Trailing net profit reached 18.1bn, rose 6.5bn compared with the same period last year. Key positives came from higher gross profit, better other profit, and lower tax. Offsetting pressure came mainly from higher selling expenses, higher administrative expenses, higher finance costs, and higher minority interests. Detailed impact is shown below:

Is growth real and durable?

Trailing-12-month revenue grew 59.3% year on year — not from a single spike: quarterly growth stepped up from +37% to +62%.

4 of the last 4 quarters grew year on year.

Net margin stands at 0.41%, 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?

Leverage needs watching — cash flow shows the ability to service debt from operations. Operating cash flow reached 40.6bn against investing cash flow of -41.1bn (annual cash-flow figures for 2025).

Post-investment cash flow was negative +0.5bn. Financing cash flow was positive +16.2bn.

CFO / net income was 3,23 lần.

After spending +178.4bn on fixed-asset investment, the business generated trailing free cash flow of −119.9bn.

How much income is non-core?

Non-core income reaches 63.6% of pre-tax profit — core earnings are thinner than the headline.

Within that, net financial result at −302.1%, other profit at +63.6% of PBT.

ROIC stands at 0.48%, broadly flat versus the same period. That translates to 0.48 in after-tax operating profit for every 100 units of operating capital. NOPAT margin steady, but capital turnover rose 0.92x, while invested capital rose by 166bn — the two factors are offsetting each other, keeping overall ROIC nearly unchanged.

Overall ROIC is flat while internal components are moving — watch which side becomes dominant in coming periods.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 7.4 days versus the same period last year. The main moves came from DIO fell 0.1 days, DSO fell 7.8 days, and DPO fell 0.6 days.

Improvement comes mainly from faster receivables collection — reflects the quality of receivables management.

Leverage warrants monitoring, with net debt / equity at 2.14x and interest coverage only at 0.12x.

At present, short-term debt accounts for 75.5% of total debt, cash equals 9.7% of debt, and total debt stands at 1,106.1bn.

Leverage is very high, with clear pressure on the capital structure — liabilities at 2.58x equity, net debt at 2.14x equity.

Inventory ended the period at 387.0bn, roughly 22.6% of total assets.

Over the last 12 months, working capital absorbed 42.0bn of cash, mainly because of higher inventories and lower payables. Part of that drag was offset by lower receivables.