QNP

Cảng Quy Nhơn ·HOSE ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 12.79%, +1.99pp YoY

Price

31,700

Latest close

04 Jun 2026

P/E 8.06x

P/B 1.31x

EPS 3,932

BVPS 24,148

ROE 16.9%

ROA 11.4%

Profit Margin 12.8%

Asset Turnover 0.89x

Equity Mult. 1.48x

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

What Is Changing

On a TTM 2026Q1 basis, QNP is improving on both growth and profitability, painting a notably more positive picture versus the same period — profit is at an all-time high. When both scale and efficiency improve together, this is typically a sign of quality growth.

	                            
	                                TTM REVENUE
	                            
	                                    VND 1,242bn
	                                
+9.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 159bn
	                                
+29.7%YoY

Metric	2025	2024	2023	2022
Revenue	1,135.3	1,157.6	938.4	1,069.1
Growth	-2%	+23%	-12%	—
Net Income	142.7	128.2	115.2	44.2
Net Margin	12.57%	11.07%	12.27%	4.13%

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	357.7	301.7	302.8	279.8	251.0	255.0	295.2	332.1	275.1	243.1	279.8	219.4
Growth	+19%	-0%	+8%	+11%	-2%	-14%	-11%	+21%	+13%	-13%	+28%	—
Net Income	42.1	42.3	35.1	39.4	25.9	27.5	25.4	43.7	31.7	23.1	37.6	32.3
Net Margin	11.77%	14.02%	11.59%	14.08%	10.31%	10.78%	8.59%	13.17%	11.54%	9.52%	13.45%	14.71%

Drivers of QNP's profit

TTM

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

Gross profit ↑ 32.7bn

Administrative expenses ↓ 6.6bn

Tax ↑ 7.2bn

TTM

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

Gross profit ↑ 22.9bn

Tax ↑ 4.3bn

Administrative expenses ↑ 3.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 13.9% = 10.8% × 0.85 × 1.52

2026Q1 16.9% = 12.8% × 0.89 × 1.48

ROE rose from 13.9% to 16.9% — mainly driven by asset turnover, despite leverage moving in the opposite direction.

Net margin: 12.8% +2.0pp Asset turnover: 0.89x +0.05x Leverage: 1.48x -0.04x

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 12.79%, rising 2.0pp. The main driver is SG&A / Revenue fell 1.5pp and Gross margin rose 0.6pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 0.3pp 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 12.79% +2.0pp

Gross Margin 23.95% +0.6pp

SG&A / Revenue 8.29% −1.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Return on capital rose, but cash cycle lengthened by 12.2 days — working capital needs watching.

Is capital being deployed efficiently?

ROIC expanded to 14.20%, rising 1.7pp. That translates to 14.20 in after-tax operating profit for every 100 units of operating capital. The main driver is NOPAT margin rose 1.8pp, with capital turnover broadly stable; while invested capital rose by 121bn.

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

CAPITAL EFFICIENCY TREND

ROIC 14.20% +1.7pp

NOPAT Margin 12.64% +1.8pp

Capital Turnover 1.12x −0.03x

Average Invested Capital 1,105.0bn +121.4bn

Balance Sheet

ROIC is improving — the asset structure below shows how capital is being allocated. Capital structure is conservative with low leverage — liabilities at 0.50x equity, net debt at 0.21x equity.

Over the last 12 months, working capital released 2.0bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −9.0bn

Inventories decreased → higher CFO: +0.6bn

Payables increased → higher CFO: +10.4bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 12.2 days versus the same period last year. The main moves came from DIO rose 0.1 days, DSO fell 4.0 days, and DPO fell 16.1 days.

Working capital cycle lengthened mainly due to shorter payment timing — may reflect pressure from suppliers.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +12.2 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +0.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 56.9 days −4.0 days

Inventory 9.9 days +0.1 days

Payables 41.6 days −16.1 days

Cash Conversion Cycle 25.2 days +12.2 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 0.21x and interest coverage at 11.15x.

At present, short-term debt accounts for 12.2% of total debt, cash equals 18.2% of debt, and total debt stands at 246.7bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 18.2%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.21x +0.07x

Interest Coverage 11.15x +3.04x

Cash / Debt 18.2% −34.2pp

Short-term Debt / Total Debt 12.2% +0.8pp

CFO / NI 0.90x −0.25x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 183.3bn in 2025, against investing cash flow of -143.4bn.

Post-investment cash flow was positive +39.9bn. Financing cash flow was negative +69.3bn.

CFO / net income was 0.90x.

After spending +127.2bn on fixed-asset investment, the business generated trailing free cash flow of +15.3bn.

Cash Conversion

CFO TTM 142.5bn +2.0bn

Cash Capex 127.2bn −77.0bn

FCF TTM +15.3bn +79.0bn

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 12.79% after expanding 2.0pp versus the same period last year.

Statement Data

Item	2025	2024	2023	2022
Revenue	1,146.0	1,165.3	942.4	1,069.8
Revenue Deductions	10.7	7.7	3.9	0.7
Net Revenue	1,135.3	1,157.6	938.4	1,069.1
Cost of Goods Sold	860.6	885.3	724.8	891.8
Gross Profit	274.7	272.3	213.7	177.3
Financial Income	19.0	21.1	27.8	27.3
Financial Expenses	17.5	19.4	5.5	0.8
Interest Expense	17.1	18.3	5.4	0.0
Share of Associates and Joint Ventures	—	0.0	3.6	0.4
Selling Expenses	16.5	19.6	15.7	11.5
General and Administrative Expenses	81.9	90.7	80.1	126.0
Operating Profit	177.7	163.7	143.7	66.6
Other Income	1.1	1.1	1.1	2.3
Other Expenses	0.2	1.6	0.5	0.9
Other Profit	0.9	-0.6	0.6	1.4
Profit Before Tax	178.6	163.1	144.3	68.0
Current Income Tax Expense	35.9	34.9	29.2	23.8
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	142.7	128.2	115.2	44.2
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	142.7	128.2	115.2	44.2
Earnings per Share	3,531.00	3,172.00	2,850.00	1,093.00
Diluted EPS	3,531.00	3,172.18	2,849.86	1,092.89

