Part of pre-tax profit currently comes from other profit
·
Net financial result/PBT
28.13%
Price
5,600
Latest close
28 May 2026
P/E
14.97x
P/B
0.37x
EPS
374
BVPS
15,046
ROE
2.5%
ROA
0.6%
Profit Margin
0.8%
Asset Turnover
0.66x
Equity Mult.
4.45x
TTM · Applied to: EPS, ROE, ROA, Net Margin, Asset Turnover, Debt/Equity
What Is Changing
On a TTM 2026Q1 basis, HU1 is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. Notably, operating cash flow is significantly negative relative to profit — this needs monitoring in coming periods.
TTM REVENUE
VND 439bn
+147.5%YoY
NET MARGIN
0.85%
−1.0ppYoY
TTM NET PROFIT
VND 4bn
+13.8%YoY
CFO / Net Income
-4.11x
negative cash flow vs profit
Metric
2025
2024
2023
2022
2021
Revenue
394.1
233.4
183.8
481.1
854.6
Growth
+69%
+27%
-62%
-44%
—
Net Income
3.8
4.5
0.0
3.9
6.0
Net Margin
0.97%
1.92%
0.00%
0.82%
0.70%
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
50.4
159.2
119.4
110.1
5.4
128.3
34.8
8.9
61.4
72.8
4.7
67.8
Growth
-68%
+33%
+8%
+1938%
-96%
+268%
+293%
-86%
-16%
+1445%
-93%
—
Net Income
0.0
0.5
3.1
0.1
0.0
3.0
0.3
0.0
0.0
0.1
0.0
0.1
Net Margin
0.09%
0.30%
2.62%
0.10%
0.39%
2.32%
0.72%
0.50%
0.03%
0.13%
0.26%
0.10%
Drivers of HU1's profit
TTM·
|
Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:
Gross profit
↑ 14.5bn
Tax
↓ 1.2bn
Minority interests
↓ 0.1bn
Finance costs
↑ 1.2bn
Financial income
↓ 1.0bn
Administrative expenses
↑ 1.0bn
TTM·
|
Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:
Net margin narrowed to 0.85%, falling 1.0pp. The main pressure is Gross margin fell 0.7pp, outweighing the improvement in SG&A / Revenue fell 3.8pp (with additional support from Net financial result / Revenue rose 1.1pp).
Margin is under pressure from multiple sides — temporary and structural components need to be separated to properly assess the risk.
Profitability trend
Net Margin
0.85%
−1.0pp
Gross Margin
6.05%
−0.7pp
SG&A / Revenue
2.96%
−3.8pp
TTM YoY · 2025Q1 -> 2026Q1
Is capital being used efficiently?
Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 1.1% fluctuates with handover cycles.
Is capital being deployed efficiently?
▲
ROIC expanded to 1.11%, rising 1.8pp. That translates to 1.11 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.6pp and capital turnover rose 0.57x, with invested capital holding roughly steady — capital-return quality improved from both sides.
For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.
CAPITAL EFFICIENCY TREND
TTM YoY · 2025Q1 -> 2026Q1
ROIC
1.11%
+1.8pp
NOPAT Margin
1.09%
+2.6pp
Capital Turnover
1.01x
+0.57x
Average Invested Capital
434.2bn
+36.7bn
Balance Sheet
●
ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is typical for the real estate sector — liabilities at 3.38x equity, net debt at 1.96x equity.
Over the last 12 months, working capital released 0.0bn of cash.
Working Capital Drivers
TTM YoY · 2025Q1 -> 2026Q1
Receivables were broadly stable
→ neutral CFO:
—
Inventories were broadly stable
→ neutral CFO:
—
Payables were broadly stable
→ neutral CFO:
—
Is financial risk significant?
High leverage combined with negative operating cash flow — this area needs close monitoring.
Leverage & Liquidity
▼
Leverage warrants monitoring, with net debt / equity at 1.96x and interest coverage only at 0.90x.
At present, short-term debt accounts for 100.0% of total debt, cash equals 2.9% of debt, and total debt stands at 303.5bn.
Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.
Watchpoints
Net leverage is elevated
Net debt / equity stands at 1.96x, increasing balance-sheet pressure.
Interest coverage is thin
Interest coverage is 0.90x, leaving limited room to absorb financing costs.
Leverage and liquidity trend
Net Debt / Equity
1.96x
+0.07x
Interest Coverage
0.90x
+1.66x
Cash / Debt
2.9%
−5.6pp
Short-term Debt / Total Debt
100.0%
0.0pp
CFO / NI
-4.11x
−9.11x
TTM YoY · 2025Q1 -> 2026Q1
Cash Flow
●
High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -64.2bn in 2025, against investing cash flow of -4.2bn.
Post-investment cash flow was negative +68.4bn. Financing cash flow was positive +33.1bn.
CFO / net income was -4.11x.
Track how much investment can be funded internally from operating cash flow.
For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.
Cash Conversion
TTM Cash Conversion · 2025Q1 -> 2026Q1
CFO TTM
15.4bn
−31.2bn
Cash Capex
—
—
FCF TTM
—
—
Investment Takeaway
The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The next item to monitor is the earnings mix, when non-core contribution is 28.1%. The main risk still sits in leverage and liquidity, with interest coverage at 0.90x.
Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 28.1% of PBT and CFO / net income currently at -4.11x.
Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.90x.
Statement Data
Item
2025
2024
2023
2022
2021
Revenue
394.1
233.4
183.8
481.1
854.6
Revenue Deductions
—
0.0
0.1
0.0
0.0
Net Revenue
394.1
233.4
183.8
481.1
854.6
Cost of Goods Sold
368.7
219.2
172.8
457.3
0.0
Gross Profit
25.4
14.2
11.0
23.8
33.9
Financial Income
0.7
1.3
0.5
0.6
0.5
Financial Expenses
6.4
5.4
3.4
5.0
-6.8
Interest Expense
6.4
5.4
3.4
5.0
-6.8
Share of Associates and Joint Ventures
—
-0.0
-0.0
-0.2
-0.0
Selling Expenses
—
0.0
0.0
0.0
-2.8
General and Administrative Expenses
13.0
12.3
8.1
14.2
-9.1
Operating Profit
6.7
-2.1
-0.1
5.0
15.6
Other Income
0.2
16.3
0.2
0.0
0.0
Other Expenses
1.6
6.9
0.0
0.1
0.0
Other Profit
-1.4
9.4
0.2
-0.1
-1.6
Profit Before Tax
5.2
7.3
0.1
4.9
14.0
Current Income Tax Expense
1.4
2.8
0.1
1.0
-8.1
Deferred Income Tax Expense
—
0.0
0.0
0.0
0.0
Net Income
3.8
4.5
0.0
3.9
6.0
Non-controlling Interest
0.1
0.6
0.0
0.1
0.2
Profit Attributable to Parent
3.8
3.9
-0.0
3.8
5.8
Earnings per Share
377.00
385.00
-4.00
380.00
462.00
Diluted EPS
151.00
385.04
-4.17
379.65
575.30
Item
2025
2024
2023
2022
2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)
531.9
555.8
521.1
613.6
651.8
I. Cash and cash equivalents
24.6
59.8
9.5
12.1
37.5
1. Cash
24.6
59.8
9.5
12.1
0.0
2. Cash equivalents
—
0.0
0.0
0.0
0.0
II. Short-term financial investments
10.8
10.8
6.2
14.5
0.0
1. Available for sale securities
—
0.0
0.0
0.0
0.0
2. Provision for diminution in value of available for sale securities (*)
—
0.0
0.0
0.0
0.0
3. Held to maturity investments
10.8
10.8
6.2
14.5
0.0
III. Short-term receivables
429.3
400.1
376.2
460.3
466.1
1. Short-term trade accounts receivable
141.0
137.6
131.5
208.2
0.0
2. Short-term prepayments to suppliers
62.4
68.9
60.6
51.7
0.0
3. Short-term inter-company receivables
—
0.0
0.0
0.0
0.0
