HKT

Đầu tư QP Xanh ·HNX ·2026Q1

▲ Slightly positive

Price

20,100

Latest close

02 Jun 2026

P/E 100.33x

P/B 1.90x

EPS 200

BVPS 10,567

ROE 3.8%

ROA 2.7%

Profit Margin 12.7%

Asset Turnover 0.15x

Equity Mult. 1.35x

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

What Is Changing

On a TTM 2025Q4 basis, HKT posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 42bn
	                                
−63.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 8bn
	                                
+892.8%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    110.5%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	41.5	115.2	215.7	235.3	31.4
Growth	-64%	-47%	-8%	+649%	—
Net Income	5.4	0.3	0.5	0.7	1.2
Net Margin	12.92%	0.22%	0.21%	0.32%	3.94%

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	—	0.0	2.3	21.8	17.5	1.8	25.7	33.6	53.6	77.4	44.4	79.7
Growth	—	-99%	-90%	+25%	+892%	-93%	-24%	-37%	-31%	+74%	-44%	—
Net Income	3.0	5.3	-1.2	0.9	0.3	-0.1	0.4	0.2	0.4	-0.1	0.4	0.5
Net Margin	—	20302.46%	-50.76%	3.93%	1.49%	-5.40%	1.67%	0.63%	0.66%	-0.09%	0.87%	0.58%

Drivers of HKT's profit

TTM

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

Financial income ↑ 9.7bn

Other profit ↑ 5.3bn

Administrative expenses ↑ 5.7bn

TTM

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

Financial income ↑ 4.0bn

Other profit ↑ 2.5bn

Administrative expenses ↑ 2.3bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin 12.92% +18.6pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Margin support from financial result remains high (163.6% of PBT) — sustainability should be monitored.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 0.36x equity, net debt at 0.31x equity.

Inventory ended the period at 375.7bn, roughly 78.9% of total assets.

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

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

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 0.31x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -53.10x −41.46x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -377.2bn in 2025, against investing cash flow of 2.5bn.

Post-investment cash flow was negative +374.6bn. Financing cash flow was positive +380.0bn.

CFO / net income was -53.10x.

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 425.2bn −415.8bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. Even so, earnings quality still needs closer monitoring because net financial result remains elevated. Warning and risk signals are not yet decisive enough to shift the picture.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 110.5% of PBT and CFO / net income currently at -53.10x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	41.5	115.2	215.7	235.3	31.4
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	41.5	115.2	215.7	235.3	31.4
Cost of Goods Sold	40.3	114.3	215.6	233.6	0.0
Gross Profit	1.2	0.9	0.1	1.7	-0.4
Financial Income	7.5	2.3	2.6	0.7	3.0
Financial Expenses	0.7	2.0	1.5	0.1	-0.1
Interest Expense	0.4	1.3	1.5	0.1	-0.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	0.1	0.0	0.0	0.0	-0.0
General and Administrative Expenses	4.1	0.6	0.6	1.2	-1.0
Operating Profit	3.8	0.6	0.6	1.0	1.5
Other Income	3.6	0.0	0.0	0.0	0.0
Other Expenses	0.5	0.1	0.0	0.0	0.0
Other Profit	3.0	-0.1	-0.0	-0.0	-0.1
Profit Before Tax	6.8	0.5	0.6	1.0	1.4
Current Income Tax Expense	1.5	0.3	0.1	0.2	-0.2
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	5.4	0.3	0.5	0.7	1.2
Non-controlling Interest	-0.0	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	5.4	0.3	0.5	0.7	1.2
Earnings per Share	384.00	42.00	75.00	121.00	202.31
Diluted EPS	384.00	41.66	75.00	121.00	201.86

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	447.7	66.4	88.4	95.7	73.4
I. Cash and cash equivalents	7.6	2.2	1.4	0.2	0.5
1. Cash	7.6	2.2	1.4	0.2	0.0
2. Cash equivalents	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	5.8	0.0	0.0	0.0	0.0
1. Available for sale securities	6.1	0.0	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	-0.3	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	0.0	0.0
III. Short-term receivables	54.1	58.6	74.6	81.8	51.5
1. Short-term trade accounts receivable	1.8	1.9	41.5	60.1	0.0
2. Short-term prepayments to suppliers	9.7	0.1	1.7	7.9	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	—	4.7	32.6	13.3	0.0
6. Other short-term receivables	43.8	53.1	0.0	1.6	0.0
7. Provision for short-term doubtful debts (*)	-1.2	-1.2	-1.2	-1.2	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	375.7	5.6	12.4	13.6	21.0
1. Inventories	375.7	5.6	12.4	13.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	4.6	0.0	0.0	0.0	0.5
1. Short-term prepayments	0.1	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	4.4	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
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)	28.5	23.6	32.5	36.2	37.4
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.6
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	0.9	3.8	5.6	6.5	7.8
1. Tangible fixed assets	0.9	3.8	5.6	6.5	7.8
- Cost	0.9	20.8	23.2	23.2	0.0
- Accumulated depreciation	-0.0	-16.9	-17.6	-16.6	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	0.6	0.0
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.6	0.0
V. Long-term financial investments	25.0	19.3	26.3	29.0	29.0
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	25.0	19.3	26.3	29.0	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	2.6	0.4	0.6	0.0	0.0
1. Long-term prepayments	0.1	0.4	0.6	0.0	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	0.0
5. Goodwill	2.4	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)	476.2	90.0	120.9	131.9	110.8
A. LIABILITIES (300=210+330)	127.0	19.1	50.3	61.7	40.7
I. Short -term liabilities	6.9	19.1	50.3	61.7	40.7
1. Short-term trade accounts payable	1.7	1.7	34.6	44.7	38.4
2. Short-term advances from customers	—	1.4	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.6	0.3	0.4	0.2	0.0
4. Payable to employees	0.3	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.1	0.3	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	0.1	0.2
9. Other short-term payables	0.0	0.2	0.0	0.0	0.0
10. Short-term borrowings and financial leases	2.9	15.0	15.0	16.4	1.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.2	0.2	0.2	0.2	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	120.1	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	120.1	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)	349.2	70.9	70.6	70.2	70.1
I. Owner's equity	349.2	70.9	70.6	70.2	0.0
1. Owner's capital	333.4	61.4	61.4	61.4	70.1
- Common stock with voting right	333,350,290,000.00	61,350,290,000.00	61,350,290,000.00	61,350,290,000.00	61,350,290,000.00
- 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	0.3	0.3	0.3	0.3	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	14.6	9.2	9.0	8.5	8.5
- Accumulated retained earning at the end of the previous period	9.2	9.0	8.5	7.8	7.8
- Undistributed earnings in this period	5.4	0.3	0.5	0.7	0.7
12. Reserves for investment in construction	—	0.0	0.0	0.0	0.0
13. Minority's interest	1.0	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)	476.2	90.0	120.9	131.9	110.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	6.8	0.5	0.6	1.0	0.0
Depreciation of Fixed Assets and Investment Property	0.1	0.9	1.0	1.2	0.0
Provision (Increase)/Reversal	0.3	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	-1.2	-1.5	-2.1	-0.7	0.0
Interest Expense	0.4	1.3	1.5	0.1	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	6.4	1.3	0.9	1.6	0.0
Increase/(Decrease) in Receivables	-4.1	-11.8	26.5	-31.1	0.0
Increase/(Decrease) in Inventory	-369.1	6.8	1.2	7.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.5	-31.5	-9.3	12.5	0.0
Increase/(Decrease) in Prepaid Expenses	-2.3	0.2	-0.6	0.0	0.0
Changes in Trading Securities	-6.1	0.0	0.0	0.0	0.0
Interest Paid	-0.4	-1.0	-1.5	-0.1	0.0
Corporate Income Tax Paid	-0.2	-0.3	-0.2	-0.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-377.2	-36.3	17.1	-10.1	-1.1
Payments for Fixed Assets and Other Long-term Assets	-1.9	0.0	0.0	-0.6	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	5.4	0.8	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	4.7	-28.9	-29.3	-4.8	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	56.8	10.0	0.0	0.0
Investments in Other Entities	-31.4	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	25.7	6.3	2.7	0.0	0.0
Dividends and Interest Income Received	—	2.2	2.1	0.7	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	2.5	37.1	-14.5	-4.8	0.0
Proceeds from Equity Issuance and Capital Contributions	272,000,000,000.00	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	123.0	16.3	30.0	15.0	0.0
Repayment of Borrowings	-15.0	-16.3	-31.4	-0.2	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	0.0
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	380.0	0.0	-1.4	14.8	0.0
Net Cash Flow During the Period	5.4	0.8	1.2	-0.1	0.0
Cash and Cash Equivalents at Beginning of Period	2.2	1.4	0.2	0.4	1.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	7.6	2.2	1.4	0.2	0.0

