NHA

Listed Company · HOSE

Price

13,050

Latest close

03 Apr 2026

P/E 7.7x

EPS (TTM) 1,685

ROE (TTM) 14.1%

P/B 1.1x

BVPS (Latest) 12,244

ROA (TTM) 8.6%

What Is Changing

NHA no longer looks like a business simply rebounding from a weak base. Revenue posted +83.8% YoY, while net margin reached 26.78% with an additional -12.5pp 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 78.9bn in 2025.
Revenue increased 83.8% YoY to VND 294.8bn in 2025.
Net margin declined from 39.29% in the prior period to 26.78% in 2025.

Metric	2025	2024	2023	2022	2021
Revenue	294.8	160.4	73.1	108.3	122.5
Growth	+84%	+119%	-32%	-12%	—
Net Income	78.9	63.0	5.9	1.9	2.4
Net Margin	26.78%	39.29%	8.06%	1.73%	1.95%

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	25.5	97.3	75.3	96.6	40.6	24.7	60.8	34.4	27.6	7.9	17.8	19.9
Growth	-74%	+29%	-22%	+138%	+64%	-59%	+77%	+25%	+248%	-56%	-10%	—
Net Income	2.0	28.1	14.2	34.1	10.1	11.9	29.3	11.8	5.2	0.1	0.1	0.7
Net Margin	8.03%	28.87%	18.89%	35.29%	24.84%	48.08%	48.27%	34.31%	18.75%	0.76%	0.73%	3.54%

Financial Statements

Profitability

Net margin reached 26.78% while Revenue posted +83.8% YoY.

Balance Sheet

Inventory stood at 51.0bn, liabilities at 434.2bn, and equity at 595.0bn.

Cash Flow

Operating cash flow was 158.6bn in 2025, while investing cash flow was -263.2bn.

Financing cash flow: 144.6bn.

Item	2025	2024	2023	2022	2021
Revenue	294.8	160.4	73.1	108.3	122.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	294.8	160.4	73.1	108.3	122.5
Cost of Goods Sold	178.8	70.9	50.1	90.8	0.0
Gross Profit	115.9	89.4	23.1	17.5	14.0
Financial Income	0.1	0.0	0.0	0.0	0.1
Financial Expenses	5.6	3.9	2.7	2.3	-1.3
Interest Expense	5.4	2.5	2.2	1.6	-0.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	0.0
General and Administrative Expenses	9.7	7.7	13.6	12.8	-9.7
Operating Profit	100.8	77.9	6.8	2.4	3.1
Other Income	0.1	1.0	1.1	0.0	0.0
Other Expenses	1.7	0.1	0.2	0.1	0.0
Other Profit	-1.7	0.9	0.9	-0.0	-0.1
Profit Before Tax	99.1	78.8	7.7	2.4	3.0
Current Income Tax Expense	20.2	15.8	1.8	0.5	-0.6
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	78.9	63.0	5.9	1.9	2.4
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	78.9	63.0	5.9	1.9	2.4
Earnings per Share	1,692.00	1,467.00	140.00	50.00	84.81
Diluted EPS	1,256.00	1,467.00	140.00	50.00	84.81

