QHD

Que hàn điện Việt Đức ·HNX ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 5.76%, +2.35pp YoY

Price

54,000

Latest close

07 May 2026

P/E 12.48x

P/B 2.65x

EPS 4,326

BVPS 20,413

ROE 21.6%

ROA 15.9%

Profit Margin 5.8%

Asset Turnover 2.77x

Equity Mult. 1.36x

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

What Is Changing

On a TTM 2026Q1 basis, QHD is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — profit is at an all-time high. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 478bn
	                                
+28.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 28bn
	                                
+117.5%YoY

Metric	2025	2024	2023	2022	2021
Revenue	442.1	355.2	310.8	300.4	273.5
Growth	+24%	+14%	+3%	+10%	—
Net Income	24.4	13.5	23.7	18.3	11.8
Net Margin	5.52%	3.80%	7.62%	6.09%	4.31%

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	131.7	122.9	105.9	117.8	95.5	107.6	79.3	89.9	78.4	93.2	73.7	67.9
Growth	+7%	+16%	-10%	+23%	-11%	+36%	-12%	+15%	-16%	+26%	+9%	—
Net Income	8.1	7.4	6.4	5.7	4.9	2.7	1.6	3.5	5.7	6.4	5.5	6.6
Net Margin	6.13%	5.99%	6.02%	4.85%	5.16%	2.52%	1.96%	3.86%	7.33%	6.89%	7.49%	9.78%

Drivers of QHD's profit

TTM

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

Gross profit ↑ 25.1bn

Selling expenses ↑ 4.5bn

Tax ↑ 3.6bn

Administrative expenses ↑ 2.2bn

TTM

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

Gross profit ↑ 6.7bn

Selling expenses ↑ 1.4bn

Administrative expenses ↑ 1.2bn

Tax ↑ 0.8bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 10.6% = 3.4% × 2.34 × 1.33

2026Q1 21.6% = 5.8% × 2.77 × 1.36

ROE rose from 10.6% to 21.6% — all three components improved, with asset turnover contributing the most.

Net margin: 5.8% +2.4pp Asset turnover: 2.77x +0.43x Leverage: 1.36x +0.03x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 5.76%, rising 2.4pp. The main driver is Gross margin rose 2.3pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.1pp added support while Net financial result / Revenue fell 0.0pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 5.76% +2.4pp

Gross Margin 15.78% +2.3pp

SG&A / Revenue 8.34% −0.6pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital is being used more efficiently — ROIC rose and cash cycle shortened to 84.9 days.

Is capital being deployed efficiently?

ROIC expanded to 20.70%, rising 9.9pp. That translates to 20.70 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.3pp and capital turnover rose 0.50x, with invested capital holding roughly steady — capital-return quality improved from both sides.

Capital efficiency improved through NOPAT margin — this is a quality-led improvement when operating profit leads.

CAPITAL EFFICIENCY TREND

ROIC 20.70% +9.9pp

NOPAT Margin 5.72% +2.3pp

Capital Turnover 3.62x +0.50x

Average Invested Capital 132.3bn +13.0bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.49x equity, net debt at 0.03x equity.

Inventory ended the period at 73.9bn, roughly 39.0% of total assets.

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

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 18.6 days versus the same period last year. The main moves came from DIO fell 12.6 days, DSO fell 6.2 days, and DPO fell 0.3 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Working Capital Efficiency

Receivables 43.9 days −6.2 days

Inventory 50.5 days −12.6 days

Payables 9.5 days −0.3 days

Cash Conversion Cycle 84.9 days −18.6 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 0.03x and interest coverage at 24.50x.

At present, short-term debt accounts for 100.0% of total debt, cash equals 79.3% of debt, and total debt stands at 22.3bn.

Watchpoints

Short-term refinancing pressure is meaningful

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

Leverage and liquidity trend

Net Debt / Equity 0.03x −0.01x

Interest Coverage 24.50x +9.87x

Cash / Debt 79.3% +7.5pp

Short-term Debt / Total Debt 100.0% 0.0pp

CFO / NI 0.86x +0.44x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 22.5bn in 2025, against investing cash flow of -13.8bn.

Post-investment cash flow was positive +8.7bn. Financing cash flow was negative +9.8bn.

CFO / net income was 0.86x.

After spending +12.4bn on fixed-asset investment, the business generated trailing free cash flow of +11.3bn.

Cash Conversion

CFO TTM 23.8bn +18.4bn

Cash Capex 12.4bn +7.0bn

FCF TTM +11.3bn +11.5bn

Investment Takeaway

The business is entering a broader improvement phase — not just stronger earnings but better operating quality as well. Margin, ROIC, and cash flow all improving shows the business is growing in a cleaner and more efficient way than before. Notably, the improvement trend has been confirmed across multiple cycles, from margin to capital efficiency and cash generation.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 5.76% after expanding 2.4pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	444.3	358.8	315.5	304.4	277.4
Revenue Deductions	2.1	3.6	4.8	4.0	0.0
Net Revenue	442.1	355.2	310.8	300.4	273.5
Cost of Goods Sold	373.3	305.1	253.2	252.5	0.0
Gross Profit	68.8	50.1	57.6	47.8	35.6
Financial Income	0.1	0.2	0.5	0.0	0.0
Financial Expenses	1.4	1.1	1.1	1.4	-1.1
Interest Expense	1.3	1.1	1.0	1.4	-1.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	18.5	15.2	12.8	9.6	-9.1
General and Administrative Expenses	18.7	16.8	14.6	14.6	-10.3
Operating Profit	30.2	17.2	29.6	22.3	15.1
Other Income	0.4	0.4	0.1	0.6	0.0
Other Expenses	0.2	0.7	0.1	0.0	0.0
Other Profit	0.3	-0.2	0.0	0.6	-0.2
Profit Before Tax	30.5	17.0	29.6	22.9	14.8
Current Income Tax Expense	6.1	3.5	5.9	4.6	-3.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	24.4	13.5	23.7	18.3	11.8
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	24.4	13.5	23.7	18.3	11.8
Earnings per Share	3,678.00	2,440.00	4,289.00	3,312.00	2,131.00
Diluted EPS	3,678.06	2,440.35	4,288.87	3,311.57	2,131.46

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	149.6	136.8	129.4	120.1	99.2
I. Cash and cash equivalents	23.4	24.4	30.7	38.4	23.5
1. Cash	23.4	24.4	30.7	38.4	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	51.8	56.1	43.9	34.0	33.5
1. Short-term trade accounts receivable	52.4	52.2	42.8	39.1	0.0
2. Short-term prepayments to suppliers	5.7	10.5	7.5	1.4	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.2	0.1	0.2	0.2	0.0
7. Provision for short-term doubtful debts (*)	-6.5	-6.6	-6.7	-6.7	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	73.9	56.2	54.8	47.7	42.0
1. Inventories	73.9	56.2	54.8	47.7	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.6	0.0	0.0	0.0	0.1
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.4	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.0	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)	39.8	31.7	34.9	40.1	38.7
I. Long-term receivables	—	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
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	34.3	28.8	32.0	31.0	29.3
1. Tangible fixed assets	34.3	28.8	32.0	31.0	29.3
- Cost	156.8	146.0	142.1	134.1	0.0
- Accumulated depreciation	-122.5	-117.2	-110.0	-103.1	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	0.0	0.0	0.0
- Cost	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3	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	2.1	0.0	0.0	6.0	6.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	2.1	0.0	0.0	6.0	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	3.4	2.9	2.8	3.0	0.0
1. Long-term prepayments	3.4	2.9	2.8	3.0	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	3.4
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)	189.4	168.5	164.2	160.2	137.9
A. LIABILITIES (300=210+330)	62.1	53.9	50.1	58.0	42.5
I. Short -term liabilities	59.7	50.4	45.5	58.0	42.5
1. Short-term trade accounts payable	15.4	8.9	11.7	11.8	3.8
2. Short-term advances from customers	0.0	0.0	1.2	4.8	1.0
3. Taxes and other payables to state authorities	1.9	1.8	2.3	2.1	0.0
4. Payable to employees	6.7	5.6	6.1	6.1	0.0
5. Short-term acrrued expenses	0.0	0.0	0.0	0.3	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	12.0	11.6	11.7	11.8	0.0
10. Short-term borrowings and financial leases	23.0	21.6	11.9	20.6	18.3
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.7	0.7	0.6	0.4	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	2.5	3.5	4.5	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	2.5	3.5	4.5	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)	127.3	114.6	114.2	102.2	95.3
I. Owner's equity	127.3	114.6	114.2	102.2	0.0
1. Owner's capital	66.3	55.2	55.2	55.2	95.3
- Common stock with voting right	66,294,890,000.00	55,247,160,000.00	55,247,160,000.00	55,247,160,000.00	55,247,160,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.7	0.7	0.7	0.7	0.7
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	5.5	5.5	5.5	5.5	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	54.7	53.2	52.7	40.8	33.9
- Accumulated retained earning at the end of the previous period	41.6	39.7	29.0	22.5	22.1
- Undistributed earnings in this period	13.1	13.5	23.7	18.3	11.8
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)	189.4	168.5	164.2	160.2	137.9

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	1.8
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	-5.0	-5.2	-6.1	-3.7	0.0
Other Operating Receipts	0.3	0.4	0.7	0.7	0.0
Other Operating Payments	-20.1	-13.2	-15.3	-9.3	0.0
Net Cash Flow from Operating Activities	22.5	-1.2	14.0	30.3	10.6
Payments for Fixed Assets and Other Long-term Assets	-14.2	-3.9	-1.9	-7.3	-6.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.4	0.0	0.0	0.6	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	-13.8	-3.9	-1.9	-6.7	-6.7
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	67.1	85.5	31.2	55.7	50.2
Repayment of Borrowings	-65.7	-75.7	-39.9	-53.4	-39.6
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-11.1	-11.0	-11.1	-11.0	-10.5
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	-9.8	-1.3	-19.8	-8.7	0.0
Net Cash Flow During the Period	-1.1	-6.3	-7.8	14.9	14.0
Cash and Cash Equivalents at Beginning of Period	24.4	30.7	38.4	23.5	19.5
FX Difference from Revaluation	0.0	0.0	0.1	0.0	0.0
Cash and Cash Equivalents at End of Period	23.4	24.4	30.7	38.4	23.5

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	132.1	123.7	106.2	118.4	96.0	108.5	79.8	91.0	79.4	95.4	75.0	68.7
Revenue Deductions	0.3	0.7	0.3	0.6	0.5	1.0	0.5	1.1	1.0	2.2	1.3	0.7
Net Revenue	131.7	122.9	105.9	117.8	95.5	107.6	79.3	89.9	78.4	93.2	73.7	67.9
Cost of Goods Sold	111.1	102.8	88.3	100.7	81.5	93.8	69.5	77.1	64.8	76.8	61.1	52.1
Gross Profit	20.6	20.1	17.6	17.2	13.9	13.8	9.8	12.8	13.6	16.4	12.6	15.8
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.1	0.1	0.0
Financial Expenses	0.3	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.1	0.2	0.3
Interest Expense	0.3	0.4	0.4	0.3	0.3	0.3	0.3	0.3	0.3	0.1	0.2	0.3
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	5.5	5.8	4.7	4.6	4.1	4.7	3.7	3.7	3.0	4.1	2.7	2.9
General and Administrative Expenses	4.6	5.0	4.5	5.1	3.4	5.8	3.4	4.5	3.1	4.3	3.1	4.3
Operating Profit	10.2	8.9	7.9	7.2	6.2	3.1	2.6	4.3	7.2	8.0	6.8	8.2
Other Income	—	0.4	0.0	—	0.0	0.4	0.0	0.0	0.0	0.0	0.0	0.1
Other Expenses	0.1	0.1	0.0	0.0	0.0	0.1	0.5	0.0	0.0	0.0	0.0	0.0
Other Profit	-0.1	0.3	0.0	-0.0	-0.0	0.3	-0.5	-0.0	-0.0	-0.0	-0.0	0.1
Profit Before Tax	10.1	9.2	8.0	7.1	6.2	3.4	2.1	4.3	7.2	8.0	6.8	8.3
Current Income Tax Expense	2.0	1.8	1.6	1.4	1.2	0.7	0.5	0.9	1.4	1.6	1.3	1.7
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	8.1	7.4	6.4	5.7	4.9	2.7	1.6	3.5	5.7	6.4	5.5	6.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	8.1	7.4	6.4	5.7	4.9	2.7	1.6	3.5	5.7	6.4	5.5	6.6
Earnings per Share	1,219.00	1,110.00	962.00	1,035.00	892.00	490.00	282.00	628.00	1,041.00	1,163.00	999.00	1,203.00
Diluted EPS	1,218.69	1,110.38	961.59	862.51	892.27	490.16	281.72	627.71	1,040.76	1,162.52	999.28	1,202.65

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)	145.9	149.6	147.1	148.9	127.8	136.8	129.5	137.6	124.1	129.4	112.3	120.0
I. Cash and cash equivalents	17.7	23.4	14.9	20.8	13.1	24.4	14.0	27.9	22.9	30.7	21.0	25.9
1. Cash	17.7	23.4	14.9	20.8	13.1	24.4	14.0	27.9	22.9	30.7	21.0	25.9
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	68.8	51.8	48.6	59.3	62.5	56.1	50.5	48.3	42.1	43.9	36.9	35.1
1. Short-term trade accounts receivable	59.5	52.4	49.0	58.3	55.7	52.2	50.2	48.2	46.6	42.8	41.6	40.4
2. Short-term prepayments to suppliers	15.5	5.7	6.1	7.4	13.3	10.5	6.9	6.7	2.1	7.5	1.8	1.2
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	0.2	0.2	0.2	0.1	0.2	0.1	0.1	0.2	0.1	0.2	0.2	0.3
7. Provision for short-term doubtful debts (*)	-6.5	-6.5	-6.6	-6.6	-6.6	-6.6	-6.7	-6.7	-6.7	-6.7	-6.7	-6.7
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	59.3	73.9	82.0	68.2	52.1	56.2	65.0	61.3	59.1	54.8	54.5	59.0
1. Inventories	59.3	73.9	82.0	68.2	52.1	56.2	65.0	61.3	59.1	54.8	54.5	59.0
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	0.2	0.6	1.6	0.6	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.4	1.6	0.6	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.2	0.2	0.1	0.0	0.1	0.0	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)	39.2	39.8	37.1	37.1	32.5	31.7	32.2	32.5	33.9	34.9	35.4	36.4
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	35.1	34.3	33.2	34.2	29.7	28.8	28.8	29.3	31.1	32.0	26.4	27.4
1. Tangible fixed assets	35.1	34.3	33.2	34.2	29.7	28.8	28.8	29.3	31.1	32.0	26.4	27.4
- Cost	159.3	—	—	—	—	146.0	144.3	143.0	143.0	142.1	134.9	134.2
- Accumulated depreciation	-124.2	—	—	—	—	-117.2	-115.5	-113.7	-111.8	-110.0	-108.4	-106.8
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	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	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	1.0	2.1	1.0	—	—	0.0	0.4	0.4	0.0	0.0	6.0	6.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	1.0	2.1	1.0	—	—	0.0	0.4	0.4	0.0	0.0	6.0	6.0
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	3.2	3.4	2.9	2.9	2.8	2.9	3.0	2.7	2.8	2.8	2.9	2.9
1. Long-term prepayments	3.2	3.4	2.9	2.9	2.8	2.9	3.0	2.7	2.8	2.8	2.9	2.9
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)	185.2	189.4	184.2	186.0	160.3	168.5	161.7	170.1	158.1	164.2	147.7	156.4
A. LIABILITIES (300=210+330)	49.8	62.1	53.1	61.2	40.7	53.9	38.7	47.7	38.2	50.0	28.9	43.0
I. Short -term liabilities	47.6	59.7	50.3	58.2	37.5	50.4	35.0	43.7	33.9	45.5	24.1	43.0
1. Short-term trade accounts payable	11.2	15.4	17.8	20.8	9.9	8.9	14.4	10.9	7.4	11.7	4.9	13.0
2. Short-term advances from customers	1.5	0.0	0.3	0.5	0.3	0.0	0.3	0.0	0.3	1.2	1.0	1.8
3. Dividends and profits payable	0.0	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.9	1.9	1.6	1.5	2.3	1.8	0.6	1.2	2.6	2.3	2.0	1.9
4. Payable to employees	8.3	6.7	7.6	7.5	5.5	5.6	5.8	5.8	5.5	6.1	7.4	7.0
5. Short-term acrrued expenses	—	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	5.0
9. Other short-term payables	1.2	12.0	0.8	0.7	0.7	11.6	0.6	0.7	0.6	11.7	1.0	0.7
10. Short-term borrowings and financial leases	22.3	23.0	21.5	26.4	18.2	21.6	12.5	24.2	17.0	11.9	7.1	12.9
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	0.2	0.7	0.8	0.8	0.6	0.7	0.8	0.9	0.4	0.6	0.6	0.7
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	2.2	2.5	2.7	3.0	3.2	3.5	3.7	4.0	4.3	4.5	4.8	0.0
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	2.2	2.5	2.7	3.0	3.2	3.5	3.7	4.0	4.3	4.5	4.8	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	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	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)	135.3	127.3	131.2	124.8	119.6	114.6	123.0	122.3	119.9	114.2	118.8	113.3
I. Owner's equity	135.3	127.3	131.2	124.8	119.6	114.6	123.0	122.3	119.9	114.2	118.8	113.3
1. Owner's capital	66.3	66.3	66.3	66.3	55.2	55.2	55.2	55.2	55.2	55.2	55.2	55.2
- Common stock with voting right	66,294,890,000.00	66,294,890,000.00	66,294,890,000.00	66,294,890,000.00	55,247,160,000.00	55,247,160,000.00	55,247,160,000.00	55,247,160,000.00	55,247,160,000.00	55,247,160,000.00	55,247,160,000.00	55,247,160,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7	0.7
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	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5	5.5
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	62.8	54.7	58.7	52.3	58.1	53.2	61.5	60.9	58.4	52.8	57.4	51.9
- Accumulated retained earning at the end of the previous period	54.7	41.6	41.6	41.6	53.2	39.7	50.7	51.7	52.7	29.0	40.1	40.1
- Undistributed earnings in this period	8.1	13.1	17.0	10.6	4.9	13.5	10.8	9.2	5.7	23.8	17.3	11.8
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	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)	185.2	189.4	184.2	186.0	160.3	168.5	161.7	170.1	158.1	164.2	147.7	156.4

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
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	-1.8	-1.6	-1.4	-1.2	-0.7	-0.5	-1.5	-1.4	-1.7	-1.3	-1.7	-1.3
Other Operating Receipts	0.1	—	—	—	—	0.0	0.2	-0.0	0.2	-2.5	3.1	-1.6
Other Operating Payments	-4.6	-3.6	-4.6	-5.7	-6.3	-5.9	-5.7	-5.7	-2.1	-5.2	-2.7	-4.0
Net Cash Flow from Operating Activities	7.0	11.4	-0.4	5.8	5.6	3.0	-1.4	-1.8	-1.0	6.5	1.2	15.0
Payments for Fixed Assets and Other Long-term Assets	-0.7	-4.8	-0.7	-6.2	-2.5	-1.7	-0.9	-0.4	-0.9	-1.2	-0.6	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.4	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	-0.7	-4.5	-0.6	-6.2	-2.5	-1.7	-0.9	-0.4	-0.9	-1.2	-0.6	0.0
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	22.5	14.4	17.0	24.3	11.5	29.6	15.8	23.3	16.7	8.3	5.8	6.4
Repayment of Borrowings	-23.2	-12.8	-21.9	-16.1	-14.9	-20.5	-27.6	-16.1	-11.6	-3.5	-11.6	-9.7
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-11.3	-0.0	0.0	-0.0	-11.1	-0.0	0.0	0.0	-11.0	-0.1	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	-11.9	1.5	-4.9	8.1	-14.5	9.1	-11.8	7.3	-5.9	4.7	-5.8	-3.3
Net Cash Flow During the Period	-5.7	8.4	-5.9	7.7	-11.3	10.4	-14.1	5.1	-7.8	10.0	-5.2	11.8
Cash and Cash Equivalents at Beginning of Period	23.4	14.9	20.8	13.1	24.4	30.7	30.7	30.7	30.7	38.4	38.4	38.4
FX Difference from Revaluation	—	0.0	—	—	—	0.0	0.1	0.0	0.0	-0.3	0.3	-0.1
Cash and Cash Equivalents at End of Period	17.7	23.4	14.9	20.8	13.1	24.4	14.0	27.9	22.9	30.7	21.0	25.9

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QHD

What Is Changing

Drivers of QHD's profit

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What is driving the margin? ▲

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Balance Sheet ●

Working Capital Efficiency ▲

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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