A32

32 ·UPCOM ·2025Q4

▲▲ Improving positively

Price

29,900

Latest close

29 May 2026

P/E —

P/B —

EPS —

BVPS —

ROE 22.5%

ROA 10.3%

Profit Margin 6.5%

Asset Turnover 1.58x

Equity Mult. 2.18x

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

What Is Changing

On a Năm 2025 basis, A32 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 778bn
	                                
+7.0%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 51bn
	                                
+29.5%YoY

Metric	2025	2024	2023	2022
Revenue	777.8	727.1	719.5	719.3
Growth	+7%	+1%	+0%	—
Net Income	50.9	39.3	39.6	36.7
Net Margin	6.54%	5.40%	5.51%	5.10%

Quarterly snapshot data is not available yet.

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 6.54% +1.1pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Focus on inventory, liability structure, and year-end cash balance.

Inventory ended the period at 141.3bn, roughly 28.8% 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

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Statement Data

Item	2025	2024	2023	2022
Revenue	778.3	727.1	719.5	719.3
Revenue Deductions	0.5	0.0	0.0	0.0
Net Revenue	777.8	727.1	719.5	719.3
Cost of Goods Sold	697.3	654.7	636.4	625.9
Gross Profit	80.5	72.3	83.1	93.4
Financial Income	22.0	18.9	14.0	13.6
Financial Expenses	0.7	0.6	0.1	1.3
Interest Expense	—	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	8.6	6.7	5.3	5.9
General and Administrative Expenses	29.8	41.2	44.3	56.3
Operating Profit	63.4	42.7	47.3	43.4
Other Income	0.5	3.2	0.0	0.5
Other Expenses	2.8	0.2	0.5	0.1
Other Profit	-2.3	3.0	-0.5	0.4
Profit Before Tax	61.2	45.7	46.9	43.9
Current Income Tax Expense	10.3	6.4	7.2	7.2
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	50.9	39.3	39.6	36.7
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	50.9	39.3	39.6	36.7
Earnings per Share	6,011.00	4,598.00	4,725.00	4,289.00
Diluted EPS	7,481.22	5,774.87	5,827.82	5,392.17

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	365.3	365.3	377.4	415.7
I. Cash and cash equivalents	29.2	101.9	56.2	57.8
1. Cash	15.7	98.4	43.2	47.8
2. Cash equivalents	13.5	3.5	13.0	10.0
II. Short-term financial investments	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
III. Short-term receivables	185.2	115.2	158.3	177.3
1. Short-term trade accounts receivable	170.1	98.5	129.5	136.7
2. Short-term prepayments to suppliers	4.5	1.9	4.7	5.3
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	12.9	17.0	25.9	37.5
7. Provision for short-term doubtful debts (*)	-2.3	-2.3	-1.8	-2.3
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	141.3	147.5	159.6	177.1
1. Inventories	148.4	151.8	163.1	180.4
2. Provision for decline in value of inventories	-7.2	-4.4	-3.5	-3.3
V. Other short-term assets	9.7	0.8	3.3	3.5
1. Short-term prepayments	1.3	0.7	0.5	0.0
2. Value added tax to be reclaimed	8.4	0.0	0.7	3.4
3. Taxes and other receivables from state authorities	—	0.1	2.1	0.1
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)	125.8	130.6	128.1	131.8
I. Long-term receivables	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	110.3	112.3	113.2	118.2
1. Tangible fixed assets	110.2	112.1	112.9	117.9
- Cost	275.1	265.5	256.4	252.5
- Accumulated depreciation	-165.0	-153.4	-143.5	-134.6
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	0.2	0.2	0.3	0.2
- Cost	0.5	0.5	0.5	0.4
- Accumulated depreciation	-0.4	-0.3	-0.2	-0.2
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	1.5	1.8	1.1	0.8
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	1.5	1.8	1.1	0.8
V. Long-term financial investments	10.6	10.6	10.6	10.6
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	10.6	10.6	10.6	10.6
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	3.4	5.9	3.2	2.2
1. Long-term prepayments	3.4	5.9	3.2	2.2
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)	491.1	495.9	505.4	547.5
A. LIABILITIES (300=210+330)	260.4	274.8	283.4	332.1
I. Short -term liabilities	255.1	270.0	279.6	332.1
1. Short-term trade accounts payable	80.7	122.8	110.3	117.3
2. Short-term advances from customers	25.0	5.2	6.9	56.1
3. Taxes and other payables to state authorities	5.9	21.4	5.2	2.2
4. Payable to employees	39.3	4.3	3.7	8.1
5. Short-term acrrued expenses	0.9	1.1	1.4	1.1
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	0.2	0.4	0.3	0.3
9. Other short-term payables	69.2	71.7	97.4	111.2
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	8.6	27.7	27.8	19.2
12.. Bonus and welfare fund	25.3	15.4	26.6	16.6
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	5.3	4.8	3.8	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	—	0.0	0.0	0.0
7. Other long-term liabilities	5.3	4.8	3.8	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)	—	0.00	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)	230.7	221.1	222.0	215.4
I. Owner's equity	230.8	221.2	222.0	215.4
1. Owner's capital	68.0	68.0	68.0	68.0
- Common stock with voting right	68,000,000,000.00	68,000,000,000.00	68,000,000,000.00	68,000,000,000.00
- 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	128.7	128.7	128.7	125.0
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	34.1	24.5	25.3	22.4
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0
- Undistributed earnings in this period	34.1	24.5	25.3	22.4
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	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
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	491.1	495.9	505.4	547.5

Item	2025	2024	2023	2022
Profit Before Tax	—	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-8.1	-8.0	-4.2	-6.7
Other Operating Receipts	13.8	6.3	19.3	38.4
Other Operating Payments	-57.8	-28.9	-64.8	-77.4
Net Cash Flow from Operating Activities	-55.7	63.6	11.4	-15.8
Payments for Fixed Assets and Other Long-term Assets	-17.9	-8.0	-7.6	-6.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.1	0.7	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0
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	15.1	14.3	11.0	10.9
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	-2.8	6.4	4.2	4.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
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	-14.2	-24.4	-17.2	-28.1
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-14.2	-24.4	-17.2	-28.1
Net Cash Flow During the Period	-72.7	45.6	-1.6	-39.5
Cash and Cash Equivalents at Beginning of Period	101.9	56.2	57.8	97.3
FX Difference from Revaluation	0.0	0.0	-0.0	-0.0
Cash and Cash Equivalents at End of Period	29.2	101.9	56.2	57.8

Item	Q4'25
Corporate Income Tax Paid	-8.1
Other Operating Payments	-57.8
Net Cash Flow from Operating Activities	-55.7
Payments for Fixed Assets and Other Long-term Assets	-17.9
Dividends and Interest Income Received	15.1
Net Cash Flow from Investing Activities	-2.8
Dividends Paid	-14.2
Net Cash Flow from Financing Activities	-14.2
Net Cash Flow During the Period	-72.7
Cash and Cash Equivalents at Beginning of Period	101.9
FX Difference from Revaluation	0.0
Cash and Cash Equivalents at End of Period	29.2

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A32

What Is Changing

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency