LQN

Listed Company · UPCOM

Price

—

Latest close

P/E —

EPS (TTM) —

ROE (TTM) 9.1%

P/B —

BVPS (Latest) —

ROA (TTM) -2.8%

What Is Changing

LQN has not yet shown a broad-based top-line recovery. Revenue posted -32.8% YoY, but net margin reached -6.38% with an additional -1.3pp improvement versus the prior year. The next question is whether current profit momentum can hold through the next cycle.

Net Income reached a multi-period high at VND -1.6bn in 2025.
Revenue decreased 32.7% YoY to VND 25.2bn in 2025.
Net margin declined from -5.10% in the prior period to -6.38% in 2025.

Metric	2025	2024	2023	2022
Revenue	25.2	37.5	11.5	15.7
Growth	-33%	+225%	-26%	—
Net Income	-1.6	-1.9	-7.5	-12.4
Net Margin	-6.38%	-5.10%	-65.01%	-79.42%

Financial Statements

Profitability

Net margin reached -6.38% while Revenue posted -32.8% YoY.

Balance Sheet

Inventory stood at 13.6bn, liabilities at 67.8bn, and equity at -18.4bn.

Cash Flow

Operating cash flow was 1.7bn in 2025, while investing cash flow was 0.0bn.

Financing cash flow: -2.0bn.

Item	2025	2024	2023	2022
Revenue	25.2	37.5	11.5	15.7
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	25.2	37.5	11.5	15.7
Cost of Goods Sold	20.6	32.8	11.5	16.3
Gross Profit	4.6	4.8	0.1	-0.7
Financial Income	0.0	0.0	0.0	0.0
Financial Expenses	1.1	2.0	2.4	3.1
Interest Expense	1.1	2.0	2.4	3.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	—	0.0	0.1	0.2
General and Administrative Expenses	4.9	3.7	4.0	6.8
Operating Profit	-1.4	-0.9	-6.4	-10.8
Other Income	—	0.0	0.6	1.0
Other Expenses	0.2	1.0	1.7	2.7
Other Profit	-0.2	-1.0	-1.1	-1.7
Profit Before Tax	-1.6	-1.9	-7.5	-12.4
Current Income Tax Expense	—	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	-1.6	-1.9	-7.5	-12.4
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	-1.6	-1.9	-7.5	-12.4
Earnings per Share	-850.00	-1,010.00	-3,959.00	-6,574.00
Diluted EPS	-850.00	-1,010.00	-3,959.00	-6,574.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	28.5	44.5	90.6	98.6
I. Cash and cash equivalents	0.1	0.4	0.8	0.8
1. Cash	0.1	0.4	0.8	0.8
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0
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	0.0
III. Short-term receivables	14.8	19.9	48.1	52.5
1. Short-term trade accounts receivable	11.1	15.6	24.7	28.7
2. Short-term prepayments to suppliers	1.3	1.4	18.7	18.8
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	5.7	6.0	7.6	8.0
7. Provision for short-term doubtful debts (*)	-3.3	-3.1	-2.9	-2.9
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	13.6	24.2	41.3	44.5
1. Inventories	13.6	24.2	41.3	44.5
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	—	0.1	0.4	0.8
1. Short-term prepayments	—	0.1	0.4	0.8
2. Value added tax to be reclaimed	—	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
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)	20.9	22.6	26.0	29.4
I. Long-term receivables	2.0	1.4	1.0	0.8
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	2.0	1.4	1.0	0.8
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	10.3	12.3	15.1	18.0
1. Tangible fixed assets	8.2	10.2	13.0	15.9
- Cost	39.9	39.8	39.8	49.3
- Accumulated depreciation	-31.8	-29.6	-26.8	-33.5
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	2.1	2.1	2.1	2.1
- Cost	2.1	2.1	2.1	2.1
- Accumulated depreciation	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0
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	8.7	8.9	9.9	10.6
1. Long-term prepayments	8.7	8.9	9.9	10.6
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)	49.4	67.1	116.6	128.0
A. LIABILITIES (300=210+330)	67.8	83.9	131.6	135.4
I. Short -term liabilities	67.8	83.8	131.5	135.4
1. Short-term trade accounts payable	11.4	24.2	37.1	37.3
2. Short-term advances from customers	2.0	4.8	29.7	30.0
3. Taxes and other payables to state authorities	9.9	11.5	12.5	11.9
4. Payable to employees	4.1	4.7	6.0	6.3
5. Short-term acrrued expenses	4.8	4.0	3.3	1.0
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	11.7	11.5	13.0	13.4
10. Short-term borrowings and financial leases	23.3	23.1	30.0	35.4
11. Provision for short-term liabilities	0.5	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
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	0.2	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	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)	—	0.0	0.0	0.0
11. Deferred income tax liabilities	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	0.2	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)	-18.4	-16.8	-14.9	-7.4
I. Owner's equity	-18.4	-16.8	-14.9	-7.4
1. Owner's capital	18.9	18.9	18.9	18.9
- Common stock with voting right	18.9	18.9	18.9	18.9
- Preferred stock	—	0.0	0.0	0.0
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	-0.0	-0.0	-0.0	-0.0
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	2.0	2.0	2.0	2.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.7
10. Other funds from owner's equity	0.7	0.7	0.7	0.0
11. Undistributed earnings after tax	-40.1	-38.4	-36.5	-29.0
- Accumulated retained earning at the end of the previous period	-38.4	-36.5	-29.0	-16.6
- Undistributed earnings in this period	-1.6	-1.9	-7.5	-12.4
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)	49.4	67.1	116.6	128.0

Item	2025	2024	2023	2022
Profit Before Tax	—	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	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	—	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0
Corporate Income Tax Paid	-0.3	0.0	0.0	-0.2
Other Operating Receipts	1.5	1.3	1.6	3.3
Other Operating Payments	-9.8	-6.8	-2.7	-5.4
Net Cash Flow from Operating Activities	1.7	8.3	5.4	3.1
Payments for Fixed Assets and Other Long-term Assets	—	-0.0	-0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.2	0.0
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	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	0.0	0.0	0.0	0.0
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	0.0	-0.0	0.1	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.0	0.0	0.0
Share Repurchases	—	0.0	0.0	0.0
Proceeds from Borrowings	—	3.0	0.1	4.4
Repayment of Borrowings	-2.0	-9.9	-5.5	-7.8
Repayment of Finance Leases	—	0.0	0.0	0.0
Dividends Paid	—	-1.8	0.0	0.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-2.0	-8.7	-5.5	-3.4
Net Cash Flow During the Period	-0.3	-0.5	0.1	-0.3
Cash and Cash Equivalents at Beginning of Period	0.4	0.8	0.8	1.1
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	0.1	0.4	0.8	0.8

Item	Q4'25
Corporate Income Tax Paid	-0.3
Other Operating Payments	-9.8
Net Cash Flow from Operating Activities	1.7
Dividends and Interest Income Received	0.0
Net Cash Flow from Investing Activities	0.0
Repayment of Borrowings	-2.0
Net Cash Flow from Financing Activities	-2.0
Net Cash Flow During the Period	-0.3
Cash and Cash Equivalents at Beginning of Period	0.4
Cash and Cash Equivalents at End of Period	0.1

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LQN

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

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