Trailing net profit reached 127.7bn, rose 86.0bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher administrative expenses, higher minority interests, and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 35.4% year on year — but the quarterly pace is slowing (+42% → +35%).

4 of the last 4 quarters grew year on year.

Net margin expanded to 6.49%, rising 2.8pp. The main driver is Gross margin rose 1.6pp and SG&A / Revenue fell 0.6pp, moving in line with the stronger net margin.

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

Is profit converting into cash?

With leverage safe, cash flow shows the self-funding capacity. Operating cash flow reached 220.0bn against investing cash flow of -343.6bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +123.6bn. Financing cash flow was positive +167.4bn.

CFO / net income was 3,04 lần.

After spending +516.2bn on fixed-asset investment, the business generated trailing free cash flow of −127.3bn.

How much income is non-core?

About 100% of pre-tax profit comes from core operations.

Within that, net financial result at −0.2%, other profit at +0.2% of PBT.

ROIC expanded to 6.53%, rising 3.7pp. That translates to 6.53 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 2.8pp and capital turnover rose 0.23x, with invested capital easing up by 117bn — capital-return quality improved from both sides.

NOPAT margin expansion has lifted ROIC above the deposit-rate threshold but below typical cost of equity — more same-direction periods are needed to confirm a structural shift.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 9.8 days versus the same period last year. The main moves came from DIO fell 0.4 days, DSO fell 8.8 days, and DPO rose 0.6 days.

All 3 drivers (collection, inventory, payables) are improving — working capital turnover is strengthening across the board.

Leverage is balanced for now, with net debt / equity at 0.27x and interest coverage at 3.88x.

At present, short-term debt accounts for 35.1% of total debt, cash equals 40.1% of debt, and total debt stands at 1,000.4bn.

The asset structure shows capital being allocated increasingly efficiently. Capital structure is conservative with low leverage — liabilities at 0.72x equity, net debt at 0.27x equity.

None

Over the last 12 months, working capital released 109.2bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.