KHG

Listed Company · HOSE

Price

5,390

Latest close

03 Apr 2026

P/E 36.4x

EPS (TTM) 148

ROE (TTM) 1.3%

P/B 0.5x

BVPS (Latest) 11,762

ROA (TTM) 1.0%

What Is Changing

KHG no longer looks like a business simply rebounding from a weak base. Revenue posted +94.1% YoY, while net margin reached 11.43% with an additional -6.2pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income recovered 25.8% to VND 68.7bn in 2025.
Net margin declined from 17.63% in the prior period to 11.43% in 2025.
Revenue growth accelerated to 94.1% in 2025, up 100.3pp versus the prior year.

Metric	2025	2024	2023	2022	2021
Revenue	601.3	309.8	330.5	1,396.2	1,288.1
Growth	+94%	-6%	-76%	+8%	—
Net Income	68.7	54.6	25.4	442.5	413.5
Net Margin	11.43%	17.63%	7.67%	31.69%	32.10%

Metric	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	236.6	135.6	146.4	100.4	113.9	69.0	90.2	36.7	31.4	77.2	3.4	260.6
Growth	+74%	-7%	+46%	-12%	+65%	-23%	+146%	+17%	-59%	+2185%	-99%	—
Net Income	12.3	18.2	20.5	15.4	13.0	14.2	16.5	13.0	7.4	12.3	45.3	56.7
Net Margin	5.22%	13.43%	14.00%	15.29%	11.46%	20.62%	18.27%	35.26%	23.64%	15.93%	1341.05%	21.75%

Financial Statements

Profitability

Net margin reached 11.43% while Revenue posted +94.1% YoY.

Balance Sheet

Inventory stood at 113.8bn, liabilities at 1,704.9bn, and equity at 5,289.6bn.

Cash Flow

Operating cash flow was -442.4bn in 2025, while investing cash flow was 139.3bn.

Financing cash flow: 290.8bn.

Item	2025	2024	2023	2022	2021
Revenue	601.3	309.8	404.3	1,425.5	1,288.1
Revenue Deductions	—	0.0	73.8	29.3	0.0
Net Revenue	601.3	309.8	330.5	1,396.2	1,288.1
Cost of Goods Sold	487.8	264.4	302.8	870.3	0.0
Gross Profit	113.5	45.4	27.7	525.9	581.5
Financial Income	160.4	252.5	282.8	384.9	79.8
Financial Expenses	80.4	133.8	122.8	140.6	-68.3
Interest Expense	70.1	120.1	116.8	120.3	-53.7
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	64.9	53.7	120.0	127.9	-37.5
General and Administrative Expenses	37.6	32.4	32.4	57.2	-39.8
Operating Profit	91.0	78.0	35.3	585.1	515.8
Other Income	2.0	2.8	2.0	1.4	0.0
Other Expenses	5.5	10.7	3.0	32.3	0.0
Other Profit	-3.6	-7.9	-1.1	-30.8	1.5
Profit Before Tax	87.4	70.1	34.2	554.3	517.3
Current Income Tax Expense	18.7	15.5	8.8	111.8	-103.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	68.7	54.6	25.4	442.5	413.5
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	68.7	54.6	25.4	442.5	413.5
Earnings per Share	153.00	122.00	56.00	1,106.00	2,298.00
Diluted EPS	152.88	121.54	56.43	984.50	1,296.99

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,959.2	1,726.2	1,860.3	2,179.4	2,216.4
I. Cash and cash equivalents	94.7	107.0	50.1	195.7	563.8
1. Cash	94.7	107.0	50.1	95.7	0.0
2. Cash equivalents	—	0.0	0.0	100.0	0.0
II. Short-term financial investments	20.3	21.1	20.0	0.0	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	20.3	21.1	20.0	0.0	0.0
III. Short-term receivables	1,726.4	1,456.6	1,552.7	1,514.2	1,258.4
1. Short-term trade accounts receivable	95.7	202.6	242.6	510.9	0.0
2. Short-term prepayments to suppliers	369.4	298.0	301.3	270.6	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	234.5	0.0	0.0	0.0	0.0
6. Other short-term receivables	1,026.8	956.0	1,008.8	732.6	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	113.8	124.9	210.6	461.5	389.9
1. Inventories	113.8	124.9	210.6	461.5	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	4.0	16.5	26.8	8.0	4.3
1. Short-term prepayments	1.8	6.0	1.6	8.0	0.0
2. Value added tax to be reclaimed	2.2	9.3	25.3	0.0	0.0
3. Taxes and other receivables from state authorities	—	1.2	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)	5,035.3	4,865.0	4,530.4	4,865.2	4,239.6
I. Long-term receivables	4,624.4	4,601.9	4,288.3	4,648.9	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	4,026.2
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	490.0	490.0	0.0
6. Other long-term receivables	4,624.4	4,601.9	3,798.3	4,158.9	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	0.6	0.6	0.8	0.2
1. Tangible fixed assets	0.2	0.5	0.4	0.8	0.2
- Cost	4.4	4.6	4.1	4.1	0.0
- Accumulated depreciation	-4.2	-4.1	-3.7	-3.3	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	—	0.1	0.2	0.0	0.0
- Cost	0.6	0.6	0.6	0.3	0.0
- Accumulated depreciation	-0.6	-0.5	-0.4	-0.3	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	218.4	215.1	212.8	212.8	212.6
1. Long-term production in progress	4.5	2.1	0.8	0.8	0.0
2. Construction in progress	213.8	212.9	212.0	212.0	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	192.3	47.5	28.6	2.7	0.0
1. Long-term prepayments	192.3	47.5	28.6	2.7	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	0.7
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)	6,994.5	6,591.2	6,390.7	7,044.6	6,456.0
A. LIABILITIES (300=210+330)	1,704.9	1,371.4	1,225.5	1,904.8	1,758.6
I. Short -term liabilities	908.8	780.4	984.9	1,903.9	1,196.2
1. Short-term trade accounts payable	7.5	22.1	65.3	239.6	426.9
2. Short-term advances from customers	1.6	0.3	24.1	23.9	0.1
3. Taxes and other payables to state authorities	21.9	16.4	25.7	165.9	0.0
4. Payable to employees	9.0	10.6	12.0	5.2	0.0
5. Short-term acrrued expenses	33.5	34.1	52.0	362.8	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	307.0	254.4	40.9	98.6	0.0
10. Short-term borrowings and financial leases	528.3	442.6	765.0	1,007.9	98.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	796.1	590.9	240.6	0.9	562.4
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	0.5	0.5	0.6	0.9	0.0
8. Long-term borrowings and financial leases	795.6	590.5	240.0	0.0	559.9
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.0	0.0	0.0	0.0
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)	5,289.6	5,219.8	5,165.2	5,139.8	4,697.4
I. Owner's equity	5,289.6	5,219.8	5,165.2	5,139.8	0.0
1. Owner's capital	4,494.4	4,494.4	4,494.4	4,494.4	4,697.4
- Common stock with voting right	4,494.4	4,494.4	4,494.4	4,494.4	3,188.2
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	13.1	13.1	13.1	13.1	937.6
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	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	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	782.2	712.4	657.8	632.4	571.6
- Accumulated retained earning at the end of the previous period	713.5	657.8	632.4	190.0	158.1
- Undistributed earnings in this period	68.7	54.6	25.4	442.5	413.5
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)	6,994.5	6,591.2	6,390.7	7,044.6	6,456.0

Item	2025	2024	2023	2022	2021
Profit Before Tax	87.4	70.1	34.2	554.3	517.3
Depreciation of Fixed Assets and Investment Property	0.3	0.5	0.4	0.3	0.1
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	-160.4	-252.5	-282.8	-384.9	0.0
Interest Expense	70.1	133.8	120.6	138.3	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	-2.6	-48.0	-127.5	308.0	496.5
Increase/(Decrease) in Receivables	-323.1	-42.6	379.4	-842.3	0.0
Increase/(Decrease) in Inventory	8.7	84.4	250.8	-66.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	43.2	94.4	-572.7	-197.1	0.0
Increase/(Decrease) in Prepaid Expenses	-78.7	-23.3	-19.5	-1.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-72.6	-120.4	-114.6	-116.4	0.0
Corporate Income Tax Paid	-17.2	-5.5	-116.9	-104.8	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	-442.4	-61.1	-321.0	-1,020.3	-2,491.2
Payments for Fixed Assets and Other Long-term Assets	-0.5	-1.4	-0.3	-1.1	-0.3
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-1,664.7	-317.2	-860.0	0.0	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,637.7	189.0	717.5	2.0	0.0
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	166.8	219.6	322.8	306.0	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	139.3	89.9	180.0	306.9	70.3
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0	2,525.8
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	874.2	443.2	240.0	699.4	297.0
Repayment of Borrowings	-583.4	-415.2	-244.5	-354.1	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	290.8	28.0	-4.5	345.3	2,822.8
Net Cash Flow During the Period	-12.3	56.8	-145.6	-368.1	450.6
Cash and Cash Equivalents at Beginning of Period	107.0	50.1	195.7	563.8	161.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	94.7	107.0	50.1	195.7	563.8

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Revenue	236.6	135.6	146.4	100.4	113.9	69.0	90.2	36.7	33.1	119.2	35.2	260.6
Revenue Deductions	—	—	—	—	0.0	0.0	0.0	0.0	1.7	42.0	31.8	0.0
Net Revenue	236.6	135.6	146.4	100.4	113.9	69.0	90.2	36.7	31.4	77.2	3.4	260.6
Cost of Goods Sold	211.0	97.8	99.9	79.0	98.0	54.3	80.9	31.3	18.1	65.9	0.3	263.2
Gross Profit	25.6	37.8	46.5	21.4	15.9	14.7	9.3	5.5	13.3	11.3	3.1	-2.6
Financial Income	50.8	51.9	56.7	59.1	59.0	63.8	65.2	64.6	56.4	55.0	109.1	135.3
Financial Expenses	36.9	38.1	49.5	36.6	33.2	31.1	33.1	33.8	33.4	29.2	26.3	32.5
Interest Expense	37.6	34.1	32.4	30.9	27.5	28.2	30.7	31.7	31.3	28.6	25.7	29.8
Share of Associates and Joint Ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	13.9	17.5	13.4	14.0	12.9	14.1	13.1	13.5	16.2	14.1	19.4	21.6
General and Administrative Expenses	9.8	11.8	10.3	10.0	9.1	9.0	7.9	6.4	8.3	7.5	8.9	7.7
Operating Profit	15.8	22.3	30.1	19.9	19.6	24.3	20.5	16.3	11.7	15.5	57.6	70.9
Other Income	0.1	1.4	0.2	0.4	0.9	1.7	0.2	0.0	0.7	0.2	0.1	1.0
Other Expenses	0.2	0.8	3.7	0.8	3.5	7.1	0.0	0.1	1.1	0.2	1.0	0.8
Other Profit	-0.2	0.6	-3.5	-0.4	-2.6	-5.4	0.2	-0.0	-0.4	-0.1	-0.9	0.2
Profit Before Tax	15.7	22.9	26.6	19.4	17.0	18.9	20.7	16.2	11.3	15.4	56.8	71.1
Current Income Tax Expense	3.3	4.6	6.1	4.1	3.9	4.6	4.2	3.3	3.9	3.1	11.5	14.4
Deferred Income Tax Expense	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	12.3	18.2	20.5	15.4	13.0	14.2	16.5	13.0	7.4	12.3	45.3	56.7
Non-controlling Interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	12.3	18.2	20.5	15.4	13.0	14.2	16.5	13.0	7.4	12.3	45.3	56.7
Earnings per Share	27.00	41.00	46.00	34.00	29.00	32.00	36.00	29.00	17.00	27.00	101.00	126.00
Diluted EPS	27.46	40.53	45.59	34.17	29.03	31.66	36.67	28.82	16.51	27.36	100.79	126.11

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,996.7	1,808.5	1,719.3	1,830.5	1,726.0	1,522.0	1,456.3	1,780.6	1,524.8	2,180.1	2,080.4	2,082.1
I. Cash and cash equivalents	94.7	57.0	74.3	163.7	107.0	29.4	17.6	14.3	70.1	264.6	46.6	71.0
1. Cash	94.7	57.0	74.3	163.7	107.0	29.4	17.6	14.3	50.1	264.6	39.0	55.1
2. Cash equivalents	—	—	—	—	0.0	0.0	0.0	0.0	20.0	0.0	7.6	15.9
II. Short-term financial investments	20.3	21.1	21.1	21.1	21.1	20.0	20.0	20.0	0.0	0.0	1,810.3	0.0
1. Available for sale securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	612.7	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	263.2	0.0
3. Held to maturity investments	20.3	21.1	21.1	21.1	21.1	20.0	20.0	20.0	0.0	0.0	934.4	0.0
III. Short-term receivables	1,759.1	1,663.6	1,558.7	1,557.6	1,456.6	1,275.7	1,192.6	1,491.7	1,217.2	1,680.2	0.0	1,794.8
1. Short-term trade accounts receivable	115.3	172.7	207.0	238.7	202.6	232.7	200.7	184.7	279.6	604.3	0.0	675.5
2. Short-term prepayments to suppliers	302.9	327.2	324.3	323.3	298.0	238.6	238.7	301.0	301.3	303.5	0.0	287.4
3. Short-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.0
6. Other short-term receivables	1,340.9	1,163.8	1,027.3	995.7	956.0	804.4	753.2	1,006.0	636.3	772.4	0.0	829.9
7. Provision for short-term doubtful debts (*)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	113.8	63.3	63.3	82.2	124.9	182.4	205.0	228.9	210.6	205.9	220.2	210.8
1. Inventories	113.8	63.3	63.3	82.2	124.9	182.4	205.0	228.9	210.6	205.9	220.2	210.8
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	8.8	3.5	1.8	5.8	16.4	14.6	21.1	25.7	26.8	29.3	3.4	5.5
1. Short-term prepayments	6.6	3.5	1.8	3.4	5.8	1.0	1.3	0.8	1.6	1.8	3.4	5.5
2. Value added tax to be reclaimed	2.2	0.0	0.0	0.7	9.3	13.2	19.8	24.9	25.3	27.5	0.0	0.0
3. Taxes and other receivables from state authorities	—	—	—	1.8	1.2	0.3	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	0.0
5. Other short-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	4,993.5	5,075.8	5,099.4	4,860.5	4,867.8	4,868.9	4,874.7	4,528.1	4,975.9	4,781.9	4,750.7	4,756.5
I. Long-term receivables	4,729.9	4,815.6	4,838.9	4,599.2	4,601.9	4,602.1	4,605.9	4,287.9	4,733.8	4,538.6	4,535.6	4,540.9
1. Long-term trade receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	0.0	0.0	490.0	490.0	490.0	490.0	490.0	490.0
6. Other long-term receivables	4,729.9	4,815.6	4,838.9	4,599.2	4,601.9	4,602.1	4,115.9	3,797.9	4,243.8	4,048.6	4,045.6	4,050.9
7. Provision for long-term doubtful debts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	0.2	0.2	0.3	0.3	0.6	0.6	0.4	0.5	0.6	0.8	0.6	0.7
1. Tangible fixed assets	0.2	0.2	0.3	0.3	0.5	0.5	0.3	0.4	0.4	0.5	0.6	0.7
- Cost	—	—	—	—	4.6	4.4	4.1	4.1	4.1	4.1	4.1	4.1
- Accumulated depreciation	—	—	—	—	-4.1	-3.9	-3.8	-3.7	-3.7	-3.6	-3.5	-3.4
2. Financial leased fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	—	—	—	0.0	0.1	0.1	0.1	0.2	0.2	0.2	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	218.4	218.6	217.2	216.5	215.1	1.5	213.1	212.8	212.8	212.8	212.8	212.8
1. Long-term production in progress	4.5	4.5	3.9	3.2	2.1	1.5	1.1	0.8	0.8	0.8	0.8	0.8
2. Construction in progress	213.8	214.0	213.3	213.3	212.9	0.0	212.0	212.0	212.0	212.0	212.0	212.0
V. Long-term financial investments	—	—	—	—	0.0	212.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	0.0	212.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VI. Other long-term assets	45.0	41.3	43.0	44.4	50.3	52.7	55.3	26.8	28.6	29.7	1.6	2.1
1. Long-term prepayments	45.0	41.3	43.0	44.4	50.3	52.7	55.3	26.8	28.6	29.7	1.6	2.1
2. Deferred income tax assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	6,990.2	6,884.3	6,818.7	6,691.0	6,593.8	6,390.9	6,331.0	6,308.8	6,500.7	6,961.9	6,831.1	6,838.6
A. LIABILITIES (300=210+330)	1,703.9	1,610.4	1,563.0	1,455.8	1,371.9	1,182.0	1,136.4	1,130.6	1,237.0	1,705.6	1,589.3	1,642.1
I. Short -term liabilities	907.8	943.9	899.0	798.3	823.0	691.4	645.8	890.0	996.4	1,465.0	1,588.7	1,641.3
1. Short-term trade accounts payable	7.5	9.2	7.9	19.6	22.1	15.8	16.1	10.3	65.3	532.8	247.3	238.9
2. Short-term advances from customers	1.6	1.6	1.1	1.1	0.3	41.0	33.0	26.2	24.1	19.0	23.4	0.3
3. Taxes and other payables to state authorities	22.8	32.6	18.0	22.1	16.9	14.8	13.9	25.9	50.3	74.8	156.0	166.7
4. Payable to employees	7.1	12.7	7.9	8.9	10.6	7.0	9.2	5.7	12.0	4.8	5.8	8.3
5. Short-term acrrued expenses	33.5	40.0	35.7	37.6	34.1	50.1	38.8	37.9	38.9	36.4	308.2	348.9
6. Short-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	307.0	314.0	300.7	284.8	254.4	144.6	104.5	44.5	40.9	25.4	65.1	80.5
10. Short-term borrowings and financial leases	528.3	533.9	527.8	424.2	484.6	418.1	430.2	739.4	765.0	771.7	782.9	797.7
11. Provision for short-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Price stabilization fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Government bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Long-term liabilities	796.1	666.5	664.0	657.5	548.9	490.6	490.6	240.6	240.6	240.6	0.6	0.8
1. Long-term trade payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	0.5	0.5	0.4	0.5	0.5	0.6	0.6	0.6	0.6	0.6	0.6	0.8
8. Long-term borrowings and financial leases	795.6	666.0	663.6	657.0	548.4	490.0	490.0	240.0	240.0	240.0	0.0	0.0
9. Convertible bonds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Deferred income tax liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	5,286.3	5,273.9	5,255.7	5,235.2	5,221.9	5,208.9	5,194.6	5,178.2	5,263.7	5,256.3	5,241.8	5,196.5
I. Owner's equity	5,286.3	5,273.9	5,255.7	5,235.2	5,221.9	5,208.9	5,194.6	5,178.2	5,263.7	5,256.3	5,241.8	5,196.5
1. Owner's capital	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4
- Common stock with voting right	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4	4,494.4
- Preferred stock	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1	13.1
3. Convertible bond option	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Assets revaluation differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Investment and development fund	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Undistributed earnings after tax	778.9	766.5	748.3	727.8	714.5	701.5	687.2	670.8	756.3	748.9	734.4	689.1
- Accumulated retained earning at the end of the previous period	712.4	712.4	712.4	712.4	657.8	657.8	657.8	657.8	632.4	632.4	632.4	632.4
- Undistributed earnings in this period	66.4	54.1	35.8	15.4	56.7	43.7	29.4	13.0	123.9	116.5	102.0	56.7
12. Reserves for investment in construction	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	6,990.2	6,884.3	6,818.7	6,691.0	6,593.8	6,390.9	6,331.0	6,308.8	6,500.7	6,961.9	6,831.1	6,838.6

Item	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23	Q1'23
Profit Before Tax	18.5	22.9	26.6	19.4	17.0	18.9	20.7	16.2	-111.8	15.4	59.5	71.1
Depreciation of Fixed Assets and Investment Property	0.0	0.0	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
Provision (Increase)/Reversal	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	7.3	-51.9	-56.7	-59.1	-59.0	-63.8	-65.2	-64.6	16.6	-55.0	-109.1	-135.3
Interest Expense	-27.3	26.4	40.0	31.0	21.7	30.3	34.8	32.1	33.1	30.3	24.7	32.5
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Adjustments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	-1.4	-2.6	10.0	-8.6	-20.1	-14.5	-9.6	-16.1	-62.0	-9.1	-24.8	-31.6
Increase/(Decrease) in Receivables	105.9	-121.3	-192.5	-115.1	-153.5	-719.4	133.9	82.1	543.7	-5.8	-93.1	-65.4
Increase/(Decrease) in Inventory	-50.5	-0.6	18.2	41.6	56.9	21.9	23.9	-18.3	-4.7	59.0	-54.1	250.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	158.1	-146.3	3.9	27.6	76.4	48.6	51.8	-69.5	-430.1	-40.6	-30.3	-71.7
Increase/(Decrease) in Prepaid Expenses	-87.4	0.1	2.9	5.7	-2.4	2.9	-29.0	2.5	-0.3	-24.9	1.2	4.5
Changes in Trading Securities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-164.1	154.1	-37.5	-25.0	-37.1	-22.1	-24.1	-35.1	-29.1	-22.3	-39.0	-24.2
Corporate Income Tax Paid	-0.6	0.0	-15.3	-1.3	0.0	-3.8	-1.7	-0.1	-25.0	-88.3	-0.1	-3.5
Other Operating Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-40.2	-116.7	-210.5	-75.1	-79.9	-686.3	145.3	-54.5	-7.5	-132.1	-240.2	58.8
Payments for Fixed Assets and Other Long-term Assets	0.5	-0.6	-0.1	-0.3	-1.1	-0.1	-0.3	0.0	0.0	-0.3	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	0.0
Loans and Purchases of Debt Instruments	-1,122.2	—	-542.5	—	-1.1	802.5	-310.5	-2.0	-760.0	2.0	-100.0	-2.0
Receipts from Loan Repayments and Sale of Debt Instruments	1,155.2	—	482.5	—	0.0	-129.0	127.0	2.0	390.0	-2.0	329.5	0.0
Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	-19.5	31.5	70.9	83.9	34.8	36.7	101.0	44.3	169.7	121.6	1.4	30.1
Increase/(Decrease) in Term Deposits	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-46.0	90.9	10.8	83.7	32.6	710.1	-82.8	44.3	-200.3	121.3	230.9	28.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share Repurchases	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Borrowings	352.1	36.5	163.7	322.0	185.2	0.0	250.0	0.0	0.0	238.0	0.0	2.0
Repayment of Borrowings	-228.2	-28.0	-53.5	-273.8	-60.3	-12.1	-309.2	-25.6	-6.7	-9.2	-15.1	-213.5
Repayment of Finance Leases	—	—	—	—	0.0	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	0.0
Other Financing Receipts	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	124.0	8.5	110.2	48.2	124.9	-12.1	-59.2	-25.6	-6.7	228.8	-15.1	-211.5
Net Cash Flow During the Period	37.7	-17.3	-89.4	56.7	77.6	11.7	3.3	-35.8	-214.5	218.0	-24.4	-124.7
Cash and Cash Equivalents at Beginning of Period	57.0	74.3	163.7	107.0	50.1	50.1	50.1	50.1	195.7	195.7	195.7	195.7
FX Difference from Revaluation	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	94.7	57.0	74.3	163.7	107.0	29.4	17.6	14.3	50.1	264.6	46.6	71.0

Need support? If you need support with content lookup or want to provide feedback about content on the website, please contact us below.

KHG

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research