Trailing net profit reached 18.9bn, rose 4.6bn compared with the same period last year. Key positives came from lower selling expenses, lower administrative expenses, and better other profit. Offsetting pressure came mainly from lower gross profit, higher tax, and higher finance costs. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 5.5% year on year — not from a single spike: quarterly growth stepped up from +5% to +11%.

3 of the last 4 quarters grew year on year.

Net margin stands at 0.79%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Is profit converting into cash?

High leverage combined with negative cash flow reveals the actual liquidity pressure. Operating cash flow reached -7.6bn against investing cash flow of -10.8bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +18.4bn. Financing cash flow was positive +18.3bn.

CFO / net income was 1,03 lần.

After spending +12.3bn on fixed-asset investment, the business generated trailing free cash flow of +7.3bn.

How much income is non-core?

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

Within that, net financial result at −14.1%, other profit at +0.2% of PBT.

ROIC expanded to 23.34%, rising 11.4pp. That translates to 23.34 in after-tax operating profit for every 100 units of operating capital. The main driver is capital turnover rose 12.05x — the business is generating more revenue per unit of capital, with NOPAT margin steady; with invested capital holding roughly steady.

Capital efficiency improved through turnover — a positive sign for asset efficiency, but this momentum needs to hold as capital expands.

Cash conversion cycle lengthened by 1.1 days versus the same period last year. The main moves came from DIO rose 1.9 days, DSO fell 5.1 days, and DPO fell 4.3 days.

Working capital cycle is flat — components are offsetting each other.

Leverage looks fairly comfortable, with net debt / equity at 0.19x and interest coverage at 6.73x.

At present, short-term debt accounts for 30.0% of total debt, cash equals 32.7% of debt, and total debt stands at 19.8bn.

The asset structure shows capital being allocated increasingly efficiently. Leverage is very high, with clear pressure on the capital structure — liabilities at 9.18x equity, net debt at 0.19x equity.

Inventory ended the period at 315.7bn, roughly 43.0% of total assets.

Over the last 12 months, working capital absorbed 17.5bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.