HNI

May Hữu Nghị ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 9.78%, +3.02pp YoY

Price

30,100

Latest close

25 May 2026

P/E 7.64x

P/B 1.33x

EPS 3,939

BVPS 22,589

ROE 18.2%

ROA 12.7%

Profit Margin 9.8%

Asset Turnover 1.30x

Equity Mult. 1.43x

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

What Is Changing

On a TTM 2026Q1 basis, HNI has not accelerated revenue, but profitability is improving more visibly — margins have been expanding consistently over multiple periods. The positive sign is better operations, though this signal only becomes convincing if accompanied by a revenue recovery.

	                            
	                                TTM REVENUE
	                            
	                                    VND 958bn
	                                
−19.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 94bn
	                                
+16.2%YoY

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	168.6	198.0	232.6	358.7	191.0	242.4	366.6	393.1	180.0	194.7	196.1	306.0
Growth	-15%	-15%	-35%	+88%	-21%	-34%	-7%	+118%	-8%	-1%	-36%	—
Net Income	9.8	57.6	10.7	15.6	9.9	37.7	16.2	16.7	9.1	29.1	9.8	11.1
Net Margin	5.82%	29.08%	4.59%	4.34%	5.19%	15.57%	4.43%	4.25%	5.05%	14.93%	4.98%	3.63%

Drivers of HNI's profit

TTM

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

Selling expenses ↓ 8.5bn

Finance costs ↓ 7.0bn

Administrative expenses ↓ 5.2bn

Gross profit ↑ 4.1bn

Financial income ↓ 5.8bn

Tax ↑ 3.4bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower financial income. Supporting and offsetting drivers:

Administrative expenses ↓ 2.8bn

Selling expenses ↓ 0.2bn

Other profit ↑ 0.0bn

Tax ↓ 0.0bn

Financial income ↓ 2.3bn

Gross profit ↓ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 17.5% = 6.8% × 1.79 × 1.45

2026Q1 18.2% = 9.8% × 1.30 × 1.43

ROE rose from 17.5% to 18.2% — mainly driven by net margin, despite asset turnover and leverage moving in the opposite direction.

Net margin: 9.8% +3.0pp Asset turnover: 1.30x -0.49x Leverage: 1.43x -0.02x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 9.78%, rising 3.0pp. Core operating signals are improving as Gross margin rose 3.9pp are enough to offset pressure from SG&A / Revenue rose 0.3pp (in addition, Net financial result / Revenue rose 0.4pp added support while Other profit / Revenue fell 0.2pp remained a drag).

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

Profitability trend

Net Margin 9.78% +3.0pp

Gross Margin 18.02% +3.9pp

SG&A / Revenue 7.17% +0.3pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

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

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin 9.76% +3.2pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.57x equity, with a net cash position equivalent to 0.30x equity.

Over the last 12 months, working capital absorbed 7.3bn of cash, mainly because of higher receivables and higher inventories. Part of that drag was offset by higher payables.

Working Capital Drivers

Receivables increased → lower CFO: −6.4bn

Inventories increased → lower CFO: −19.1bn

Payables increased → higher CFO: +18.3bn

Working Capital Efficiency

Cash conversion cycle lengthened by 14.1 days versus the same period last year. The main moves came from DIO rose 12.0 days, DSO rose 13.6 days, and DPO rose 11.6 days.

Working capital cycle lengthened mainly due to slower receivables collection — receivables quality needs monitoring.

Watchpoints

Cash conversion cycle is lengthening

CCC is up by +14.1 days, indicating weaker working-capital turnover versus the prior year.

Receivables collection is slowing

DSO increased by +13.6 days, pointing to slower receivables turnover.

Working Capital Efficiency

Receivables 34.5 days +13.6 days

Inventory 59.4 days +12.0 days

Payables 27.3 days +11.6 days

Cash Conversion Cycle 66.6 days +14.1 days

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 132.3bn.

Leverage & Liquidity

Leverage looks fairly comfortable, with net debt / equity at -0.30x and interest coverage at 25.86x.

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 -0.30x —

Interest Coverage 25.86x +17.25x

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 1.14x −0.32x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 132.3bn in 2025, against investing cash flow of -84.3bn.

Post-investment cash flow was positive +48.0bn. Financing cash flow was negative +35.7bn.

CFO / net income was 1.14x.

After spending +96.7bn on fixed-asset investment, the business generated trailing free cash flow of +10.2bn.

Cash Conversion

CFO TTM 106.9bn −10.9bn

Cash Capex 96.7bn +79.4bn

FCF TTM +10.2bn −90.3bn

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 3.0 pp. The next item to monitor is capital efficiency.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 9.78% after expanding 3.0pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022
Revenue	980.3	1,182.1	869.5	1,128.9
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	980.3	1,182.1	869.5	1,128.9
Cost of Goods Sold	807.0	983.8	726.8	945.5
Gross Profit	173.3	198.4	142.7	183.4
Financial Income	21.3	26.2	21.7	19.7
Financial Expenses	4.5	11.8	7.5	12.0
Interest Expense	0.0	0.2	0.2	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	14.2	22.8	14.4	15.1
General and Administrative Expenses	57.5	59.0	52.5	59.1
Operating Profit	118.4	131.0	90.0	117.0
Other Income	0.7	3.1	1.9	1.3
Other Expenses	0.5	0.4	0.4	2.3
Other Profit	0.2	2.7	1.5	-1.0
Profit Before Tax	118.6	133.7	91.6	115.9
Current Income Tax Expense	24.8	27.8	18.1	25.5
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	93.7	105.9	73.5	90.4
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	93.7	105.9	73.5	90.4
Earnings per Share	3,547.00	4,009.00	2,781.00	3,422.00
Diluted EPS	3,941.95	4,453.69	3,089.88	3,802.17

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	624.4	620.0	520.8	495.0
I. Cash and cash equivalents	335.4	323.4	258.0	223.6
1. Cash	183.4	131.5	151.4	173.6
2. Cash equivalents	152.0	191.9	106.5	50.0
II. Short-term financial investments	—	0.0	0.0	30.2
1. Available for sale securities	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0	0.0
3. Held to maturity investments	—	0.0	0.0	30.2
III. Short-term receivables	189.9	197.6	105.3	114.6
1. Short-term trade accounts receivable	160.5	179.3	87.8	92.5
2. Short-term prepayments to suppliers	1.9	0.3	8.0	14.9
3. Short-term inter-company receivables	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0
6. Other short-term receivables	27.5	18.0	9.5	7.2
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	54.6	64.7	73.2	53.8
1. Inventories	54.6	64.7	73.2	53.8
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	44.5	34.4	84.3	72.6
1. Short-term prepayments	—	0.0	0.0	0.0
2. Value added tax to be reclaimed	44.4	34.3	84.3	72.5
3. Taxes and other receivables from state authorities	0.1	0.1	0.0	0.1
4. Government bonds	—	0.0	0.0	0.0
5. Other short-term assets	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	203.6	138.7	128.9	146.1
I. Long-term receivables	—	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0	0.0
3. Capital at inter-company	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0	0.0
6. Other long-term receivables	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	174.8	94.3	101.7	114.0
1. Tangible fixed assets	166.3	85.5	92.9	105.0
- Cost	468.2	360.8	355.7	343.2
- Accumulated depreciation	-301.9	-275.2	-262.9	-238.2
2. Financial leased fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
3. Intangible fixed assets	8.5	8.8	8.9	9.0
- Cost	11.4	11.4	11.4	11.4
- Accumulated depreciation	-2.9	-2.6	-2.5	-2.3
III. Investment properties	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0
IV. Long-term assets in progress	23.3	40.9	21.0	21.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	23.3	40.9	21.0	21.0
V. Long-term financial investments	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0	0.0
3. Investments in other entities	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0
5. Held to maturity investments	—	0.0	0.0	0.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	5.5	3.4	6.1	11.1
1. Long-term prepayments	5.5	3.4	6.1	11.1
2. Deferred income tax assets	—	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0
5. Goodwill	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	828.0	758.7	649.7	641.1
A. LIABILITIES (300=210+330)	300.7	276.7	229.7	243.1
I. Short -term liabilities	300.7	276.7	229.7	243.1
1. Short-term trade accounts payable	75.6	38.8	26.2	25.3
2. Short-term advances from customers	37.2	38.1	46.5	32.2
3. Taxes and other payables to state authorities	20.3	21.5	14.2	19.2
4. Payable to employees	114.2	133.9	97.7	109.0
5. Short-term acrrued expenses	—	0.0	0.0	21.2
6. Short-term inter-company payables	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0	0.0
9. Other short-term payables	1.2	1.1	1.5	1.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	52.3	43.2	43.6	35.3
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	—	0.0	0.0	0.0
1. Long-term trade payables	—	0.0	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0	0.0
13. Fund for technology development	—	0.0	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	527.3	482.1	420.0	398.0
I. Owner's equity	527.3	482.1	420.0	398.0
1. Owner's capital	237.8	237.8	237.8	237.8
- Common stock with voting right	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	—	0.0	0.0	0.0
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	—	0.0	0.0	0.0
5. Treasury shares	-11,000,000.00	-11,000,000.00	-11,000,000.00	-11,000,000.00
6. Assets revaluation differences	—	0.0	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0	0.0
8. Investment and development fund	165.9	108.4	78.8	69.8
9. Fund to support corporate restructuring	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0	0.0
11. Undistributed earnings after tax	123.7	135.8	103.4	90.4
- Accumulated retained earning at the end of the previous period	29.9	29.9	29.9	0.0
- Undistributed earnings in this period	93.7	105.9	73.5	90.4
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	—	0.0	0.0	0.0
14. Financial reserves	—	0.0	0.0	0.0
II. Other resources and funds	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	828.0	758.7	649.7	641.1

Item	2025	2024	2023	2022
Profit Before Tax	118.6	133.7	91.6	115.9
Depreciation of Fixed Assets and Investment Property	27.1	24.1	29.8	31.5
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	1.7	-1.5	-3.3	6.6
Gain/Loss from Investment Activities	-5.7	-4.0	-8.4	-1.8
Interest Expense	0.0	0.2	0.2	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0	0.0
Interest Income and Dividends	—	0.0	0.0	0.0
Amortization of Goodwill	—	0.0	0.0	0.0
Other Adjustments	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	141.7	152.4	109.8	152.2
Increase/(Decrease) in Receivables	-3.8	-41.7	-1.8	-46.6
Increase/(Decrease) in Inventory	10.1	8.5	-19.4	37.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	16.6	40.6	-15.8	8.1
Increase/(Decrease) in Prepaid Expenses	-2.1	2.7	4.9	3.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-0.0	-0.2	-0.2	0.0
Corporate Income Tax Paid	-26.4	-21.1	-24.0	-11.1
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-3.7	-8.5	-7.5	-4.4
Net Cash Flow from Operating Activities	132.3	132.8	46.1	138.7
Payments for Fixed Assets and Other Long-term Assets	-90.0	-36.5	-17.5	-17.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.2	1.0	0.7
Loans and Purchases of Debt Instruments	—	0.0	-82.8	-30.2
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	113.0	0.0
Investments in Other Entities	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0
Dividends and Interest Income Received	5.7	3.8	7.5	1.1
Increase/(Decrease) in Term Deposits	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0	0.0
Other Investing Receipts	—	0.0	0.0	0.0
Other Investing Payments	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-84.3	-32.5	21.2	-45.5
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	13.2	26.3	21.9	0.0
Repayment of Borrowings	-13.2	-26.3	-21.9	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	-35.7	-35.7	-35.7	-27.3
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-35.7	-35.7	-35.7	-27.3
Net Cash Flow During the Period	12.4	64.6	31.6	65.9
Cash and Cash Equivalents at Beginning of Period	323.4	258.0	223.6	163.1
FX Difference from Revaluation	-0.3	0.8	2.7	-5.4
Cash and Cash Equivalents at End of Period	335.4	323.4	258.0	223.6

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	168.6	198.0	232.6	358.7	191.0	242.4	366.6	393.1	180.0	194.7	196.1	306.0
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	168.6	198.0	232.6	358.7	191.0	242.4	366.6	393.1	180.0	194.7	196.1	306.0
Cost of Goods Sold	146.0	116.5	206.5	316.4	167.7	194.9	315.1	347.0	159.7	149.4	178.3	264.4
Gross Profit	22.6	81.6	26.1	42.3	23.3	47.6	51.5	46.1	20.4	45.3	17.9	41.6
Financial Income	1.7	3.2	6.6	7.4	4.1	11.5	1.9	7.2	5.6	6.6	7.8	3.1
Financial Expenses	0.7	2.2	0.8	0.9	0.6	0.7	7.9	2.3	0.9	1.4	1.5	2.6
Interest Expense	—	—	0.0	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.2
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	2.5	2.4	4.4	4.6	2.8	3.3	10.8	5.7	3.1	2.4	3.7	5.8
General and Administrative Expenses	8.9	6.9	14.3	24.6	11.7	8.0	16.3	23.9	10.7	12.6	9.4	22.0
Operating Profit	12.2	73.3	13.2	19.6	12.3	47.1	18.5	21.4	11.3	35.5	11.2	14.2
Other Income	0.1	0.1	0.1	0.3	0.1	1.1	1.8	0.1	0.1	0.5	1.0	0.1
Other Expenses	—	0.4	—	0.1	0.0	0.1	0.0	0.3	0.0	0.3	0.0	0.0
Other Profit	0.1	-0.3	0.1	0.3	0.1	1.0	1.8	-0.2	0.1	0.2	1.0	0.1
Profit Before Tax	12.3	73.0	13.3	19.8	12.4	48.0	20.3	21.2	11.4	35.7	12.2	14.3
Current Income Tax Expense	2.5	15.4	2.7	4.3	2.5	10.3	4.1	4.5	2.3	6.6	2.4	3.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	9.8	57.6	10.7	15.6	9.9	37.7	16.2	16.7	9.1	29.1	9.8	11.1
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	9.8	57.6	10.7	15.6	9.9	37.7	16.2	16.7	9.1	29.1	9.8	11.1
Earnings per Share	413.00	2,422.00	449.00	655.00	417.00	1,587.00	682.00	702.00	383.00	1,223.00	411.00	467.00
Diluted EPS	412.82	2,421.67	448.69	654.87	416.71	1,587.32	682.32	702.26	382.55	1,222.53	411.16	466.92

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)	568.9	624.4	645.6	610.3	571.0	626.3	594.3	596.6	513.7	520.8	488.5	484.0
I. Cash and cash equivalents	174.5	335.4	353.3	141.2	287.7	323.4	349.2	310.6	209.9	258.0	213.5	187.6
1. Cash	174.5	183.4	216.5	84.4	153.9	131.5	187.8	189.3	118.9	151.4	163.5	165.6
2. Cash equivalents	—	152.0	136.8	56.8	133.8	191.9	161.4	121.3	90.9	106.5	50.0	22.0
II. Short-term financial investments	92.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	30.3	89.1
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	92.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	30.3	89.1
III. Short-term receivables	115.8	189.9	178.2	344.0	125.6	203.9	154.4	114.7	66.3	105.3	103.0	53.0
1. Short-term trade accounts receivable	85.3	160.5	145.1	315.1	95.7	179.3	129.4	92.3	40.7	87.8	84.3	34.6
2. Short-term prepayments to suppliers	1.2	1.9	5.5	2.2	10.0	6.7	7.5	7.2	14.0	8.0	9.2	6.0
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	29.3	27.5	27.7	26.7	19.9	18.0	17.4	15.3	11.6	9.5	9.6	12.3
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	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
IV. Inventories	137.4	54.6	64.0	79.4	118.2	64.7	65.1	154.1	147.7	73.2	63.6	80.6
1. Inventories	137.4	54.6	64.0	79.4	118.2	64.7	65.1	154.1	147.7	73.2	63.6	80.6
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	49.1	44.5	49.9	45.7	39.5	34.3	25.5	17.2	89.9	84.3	78.1	73.7
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	49.1	44.4	49.9	45.6	39.4	34.3	25.5	17.2	89.9	84.3	78.0	73.6
3. Taxes and other receivables from state authorities	0.1	0.1	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.1	0.1
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)	201.5	203.6	129.4	135.8	131.8	138.7	123.8	121.9	117.6	128.9	130.0	138.1
I. Long-term receivables	—	—	—	—	—	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
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	175.8	174.8	77.3	83.5	89.0	94.3	97.2	96.1	92.0	101.7	101.3	107.7
1. Tangible fixed assets	167.4	166.3	68.8	74.7	80.2	85.5	88.4	87.3	83.2	92.9	92.4	98.8
- Cost	475.4	—	—	—	—	360.8	368.4	361.5	356.2	355.7	350.2	352.9
- Accumulated depreciation	-308.0	—	—	—	—	-275.2	-280.0	-274.2	-273.0	-262.9	-257.7	-254.1
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	8.4	8.5	8.5	8.8	8.8	8.8	8.8	8.8	8.8	8.9	8.9	8.9
- Cost	11.4	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-3.0	—	—	—	—	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
- 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	21.1	23.3	51.9	51.9	40.9	40.9	21.0	21.0	21.0	21.0	21.0	21.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	21.1	23.3	51.9	51.9	40.9	40.9	21.0	21.0	21.0	21.0	21.0	21.0
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	4.6	5.5	0.2	0.4	1.8	3.4	5.6	4.7	4.5	6.1	7.6	9.4
1. Long-term prepayments	4.6	5.5	0.2	0.4	1.8	3.4	5.6	4.7	4.5	6.1	7.6	9.4
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)	770.4	828.0	775.0	746.1	702.8	765.0	718.1	718.5	631.3	649.7	618.5	622.1
A. LIABILITIES (300=210+330)	233.2	300.7	305.3	287.0	210.8	309.1	300.0	316.5	202.2	244.9	242.7	256.2
I. Short -term liabilities	233.2	300.7	305.3	287.0	210.8	309.1	300.0	316.5	202.2	244.9	242.7	256.2
1. Short-term trade accounts payable	70.4	75.6	42.8	31.4	47.0	38.8	45.4	48.8	41.0	26.2	25.7	31.1
2. Short-term advances from customers	32.8	37.2	27.7	30.0	39.0	38.1	28.6	47.3	47.5	46.5	54.1	60.3
3. Taxes and other payables to state authorities	5.7	20.3	8.1	10.3	8.6	14.8	9.4	10.5	8.0	10.4	5.2	7.9
4. Payable to employees	71.5	114.2	171.9	148.0	72.1	166.7	164.8	131.7	61.6	116.7	112.5	96.8
5. Short-term acrrued expenses	—	—	—	—	—	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	1.0	1.2	1.8	1.1	1.3	1.1	1.8	1.8	1.2	1.5	1.5	1.4
10. Short-term borrowings and financial leases	—	—	—	13.2	—	0.0	0.0	26.3	0.0	0.0	0.0	14.9
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	51.9	52.3	53.0	53.0	42.8	49.6	50.0	50.1	42.9	43.6	43.7	43.8
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)	537.1	527.3	469.7	459.1	492.0	455.9	418.2	401.9	429.1	404.8	375.7	365.9
I. Owner's equity	537.1	527.3	469.7	459.1	492.0	455.9	418.2	401.9	429.1	404.8	375.7	365.9
1. Owner's capital	237.8	237.8	237.8	237.8	237.8	237.8	237.8	237.8	237.8	237.8	237.8	237.8
- Common stock with voting right	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00	237,789,000,000.00
- 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	-11,000,000.00	-11,000,000.00	-11,000,000.00	-11,000,000.00	-11,000,000.00	-11,000,000.00	-11,000,000.00	-11,000,000.00	-11,000,000.00	-11,000,000.00	-11,000,000.00	-11,000,000.00
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	165.9	165.9	165.9	165.9	108.4	108.4	108.4	108.4	78.8	78.8	78.8	78.8
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	133.5	123.7	66.1	55.4	145.7	109.7	72.0	55.7	112.5	88.2	59.1	49.4
- Accumulated retained earning at the end of the previous period	123.7	29.9	29.9	29.9	135.8	29.9	29.9	29.9	103.4	29.9	29.9	29.9
- Undistributed earnings in this period	9.8	93.7	36.2	25.5	9.9	79.8	42.0	25.8	9.1	58.3	29.2	19.4
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)	770.4	828.0	775.0	746.1	702.8	765.0	718.1	718.5	631.3	649.7	618.5	622.1

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	12.3	73.0	13.3	19.8	12.4	48.0	20.3	21.2	11.4	54.7	12.2	14.3
Depreciation of Fixed Assets and Investment Property	6.8	7.8	6.5	6.4	6.4	6.6	5.9	1.4	10.1	6.6	7.2	7.6
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	—	-11.4	13.4	1.0	-1.3	-32.9	12.2	4.6	-4.7	-3.3	2.4	-2.4
Gain/Loss from Investment Activities	—	-1.6	-0.6	-1.3	-2.2	-1.2	-1.5	-0.4	-0.9	-8.4	1.8	-1.8
Interest Expense	—	0.0	0.0	0.0	—	0.0	0.0	0.1	0.0	0.0	0.0	0.2
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	19.1	67.8	32.7	25.9	15.3	20.5	36.9	27.0	15.9	49.6	23.6	17.7
Increase/(Decrease) in Receivables	69.5	-7.6	161.5	-229.7	72.0	-83.2	-23.1	24.2	33.5	-13.5	-50.5	55.3
Increase/(Decrease) in Inventory	-82.8	9.5	15.4	38.8	-53.5	1.0	88.9	-6.4	-74.5	-9.6	17.0	26.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-52.7	-55.5	72.0	54.4	-54.4	-20.5	20.4	85.4	-25.6	-35.8	17.1	33.9
Increase/(Decrease) in Prepaid Expenses	0.9	-5.3	0.2	1.4	1.6	2.1	-0.9	-0.2	1.7	1.5	1.7	2.3
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	-0.1	0.0	0.0	-0.0	-0.2
Corporate Income Tax Paid	-15.8	-2.6	-4.4	-2.0	-17.5	-4.0	-4.4	-10.8	-1.9	-2.6	-2.8	-2.0
Other Operating Receipts	0.1	—	—	—	—	0.8	2.0	-0.1	0.1	-0.3	0.3	-0.1
Other Operating Payments	-0.4	-2.9	2.2	-2.6	-0.4	-0.8	0.7	-0.9	-0.7	-6.9	6.6	-6.9
Net Cash Flow from Operating Activities	-62.3	2.9	280.1	-113.8	-36.8	-84.1	120.6	118.0	-51.5	-17.6	13.1	126.2
Payments for Fixed Assets and Other Long-term Assets	-7.8	-77.0	-0.0	-11.9	-1.1	-3.7	-7.0	-5.5	-0.4	-3.8	-4.0	-6.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.0	0.0	—	—	—	0.2	0.0	0.0	0.0	-0.1	1.1	-0.1
Loans and Purchases of Debt Instruments	-20.0	—	—	—	—	0.0	0.0	0.0	0.0	-82.8	79.7	-20.8
Receipts from Loan Repayments and Sale of Debt Instruments	80.0	—	—	—	—	0.0	0.0	0.0	0.0	113.0	-20.8	20.8
Investments in Other Entities	—	—	—	—	—	54.9	-54.9	0.0	0.0	30.3	-30.3	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	1.1	1.6	0.6	1.3	2.2	1.3	1.2	0.4	0.9	2.7	3.0	0.3
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	53.4	-20.3	-54.5	-10.5	1.1	52.7	-60.7	-5.1	0.4	59.3	28.6	-5.8
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	13.2	—	0.0	0.0	26.3	0.0	0.0	0.0	16.6
Repayment of Borrowings	—	0.0	-13.2	—	—	0.0	-26.3	0.0	0.0	0.0	-14.9	-7.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-35.7	—	0.0	0.0	-35.7	0.0	0.0	0.0	-35.7
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	—	0.0	-13.2	-22.4	—	0.0	-26.3	-9.4	0.0	0.0	-14.9	-26.1
Net Cash Flow During the Period	-8.9	-17.5	212.3	-146.8	-35.7	-31.4	33.6	103.5	-51.1	41.8	26.8	94.3
Cash and Cash Equivalents at Beginning of Period	183.4	353.3	141.2	287.7	323.4	258.0	258.0	258.0	258.0	223.6	223.6	223.6
FX Difference from Revaluation	—	-0.3	0.1	0.3	—	5.5	5.0	-2.8	3.0	2.7	-0.9	0.2
Cash and Cash Equivalents at End of Period	174.5	335.4	353.3	141.2	287.7	323.4	349.2	310.6	209.9	258.0	213.5	187.6

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HNI

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow