AIG

Nguyên liệu Á Châu AIG ·UPCOM ·2026Q1

▲▲ Improving positively

Earnings conversion is confirmed CFO/NPAT 1.16x

Price

51,500

Latest close

03 Jun 2026

P/E 8.64x

P/B 1.12x

EPS 5,963

BVPS 46,082

ROE 14.7%

ROA 9.1%

Profit Margin 6.4%

Asset Turnover 1.41x

Equity Mult. 1.63x

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

What Is Changing

On a TTM 2026Q1 basis, AIG is growing strongly on the back of scale expansion, while margins have only improved slightly — profit is at an all-time high. What is still missing is the ability to translate this revenue momentum into more visible margin improvement.

	                            
	                                TTM REVENUE
	                            
	                                    VND 16,204bn
	                                
+26.2%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1,268bn
	                                
+44.2%YoY

Metric	2025	2024	2023	2022
Revenue	15,458.8	12,386.5	11,915.4	12,884.7
Growth	+25%	+4%	-8%	—
Net Income	1,059.1	836.3	787.0	795.2
Net Margin	6.85%	6.75%	6.60%	6.17%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	3,983.4	4,429.8	4,126.0	3,664.4	3,349.2	3,495.6	3,112.0	2,887.1
Growth	-10%	+7%	+13%	+9%	-4%	+12%	+8%	—
Net Income	398.1	316.3	306.7	247.5	252.8	207.1	202.7	217.2
Net Margin	9.99%	7.14%	7.43%	6.75%	7.55%	5.92%	6.51%	7.52%

Drivers of AIG's profit

TTM

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

Gross profit ↑ 607.6bn

Financial income ↑ 80.2bn

Selling expenses ↑ 108.3bn

Minority interests ↑ 85.1bn

Administrative expenses ↑ 76.8bn

Tax ↑ 56.4bn

TTM

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

Gross profit ↑ 227.4bn

Financial income ↑ 10.4bn

Minority interests ↑ 44.6bn

Selling expenses ↑ 33.6bn

Tax ↑ 17.5bn

Finance costs ↑ 14.1bn

Financial Highlights

Detailed analysis of each financial dimension

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 edged up to 7.83%, rising 1.0pp. The main driver is Gross margin rose 0.5pp and SG&A / Revenue fell 0.5pp, moving in line with the stronger net margin (in addition, Net financial result / Revenue rose 0.2pp added support while Other profit / Revenue fell 0.1pp remained a drag).

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

Profitability trend

Net Margin 7.83% +1.0pp

Gross Margin 16.23% +0.5pp

SG&A / Revenue 7.27% −0.5pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 14.04%. Track NOPAT margin and capital turnover to assess capital efficiency.

CAPITAL EFFICIENCY TREND

ROIC 14.04% —

NOPAT Margin 7.85% +1.1pp

Capital Turnover 1.79x —

Average Invested Capital 9,065.7bn —

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.63x equity, net debt at 0.19x equity.

Inventory ended the period at 3,211.7bn, roughly 26.3% of total assets.

Over the last 12 months, working capital absorbed 69.9bn of cash, mainly because of higher inventories. Part of that drag was offset by lower receivables and higher payables.

Working Capital Drivers

Receivables decreased → higher CFO: +67.5bn

Inventories increased → lower CFO: −140.7bn

Payables increased → higher CFO: +3.3bn

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 41.5 days —

Inventory 80.4 days —

Payables 33.8 days —

Cash Conversion Cycle 88.1 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 0.19x and interest coverage at 8.17x.

At present, short-term debt accounts for 92.6% of total debt, cash equals 37.8% of debt, and total debt stands at 2,337.9bn.

Watchpoints

Short-term refinancing pressure is meaningful

Short-term debt accounts for 92.6% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.19x −0.22x

Interest Coverage 8.17x +1.17x

Cash / Debt 37.8% +22.3pp

Short-term Debt / Total Debt 92.6% −1.9pp

CFO / NI 1.16x +1.01x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 432.6bn in 2025, against investing cash flow of -71.5bn.

Post-investment cash flow was positive +361.1bn. Financing cash flow was negative +427.6bn.

CFO / net income was 1.16x.

After spending +335.8bn on fixed-asset investment, the business generated trailing free cash flow of +867.0bn.

Cash Conversion

CFO TTM 1,202.9bn +1,093.9bn

Cash Capex 335.8bn −179.9bn

FCF TTM +867.0bn +1,273.8bn

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: earnings conversion looks more confirmed, with CFO / net income at 1.16x.

Statement Data

Item	2025	2024	2023	2022
Revenue	15,522.6	12,425.5	11,975.8	12,925.4
Revenue Deductions	63.8	38.9	60.4	40.6
Net Revenue	15,458.8	12,386.5	11,915.4	12,884.7
Cost of Goods Sold	13,061.9	10,421.7	10,096.6	11,050.8
Gross Profit	2,396.9	1,964.9	1,818.7	1,833.9
Financial Income	247.2	178.9	161.8	145.3
Financial Expenses	171.9	151.1	148.7	157.1
Interest Expense	145.2	111.3	123.2	113.5
Share of Associates and Joint Ventures	29.4	16.2	2.4	1.8
Selling Expenses	475.7	381.8	347.7	371.2
General and Administrative Expenses	693.7	592.4	535.6	506.8
Operating Profit	1,332.2	1,034.7	950.9	945.9
Other Income	9.7	12.6	11.9	13.0
Other Expenses	26.1	5.4	3.3	2.2
Other Profit	-16.4	7.2	8.6	10.8
Profit Before Tax	1,315.8	1,041.9	959.5	956.7
Current Income Tax Expense	247.4	210.6	172.0	161.7
Deferred Income Tax Expense	9.3	-5.1	0.5	-0.2
Net Income	1,059.1	836.3	787.0	795.2
Non-controlling Interest	157.0	132.0	135.2	127.5
Profit Attributable to Parent	902.1	704.3	651.7	667.7
Earnings per Share	5,137.00	3,970.00	3,661.00	3,735.00
Diluted EPS	5,137.00	3,970.00	3,661.00	3,735.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,715.7	7,441.5	7,007.9	5,690.5
I. Cash and cash equivalents	671.4	730.8	383.3	472.5
1. Cash	390.9	369.7	183.1	148.8
2. Cash equivalents	280.5	361.2	200.2	323.7
II. Short-term financial investments	2,128.7	1,938.9	2,548.2	437.0
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	2,128.7	1,938.9	2,548.2	437.0
III. Short-term receivables	2,443.9	1,918.7	1,762.3	1,963.1
1. Short-term trade accounts receivable	2,226.0	1,668.2	1,518.7	1,751.8
2. Short-term prepayments to suppliers	131.1	216.6	162.1	154.0
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	195.6	61.9	100.5	73.4
7. Provision for short-term doubtful debts (*)	-108.8	-28.1	-19.0	-16.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	3,211.7	2,666.3	2,193.1	2,671.4
1. Inventories	3,266.4	2,706.6	2,242.2	2,740.8
2. Provision for decline in value of inventories	-54.7	-40.3	-49.1	-69.4
V. Other short-term assets	260.0	186.8	121.1	146.5
1. Short-term prepayments	34.6	24.3	14.0	12.1
2. Value added tax to be reclaimed	220.6	161.5	106.5	125.1
3. Taxes and other receivables from state authorities	4.7	1.0	0.5	9.2
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)	3,493.6	3,101.3	2,499.1	2,256.5
I. Long-term receivables	2.7	1.7	4.6	6.6
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	2.7	1.7	4.6	6.6
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	2,338.4	1,438.1	1,254.1	1,299.3
1. Tangible fixed assets	1,835.8	1,406.0	1,224.5	1,268.2
- Cost	2,877.6	2,231.4	1,934.8	1,860.8
- Accumulated depreciation	-1,041.8	-825.4	-710.3	-592.5
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	502.6	32.1	29.6	31.0
- Cost	539.1	48.8	42.9	41.4
- Accumulated depreciation	-36.4	-16.7	-13.3	-10.4
III. Investment properties	110.0	110.0	0.0	0.0
- Cost	110.0	110.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	134.0	176.7	188.9	71.3
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	134.0	176.7	188.9	71.3
V. Long-term financial investments	182.4	553.3	238.4	234.1
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	96.1	552.4	237.3	232.3
3. Investments in other entities	84.2	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	2.1	0.9	1.1	1.8
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	726.0	821.4	813.1	645.2
1. Long-term prepayments	660.6	821.4	813.1	645.2
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	65.4	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	12,209.2	10,542.8	9,507.0	7,947.0
A. LIABILITIES (300=210+330)	4,726.1	4,530.3	4,035.7	3,197.7
I. Short -term liabilities	4,410.8	4,427.7	3,956.9	3,137.3
1. Short-term trade accounts payable	1,335.4	1,182.9	1,052.1	867.3
2. Short-term advances from customers	62.1	32.6	21.1	22.1
3. Taxes and other payables to state authorities	73.6	73.5	51.9	51.9
4. Payable to employees	2.3	3.0	2.6	3.1
5. Short-term acrrued expenses	192.2	171.9	183.2	150.9
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	0.4	0.4
9. Other short-term payables	7.4	6.8	16.3	2.8
10. Short-term borrowings and financial leases	2,498.6	2,749.0	2,448.3	1,881.8
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	239.2	208.1	181.1	157.1
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	315.3	102.6	78.8	60.4
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	0.5	0.9
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	193.6	82.4	53.1	34.9
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	114.1	13.8	18.8	18.3
12. Provision for long-term liabilities	7.7	6.4	6.3	6.3
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)	7,483.2	6,012.5	5,471.3	4,749.3
I. Owner's equity	7,483.2	6,012.5	5,471.3	4,749.3
1. Owner's capital	1,706.0	1,706.0	1,706.0	1,706.0
- Common stock with voting right	1,706,012,980,000.00	1,706,012,980,000.00	1,706,012,980,000.00	1,706,012,980,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	174.0	174.0	174.0	174.0
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	13.2	9.4	4.0	1.7
8. Investment and development fund	29.9	29.9	29.9	29.9
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	4,135.7	3,258.0	2,703.0	2,080.4
- Accumulated retained earning at the end of the previous period	3,258.0	2,703.0	2,080.4	1,443.3
- Undistributed earnings in this period	877.7	555.0	622.5	637.2
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	1,424.4	835.2	854.4	757.3
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)	12,209.2	10,542.8	9,507.0	7,947.0

Item	2025	2024	2023	2022
Profit Before Tax	1,315.8	1,041.9	959.5	956.7
Depreciation of Fixed Assets and Investment Property	194.5	135.4	125.7	111.4
Provision (Increase)/Reversal	56.8	0.2	-17.3	27.3
FX Gain/Loss from Revaluation of Monetary Items	-1.2	1.2	0.0	-0.7
Gain/Loss from Investment Activities	-189.2	-145.9	-102.9	-75.6
Interest Expense	145.2	111.3	123.2	113.5
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	1,521.8	1,144.0	1,088.2	1,132.6
Increase/(Decrease) in Receivables	-281.9	-127.0	219.0	-596.8
Increase/(Decrease) in Inventory	-451.0	-464.4	498.6	-694.2
Increase/(Decrease) in Payables (Excl. Interest and CIT)	87.7	118.4	246.9	-220.8
Increase/(Decrease) in Prepaid Expenses	-15.8	-18.6	-169.8	-148.8
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-153.4	-102.9	-131.0	-104.8
Corporate Income Tax Paid	-272.9	-188.6	-167.8	-154.8
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-2.0	-1.1	-0.8	-1.1
Net Cash Flow from Operating Activities	432.6	360.0	1,583.3	-788.6
Payments for Fixed Assets and Other Long-term Assets	-366.8	-515.8	-196.6	-250.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	26.4	5.7	3.2	0.8
Loans and Purchases of Debt Instruments	-2,072.9	-2,035.6	-2,881.1	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,908.9	2,645.0	770.6	696.9
Investments in Other Entities	58.7	-544.7	-11.2	-224.5
Proceeds from Investments in Other Entities	240.8	2.8	0.0	243.2
Dividends and Interest Income Received	133.4	134.9	75.3	61.3
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	-71.5	-307.7	-2,239.8	527.3
Proceeds from Equity Issuance and Capital Contributions	68,118,850,000.00	11,780,000,000.00	0.00	33,917,000,000.00
Share Repurchases	-17,400,000.00	-1,382,320,000.00	0.00	0.00
Proceeds from Borrowings	10,986.7	8,803.8	7,206.2	8,757.8
Repayment of Borrowings	-11,388.0	-8,475.0	-6,621.8	-8,503.7
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-94.4	-49.6	-19.6	-47.6
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-427.6	289.6	564.8	240.4
Net Cash Flow During the Period	-66.5	341.9	-91.8	-20.9
Cash and Cash Equivalents at Beginning of Period	730.8	383.3	472.5	488.6
FX Difference from Revaluation	7.1	5.7	2.5	4.8
Cash and Cash Equivalents at End of Period	671.4	730.8	383.3	472.5

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	3,997.5	4,462.1	4,135.5	3,682.4	3,353.9	3,509.2	3,123.9	2,895.6
Revenue Deductions	14.1	32.2	9.5	18.0	4.8	13.6	11.9	8.4
Net Revenue	3,983.4	4,429.8	4,126.0	3,664.4	3,349.2	3,495.6	3,112.0	2,887.1
Cost of Goods Sold	3,227.3	3,779.6	3,456.9	3,110.7	2,820.5	2,944.1	2,643.4	2,414.3
Gross Profit	756.1	650.2	669.1	553.7	528.7	551.5	468.5	472.9
Financial Income	49.4	109.4	43.5	58.2	39.0	45.7	42.1	53.5
Financial Expenses	49.4	45.5	46.1	47.9	35.3	46.5	35.7	37.1
Interest Expense	42.3	35.6	41.5	37.7	30.5	30.3	30.4	25.9
Share of Associates and Joint Ventures	-0.3	-0.3	9.3	12.3	10.8	6.0	11.3	0.0
Selling Expenses	130.1	136.4	128.4	109.6	96.5	114.6	89.7	95.4
General and Administrative Expenses	147.1	204.4	161.3	161.3	136.3	189.0	145.8	126.3
Operating Profit	478.6	372.9	386.1	305.4	310.4	253.0	250.7	267.7
Other Income	0.4	7.9	4.5	3.2	1.5	4.5	2.5	1.7
Other Expenses	1.0	19.0	0.9	0.3	0.2	2.7	0.2	-0.2
Other Profit	-0.6	-11.1	3.6	2.9	1.3	1.8	2.3	1.9
Profit Before Tax	478.1	361.8	389.7	308.4	311.7	254.8	252.9	269.6
Current Income Tax Expense	79.1	45.1	81.3	61.9	61.6	47.1	50.2	52.1
Deferred Income Tax Expense	0.9	0.4	1.7	-0.9	-2.7	0.6	0.1	0.3
Net Income	398.1	316.3	306.7	247.5	252.8	207.1	202.7	217.2
Non-controlling Interest	86.4	39.1	59.0	42.9	41.8	31.3	31.4	37.9
Profit Attributable to Parent	311.7	277.1	247.7	204.5	211.0	175.8	171.3	179.3
Earnings per Share	1,827.00	1,589.00	1,413.00	1,134.00	1,237.00	1,030.56	1,004.11	1,050.91
Diluted EPS	1,827.04	1,624.40	1,451.85	1,198.99	1,237.00	1,030.56	1,004.11	1,050.91

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	8,594.4	8,745.1	8,355.9	8,526.1	7,740.8	7,443.5	6,889.4	6,885.4
I. Cash and cash equivalents	883.2	585.2	418.0	673.4	466.8	730.6	310.8	451.7
1. Cash	698.8	390.9	324.8	368.8	336.6	369.5	209.4	363.9
2. Cash equivalents	184.4	194.3	93.2	304.5	130.2	361.2	101.5	87.8
II. Short-term financial investments	2,151.5	2,216.1	1,968.3	2,191.4	2,262.5	1,938.9	1,957.8	2,114.3
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	2,151.5	2,216.1	1,968.3	2,191.4	2,262.5	1,938.9	1,957.8	2,114.3
III. Short-term receivables	2,212.7	2,479.9	2,524.0	2,076.4	1,987.0	1,917.3	1,932.5	1,694.4
1. Short-term trade accounts receivable	1,964.0	2,236.4	2,113.6	1,846.7	1,724.2	1,667.4	1,652.0	1,414.0
2. Short-term prepayments to suppliers	206.4	245.0	305.3	182.9	207.6	214.6	204.5	140.1
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	—	—	60.0	—	—	0.0	0.0	0.0
6. Other short-term receivables	134.8	82.1	123.4	96.5	83.2	62.7	94.9	159.0
7. Provision for short-term doubtful debts (*)	-92.5	-83.6	-78.3	-49.7	-28.1	-27.4	-19.0	-18.7
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0
IV. Inventories	3,066.6	3,201.3	3,200.9	3,356.8	2,824.2	2,670.4	2,516.5	2,472.5
1. Inventories	3,113.7	3,253.1	3,241.4	3,396.6	2,864.2	2,710.7	2,564.2	2,520.5
2. Provision for decline in value of inventories	-47.1	-51.8	-40.5	-39.8	-40.0	-40.3	-47.8	-48.0
V. Other short-term assets	280.3	262.6	244.9	228.1	200.2	186.3	171.8	152.5
1. Short-term prepayments	40.6	37.1	39.7	32.9	31.6	23.2	25.0	24.0
2. Value added tax to be reclaimed	237.4	220.0	203.6	194.6	167.6	161.1	145.9	127.1
3. Taxes and other receivables from state authorities	2.3	5.5	1.6	0.6	1.0	2.0	0.9	1.4
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)	3,496.1	3,510.9	3,380.7	3,174.0	3,163.8	3,100.8	2,951.2	2,820.7
I. Long-term receivables	2.7	2.7	3.0	1.7	1.7	1.7	1.9	2.1
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	2.7	2.7	3.0	1.7	1.7	1.7	1.9	2.1
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0
II. Fixed assets	2,365.2	2,347.9	1,976.3	1,552.3	1,421.7	1,436.5	1,291.5	1,305.1
1. Tangible fixed assets	1,870.1	1,845.3	1,808.2	1,521.0	1,390.0	1,404.4	1,263.3	1,276.2
- Cost	2,959.9	—	—	—	—	2,235.9	2,067.1	2,047.3
- Accumulated depreciation	-1,089.8	—	—	—	—	-831.5	-803.8	-771.2
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	495.1	502.6	168.2	31.3	31.7	32.1	28.1	28.9
- Cost	539.4	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	-44.4	—	—	—	—	0.0	0.0	0.0
III. Investment properties	110.0	110.0	110.0	110.0	110.0	0.0	0.0	0.0
- Cost	110.0	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0
IV. Long-term assets in progress	88.5	137.0	135.0	249.5	358.8	176.7	178.4	136.8
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0
2. Construction in progress	88.5	137.0	135.0	249.5	358.8	176.7	178.4	136.8
V. Long-term financial investments	209.3	181.4	132.8	442.1	451.6	554.5	548.6	440.8
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	95.8	96.2	129.9	440.9	450.4	553.6	547.7	439.4
3. Investments in other entities	111.4	84.2	1.6	—	—	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	2.1	0.9	1.2	1.2	1.2	0.9	0.9	1.4
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0
VI. Other long-term assets	720.3	731.9	1,023.6	818.4	820.0	931.4	930.8	936.0
1. Long-term prepayments	656.7	668.4	844.4	818.4	820.0	931.4	930.8	936.0
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	63.6	63.5	179.2	—	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	12,090.5	12,256.0	11,736.7	11,700.2	10,904.6	10,544.3	9,840.6	9,706.1
A. LIABILITIES (300=210+330)	4,228.9	4,719.8	4,695.5	5,271.4	4,638.0	4,523.4	4,025.3	4,069.6
I. Short -term liabilities	3,932.5	4,414.6	4,460.0	5,038.7	4,453.0	4,419.7	3,956.2	4,009.4
1. Short-term trade accounts payable	1,283.9	1,335.7	1,233.5	1,322.8	1,230.9	1,185.1	995.3	1,087.8
2. Short-term advances from customers	69.1	61.0	38.9	29.0	26.8	32.6	29.9	18.6
3. Dividends and profits payable	8.0	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	90.9	75.8	101.7	104.4	71.0	67.2	71.0	69.2
4. Payable to employees	2.3	3.3	9.5	0.9	3.0	3.0	2.3	3.6
5. Short-term acrrued expenses	74.2	191.0	124.2	96.6	58.1	172.0	136.1	122.2
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	0.0	0.0	0.4	0.4
9. Other short-term payables	9.2	7.5	14.9	80.7	7.5	6.4	18.6	32.1
10. Short-term borrowings and financial leases	2,164.0	2,497.8	2,708.4	3,185.1	2,847.7	2,748.1	2,502.9	2,482.2
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0
12.. Bonus and welfare fund	230.9	242.4	229.0	219.3	207.9	205.4	199.6	193.2
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0
II. Long-term liabilities	296.4	305.2	235.5	232.7	185.1	103.7	69.1	60.2
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	0.3	0.4
7. Other long-term liabilities	—	—	—	—	0.1	0.0	0.0	0.0
8. Long-term borrowings and financial leases	173.9	194.3	203.5	216.4	167.6	82.4	48.2	39.4
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00
11. Deferred income tax liabilities	115.0	103.2	25.7	10.1	11.1	14.9	14.3	14.2
12. Provision for long-term liabilities	7.5	7.7	6.3	6.3	6.3	6.4	6.3	6.3
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)	7,861.6	7,536.2	7,041.2	6,428.7	6,266.6	6,020.9	5,815.3	5,636.5
I. Owner's equity	7,861.6	7,536.2	7,041.2	6,428.7	6,266.6	6,020.9	5,815.3	5,636.5
1. Owner's capital	1,706.0	1,706.0	1,706.0	1,706.0	1,706.0	1,706.0	1,706.0	1,706.0
- Common stock with voting right	1,706,012,980,000.00	1,706,012,980,000.00	1,706,012,980,000.00	1,706,012,980,000.00	1,706,012,980,000.00	1,706,012,980,000.00	1,706,012,980,000.00	1,706,012,980,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00
2. Share premium	174.0	174.0	174.0	174.0	174.0	174.0	174.0	174.0
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	13.4	13.2	13.6	12.7	10.2	9.4	5.1	10.2
8. Investment and development fund	29.9	29.9	29.9	29.9	29.9	29.9	29.9	29.9
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	4,446.5	4,158.6	3,891.5	3,658.7	3,465.3	3,264.3	3,095.6	2,931.4
- Accumulated retained earning at the end of the previous period	4,135.7	3,258.0	3,258.0	3,258.0	3,258.0	2,703.0	2,703.0	2,703.0
- Undistributed earnings in this period	310.8	900.6	633.4	400.6	207.2	561.3	392.6	228.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0
13. Minority's interest	1,491.7	1,454.5	1,226.2	847.5	881.2	837.3	804.7	785.0
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)	12,090.5	12,256.0	11,736.7	11,700.2	10,904.6	10,544.3	9,840.6	9,706.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Profit Before Tax	478.1	318.2	389.7	296.2	311.7	254.8	252.9	534.5
Depreciation of Fixed Assets and Investment Property	59.3	67.1	50.3	39.9	37.1	36.1	34.0	64.9
Provision (Increase)/Reversal	-24.1	46.1	-10.0	21.1	-0.4	1.0	-0.3	-1.1
FX Gain/Loss from Revaluation of Monetary Items	—	-1.2	—	-0.1	—	0.3	0.1	-0.1
Gain/Loss from Investment Activities	-24.5	-67.5	-37.5	-47.2	-37.0	-39.8	-36.2	-69.3
Interest Expense	42.3	35.4	41.5	37.7	30.5	30.3	30.4	50.6
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	531.1	398.2	434.0	347.6	342.0	282.7	280.9	579.5
Increase/(Decrease) in Receivables	219.1	96.0	-174.7	-72.9	-130.3	-35.0	-226.1	136.5
Increase/(Decrease) in Inventory	152.7	-25.2	248.3	-516.5	-157.6	-146.4	-17.1	-304.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-174.1	147.4	-104.4	134.5	-89.7	219.3	-89.8	-10.1
Increase/(Decrease) in Prepaid Expenses	-2.0	5.2	-15.4	0.4	-5.9	1.2	4.2	-132.9
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0
Interest Paid	-43.7	-36.3	-41.9	-35.0	-40.2	-27.2	-27.5	-48.1
Corporate Income Tax Paid	-44.8	-90.6	-69.2	-54.5	-58.6	-54.8	-45.5	-88.4
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0
Other Operating Payments	-8.3	-1.2	-0.5	-0.2	-0.2	-0.2	-0.5	-0.4
Net Cash Flow from Operating Activities	629.8	493.4	276.3	-196.6	-140.5	239.4	-121.4	131.3
Payments for Fixed Assets and Other Long-term Assets	-79.0	-91.0	-62.6	-103.1	-110.0	-161.9	-113.1	-130.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.5	13.7	6.3	5.3	1.1	2.9	0.4	2.4
Loans and Purchases of Debt Instruments	-628.0	-883.8	-239.0	-411.6	-538.4	-859.3	-398.0	-778.3
Receipts from Loan Repayments and Sale of Debt Instruments	645.4	722.5	489.2	482.7	214.5	878.2	555.0	1,211.8
Investments in Other Entities	-30.6	—	—	—	—	0.1	-100.1	-444.7
Proceeds from Investments in Other Entities	0.1	130.1	0.0	0.0	110.8	0.0	2.8	0.0
Dividends and Interest Income Received	37.0	44.5	29.9	45.6	13.4	49.3	34.3	51.5
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	-53.6	-64.2	282.5	18.8	-308.7	-90.7	-18.8	-87.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	11,780,000,000.00
Share Repurchases	—	—	—	—	—	0.00	-1,350,000,000.00	-32,320,000.00
Proceeds from Borrowings	2,066.3	2,600.8	2,620.1	3,056.7	2,709.2	2,481.8	2,140.4	4,181.6
Repayment of Borrowings	-2,420.5	-2,822.0	-3,370.0	-2,670.8	-2,525.2	-2,202.7	-2,110.9	-4,161.4
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0
Dividends Paid	-10.3	-24.3	-66.1	-4.1	-0.0	-12.6	-23.5	-13.4
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-364.6	-178.5	-815.2	381.8	184.3	266.5	4.6	18.5
Net Cash Flow During the Period	211.6	250.8	-256.4	204.0	-264.9	415.3	-135.5	61.9
Cash and Cash Equivalents at Beginning of Period	671.4	418.0	673.4	466.8	730.8	383.3	383.3	383.3
FX Difference from Revaluation	0.2	7.1	4.4	3.4	0.9	4.5	-5.3	6.5
Cash and Cash Equivalents at End of Period	883.2	671.4	418.0	673.4	466.8	730.6	310.8	451.7

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AIG

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