Trailing net profit reached 44.6bn, rose 20.3bn compared with the same period last year. Key positives came from higher gross profit. Offsetting pressure came mainly from higher selling expenses and higher tax. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 15.2% year on year — not from a single spike: quarterly growth stepped up from −6% to +58%.

2 of the last 4 quarters grew year on year.

Net margin edged up to 1.04%, rising 0.4pp. The main driver is Gross margin rose 0.5pp, 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 35.7bn against investing cash flow of -5.3bn (annual cash-flow figures for 2025).

Post-investment cash flow was positive +30.5bn. Financing cash flow was negative +21.0bn.

CFO / net income was 1,10 lần.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

How much income is non-core?

About 96% of pre-tax profit comes from core operations.

Within that, net financial result at +3.1%, other profit at +0.8% of PBT.

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 3.8 days versus the same period last year. The main moves came from DIO fell 2.8 days, DSO fell 0.9 days, and DPO rose 0.2 days.

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

Leverage looks fairly comfortable, with net debt / equity at −0.32x and interest coverage at 96.25x.

Debt maturity and the cash buffer remain the two key areas to monitor.

Some leverage signals are missing, so the current read should be treated as contextual.

Balance sheet is exceptionally sound — liabilities at 0.13x equity, with a net cash position equivalent to 0.32x equity.

Inventory ended the period at 53.9bn, roughly 11.2% of total assets.

Over the last 12 months, working capital released 9.0bn of cash, mainly thanks to lower inventories and higher payables. Pressure from higher receivables only partly offset that benefit.