FHS

Phát hành Sách Thành phố Hồ Chí Minh ·UPCOM ·2026Q1

● Maintaining

Financial result is supporting part of pre-tax profit Net financial result/PBT 26.60%

Price

35,000

Latest close

14 May 2026

P/E 7.32x

P/B 1.74x

EPS 4,780

BVPS 20,075

ROE 24.9%

ROA 3.9%

Profit Margin 1.4%

Asset Turnover 2.82x

Equity Mult. 6.33x

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

What Is Changing

On a TTM 2026Q1 basis, FHS posted slightly higher revenue but margins narrowed — the two forces offset each other, leaving the overall picture largely unchanged — the growth momentum has held across consecutive periods. What remains unclear is which side will dominate in coming periods.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4,414bn
	                                
+6.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 62bn
	                                
+4.5%YoY

Metric	2025	2024	2023	2022
Revenue	4,325.1	4,093.5	3,996.7	3,923.6
Growth	+6%	+2%	+2%	—
Net Income	58.9	57.7	56.6	36.6
Net Margin	1.36%	1.41%	1.42%	0.93%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	860.2	814.2	1,526.9	1,212.3	771.7	760.8	1,485.9	1,113.2	714.6	738.9	1,431.6	1,127.8
Growth	+6%	-47%	+26%	+57%	+1%	-49%	+33%	+56%	-3%	-48%	+27%	—
Net Income	18.1	17.6	17.9	8.1	15.8	19.9	16.4	7.0	15.5	19.2	15.0	7.0
Net Margin	2.11%	2.16%	1.17%	0.67%	2.05%	2.61%	1.10%	0.63%	2.17%	2.60%	1.05%	0.62%

Drivers of FHS's profit

TTM

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

Gross profit ↑ 118.7bn

Selling expenses ↑ 89.4bn

Administrative expenses ↑ 19.1bn

Financial income ↓ 4.5bn

Other profit ↓ 2.2bn

TTM

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

Gross profit ↑ 29.3bn

Financial income ↑ 0.3bn

Selling expenses ↑ 22.5bn

Administrative expenses ↑ 2.6bn

Other profit ↓ 1.6bn

Tax ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 25.9% = 1.4% × 2.92 × 6.20

2026Q1 25.0% = 1.4% × 2.82 × 6.33

ROE fell from 25.9% to 25.0% — asset turnover weakened the most, though leverage still provided support.

Net margin: 1.4% -0.0pp Asset turnover: 2.82x -0.10x Leverage: 6.33x +0.13x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 1.40%, 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.

Profitability trend

Net Margin 1.40% −0.0pp

Gross Margin 26.53% +1.1pp

SG&A / Revenue 25.23% +0.9pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 1.40% +0.0pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Leverage is very high, with clear pressure on the capital structure — liabilities at 5.70x equity, with a net cash position equivalent to 0.18x equity.

Inventory ended the period at 867.3bn, roughly 54.4% of total assets.

Over the last 12 months, working capital released 73.1bn of cash, mainly thanks to lower receivables and higher payables. Pressure from higher inventories only partly offset that benefit.

Working Capital Drivers

Receivables decreased → higher CFO: +11.3bn

Inventories increased → lower CFO: −142.3bn

Payables increased → higher CFO: +204.2bn

Working Capital Efficiency

Cash conversion cycle lengthened by 0.0 days versus the same period last year. The main moves came from DIO rose 7.1 days, DSO fell 0.6 days, and DPO rose 6.5 days.

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

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +0.0 days, indicating weaker working-capital turnover versus the prior year.

Inventory turnover is slowing

DIO increased by +7.1 days, suggesting more capital is being tied up in inventories.

Working Capital Efficiency

Receivables 7.1 days −0.6 days

Inventory 98.1 days +7.1 days

Payables 135.2 days +6.5 days

Cash Conversion Cycle -30.0 days +0.0 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 44.7bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.18x and interest coverage at 139.28x.

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.

Leverage and liquidity trend

Net Debt / Equity -0.18x —

Interest Coverage 139.28x −122.05x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.70x +1.97x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 44.7bn in 2025, against investing cash flow of -7.5bn.

Post-investment cash flow was positive +37.2bn. Financing cash flow was negative +26.1bn.

