
Revenue	433.3	417.5	419.7	463.2	436.7
Revenue Deductions	0.2	0.2	0.3	0.4	0.0
Net Revenue	433.1	417.3	419.4	462.8	436.6
Cost of Goods Sold	360.6	345.8	360.2	405.0	0.0
Gross Profit	72.4	71.6	59.2	57.9	50.4
Financial Income	2.9	2.6	3.3	1.9	3.6
Financial Expenses	3.7	2.3	0.0	0.0	0.0
Interest Expense	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
Selling Expenses	17.3	14.4	14.5	11.8	-12.9
General and Administrative Expenses	28.3	30.1	28.8	31.6	-27.2
Operating Profit	25.9	27.3	19.2	16.4	14.0
Other Income	0.1	0.0	0.0	0.0	0.0
Other Expenses	0.1	0.9	0.0	0.2	0.0
Other Profit	-0.1	-0.9	0.0	-0.2	0.3
Profit Before Tax	25.9	26.4	19.2	16.2	14.3
Current Income Tax Expense	5.3	5.6	4.0	3.9	-2.9
Deferred Income Tax Expense	0.0	0.0	0.0	0.0	0.0
Net Income	20.5	20.8	15.3	12.3	11.4
Non-controlling Interest	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	20.5	20.8	15.3	12.3	11.4
Earnings per Share	1,708.00	1,727.00	1,268.00	1,019.00	948.70
Diluted EPS	1,707.83	1,727.18	1,268.37	1,019.42	948.70

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	207.0	208.6	203.4	206.5	195.8
I. Cash and cash equivalents	45.3	90.1	81.7	73.1	38.6
1. Cash	45.3	63.1	65.7	63.1	0.0
2. Cash equivalents	0.0	27.0	16.0	10.0	0.0
II. Short-term financial investments	58.0	25.0	37.0	27.0	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	58.0	25.0	37.0	27.0	0.0
III. Short-term receivables	17.9	24.3	24.2	28.8	29.3
1. Short-term trade accounts receivable	16.2	23.5	22.6	27.6	0.0
2. Short-term prepayments to suppliers	0.4	0.2	0.4	0.5	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	1.3	0.6	1.2	0.7	0.0
7. Provision for short-term doubtful debts (*)	-0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	84.0	69.1	60.5	77.6	94.6
1. Inventories	85.0	69.1	60.5	77.6	0.0
2. Provision for decline in value of inventories	-1.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.7	0.1	0.0	0.0	0.1
1. Short-term prepayments	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.3	0.1	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.3	0.0	0.0	0.0	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)	20.2	20.2	19.4	22.7	26.0
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	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
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	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	19.3	19.0	19.2	22.4	26.0
1. Tangible fixed assets	9.7	8.7	8.6	10.7	13.3
- Cost	100.8	98.8	96.5	96.1	0.0
- Accumulated depreciation	-91.1	-90.1	-88.0	-85.4	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	9.6	10.3	10.7	11.7	12.8
- Cost	18.7	18.7	18.4	18.4	0.0
- Accumulated depreciation	-9.2	-8.4	-7.8	-6.7	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	0.0
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	1.0	1.2	0.1	0.2	0.0
1. Long-term prepayments	1.0	1.2	0.1	0.2	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	0.0
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)	227.2	228.8	222.8	229.2	221.8
A. LIABILITIES (300=210+330)	29.8	32.2	32.4	42.4	37.1
I. Short -term liabilities	29.8	32.2	32.4	42.4	37.1
1. Short-term trade accounts payable	6.7	7.8	10.0	18.3	15.9
2. Short-term advances from customers	2.7	3.5	1.0	0.5	0.0
3. Taxes and other payables to state authorities	1.7	1.2	2.3	1.6	0.0
4. Payable to employees	9.0	7.9	5.4	7.8	0.0
5. Short-term acrrued expenses	1.6	1.7	4.5	5.5	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	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.0	6.8	6.6	6.6	0.0
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.0	5.3
11. Provision for short-term liabilities	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	4.1	3.2	2.6	2.2	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	0.0	0.0	0.0	0.0	0.0
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	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
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)	197.4	196.6	190.4	186.7	184.7
I. Owner's equity	197.4	196.6	190.4	186.7	0.0
1. Owner's capital	120.3	120.3	120.3	120.3	184.7
- Common stock with voting right	120.3	120.3	120.3	120.3	120.3
- Preferred stock	0.0	0.0	0.0	0.0	0.0
2. Share premium	14.1	14.1	14.1	14.1	14.1
3. Convertible bond option	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
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	39.2	38.2	38.2	38.2	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	3.3	3.3	2.5	1.9	0.0
11. Undistributed earnings after tax	20.6	20.9	15.3	12.3	11.5
- Accumulated retained earning at the end of the previous period	0.0	0.1	0.1	0.1	0.1
- Undistributed earnings in this period	20.5	20.8	15.3	12.3	11.4
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)	227.2	228.8	222.8	229.2	221.8

Item	2024	2023	2022	2021	2020
Profit Before Tax	26.4	19.2	16.2	0.0	0.0
Depreciation of Fixed Assets and Investment Property	2.8	3.6	4.9	0.0	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-0.0	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-2.5	-3.3	-1.9	0.0	0.0
Interest Expense	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
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	26.6	19.5	19.1	0.0	0.0
Increase/(Decrease) in Receivables	-11.9	10.9	-1.1	0.0	0.0
Increase/(Decrease) in Inventory	-8.6	17.2	16.9	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	5.6	-9.8	5.8	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	-1.1	0.1	-0.2	0.0	0.0
Changes in Trading Securities	0.0	0.0	0.0	0.0	0.0
Interest Paid	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-5.7	-4.4	-3.0	0.0	0.0
Other Operating Receipts	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.2	-0.2	-0.2	0.0	0.0
Net Cash Flow from Operating Activities	4.8	33.3	37.4	-5.1	30.5
Payments for Fixed Assets and Other Long-term Assets	-2.6	-0.4	-1.9	-6.4	-2.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	0.9	0.0	0.3
Loans and Purchases of Debt Instruments	-149.0	-68.0	-37.0	-11.2	-35.0
Receipts from Loan Repayments and Sale of Debt Instruments	167.0	52.0	43.2	21.2	19.0
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	1.9	2.7	1.7	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	17.3	-13.7	7.0	4.4	-17.6
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	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-13.7	-11.0	-9.8	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	-13.7	-11.0	-9.8	0.0	0.0
Net Cash Flow During the Period	8.4	8.6	34.5	3.2	8.3
Cash and Cash Equivalents at Beginning of Period	81.7	73.1	38.5	28.0	15.1
FX Difference from Revaluation	0.0	0.0	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	90.1	81.7	73.1	38.6	28.0

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	116.7	120.0	126.4	100.1	122.5	99.8	104.3	91.0	116.7	97.6	103.3	101.8
Revenue Deductions	10.2	7.9	12.0	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	106.6	112.1	114.4	100.0	122.4	99.8	104.3	91.0	116.7	97.6	103.3	101.8
Cost of Goods Sold	86.1	95.7	96.5	85.5	92.1	87.9	86.0	79.9	97.3	85.2	88.6	89.2
Gross Profit	20.5	16.4	17.8	14.5	30.3	11.8	18.3	11.0	19.4	12.4	14.7	12.6
Financial Income	0.7	0.7	0.3	0.9	-0.1	1.4	0.3	1.8	2.0	1.1	0.0	0.1
Financial Expenses	0.8	0.8	1.2	1.0	2.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest 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
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	7.1	2.4	4.5	3.3	5.2	2.4	4.2	2.9	5.6	2.1	2.4	4.4
General and Administrative Expenses	8.6	7.3	6.6	5.2	10.4	3.3	9.5	6.7	9.0	5.6	8.5	5.4
Operating Profit	4.7	6.7	5.8	5.9	12.1	7.5	4.8	3.2	6.7	5.8	3.9	2.9
Other Income	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 Expenses	0.1	0.0	0.1	0.2	0.7	0.2	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.0	-0.0	-0.1	-0.2	-0.7	-0.2	-0.0	0.0	0.0	-0.0	-0.0	0.0
Profit Before Tax	4.6	6.6	5.7	5.8	11.4	7.3	4.8	3.2	6.7	5.8	3.9	2.9
Current Income Tax Expense	1.0	1.4	1.2	1.2	1.3	2.0	1.0	0.7	1.4	1.2	0.8	0.6
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	3.6	5.3	4.5	4.6	10.1	5.2	3.8	2.5	5.4	4.6	3.1	2.3
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	3.6	5.3	4.5	4.6	10.1	5.2	3.8	2.5	5.4	4.6	3.1	2.3
Earnings per Share	302.45	437.74	376.97	380.55	843.02	435.03	319.31	210.46	446.08	386.53	258.30	193.94
Diluted EPS	302.45	437.74	376.97	380.55	843.02	435.03	319.31	210.46	446.08	386.53	258.30	193.94

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)	206.5	203.0	203.5	221.7	208.6	214.8	209.2	226.6	203.4	203.7	197.5	214.4
I. Cash and cash equivalents	45.3	45.1	56.8	79.8	90.1	91.6	67.5	111.3	65.7	44.3	47.9	71.0
1. Cash	45.3	45.1	45.8	68.8	63.1	80.6	56.5	100.3	65.7	44.3	47.9	71.0
2. Cash equivalents	0.0	0.0	11.0	11.0	27.0	11.0	11.0	11.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	58.0	58.0	47.0	47.0	25.0	47.0	47.0	37.0	53.0	47.0	47.0	47.0
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	58.0	58.0	47.0	47.0	25.0	47.0	47.0	37.0	53.0	47.0	47.0	47.0
III. Short-term receivables	17.5	39.9	25.0	36.0	24.3	37.2	40.5	27.6	24.2	44.2	35.1	25.2
1. Short-term trade accounts receivable	16.3	38.1	24.1	35.1	23.5	34.6	38.9	25.2	22.6	37.7	33.9	24.0
2. Short-term prepayments to suppliers	0.4	1.1	0.2	0.2	0.2	1.5	0.5	1.2	0.4	6.5	0.5	0.5
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	0.8	0.8	0.6	0.6	0.6	1.2	1.2	1.2	1.2	0.0	0.7	0.7
7. Provision for short-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
8. Assets awaiting resolution	-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. Inventories	84.0	60.0	74.3	58.9	69.1	39.0	54.2	50.7	60.5	68.2	67.5	71.1
1. Inventories	85.0	60.0	74.3	58.9	69.1	39.0	54.2	50.7	60.5	68.2	67.5	71.1
2. Provision for decline in value of inventories	-1.0	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	1.7	0.0	0.4	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.1
1. Short-term prepayments	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. Value added tax to be reclaimed	0.3	0.0	0.4	0.0	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	1.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
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)	20.2	21.1	19.0	19.4	20.2	18.2	18.4	18.6	19.3	20.3	20.9	21.8
I. Long-term 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
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	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. 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	19.3	20.0	17.9	18.3	19.0	17.7	18.3	18.5	19.2	20.2	20.7	21.6
1. Tangible fixed assets	9.7	10.2	8.0	8.1	8.5	7.5	7.9	8.0	8.6	9.2	9.5	10.1
- Cost	100.8	101.8	99.0	98.8	98.6	97.0	96.9	96.5	96.5	96.5	96.1	96.1
- Accumulated depreciation	-91.1	-91.6	-91.0	-90.7	-90.1	-89.5	-89.0	-88.5	-88.0	-87.3	-86.7	-86.0
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	9.6	9.7	9.9	10.1	10.5	10.2	10.4	10.5	10.7	10.9	11.2	11.5
- Cost	18.7	18.7	18.7	18.7	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.2	-9.0	-8.8	-8.6	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	0.1	0.1	0.0	0.0	0.0	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	0.1	0.1	0.0	0.0	0.0	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	1.0	1.0	1.0	1.1	1.1	0.5	0.1	0.1	0.1	0.1	0.2	0.2
1. Long-term prepayments	1.0	1.0	1.0	1.1	1.1	0.5	0.1	0.1	0.1	0.1	0.2	0.2
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)	226.7	224.1	222.6	241.1	228.7	232.9	227.6	245.2	222.7	224.0	218.3	236.2
A. LIABILITIES (300=210+330)	29.4	32.8	36.6	39.9	31.8	45.6	45.4	53.1	32.1	38.8	37.8	47.7
I. Short -term liabilities	29.4	32.8	36.6	39.9	31.8	45.6	45.4	53.1	32.1	38.8	37.8	47.7
1. Short-term trade accounts payable	6.7	12.6	12.2	17.0	7.8	20.2	23.0	26.9	10.0	19.9	18.6	20.2
2. Short-term advances from customers	2.8	0.8	5.6	1.8	3.5	5.3	1.3	7.4	1.0	0.0	0.1	9.0
3. Taxes and other payables to state authorities	1.7	2.4	1.1	2.4	1.2	2.5	1.3	1.6	2.3	1.1	1.6	1.1
4. Payable to employees	8.6	6.9	5.5	5.0	5.4	3.8	2.6	0.2	5.4	3.1	1.4	0.2
5. Short-term acrrued expenses	1.2	1.2	1.6	2.2	3.5	3.6	5.8	4.5	4.1	5.5	5.5	5.5
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	4.3	4.8	6.4	8.4	2.7	2.4	2.3	2.2	2.1	2.1	2.0	1.9
10. Short-term borrowings and financial leases	0.0	0.0	0.0	0.0	4.5	4.5	5.8	7.0	4.5	4.5	5.8	7.1
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	4.1	4.1	4.2	3.2	3.2	3.3	3.3	3.4	2.6	2.7	2.7	2.8
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	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. 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	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. Long-term borrowings and financial leases	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	197.3	191.3	185.9	201.2	196.9	187.4	182.2	192.1	190.5	185.2	180.6	188.5
I. Owner's equity	197.3	191.3	185.9	201.2	196.9	187.4	182.2	192.1	190.5	185.2	180.6	188.5
1. Owner's capital	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3
- Common stock with voting right	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3	120.3
- 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	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1	14.1
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	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. 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	38.2	38.2	38.2	38.2	38.2	38.2	38.2	38.2	38.2	38.2	38.2	38.2
9. Fund to support corporate restructuring	1.0	1.0	1.0	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	3.3	3.3	3.3	3.3	3.3	3.3	3.3	3.3	2.5	2.5	2.5	2.5
11. Undistributed earnings after tax	20.5	14.4	9.1	25.4	21.2	11.6	6.5	16.3	15.5	10.2	5.5	13.5
- Accumulated retained earning at the end of the previous period	0.0	0.0	0.0	20.9	0.1	0.1	0.1	13.8	-1.1	-1.1	-1.1	9.9
- Undistributed earnings in this period	20.5	14.4	9.1	4.6	21.1	11.5	6.4	2.5	16.7	11.3	6.7	3.6
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)	226.7	224.1	222.6	241.1	228.7	232.9	227.6	245.2	222.7	224.0	218.3	236.2

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	0.0	0.0	11.5	0.0	0.0	-8.0	8.0	0.0	19.2	-8.4	8.4	0.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	1.5	0.0	0.0	-1.4	1.4	0.0	3.6	-1.8	1.8	0.0
Provision (Increase)/Reversal	0.0	0.0	0.0	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	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	-0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	0.0	0.0	-1.4	0.0	0.0	1.3	-1.3	0.0	-3.3	1.7	-1.7	0.0
Interest 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
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	0.0	0.0	11.7	0.0	0.0	-8.0	8.0	0.0	19.5	-8.5	8.5	0.0
Increase/(Decrease) in Receivables	0.0	0.0	-4.4	0.0	0.0	-8.2	8.2	0.0	10.9	16.5	-16.5	0.0
Increase/(Decrease) in Inventory	0.0	0.0	-5.3	0.0	0.0	-6.3	6.3	0.0	17.2	-10.2	10.2	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.0	0.0	7.1	0.0	0.0	-14.4	14.4	0.0	-9.8	4.5	-4.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.0	0.0	0.2	0.0	0.0	0.0	-0.0	0.0	0.1	-0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.4	-1.1	-1.2	-1.3	3.7	-1.6	-0.6	-1.5	-1.0	-1.3	0.1	-2.1
Other Operating Receipts	0.0	2.3	0.0	0.0	-146.5	146.5	-55.5	55.5	-44.5	44.5	-12.5	12.5
Other Operating Payments	-8.1	-26.7	2.2	-2.3	11.1	-11.1	3.0	-3.0	10.0	-10.2	2.3	-2.3
Net Cash Flow from Operating Activities	0.3	-0.4	-4.0	10.8	-17.6	-17.3	7.0	27.9	43.7	-6.0	-22.1	17.8
Payments for Fixed Assets and Other Long-term Assets	-0.0	0.3	-0.5	0.0	0.5	-0.0	-0.4	0.0	0.0	-0.4	0.0	0.0
Proceeds from Disposal of Fixed Assets and 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
Loans and Purchases of Debt Instruments	0.0	0.0	-52.0	0.0	0.0	91.0	-91.0	0.0	-68.0	20.0	-20.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	0.0	0.0	25.0	0.0	0.0	-86.0	86.0	0.0	52.0	-10.0	10.0	0.0
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
Proceeds from 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
Dividends and Interest Income Received	0.0	0.0	0.3	0.9	-2.8	0.7	0.3	1.8	0.8	1.8	0.0	0.1
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	-0.0	20.1	-21.2	-5.1	2.7	0.6	-10.1	6.8	-5.2	1.4	0.0	-9.9
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	0.0	0.0	0.0	0.0	0.0	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	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	0.0	0.0	0.0	0.0	0.0
Dividends Paid	0.0	0.6	-18.8	0.0	0.0	13.7	-13.7	0.0	-11.0	11.0	-11.0	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	0.0	0.6	-18.8	0.0	0.0	13.7	-13.7	0.0	-11.0	11.0	-11.0	0.0
Net Cash Flow During the Period	0.3	20.2	-44.0	5.7	-14.9	-2.9	-16.8	34.6	27.4	6.3	-33.1	7.9
Cash and Cash Equivalents at Beginning of Period	45.1	51.8	68.8	63.1	0.0	65.7	81.7	65.7	73.1	63.1	73.1	63.1
FX Difference from Revaluation	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	45.3	45.1	51.8	68.8	0.0	80.6	99.5	100.3	81.7	44.3	47.9	71.0

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

HSP

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research