4. Construction contract progress receipts due from customers
—
0.0
0.0
0.0
0.0
5. Short-term loan receivables
—
0.0
0.0
0.0
0.0
6. Other short-term receivables
227.1
194.9
185.4
201.7
0.0
7. Provision for short-term doubtful debts (*)
-1.3
-1.3
-1.3
-1.3
0.0
8. Assets awaiting resolution
—
0.0
0.0
0.0
0.0
IV. Inventories
50.5
65.6
107.1
108.1
126.1
1. Inventories
50.5
65.6
107.1
108.1
0.0
2. Provision for decline in value of inventories
—
0.0
0.0
0.0
0.0
V. Other short-term assets
16.7
19.5
21.9
18.6
11.4
1. Short-term prepayments
0.1
0.1
0.1
0.2
0.0
2. Value added tax to be reclaimed
16.5
19.4
21.2
17.9
0.0
3. Taxes and other receivables from state authorities
0.1
0.0
0.6
0.5
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)
127.3
126.0
109.6
88.8
36.4
I. Long-term receivables
—
0.0
0.0
0.0
0.0
1. Long-term trade receivables
—
0.0
0.0
0.0
17.5
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
—
0.0
0.0
0.0
0.0
7. Provision for long-term doubtful debts
—
0.0
0.0
0.0
0.0
II. Fixed assets
114.7
2.1
4.1
0.6
2.5
1. Tangible fixed assets
114.7
2.1
0.5
0.6
2.5
- Cost
130.5
15.9
21.9
21.8
0.0
- Accumulated depreciation
-15.7
-13.8
-21.4
-21.2
0.0
2. Financial leased fixed assets
—
0.0
0.0
0.0
0.0
- Cost
—
0.0
0.0
0.0
0.0
- Accumulated depreciation
—
0.0
0.0
0.0
0.0
3. Intangible fixed assets
—
0.0
3.6
0.0
0.0
- Cost
—
0.0
3.6
0.0
0.0
- Accumulated depreciation
—
0.0
0.0
0.0
0.0
III. Investment properties
—
0.0
0.0
2.9
2.9
- Cost
—
0.0
0.0
3.5
0.0
- Accumulated depreciation
—
0.0
0.0
-0.6
0.0
IV. Long-term assets in progress
8.4
122.0
90.6
72.0
0.0
1. Long-term production in progress
5.8
120.7
89.8
72.0
0.0
2. Construction in progress
2.6
1.3
0.8
0.0
0.0
V. Long-term financial investments
4.1
1.9
14.9
13.4
13.6
1. Investments in subsidiaries
—
0.0
0.0
0.0
0.0
2. Investments in associates, joint-ventures
0.4
0.4
0.4
0.4
0.0
3. Investments in other entities
3.8
1.5
14.5
13.0
0.0
4. Provision for diminution in value of long-term investments
—
0.0
0.0
0.0
0.0
5. Held to maturity investments
—
0.0
0.0
0.0
0.0
6. Other long-term investments
—
0.0
0.0
0.0
0.0
VI. Other long-term assets
0.0
0.0
0.0
0.0
0.0
1. Long-term prepayments
0.0
0.0
0.0
0.0
0.0
2. Deferred income tax assets
—
0.0
0.0
0.0
0.0
3. Long-term equipment, supplies, spare parts
—
0.0
0.0
0.0
0.0
4. Other long-term assets
—
0.0
0.0
0.0
0.0
5. Goodwill
—
0.0
0.0
0.0
0.0
VII. Goodwill (before 2015)
—
0.0
0.0
0.0
0.0
TOTAL ASSETS (280=100+200)
659.2
681.9
630.6
702.4
688.2
A. LIABILITIES (300=210+330)
508.8
535.3
481.3
549.7
539.3
I. Short -term liabilities
508.8
535.3
481.3
549.7
539.3
1. Short-term trade accounts payable
81.3
86.9
86.2
220.0
163.2
2. Short-term advances from customers
23.7
27.5
12.2
31.5
92.5
3. Taxes and other payables to state authorities
6.1
7.4
28.5
35.2
0.0
4. Payable to employees
1.5
0.3
1.3
1.4
0.0
5. Short-term acrrued expenses
2.8
9.2
6.3
15.1
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
75.0
116.2
0.0
149.0
0.0
10. Short-term borrowings and financial leases
318.2
287.5
112.4
96.4
87.7
11. Provision for short-term liabilities
—
0.0
233.5
0.0
0.0
12.. Bonus and welfare fund
0.1
0.3
1.0
1.2
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