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
Revenue	—	0.0	2.3	21.8	17.5	1.8	25.7	33.6	53.6	77.4	44.4	79.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	—	0.0	2.3	21.8	17.5	1.8	25.7	33.6	53.6	77.4	44.4	79.7
Cost of Goods Sold	—	0.0	2.1	21.2	16.9	1.9	24.9	33.1	53.5	78.2	44.0	79.1
Gross Profit	—	0.0	0.1	0.6	0.5	-0.2	0.7	0.4	0.1	-0.8	0.3	0.6
Financial Income	4.0	7.4	0.0	0.0	0.0	0.9	0.4	0.4	0.6	1.1	0.5	0.6
Financial Expenses	0.4	0.4	0.0	—	0.2	0.7	0.3	0.4	0.2	0.4	0.2	0.4
Interest Expense	0.1	0.1	0.0	—	0.2	0.0	0.3	0.4	0.2	0.4	0.2	0.4
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.1	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.5	2.4	1.3	0.2	0.2	0.0	0.3	0.1	0.0	0.0	0.2	0.2
Operating Profit	1.1	4.6	-1.2	0.3	0.1	-0.1	0.5	0.3	0.4	-0.1	0.4	0.6
Other Income	2.7	2.1	0.3	1.0	0.5	0.4	0.4	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.0	0.1	0.2	0.2	0.3	0.4	0.4	0.0	0.0	0.0	0.0	0.0
Other Profit	2.7	2.0	0.0	0.8	0.2	-0.0	0.0	0.0	-0.0	0.0	-0.0	0.0
Profit Before Tax	3.8	6.6	-1.2	1.1	0.3	-0.1	0.5	0.3	0.4	-0.1	0.4	0.6
Current Income Tax Expense	0.8	1.3	—	0.3	0.1	-0.0	0.1	0.1	0.1	-0.0	0.0	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	3.0	5.3	-1.2	0.9	0.3	-0.1	0.4	0.2	0.4	-0.1	0.4	0.5
Non-controlling Interest	-0.0	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	3.0	5.3	-1.2	0.9	0.3	-0.1	0.4	0.2	0.4	-0.1	0.4	0.5
Earnings per Share	90.00	159.00	-188.00	139.34	43.00	-16.00	70.00	35.00	57.00	-11.00	63.00	75.00
Diluted EPS	90.00	159.00	-34.60	139.34	42.52	-15.51	69.87	34.58	57.31	-10.86	63.10	75.44

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)	498.9	447.7	344.5	65.5	66.8	68.4	60.2	63.5	121.7	87.8	132.7	120.6
I. Cash and cash equivalents	13.9	7.6	5.8	1.7	8.9	2.2	1.2	2.3	1.0	0.8	1.5	0.5
1. Cash	13.9	7.6	5.8	1.7	8.9	2.2	1.2	2.3	1.0	0.8	1.5	0.5
2. Cash equivalents	0.0	0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	10.4	5.8	5.9	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	10.8	6.1	5.9	—	—	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 (*)	-0.4	-0.3	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	83.7	54.1	332.7	63.0	55.9	60.0	52.8	47.5	107.2	74.6	106.7	103.7
1. Short-term trade accounts receivable	0.6	1.8	3.1	4.4	2.2	3.4	13.2	30.1	76.4	41.5	78.1	73.6
2. Short-term prepayments to suppliers	40.3	9.7	271.4	0.8	1.9	0.1	0.7	1.4	9.4	1.7	0.7	0.7
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	—	—	—	—	—	12.7	40.1	17.1	22.6	32.6	20.6	30.6
6. Other short-term receivables	42.8	43.8	59.3	59.0	53.0	45.0	-0.0	-0.0	-0.0	-0.0	8.5	0.0
7. Provision for short-term doubtful debts (*)	—	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2	-1.2
8. Assets awaiting resolution	—	—	—	—	—	0.0	-0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	385.5	375.7	—	0.7	2.0	5.6	6.1	13.1	13.5	12.4	24.4	16.4
1. Inventories	385.5	375.7	—	0.8	2.0	5.6	6.1	13.1	13.5	12.4	24.4	16.4
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	5.4	4.6	0.0	0.1	0.0	0.6	0.1	0.6	0.0	0.0	0.1	0.1
1. Short-term prepayments	0.3	0.1	0.0	0.1	—	0.6	0.0	0.6	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	5.1	4.4	—	—	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.1
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	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)	15.9	28.5	8.5	8.5	12.4	23.1	31.4	31.4	32.3	33.2	36.1	36.3
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.6	0.6	0.6
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	0.6	0.6	0.6
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.9	0.9	—	—	3.6	3.8	4.5	5.1	5.4	5.6	5.8	6.1
1. Tangible fixed assets	0.9	0.9	—	—	3.6	3.8	4.5	5.1	5.4	5.6	5.8	6.1
- Cost	0.9	—	—	—	—	20.8	22.5	23.2	23.2	23.2	23.2	23.2
- Accumulated depreciation	-0.0	—	—	—	—	-16.9	-18.0	-18.1	-17.8	-17.6	-17.3	-17.1
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	0.6	0.6	0.6
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	0.6	0.6	0.6
V. Long-term financial investments	12.5	25.0	8.4	8.4	8.4	19.3	26.3	26.3	26.3	26.3	29.0	29.0
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	26.3	0.0	26.3	29.0	29.0
3. Investments in other entities	12.5	25.0	8.4	8.4	8.4	19.3	26.3	0.0	26.3	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	2.5	2.6	0.1	0.1	0.4	0.0	0.6	0.0	0.6	0.0	0.0	0.0
1. Long-term prepayments	0.1	0.1	0.1	0.1	0.4	0.0	0.6	0.0	0.6	0.0	0.0	0.0
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	2.4	2.4	—	—	—	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)	514.8	476.2	353.0	74.0	79.2	91.5	91.6	94.9	154.0	121.0	168.8	157.0
A. LIABILITIES (300=210+330)	162.6	127.0	10.0	2.0	8.1	20.1	19.7	23.7	83.0	50.2	97.9	86.3
I. Short -term liabilities	3.7	6.9	10.0	2.0	8.1	20.1	19.7	23.7	83.0	50.2	97.9	86.3
1. Short-term trade accounts payable	1.7	1.7	0.7	0.7	0.6	1.7	1.7	6.8	65.9	34.6	71.0	64.3
2. Short-term advances from customers	—	—	2.4	0.7	6.8	2.9	0.6	0.1	0.3	0.0	6.6	5.0
3. Taxes and other payables to state authorities	0.9	1.6	0.3	0.4	0.4	0.2	1.0	0.2	0.4	0.5	0.2	0.2
4. Payable to employees	0.6	0.3	0.4	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term acrrued expenses	0.0	0.1	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	-0.1	0.0	-0.1	0.0	-0.1	0.1
9. Other short-term payables	0.1	0.0	3.0	0.0	—	-0.0	-0.0	-0.0	-0.0	0.0	0.0	0.0
10. Short-term borrowings and financial leases	—	2.9	2.9	—	—	15.0	16.3	16.3	16.3	14.9	20.0	16.3
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	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
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	158.9	120.1	—	—	—	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	158.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	120.1	—	—	—	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)	352.3	349.2	343.0	72.0	71.1	71.5	71.9	71.2	71.0	70.7	70.9	70.7
I. Owner's equity	352.3	349.2	343.0	72.0	71.1	71.5	71.9	71.2	71.0	70.7	70.9	70.7
1. Owner's capital	333.4	333.4	333.4	61.4	61.4	61.4	61.4	61.4	61.4	61.4	61.4	61.4
- Common stock with voting right	333,350,290,000.00	333,350,290,000.00	333,350,290,000.00	61,350,290,000.00	61,350,290,000.00	61,350,290,000.00	61,350,290,000.00	61,350,290,000.00	61,350,290,000.00	61,350,290,000.00	61,350,290,000.00	61,350,290,000.00
- 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	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3	0.3
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	17.6	14.6	9.3	10.4	9.5	9.8	10.3	9.6	9.3	9.1	9.2	9.0
- Accumulated retained earning at the end of the previous period	14.6	9.0	9.2	9.2	9.2	9.0	9.0	9.0	9.0	8.5	8.5	8.5
- Undistributed earnings in this period	3.0	5.6	0.1	1.1	0.3	0.9	1.3	0.6	0.4	0.5	0.7	0.5
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	1.0	1.0	—	—	—	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
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)	514.8	476.2	353.0	74.0	79.2	91.5	91.6	94.9	154.0	121.0	168.8	157.0