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	162.8	194.0	179.4	227.9	100.7
I. Cash and cash equivalents	61.7	21.6	8.3	7.3	0.7
1. Cash	30.1	18.6	8.3	7.3	0.0
2. Cash equivalents	31.6	3.0	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	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	—	0.0	0.0	0.0	0.0
III. Short-term receivables	29.0	57.4	50.1	79.8	62.5
1. Short-term trade accounts receivable	14.8	44.7	49.6	68.0	0.0
2. Short-term prepayments to suppliers	20.8	19.4	8.2	13.5	0.0
3. Short-term inter-company receivables	—	0.0	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.0	0.0	0.4	0.0
7. Provision for short-term doubtful debts (*)	-6.6	-6.7	-7.6	-2.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	51.0	93.5	94.3	112.1	21.3
1. Inventories	51.0	93.5	94.3	112.1	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	21.1	21.5	26.7	28.6	16.2
1. Short-term prepayments	0.1	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	21.0	21.5	26.6	27.8	0.0
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.8	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)	866.4	606.7	505.3	469.2	404.8
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	92.1	63.0	67.8	74.1	80.5
1. Tangible fixed assets	92.1	63.0	67.8	74.1	80.5
- Cost	157.6	123.5	128.1	130.1	0.0
- Accumulated depreciation	-65.5	-60.5	-60.3	-56.0	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	768.2	539.1	430.4	385.2	311.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	768.2	539.1	430.4	385.2	0.0
V. Long-term financial investments	4.3	4.5	5.9	6.3	7.1
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	10.0	10.0	10.0	10.0	0.0
4. Provision for diminution in value of long-term investments	-5.7	-5.5	-4.1	-3.7	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	1.8	0.1	1.2	3.6	0.0
1. Long-term prepayments	1.8	0.1	1.2	3.6	0.0
2. Deferred income tax assets	—	0.0	0.0	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0	0.0	0.0
4. Other long-term assets	—	0.0	0.0	0.0	5.9
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)	1,029.2	800.7	684.7	697.1	505.6
A. LIABILITIES (300=210+330)	434.2	284.7	251.7	270.0	221.1
I. Short -term liabilities	277.9	233.8	192.7	208.9	162.3
1. Short-term trade accounts payable	46.9	16.0	16.7	45.7	59.5
2. Short-term advances from customers	42.9	74.4	0.0	0.0	0.0
3. Taxes and other payables to state authorities	20.2	15.8	0.7	0.0	0.0
4. Payable to employees	0.2	1.5	1.2	0.0	0.0
5. Short-term acrrued expenses	10.7	7.2	4.8	2.7	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	0.6	0.0	0.0	0.0	0.0
9. Other short-term payables	1.0	5.5	70.8	95.5	0.0
10. Short-term borrowings and financial leases	155.4	113.4	98.6	65.0	102.1
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	156.3	50.9	59.0	61.1	58.8
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	34.5	31.7	30.8	30.8	0.0
8. Long-term borrowings and financial leases	121.8	19.2	28.2	30.3	29.4
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)	595.0	516.0	433.0	427.1	284.5
I. Owner's equity	595.0	516.0	433.0	427.1	0.0
1. Owner's capital	485.9	441.7	421.7	421.7	284.5
- Common stock with voting right	485.9	441.7	421.7	421.7	281.2
- Preferred stock	—	0.0	0.0	0.0	0.0
2. Share premium	0.2	0.2	0.2	0.2	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	—	0.0	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	108.8	74.1	11.1	5.2	3.3
- Accumulated retained earning at the end of the previous period	29.9	11.1	5.2	3.3	0.9
- Undistributed earnings in this period	78.9	63.0	5.9	1.9	2.4
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)	1,029.2	800.7	684.7	697.1	505.6

Item	2025	2024	2023	2022	2021
Profit Before Tax	99.1	78.8	7.7	2.4	3.0
Depreciation of Fixed Assets and Investment Property	5.0	5.7	4.4	5.3	7.1
Provision (Increase)/Reversal	0.1	0.5	5.9	2.8	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-0.2	-1.0	-1.0	-0.1	0.0
Interest Expense	5.4	2.5	2.2	1.6	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	109.4	86.5	19.2	12.0	11.3
Increase/(Decrease) in Receivables	29.1	-1.2	25.3	-32.6	0.0
Increase/(Decrease) in Inventory	42.5	0.8	17.9	-9.7	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-3.1	9.6	-42.2	103.6	0.0
Increase/(Decrease) in Prepaid Expenses	-1.8	1.2	2.4	2.3	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-1.9	-2.0	-1.7	-1.3	0.0
Corporate Income Tax Paid	-15.6	-0.7	-0.5	-1.3	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	158.6	94.2	20.2	73.0	-42.0
Payments for Fixed Assets and Other Long-term Assets	-263.3	-107.6	-52.1	-171.2	-102.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	0.9	1.3	0.1	0.2
Loans and Purchases of Debt Instruments	—	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0	0.0	13.0
Investments in Other Entities	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.1	0.0	0.0	0.0	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	-263.2	-106.7	-50.8	-171.0	-89.0
Proceeds from Equity Issuance and Capital Contributions	—	20.0	0.0	140.8	0.0
Share Repurchases	—	0.0	0.0	0.0	0.0
Proceeds from Borrowings	226.7	33.9	59.5	121.3	131.5
Repayment of Borrowings	-82.1	-28.1	-28.0	-157.5	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	144.6	25.8	31.5	104.6	131.5
Net Cash Flow During the Period	40.1	13.3	1.0	6.6	-1.7
Cash and Cash Equivalents at Beginning of Period	21.6	8.3	7.3	0.7	0.3
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	61.7	21.6	8.3	7.3	0.7

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	25.5	97.3	75.3	96.6	40.6	24.7	60.8	34.4	27.6	7.9	17.8	19.9
Revenue Deductions	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	25.5	97.3	75.3	96.6	40.6	24.7	60.8	34.4	27.6	7.9	17.8	19.9
Cost of Goods Sold	15.8	58.8	52.9	51.3	25.0	7.5	22.0	16.4	11.9	6.4	14.9	16.8
Gross Profit	9.7	38.5	22.5	45.3	15.6	17.1	38.8	18.0	15.6	1.5	2.9	3.1
Financial Income	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	2.7	1.0	1.1	0.8	1.9	0.6	0.8	0.6	1.1	0.8	0.5	0.3
Interest Expense	2.6	1.0	0.9	0.8	0.7	0.6	0.6	0.6	0.8	0.8	0.4	0.3
Share of Associates and Joint Ventures	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
General and Administrative Expenses	2.8	2.4	3.2	1.9	2.0	1.6	2.3	2.6	8.0	1.7	2.2	1.8
Operating Profit	4.2	35.1	18.2	42.6	11.7	14.9	35.7	14.8	6.5	-0.9	0.2	1.0
Other Income	0.1	—	—	0.0	0.9	0.0	1.0	0.0	0.3	1.0	0.1	0.0
Other Expenses	1.4	0.0	0.3	0.0	0.0	0.1	0.0	0.0	0.4	0.0	0.1	0.1
Other Profit	-1.3	-0.0	-0.3	-0.0	0.9	-0.1	1.0	-0.0	-0.1	1.0	0.0	-0.1
Profit Before Tax	2.9	35.1	17.9	42.6	12.6	14.8	36.7	14.8	6.5	0.1	0.2	1.0
Current Income Tax Expense	0.9	7.0	3.6	8.5	2.5	3.0	7.3	3.0	1.3	0.0	0.1	0.2
Deferred Income Tax Expense	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	2.0	28.1	14.2	34.1	10.1	11.9	29.3	11.8	5.2	0.1	0.1	0.7
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	2.0	28.1	14.2	34.1	10.1	11.9	29.3	11.8	5.2	0.1	0.1	0.7
Earnings per Share	42.18	578.03	292.88	771.69	228.29	268.62	695.74	279.82	122.51	1.43	3.09	16.74
Diluted EPS	42.18	578.03	292.88	771.69	228.29	268.62	695.74	279.82	122.51	1.43	3.09	16.74

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)	162.8	102.1	130.0	152.2	194.1	160.5	154.1	167.1	179.4	204.0	198.8	218.8
I. Cash and cash equivalents	61.7	5.6	5.6	7.5	21.6	19.2	14.7	16.9	8.3	1.1	0.3	0.3
1. Cash	30.1	5.6	5.6	7.5	18.6	19.2	14.7	16.9	8.3	1.1	0.3	0.3
2. Cash equivalents	31.6	—	—	0.0	3.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Available for sale securities	—	—	—	0.0	0.0	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	0.0	0.0
3. Held to maturity investments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Short-term receivables	29.0	40.2	33.7	57.8	57.5	49.2	45.3	38.7	50.2	74.9	67.6	81.7
1. Short-term trade accounts receivable	14.8	14.1	8.5	32.0	44.8	43.2	44.4	38.4	49.6	63.1	56.3	68.2
2. Short-term prepayments to suppliers	20.8	32.6	32.5	32.6	19.4	13.7	8.6	8.0	8.2	13.9	13.5	15.5
3. Short-term inter-company receivables	—	—	—	0.0	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	0.0
5. Short-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	0.0	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1
7. Provision for short-term doubtful debts (*)	-6.6	-6.7	-7.3	-6.7	-6.7	-7.7	-7.7	-7.6	-7.6	-2.1	-2.1	-2.1
8. Assets awaiting resolution	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	51.0	40.8	71.4	69.9	93.5	72.7	73.9	86.8	94.3	99.1	102.3	108.1
1. Inventories	51.0	40.8	71.4	69.9	93.5	72.7	73.9	86.8	94.3	99.1	102.3	108.1
2. Provision for decline in value of inventories	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	21.1	15.6	19.3	17.1	21.5	19.5	20.3	24.7	26.7	28.9	28.5	28.7
1. Short-term prepayments	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0
2. Value added tax to be reclaimed	21.0	15.6	19.3	17.1	21.5	19.5	20.3	24.7	26.6	27.9	27.5	27.7
3. Taxes and other receivables from state authorities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	1.0	1.0	1.0
4. Government bonds	—	—	—	0.0	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	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	866.4	797.1	674.3	626.3	606.7	535.4	517.3	509.4	505.3	495.7	484.6	476.6
I. Long-term receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	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	0.0
3. Capital at inter-company	—	—	—	0.0	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	0.0
5. Long-term loan receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	92.1	92.4	61.2	61.5	63.0	64.0	65.1	66.3	67.8	69.6	71.0	72.5
1. Tangible fixed assets	92.1	92.4	61.2	61.5	63.0	64.0	65.1	66.3	67.8	69.6	71.0	72.5
- Cost	—	—	—	123.5	123.5	123.0	122.8	128.1	128.1	128.6	130.1	130.1
- Accumulated depreciation	—	—	—	-61.9	-60.5	-59.1	-57.6	-61.8	-60.3	-59.1	-59.1	-57.5
2. Financial leased fixed assets	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	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	0.0	0.0
- Cost	—	—	—	0.0	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	0.0
III. Investment properties	—	—	—	0.0	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	0.0
- Accumulated depreciation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	768.2	698.7	608.2	559.7	539.1	465.6	446.3	436.5	430.4	418.0	405.0	394.8
1. Long-term production in progress	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	768.2	698.7	608.2	559.7	539.1	465.6	446.3	436.5	430.4	418.0	405.0	394.8
V. Long-term financial investments	4.3	4.4	4.4	4.5	4.6	5.7	5.7	5.9	5.9	6.3	6.3	6.3
1. Investments in subsidiaries	—	—	—	0.0	0.0	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	0.0	0.0
3. Investments in other entities	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0	10.0
4. Provision for diminution in value of long-term investments	-5.7	-5.6	-5.6	-5.5	-5.4	-4.3	-4.3	-4.1	-4.1	-3.7	-3.7	-3.7
5. Held to maturity investments	—	—	—	0.0	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	0.0
VI. Other long-term assets	1.8	1.6	0.5	0.5	0.1	0.1	0.1	0.7	1.2	1.8	2.4	3.0
1. Long-term prepayments	1.8	1.6	0.5	0.5	0.1	0.1	0.1	0.7	1.2	1.8	2.4	3.0
2. Deferred income tax assets	—	—	—	0.0	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	0.0
4. Other long-term assets	—	—	—	0.0	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	0.0
VII. Goodwill (before 2015)	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	1,029.2	899.2	804.3	778.5	800.8	695.9	671.4	676.5	684.7	699.6	683.4	695.4
A. LIABILITIES (300=210+330)	434.2	306.3	240.0	228.4	284.7	189.9	197.2	231.7	251.6	271.6	255.5	267.6
I. Short -term liabilities	277.9	170.1	163.7	177.5	233.8	139.6	146.9	177.9	192.6	210.6	194.4	206.5
1. Short-term trade accounts payable	46.9	26.7	35.6	14.5	16.0	10.7	9.1	13.3	16.7	17.8	21.1	50.3
2. Short-term advances from customers	42.9	—	6.3	35.5	74.4	0.3	5.4	12.9	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	20.2	19.3	12.2	8.6	15.8	13.2	10.2	2.9	0.6	0.0	0.1	0.1
4. Payable to employees	0.2	—	0.1	0.6	1.5	0.4	0.7	0.0	1.2	0.0	0.0	0.0
5. Short-term acrrued expenses	10.7	9.4	8.6	7.9	7.2	6.7	6.0	5.4	4.8	5.0	3.9	3.3
6. Short-term inter-company payables	—	—	—	0.0	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	0.0
8. Short-term unearned revenue	0.6	0.9	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.0	0.1	0.1	4.1	5.5	18.9	25.0	59.5	70.8	85.5	95.5	95.5
10. Short-term borrowings and financial leases	155.4	113.7	100.8	106.4	113.4	89.4	90.5	84.0	98.6	102.3	73.8	57.3
11. Provision for short-term liabilities	—	—	—	0.0	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	0.0
13. Price stabilization fund	—	—	—	0.0	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	0.0
II. Long-term liabilities	156.3	136.3	76.3	50.9	50.9	50.3	50.3	53.8	59.0	61.1	61.1	61.1
1. Long-term trade payables	—	—	—	0.0	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	0.0
3. Long-term acrrued expenses	—	—	—	0.0	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	0.0
5. Long-term inter-company payables	—	—	—	0.0	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	0.0
7. Other long-term liabilities	34.5	34.5	34.5	31.7	31.7	31.7	31.3	30.8	30.8	30.8	30.8	30.8
8. Long-term borrowings and financial leases	121.8	101.7	41.8	19.2	19.2	18.5	19.0	23.0	28.2	30.3	30.3	30.3
9. Convertible bonds	—	—	—	0.0	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	0.0
11. Deferred income tax liabilities	—	—	—	0.0	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	0.0
13. Fund for technology development	—	—	—	0.0	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	0.0
B. OWNER'S EQUITY (400=410+430)	595.0	592.9	564.3	550.1	516.1	506.0	474.2	444.8	433.2	428.0	428.0	427.8
I. Owner's equity	595.0	592.9	564.3	550.1	516.1	506.0	474.2	444.8	433.2	428.0	428.0	427.8
1. Owner's capital	485.9	485.9	485.9	441.7	441.7	441.7	421.7	421.7	421.7	421.7	421.7	421.7
- Common stock with voting right	485.9	485.9	485.9	441.7	441.7	441.7	421.7	421.7	421.7	421.7	421.7	421.7
- Preferred stock	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Share premium	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2
3. Convertible bond option	—	—	—	0.0	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	0.0
5. Treasury shares	—	—	—	0.0	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	0.0
7. Foreign exchange differences	—	—	—	0.0	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	0.0
9. Fund to support corporate restructuring	—	—	—	0.0	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	0.0
11. Undistributed earnings after tax	108.8	106.8	78.2	108.2	74.2	64.1	52.2	22.9	11.2	6.0	6.0	5.9
- Accumulated retained earning at the end of the previous period	29.9	29.9	29.9	74.1	11.1	11.1	11.1	11.1	5.2	5.2	5.2	5.2
- Undistributed earnings in this period	79.0	76.9	48.3	34.1	63.1	53.0	41.1	11.8	6.0	0.9	0.8	0.7
12. Reserves for investment in construction	—	—	—	0.0	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	0.0
14. Financial reserves	—	—	—	0.0	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	0.0
1. Subsidized not-for-profit funds	—	—	—	0.0	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	0.0
C. MINORITY'S INTEREST	—	—	—	0.0	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)	1,029.2	899.2	804.3	778.5	800.8	695.9	671.4	676.5	684.7	699.6	683.4	695.4

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	2.9	35.1	18.5	42.6	12.6	14.8	36.7	14.8	6.4	0.1	0.2	1.0
Depreciation of Fixed Assets and Investment Property	0.7	1.5	1.4	1.4	1.4	1.4	1.2	1.7	1.0	0.8	1.0	1.5
Provision (Increase)/Reversal	0.0	0.0	0.1	0.0	0.2	0.0	0.2	0.0	5.9	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	0.0
Gain/Loss from Investment Activities	-0.1	-0.0	-0.0	-0.0	-1.0	0.9	-0.9	-0.0	-1.0	-0.0	-0.0	-0.0
Interest Expense	2.6	1.0	0.9	0.8	0.7	0.6	0.6	0.6	0.7	0.8	0.4	0.3
Gain/Loss on Disposal of Fixed Assets	—	—	—	0.0	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	0.0
Amortization of Goodwill	—	—	—	0.0	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	0.0
Operating Profit Before Changes in Working Capital	6.1	37.6	20.9	44.8	14.0	17.8	37.8	17.1	13.0	1.7	1.7	2.8
Increase/(Decrease) in Receivables	5.8	-1.6	21.0	3.9	-8.4	-4.1	-2.1	13.3	21.7	-8.8	14.5	-2.0
Increase/(Decrease) in Inventory	-10.2	30.6	-1.5	23.6	-20.8	1.2	12.9	7.5	4.9	3.2	14.9	-5.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	103.3	-56.9	-9.3	-40.2	82.1	-25.1	-42.3	-5.1	-7.1	-19.4	-25.7	10.0
Increase/(Decrease) in Prepaid Expenses	-0.3	-1.1	0.0	-0.4	0.0	0.0	0.5	0.6	0.6	0.6	0.6	0.6
Changes in Trading Securities	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.7	-1.5	-1.1	-0.5	-0.9	-0.6	0.0	-1.5	0.0	-0.2	0.0
Corporate Income Tax Paid	0.0	0.0	0.0	-15.6	0.0	0.0	0.0	-0.7	0.0	0.0	0.0	-0.5
Other Operating Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Operating Activities	104.6	9.2	29.6	15.2	66.3	-11.0	6.2	32.7	31.5	-22.7	5.8	5.7
Payments for Fixed Assets and Other Long-term Assets	-110.4	-82.1	-48.5	-22.4	-88.5	-3.0	-11.8	-4.4	-18.8	-6.0	-22.3	-5.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.1	—	—	0.0	0.0	0.0	0.9	0.0	0.3	1.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	0.0	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	0.0
Dividends and Interest Income Received	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	0.0	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	0.0
Other Investing Receipts	—	—	—	0.0	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	0.0
Net Cash Flow from Investing Activities	-110.3	-82.0	-48.5	-22.3	-88.5	-3.0	-10.8	-4.4	-18.5	-5.0	-22.3	-5.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	0.0	0.0	20.0	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	0.0
Proceeds from Borrowings	84.8	98.6	42.3	1.0	18.8	11.0	3.0	1.1	2.2	33.5	21.5	2.3
Repayment of Borrowings	-23.0	-25.8	-25.3	-8.0	5.8	-12.5	-0.5	-20.9	-8.0	-5.0	-5.0	-10.0
Repayment of Finance Leases	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-44.2	—	0.0	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	0.0
Other Financing Payments	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Financing Activities	61.8	72.8	17.0	-7.0	24.6	18.5	2.5	-19.8	-5.8	28.5	16.5	-7.7
Net Cash Flow During the Period	56.1	-0.0	-1.9	-14.2	2.4	4.5	-2.2	8.6	7.2	0.8	-0.0	-7.0
Cash and Cash Equivalents at Beginning of Period	5.6	5.6	7.5	21.6	8.3	8.3	8.3	8.3	7.3	7.3	7.3	7.3
FX Difference from Revaluation	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	61.7	5.6	5.6	7.5	21.6	19.2	14.7	16.9	8.3	1.1	0.3	0.3

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

NHA

What Is Changing

Financial Statements

Profitability

Balance Sheet

Cash Flow

Related Research