—
0.0
0.0
0.0
0.0
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
—
0.0
0.0
0.0
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
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)
150.4
146.6
149.3
152.7
148.9
I. Owner's equity
150.4
146.6
149.3
152.7
0.0
1. Owner's capital
100.0
100.0
100.0
100.0
148.9
- Common stock with voting right
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
- Preferred stock
—
0.00
0.00
0.00
0.00
2. Share premium
23.3
23.3
23.3
23.3
23.3
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
5.0
5.0
5.3
5.3
0.0
9. Fund to support corporate restructuring
—
0.0
0.0
0.0
0.0
10. Other funds from owner's equity
—
0.0
0.0
0.0
0.0
11. Undistributed earnings after tax
15.2
11.4
8.7
12.1
8.4
- Accumulated retained earning at the end of the previous period
11.4
7.6
8.7
8.3
4.1
- Undistributed earnings in this period
3.8
3.9
-0.0
3.8
4.2
12. Reserves for investment in construction
—
0.0
0.0
0.0
0.0
13. Minority's interest
6.9
6.9
12.0
12.0
14.7
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)
659.2
681.9
630.6
702.4
688.2
Item
2025
2024
2023
2022
2021
Profit Before Tax
5.2
7.3
0.1
4.9
-1.6
Depreciation of Fixed Assets and Investment Property
1.9
0.4
0.4
0.4
-1.1
Provision (Increase)/Reversal
—
0.0
0.0
-0.3
0.0
FX Gain/Loss from Revaluation of Monetary Items
—
0.0
0.0
0.0
0.0
Gain/Loss from Investment Activities
-0.7
-17.7
-0.5
-0.6
0.0
Interest Expense
6.4
5.4
3.4
5.0
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
12.9
-4.6
3.4
9.4
-1.9
Increase/(Decrease) in Receivables
-26.1
-33.7
80.7
-6.0
0.0
Increase/(Decrease) in Inventory
130.0
10.7
-16.9
-55.5
0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)
-170.6
5.5
-200.4
29.2
0.0
Increase/(Decrease) in Prepaid Expenses
-0.1
0.0
0.1
-0.1
0.0
Changes in Trading Securities
—
0.0
0.0
0.0
0.0
Interest Paid
-7.2
-7.8
-9.9
-5.1
0.0
Corporate Income Tax Paid
-2.8
-0.0
-1.0
-6.8
0.0
Other Operating Receipts
—
0.0
0.0
0.0
0.0
Other Operating Payments
-0.2
-0.2
-2.1
-0.5
0.0
Net Cash Flow from Operating Activities
-64.2
-30.0
-146.1
-35.4
96.5
Payments for Fixed Assets and Other Long-term Assets
-2.4
-3.9
-0.8
0.0
0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets
—
21.5
0.0
0.0
0.0
Loans and Purchases of Debt Instruments
—
-4.5
0.0
-3.9
-5.3
Receipts from Loan Repayments and Sale of Debt Instruments
—
0.0
8.3
0.0
0.0
Investments in Other Entities
-2.2
0.0
-1.5
0.0
0.0
Proceeds from Investments in Other Entities
—
12.9
0.0
0.0
0.0
Dividends and Interest Income Received
0.5
0.4
0.5
0.6
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
-4.2
26.4
6.5
-3.3
-4.5
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
369.8
270.3
227.9
144.5
82.2
Repayment of Borrowings
-336.7
-216.3
-90.8
-131.1
-160.7
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
33.1
54.0
137.1
13.3
-78.5
Net Cash Flow During the Period
-35.2
50.3
-2.5
-25.4
22.2
Cash and Cash Equivalents at Beginning of Period
59.8
9.5
12.1
37.5
27.5
FX Difference from Revaluation
—
0.0
0.0
0.0
2.0
Cash and Cash Equivalents at End of Period
24.6
59.8
9.5
12.1
37.5
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
50.4
159.2
119.4
110.1
5.4
128.3
34.8
8.9
61.4
72.8
4.7
67.9
Revenue Deductions
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.1
Net Revenue
50.4
159.2
119.4
110.1
5.4
128.3
34.8
8.9
61.4
72.8
4.7
67.8
Cost of Goods Sold
48.4
152.3
107.2
104.8
4.1
122.5
32.0
6.8
58.5
67.0
4.3
62.9
Gross Profit
2.1
6.9
12.2
5.4
1.4
5.8
2.8
2.0
2.9
5.9
0.4
4.9
Financial Income
0.1
0.1
0.2
0.1
0.2
1.0
0.1
0.2
0.1
0.0
0.1
0.2
Financial Expenses
1.6
2.4
2.2
1.2
1.0
2.1
1.8
1.3
0.9
1.8
0.1
2.0
Interest Expense
1.6
2.4
2.2
1.2
1.0
2.0
1.8
1.3
0.9
1.8
0.1
2.0
Share of Associates and Joint Ventures
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Selling Expenses
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
General and Administrative Expenses
0.5
4.1
5.9
2.4
0.5
7.9
2.4
1.2
0.8
4.0
0.5
3.0
Operating Profit
0.1
0.5
4.2
1.9
0.0
-3.3
-1.3
-0.2
1.2
0.1
-0.0
0.1
Other Income
—
0.2
—
—
—
18.1
3.2
0.3
0.0
0.0
0.1
0.0
Other Expenses
0.0
0.0
0.2
1.3
—
9.3
1.5
0.0
1.2
0.0
0.0
0.0
Other Profit
-0.0
0.1
-0.2
-1.3
—
8.7
1.7
0.2
-1.2
-0.0
0.1
-0.0
Profit Before Tax
0.1
0.6
4.0
0.5
0.0
5.5
0.3
0.1
0.0
0.1
0.0
0.1
Current Income Tax Expense
0.0
0.1
0.8
0.4
0.0
2.5
0.1
0.0
0.0
0.0
0.0
0.0
Deferred Income Tax Expense
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Net Income
0.0
0.5
3.1
0.1
0.0
3.0
0.3
0.0
0.0
0.1
0.0
0.1
Non-controlling Interest
0.0
0.0
0.0
0.0
0.0
0.0
0.1
0.0
0.0
0.0
0.0
0.0
Profit Attributable to Parent
0.0
0.5
3.1
0.1
0.0
3.0
0.2
0.0
0.0
0.1
0.0
0.1
Earnings per Share
4.00
47.00
312.00
11.00
2.00
298.00
15.00
3.00
2.00
7.00
1.00
6.00
Diluted EPS
3.75
46.95
311.68
10.88
1.96
297.82
15.13
2.63
1.84
7.03
0.80
6.28
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)
507.9
534.6
643.6
669.1
558.3
555.1
605.5
584.0
534.5
511.9
533.9
552.3
I. Cash and cash equivalents
8.8
24.6
45.5
59.3
25.8
59.8
28.4
47.5
13.5
10.7
10.8
24.1
1. Cash
8.8
24.6
45.5
59.3
25.8
59.8
28.4
47.5
13.5
10.7
10.8
24.1
2. Cash equivalents
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
II. Short-term financial investments
10.8
10.8
10.8
10.8
10.8
10.8
10.8
6.2
6.2
6.2
6.2
6.2
1. Available for sale securities
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2. Provision for diminution in value of available for sale securities (*)
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3. Held to maturity investments
10.8
10.8
10.8
10.8
10.8
10.8
10.8
6.2
6.2
6.2
6.2
6.2
III. Short-term receivables
424.8
428.6
445.1
441.9
388.9
399.4
395.3
380.8
383.1
364.8
387.5
404.8
1. Short-term trade accounts receivable
118.3
141.2
155.4
143.6
105.3
138.0
118.8
123.6
135.9
126.5
146.0
165.7
2. Short-term prepayments to suppliers
64.4
62.4
72.8
82.8
72.9
68.9
74.9
59.2
59.4
56.1
69.2
65.5
3. Short-term inter-company receivables
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
1.0
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
243.4
226.3
218.2
216.8
212.0
193.9
202.9
199.3
189.1
183.5
173.6
173.9
7. Provision for short-term doubtful debts (*)
-1.3
-1.3
-1.3
-1.3
-1.3
-1.3
-1.3
-1.3
-1.3
-1.3
-1.3
-1.3
8. Assets awaiting resolution
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
IV. Inventories
47.0
50.7
119.3
133.1
108.7
65.6
143.4
126.1
108.8
107.9
106.6
98.9
1. Inventories
47.0
50.7
119.3
133.1
108.7
65.6
143.4
126.1
108.8
107.9
106.6
98.9
2. Provision for decline in value of inventories
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
V. Other short-term assets
16.5
19.9
23.0
24.1
24.0
19.5
27.7
23.4
22.8
22.3
22.7
18.3
1. Short-term prepayments
0.4
0.2
0.3
0.4
0.4
0.1
0.5
1.8
0.9
0.1
2.8
1.3
2. Value added tax to be reclaimed
16.0
19.6
22.5
23.6
23.6
19.4
24.5
21.0
21.2
21.5
19.0
16.4
3. Taxes and other receivables from state authorities
0.1
0.1
0.2
0.1
0.0
0.0
2.7
0.6
0.7
0.6
0.9
0.6
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)
126.7
127.9
131.3
132.0
128.2
127.8
145.1
128.8
107.9
107.6
107.8
104.4
I. Long-term receivables
—
—
—
—
—
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
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
—
—
—
—
—
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
II. Fixed assets
115.3
114.7
117.7
118.5
4.3
4.3
5.9
7.5
4.0
3.7
4.7
4.9
1. Tangible fixed assets
115.3
114.7
117.7
118.5
4.3
4.3
2.3
3.9
0.4
3.7
4.7
4.9
- Cost
131.9
—
—
—
—
15.9
19.5
21.1
21.9
25.6
27.0
27.0
- Accumulated depreciation
-16.6
—
—
—
—
-11.6
-17.2
-17.2
-21.5
-21.9
-22.2
-22.1
2. Financial leased fixed assets
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- Cost
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- Accumulated depreciation
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3. Intangible fixed assets
—
—
—
—
—
0.0
3.6
3.6
3.6
0.0
0.0
0.0
- Cost
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- Accumulated depreciation
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
III. Investment properties
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- Cost
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
- Accumulated depreciation
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
IV. Long-term assets in progress
7.2
8.4
9.4
9.2
122.6
122.0
124.3
106.3
89.0
90.6
89.7
86.2
1. Long-term production in progress
5.9
5.8
8.1
7.9
7.8
120.7
123.1
105.1
87.9
89.8
89.1
86.0
2. Construction in progress
1.3
2.6
1.3
1.3
114.8
1.3
1.2
1.2
1.2
0.8
0.6
0.2
V. Long-term financial investments
4.1
4.8
4.2
4.2
1.3
1.4
14.9
14.9
14.9
13.4
13.4
13.4
1. Investments in subsidiaries
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2. Investments in associates, joint-ventures
0.4
1.6
1.0
1.0
0.4
0.4
0.4
0.4
0.4
0.4
0.4
0.4
3. Investments in other entities
3.8
3.8
3.8
3.8
1.5
1.5
14.5
14.5
14.5
13.0
13.0
13.0
4. Provision for diminution in value of long-term investments
—
-0.6
-0.6
-0.6
-0.6
-0.6
0.0
0.0
0.0
0.0
0.0
0.0
5. Held to maturity investments
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
6. Other long-term investments
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
VI. Other long-term assets
0.0
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1. Long-term prepayments
0.0
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2. Deferred income tax assets
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
3. Long-term equipment, supplies, spare parts
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
4. Other long-term assets
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
5. Goodwill
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
VII. Goodwill (before 2015)
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
TOTAL ASSETS (280=100+200)
634.6
662.5
775.0
801.1
686.5
682.9
750.7
712.8
642.3
619.5
641.7
656.7
A. LIABILITIES (300=210+330)
484.2
512.1
625.2
654.4
540.0
535.2
601.6
564.0
493.7
471.2
488.8
503.8
I. Short -term liabilities
484.2
512.1
625.2
654.4
540.0
535.2
601.6
564.0
493.7
471.2
356.3
399.3
1. Short-term trade accounts payable
78.4
81.5
95.0
74.6
51.7
86.4
78.7
80.7
79.9
80.3
81.6
108.0
2. Short-term advances from customers
15.4
19.4
34.5
37.5
48.3
21.8
83.9
42.4
16.4
12.8
18.6
17.6
3. Taxes and other payables to state authorities
5.0
9.2
5.9
5.3
6.4
7.4
10.5
15.9
26.5
28.5
34.4
34.7
4. Payable to employees
—
1.5
1.3
—
—
0.3
0.9
0.9
0.9
1.3
0.9
0.9
5. Short-term acrrued expenses
5.2
2.8
4.1
22.7
6.3
9.2
1.9
4.0
4.8
2.8
2.8
19.1
6. Short-term inter-company payables
—
—
—
126.7
—
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
76.6
76.9
132.2
—
124.6
122.3
120.4
129.7
127.6
111.1
111.4
111.0
10. Short-term borrowings and financial leases
303.5
320.6
352.2
387.6
302.5
287.5
304.5
289.5
236.6
233.5
105.5
106.8
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
0.1
0.1
0.1
0.1
0.2
0.3
0.8
0.9
0.9
1.0
1.0
1.2
13. Price stabilization fund
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
14. Government bonds
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
II. Long-term liabilities
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
132.5
104.5
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
—
—
—
—
—
0.0
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
132.5
104.5
9. Convertible bonds
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
10. Preferred stock (Debts)
—
—
—
—
—
0.00
0.00
0.00
0.00
0.00
0.00
0.00
11. Deferred income tax liabilities
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
12. Provision for long-term liabilities
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
13. Fund for technology development
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
14. Provision for severance allowances
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
B. OWNER'S EQUITY (400=410+430)
150.5
150.4
149.7
146.7
146.6
140.8
149.0
148.8
148.7
148.3
152.9
152.9
I. Owner's equity
150.5
150.4
149.7
146.7
146.6
140.8
149.0
148.8
148.7
148.3
152.9
152.9
1. Owner's capital
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
100.0
- Common stock with voting right
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
100,000,000,000.00
- Preferred stock
—
—
—
—
—
0.00
0.00
0.00
0.00
0.00
0.00
0.00
2. Share premium
23.3
23.3
23.3
23.3
23.3
23.3
23.3
23.3
23.3
23.3
23.3
23.3
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
5.0
5.0
5.0
5.0
5.0
5.0
5.3
5.3
5.3
5.3
5.3
5.3
9. Fund to support corporate restructuring
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
10. Other funds from owner's equity
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
11. Undistributed earnings after tax
15.2
15.2
14.5
11.5
11.4
12.5
8.3
8.1
8.7
7.6
12.3
12.3
- Accumulated retained earning at the end of the previous period
