HTC

Thương mại Hóc Môn ·HNX ·2026Q1

▼ Under pressure

Financial result is supporting part of pre-tax profit Net financial result/PBT 21.26%

Price

40,000

Latest close

02 Jun 2026

P/E 31.10x

P/B 2.17x

EPS 1,286

BVPS 18,427

ROE 7.9%

ROA 4.0%

Profit Margin 2.4%

Asset Turnover 1.65x

Equity Mult. 2.00x

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

What Is Changing

On a TTM 2026Q1 basis, HTC is declining across multiple metrics versus the same period, suggesting current pressure is not coming from just one side — profit is at an all-time high. What remains unclear is whether the business can stabilize before this trend deepens.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,000bn
	                                
−2.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 24bn
	                                
−20.2%YoY

Metric	2025	2024	2023	2022	2021
Revenue	1,005.0	1,014.8	1,042.2	1,434.3	1,364.8
Growth	-1%	-3%	-27%	+5%	—
Net Income	29.5	30.7	46.2	36.4	34.7
Net Margin	2.93%	3.02%	4.43%	2.54%	2.54%

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	241.3	268.9	237.8	252.0	246.3	261.6	259.5	255.6	238.1	281.9	278.9	481.3
Growth	-10%	+13%	-6%	+2%	-6%	+1%	+2%	+7%	-16%	+1%	-42%	—
Net Income	3.6	4.4	8.6	7.4	7.7	9.0	7.7	5.7	8.2	13.1	14.1	19.4
Net Margin	1.51%	1.62%	3.63%	2.95%	3.13%	3.44%	2.97%	2.24%	3.44%	4.64%	5.05%	4.02%

Drivers of HTC's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Other profit ↑ 5.5bn

Associates income ↑ 1.4bn

Tax ↓ 1.0bn

Administrative expenses ↑ 10.5bn

Gross profit ↓ 3.3bn

Finance costs ↑ 1.1bn

TTM

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

Tax ↓ 0.6bn

Gross profit ↓ 3.4bn

Administrative expenses ↑ 1.7bn

Finance costs ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 9.8% = 2.9% × 1.73 × 1.93

2026Q1 7.9% = 2.4% × 1.65 × 2.00

ROE fell from 9.8% to 7.9% — asset turnover weakened the most, though leverage still provided support.

Net margin: 2.4% -0.5pp Asset turnover: 1.65x -0.08x Leverage: 2.00x +0.07x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin narrowed to 2.40%, falling 0.5pp. The main pressure comes from SG&A / Revenue rose 1.2pp and Gross margin fell 0.0pp (in addition, Other profit / Revenue rose 0.5pp added support while Net financial result / Revenue fell 0.0pp remained a drag).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 2.40% −0.5pp

Gross Margin 13.56% −0.0pp

SG&A / Revenue 11.35% +1.2pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency is declining — check whether the drag is from margins or turnover.

Is capital being deployed efficiently?

ROIC fell to 6.82%, losing 3.1pp. That translates to 6.82 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin narrowed 1.0pp and capital turnover fell 0.11x, with invested capital holding roughly steady — pressure came from both operational efficiency and asset efficiency.

Pressure came from the margin side — core operations are weakening, not just a temporary asset-management issue.

CAPITAL EFFICIENCY TREND

ROIC 6.82% −3.1pp

NOPAT Margin 2.35% −1.0pp

Capital Turnover 2.91x −0.11x

Average Invested Capital 344.1bn +5.1bn

Balance Sheet

ROIC declined — the balance sheet shows how capital is being deployed. Capital structure is conservative with low leverage — liabilities at 0.99x equity, net debt at 0.14x equity.

Inventory ended the period at 113.9bn, roughly 19.0% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 10.9 days versus the same period last year. The main moves came from DIO rose 12.4 days, DSO fell 0.9 days, and DPO rose 0.6 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +10.9 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +12.4 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 5.8 days −0.9 days

Inventory 46.6 days +12.4 days

Payables 6.7 days +0.6 days

Cash Conversion Cycle 45.7 days +10.9 days

Is financial risk significant?

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

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at 0.14x and interest coverage at 9.93x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 55.9% of debt, and total debt stands at 95.6bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.14x +0.01x

Interest Coverage 9.93x −11.67x

Cash / Debt 55.9% +19.2pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.49x +0.35x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 8.8bn in 2025, against investing cash flow of 2.7bn.

Post-investment cash flow was positive +11.5bn. Financing cash flow was negative +14.9bn.

CFO / net income was 0.49x.

After spending +11.4bn on fixed-asset investment, the business generated trailing free cash flow of +0.5bn.

Cash Conversion

CFO TTM 11.9bn +7.6bn

Cash Capex 11.4bn +9.2bn

FCF TTM +0.5bn −1.7bn

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The next item to monitor is the earnings mix, when non-core contribution is 21.3%. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.3% of PBT and CFO / net income currently at 0.49x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	1,005.0	1,014.8	1,042.2	1,434.3	1,364.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	1,005.0	1,014.8	1,042.2	1,434.3	1,364.8
Cost of Goods Sold	866.0	878.0	907.3	1,326.2	0.0
Gross Profit	139.0	136.8	134.9	108.1	85.0
Financial Income	9.7	9.9	12.1	12.9	6.9
Financial Expenses	2.4	1.9	2.5	1.6	-0.9
Interest Expense	2.4	1.9	2.5	1.6	-0.9
Share of Associates and Joint Ventures	1.8	1.1	2.0	1.2	2.6
Selling Expenses	56.0	55.3	43.9	36.9	-33.5
General and Administrative Expenses	56.2	47.0	45.6	38.4	-18.3
Operating Profit	36.0	43.5	56.9	45.3	41.8
Other Income	0.4	0.4	0.2	0.1	0.0
Other Expenses	0.0	4.9	0.1	0.2	0.0
Other Profit	0.4	-4.5	0.1	-0.0	0.1
Profit Before Tax	36.4	39.1	57.0	45.2	41.9
Current Income Tax Expense	6.8	8.4	10.7	8.9	-7.2
Deferred Income Tax Expense	0.1	-0.0	0.2	-0.1	0.0
Net Income	29.5	30.7	46.2	36.4	34.7
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	29.5	30.7	46.2	36.4	34.7
Earnings per Share	1,576.00	1,397.00	2,002.00	1,608.00	2,493.00
Diluted EPS	1,576.00	1,397.00	2,002.00	1,608.00	3,155.59

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	322.5	284.7	276.3	238.6	186.5
I. Cash and cash equivalents	29.0	32.4	18.4	35.4	29.0
1. Cash	20.0	25.4	9.4	26.4	0.0
2. Cash equivalents	9.0	7.0	9.0	9.0	0.0
II. Short-term financial investments	144.0	146.6	153.5	146.4	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	144.0	146.6	153.5	146.4	0.0
III. Short-term receivables	26.0	23.1	29.4	21.1	11.0
1. Short-term trade accounts receivable	14.2	16.2	20.4	8.9	0.0
2. Short-term prepayments to suppliers	7.6	3.1	4.7	5.4	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	4.2	3.9	4.5	6.8	0.0
7. Provision for short-term doubtful debts (*)	-0.0	-0.2	-0.2	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	113.9	74.4	64.3	28.0	8.0
1. Inventories	114.0	74.5	64.4	28.0	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	9.5	8.1	10.6	7.8	13.3
1. Short-term prepayments	3.1	1.8	2.1	1.6	0.0
2. Value added tax to be reclaimed	0.3	2.0	5.1	4.2	0.0
3. Taxes and other receivables from state authorities	6.1	4.3	3.4	2.0	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)	277.4	317.1	320.6	380.7	407.1
I. Long-term receivables	7.6	7.2	7.2	7.2	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	7.2
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	7.6	7.2	7.2	7.2	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	77.8	75.6	78.5	66.7	42.9
1. Tangible fixed assets	38.6	36.7	39.5	37.8	13.8
- Cost	70.4	64.0	67.9	65.6	0.0
- Accumulated depreciation	-31.8	-27.3	-28.4	-27.8	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	39.2	38.9	39.1	28.9	29.0
- Cost	40.5	40.2	40.2	29.9	0.0
- Accumulated depreciation	-1.3	-1.3	-1.2	-1.0	0.0
III. Investment properties	20.2	21.4	22.8	24.2	24.4
- Cost	68.9	68.9	63.9	63.9	0.0
- Accumulated depreciation	-48.7	-47.5	-41.2	-39.8	0.0
IV. Long-term assets in progress	98.3	139.9	140.0	212.7	267.6
1. Long-term production in progress	94.1	139.5	139.7	208.6	0.0
2. Construction in progress	4.1	0.3	0.3	4.1	0.0
V. Long-term financial investments	61.2	59.5	58.3	56.3	55.1
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	61.2	59.5	58.3	56.3	0.0
3. Investments in other entities	0.9	0.9	0.9	0.9	0.0
4. Provision for diminution in value of long-term investments	-0.9	-0.9	-0.9	-0.9	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	12.3	13.5	13.7	13.6	0.0
1. Long-term prepayments	11.0	12.1	12.3	12.1	0.0
2. Deferred income tax assets	1.3	1.4	1.4	1.5	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	9.9
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)	599.9	601.8	596.8	619.3	593.6
A. LIABILITIES (300=210+330)	299.2	298.8	287.5	326.4	307.2
I. Short -term liabilities	203.1	200.1	183.3	220.5	196.9
1. Short-term trade accounts payable	16.5	15.4	18.6	18.5	6.5
2. Short-term advances from customers	78.7	92.1	89.1	143.2	128.7
3. Taxes and other payables to state authorities	2.3	3.3	3.0	3.1	0.0
4. Payable to employees	18.9	14.0	14.4	7.9	0.0
5. Short-term acrrued expenses	0.3	0.3	0.4	0.5	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	3.0	3.0	3.0	5.3	3.0
9. Other short-term payables	13.4	9.2	13.4	13.7	0.0
10. Short-term borrowings and financial leases	64.5	57.9	35.1	21.0	29.2
11. Provision for short-term liabilities	1.8	1.9	0.2	0.0	0.0
12.. Bonus and welfare fund	3.7	3.1	6.1	7.5	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	96.1	98.7	104.2	105.9	110.3
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	84.1	87.1	90.1	93.1	95.2
7. Other long-term liabilities	12.0	11.6	12.4	12.8	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	—	0.0	1.7	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)	300.7	303.0	309.3	292.8	286.3
I. Owner's equity	288.2	290.5	296.8	280.3	0.0
1. Owner's capital	165.0	165.0	165.0	165.0	273.8
- Common stock with voting right	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00	110,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	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	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	68.3	67.3	63.0	61.6	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	54.9	58.2	68.7	53.7	48.6
- Accumulated retained earning at the end of the previous period	41.7	42.2	34.3	31.2	20.5
- Undistributed earnings in this period	13.2	16.0	34.4	22.5	28.1
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	12.5	12.5	12.5	12.5	12.5
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	12.5	12.5	12.5	12.5	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	599.9	601.8	596.8	619.3	593.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	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	-8.4	-9.7	-12.0	-7.2	0.0
Other Operating Receipts	87.2	99.6	92.1	155.2	0.0
Other Operating Payments	-58.1	-51.0	-59.9	-112.6	0.0
Net Cash Flow from Operating Activities	8.8	6.1	11.4	61.3	83.4
Payments for Fixed Assets and Other Long-term Assets	-8.8	-4.4	-20.5	-17.4	-11.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.4	0.0	0.2
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	-126.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	93.4
Investments in Other Entities	—	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	9.0	10.6	4.4	3.5	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	2.7	13.2	-22.8	-35.1	-38.1
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	664.0	777.8	586.2	473.4	297.4
Repayment of Borrowings	-657.4	-755.0	-572.1	-481.6	-322.2
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-21.5	-28.0	-19.8	-11.5	-6.6
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	-14.9	-5.2	-5.7	-19.7	-43.5
Net Cash Flow During the Period	-3.4	14.1	-17.1	6.5	12.7
Cash and Cash Equivalents at Beginning of Period	32.4	18.4	35.4	29.0	27.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	29.0	32.4	18.4	35.4	29.0

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	241.3	268.9	237.8	252.0	246.3	261.6	259.5	255.6	238.1	281.9	278.9	481.3
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	241.3	268.9	237.8	252.0	246.3	261.6	259.5	255.6	238.1	281.9	278.9	481.3
Cost of Goods Sold	210.5	231.9	204.1	217.8	212.1	225.0	225.2	221.8	206.0	245.7	240.2	421.1
Gross Profit	30.8	36.9	33.7	34.2	34.2	36.6	34.3	33.8	32.1	36.2	38.7	60.3
Financial Income	1.9	2.0	2.0	4.0	1.8	1.8	1.7	4.1	2.3	2.8	3.4	5.9
Financial Expenses	1.3	0.6	0.6	0.6	0.6	0.4	0.5	0.6	0.5	0.5	0.8	1.2
Interest Expense	14.0	0.6	0.6	0.6	0.6	0.4	0.5	0.6	0.5	0.5	0.8	1.2
Share of Associates and Joint Ventures	0.6	0.7	0.8	0.0	0.2	0.7	0.1	-0.3	0.6	0.7	0.6	0.7
Selling Expenses	13.1	14.8	14.2	13.5	13.5	14.7	14.4	13.5	12.7	11.3	11.7	20.4
General and Administrative Expenses	14.0	17.7	11.4	14.8	12.2	12.7	11.1	11.4	11.8	12.3	12.6	21.2
Operating Profit	4.8	6.5	10.3	9.4	9.8	11.3	10.1	12.2	9.9	15.6	17.7	24.1
Other Income	0.3	0.4	0.0	0.0	0.0	0.1	0.0	0.0	0.3	-0.3	0.4	0.1
Other Expenses	—	0.0	—	0.0	—	0.4	0.1	4.3	0.0	-0.4	0.5	0.0
Other Profit	0.3	0.4	0.0	0.0	0.0	-0.3	-0.1	-4.3	0.3	0.1	-0.1	0.1
Profit Before Tax	5.2	6.9	10.3	9.4	9.8	11.0	10.0	7.9	10.1	15.7	17.6	24.2
Current Income Tax Expense	1.4	2.5	1.7	2.0	2.1	1.9	2.4	2.2	1.9	2.4	3.2	4.8
Deferred Income Tax Expense	0.1	0.1	-0.0	0.0	0.1	0.1	-0.1	-0.0	0.0	0.2	0.3	0.1
Net Income	3.6	4.4	8.6	7.4	7.7	9.0	7.7	5.7	8.2	13.1	14.1	19.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.6	4.4	8.6	7.4	7.7	9.0	7.7	5.7	8.2	13.1	14.1	19.4
Earnings per Share	195.00	233.00	461.00	397.00	411.00	410.00	352.00	247.00	356.00	568.00	612.00	840.00
Diluted EPS	220.55	263.89	522.87	449.91	466.59	545.15	467.56	347.71	495.98	792.80	853.26	840.00

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)	344.8	321.0	309.5	286.1	297.0	284.7	270.5	276.1	273.8	276.4	285.9	269.5
I. Cash and cash equivalents	53.4	29.0	28.7	25.7	23.4	32.4	26.1	26.1	22.0	18.4	31.4	21.4
1. Cash	45.4	20.0	19.7	16.7	15.4	25.4	18.1	19.1	18.0	9.4	18.4	12.4
2. Cash equivalents	8.0	9.0	9.0	9.0	8.0	7.0	8.0	7.0	4.0	9.0	13.0	9.0
II. Short-term financial investments	136.3	144.0	143.6	141.3	140.6	146.6	141.2	141.3	143.1	153.5	159.8	159.6
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	136.3	144.0	143.6	141.3	140.6	146.6	141.2	141.3	143.1	153.5	159.8	159.6
III. Short-term receivables	22.9	26.0	26.2	30.4	26.4	23.1	27.8	28.3	31.5	29.4	23.9	20.1
1. Short-term trade accounts receivable	14.9	14.2	17.3	18.9	17.1	16.2	18.8	18.2	20.5	20.4	15.7	11.6
2. Short-term prepayments to suppliers	7.9	7.6	5.6	9.1	4.8	3.1	6.6	6.2	5.7	4.7	1.5	4.1
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	6.7	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	0.1	4.2	3.4	2.5	4.7	3.9	2.5	4.0	5.4	4.5	0.0	4.4
7. Provision for short-term doubtful debts (*)	-0.0	-0.0	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	122.0	113.9	105.4	82.5	98.4	74.4	67.6	69.2	67.1	64.3	58.9	56.7
1. Inventories	122.0	114.0	105.5	82.6	98.5	74.5	67.6	69.2	67.1	64.4	58.9	56.8
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	10.2	8.1	5.7	6.1	8.3	8.1	7.8	11.2	10.1	10.8	11.9	11.7
1. Short-term prepayments	3.3	3.1	1.2	1.4	1.6	1.8	2.2	3.2	1.7	2.1	2.2	1.3
2. Value added tax to be reclaimed	—	0.3	—	—	1.8	2.0	2.3	3.9	4.6	5.1	6.9	7.3
3. Taxes and other receivables from state authorities	7.0	4.7	4.5	4.8	4.9	4.3	3.4	4.1	3.9	3.5	2.8	3.2
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)	276.4	277.5	286.4	291.1	295.6	317.1	320.0	321.5	319.6	320.2	336.4	356.2
I. Long-term receivables	7.6	7.6	7.6	7.6	7.6	7.2	7.2	7.2	7.2	7.2	7.2	7.2
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	7.6	7.6	7.6	7.6	7.6	7.2	7.2	7.2	7.2	7.2	7.2	7.2
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	76.8	73.2	73.6	74.3	74.7	75.6	76.8	77.7	78.7	78.5	69.1	70.6
1. Tangible fixed assets	37.6	33.9	34.8	35.5	35.9	36.7	37.8	38.7	39.7	39.5	40.3	41.7
- Cost	70.5	—	—	—	—	64.0	68.6	68.4	69.0	67.9	67.8	68.8
- Accumulated depreciation	-32.9	—	—	—	—	-27.3	-30.8	-29.7	-29.3	-28.4	-27.4	-27.0
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	39.2	39.2	38.8	38.9	38.9	38.9	39.0	39.0	39.0	39.1	28.8	28.8
- Cost	40.5	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-1.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	26.7	20.2	20.5	20.8	21.1	21.4	21.7	22.1	22.4	22.8	23.1	23.5
- Cost	75.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-49.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	88.5	103.0	111.1	115.4	118.2	139.9	140.5	139.6	139.7	140.0	166.4	183.4
1. Long-term production in progress	87.9	94.1	105.6	114.9	117.8	139.5	140.1	139.3	139.3	139.7	165.6	182.7
2. Construction in progress	0.6	8.9	5.5	0.5	0.4	0.3	0.3	0.3	0.3	0.3	0.7	0.7
V. Long-term financial investments	61.8	61.2	60.6	59.7	59.7	59.5	58.8	58.7	59.0	58.3	57.7	57.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	61.8	61.2	60.6	59.7	59.7	59.5	58.8	58.7	59.0	58.3	57.7	57.0
3. Investments in other entities	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9	0.9
4. Provision for diminution in value of long-term investments	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9	-0.9
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	15.0	12.3	13.0	13.3	14.2	13.5	15.0	16.1	12.5	13.3	12.9	14.4
1. Long-term prepayments	13.8	11.0	11.6	11.9	12.9	12.1	13.5	14.7	11.2	12.3	11.7	13.0
2. Deferred income tax assets	1.2	1.3	1.4	1.3	1.3	1.4	1.5	1.4	1.4	1.0	1.2	1.5
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)	621.2	598.6	595.9	577.2	592.6	601.8	590.6	597.6	593.4	596.6	622.3	625.6
A. LIABILITIES (300=210+330)	317.2	299.2	289.6	279.6	290.8	298.8	286.9	296.7	280.9	286.9	315.8	328.9
I. Short -term liabilities	205.5	203.2	190.2	180.5	191.9	200.1	184.0	193.4	176.7	184.4	210.1	222.9
1. Short-term trade accounts payable	15.9	16.5	11.6	11.2	16.0	15.4	13.6	19.2	14.0	18.6	17.4	13.9
2. Short-term advances from customers	70.1	78.7	91.0	87.1	86.2	92.1	99.5	93.0	88.7	89.1	106.2	136.5
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.6	2.3	2.3	3.0	2.3	3.3	2.6	2.6	2.6	2.9	3.7	2.4
4. Payable to employees	6.1	18.9	13.4	11.7	6.6	14.0	13.0	9.9	8.4	15.6	15.9	8.7
5. Short-term acrrued expenses	0.2	0.3	0.2	0.1	0.1	0.3	0.1	0.2	0.4	0.4	0.1	0.3
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	2.6	3.0	0.9	1.5	2.3	3.0	0.9	1.5	2.3	3.0	0.9	1.9
9. Other short-term payables	8.5	13.4	8.7	13.5	8.7	9.2	8.7	8.5	13.4	13.4	8.9	8.9
10. Short-term borrowings and financial leases	95.6	64.5	57.0	46.5	63.7	57.9	39.5	49.5	45.5	35.1	49.0	43.5
11. Provision for short-term liabilities	1.8	1.8	1.8	1.9	1.9	1.9	1.1	1.1	0.2	0.0	0.0	0.0
12.. Bonus and welfare fund	2.2	3.7	3.2	3.9	4.1	3.1	4.8	7.9	1.2	6.4	7.9	6.6
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	111.7	96.1	99.5	99.1	98.9	98.7	102.9	103.2	104.2	102.5	105.8	106.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	99.4	84.1	87.1	87.1	87.1	87.1	90.1	90.1	90.1	90.1	93.1	93.1
7. Other long-term liabilities	12.2	12.0	12.4	12.0	11.8	11.6	12.0	12.4	12.3	12.4	12.7	13.0
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	—	—	—	—	—	0.0	0.8	0.8	1.7	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)	304.0	299.3	306.3	297.7	301.8	303.0	303.7	300.9	312.5	309.6	306.5	296.7
I. Owner's equity	304.0	286.8	293.8	285.1	289.3	290.5	291.2	288.4	300.0	297.1	294.0	284.2
1. Owner's capital	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0
- Common stock with voting right	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00	164,999,930,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	12.5	—	—	—	—	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	68.3	68.3	68.3	68.3	68.3	67.3	67.3	67.3	63.0	63.0	63.0	63.0
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	58.2	53.5	60.5	51.8	56.0	58.2	58.9	56.1	72.0	69.1	65.9	56.2
- Accumulated retained earning at the end of the previous period	54.6	41.7	41.7	41.7	48.3	42.2	42.2	42.2	63.8	34.3	34.3	34.3
- Undistributed earnings in this period	3.6	11.8	18.8	10.2	7.7	16.0	16.7	13.9	8.2	34.8	31.6	21.8
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	—	12.5	12.5	12.5	12.5	12.5	12.5	12.5	12.5	12.5	12.5	12.5
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	—	12.5	12.5	12.5	12.5	12.5	12.5	12.5	12.5	12.5	12.5	12.5
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)	621.2	598.6	595.9	577.2	592.6	601.8	590.6	597.6	593.4	596.6	622.3	625.6

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	—	—	—	—	—	0.0	0.0	-248.6	248.6	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	225.3	-225.3	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	28.6	-28.6	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.5	-0.5	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	3.3	-3.3	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	-10.0	10.0	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	11.4	-11.4	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	10.6	-10.6	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-2.5	-2.6	-1.6	-1.6	-2.6	-2.9	-1.8	-5.0	0.0	-5.0	-1.7	-1.6
Other Operating Receipts	25.0	—	—	—	—	25.7	20.2	53.9	0.0	24.7	24.1	19.2
Other Operating Payments	-31.9	-1.1	4.0	-48.8	-12.2	-30.8	-35.4	-55.4	0.0	-3.0	-12.9	-19.3
Net Cash Flow from Operating Activities	-12.2	-0.7	4.0	20.8	-15.2	1.6	11.9	6.0	-10.6	20.4	2.7	-6.0
Payments for Fixed Assets and Other Long-term Assets	-3.5	-2.8	-4.5	-0.6	-0.9	-1.0	-0.2	-0.1	-3.0	-15.5	-0.1	-1.6
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	0.4	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	38.5	-38.5	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	-53.1	53.1	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	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.0	1.8	0.2	6.7	0.3	0.4	-4.4	6.6	0.2	1.2	0.5	0.1
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	10.4	-1.5	-6.6	5.5	5.4	-5.8	6.1	4.1	11.7	-14.7	1.9	-2.5
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	157.0	165.5	168.5	169.5	160.5	195.2	201.6	182.0	205.5	182.5	174.5	118.6
Repayment of Borrowings	-125.9	-158.0	-158.0	-186.7	-154.7	-179.8	-214.4	-175.0	-198.1	-196.4	-169.0	-98.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-4.9	-4.9	-4.9	-6.7	-5.0	-5.0	-5.1	-13.0	-4.9	-4.9	0.0	-9.7
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	26.2	2.6	5.6	-23.9	0.8	10.4	-17.9	-6.0	2.5	-18.8	5.5	10.3
Net Cash Flow During the Period	24.4	0.4	2.9	2.4	-9.1	6.3	0.1	4.1	3.6	-13.1	10.1	1.8
Cash and Cash Equivalents at Beginning of Period	29.0	28.7	25.7	9.3	18.4	18.4	18.4	18.4	18.4	35.4	35.4	35.4
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	53.4	29.0	28.7	25.7	9.3	32.4	26.1	26.1	22.0	18.4	31.4	21.4

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HTC

What Is Changing

Drivers of HTC'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 ▼

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Leverage & Liquidity ▲

Cash Flow ▼

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow