HAD

Bia Hà Nội - Hải Dương ·HNX ·2026Q1

● Maintaining

Pre-tax profit relies materially on non-core sources Net financial result/PBT 35.32%

Price

13,600

Latest close

29 May 2026

P/E 7.82x

P/B 0.74x

EPS 1,740

BVPS 18,313

ROE 9.5%

ROA 7.0%

Profit Margin 4.0%

Asset Turnover 1.76x

Equity Mult. 1.36x

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

What Is Changing

On a TTM 2026Q1 basis, HAD shows mild improvement in both revenue and margins, but the magnitude of change is narrow — earnings have been recovering gradually over multiple periods. Notably, a significant portion of profit is supported by non-core sources, affecting earnings quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 175bn
	                                
+1.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 7bn
	                                
+8.4%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    35.3%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	162.8	171.9	166.6	151.6	126.6
Growth	-5%	+3%	+10%	+20%	—
Net Income	6.9	6.3	6.0	10.5	3.2
Net Margin	4.26%	3.67%	3.61%	6.95%	2.49%

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	26.7	25.9	62.1	60.3	14.5	30.9	61.5	65.1	14.4	26.8	62.6	62.5
Growth	+3%	-58%	+3%	+316%	-53%	-50%	-6%	+353%	-46%	-57%	+0%	—
Net Income	-0.9	-1.1	3.6	5.4	-0.9	-2.3	4.8	4.8	-1.0	-1.2	3.8	3.6
Net Margin	-3.38%	-4.31%	5.83%	8.89%	-6.33%	-7.29%	7.73%	7.42%	-7.15%	-4.57%	6.07%	5.83%

Drivers of HAD's profit

TTM

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

Gross profit ↑ 3.5bn

Administrative expenses ↑ 1.9bn

Selling expenses ↑ 0.9bn

Financial income ↓ 0.1bn

TTM

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

Gross profit ↑ 2.6bn

Administrative expenses ↑ 1.3bn

Selling expenses ↑ 1.2bn

Financial income ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 8.8% = 3.7% × 1.80 × 1.31

2026Q1 9.5% = 4.0% × 1.76 × 1.36

ROE rose from 8.8% to 9.5% — mainly driven by leverage, despite asset turnover moving in the opposite direction.

Net margin: 4.0% +0.2pp Asset turnover: 1.76x -0.04x Leverage: 1.36x +0.06x

Is the profit sustainable?

Margins improved (+0.2pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin stands at 3.98%, 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 3.98% +0.2pp

Gross Margin 24.58% +1.6pp

SG&A / Revenue 21.42% +1.3pp

Non-core / Revenue 1.77% −0.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (35.3% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.33x equity, with a net cash position equivalent to 0.24x equity.

Inventory ended the period at 25.4bn, roughly 25.8% of total assets.

Over the last 12 months, working capital released 10.2bn of cash, mainly thanks to lower receivables and lower inventories.

Working Capital Drivers

Receivables decreased → higher CFO: +1.2bn

Inventories decreased → higher CFO: +1.7bn

Payables increased → higher CFO: +7.3bn

Working Capital Efficiency

The inventory build-up noted above is reflected in a longer cash cycle. Cash conversion cycle lengthened by 5.6 days versus the same period last year. The main moves came from DIO rose 2.1 days, DSO rose 0.1 days, and DPO fell 3.4 days.

All 3 drivers are deteriorating — working capital is becoming more deeply tied up in the operating cycle.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +5.6 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +0.1 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 2.4 days +0.1 days

Inventory 65.5 days +2.1 days

Payables 9.1 days −3.4 days

Cash Conversion Cycle 58.9 days +5.6 days

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

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 -0.24x −0.14x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.45x +0.65x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -0.4bn in 2025, against investing cash flow of 5.7bn.

Post-investment cash flow was positive +5.3bn. Financing cash flow was negative +4.8bn.

CFO / net income was 1.45x.

After spending +6.7bn on fixed-asset investment, the business generated trailing free cash flow of +3.4bn.

Cash Conversion

CFO TTM 10.1bn +4.9bn

Cash Capex 6.7bn +4.3bn

FCF TTM +3.4bn +0.6bn

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 -0.24x. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.24x of equity.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 1.45x. Even so, net financial result still accounts for 35.3% of PBT, so the earnings mix still needs monitoring.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	165.5	174.4	168.7	153.4	127.6
Revenue Deductions	2.7	2.5	2.1	1.8	0.0
Net Revenue	162.8	171.9	166.6	151.6	126.6
Cost of Goods Sold	122.4	132.4	131.5	109.3	0.0
Gross Profit	40.4	39.5	35.0	42.3	29.0
Financial Income	3.2	3.1	5.2	2.9	2.1
Financial Expenses	—	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	22.6	23.0	21.8	19.9	-16.3
General and Administrative Expenses	12.3	11.7	11.0	12.3	-10.8
Operating Profit	8.6	7.9	7.5	13.1	3.9
Other Income	0.1	0.0	0.1	0.2	0.0
Other Expenses	—	0.0	0.0	0.0	0.0
Other Profit	0.1	0.0	0.1	0.2	-0.2
Profit Before Tax	8.7	7.9	7.6	13.2	3.7
Current Income Tax Expense	1.8	1.6	1.6	2.7	-0.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	6.9	6.3	6.0	10.5	3.2
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	6.9	6.3	6.0	10.5	3.2
Earnings per Share	1,218.00	1,239.00	1,034.00	2,225.00	55.00
Diluted EPS	1,218.00	1,239.00	1,034.00	2,225.00	787.70

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	71.6	75.7	70.1	69.7	62.6
I. Cash and cash equivalents	1.4	0.9	3.1	1.6	3.2
1. Cash	1.4	0.9	3.1	1.6	0.0
2. Cash equivalents	—	0.0	0.0	0.0	0.0
II. Short-term financial investments	43.0	52.0	45.0	48.0	0.0
1. Available for sale securities	—	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
3. Held to maturity investments	43.0	52.0	45.0	48.0	0.0
III. Short-term receivables	1.8	1.6	1.5	1.2	0.4
1. Short-term trade accounts receivable	0.1	0.0	0.0	0.0	0.0
2. Short-term prepayments to suppliers	0.2	0.1	0.1	0.1	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	1.6	1.4	1.3	1.1	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	25.4	21.3	20.3	18.9	22.0
1. Inventories	25.4	21.3	20.3	18.9	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	—	0.0	0.2	0.0	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.2	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	26.8	19.4	23.4	24.8	27.2
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	16.4	14.9	17.8	19.4	22.9
1. Tangible fixed assets	15.2	13.8	16.6	18.0	21.5
- Cost	307.5	302.6	300.2	296.4	0.0
- Accumulated depreciation	-292.3	-288.8	-283.5	-278.4	0.0
2. Financial leased fixed assets	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.2	1.2	1.2	1.3	1.4
- Cost	1.5	1.5	1.5	1.9	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.6	0.0
III. Investment properties	—	0.0	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0	0.0
3. Investments in other entities	—	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
5. Held to maturity investments	—	0.0	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0	0.0
VI. Other long-term assets	10.4	4.4	5.6	5.5	0.0
1. Long-term prepayments	10.4	4.4	5.6	5.5	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	4.3
5. Goodwill	—	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	98.4	95.1	93.6	94.5	89.8
A. LIABILITIES (300=210+330)	24.2	21.2	19.4	18.1	17.9
I. Short -term liabilities	24.2	21.2	19.4	18.1	17.9
1. Short-term trade accounts payable	1.1	1.5	2.0	1.3	0.0
2. Short-term advances from customers	0.1	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	6.3	5.5	4.4	2.6	0.0
4. Payable to employees	4.2	1.7	2.0	4.4	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0	0.0
9. Other short-term payables	10.9	9.2	8.1	7.9	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	1.6	3.2	2.9	1.9	0.0
13. Price stabilization fund	—	0.0	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	74.2	73.9	74.2	76.4	72.0
I. Owner's equity	74.2	73.9	74.2	76.4	0.0
1. Owner's capital	40.0	40.0	40.0	40.0	72.0
- Common stock with voting right	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0	0.0
8. Investment and development fund	25.8	25.8	25.8	25.8	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	8.3	8.1	8.4	10.5	6.2
- Accumulated retained earning at the end of the previous period	1.4	1.8	2.4	0.0	3.0
- Undistributed earnings in this period	6.9	6.3	6.0	10.5	3.2
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	98.4	95.1	93.6	94.5	89.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	8.7	7.9	7.6	13.2	3.7
Depreciation of Fixed Assets and Investment Property	4.4	5.3	5.4	6.0	7.7
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-3.2	-3.1	-5.2	-2.9	0.0
Interest Expense	—	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	10.0	10.1	7.8	16.3	9.4
Increase/(Decrease) in Receivables	0.4	-0.0	-0.4	-0.1	0.0
Increase/(Decrease) in Inventory	-4.1	-0.9	-1.4	3.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.4	1.4	-0.9	1.4	0.0
Increase/(Decrease) in Prepaid Expenses	-6.0	1.2	-0.0	-1.2	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-1.6	-1.6	-0.4	-2.8	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-3.5	-1.5	-2.4	-3.1	0.0
Net Cash Flow from Operating Activities	-0.4	8.8	2.2	13.6	0.3
Payments for Fixed Assets and Other Long-term Assets	-5.9	-2.4	-4.0	-2.5	-1.5
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-70.0	-94.0	-93.0	-58.0	-37.1
Receipts from Loan Repayments and Sale of Debt Instruments	79.0	87.0	96.0	47.0	38.1
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	2.6	3.1	5.2	2.2	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	5.7	-6.2	4.2	-11.3	1.6
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-4.8	-4.8	-4.8	-4.0	-4.0
Other Financing Receipts	—	0.0	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-4.8	-4.8	-4.8	-4.0	-4.0
Net Cash Flow During the Period	0.5	-2.3	1.6	-1.7	-3.5
Cash and Cash Equivalents at Beginning of Period	0.9	3.1	1.6	3.2	5.4
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.4	0.9	3.1	1.6	3.2

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	26.7	26.6	64.0	60.4	14.5	31.7	62.9	65.3	14.6	27.2	64.1	62.6
Revenue Deductions	0.1	0.6	2.0	0.1	0.0	0.8	1.4	0.1	0.2	0.4	1.6	0.1
Net Revenue	26.7	25.9	62.1	60.3	14.5	30.9	61.5	65.1	14.4	26.8	62.6	62.5
Cost of Goods Sold	21.6	22.6	46.7	41.0	12.1	27.9	46.9	45.7	11.9	24.8	49.3	46.1
Gross Profit	5.0	3.3	15.4	19.3	2.4	3.0	14.6	19.5	2.5	2.0	13.3	16.4
Financial Income	0.1	2.2	0.3	0.5	0.1	1.9	0.9	0.2	0.0	3.7	1.0	0.4
Financial Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	0.0	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	0.0
Selling Expenses	3.1	4.1	8.2	8.5	1.9	5.6	6.3	9.1	1.9	4.9	6.6	8.0
General and Administrative Expenses	2.9	2.9	3.0	4.8	1.6	2.1	3.2	4.8	1.6	2.3	2.9	4.3
Operating Profit	-0.9	-1.4	4.5	6.5	-0.9	-2.8	5.9	5.8	-1.0	-1.5	4.7	4.5
Other Income	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	-0.0	0.0	0.0
Profit Before Tax	-0.9	-1.3	4.5	6.5	-0.9	-2.8	5.9	5.8	-1.0	-1.5	4.7	4.5
Current Income Tax Expense	—	-0.2	0.9	1.1	0.0	-0.5	1.2	1.0	0.0	-0.2	0.9	0.9
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.9	-1.1	3.6	5.4	-0.9	-2.3	4.8	4.8	-1.0	-1.2	3.8	3.6
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.9	-1.1	3.6	5.4	-0.9	-2.3	4.8	4.8	-1.0	-1.2	3.8	3.6
Earnings per Share	-225.45	-279.74	904.63	1,340.57	-229.54	-562.94	1,188.37	1,208.57	-257.10	-307.02	949.85	911.91
Diluted EPS	-225.45	-279.74	904.63	1,340.57	-229.54	-562.94	1,188.37	1,208.57	-257.10	-307.02	949.85	911.91

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)	75.8	71.6	102.0	105.0	77.8	75.7	110.7	107.0	72.2	70.1	100.0	100.0
I. Cash and cash equivalents	17.7	1.4	3.9	9.0	7.6	0.9	11.3	7.8	10.4	3.1	3.7	4.6
1. Cash	17.7	1.4	3.9	9.0	7.6	0.9	11.3	7.8	10.4	3.1	3.7	4.6
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	32.0	43.0	70.0	65.0	41.0	52.0	72.0	67.0	37.0	45.0	70.0	63.0
1. Available for sale securities	—	—	—	—	0.0	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	0.0
3. Held to maturity investments	32.0	43.0	70.0	65.0	41.0	52.0	72.0	67.0	37.0	45.0	70.0	63.0
III. Short-term receivables	3.2	1.8	2.5	2.1	3.8	1.6	2.6	1.0	3.1	1.5	1.4	0.7
1. Short-term trade accounts receivable	1.4	0.1	2.0	0.7	0.9	0.0	1.5	0.0	1.3	0.0	0.7	0.0
2. Short-term prepayments to suppliers	0.6	0.2	0.2	1.0	1.6	0.1	0.6	0.2	0.8	0.1	0.3	0.2
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	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	0.0
6. Other short-term receivables	1.2	1.6	0.3	0.4	1.3	1.4	0.6	0.7	1.0	1.3	0.4	0.4
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	22.8	25.4	25.5	28.9	24.6	21.3	24.8	31.3	21.5	20.3	24.9	31.7
1. Inventories	22.8	25.4	25.5	28.9	24.6	21.3	24.8	31.3	21.5	20.3	24.9	31.7
2. Provision for decline in value of inventories	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	—	—	—	—	0.8	0.0	0.0	0.0	0.2	0.2	0.0	0.0
1. Short-term prepayments	—	—	—	—	0.8	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	—	0.0	0.0	0.0	0.0	0.2	0.2	0.0	0.0
4. Government bonds	—	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	27.0	26.8	21.8	19.6	18.4	19.4	18.6	18.9	22.3	23.4	23.4	25.0
I. Long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	0.0	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	0.0
3. Capital at inter-company	—	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	16.0	16.4	14.2	13.3	13.7	14.9	13.8	15.1	16.5	17.8	17.1	18.1
1. Tangible fixed assets	14.8	15.2	13.0	12.1	12.6	13.8	12.7	14.0	15.3	16.6	15.8	16.7
- Cost	308.4	—	—	—	302.6	302.6	300.2	300.2	300.2	300.2	298.0	297.7
- Accumulated depreciation	-293.6	—	—	—	-290.0	-288.8	-287.5	-286.2	-284.9	-283.5	-282.2	-281.0
2. Financial leased fixed assets	—	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.2	1.3	1.3
- Cost	1.5	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	0.0	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	0.0
- Cost	—	—	—	—	0.0	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	0.0
IV. Long-term assets in progress	—	—	—	—	0.0	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	0.0
2. Construction in progress	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	0.0	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	0.0
3. Investments in other entities	—	—	—	—	0.0	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	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	11.0	10.4	7.6	6.4	4.7	4.4	4.7	3.7	5.9	5.6	6.3	6.9
1. Long-term prepayments	11.0	10.4	7.6	6.4	4.7	4.4	4.7	3.7	5.9	5.6	6.3	6.9
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	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	0.0
5. Goodwill	—	—	—	—	0.0	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	0.0
TOTAL ASSETS (280=100+200)	102.7	98.4	123.8	124.6	96.3	95.1	129.3	125.9	94.6	93.6	123.4	125.0
A. LIABILITIES (300=210+330)	29.5	24.2	48.3	47.9	23.3	21.2	53.1	49.7	21.4	19.4	48.0	48.5
I. Short -term liabilities	29.5	24.2	48.3	47.9	23.3	21.2	53.1	49.7	21.4	19.4	48.0	48.5
1. Short-term trade accounts payable	2.0	1.1	1.5	2.5	4.6	1.5	5.3	7.3	4.5	2.0	2.3	2.4
2. Short-term advances from customers	0.0	0.1	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Dividends and profits payable	0.1	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	13.0	6.3	22.5	22.9	5.5	5.5	23.8	20.8	5.1	4.4	22.7	24.2
4. Payable to employees	0.6	4.2	7.5	4.7	0.3	1.7	8.0	6.0	0.8	2.0	8.9	7.0
5. Short-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	12.3	10.9	13.4	13.7	10.2	9.2	11.6	11.1	8.2	8.1	9.5	10.2
10. Short-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
12.. Bonus and welfare fund	1.5	1.6	3.4	4.2	2.6	3.2	4.5	4.6	2.8	2.9	4.6	4.8
13. Price stabilization fund	—	—	—	—	0.0	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	0.0
II. Long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade payables	—	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	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	0.0
7. Other long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	0.0	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	0.0
10. Preferred stock (Debts)	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	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	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	73.3	74.2	75.5	76.7	73.0	73.9	76.2	76.2	73.2	74.2	75.4	76.4
I. Owner's equity	73.3	74.2	75.5	76.7	73.0	73.9	76.2	76.2	73.2	74.2	75.4	76.4
1. Owner's capital	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0
- Common stock with voting right	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00	40,000,000,000.00
- Preferred stock	—	—	—	—	0.00	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	0.0
3. Convertible bond option	—	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	—	0.00	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	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	25.8	25.8	25.8	25.8	25.8	25.8	25.8	25.8	25.8	25.8	25.8	25.8
9. Fund to support corporate restructuring	—	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	7.4	8.3	9.7	10.8	7.1	8.1	10.3	10.4	7.3	8.4	9.6	10.6
- Accumulated retained earning at the end of the previous period	8.3	1.4	1.6	6.4	8.1	1.8	1.8	6.6	2.4	2.4	2.4	7.2
- Undistributed earnings in this period	-0.9	6.9	8.1	4.4	-0.9	6.3	8.6	3.8	5.0	6.0	7.2	3.4
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	102.7	98.4	123.8	124.6	96.3	95.1	129.3	125.9	94.6	93.6	123.4	125.0

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	-0.9	-1.3	4.5	6.5	-0.9	-2.8	5.9	5.8	-1.0	-1.5	4.7	4.5
Depreciation of Fixed Assets and Investment Property	1.2	1.1	1.0	1.1	1.2	1.3	1.3	1.3	1.3	1.3	1.3	1.4
Provision (Increase)/Reversal	—	—	—	—	0.0	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	0.0
Gain/Loss from Investment Activities	-0.1	-2.2	-0.3	-0.5	-0.1	-1.9	-0.9	-0.2	-0.0	-3.6	-1.1	-0.3
Interest Expense	—	—	—	—	0.0	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	0.0
Interest Income and Dividends	—	—	—	—	0.0	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	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	0.3	-2.4	5.2	7.0	0.1	-3.4	6.3	6.9	0.3	-3.7	5.0	5.5
Increase/(Decrease) in Receivables	-1.4	1.3	0.6	0.7	-2.2	1.0	-1.1	1.8	-1.7	-0.2	0.3	0.5
Increase/(Decrease) in Inventory	2.6	0.1	3.4	-4.3	-3.3	3.5	6.5	-9.8	-1.2	4.6	6.8	-4.8
Increase/(Decrease) in Payables (Excl. Interest and CIT)	7.2	-22.1	0.2	22.0	4.3	-30.2	2.3	25.6	3.7	-26.7	-1.3	25.2
Increase/(Decrease) in Prepaid Expenses	-0.6	-2.8	-1.2	-0.8	-1.1	0.3	-1.0	2.1	-0.2	0.8	0.6	-1.0
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	-1.6	—	0.0	1.6	-1.6	0.0	0.0	0.0	0.0	0.4
Corporate Income Tax Paid	-1.8	-3.3	3.3	0.0	-1.6	-3.4	3.4	0.0	-1.6	0.0	0.0	-0.4
Other Operating Receipts	0.0	—	—	—	0.0	0.0	0.0	-0.0	0.0	-3.2	3.2	0.0
Other Operating Payments	-0.1	-2.8	—	-0.1	-0.6	0.6	-1.9	-0.0	-0.1	1.3	-3.2	-0.4
Net Cash Flow from Operating Activities	6.1	-27.8	7.3	24.5	-4.4	-30.0	12.9	26.6	-0.8	-27.1	11.3	25.1
Payments for Fixed Assets and Other Long-term Assets	-0.9	-3.3	-2.0	-0.6	0.0	-2.4	0.0	0.0	0.0	-2.1	-0.4	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	0.0	—	0.0	0.0	0.0	0.0	0.0	-0.1	0.1	-0.1
Loans and Purchases of Debt Instruments	—	0.0	-16.0	-49.0	-5.0	-17.0	-27.0	-40.0	-10.0	-25.0	-25.0	-25.0
Receipts from Loan Repayments and Sale of Debt Instruments	11.0	27.0	11.0	25.0	16.0	37.0	22.0	10.0	18.0	50.0	18.0	0.0
Investments in Other Entities	—	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.1	1.6	-0.7	1.5	0.1	2.0	0.3	0.8	0.0	3.6	0.0	1.4
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	10.2	25.3	-7.6	-23.1	11.1	19.6	-4.7	-29.2	8.0	26.4	-7.3	-23.9
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.00	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	0.00
Proceeds from Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.1	-4.7	—	0.0	-0.1	-4.7	0.0	0.0	0.1	-4.9	0.0
Other Financing Receipts	—	—	—	—	0.0	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	0.0
Net Cash Flow from Financing Activities	—	-0.1	-4.7	—	0.0	-0.1	-4.7	0.0	0.0	0.1	-4.9	0.0
Net Cash Flow During the Period	16.3	-2.6	-5.0	1.4	6.7	-10.4	3.5	-2.6	7.2	-0.6	-0.9	1.2
Cash and Cash Equivalents at Beginning of Period	1.4	3.9	9.0	7.6	0.9	3.1	3.1	3.1	3.1	1.6	1.6	1.6
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	17.7	1.4	3.9	9.0	7.6	0.9	11.3	7.8	10.4	3.1	3.7	4.6

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HAD

What Is Changing

Drivers of HAD's profit

Financial Highlights

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Balance Sheet ▲

Working Capital Efficiency ▼

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Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow