QHW

Listed Company · UPCOM

Price

35,000

Latest close

23 Mar 2026

P/E —

EPS (TTM) —

ROE (TTM) 13.1%

P/B —

BVPS (Latest) —

ROA (TTM) 11.9%

What Is Changing

QHW has not yet shown a broad-based top-line recovery. Revenue posted -7.1% YoY, but net margin reached 17.63% with an additional +1.5pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Margin broke above its recent high, rising 42bps to 17.63% in 2025.
Revenue decreased 7.1% YoY to VND 212.0bn in 2025.

Metric	2025	2024	2023	2022
Revenue	212.0	228.3	245.0	258.9
Growth	-7%	-7%	-5%	—
Net Income	37.4	36.8	42.2	40.3
Net Margin	17.63%	16.13%	17.21%	15.56%

Financial Statements

Profitability

Net margin reached 17.63% while Revenue posted -7.1% YoY.

Balance Sheet

Inventory stood at 10.3bn, liabilities at 23.4bn, and equity at 300.3bn.

Cash Flow

Operating cash flow was 53.6bn in 2025, while investing cash flow was -85.9bn.

Financing cash flow: -9.6bn.

Item	2025	2024	2023	2022
Revenue	212.0	228.3	245.0	258.9
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	212.0	228.3	245.0	258.9
Cost of Goods Sold	158.2	173.1	183.9	193.9
Gross Profit	53.8	55.2	61.1	64.9
Financial Income	9.0	7.9	11.9	3.9
Financial Expenses	0.1	0.1	0.0	0.0
Interest Expense	—	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	3.7	3.9	4.3	3.3
General and Administrative Expenses	12.2	13.1	16.3	15.1
Operating Profit	46.8	46.0	52.4	50.4
Other Income	0.0	0.1	0.4	0.5
Other Expenses	0.0	0.0	0.0	0.0
Other Profit	0.0	0.1	0.4	0.5
Profit Before Tax	46.9	46.1	52.8	50.8
Current Income Tax Expense	9.2	9.2	10.7	10.3
Deferred Income Tax Expense	0.3	0.1	-0.1	0.2
Net Income	37.4	36.8	42.2	40.3
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	37.4	36.8	42.2	40.3
Earnings per Share	4,685.00	4,615.00	5,285.00	5,048.00
Diluted EPS	4,672.64	4,602.88	5,271.63	5,034.61

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	287.9	272.7	241.3	197.8
I. Cash and cash equivalents	64.1	106.0	53.4	110.5
1. Cash	1.1	0.5	1.4	1.0
2. Cash equivalents	63.0	105.5	52.0	109.5
II. Short-term financial investments	180.0	97.5	118.0	20.0
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	180.0	97.5	118.0	20.0
III. Short-term receivables	33.0	60.2	61.3	58.3
1. Short-term trade accounts receivable	29.5	55.2	55.0	54.8
2. Short-term prepayments to suppliers	3.0	3.2	3.0	3.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	0.5	1.8	3.3	0.5
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	10.3	8.6	8.1	8.6
1. Inventories	10.3	8.6	8.1	8.6
2. Provision for decline in value of inventories	—	-0.0	-0.0	0.0
V. Other short-term assets	0.5	0.4	0.6	0.4
1. Short-term prepayments	0.5	0.4	0.6	0.4
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	35.8	32.3	37.0	45.3
I. Long-term receivables	0.8	0.8	0.8	1.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	0.8	0.8	0.8	1.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	23.9	20.0	25.0	30.4
1. Tangible fixed assets	20.0	15.5	19.8	24.0
- Cost	78.0	70.7	71.6	74.7
- Accumulated depreciation	-58.0	-55.2	-51.8	-50.6
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	3.9	4.5	5.1	6.4
- Cost	18.0	18.1	18.1	18.7
- Accumulated depreciation	-14.1	-13.5	-12.9	-12.3
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	6.0	3.5	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	6.0	3.5	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	5.1	7.9	11.2	13.9
1. Long-term prepayments	4.7	7.2	10.4	13.2
2. Deferred income tax assets	0.4	0.7	0.8	0.7
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	323.7	305.0	278.2	243.2
A. LIABILITIES (300=210+330)	23.4	32.5	33.0	30.5
I. Short -term liabilities	19.3	26.6	25.2	20.8
1. Short-term trade accounts payable	11.5	16.8	12.5	11.8
2. Short-term advances from customers	—	0.0	0.0	0.0
3. Taxes and other payables to state authorities	3.0	3.7	4.5	3.6
4. Payable to employees	—	0.0	0.0	0.0
5. Short-term acrrued expenses	4.6	5.7	8.0	5.1
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	0.1	0.2	0.1	0.1
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	0.1	0.1	0.2	0.2
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	4.1	5.9	7.8	9.7
1. Long-term trade payables	—	1.4	2.8	4.6
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	4.1	4.6	5.0	5.1
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	300.3	272.5	245.2	212.6
I. Owner's equity	300.3	272.5	245.2	212.6
1. Owner's capital	80.0	80.0	80.0	80.0
- Common stock with voting right	80.0	80.0	80.0	80.0
- Preferred stock	—	0.0	0.0	0.0
2. Share premium	0.2	0.2	0.2	0.2
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-0.2	-0.2	-0.2	-0.2
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	—	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	220.4	192.5	165.3	132.7
- Accumulated retained earning at the end of the previous period	183.0	155.7	123.1	92.4
- Undistributed earnings in this period	37.4	36.8	42.2	40.3
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	323.7	305.0	278.2	243.2

Item	2025	2024	2023	2022
Profit Before Tax	46.9	46.1	52.8	50.8
Depreciation of Fixed Assets and Investment Property	4.8	5.0	5.4	6.2
Provision (Increase)/Reversal	-0.4	-0.2	-0.0	0.1
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	-0.0
Gain/Loss from Investment Activities	-9.0	-7.9	-12.2	-4.4
Interest Expense	—	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	42.3	43.0	46.0	52.7
Increase/(Decrease) in Receivables	25.9	-0.5	0.1	-26.9
Increase/(Decrease) in Inventory	-1.7	-0.7	0.5	2.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.4	-0.8	3.1	2.5
Increase/(Decrease) in Prepaid Expenses	3.6	4.3	3.8	4.3
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-10.1	-9.5	-9.2	-9.2
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	-0.0	0.0	0.0
Net Cash Flow from Operating Activities	53.6	35.7	44.3	25.7
Payments for Fixed Assets and Other Long-term Assets	-13.8	-3.4	-3.1	-7.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.1	0.4	0.5
Loans and Purchases of Debt Instruments	—	-317.0	-259.0	-74.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	337.5	161.0	54.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	—	9.3	9.0	3.7
Increase/(Decrease) in Term Deposits	-82.5	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	10.3	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-85.9	26.5	-91.8	-23.5
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	—	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-9.6	-9.6	-9.6	-9.6
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-9.6	-9.6	-9.6	-9.6
Net Cash Flow During the Period	-41.9	52.7	-57.1	-7.3
Cash and Cash Equivalents at Beginning of Period	106.0	53.4	110.5	117.8
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	64.1	106.0	53.4	110.5

Item	Q4'25
Profit Before Tax	46.9
Depreciation of Fixed Assets and Investment Property	4.8
Provision (Increase)/Reversal	-0.4
Gain/Loss from Investment Activities	-9.0
Operating Profit Before Changes in Working Capital	42.3
Increase/(Decrease) in Receivables	25.9
Increase/(Decrease) in Inventory	-1.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.4
Increase/(Decrease) in Prepaid Expenses	3.6
Corporate Income Tax Paid	-10.1
Net Cash Flow from Operating Activities	53.6
Payments for Fixed Assets and Other Long-term Assets	-13.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1
Net Cash Flow from Investing Activities	-85.9
Dividends Paid	-9.6
Net Cash Flow from Financing Activities	-9.6
Net Cash Flow During the Period	-41.9
Cash and Cash Equivalents at Beginning of Period	106.0
Cash and Cash Equivalents at End of Period	64.1

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QHW

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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