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	604.4	643.9	602.4	603.4
I. Cash and cash equivalents	64.3	93.7	237.6	79.9
1. Cash	36.0	22.0	68.1	38.9
2. Cash equivalents	28.3	71.7	169.5	41.0
II. Short-term financial investments	274.5	267.8	138.5	308.0
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	274.5	267.8	138.5	308.0
III. Short-term receivables	238.0	242.0	161.5	168.9
1. Short-term trade accounts receivable	177.7	159.7	151.2	148.4
2. Short-term prepayments to suppliers	61.9	79.6	10.4	18.2
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	5.0	7.9	5.4	7.1
7. Provision for short-term doubtful debts (*)	-6.6	-5.3	-5.4	-4.9
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	21.4	23.2	21.0	24.6
1. Inventories	21.4	23.2	21.0	24.6
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	6.2	17.2	43.8	22.0
1. Short-term prepayments	5.4	12.2	13.9	5.7
2. Value added tax to be reclaimed	0.9	5.0	18.0	16.3
3. Taxes and other receivables from state authorities	—	0.0	11.9	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)	794.6	680.3	664.7	481.6
I. Long-term receivables	0.0	7.3	7.3	7.3
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	0.0	7.3	7.3	7.3
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	635.3	604.6	533.1	187.3
1. Tangible fixed assets	634.4	603.5	531.8	185.1
- Cost	1,666.8	1,614.9	1,499.1	1,115.4
- Accumulated depreciation	-1,032.4	-1,011.4	-967.3	-930.3
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	0.9	1.0	1.3	2.2
- Cost	9.9	9.6	9.0	8.7
- Accumulated depreciation	-9.0	-8.5	-7.7	-6.6
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	110.4	40.2	79.9	250.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	110.4	40.2	79.9	250.6
V. Long-term financial investments	18.0	18.0	31.3	28.7
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	13.3	10.7
3. Investments in other entities	18.0	18.0	18.0	18.0
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	30.9	10.1	13.1	7.7
1. Long-term prepayments	30.9	10.1	13.1	7.7
2. Deferred income tax assets	—	0.0	0.0	0.0
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)	1,399.1	1,324.2	1,267.1	1,084.9
A. LIABILITIES (300=210+330)	465.3	444.0	437.2	308.0
I. Short -term liabilities	241.8	209.4	222.0	308.0
1. Short-term trade accounts payable	93.5	93.0	148.8	196.8
2. Short-term advances from customers	7.6	7.0	4.0	1.8
3. Taxes and other payables to state authorities	32.2	13.7	11.4	7.8
4. Payable to employees	63.2	55.4	47.5	27.7
5. Short-term acrrued expenses	8.1	6.4	2.6	3.1
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	1.1	0.0	0.0	0.0
9. Other short-term payables	0.4	0.2	1.4	1.4
10. Short-term borrowings and financial leases	30.0	30.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	53.7
12.. Bonus and welfare fund	5.6	3.6	6.2	15.8
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	223.6	234.6	215.2	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
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	1.6	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	221.9	234.6	215.2	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
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)	933.7	880.2	830.0	776.9
I. Owner's equity	933.7	880.2	830.0	776.9
1. Owner's capital	404.1	404.1	404.1	404.1
- Common stock with voting right	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00
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	381.3	340.7	288.5	275.4
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	148.3	135.4	137.3	97.4
- Accumulated retained earning at the end of the previous period	5.6	7.2	22.2	53.2
- Undistributed earnings in this period	142.7	128.2	115.2	44.2
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)	1,399.1	1,324.2	1,267.1	1,084.9

Item	2025	2024	2023	2022
Profit Before Tax	178.6	163.1	144.3	68.0
Depreciation of Fixed Assets and Investment Property	56.2	49.7	41.4	36.9
Provision (Increase)/Reversal	1.3	-0.2	-53.1	53.1
FX Gain/Loss from Revaluation of Monetary Items	0.3	-0.1	0.1	0.5
Gain/Loss from Investment Activities	-19.0	-18.8	-30.1	-28.3
Interest Expense	17.1	18.3	5.4	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	234.4	211.9	108.0	130.1
Increase/(Decrease) in Receivables	16.6	-11.3	-17.3	80.6
Increase/(Decrease) in Inventory	1.8	-2.2	3.5	-3.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	10.6	22.7	5.6	-26.3
Increase/(Decrease) in Prepaid Expenses	-13.9	4.6	-13.6	32.7
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-17.9	-18.2	-5.1	0.0
Corporate Income Tax Paid	-17.8	-33.5	-25.3	-37.0
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-30.5	-32.1	-23.1	-25.5
Net Cash Flow from Operating Activities	183.3	141.9	32.7	151.2
Payments for Fixed Assets and Other Long-term Assets	-157.2	-190.3	-239.6	-168.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.9	3.4	0.1	3.0
Loans and Purchases of Debt Instruments	-385.5	-503.8	-248.4	-347.0
Receipts from Loan Repayments and Sale of Debt Instruments	378.8	374.5	417.9	391.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	13.3	0.0	3.3
Dividends and Interest Income Received	19.5	16.3	28.3	23.7
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-143.4	-286.7	-41.8	-94.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	17.3	56.9	215.2	0.0
Repayment of Borrowings	-30.0	-7.5	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-56.6	-48.5	-48.5	-80.8
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-69.3	0.9	166.7	-80.8
Net Cash Flow During the Period	-29.4	-143.9	157.7	-24.4
Cash and Cash Equivalents at Beginning of Period	93.7	237.6	79.9	104.3
FX Difference from Revaluation	-0.0	0.0	-0.1	-0.0
Cash and Cash Equivalents at End of Period	64.3	93.7	237.6	79.9

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	358.2	306.8	304.7	282.5	252.1	258.8	296.2	334.4	275.6	245.6	280.4	220.2
Revenue Deductions	0.6	5.1	1.9	2.7	1.1	3.8	1.0	2.3	0.5	2.5	0.6	0.8
Net Revenue	357.7	301.7	302.8	279.8	251.0	255.0	295.2	332.1	275.1	243.1	279.8	219.4
Cost of Goods Sold	277.8	218.7	236.7	211.3	194.0	190.5	232.3	251.6	210.5	182.7	217.0	168.4
Gross Profit	79.9	83.0	66.1	68.5	57.0	64.5	62.8	80.5	64.6	60.4	62.8	51.0
Financial Income	4.2	3.8	4.0	7.7	3.4	5.5	3.5	8.9	3.6	5.4	6.8	10.8
Financial Expenses	4.5	4.4	4.3	4.4	4.4	4.6	5.7	4.5	4.8	4.4	0.8	-0.0
Interest Expense	4.3	4.1	4.2	4.3	4.4	4.6	4.7	4.2	4.8	4.3	0.8	0.0
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.3	0.0	-0.7
Selling Expenses	4.4	4.7	4.8	3.9	3.1	4.8	4.5	6.3	4.0	5.4	4.0	3.3
General and Administrative Expenses	23.2	24.5	18.0	19.5	19.9	26.6	21.8	23.4	18.9	25.8	17.6	18.5
Operating Profit	52.0	53.2	43.0	48.5	33.0	33.9	34.3	55.2	40.5	30.4	47.1	39.2
Other Income	1.2	0.1	1.1	0.1	0.0	1.6	0.0	0.1	0.1	0.2	0.3	0.7
Other Expenses	0.0	0.1	0.0	0.0	0.4	0.7	1.4	0.1	0.2	0.5	0.0	0.1
Other Profit	1.2	0.0	1.1	0.1	-0.4	0.9	-1.4	0.0	-0.1	-0.3	0.3	0.6
Profit Before Tax	53.2	53.2	44.1	48.6	32.6	34.8	32.9	55.2	40.5	30.1	47.4	39.8
Current Income Tax Expense	11.1	10.9	9.0	9.2	6.7	7.3	7.5	11.4	8.7	7.0	9.8	7.6
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	42.1	42.3	35.1	39.4	25.9	27.5	25.4	43.7	31.7	23.1	37.6	32.3
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	42.1	42.3	35.1	39.4	25.9	27.5	25.4	43.7	31.7	23.1	37.6	32.3
Earnings per Share	1,042.00	1,046.00	869.00	975.00	640.00	680.00	628.00	1,082.00	786.00	572.00	931.00	798.00
Diluted EPS	1,042.05	1,046.43	868.66	974.81	640.42	680.41	627.54	1,082.25	785.52	572.47	931.08	798.40

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)	635.1	604.4	635.5	688.6	655.6	644.0	742.6	749.2	663.9	603.5	707.9	620.7
I. Cash and cash equivalents	44.9	64.3	38.1	219.4	138.8	93.7	251.1	173.8	158.4	237.6	159.9	100.1
1. Cash	40.9	36.0	31.6	48.0	36.8	22.0	89.6	81.8	86.4	68.1	106.9	59.6
2. Cash equivalents	4.0	28.3	6.5	171.4	102.0	71.7	161.5	92.0	72.0	169.5	53.0	40.5
II. Short-term financial investments	274.5	274.5	307.3	170.3	220.3	267.8	236.0	309.0	248.5	138.5	271.9	271.9
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	274.5	274.5	307.3	170.3	220.3	267.8	236.0	309.0	248.5	138.5	271.9	271.9
III. Short-term receivables	283.8	238.0	263.3	265.7	259.5	242.0	222.9	229.9	215.9	162.7	226.3	202.1
1. Short-term trade accounts receivable	217.0	177.7	170.7	180.8	170.4	159.7	195.0	212.4	208.0	152.4	203.2	182.3
2. Short-term prepayments to suppliers	65.4	61.9	93.3	85.7	85.2	79.6	25.2	16.7	7.2	10.4	13.3	17.2
3. Short-term inter-company receivables	—	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	8.0	4.9	5.5	5.9	10.3	7.9	8.1	6.4	6.8	5.4	15.1	8.3
7. Provision for short-term doubtful debts (*)	-6.5	-6.6	-6.2	-6.7	-6.5	-5.3	-5.5	-5.5	-6.2	-5.4	-5.3	-5.6
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	25.4	21.4	23.2	25.7	26.0	23.2	23.4	22.8	20.6	21.0	26.8	24.8
1. Inventories	25.4	21.4	23.2	25.7	26.0	23.2	23.4	22.8	20.6	21.0	26.8	24.8
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	6.5	6.2	3.6	7.4	11.0	17.2	9.2	13.6	20.5	43.7	23.1	21.8
1. Short-term prepayments	6.5	5.4	3.2	6.5	8.0	12.2	5.5	5.5	6.8	13.9	6.8	4.8
2. Value added tax to be reclaimed	—	0.9	0.4	0.9	3.0	5.0	3.7	8.1	13.5	18.0	16.3	17.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.2	11.8	0.0	0.0
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	792.0	794.6	754.7	720.1	699.9	680.3	638.8	642.9	661.4	661.8	615.9	568.2
I. Long-term receivables	0.0	0.0	0.0	0.4	7.0	7.3	7.3	7.3	7.3	7.3	7.3	7.3
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	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	0.4	7.0	7.3	7.3	7.3	7.3	7.3	7.3	7.3
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	726.0	635.3	629.0	595.5	607.8	604.6	597.5	603.3	530.6	533.1	545.3	187.6
1. Tangible fixed assets	725.0	634.4	628.0	594.3	606.8	603.5	596.7	602.4	529.4	531.8	543.7	185.9
- Cost	1,774.0	—	—	—	1,629.5	1,614.9	1,597.8	1,592.3	1,507.4	1,499.1	1,499.0	1,133.0
- Accumulated depreciation	-1,049.0	—	—	—	-1,022.6	-1,011.4	-1,001.2	-989.9	-978.0	-967.3	-955.3	-947.1
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.0	0.9	1.1	1.2	1.0	1.0	0.8	1.0	1.2	1.3	1.6	1.7
- Cost	10.2	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-9.2	—	—	—	0.0	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	0.0
- Cost	—	—	—	—	0.0	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	0.0
IV. Long-term assets in progress	7.2	110.4	96.1	99.1	58.5	40.2	5.5	3.9	81.1	79.9	20.4	327.7
1. Long-term production in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	7.2	110.4	96.1	99.1	58.5	40.2	5.5	3.9	81.1	79.9	20.4	327.7
V. Long-term financial investments	18.0	18.0	18.0	18.0	18.0	18.0	18.0	18.0	31.3	28.3	28.0	28.0
1. Investments in subsidiaries	—	—	—	—	0.0	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	13.3	10.3	10.0	10.0
3. Investments in other entities	18.0	18.0	18.0	18.0	18.0	18.0	18.0	0.0	18.0	18.0	18.0	18.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	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	18.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	40.8	30.9	11.6	7.2	8.6	10.1	10.4	10.3	11.1	13.1	14.9	17.4
1. Long-term prepayments	40.8	30.9	11.6	7.2	8.6	10.1	10.4	10.3	11.1	13.1	14.9	17.4
2. Deferred income tax assets	—	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,427.1	1,399.0	1,390.2	1,408.7	1,355.5	1,324.2	1,381.4	1,392.0	1,325.4	1,265.3	1,323.8	1,188.9
A. LIABILITIES (300=210+330)	451.3	465.3	498.8	552.3	449.4	444.0	528.6	516.1	463.7	438.2	471.4	374.0
I. Short -term liabilities	232.7	241.8	266.4	317.1	214.3	209.4	295.6	275.8	232.1	222.9	290.8	252.4
1. Short-term trade accounts payable	103.7	93.5	101.3	115.2	111.6	93.0	133.9	169.3	162.8	150.0	182.9	171.8
2. Short-term advances from customers	6.5	7.6	6.1	7.1	5.0	7.0	3.7	4.3	5.4	4.0	4.2	3.0
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	25.6	32.2	37.2	31.3	19.6	13.7	38.4	18.2	9.2	11.5	40.3	29.6
4. Payable to employees	54.3	63.2	59.5	35.9	35.1	55.4	62.4	45.7	40.5	47.5	41.7	24.6
5. Short-term acrrued expenses	8.5	8.1	9.6	9.8	11.3	6.4	9.0	7.2	7.4	2.3	4.0	1.8
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	1.1	1.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.0	0.4	0.4	56.9	0.4	0.2	0.2	1.4	2.1	1.4	3.0	1.5
10. Short-term borrowings and financial leases	30.0	30.0	30.0	30.0	30.0	30.0	30.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.9	5.6	22.2	30.8	1.4	3.6	18.0	29.7	4.6	6.2	14.8	20.1
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	218.6	223.6	232.4	235.3	235.1	234.6	233.0	240.2	231.6	215.2	180.6	121.6
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	1.4	1.6	3.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	216.7	221.9	229.4	235.3	235.1	234.6	233.0	240.2	231.6	215.2	180.6	121.6
9. Convertible bonds	—	—	—	—	0.0	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	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	975.8	933.7	891.4	856.3	906.1	880.2	852.7	876.0	861.7	827.1	852.4	814.9
I. Owner's equity	975.8	933.7	891.4	856.3	906.1	880.2	852.7	876.0	861.7	827.1	852.4	814.9
1. Owner's capital	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1	404.1
- Common stock with voting right	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00	404,099,500,000.00
- Preferred stock	—	—	—	—	0.00	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	0.0
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	381.3	381.3	381.3	381.3	340.7	340.7	340.7	340.7	288.5	288.5	288.5	288.5
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	190.4	148.3	106.0	70.9	161.2	135.4	107.9	131.1	169.1	134.5	159.8	122.2
- Accumulated retained earning at the end of the previous period	148.3	5.6	5.6	5.6	135.4	7.2	7.2	55.7	137.3	22.2	70.7	70.7
- Undistributed earnings in this period	42.1	142.7	100.4	65.3	25.9	128.2	100.7	75.5	31.7	112.3	89.2	51.6
12. Reserves for investment in construction	—	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,427.1	1,399.0	1,390.2	1,408.7	1,355.5	1,324.2	1,381.4	1,392.0	1,325.4	1,265.3	1,323.8	1,188.9

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	53.2	53.2	44.1	48.6	32.6	34.8	32.9	55.0	40.5	32.9	47.4	39.8
Depreciation of Fixed Assets and Investment Property	17.3	14.7	14.6	13.6	13.3	13.0	12.7	12.2	11.7	12.3	10.3	9.5
Provision (Increase)/Reversal	-0.1	0.4	-0.5	0.3	1.2	-0.2	-0.1	-0.6	0.7	0.1	-0.3	-53.9
FX Gain/Loss from Revaluation of Monetary Items	-0.1	0.2	0.3	-0.2	-0.1	-1.0	1.0	0.3	-0.4	0.8	-0.5	-0.4
Gain/Loss from Investment Activities	-3.9	-3.7	-4.8	-7.4	-3.1	-5.3	-2.8	-7.7	-3.0	-8.6	-6.0	-9.7
Interest Expense	4.3	4.1	4.2	4.3	4.4	4.6	4.7	4.2	4.8	4.6	0.8	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	70.7	69.0	57.9	59.3	48.3	45.9	48.5	63.3	54.2	42.0	51.8	-14.6
Increase/(Decrease) in Receivables	-42.1	29.6	0.9	2.6	-16.5	19.9	19.0	-6.3	-43.9	47.3	-27.8	-8.5
Increase/(Decrease) in Inventory	-4.0	1.8	2.5	0.3	-2.8	0.2	-0.6	-2.2	0.4	5.7	-2.0	1.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	14.3	-24.6	17.0	3.7	14.5	-23.9	-1.9	19.6	28.9	-75.4	49.6	21.1
Increase/(Decrease) in Prepaid Expenses	-11.0	-21.5	-1.1	3.0	5.7	-6.4	-0.2	2.2	9.1	-5.3	0.6	2.7
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-4.4	-4.5	-4.6	-4.2	-4.6	-4.6	-4.6	-4.2	-4.8	-5.9	0.8	0.0
Corporate Income Tax Paid	-30.4	-0.0	-5.5	0.0	-12.3	-15.5	0.0	-7.1	-10.8	-11.2	-6.4	-0.2
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-3.7	-16.6	-8.6	-3.2	-2.2	-14.4	-11.7	-4.3	-1.7	-13.0	-0.9	-1.1
Net Cash Flow from Operating Activities	-10.6	33.3	58.5	61.5	30.1	1.1	48.4	60.9	31.5	-15.8	65.7	0.9
Payments for Fixed Assets and Other Long-term Assets	-4.8	-35.4	-45.1	-41.9	-34.8	-102.9	-52.7	-13.9	-20.8	-38.8	-65.9	-67.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	-0.0	1.0	—	0.0	1.2	2.2	0.0	0.0	0.0	0.1	0.1
Loans and Purchases of Debt Instruments	-34.0	-75.0	-195.0	-82.5	-33.0	-113.8	-92.0	-158.0	-140.0	-97.5	0.0	-124.9
Receipts from Loan Repayments and Sale of Debt Instruments	34.0	107.8	58.0	132.5	80.5	82.0	165.0	97.5	30.0	230.9	0.0	157.0
Investments in Other Entities	—	—	—	—	0.0	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	13.3	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	1.0	3.1	4.1	10.6	1.7	2.7	3.0	6.9	3.7	13.3	0.6	8.6
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-3.7	0.4	-177.1	18.7	14.5	-130.7	25.4	-54.2	-127.1	107.9	-65.3	-26.2
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	2.3	0.0	1.6	7.7	7.9	-20.9	52.8	8.6	16.4	34.7	59.0	63.6
Repayment of Borrowings	-7.5	-7.5	-7.5	-7.5	-7.5	-7.5	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.0	-56.6	-0.0	0.0	0.0	-48.5	0.0	-0.0	-48.5	0.0	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	-5.2	-7.5	-62.4	0.2	0.4	-28.4	4.3	8.6	16.4	-13.8	59.0	63.6
Net Cash Flow During the Period	-19.5	26.2	-181.1	80.4	45.0	-158.0	78.1	15.3	-79.3	78.3	59.4	38.3
Cash and Cash Equivalents at Beginning of Period	64.3	38.1	219.4	138.8	93.7	237.6	237.6	237.6	237.6	79.9	79.9	79.9
FX Difference from Revaluation	0.1	-0.0	0.0	0.3	0.1	0.7	-0.7	-0.1	0.1	-0.6	0.4	0.4
Cash and Cash Equivalents at End of Period	44.9	64.3	38.1	219.4	138.8	93.7	251.1	173.7	158.4	237.6	159.9	100.1

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QNP

What Is Changing

Drivers of QNP'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 ▼

Is financial risk significant?

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