15.2
14.7
11.4
11.4
11.4
9.6
8.1
8.1
8.7
7.6
12.3
12.2
- Undistributed earnings in this period
0.0
0.5
3.1
0.1
0.0
3.0
0.2
0.0
0.0
0.1
0.0
0.1
12. Reserves for investment in construction
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
13. Minority's interest
6.9
6.9
6.9
6.9
6.8
0.0
12.2
12.1
11.4
12.0
12.0
12.0
14. Financial reserves
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
II. Other resources and funds
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
1. Subsidized not-for-profit funds
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
2. Funds invested in fixed assets
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
C. MINORITY'S INTEREST
—
—
—
—
—
6.8
0.0
0.0
0.0
0.0
0.0
0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)
634.6
662.5
775.0
801.1
686.5
682.9
750.7
712.8
642.3
619.5
641.7
656.7
Item
Q1'26
Q4'25
Q3'25
Q2'25
Q1'25
Q4'24
Q3'24
Q2'24
Q1'24
Q4'23
Q3'23
Q2'23
Profit Before Tax
—
4.7
—
0.5
—
0.0
-0.2
0.2
0.0
0.1
-0.1
0.1
Depreciation of Fixed Assets and Investment Property
—
1.6
—
0.3
—
0.0
-0.1
0.1
0.0
0.4
-0.2
0.2
Provision (Increase)/Reversal
—
—
—
—
—
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
Gain/Loss from Investment Activities
—
-0.4
—
-0.3
—
0.0
0.6
-0.6
0.0
-0.5
0.4
-0.4
Interest Expense
—
4.2
—
2.1
—
0.0
-2.2
2.2
0.0
3.4
-3.2
3.2
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
-0.4
0.4
0.0
0.0
0.0
0.0
Operating Profit Before Changes in Working Capital
—
10.1
—
2.8
—
0.0
-2.3
2.3
0.0
3.4
-3.1
3.1
Increase/(Decrease) in Receivables
—
22.5
—
-48.6
—
0.0
0.8
-0.8
0.0
80.7
-39.2
39.2
Increase/(Decrease) in Inventory
—
198.2
—
-68.2
—
0.0
36.0
-36.0
0.0
-16.9
3.0
-3.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)
—
-196.1
—
25.5
—
0.0
-21.3
21.3
0.0
-200.4
149.5
-149.5
Increase/(Decrease) in Prepaid Expenses
—
0.2
—
-0.3
—
0.0
0.4
-0.4
0.0
0.1
1.1
-1.1
Changes in Trading Securities
—
—
—
—
—
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Interest Paid
—
-2.6
—
-4.6
—
0.0
2.0
-2.0
0.0
-9.9
4.3
-4.3
Corporate Income Tax Paid
-1.1
0.0
-0.4
-2.5
—
0.0
0.0
0.0
-0.0
0.0
-0.1
-0.0
Other Operating Receipts
2.4
—
—
—
—
30.6
25.4
-7.9
7.9
-48.5
48.5
-19.9
Other Operating Payments
-24.5
113.6
-113.7
21.8
-21.9
-20.3
-63.6
21.8
-21.8
73.2
-75.3
39.6
Net Cash Flow from Operating Activities
29.2
-170.0
201.9
-76.5
-19.6
15.3
70.4
-50.3
34.7
-72.2
42.7
-153.0
Payments for Fixed Assets and Other Long-term Assets
-0.2
-1.4
—
-1.1
—
0.0
4.1
-4.1
0.0
-0.8
0.0
-0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets
—
—
—
—
—
0.0
-0.5
0.5
0.0
0.0
0.0
0.0
Loans and Purchases of Debt Instruments
—
—
—
—
—
0.0
0.3
-0.3
0.0
0.0
0.0
0.0
Receipts from Loan Repayments and Sale of Debt Instruments
—
—
—
—
—
0.0
0.0
0.0
0.0
8.3
-8.3
8.3
Investments in Other Entities
—
—
—
—
—
0.0
-4.5
-0.0
0.0
-1.5
0.0
0.0
Proceeds from Investments in Other Entities
—
—
—
—
—
0.0
0.0
0.0
0.0
-8.3
8.3
-8.3
Dividends and Interest Income Received
0.1
0.1
0.2
0.1
0.2
0.0
0.1
0.2
0.1
0.0
0.1
0.2
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
-0.1
-2.4
1.2
-3.2
0.2
0.0
-0.4
-3.8
0.1
-2.3
0.1
0.2
Proceeds from Equity Issuance and Capital Contributions