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	3.8	5.4	—	1.4	—	0.0	-0.9	0.9	0.0	0.6	-0.6	0.6
Depreciation of Fixed Assets and Investment Property	0.1	0.1	—	—	—	0.0	-0.5	0.5	0.0	1.0	-0.5	0.5
Provision (Increase)/Reversal	-1.1	0.3	—	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
Gain/Loss from Investment Activities	—	0.9	—	-2.1	—	0.0	1.2	-1.2	0.0	-2.1	0.9	-0.9
Interest Expense	0.1	0.1	—	0.2	—	0.0	-0.6	0.6	0.0	1.5	-0.7	0.7
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	2.9	6.8	—	-0.5	—	0.0	-0.8	0.8	0.0	0.9	-0.9	0.9
Increase/(Decrease) in Receivables	-29.1	5.0	—	-9.1	—	0.0	-11.5	11.5	0.0	26.5	5.3	-5.3
Increase/(Decrease) in Inventory	-9.9	-373.9	—	4.8	—	0.0	0.7	-0.7	0.0	1.2	2.7	-2.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	0.4	0.4	—	-1.9	—	0.0	27.8	-27.8	0.0	-9.3	-24.6	24.6
Increase/(Decrease) in Prepaid Expenses	-0.1	-2.5	—	0.3	—	0.0	-0.1	0.1	0.0	-0.6	-0.0	0.0
Changes in Trading Securities	-4.7	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.1	0.2	—	-0.5	—	0.0	0.6	-0.6	0.0	-1.5	0.7	-0.7
Corporate Income Tax Paid	-1.4	0.0	0.0	-0.2	—	-0.2	0.0	-0.1	0.0	0.0	-0.1	-0.1
Other Operating Receipts	—	—	—	—	—	0.6	3.0	0.0	0.0	-9.7	9.7	-7.0
Other Operating Payments	—	—	-13.6	—	-8.4	-46.2	-2.6	0.5	-0.5	0.2	-0.2	0.1
Net Cash Flow from Operating Activities	-42.0	-373.8	3.8	-13.1	6.0	-32.3	21.5	-4.6	-12.3	13.6	-13.1	3.2
Payments for Fixed Assets and Other Long-term Assets	—	269.2	-271.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	3.0	-3.6	6.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	4.7	—	—	—	0.0	0.0	0.0	0.0	-29.3	17.3	-17.3
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	4.7	—	0.0	-15.4	15.4	0.0	10.0	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	12.5	14.8	0.0	0.0	10.9	6.3	0.0	0.0	0.0	2.7	0.0	0.0
Dividends and Interest Income Received	—	—	0.0	—	0.0	0.9	0.4	0.4	0.6	0.6	0.5	0.6
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	12.5	255.5	-274.6	6.0	15.6	11.6	0.4	5.9	10.6	-8.7	10.5	-3.7
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	42.9	120.1	2.9	—	—	0.0	0.0	15.0	1.3	5.0	10.0	15.0
Repayment of Borrowings	-7.0	0.0	0.0	0.0	-15.0	21.7	-23.0	-15.0	0.0	-10.0	-6.4	-15.0
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	0.0	0.0	0.0
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	35.9	120.1	274.9	0.0	-15.0	21.7	-23.0	0.0	1.3	-5.0	3.6	-0.0
Net Cash Flow During the Period	6.4	1.8	4.1	-7.1	6.7	1.0	-1.1	1.3	-0.4	-0.1	1.1	-0.5
Cash and Cash Equivalents at Beginning of Period	7.6	5.8	1.7	8.9	2.2	1.4	1.4	1.4	1.4	0.2	0.2	0.2
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	13.9	7.6	5.8	1.7	8.9	2.2	1.2	2.3	1.0	1.4	1.5	0.5

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HKT

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Cash Flow