HEV

Sách Đại học - Dạy nghề ·HNX ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 3.35%, +2.43pp YoY

Price

5,900

Latest close

03 Jun 2026

P/E 32.58x

P/B 0.46x

EPS 181

BVPS 12,947

ROE 0.8%

ROA 0.7%

Profit Margin 3.3%

Asset Turnover 0.22x

Equity Mult. 1.07x

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

What Is Changing

On a TTM 2026Q1 basis, HEV has not accelerated revenue, but profitability is improving more visibly. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 9bn
	                                
−62.6%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 0bn
	                                
+36.6%YoY

Metric	2025	2024	2023	2022	2021
Revenue	9.2	24.7	15.6	40.1	38.9
Growth	-63%	+59%	-61%	+3%	—
Net Income	-0.3	0.2	-1.8	1.6	2.0
Net Margin	-3.33%	0.81%	-11.29%	3.95%	5.21%

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	1.5	2.6	1.9	2.9	1.7	18.0	2.4	1.9	2.4	3.2	3.3	6.4
Growth	-42%	+36%	-33%	+70%	-91%	+662%	+23%	-21%	-25%	-3%	-48%	—
Net Income	0.1	0.0	-0.0	0.2	-0.1	0.7	-0.0	-0.4	-0.3	-0.6	-0.0	-0.2
Net Margin	8.67%	0.65%	-0.35%	5.45%	-5.80%	3.84%	-0.06%	-19.38%	-11.16%	-17.41%	-0.79%	-2.38%

Drivers of HEV's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↓ 0.0bn

Gross profit ↓ 0.3bn

Selling expenses ↑ 0.1bn

TTM

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

Gross profit ↑ 0.1bn

Administrative expenses ↑ 0.2bn

Selling expenses ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.7% = 0.9% × 1.69 × 1.11

2026Q1 0.8% = 3.3% × 0.22 × 1.07

ROE fell from 1.7% to 0.8% — asset turnover weakened the most, though net margin still provided support.

Net margin: 3.3% +2.4pp Asset turnover: 0.22x -1.47x Leverage: 1.07x -0.05x

Is the profit sustainable?

Start with profitability and earnings quality.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 3.35%, rising 2.4pp. Core operating signals are improving as Gross margin rose 28.4pp are enough to offset pressure from SG&A / Revenue rose 33.0pp.

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 3.35% +2.4pp

Gross Margin 47.30% +28.4pp

SG&A / Revenue 52.17% +33.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.05x equity, with a net cash position equivalent to 0.86x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

Working Capital Efficiency

Cash conversion cycle lengthened by 247.3 days versus the same period last year. The main moves came from DIO rose 353.1 days, DSO rose 20.3 days, and DPO rose 126.1 days.

Working capital cycle lengthened mainly due to slower inventory turnover — more capital is being tied up in inventory.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 365.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Receivables collection is slowing

DSO increased by +20.3 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 45.1 days +20.3 days

Inventory 464.8 days +353.1 days

Payables 144.5 days +126.1 days

Cash Conversion Cycle 365.4 days +247.3 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 -0.86x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.10x +14.19x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -2.5bn in 2025, against investing cash flow of 0.6bn.

Post-investment cash flow was negative +2.0bn. Financing cash flow was positive +52.3bn.

CFO / net income was 1.10x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 0.3bn +3.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is operating efficiency, with net margin improving 2.4 pp. The next item to monitor is capital structure should be read with cycle risk in mind. The main risk still sits in working capital is tied up too long in the operating cycle, with CCC extended to 365 days.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 3.35% after expanding 2.4pp versus the same period last year.

Watchpoint: Capital structure should be read with cycle risk in mind.

Key risk: working capital remains tied up for too long, with cash cycle at 365.4 days.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	9.2	24.7	15.6	40.1	38.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	9.2	24.7	15.6	40.1	38.9
Cost of Goods Sold	5.2	20.4	12.4	30.8	0.0
Gross Profit	4.0	4.3	3.2	9.3	9.8
Financial Income	0.4	0.3	0.2	0.1	0.1
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	1.5	1.3	1.5	1.5	-1.9
General and Administrative Expenses	3.1	3.2	3.5	5.8	-5.6
Operating Profit	-0.2	0.2	-1.5	2.1	2.4
Other Income	0.0	0.0	0.0	0.1	0.0
Other Expenses	0.1	0.0	0.2	0.1	0.0
Other Profit	-0.1	0.0	-0.2	-0.0	-0.0
Profit Before Tax	-0.3	0.2	-1.8	2.0	2.4
Current Income Tax Expense	—	0.0	0.0	0.5	-0.4
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-0.3	0.2	-1.8	1.6	2.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	-0.3	0.2	-1.8	1.6	2.0
Earnings per Share	-60.91	201.00	-1,759.00	1,400.00	1,572.00
Diluted EPS	-60.91	201.00	-1,759.00	1,581.27	2,024.66

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	68.0	19.7	12.8	16.6	20.1
I. Cash and cash equivalents	55.1	4.8	1.4	2.9	7.1
1. Cash	53.4	1.3	1.4	2.9	0.0
2. Cash equivalents	1.6	3.5	0.0	0.0	0.0
II. Short-term financial investments	6.4	6.6	4.0	5.0	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	6.4	6.6	4.0	5.0	0.0
III. Short-term receivables	1.3	3.4	1.6	1.2	4.6
1. Short-term trade accounts receivable	1.2	3.3	1.3	1.5	0.0
2. Short-term prepayments to suppliers	0.2	0.2	0.3	0.0	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	0.2	0.2	0.1	0.1	0.0
7. Provision for short-term doubtful debts (*)	-0.3	-0.2	-0.2	-0.3	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	5.2	4.9	5.7	7.4	8.4
1. Inventories	6.6	6.0	6.9	8.0	0.0
2. Provision for decline in value of inventories	-1.4	-1.1	-1.2	-0.6	0.0
V. Other short-term assets	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	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
3. Taxes and other receivables from state authorities	—	0.0	0.0	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)	0.3	0.5	1.0	1.5	1.3
I. Long-term receivables	—	0.0	0.0	0.1	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.1
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	0.1	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.3	0.5	0.7	0.9	1.1
1. Tangible fixed assets	0.3	0.5	0.7	0.9	1.1
- Cost	1.2	1.2	1.3	1.3	0.0
- Accumulated depreciation	-1.0	-0.8	-0.7	-0.5	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	—	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
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	0.0	0.1	0.3	0.6	0.0
1. Long-term prepayments	0.0	0.1	0.3	0.6	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	0.2
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)	68.2	20.2	13.7	18.1	21.4
A. LIABILITIES (300=210+330)	3.2	7.2	0.8	2.0	5.4
I. Short -term liabilities	3.2	7.2	0.8	2.0	5.4
1. Short-term trade accounts payable	2.2	6.5	0.6	0.7	3.8
2. Short-term advances from customers	0.6	0.5	0.0	0.0	0.1
3. Taxes and other payables to state authorities	0.0	0.1	0.1	0.4	0.0
4. Payable to employees	0.4	0.1	0.0	0.4	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	0.0	0.0	0.1	0.1	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	0.0	0.0	0.1	0.4	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)	65.0	13.1	12.9	16.0	16.0
I. Owner's equity	65.0	13.1	12.9	16.0	0.0
1. Owner's capital	50.0	10.0	10.0	10.0	16.0
- Common stock with voting right	50,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	14.2	1.9	1.9	1.9	1.9
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	1.0	1.0	1.0	1.0	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	-0.1	0.2	0.0	3.2	3.2
- Accumulated retained earning at the end of the previous period	0.2	0.0	1.8	1.8	1.7
- Undistributed earnings in this period	-0.3	0.2	-1.8	1.4	1.5
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)	68.2	20.2	13.7	18.1	21.4

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	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	—	0.0	-0.3	-0.4	0.0
Other Operating Receipts	0.0	1.3	0.4	0.1	0.0
Other Operating Payments	-1.2	-0.6	-1.1	-1.7	0.0
Net Cash Flow from Operating Activities	-2.5	5.6	-1.2	2.1	-3.1
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	0.0	-0.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	5.0
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	0.4	0.2	0.2	0.1	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	0.6	-2.3	1.1	0.1	4.9
Proceeds from Equity Issuance and Capital Contributions	52,280,000,000.00	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	—	0.0	-1.4	-1.4	-1.3
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	52.3	0.0	-1.4	-1.4	-1.3
Net Cash Flow During the Period	50.3	3.3	-1.5	0.8	2.0
Cash and Cash Equivalents at Beginning of Period	4.8	1.4	2.9	2.1	6.5
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	55.1	4.8	1.4	2.9	7.1

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	1.5	2.6	1.9	2.9	1.7	18.0	2.4	1.9	2.4	3.2	3.3	6.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	1.5	2.6	1.9	2.9	1.7	18.0	2.4	1.9	2.4	3.2	3.3	6.4
Cost of Goods Sold	0.6	1.3	1.0	1.8	0.9	15.9	1.5	1.2	1.8	2.1	2.4	5.1
Gross Profit	0.9	1.3	0.9	1.1	0.8	2.1	0.9	0.7	0.6	1.1	1.0	1.3
Financial Income	—	0.2	0.0	0.2	0.0	0.1	0.0	0.1	0.0	0.1	0.0	0.1
Financial Expenses	—	—	—	—	—	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
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	0.5	0.5	0.3	0.4	0.4	0.5	0.3	0.3	0.2	0.9	0.2	0.2
General and Administrative Expenses	0.7	0.9	0.7	0.7	0.6	1.1	0.6	0.9	0.7	0.7	0.8	1.3
Operating Profit	0.1	0.1	-0.0	0.2	-0.1	0.7	0.0	-0.4	-0.3	-0.4	-0.0	-0.1
Other Income	0.0	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.2	0.0	0.0
Other Profit	0.0	-0.1	—	—	—	0.0	-0.0	0.0	-0.0	-0.2	-0.0	-0.0
Profit Before Tax	0.1	0.0	-0.0	0.2	-0.1	0.7	-0.0	-0.4	-0.3	-0.6	-0.0	-0.2
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.1	0.0	-0.0	0.2	-0.1	0.7	-0.0	-0.4	-0.3	-0.6	-0.0	-0.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.1	0.0	-0.0	0.2	-0.1	0.7	-0.0	-0.4	-0.3	-0.6	-0.0	-0.2
Earnings per Share	26.39	3.42	-6.69	157.98	-98.66	691.99	-1.52	-371.89	-270.97	-563.33	-26.32	-151.38
Diluted EPS	26.39	3.42	-6.69	157.98	-98.66	691.99	-1.52	-371.89	-270.97	-563.33	-26.32	-151.38

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)	67.5	68.0	15.7	15.1	14.5	20.7	13.6	12.9	12.4	12.8	14.0	15.8
I. Cash and cash equivalents	55.7	55.1	1.7	5.4	6.2	1.3	1.0	1.6	1.0	1.4	0.9	0.3
1. Cash	1.2	53.4	1.4	0.9	1.1	1.3	1.0	1.6	1.0	1.4	0.9	0.3
2. Cash equivalents	54.5	1.6	0.3	4.5	5.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	6.2	6.4	7.3	2.9	2.2	10.0	6.0	4.5	4.5	4.0	4.0	2.0
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	6.2	6.4	7.3	2.9	2.2	10.0	6.0	4.5	4.5	4.0	4.0	2.0
III. Short-term receivables	0.8	1.3	1.7	1.8	1.4	4.1	1.5	1.6	1.9	1.6	3.4	6.3
1. Short-term trade accounts receivable	0.8	1.2	1.7	1.6	1.4	3.9	1.5	1.5	1.9	1.7	3.4	6.3
2. Short-term prepayments to suppliers	0.3	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.3	0.2	0.2	0.2
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.2	0.0	0.2	0.0	0.2	0.0	0.1	0.0	0.1	0.1	0.1
7. Provision for short-term doubtful debts (*)	-0.3	-0.3	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.3	-0.3	-0.3
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	4.8	5.2	5.1	5.0	4.6	5.2	5.0	5.2	5.0	5.7	5.7	7.1
1. Inventories	6.3	6.6	6.7	6.4	5.7	6.3	6.2	6.3	6.2	6.9	7.0	7.6
2. Provision for decline in value of inventories	-1.5	-1.4	-1.6	-1.4	-1.1	-1.1	-1.1	-1.1	-1.2	-1.2	-1.3	-0.6
V. Other short-term assets	0.0	0.0	-0.0	0.0	0.0	0.0	0.1	0.0	0.0	0.0	0.0	0.0
1. Short-term prepayments	-0.1	0.0	-0.0	0.0	0.0	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	0.0	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	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	0.3	0.3	0.4	0.4	0.5	0.6	0.8	0.8	1.0	1.0	1.3	1.3
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
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	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
II. Fixed assets	0.3	0.3	0.4	0.4	0.5	0.5	0.6	0.6	0.7	0.7	0.8	0.8
1. Tangible fixed assets	0.3	0.3	0.4	0.4	0.5	0.5	0.6	0.6	0.7	0.7	0.8	0.8
- Cost	1.2	—	—	—	—	1.2	1.2	1.2	1.3	1.3	1.3	1.3
- Accumulated depreciation	-1.0	—	—	—	—	-0.8	-0.7	-0.7	-0.7	-0.7	-0.6	-0.6
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	—	—	—	—	—	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
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	—	—	—	—	—	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
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	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
VI. Other long-term assets	0.0	0.0	0.0	0.0	0.1	0.1	0.2	0.2	0.3	0.3	0.5	0.5
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.1	0.1	0.2	0.2	0.3	0.3	0.5	0.5
2. Deferred income tax assets	—	—	—	—	—	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
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)	67.8	68.2	16.0	15.4	15.1	21.2	14.4	13.7	13.4	13.8	15.3	17.1
A. LIABILITIES (300=210+330)	3.1	3.2	3.3	2.3	2.1	8.3	2.2	1.4	0.8	0.9	1.8	2.7
I. Short -term liabilities	3.1	3.2	3.3	2.3	2.1	8.3	2.2	1.4	0.8	0.9	1.8	2.7
1. Short-term trade accounts payable	2.4	2.2	2.7	2.0	1.3	6.8	1.6	1.0	0.6	0.7	1.5	2.3
2. Short-term advances from customers	0.5	0.6	0.5	0.3	0.7	1.1	0.5	0.4	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	0.0	0.0	0.0	0.0	—	0.1	0.0	0.0	0.1	0.1	0.0	0.0
4. Payable to employees	0.0	0.4	0.2	-0.0	—	0.3	0.0	0.0	0.0	0.0	0.1	0.1
5. Short-term acrrued expenses	0.1	—	-0.1	0.0	0.1	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
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	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.1	0.1
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	—	—	—	—	—	0.0	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
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	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
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	—	—	—	—	—	0.0	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
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	—	—	—	—	—	0.0	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
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)	64.7	65.0	12.7	13.1	13.0	12.9	12.2	12.2	12.6	12.9	13.4	14.4
I. Owner's equity	64.7	65.0	12.7	13.1	13.0	12.9	12.2	12.2	12.6	12.9	13.4	14.4
1. Owner's capital	50.0	50.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
- Common stock with voting right	50,000,000,000.00	50,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00	10,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	14.2	14.2	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9	1.9
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	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0	1.0
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	-0.4	-0.1	-0.1	0.3	0.1	0.0	-0.6	-0.6	-0.3	0.0	0.6	1.5
- Accumulated retained earning at the end of the previous period	-0.5	0.2	0.2	0.2	0.2	0.0	0.0	0.0	0.0	1.8	1.8	1.8
- Undistributed earnings in this period	0.1	-0.3	-0.3	0.1	-0.1	0.0	-0.6	-0.6	0.0	-1.8	-1.2	-0.2
12. Reserves for investment in construction	—	—	—	—	—	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
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)	67.8	68.2	16.0	15.4	15.1	21.2	14.4	13.7	13.4	13.8	15.3	17.1

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
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	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	—	—	—	—	—	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
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	0.1	—	—	—	—	-0.3	0.2	-0.1	0.2	0.3	-0.0	0.1
Other Operating Payments	-0.2	-0.5	-0.4	-0.1	-0.2	0.6	-0.2	-0.2	-0.2	-0.5	0.2	-0.6
Net Cash Flow from Operating Activities	-0.1	3.0	-2.3	-0.3	-2.9	-1.5	1.0	0.5	-0.0	0.5	2.6	-2.2
Payments for Fixed Assets and Other Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.5	0.2	—	0.2	0.0	-0.0	-0.1	0.1	0.0	0.1	-0.0	0.1
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	-52.2	-1.9	2.8	-4.7	4.4	1.9	-1.6	0.1	-0.4	0.1	-2.1	3.1
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	0.0
Repayment of Borrowings	—	—	—	—	—	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
Dividends Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.1	-1.4
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	—	52.3	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.1	-1.4
Net Cash Flow During the Period	-52.3	53.4	0.5	-5.0	1.4	0.4	-0.6	0.6	-0.5	0.5	0.6	-0.5
Cash and Cash Equivalents at Beginning of Period	53.4	1.7	1.2	6.2	4.8	0.0	1.4	1.4	1.4	2.9	2.9	2.9
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	1.2	55.1	1.7	1.2	6.2	0.0	1.0	1.6	1.0	1.4	0.9	0.3

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HEV

What Is Changing

Drivers of HEV's profit

Financial Highlights

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What is driving the margin? ▲

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Balance Sheet ●

Working Capital Efficiency ▼▼

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow