Analysis of business results & financial statements · Quý 4/2025
Trailing net profit reached 575.1bn, fell 575.8bn compared with the same period last year. Offsetting pressure came mainly from higher administrative expenses and weaker other profit. Detailed impact is shown below:
See what is changing ↓- P/E
- -62.92x
- P/B
- 2,502.48x
- EPS
- -9,536
- BVPS
- 240
- ROE
- -177.8%
- ROA
- -157.3%
- Market price
- 600,000 16 Oct 2026
The current picture
What is changing?
Profit bridge
Vs last year · TTM
- Administrative expenses
- Other profit
Across periods
A single data point, or a trajectory?
Latest eight quarters · Quý 4/2025
| Metric | Q4'25 | Q3'25 | Q2'25 | Q2'22 | Q1'22 | Q4'21 | Q3'21 | Q2'21 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 8.0 | 8.9 | — | 9.5 | 8.4 | 27.2 | 3.8 | 3.4 |
| LNST | 0.8 | 4.0 | -580.0 | 0.1 | 0.2 | 0.3 | 0.1 | 0.1 |
| Net margin | 9.54% | 44.97% | — | 1.20% | 1.90% | 1.24% | 2.25% | 1.99% |
Revenue
8bnNet income
1bnNet margin
9.54%Inside the statements
A closer look at what is happening inside the business
A company's statements are read with the questions that fit its type of business.
Is the profit sustainable?
Margins are broadly flat — earnings quality is the factor to watch.
What is driving the margin?
●Track net margin changes and the operating components against the same period last year.
None
- Net Margin
- −3768.24% −3769.9pp
- Gross Margin
- None
- SG&A / Revenue
- None
Is capital being used efficiently?
Evaluate capital, asset, and working-capital efficiency.
Balance Sheet
●Balance sheet is exceptionally sound — liabilities at -11.44x equity, with a net cash position equivalent to 0.05x equity.
Inventory ended the period at 103.1bn, roughly 400.9% of total assets.
Over the last 12 months, working capital released 0.0bn of cash.
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.
Is financial risk significant?
Financial risk is low — the company has net cash and CFO reached 12.3bn.
Leverage & Liquidity
▲Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.
At present, short-term debt accounts for 100.0% of total debt, cash equals 105.4% of debt, and total debt stands at 12.4bn.
Short-term debt accounts for 100.0% of total debt, raising near-term refinancing needs.
- Net Debt / Equity
- −0.05x
- Interest Coverage
- None
- Cash / Debt
- 105.4%
- Short-term Debt / Total Debt
- 100.0%
In summary
Research synthesis
What this reporting period is showing
The business does not yet provide a clear enough conclusion — not due to lack of data, but because the industry's nature makes many indicators prone to cyclical distortion. The reasonable reading is to keep the thesis in wait-for-confirmation mode. The brighter spot is balance-sheet flexibility, with net cash/equity at about −0.05x. The next item to monitor is the earnings mix, when non-core contribution is 21.3%.
- Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.05x of equity.
- Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 21.3% of PBT.
What to verify next
Questions for the next period
Durability of revenue growth into the next cycle.
Ability to hold margins around the current -3768.24% level.
Cash-flow quality, with operating cash flow currently at 12.3bn in 2025.
From one stock to the whole portfolio
Where does this stock stand
among the rest of your investments?
Each stock is only one part of the wider picture. Looking at investments side by side makes their contribution, risks and opportunities across the portfolio clearer.
How much does this stock
contribute to the portfolio?
Its weight and influence across the assets held for investment.
Is the portfolio
well balanced?
How holdings, sectors and asset groups are distributed in relation to overall risk.
What other opportunities
or risks may be present?
What becomes visible only when investments are viewed together rather than one ticker at a time.