CFO / net income was 1.70x.

After spending +2.5bn on fixed-asset investment, the business generated trailing free cash flow of +101.9bn.

Cash Conversion

CFO TTM 104.4bn +119.9bn

Cash Capex 2.5bn +1.4bn

FCF TTM +101.9bn +118.6bn

Investment Takeaway

The business is balanced but not yet fully stable — some components are moving the right way while others still need monitoring. This is a state to keep watching, with not enough signal to tilt the thesis either way. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.18x. The next item to monitor is the earnings mix, when non-core contribution is 26.6%.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.18x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.70x. Even so, net financial result still accounts for 26.6% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022
Revenue	4,327.1	4,097.3	4,000.7	3,977.6
Revenue Deductions	2.0	3.8	4.0	54.0
Net Revenue	4,325.1	4,093.5	3,996.7	3,923.6
Cost of Goods Sold	3,183.7	3,049.1	3,013.6	3,003.6
Gross Profit	1,141.4	1,044.4	983.1	920.0
Financial Income	20.8	28.1	26.4	11.8
Financial Expenses	0.6	0.3	0.2	0.2
Interest Expense	—	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	967.5	896.5	847.8	792.0
General and Administrative Expenses	121.2	105.1	93.4	95.0
Operating Profit	73.0	70.7	68.1	44.6
Other Income	2.2	1.9	2.9	1.3
Other Expenses	1.3	0.0	0.0	0.1
Other Profit	0.9	1.9	2.9	1.2
Profit Before Tax	73.8	72.5	70.9	45.8
Current Income Tax Expense	15.0	14.7	14.2	9.6
Deferred Income Tax Expense	-0.1	0.1	0.1	-0.4
Net Income	58.9	57.7	56.6	36.6
Non-controlling Interest	0.2	0.4	0.3	0.1
Profit Attributable to Parent	58.7	57.3	56.3	36.5
Earnings per Share	4,601.00	4,493.00	4,416.00	2,862.00
Diluted EPS	4,601.27	4,493.26	4,415.59	2,862.46

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,519.2	1,424.1	1,332.3	1,226.0
I. Cash and cash equivalents	109.1	98.0	47.0	53.1
1. Cash	107.1	96.0	47.0	53.1
2. Cash equivalents	2.0	2.0	0.0	0.0
II. Short-term financial investments	401.6	375.3	435.0	348.3
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	401.6	375.3	435.0	348.3
III. Short-term receivables	134.0	138.6	149.1	123.9
1. Short-term trade accounts receivable	105.1	96.6	113.1	103.9
2. Short-term prepayments to suppliers	20.4	33.2	35.9	19.9
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	8.8	8.9	0.2	0.2
7. Provision for short-term doubtful debts (*)	-0.2	-0.1	-0.1	-0.1
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	867.3	809.2	697.4	697.9
1. Inventories	867.3	809.2	697.4	697.9
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	7.1	3.1	3.7	2.8
1. Short-term prepayments	7.1	3.1	3.7	2.8
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
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)	74.9	72.9	87.1	71.7
I. Long-term receivables	37.0	30.8	27.1	24.1
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	37.0	30.8	27.1	24.1
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	37.2	40.7	44.8	46.8
1. Tangible fixed assets	27.6	30.8	34.9	37.0
- Cost	153.2	151.8	149.7	138.6
- Accumulated depreciation	-125.6	-121.0	-114.8	-101.5
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	9.6	9.8	9.8	9.8
- Cost	13.4	13.5	13.5	13.3
- Accumulated depreciation	-3.8	-3.7	-3.6	-3.5
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	13.5	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	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	—	0.0	13.5	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	0.7	1.4	1.8	0.8
1. Long-term prepayments	—	0.8	1.1	0.0
2. Deferred income tax assets	0.7	0.6	0.7	0.8
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	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,594.1	1,497.0	1,419.4	1,297.7
A. LIABILITIES (300=210+330)	1,356.2	1,275.2	1,216.5	1,122.5
I. Short -term liabilities	1,355.4	1,274.6	1,216.0	1,122.1
1. Short-term trade accounts payable	1,187.5	1,124.5	1,081.8	1,026.9
2. Short-term advances from customers	20.3	18.5	17.6	14.8
3. Taxes and other payables to state authorities	25.7	25.0	23.5	10.2
4. Payable to employees	74.8	73.2	74.8	62.1
5. Short-term acrrued expenses	0.3	0.0	0.8	0.0
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
9. Other short-term payables	2.6	5.2	3.6	3.5
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	44.2	28.2	13.9	4.6
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	0.8	0.6	0.4	0.4
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	0.0	0.0
7. Other long-term liabilities	0.6	0.3	0.2	0.1
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	0.3	0.3	0.3	0.3
12. Provision for long-term liabilities	—	0.0	0.0	0.0
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)	237.8	221.8	203.0	175.2
I. Owner's equity	237.8	221.8	203.0	175.2
1. Owner's capital	127.5	127.5	127.5	127.5
- Common stock with voting right	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
8. Investment and development fund	56.0	39.3	23.0	14.4
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	50.6	51.5	49.8	31.2
- Accumulated retained earning at the end of the previous period	2.2	1.9	1.1	2.4
- Undistributed earnings in this period	48.5	49.6	48.7	28.8
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	3.7	3.5	2.7	2.1
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)	1,594.1	1,497.0	1,419.4	1,297.7

Item	2025	2024	2023	2022
Profit Before Tax	73.8	72.5	70.9	45.8
Depreciation of Fixed Assets and Investment Property	5.3	13.0	14.8	19.7
Provision (Increase)/Reversal	0.1	0.0	0.0	-0.1
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	-22.9	-28.5	-27.7	-13.1
Interest Expense	—	0.0	0.0	0.0
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	56.4	57.0	58.0	52.4
Increase/(Decrease) in Receivables	-1.7	6.7	-28.2	-10.1
Increase/(Decrease) in Inventory	-58.2	-111.7	0.5	-55.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	80.9	58.2	82.8	184.8
Increase/(Decrease) in Prepaid Expenses	-3.3	0.9	-2.0	1.7
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-14.9	-14.2	-3.0	-7.7
Other Operating Receipts	19.4	18.7	14.3	2.1
Other Operating Payments	-34.0	-33.0	-18.2	-0.6
Net Cash Flow from Operating Activities	44.7	-17.3	104.2	166.8
Payments for Fixed Assets and Other Long-term Assets	-1.9	-8.9	-12.8	-10.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.4
Loans and Purchases of Debt Instruments	-765.6	-568.5	-611.9	-669.3
Receipts from Loan Repayments and Sale of Debt Instruments	739.3	642.1	509.3	496.8
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	20.7	26.6	24.8	10.5
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	-7.5	91.4	-90.5	-172.3
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	1.6	0.0
Repayment of Borrowings	—	0.0	-1.6	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-26.1	-23.1	-19.8	-7.7
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-26.1	-23.1	-19.8	-7.7
Net Cash Flow During the Period	11.1	51.0	-6.1	-13.2
Cash and Cash Equivalents at Beginning of Period	98.0	47.0	53.1	66.3
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	109.1	98.0	47.0	53.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	860.3	815.1	1,527.6	1,212.7	771.8	766.0	1,486.8	1,114.2	714.9	739.4	1,430.4	1,130.6
Revenue Deductions	0.1	0.9	0.7	0.4	0.1	5.1	0.8	1.0	0.2	0.6	-1.2	2.8
Net Revenue	860.2	814.2	1,526.9	1,212.3	771.7	760.8	1,485.9	1,113.2	714.6	738.9	1,431.6	1,127.8
Cost of Goods Sold	592.2	569.4	1,145.4	936.0	533.0	558.8	1,137.6	850.2	490.3	593.8	1,088.1	850.8
Gross Profit	268.0	244.8	381.6	276.3	238.7	202.0	348.3	262.9	224.4	145.1	343.5	277.0
Financial Income	7.8	3.2	7.2	2.9	7.5	7.5	8.2	2.4	10.3	9.3	7.1	1.2
Financial Expenses	0.1	0.4	0.1	0.1	0.1	0.1	0.0	0.1	0.0	0.0	0.0	0.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	227.0	204.8	321.6	236.7	204.5	172.0	299.0	225.1	195.2	129.6	297.6	234.5
General and Administrative Expenses	25.1	20.9	44.5	33.1	22.6	12.4	37.6	32.0	20.6	1.6	34.6	35.7
Operating Profit	23.7	22.0	22.6	9.4	19.0	25.1	19.9	8.1	18.8	23.2	18.4	7.9
Other Income	0.1	0.2	1.0	0.7	6.3	0.1	0.6	0.6	0.5	1.0	0.3	0.9
Other Expenses	1.1	0.0	1.2	0.0	5.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	-1.0	0.2	-0.2	0.7	0.6	0.1	0.6	0.6	0.5	1.0	0.3	0.9
Profit Before Tax	22.7	22.1	22.4	10.1	19.6	25.2	20.5	8.8	19.4	24.2	18.8	8.8
Current Income Tax Expense	4.6	4.3	4.7	2.1	3.9	5.3	4.0	1.8	3.9	4.8	3.5	2.1
Deferred Income Tax Expense	-0.1	0.3	-0.2	-0.1	-0.1	0.0	0.1	-0.0	-0.0	0.2	0.2	-0.4
Net Income	18.1	17.6	17.9	8.1	15.8	19.9	16.4	7.0	15.5	19.2	15.0	7.0
Non-controlling Interest	0.1	-0.2	0.3	0.1	0.0	0.0	0.5	-0.0	0.1	0.0	0.2	-0.4
Profit Attributable to Parent	18.0	17.8	17.6	8.0	15.8	19.9	15.9	7.0	15.4	19.2	14.8	7.4
Earnings per Share	1,413.00	1,395.00	1,377.00	595.00	1,237.00	1,558.59	1,243.00	552.00	1,201.00	1,504.00	1,160.00	580.00
Diluted EPS	1,412.91	1,394.52	1,376.98	629.00	1,237.22	1,558.59	1,243.03	552.04	1,210.26	1,503.94	1,159.56	580.31

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,610.6	1,519.2	1,862.7	1,779.6	1,375.2	1,389.6	1,738.2	1,644.9	1,310.2	1,332.3	1,672.5	1,554.7
I. Cash and cash equivalents	45.2	109.1	108.7	115.3	44.7	90.7	111.7	57.6	34.0	47.0	65.4	33.7
1. Cash	40.2	107.1	95.7	111.3	38.7	90.7	99.7	57.6	34.0	47.0	62.4	33.7
2. Cash equivalents	5.0	2.0	13.0	4.0	6.0	0.0	12.0	0.0	0.0	0.0	3.0	0.0
II. Short-term financial investments	488.6	401.6	527.3	409.1	382.3	369.7	476.5	419.8	402.7	435.0	460.3	385.6
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	488.6	401.6	527.3	409.1	382.3	369.7	476.5	419.8	402.7	435.0	460.3	385.6
III. Short-term receivables	128.1	134.0	326.3	245.3	145.9	161.0	299.9	261.8	136.4	149.1	318.8	185.8
1. Short-term trade accounts receivable	87.1	105.1	266.1	143.2	83.6	119.1	247.8	159.8	88.9	113.1	261.6	98.3
2. Short-term prepayments to suppliers	25.2	20.4	38.0	40.3	36.7	33.1	40.5	40.4	38.2	35.9	48.7	38.3
3. Short-term inter-company receivables	12.6	—	9.9	49.5	13.7	0.0	8.2	58.6	5.6	0.0	5.7	46.6
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	3.6	8.8	12.4	12.5	12.0	8.9	3.5	3.2	3.9	0.2	3.0	2.7
7. Provision for short-term doubtful debts (*)	-0.2	-0.2	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	943.1	867.3	898.8	1,006.4	800.8	765.2	848.6	902.2	735.2	697.4	826.4	946.6
1. Inventories	943.1	867.3	898.8	1,006.4	800.8	765.2	848.6	902.2	735.2	697.4	826.4	946.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	5.5	7.1	1.6	3.5	1.6	3.1	1.4	3.6	1.8	3.7	1.7	3.0
1. Short-term prepayments	5.5	7.1	1.5	3.3	1.6	3.1	1.4	3.6	1.8	3.7	1.7	3.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	0.1	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	74.6	74.9	73.3	66.8	65.5	66.1	75.3	79.1	78.3	87.1	72.3	71.6
I. Long-term receivables	37.1	37.0	36.0	33.2	30.9	29.9	30.9	32.0	29.1	27.1	26.0	25.4
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	37.1	37.0	36.0	33.2	30.9	29.9	30.9	32.0	29.1	27.1	26.0	25.4
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	36.7	37.2	36.4	32.9	33.6	32.6	42.8	45.3	47.3	44.8	45.4	45.1
1. Tangible fixed assets	27.2	27.6	26.8	23.3	24.0	23.1	33.0	35.5	37.5	34.9	35.5	35.2
- Cost	153.9	—	—	—	—	139.3	151.1	151.4	150.3	149.7	147.0	143.6
- Accumulated depreciation	-126.8	—	—	—	—	-116.3	-118.1	-116.0	-112.8	-114.8	-111.5	-108.4
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	9.5	9.6	9.6	9.6	9.6	9.6	9.8	9.8	9.8	9.8	9.9	9.9
- Cost	13.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	3.7	0.0	0.0	0.0	13.5	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	3.7	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	13.5	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	0.8	0.7	1.0	0.8	0.9	0.0	1.7	1.8	1.9	1.8	0.9	1.1
1. Long-term prepayments	—	—	—	—	0.2	0.0	1.0	1.1	1.2	1.1	0.0	0.0
2. Deferred income tax assets	0.8	0.7	1.0	0.8	0.7	0.0	0.7	0.8	0.7	0.7	0.9	1.1
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,685.2	1,594.1	1,936.1	1,846.4	1,440.7	1,455.8	1,813.5	1,724.0	1,388.5	1,419.4	1,744.8	1,626.3
A. LIABILITIES (300=210+330)	1,429.2	1,356.2	1,716.2	1,633.4	1,203.1	1,236.2	1,610.8	1,529.5	1,170.1	1,216.5	1,561.5	1,449.3
I. Short -term liabilities	1,428.3	1,355.3	1,715.7	1,632.9	1,202.5	1,235.5	1,608.8	1,527.6	1,168.6	1,215.2	1,561.1	1,448.9
1. Short-term trade accounts payable	1,299.1	1,187.5	1,494.5	1,470.6	1,104.1	1,091.5	1,386.0	1,372.2	1,067.9	1,081.8	1,334.7	1,297.6
2. Short-term advances from customers	20.7	20.3	20.7	35.1	19.3	17.9	19.8	30.8	21.9	17.6	17.3	28.1
3. Dividends and profits payable	0.5	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	10.1	25.6	17.5	10.9	9.8	24.3	17.6	11.5	8.9	23.5	17.7	8.8
4. Payable to employees	51.1	74.8	128.3	62.6	33.5	69.0	147.5	76.3	48.8	74.8	168.0	92.2
5. Short-term acrrued expenses	0.5	0.3	0.2	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.6	0.4
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	6.0	2.6	10.2	9.4	8.6	5.1	9.6	8.5	8.3	3.6	8.9	8.1
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	40.3	44.2	44.3	44.2	27.2	27.6	28.3	28.3	12.7	13.9	13.9	13.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	0.8	0.8	0.5	0.6	0.6	0.7	2.0	1.8	1.5	1.2	0.4	0.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	1.5	1.3	1.1	0.8	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.6	0.6	0.3	0.3	0.3	0.7	0.2	0.3	0.2	0.2	0.1	0.1
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	0.3	0.3	0.3	0.3	0.3	0.0	0.3	0.3	0.3	0.3	0.3	0.3
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	256.0	237.9	219.9	213.0	237.6	219.6	202.7	194.6	218.5	203.0	183.3	177.0
I. Owner's equity	256.0	237.9	219.9	213.0	237.6	219.6	202.7	194.6	218.5	203.0	183.3	177.0
1. Owner's capital	127.5	127.5	127.5	127.5	127.5	127.5	127.5	127.5	127.5	127.5	127.5	127.5
- Common stock with voting right	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00	127,514,620,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	56.0	56.1	56.1	56.0	39.3	39.3	39.8	39.7	23.0	23.0	23.0	22.6
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	68.9	50.7	32.5	26.0	67.5	52.8	32.8	24.8	65.4	49.8	30.2	24.5
- Accumulated retained earning at the end of the previous period	50.9	2.2	1.8	3.1	52.1	3.8	1.8	2.4	50.1	0.7	0.7	2.2
- Undistributed earnings in this period	18.0	48.5	30.7	22.9	15.3	49.0	31.0	22.3	15.3	49.1	29.5	22.3
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	3.5	3.6	3.8	3.4	3.3	0.0	2.6	2.6	2.6	2.7	2.7	2.5
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	1,685.2	1,594.1	1,936.1	1,846.4	1,440.7	1,455.8	1,813.5	1,724.0	1,388.5	1,419.4	1,744.8	1,626.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	22.7	22.1	22.4	9.7	19.6	-48.6	20.5	8.8	19.4	24.2	18.8	8.8
Depreciation of Fixed Assets and Investment Property	1.2	1.2	1.4	1.1	1.6	-9.9	3.1	3.2	3.7	4.8	3.1	2.7
Provision (Increase)/Reversal	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-7.9	-3.2	-9.2	3.5	-13.9	22.7	-8.8	-3.0	-10.9	-8.7	-7.5	-2.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	16.0	20.2	14.6	14.3	7.4	-35.9	14.7	9.0	12.2	20.3	14.4	9.4
Increase/(Decrease) in Receivables	22.0	179.3	-71.6	-118.4	9.0	145.9	-48.2	-116.2	18.5	162.3	-130.3	-85.4
Increase/(Decrease) in Inventory	-75.8	31.4	107.6	-205.6	8.4	151.2	53.6	-167.0	-37.8	129.0	120.2	-226.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	56.6	-363.8	92.9	418.4	-66.6	-415.8	114.8	346.4	-45.4	-330.7	89.7	293.3
Increase/(Decrease) in Prepaid Expenses	-1.6	-0.9	-3.0	2.7	-2.1	2.5	-2.6	2.0	-1.8	-0.9	-1.0	1.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-14.9	-0.2	0.0	0.2	-14.9	-0.4	0.0	0.0	-13.6	0.0	-0.0	0.0
Other Operating Receipts	0.1	—	—	—	—	20.9	-20.7	21.9	0.1	12.4	-7.9	9.5
Other Operating Payments	3.6	-1.3	1.2	-32.7	-1.2	-90.8	-0.9	-35.5	-1.0	-27.2	26.2	-4.5
Net Cash Flow from Operating Activities	6.1	-117.9	110.9	105.3	-53.7	-133.1	110.7	60.6	-68.8	-34.8	111.4	-2.7
Payments for Fixed Assets and Other Long-term Assets	-0.7	3.6	-4.8	-0.6	-0.1	6.5	-0.5	-7.0	-0.4	-3.6	-4.0	-5.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	-4.5	5.0	—	0.0	0.0	0.0	0.0	-0.1	0.1	0.0
Loans and Purchases of Debt Instruments	-400.5	-77.9	-295.2	-102.4	-290.2	451.4	-210.7	-112.1	-128.7	-133.6	-212.0	-76.0
Receipts from Loan Repayments and Sale of Debt Instruments	323.5	190.6	190.0	75.6	283.2	-423.5	154.0	95.0	174.5	146.0	137.3	53.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	7.8	3.1	7.2	2.9	7.5	5.3	8.2	2.4	10.3	7.7	7.2	1.1
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-69.9	118.8	-107.3	-19.4	0.4	114.6	-49.0	-21.7	55.7	16.5	-71.5	-27.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.6
Repayment of Borrowings	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	-1.6
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.6	-10.2	-15.3	—	0.0	-7.7	-15.3	0.0	0.0	-8.3	-11.5
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	-0.6	-10.2	-15.3	—	0.0	-7.7	-15.3	0.0	0.0	-8.3	-11.5
Net Cash Flow During the Period	-63.9	0.3	-6.6	70.6	-53.3	-18.5	54.0	23.6	-13.0	-18.3	31.6	-41.1
Cash and Cash Equivalents at Beginning of Period	109.1	108.7	115.3	44.7	98.0	44.5	47.0	47.0	47.0	53.1	53.1	53.1
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	45.2	109.1	108.7	115.3	44.7	90.7	111.7	57.6	34.0	47.0	65.4	33.7

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FHS

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Balance Sheet ▼▼

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Statement Data

What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow