NQB

Cấp nước Quảng Bình ·UPCOM ·2026Q1

▼ Slightly negative

Capital efficiency needs cycle context ROE 6.73%

Price

—

Latest close

P/E —

P/B —

EPS 539

BVPS 11,503

ROE 7.1%

ROA 5.7%

Profit Margin 9.3%

Asset Turnover 0.61x

Equity Mult. 1.25x

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

What Is Changing

On a TTM 2026Q1 basis, NQB is showing a few mildly negative signals versus the same period, though nothing alarming at current levels — profit momentum has been slowing across consecutive periods. The point still to be proven is whether this is a short adjustment or the beginning of a weaker trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 150bn
	                                
+11.9%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 14bn
	                                
+0.8%YoY

Metric	2025	2024	2023	2022	2021
Revenue	141.3	133.6	129.1	117.8	106.9
Growth	+6%	+3%	+10%	+10%	—
Net Income	12.9	14.7	13.3	11.3	7.3
Net Margin	9.16%	10.99%	10.27%	9.60%	6.79%

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	38.3	38.1	37.6	35.8	29.9	31.4	36.9	35.7	29.6	32.7	35.9	33.9
Growth	+1%	+1%	+5%	+20%	-5%	-15%	+3%	+20%	-9%	-9%	+6%	—
Net Income	3.3	3.1	3.9	3.7	2.3	1.4	4.8	5.3	3.2	2.3	5.1	4.4
Net Margin	8.60%	8.06%	10.30%	10.30%	7.74%	4.59%	12.89%	14.90%	10.75%	7.02%	14.20%	12.88%

Drivers of NQB's profit

TTM

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

Administrative expenses ↓ 2.3bn

Finance costs ↓ 0.1bn

Tax ↓ 0.0bn

Gross profit ↓ 1.4bn

Selling expenses ↑ 0.8bn

Other profit ↓ 0.2bn

TTM

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

Gross profit ↑ 1.6bn

Administrative expenses ↓ 0.1bn

Selling expenses ↑ 0.6bn

Tax ↑ 0.2bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 7.1% = 10.3% × 0.55 × 1.26

2026Q1 7.1% = 9.3% × 0.61 × 1.25

ROE is broadly flat at 7.1% — the components are offsetting one another.

Net margin: 9.3% -1.0pp Asset turnover: 0.61x +0.06x Leverage: 1.25x -0.01x

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 9.30%, falling 1.0pp. The main pressure is Gross margin fell 3.4pp, outweighing the improvement in SG&A / Revenue fell 2.1pp (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.1pp 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 9.30% −1.0pp

Gross Margin 20.19% −3.4pp

SG&A / Revenue 7.60% −2.1pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for utilities should be read alongside regulated tariffs and long-cycle depreciation — ROIC of 6.7% reflects a large fixed-asset base.

Is capital being deployed efficiently?

ROIC stands at 6.73%, broadly flat versus the same period. That translates to 6.73 in after-tax operating profit for every 100 units of operating capital. NOPAT margin narrowed 0.9pp, but capital turnover rose 0.09x, with invested capital holding roughly steady — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

For utilities, ROIC reflects returns on a large fixed-asset base — this is a reference signal and should be read alongside regulated tariffs.

CAPITAL EFFICIENCY TREND

ROIC 6.73% +0.2pp

NOPAT Margin 9.25% −0.9pp

Capital Turnover 0.73x +0.09x

Average Invested Capital 205.9bn −2.6bn

Balance Sheet

ROIC for utilities reflects a large fixed-asset base and regulated tariffs — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.27x equity, net debt at 0.02x equity.

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

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 17.3 days versus the same period last year. The main moves came from DIO fell 5.6 days, DSO fell 8.5 days, and DPO rose 3.2 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

For utilities, working capital cycle reflects regulated pricing mechanics and long-term settlement contracts — DSO/DIO/DPO should be treated as contextual signals rather than pure efficiency indicators.

Working Capital Efficiency

Receivables 14.0 days −8.5 days

Inventory 43.0 days −5.6 days

Payables 38.3 days +3.2 days

Cash Conversion Cycle 18.8 days −17.3 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 0.02x and interest coverage at 11.37x.

At present, short-term debt accounts for 56.4% of total debt, cash equals 78.4% of debt, and total debt stands at 21.7bn.

Leverage for utilities reflects long-term capital needs for fixed assets and recovery through regulated pricing — elevated leverage is structural to the industry.

Leverage and liquidity trend

Net Debt / Equity 0.02x −0.04x

Interest Coverage 11.37x +0.65x

Cash / Debt 78.4% +25.8pp

Short-term Debt / Total Debt 56.4% +11.8pp

CFO / NI 2.42x +1.99x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 29.1bn in 2025, against investing cash flow of -23.2bn.

Post-investment cash flow was positive +5.9bn. Financing cash flow was negative +12.5bn.

CFO / net income was 2.42x.

After spending +23.2bn on fixed-asset investment, the business generated trailing free cash flow of +10.6bn.

For utilities, high capex and long investment cycles are structural — short-term FCF volatility does not reflect long-term cash generation through regulated pricing.

Cash Conversion

CFO TTM 33.7bn +27.7bn

Cash Capex 23.2bn +22.7bn

FCF TTM +10.6bn +5.1bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with some core pressures remaining the main constraint. The next watchpoint is capital efficiency, with ROIC at 6.7%. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 2.42x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 2.42x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	141.3	133.6	129.1	117.8	106.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	141.3	133.6	129.1	117.8	106.9
Cost of Goods Sold	112.8	100.9	98.1	88.9	0.0
Gross Profit	28.6	32.7	31.0	29.0	22.1
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	1.5	1.8	2.3	2.7	-3.1
Interest Expense	1.5	1.8	2.3	2.7	-3.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	4.3	3.6	2.9	3.3	-2.5
General and Administrative Expenses	6.6	9.2	9.2	8.7	-7.5
Operating Profit	16.2	18.2	16.6	14.3	9.0
Other Income	0.1	0.3	0.2	0.1	0.0
Other Expenses	0.0	0.1	0.1	0.2	0.0
Other Profit	0.1	0.2	0.0	-0.1	0.1
Profit Before Tax	16.3	18.4	16.6	14.2	9.1
Current Income Tax Expense	3.3	3.7	3.4	2.9	-1.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	12.9	14.7	13.3	11.3	7.3
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	12.9	14.7	13.3	11.3	7.3
Earnings per Share	458.00	562.00	481.00	311.00	204.00
Diluted EPS	458.00	852.46	481.00	311.00	421.19

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	33.8	42.3	38.8	34.2	25.6
I. Cash and cash equivalents	15.7	22.3	20.7	15.4	8.4
1. Cash	15.7	22.3	20.7	15.4	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	0.0
1. Available for sale securities	—	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	7.2	7.4	8.4	7.0	7.0
1. Short-term trade accounts receivable	6.7	7.1	8.4	6.9	0.0
2. Short-term prepayments to suppliers	0.3	0.5	0.2	0.1	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	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.3	0.0	0.0	0.1	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.2	-0.2	-0.1	0.0
8. Assets awaiting resolution	0.0	0.0	0.0	0.0	0.0
IV. Inventories	10.4	12.2	9.4	11.3	10.0
1. Inventories	11.5	13.4	10.9	12.3	0.0
2. Provision for decline in value of inventories	-1.1	-1.2	-1.5	-1.0	0.0
V. Other short-term assets	0.5	0.3	0.3	0.4	0.2
1. Short-term prepayments	0.3	0.2	0.2	0.3	0.0
2. Value added tax to be reclaimed	0.1	0.1	0.0	0.1	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)	213.4	212.5	209.5	215.7	223.8
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	194.7	193.4	192.7	211.6	211.4
1. Tangible fixed assets	194.5	193.2	192.5	211.3	211.1
- Cost	520.6	497.4	477.1	475.6	0.0
- Accumulated depreciation	-326.1	-304.2	-284.6	-264.3	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	0.2	0.2	0.2	0.3	0.3
- Cost	0.8	0.7	0.7	0.7	0.0
- Accumulated depreciation	-0.6	-0.5	-0.5	-0.4	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	14.3	14.5	13.3	0.7	9.8
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	14.3	14.5	13.3	0.7	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.4	4.6	3.4	3.4	0.0
1. Long-term prepayments	4.4	4.6	3.4	3.4	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	2.5
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)	247.3	254.7	248.3	249.9	249.4
A. LIABILITIES (300=210+330)	52.4	60.5	57.6	63.0	67.2
I. Short -term liabilities	39.3	42.7	36.2	33.9	30.3
1. Short-term trade accounts payable	6.7	9.3	7.4	7.7	7.6
2. Short-term advances from customers	0.4	0.5	0.8	0.6	0.6
3. Taxes and other payables to state authorities	2.2	2.8	2.9	2.2	0.0
4. Payable to employees	11.7	10.7	9.8	9.1	0.0
5. Short-term acrrued expenses	0.1	0.2	0.3	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	3.7	4.3	2.2	2.0	0.0
10. Short-term borrowings and financial leases	12.2	13.4	11.6	10.8	7.7
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	2.2	1.4	1.2	0.9	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	13.1	17.8	21.4	29.1	36.9
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	13.1	17.8	21.4	29.1	36.9
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)	194.9	194.2	190.7	186.9	182.2
I. Owner's equity	194.9	194.2	190.7	186.9	0.0
1. Owner's capital	172.3	172.3	172.3	172.3	182.2
- Common stock with voting right	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00
- 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	9.6	7.2	5.1	3.2	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	12.9	14.7	13.3	11.3	7.3
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	12.9	14.7	13.3	11.3	7.3
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	247.3	254.7	248.3	249.9	249.4

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	-3.2	-3.8	-2.9	-2.7	0.0
Other Operating Receipts	0.7	1.5	0.5	0.4	0.0
Other Operating Payments	-24.1	-35.8	-34.4	-30.0	0.0
Net Cash Flow from Operating Activities	29.1	31.6	31.6	24.0	20.4
Payments for Fixed Assets and Other Long-term Assets	-23.2	-22.3	-14.2	-9.6	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-23.2	-22.3	-14.2	-9.6	-0.4
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	11.7	14.1	7.0	11.8	3.5
Repayment of Borrowings	-17.6	-15.8	-14.0	-16.4	-23.8
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-6.5	-6.0	-5.2	-2.8	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	-12.5	-7.8	-12.1	-7.4	-20.3
Net Cash Flow During the Period	-6.6	1.6	5.3	7.0	-2.7
Cash and Cash Equivalents at Beginning of Period	22.3	20.7	15.4	8.4	8.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.7	22.3	20.7	15.4	8.4

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	38.3	38.1	37.6	35.8	29.9	31.4	36.9	35.7	29.6	32.7	35.9	33.9
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	38.3	38.1	37.6	35.8	29.9	31.4	36.9	35.7	29.6	32.7	35.9	33.9
Cost of Goods Sold	30.7	31.0	30.1	27.8	23.9	25.8	27.1	25.5	22.2	26.3	25.7	25.0
Gross Profit	7.7	7.1	7.5	8.0	6.0	5.6	9.8	10.2	7.5	6.3	10.1	8.8
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.4	0.4	0.4	0.4	0.5	0.4	0.4	0.3	0.6	0.4	0.7	0.5
Interest Expense	0.4	0.4	0.4	0.4	0.5	0.4	0.4	0.3	0.6	0.4	0.7	0.5
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.5	1.2	0.9	1.3	0.8	1.5	1.0	0.8	0.6	0.8	0.7	0.8
General and Administrative Expenses	1.7	1.7	1.3	1.7	1.8	2.1	2.5	2.4	2.2	2.4	2.4	2.2
Operating Profit	4.1	3.8	4.9	4.6	3.0	1.6	5.9	6.6	4.0	2.8	6.4	5.3
Other Income	0.0	0.0	0.0	0.0	0.0	0.2	0.1	0.0	0.0	0.0	0.0	0.1
Other Expenses	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	0.0	0.0	-0.0	0.0	-0.0	0.2	0.0	0.0	-0.0	0.0	0.0	0.1
Profit Before Tax	4.1	3.8	4.8	4.6	3.0	1.8	5.9	6.6	4.0	2.9	6.4	5.5
Current Income Tax Expense	0.8	0.8	1.0	0.9	0.6	0.4	1.2	1.3	0.8	0.6	1.3	1.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.3	3.1	3.9	3.7	2.3	1.4	4.8	5.3	3.2	2.3	5.1	4.4
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.3	3.1	3.9	3.7	2.3	1.4	4.8	5.3	3.2	2.3	5.1	4.4
Earnings per Share	117.00	122.00	154.00	146.00	88.00	51.00	169.00	193.00	116.00	61.00	135.00	116.00
Diluted EPS	117.00	122.00	154.00	146.00	88.00	523.00	169.00	193.00	116.00	61.00	135.00	116.00

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)	34.5	33.8	37.6	43.2	35.7	42.3	53.0	46.8	36.5	39.5	47.7	45.2
I. Cash and cash equivalents	17.0	15.7	12.5	16.2	13.8	22.3	21.0	20.3	15.8	20.7	19.1	18.0
1. Cash	17.0	15.7	12.5	16.2	13.8	22.3	21.0	20.3	15.8	20.7	19.1	18.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	4.6	7.2	11.3	10.8	8.3	7.4	11.6	12.0	9.3	8.6	12.0	11.4
1. Short-term trade accounts receivable	3.9	6.7	10.1	9.6	7.6	7.1	10.0	11.5	8.9	8.4	10.3	10.2
2. Short-term prepayments to suppliers	0.4	0.3	0.7	1.1	0.5	0.5	1.6	0.3	0.3	0.2	1.4	0.9
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.4	0.3	0.6	0.3	0.3	0.0	0.2	0.4	0.3	0.0	0.5	0.5
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.1	-0.1	-0.1
8. Assets awaiting resolution	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	12.5	10.3	13.5	16.0	13.4	12.2	20.2	14.3	11.1	10.0	16.5	15.6
1. Inventories	13.5	11.4	14.7	17.1	14.6	13.4	21.4	15.7	12.6	10.9	17.5	16.6
2. Provision for decline in value of inventories	-1.1	-1.1	-1.1	-1.1	-1.2	-1.2	-1.3	-1.4	-1.5	-0.9	-1.0	-1.0
V. Other short-term assets	0.4	0.5	0.3	0.2	0.2	0.3	0.2	0.2	0.3	0.3	0.1	0.2
1. Short-term prepayments	0.2	0.3	0.3	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.1	0.2
2. Value added tax to be reclaimed	—	0.1	—	—	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.1	—	—	0.0	0.1	0.0	0.0	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)	210.0	213.4	210.4	206.5	211.5	212.5	203.3	203.8	206.7	209.5	204.8	206.6
I. Long-term receivables	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	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	190.3	194.7	188.1	192.0	190.2	193.4	183.2	186.2	187.6	192.7	197.0	201.6
1. Tangible fixed assets	189.9	194.5	188.0	191.9	190.0	193.2	183.0	186.0	187.4	192.5	196.7	201.3
- Cost	521.7	—	—	—	—	497.4	482.9	480.8	477.1	477.1	476.3	475.8
- Accumulated depreciation	-331.8	—	—	—	—	-304.2	-299.9	-294.8	-289.7	-284.6	-279.6	-274.5
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	0.4	0.2	0.1	0.1	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.3
- Cost	1.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.6	—	—	—	—	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	15.5	14.3	17.8	10.7	17.3	14.5	17.3	14.7	15.9	13.3	5.2	2.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	15.5	14.3	17.8	10.7	17.3	14.5	17.3	14.7	15.9	13.3	5.2	2.3
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	4.2	4.4	4.4	3.7	4.0	4.6	2.8	2.9	3.1	3.4	2.5	2.6
1. Long-term prepayments	4.2	4.4	4.4	3.7	4.0	4.6	2.8	2.9	3.1	3.4	2.5	2.6
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)	244.4	247.2	248.0	249.6	247.2	254.7	256.3	250.6	243.2	249.0	252.5	251.8
A. LIABILITIES (300=210+330)	46.2	52.3	56.1	61.7	50.6	60.5	63.5	62.6	49.3	57.6	63.4	68.3
I. Short -term liabilities	36.7	34.9	42.1	44.1	36.1	42.4	47.9	45.0	31.1	36.2	41.4	43.1
1. Short-term trade accounts payable	11.6	6.6	15.9	11.3	13.5	9.3	14.3	9.5	6.2	7.4	10.7	10.1
2. Short-term advances from customers	0.3	0.4	0.3	0.6	0.6	0.5	0.7	0.6	0.8	0.8	1.4	0.9
3. Taxes and other payables to state authorities	2.2	2.2	2.2	2.0	1.4	2.7	3.8	3.7	2.6	2.9	3.9	3.1
4. Payable to employees	5.1	11.7	10.2	7.1	4.5	10.7	9.9	6.9	4.7	9.8	8.6	6.5
5. Short-term acrrued expenses	0.0	0.1	0.1	0.2	0.1	0.2	0.1	0.3	0.3	0.3	0.3	0.4
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	3.4	3.7	3.2	9.9	2.9	4.2	4.2	8.0	3.6	2.2	3.6	8.0
10. Short-term borrowings and financial leases	12.2	8.0	8.0	8.0	11.7	13.2	13.2	11.9	11.9	11.6	11.6	10.9
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	1.9	2.2	2.3	5.0	1.4	1.4	1.8	4.1	1.0	1.2	1.2	3.1
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	9.5	17.3	14.0	17.6	14.5	18.1	15.6	17.6	18.2	21.4	22.0	25.3
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	9.5	17.3	14.0	17.6	14.5	18.1	15.6	17.6	18.2	21.4	22.0	25.3
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)	198.2	194.9	191.8	187.9	196.6	194.2	192.8	188.1	193.9	191.4	189.1	183.4
I. Owner's equity	198.2	194.9	191.8	187.9	196.6	194.2	192.8	188.1	193.9	191.4	189.1	183.4
1. Owner's capital	172.3	172.3	172.3	172.3	172.3	172.3	172.3	172.3	172.3	172.3	172.3	172.3
- Common stock with voting right	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00	172,302,040,000.00
- 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	—	—	—	—	—	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	9.6	9.6	9.6	9.6	7.2	7.2	7.2	7.2	5.1	5.1	5.1	5.1
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	16.2	12.9	9.9	6.0	17.0	14.7	13.2	8.5	16.4	13.9	11.6	6.0
- Accumulated retained earning at the end of the previous period	—	—	—	—	—	0.0	0.0	0.0	13.3	0.0	0.0	0.0
- Undistributed earnings in this period	16.2	12.9	9.9	6.0	17.0	14.7	13.2	8.5	3.2	13.9	11.6	6.0
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	244.4	247.2	248.0	249.6	247.2	254.7	256.3	250.6	243.2	249.0	252.5	251.8

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	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	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	-1.2	-0.8	-0.8	-0.5	-1.1	-1.0	-1.1	-0.7	-1.1	-1.0	-0.9	-0.3
Other Operating Receipts	5.8	—	—	—	—	5.3	11.2	-3.3	3.6	-8.8	9.1	-1.6
Other Operating Payments	-7.0	17.4	-29.7	-3.8	-8.0	-11.4	-29.1	-7.2	-8.9	4.8	-25.1	-2.9
Net Cash Flow from Operating Activities	5.1	29.1	-5.3	4.8	0.5	2.4	-9.6	12.7	-2.0	25.1	-1.8	9.9
Payments for Fixed Assets and Other Long-term Assets	-0.2	-22.8	5.2	-5.4	-0.3	-0.1	4.9	-5.1	0.0	-14.0	1.7	-1.9
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
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.2	-22.8	5.2	-5.4	-0.3	-0.1	4.9	-5.1	0.0	-13.9	1.7	-1.9
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	—	4.3	0.0	7.4	—	7.4	2.5	0.0	4.2	3.1	0.7	0.0
Repayment of Borrowings	-3.6	-0.9	-3.6	-4.3	-8.8	-8.4	0.3	-0.6	-7.1	-7.6	0.6	-0.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-6.5	—	—	—	0.0	2.5	-2.5	0.0	-5.2	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	-3.6	-3.2	-3.6	3.1	-8.8	-1.0	5.3	-3.1	-2.9	-9.6	1.3	-0.6
Net Cash Flow During the Period	1.3	3.2	-3.6	2.4	-8.5	1.3	0.6	4.5	-4.9	1.6	1.2	7.4
Cash and Cash Equivalents at Beginning of Period	15.7	12.5	16.2	13.8	22.3	20.7	20.7	20.7	20.7	15.4	15.4	15.4
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	17.0	15.7	12.5	16.2	13.8	22.3	21.0	20.3	15.8	20.7	19.1	18.0

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NQB

What Is Changing

Drivers of NQB'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