Trailing net profit reached 16.5bn, rose 4.9bn compared with the same period last year. Key positives came from higher gross profit, higher financial income, and lower minority interests. Offsetting pressure came mainly from higher finance costs, higher administrative expenses, weaker other profit, and higher tax. Detailed impact is shown below:

Net margin stands at 0.75%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

ROIC edged up to 1.68%, rising 1.0pp. That translates to 1.68 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 0.5pp and capital turnover rose 0.29x, while invested capital expanded strongly by 271bn — capital-return quality improved from both sides.

NOPAT margin is the main cushion preventing ROIC from slipping as invested capital keeps expanding — the quality of this improvement depends on whether margin holds once the new capital is fully deployed.

ROIC is improving — the asset structure below shows how capital is being allocated. Leverage is elevated, requiring monitoring — liabilities at 1.48x equity, net debt at 1.24x equity.

Inventory ended the period at 327.1bn, roughly 29.5% of total assets.

Over the last 12 months, working capital released 234.5bn of cash, mainly thanks to lower receivables. Pressure from higher inventories and lower payables only partly offset that benefit.

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 29.3 days versus the same period last year. The main moves came from DIO fell 36.1 days, DSO fell 7.6 days, and DPO fell 14.5 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Leverage warrants monitoring, with net debt / equity at 1.24x and interest coverage only at 0.57x.

At present, short-term debt accounts for 80.0% of total debt, cash equals 2.9% of debt, and total debt stands at 571.4bn.

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 164.9bn in 2025, against investing cash flow of -382.0bn.

Post-investment cash flow was negative +217.1bn. Financing cash flow was positive +203.5bn.

CFO / net income was 15,09 lần.

After spending +298.6bn on fixed-asset investment, the business generated trailing free cash flow of −50.2bn.