HTP

In Sách Giáo khoa Hòa Phát ·UPCOM ·2026Q1

▲ Showing improvement

Price

1,000

Latest close

05 Jun 2026

P/E 60.14x

P/B 0.12x

EPS 17

BVPS 8,316

ROE 0.1%

ROA 0.0%

Profit Margin -7,454.5%

Asset Turnover 0.00x

Equity Mult. 3.06x

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

What Is Changing

On a TTM 2026Q1 basis, HTP posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — margins have been compressing consistently over multiple periods. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1bn
	                                
−99.2%YoY

	                            
	                                NET MARGIN
	                            
	                                    207.84%
	                                
+497.4ppYoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 2bn
	                                
+100.6%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    121.2%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	—	1.5	101.0	83.8	23.8
Growth	—	-99%	+21%	+252%	—
Net Income	-24.9	-235.3	5.2	1.2	55.7
Net Margin	—	-15604.76%	5.10%	1.39%	233.70%

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	0.4	—	—	—	—	0.0	0.2	0.2	1.1	29.8	23.3	38.5
Growth	—	—	—	—	—	-100%	-23%	-82%	-96%	+28%	-39%	—
Net Income	0.5	0.3	0.6	0.2	-65.3	-112.2	-50.2	-40.6	-32.2	1.7	0.7	0.5
Net Margin	126.35%	—	—	—	—	—	-31451.81%	-19466.90%	-2827.43%	5.69%	2.99%	1.42%

Drivers of HTP's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 266.6bn

Administrative expenses ↓ 21.8bn

Financial income ↓ 73.3bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by lower finance costs. Supporting and offsetting drivers:

Finance costs ↓ 63.6bn

Administrative expenses ↓ 5.2bn

Financial income ↓ 15.8bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -15604.76% +497.4pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (139.4% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Leverage is elevated, requiring monitoring — liabilities at 0.00x equity, net debt at 1.46x equity.

Over the last 12 months, working capital released 46.0bn of cash, mainly thanks to higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −51.5bn

Inventories were broadly stable → neutral CFO: —

Payables increased → higher CFO: +97.5bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Watchpoints

Inventory turnover is slowing

DIO increased by +649.7 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables — —

Inventory 713.7 days +649.7 days

Payables 325764.9 days +284062.7 days

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 1.46x and interest coverage only at 32.27x.

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.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 1.46x, increasing balance-sheet pressure.

Leverage and liquidity trend

Net Debt / Equity 1.46x +0.89x

Interest Coverage 32.27x +33.07x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 95.15x +99.63x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -1.0bn in 2025, against investing cash flow of 0.9bn.

Post-investment cash flow was negative +0.1bn. Financing cash flow was negative +1,202.8bn.

CFO / net income was 95.15x.

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 145.2bn −428.6bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. The main risk still sits in leverage and liquidity, with interest coverage at 32.27x.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 95.15x. Even so, net financial result still accounts for 121.2% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity remain a pressure point, with net debt / equity at 1.46x and a thin cash buffer.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	—	1.5	101.0	83.8	23.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	—	1.5	101.0	83.8	23.8
Cost of Goods Sold	0.0	2.2	14.6	20.9	0.0
Gross Profit	-0.0	-0.7	86.4	62.9	17.9
Financial Income	1.9	73.9	97.5	63.0	17.8
Financial Expenses	25.6	242.4	156.2	102.1	-27.8
Interest Expense	—	80.0	82.3	80.5	-27.6
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	0.8	22.7	21.0	14.2	-6.4
Operating Profit	-24.6	-191.8	6.7	9.6	1.6
Other Income	0.4	2.0	4.6	1.5	0.0
Other Expenses	0.7	4.8	2.8	3.2	0.0
Other Profit	-0.2	-2.8	1.8	-1.7	56.2
Profit Before Tax	-24.9	-194.7	8.5	7.9	57.8
Current Income Tax Expense	—	19.3	22.7	20.3	-2.1
Deferred Income Tax Expense	—	21.4	-19.4	-13.6	0.0
Net Income	-24.9	-235.3	5.2	1.2	55.7
Non-controlling Interest	—	-122.9	1.6	2.8	0.0
Profit Attributable to Parent	-24.9	-112.4	3.5	-1.6	55.6
Earnings per Share	-270.69	-1,224.00	39.00	-17.00	617.00
Diluted EPS	-270.69	-1,224.00	39.00	-17.00	606.13

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	20.8	1,762.9	1,929.8	1,837.3	1,203.6
I. Cash and cash equivalents	0.0	13.4	251.5	147.1	89.5
1. Cash	0.0	13.4	31.0	66.6	0.0
2. Cash equivalents	—	0.0	220.5	80.5	0.0
II. Short-term financial investments	—	0.1	260.4	464.0	0.0
1. Available for sale securities	—	0.0	100.0	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	—	0.1	160.4	464.0	0.0
III. Short-term receivables	20.7	1,544.9	1,220.2	1,030.5	678.7
1. Short-term trade accounts receivable	0.8	21.8	65.9	60.1	0.0
2. Short-term prepayments to suppliers	—	1,109.0	876.9	749.1	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	15.7	120.1	191.9	12.6	0.0
6. Other short-term receivables	4.5	312.2	85.5	208.7	0.0
7. Provision for short-term doubtful debts (*)	-0.4	-18.1	0.0	-0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	0.0	0.1	0.5	0.4	1.0
1. Inventories	0.1	0.1	0.5	0.4	0.0
2. Provision for decline in value of inventories	-0.1	-0.0	0.0	-0.0	0.0
V. Other short-term assets	0.1	204.4	197.2	195.4	135.2
1. Short-term prepayments	0.0	22.1	22.1	22.1	0.0
2. Value added tax to be reclaimed	0.0	182.2	175.1	173.3	0.0
3. Taxes and other receivables from state authorities	0.1	0.1	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)	744.3	4,920.0	4,645.6	4,341.3	4,235.1
I. Long-term receivables	—	1.9	0.4	0.5	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	535.1
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	—	1.9	0.4	0.5	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.6	2.3	5.0	5.5	6.1
1. Tangible fixed assets	0.0	1.6	4.1	4.6	5.5
- Cost	6.0	19.3	25.8	28.6	0.0
- Accumulated depreciation	-6.0	-17.7	-21.6	-24.0	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	0.6	0.7	0.8	0.8	0.7
- Cost	0.6	1.1	1.1	1.0	0.0
- Accumulated depreciation	—	-0.3	-0.2	-0.1	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	—	4,703.6	4,445.5	4,172.0	3,670.1
1. Long-term production in progress	—	3,460.5	3,202.4	2,928.9	0.0
2. Construction in progress	—	1,243.2	1,243.1	1,243.0	0.0
V. Long-term financial investments	743.6	0.2	0.2	0.2	1.1
1. Investments in subsidiaries	902.5	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	1.1	1.1	1.1	1.1	0.0
4. Provision for diminution in value of long-term investments	-160.0	-0.9	-1.0	-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	0.0	211.9	194.5	163.1	0.0
1. Long-term prepayments	0.0	160.1	160.7	148.7	0.0
2. Deferred income tax assets	—	51.8	33.8	14.4	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	22.7
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)	765.1	6,682.9	6,575.3	6,178.6	5,438.7
A. LIABILITIES (300=210+330)	2.1	4,692.9	4,233.8	3,842.2	3,103.6
I. Short -term liabilities	1.9	2,096.7	2,523.0	1,235.2	348.9
1. Short-term trade accounts payable	0.4	95.3	89.4	162.2	49.0
2. Short-term advances from customers	0.0	0.0	0.0	2.1	0.0
3. Taxes and other payables to state authorities	—	80.7	56.3	27.0	0.0
4. Payable to employees	—	4.9	6.0	1.9	0.0
5. Short-term acrrued expenses	0.7	137.7	121.8	100.4	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	0.8	1,205.7	169.2	325.3	0.0
10. Short-term borrowings and financial leases	—	572.4	2,080.3	616.1	0.9
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	0.2	2,596.1	1,710.8	2,607.1	2,754.6
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	0.2	1,799.6	1,300.6	734.1	0.0
8. Long-term borrowings and financial leases	—	400.1	80.1	1,542.9	2,039.5
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	—	396.4	330.1	330.1	0.0
12. Provision for long-term liabilities	—	0.0	0.0	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)	763.0	1,990.0	2,341.5	2,336.4	2,335.2
I. Owner's equity	763.0	1,990.0	2,341.5	2,336.4	0.0
1. Owner's capital	918.0	918.0	918.0	918.0	2,335.2
- Common stock with voting right	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	1.7	1.7	1.7	1.7	1.7
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	1.9	1.9	1.9	1.9	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	-158.7	-109.3	58.4	54.9	56.4
- Accumulated retained earning at the end of the previous period	-133.8	3.1	54.9	56.5	0.8
- Undistributed earnings in this period	-24.9	-112.4	3.5	-1.6	55.6
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	1,177.6	1,361.4	1,359.8	1,357.1
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)	765.1	6,682.9	6,575.3	6,178.6	5,438.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	-24.9	-194.7	0.0	7.9	57.8
Depreciation of Fixed Assets and Investment Property	0.1	0.6	0.0	1.0	-55.1
Provision (Increase)/Reversal	25.7	0.4	0.0	0.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.3	0.0	0.0	0.0
Gain/Loss from Investment Activities	-1.9	-7.5	0.0	-31.6	0.0
Interest Expense	—	80.0	0.0	80.5	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	-1.0	-120.8	0.0	58.7	12.6
Increase/(Decrease) in Receivables	-0.8	-392.5	0.0	-164.4	0.0
Increase/(Decrease) in Inventory	—	-240.2	0.0	-489.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.6	1,350.1	0.0	598.0	0.0
Increase/(Decrease) in Prepaid Expenses	0.1	0.2	0.0	-133.5	0.0
Changes in Trading Securities	—	0.0	0.0	295.8	0.0
Interest Paid	—	-6.4	0.0	-72.4	0.0
Corporate Income Tax Paid	—	-0.9	0.0	-1.3	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-1.0	589.6	0.0	91.8	-644.5
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-4.2	-8.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	1.5	0.0	3.3	0.3
Loans and Purchases of Debt Instruments	—	-0.5	0.0	-464.0	-609.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	465.6	0.0	310.0	295.5
Investments in Other Entities	—	0.0	0.0	0.0	-467.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	58.5	0.0	27.0	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	0.9	525.1	0.0	-127.9	-770.7
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	902,660,774,626.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	332.7	0.0	103.7	623.8
Repayment of Borrowings	—	-1,535.4	0.0	-10.0	-25.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	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	—	-1,202.8	0.0	93.7	1,501.4
Net Cash Flow During the Period	-0.1	-88.1	0.0	57.6	-389.2
Cash and Cash Equivalents at Beginning of Period	0.2	101.5	0.0	89.5	3.2
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.0	13.4	0.0	147.1	89.5

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	0.4	—	—	—	—	0.0	0.2	0.2	1.1	29.8	23.3	38.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.4	—	—	—	—	0.0	0.2	0.2	1.1	29.8	23.3	38.5
Cost of Goods Sold	0.0	0.0	0.0	0.0	0.0	0.0	0.2	0.6	1.4	3.0	2.8	5.9
Gross Profit	0.3	-0.0	-0.0	-0.0	-0.0	-0.0	-0.1	-0.3	-0.2	26.8	20.5	32.6
Financial Income	0.5	0.5	0.5	0.5	16.3	16.5	18.2	24.2	15.0	23.7	25.5	18.0
Financial Expenses	0.0	0.0	-0.0	0.0	63.6	101.9	54.4	46.8	39.3	40.4	39.4	46.3
Interest Expense	—	—	—	—	19.3	17.3	22.6	20.5	0.0	21.4	19.0	23.5
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	0.3	0.2	0.3	0.2	5.5	6.1	5.4	5.8	5.4	8.9	5.2	3.7
Operating Profit	0.5	0.3	0.2	0.3	-52.8	-91.5	-41.6	-28.7	-30.0	1.2	1.3	0.7
Other Income	—	—	0.4	—	—	0.0	2.0	0.0	0.0	1.8	0.4	1.6
Other Expenses	0.1	0.0	0.0	0.1	1.2	0.5	1.7	0.6	2.0	0.5	0.4	1.2
Other Profit	-0.1	-0.0	0.4	-0.1	-1.2	-0.5	0.3	-0.6	-2.0	1.3	-0.0	0.4
Profit Before Tax	0.5	0.3	0.6	0.2	-54.0	-92.0	-41.3	-29.3	-32.0	2.5	1.3	1.0
Current Income Tax Expense	—	—	—	—	4.8	5.3	4.9	5.0	4.1	8.0	0.9	12.3
Deferred Income Tax Expense	—	—	—	—	6.5	14.9	4.1	6.2	-3.9	-7.1	-0.3	-11.8
Net Income	0.5	0.3	0.6	0.2	-65.3	-112.2	-50.2	-40.6	-32.2	1.7	0.7	0.5
Non-controlling Interest	—	—	—	—	-34.3	-59.4	-27.0	-19.7	-16.8	0.4	0.2	0.2
Profit Attributable to Parent	0.5	0.3	0.6	0.2	-31.0	-52.9	-23.2	-20.9	-15.4	1.3	0.5	0.4
Earnings per Share	5.04	3.04	6.35	2.20	-338.00	-576.00	-253.00	-228.00	-168.00	15.00	6.00	4.00
Diluted EPS	5.04	3.04	6.35	2.20	-338.00	-1,224.00	-253.00	-228.00	-168.00	15.00	6.00	4.00

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)	21.4	20.8	20.5	19.6	1,779.3	1,762.9	1,832.8	1,755.4	1,788.8	1,929.8	1,916.6	2,071.1
I. Cash and cash equivalents	0.1	0.0	0.1	0.0	9.5	13.4	46.9	328.7	194.5	251.5	279.5	322.0
1. Cash	0.1	0.0	0.1	0.0	9.5	13.4	46.9	13.7	44.0	31.0	19.0	41.5
2. Cash equivalents	—	—	—	—	—	0.0	0.0	315.0	150.5	220.5	260.5	280.5
II. Short-term financial investments	15.7	—	—	—	0.1	0.1	0.1	0.1	195.4	260.4	460.4	560.3
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	100.0	100.0	100.0	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	15.7	—	—	—	0.1	0.1	0.1	0.1	95.4	160.4	360.4	560.3
III. Short-term receivables	5.4	20.7	20.2	19.4	1,561.7	1,544.9	1,584.8	1,229.3	1,202.1	1,220.2	979.9	992.4
1. Short-term trade accounts receivable	0.8	0.8	0.8	0.8	21.8	21.8	59.8	59.9	56.9	65.9	50.4	51.9
2. Short-term prepayments to suppliers	—	—	—	—	1,109.0	1,109.0	1,109.1	753.7	865.0	876.9	750.7	742.6
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	15.7	15.7	15.7	120.1	120.1	120.1	174.9	194.8	191.9	134.4	125.4
6. Other short-term receivables	5.0	4.5	4.1	3.3	328.9	312.2	295.8	240.8	85.3	85.5	44.5	72.6
7. Provision for short-term doubtful debts (*)	-0.4	-0.4	-0.4	-0.4	-18.1	-18.1	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
IV. Inventories	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.2	0.2	0.5	0.1	0.4
1. Inventories	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.2	0.2	0.5	0.2	0.4
2. Provision for decline in value of inventories	-0.1	-0.1	-0.1	-0.1	-0.1	-0.0	0.0	0.0	0.0	0.0	-0.0	-0.0
V. Other short-term assets	0.1	0.1	0.1	0.1	208.0	204.4	200.9	197.2	196.6	197.2	196.6	196.0
1. Short-term prepayments	0.0	0.0	0.0	0.0	22.1	22.1	22.4	22.4	22.3	22.1	22.0	22.2
2. Value added tax to be reclaimed	0.0	0.0	0.0	0.0	185.8	182.2	178.4	174.6	174.3	175.1	174.6	173.8
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	744.2	744.3	744.3	744.7	4,982.9	4,920.0	4,895.2	4,795.5	4,728.3	4,645.6	4,569.6	4,492.8
I. Long-term receivables	—	—	—	—	1.9	1.9	1.9	1.9	0.5	0.4	0.4	0.4
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	—	—	—	—	1.9	1.9	1.9	1.9	0.5	0.4	0.4	0.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.6	0.6	0.6	1.1	2.2	2.3	2.4	4.6	4.8	5.0	5.0	5.1
1. Tangible fixed assets	0.0	0.0	0.0	0.5	1.5	1.6	1.7	3.8	3.9	4.1	4.1	4.3
- Cost	6.0	—	—	—	—	19.3	19.3	25.8	25.8	25.8	25.6	25.6
- Accumulated depreciation	-6.0	—	—	—	—	-17.7	-17.6	-22.0	-21.8	-21.6	-21.5	-21.3
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	0.6	0.6	0.6	0.6	0.7	0.7	0.8	0.8	0.8	0.8	0.9	0.8
- Cost	0.6	—	—	—	—	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	—	—	—	—	4,762.5	4,703.6	4,686.0	4,588.4	4,525.3	4,445.5	4,376.6	4,299.7
1. Long-term production in progress	—	—	—	—	3,519.4	3,460.5	3,441.4	3,345.2	3,282.1	3,202.4	3,133.5	3,056.6
2. Construction in progress	—	—	—	—	1,243.1	1,243.2	1,244.5	1,243.2	1,243.1	1,243.1	1,243.1	1,243.1
V. Long-term financial investments	743.6	743.6	743.6	743.6	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.2
1. Investments in subsidiaries	902.5	902.5	902.5	902.5	—	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
3. Investments in other entities	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1	1.1
4. Provision for diminution in value of long-term investments	-160.0	-160.0	-160.0	-160.0	-0.9	-0.9	-0.9	-0.9	-0.9	-1.0	-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	0.0	0.0	0.0	0.0	216.1	211.9	204.7	200.4	197.6	194.5	187.3	187.4
1. Long-term prepayments	0.0	0.0	0.0	0.0	159.5	160.1	158.2	158.8	159.9	160.7	160.6	161.0
2. Deferred income tax assets	—	—	—	—	56.6	51.8	46.5	41.6	37.7	33.8	26.7	26.4
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)	765.6	765.1	764.7	764.3	6,762.2	6,682.9	6,728.0	6,550.9	6,517.2	6,575.3	6,486.2	6,564.0
A. LIABILITIES (300=210+330)	2.2	2.1	2.0	2.2	4,837.5	4,692.9	4,552.9	4,325.6	4,207.9	4,233.8	4,146.4	4,224.8
I. Short -term liabilities	2.0	1.9	2.0	2.2	2,080.1	2,096.7	1,996.9	2,599.2	2,497.0	2,523.0	1,158.5	1,241.6
1. Short-term trade accounts payable	0.4	0.4	0.4	0.4	92.9	95.3	100.5	89.6	95.0	89.4	95.9	96.3
2. Short-term advances from customers	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.6	0.8
3. Taxes and other payables to state authorities	0.0	—	0.1	—	85.9	80.7	74.3	67.7	63.5	56.3	40.8	40.4
4. Payable to employees	0.0	—	0.0	0.2	7.4	4.9	4.3	4.8	4.7	6.0	4.9	3.4
5. Short-term acrrued expenses	0.7	0.7	0.7	0.7	60.7	137.7	46.9	121.4	82.0	121.8	107.9	134.7
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	0.8	0.8	0.8	0.8	1,268.4	1,205.7	1,204.0	227.3	169.0	169.2	307.1	349.8
10. Short-term borrowings and financial leases	—	—	—	—	564.7	572.4	566.8	2,088.4	2,082.8	2,080.3	601.2	616.2
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.2	0.2	—	—	2,757.4	2,596.1	2,556.1	1,726.5	1,710.8	1,710.8	2,987.9	2,983.2
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.2	0.2	—	—	1,799.6	1,799.6	1,800.6	1,300.3	1,300.6	1,300.6	1,099.3	1,099.2
8. Long-term borrowings and financial leases	—	—	—	—	550.1	400.1	400.1	79.8	80.1	80.1	1,558.5	1,554.0
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	—	—	—	—	407.7	396.4	355.3	346.4	330.1	330.1	330.1	330.1
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)	763.4	763.0	762.7	762.1	1,924.6	1,990.0	2,175.0	2,225.3	2,309.3	2,341.5	2,339.8	2,339.1
I. Owner's equity	763.4	763.0	762.7	762.1	1,924.6	1,990.0	2,175.0	2,225.3	2,309.3	2,341.5	2,339.8	2,339.1
1. Owner's capital	918.0	918.0	918.0	918.0	918.0	918.0	918.0	918.0	918.0	918.0	918.0	918.0
- Common stock with voting right	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00	918,049,800,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7	1.7
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	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
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	-158.2	-158.7	-159.0	-159.5	-140.3	-109.3	-29.2	-6.0	43.0	58.4	57.1	56.6
- Accumulated retained earning at the end of the previous period	-158.7	-133.8	-133.8	-133.8	-109.3	3.1	30.3	30.3	58.4	54.9	54.9	54.9
- Undistributed earnings in this period	0.5	-24.9	-25.1	-25.7	-31.0	-112.4	-59.5	-36.3	-15.4	3.5	2.2	1.7
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	1,143.3	1,177.6	1,282.6	1,309.6	1,344.6	1,361.4	1,361.1	1,360.9
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)	765.6	765.1	764.7	764.3	6,762.2	6,682.9	6,728.0	6,550.9	6,517.2	6,575.3	6,486.2	6,564.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	0.5	0.3	0.6	28.3	-54.0	-92.0	-41.3	-29.3	-32.0	-5.9	1.3	1.0
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.0	-0.0	0.1	0.1	0.1	0.2	0.2	-0.5	0.2	0.2
Provision (Increase)/Reversal	0.0	0.0	-0.0	25.6	0.0	0.5	-0.0	-0.0	-0.0	0.1	-0.0	-0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.2	-0.2	0.1	0.1	-0.3	0.3	0.0
Gain/Loss from Investment Activities	-0.5	-0.5	-0.5	15.3	-16.3	41.8	-10.2	-24.2	-15.0	74.0	-26.9	-28.3
Interest Expense	—	—	—	—	19.3	17.3	22.6	20.5	19.6	-60.9	19.0	23.5
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	0.0	-0.2	0.1	49.8	-50.7	-32.1	-28.9	-32.8	-27.0	6.5	-6.2	-3.6
Increase/(Decrease) in Receivables	-0.0	-0.0	-0.8	-50.8	50.8	-12.5	-416.3	-12.4	48.7	-241.1	90.6	33.4
Increase/(Decrease) in Inventory	—	—	—	—	-50.0	-19.0	-92.4	-63.7	-65.0	178.5	-62.1	-44.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.1	0.1	-0.1	97.5	-96.9	11.0	1,385.7	38.3	-84.8	-152.4	-179.0	156.7
Increase/(Decrease) in Prepaid Expenses	-0.0	0.0	0.0	-0.5	0.7	-1.7	0.7	0.5	0.7	11.5	1.0	-6.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	-0.1	-3.4	0.0	-2.9	21.7	-6.4	-13.6
Corporate Income Tax Paid	—	—	—	—	—	0.0	0.0	-0.9	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	9.5
Net Cash Flow from Operating Activities	0.1	-0.1	-0.8	146.0	-146.1	-54.4	845.4	-71.0	-130.4	-175.2	-162.0	131.7
Payments for Fixed Assets and Other Long-term Assets	—	—	0.9	—	—	0.0	0.1	-0.1	-0.0	0.1	-0.1	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.9	—	—	—	0.0	1.5	0.0	0.0	-0.2	0.0	0.2
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	99.5	-100.0	214.5	471.2	-585.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.2	54.6	245.8	165.0	-121.5	-355.1	472.6
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	-0.2	0.2	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	-0.0	0.0	15.1	21.4	10.3	11.7	-66.6	19.7	7.9
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	0.0	0.9	-0.0	0.0	15.1	77.8	355.5	76.7	26.3	135.7	-105.0
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	—	—	—	—	143.8	6.5	321.2	0.0	5.0	-0.3	0.0	0.3
Repayment of Borrowings	—	—	—	—	-1.5	-0.6	-1,526.2	-0.4	-8.2	16.8	-16.1	-0.3
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	142.3	5.9	-1,205.0	-0.4	-3.2	16.5	-16.1	-0.0
Net Cash Flow During the Period	0.1	-0.1	0.1	3.7	-3.9	-33.5	-281.8	284.2	-57.0	-132.4	-42.4	26.7
Cash and Cash Equivalents at Beginning of Period	0.0	0.1	0.0	9.5	13.4	101.5	101.5	101.5	251.5	0.0	147.1	147.1
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	0.1	0.0	0.1	0.0	9.5	13.4	46.9	328.7	194.5	0.0	279.5	322.0

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HTP

What Is Changing

Drivers of HTP's profit

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Leverage & Liquidity ▼

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow