RYG

Sản xuất và Đầu tư Hoàng Gia ·HOSE ·2026Q1

▼ Under pressure

Margins remain under pressure Net margin 1.44%, −1.79pp YoY

Price

9,840

Latest close

03 Jun 2026

P/E 14.21x

P/B 0.58x

EPS 692

BVPS 16,924

ROE 4.2%

ROA 1.1%

Profit Margin 1.4%

Asset Turnover 0.76x

Equity Mult. 3.81x

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

What Is Changing

On a TTM 2026Q1 basis, RYG posted a sharp profit decline versus the same period — margins have been compressing consistently over multiple periods. What still needs to be determined is whether this drop reflects current operating pressure or an unusually high comparison base from the prior period.

	                            
	                                TTM REVENUE
	                            
	                                    VND 2,162bn
	                                
+24.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 31bn
	                                
−44.5%YoY

Metric	2025	2024	2023	2022
Revenue	2,095.7	1,692.1	1,395.6	1,396.8
Growth	+24%	+21%	-0%	—
Net Income	37.6	67.5	102.3	74.8
Net Margin	1.80%	3.99%	7.33%	5.36%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	540.6	554.2	538.2	529.0	479.5	474.5	353.2	429.8
Growth	-2%	+3%	+2%	+10%	+1%	+34%	-18%	—
Net Income	3.0	5.0	12.2	11.0	3.5	8.2	18.5	26.1
Net Margin	0.55%	0.90%	2.26%	2.09%	0.73%	1.73%	5.23%	6.07%

Drivers of RYG's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher finance costs. Supporting and offsetting drivers:

Gross profit ↑ 35.6bn

Financial income ↑ 13.6bn

Administrative expenses ↓ 6.7bn

Finance costs ↑ 63.3bn

Selling expenses ↑ 10.2bn

Associates income ↓ 5.3bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher finance costs. Supporting and offsetting drivers:

Gross profit ↑ 15.1bn

Administrative expenses ↓ 2.2bn

Tax ↓ 1.3bn

Associates income ↑ 0.7bn

Finance costs ↑ 14.1bn

Selling expenses ↑ 4.4bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 1.44%, losing 1.8pp. The main pressure is Gross margin fell 1.1pp, outweighing the improvement in SG&A / Revenue fell 1.4pp (with lingering pressure from Net financial result / Revenue fell 1.7pp and Other profit / Revenue fell 0.1pp).

The pressure comes from non-core items while core operations hold their rhythm — margin has a basis to recover once this factor passes.

Profitability trend

Net Margin 1.44% −1.8pp

Gross Margin 13.06% −1.1pp

SG&A / Revenue 6.64% −1.4pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Is capital being deployed efficiently?

ROIC currently stands at 1.43%. Track NOPAT margin and capital turnover to assess capital efficiency.

Watchpoints

ROIC remains low

ROIC is currently 1.43% — below the typical cost-of-capital threshold; worth tracking whether upcoming periods can rise above this level.

CAPITAL EFFICIENCY TREND

ROIC 1.43% —

NOPAT Margin 1.51% −1.7pp

Capital Turnover 0.94x —

Average Invested Capital 2,289.3bn —

Balance Sheet

Leverage is very high, with clear pressure on the capital structure — liabilities at 2.89x equity, net debt at 2.28x equity.

Inventory ended the period at 797.0bn, roughly 26.6% of total assets.

Over the last 12 months, working capital absorbed 46.2bn 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: −119.2bn

Inventories increased → lower CFO: −137.6bn

Payables increased → higher CFO: +210.7bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 185.2 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 96.0 days —

Inventory 154.9 days —

Payables 65.8 days —

Cash Conversion Cycle 185.2 days —

Is financial risk significant?

High leverage combined with negative operating cash flow — this area needs close monitoring.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 2.28x and interest coverage only at 0.37x.

At present, short-term debt accounts for 80.3% of total debt, cash equals 0.7% of debt, and total debt stands at 1,750.6bn.

Watchpoints

Net leverage is elevated

Net debt / equity stands at 2.28x, increasing balance-sheet pressure.

Interest coverage is thin

Interest coverage is 0.37x, leaving limited room to absorb financing costs.

Leverage and liquidity trend

Net Debt / Equity 2.28x +0.46x

Interest Coverage 0.37x −0.75x

Cash / Debt 0.7% +0.2pp

Short-term Debt / Total Debt 80.3% +5.9pp

CFO / NI 0.97x +0.53x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

High leverage combined with cash flow below reveals the actual liquidity pressure. Operating cash flow reached -98.9bn in 2025, against investing cash flow of -414.6bn.

Post-investment cash flow was negative +513.5bn. Financing cash flow was positive +482.6bn.

CFO / net income was 0.97x.

After spending +384.0bn on fixed-asset investment, the business generated trailing free cash flow of −353.7bn.

Cash Conversion

CFO TTM 30.3bn +5.6bn

Cash Capex 384.0bn −8.5bn

FCF TTM −353.7bn +14.0bn

Investment Takeaway

The business is under real pressure, but the current picture has not turned broadly adverse. A notable area has clearly weakened, making the near-term outlook hard to call bright; even so, other parts of the business are still holding up, with margins remain under pressure remaining the main constraint, with net margin down 1.8 pp. The main offsetting support comes from earnings conversion is confirmed, with CFO/NI at 0.97x.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 0.97x.

Key risk: profitability remains under pressure, with trailing-12M net margin at 1.44% after a 1.8pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022
Revenue	2,095.7	1,692.1	1,395.6	1,398.4
Revenue Deductions	0.1	0.0	0.0	1.6
Net Revenue	2,095.7	1,692.1	1,395.6	1,396.8
Cost of Goods Sold	1,823.4	1,425.9	1,104.1	1,143.0
Gross Profit	272.2	266.1	291.4	253.8
Financial Income	23.2	8.8	7.2	5.0
Financial Expenses	114.1	62.0	52.1	32.2
Interest Expense	102.2	56.6	46.4	25.9
Share of Associates and Joint Ventures	10.5	16.5	21.5	0.0
Selling Expenses	71.4	76.2	79.7	80.2
General and Administrative Expenses	67.6	65.9	64.1	52.7
Operating Profit	52.7	87.4	124.2	93.8
Other Income	0.5	1.4	0.1	0.1
Other Expenses	2.3	4.9	1.0	0.6
Other Profit	-1.8	-3.5	-0.9	-0.5
Profit Before Tax	50.9	83.8	123.3	93.3
Current Income Tax Expense	13.3	17.1	21.4	18.7
Deferred Income Tax Expense	-0.1	-0.8	-0.4	-0.2
Net Income	37.6	67.5	102.3	74.8
Non-controlling Interest	0.3	0.0	0.8	0.5
Profit Attributable to Parent	37.4	67.5	101.5	74.3
Earnings per Share	830.00	1,500.00	2,680.00	2,065.00
Diluted EPS	830.46	1,500.07	2,254.56	2,064.79

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,822.8	1,526.0	1,125.0	792.7
I. Cash and cash equivalents	11.3	42.2	17.9	70.3
1. Cash	11.3	42.2	17.9	70.3
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	235.7	158.4	22.5	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	235.7	158.4	22.5	0.0
III. Short-term receivables	733.3	598.5	674.9	397.8
1. Short-term trade accounts receivable	554.6	479.3	498.8	232.9
2. Short-term prepayments to suppliers	131.8	80.3	129.3	119.0
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	46.9	38.9	46.8	45.9
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	797.0	683.9	389.1	301.9
1. Inventories	797.0	683.9	389.1	301.9
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	45.3	42.9	20.6	22.7
1. Short-term prepayments	4.5	6.6	5.6	11.1
2. Value added tax to be reclaimed	40.1	36.3	15.0	11.6
3. Taxes and other receivables from state authorities	0.7	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)	1,170.5	945.2	556.6	388.5
I. Long-term receivables	6.6	6.2	2.6	5.0
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	6.6	6.2	2.6	5.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	982.9	293.1	331.2	283.5
1. Tangible fixed assets	877.2	174.0	232.0	199.5
- Cost	1,321.1	577.5	623.6	560.2
- Accumulated depreciation	-443.9	-403.5	-391.6	-360.7
2. Financial leased fixed assets	44.8	56.3	34.3	17.3
- Cost	61.2	67.4	52.4	30.8
- Accumulated depreciation	-16.4	-11.1	-18.1	-13.5
3. Intangible fixed assets	60.8	62.8	64.8	66.8
- Cost	68.2	68.2	68.2	68.2
- Accumulated depreciation	-7.4	-5.4	-3.4	-1.4
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	5.7	460.4	38.9	10.6
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	5.7	460.4	38.9	10.6
V. Long-term financial investments	138.5	131.0	115.0	3.5
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	138.5	128.0	111.5	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	—	3.0	3.5	3.5
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	36.8	54.3	68.9	85.8
1. Long-term prepayments	30.8	47.0	61.1	77.1
2. Deferred income tax assets	—	0.4	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	6.0	6.9	7.9	8.8
VII. Goodwill (before 2015)	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	2,993.3	2,471.2	1,681.6	1,181.2
A. LIABILITIES (300=210+330)	2,223.3	1,723.5	951.8	692.3
I. Short -term liabilities	1,798.1	1,338.3	913.6	666.9
1. Short-term trade accounts payable	317.8	278.6	206.9	134.8
2. Short-term advances from customers	79.4	68.0	65.5	58.5
3. Taxes and other payables to state authorities	15.0	21.1	22.0	14.6
4. Payable to employees	14.8	16.6	13.8	16.6
5. Short-term acrrued expenses	17.4	14.5	11.7	11.9
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	17.5	61.2	12.6	6.9
10. Short-term borrowings and financial leases	1,313.6	864.2	580.7	423.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	22.6	14.0	0.6	0.6
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	425.2	385.2	38.1	25.4
1. Long-term trade payables	49.2	48.6	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	5.2	0.1	1.0	1.0
8. Long-term borrowings and financial leases	357.9	323.3	23.5	10.3
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	12.8	13.3	13.7	14.1
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)	770.0	747.7	729.9	489.0
I. Owner's equity	770.0	747.7	729.9	489.0
1. Owner's capital	450.0	450.0	450.0	360.0
- Common stock with voting right	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	360,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	40.0	40.0	40.0	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	—	0.00	0.00	0.00
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	94.4	57.4	0.0	0.0
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	148.7	163.4	218.3	116.9
- Accumulated retained earning at the end of the previous period	111.3	95.9	116.9	42.6
- Undistributed earnings in this period	37.4	67.5	101.5	74.3
12. Reserves for investment in construction	—	0.0	0.0	0.0
13. Minority's interest	36.9	36.9	21.5	12.1
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)	2,993.3	2,471.2	1,681.6	1,181.2

Item	2025	2024	2023	2022
Profit Before Tax	50.9	83.8	123.3	93.3
Depreciation of Fixed Assets and Investment Property	53.3	37.7	38.3	32.2
Provision (Increase)/Reversal	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-3.8	2.4	0.6	-1.3
Gain/Loss from Investment Activities	-20.1	-20.7	-23.6	-0.2
Interest Expense	102.2	56.6	46.4	25.9
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	182.5	159.8	185.0	150.0
Increase/(Decrease) in Receivables	-135.6	64.0	-276.7	-148.9
Increase/(Decrease) in Inventory	-113.1	-294.9	-87.2	-28.9
Increase/(Decrease) in Payables (Excl. Interest and CIT)	72.9	71.7	80.9	24.0
Increase/(Decrease) in Prepaid Expenses	18.3	13.1	21.5	-65.0
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-101.7	-56.4	-46.1	-25.6
Corporate Income Tax Paid	-15.5	-23.0	-13.5	-17.6
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	-6.7	-6.7	0.0	0.0
Net Cash Flow from Operating Activities	-98.9	-72.4	-136.0	-111.9
Payments for Fixed Assets and Other Long-term Assets	-347.2	-352.5	-90.6	-18.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	52.9	0.0	0.0
Loans and Purchases of Debt Instruments	-181.8	-158.4	-116.5	-3.0
Receipts from Loan Repayments and Sale of Debt Instruments	107.5	23.0	94.0	0.0
Investments in Other Entities	—	0.0	-90.0	-95.7
Proceeds from Investments in Other Entities	—	0.0	0.0	25.8
Dividends and Interest Income Received	6.8	1.6	1.9	0.2
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	-414.6	-433.4	-201.3	-90.7
Proceeds from Equity Issuance and Capital Contributions	—	15,384,772,000.00	138,651,988,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	1,439.4	1,504.3	924.2	703.9
Repayment of Borrowings	-944.0	-934.5	-753.7	-537.8
Repayment of Finance Leases	-12.8	-10.3	-24.2	0.0
Dividends Paid	—	-44.8	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	482.6	530.0	284.9	166.1
Net Cash Flow During the Period	-31.0	24.2	-52.4	-36.5
Cash and Cash Equivalents at Beginning of Period	42.2	17.9	70.3	107.1
FX Difference from Revaluation	0.1	0.1	0.0	-0.3
Cash and Cash Equivalents at End of Period	11.3	42.2	17.9	70.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	540.6	554.2	538.2	529.0	479.5	474.5	353.2	429.8
Revenue Deductions	—	0.0	0.0	0.0	—	0.0	0.0	0.0
Net Revenue	540.6	554.2	538.2	529.0	479.5	474.5	353.2	429.8
Cost of Goods Sold	481.3	475.3	464.5	458.6	435.3	415.9	285.9	353.3
Gross Profit	59.3	78.9	73.7	70.4	44.2	58.6	67.4	76.5
Financial Income	3.0	8.6	8.5	2.6	3.5	2.2	2.6	0.9
Financial Expenses	30.3	43.3	30.3	21.5	16.2	18.2	15.8	11.9
Interest Expense	30.2	32.6	29.9	21.7	15.4	16.3	11.8	12.4
Share of Associates and Joint Ventures	0.7	6.6	0.9	2.5	0.0	8.2	3.2	4.5
Selling Expenses	13.5	20.2	17.8	24.8	9.2	20.3	17.1	19.6
General and Administrative Expenses	15.0	19.9	16.7	15.6	17.2	23.3	18.5	15.0
Operating Profit	4.1	10.5	18.3	13.6	5.1	7.2	21.8	35.4
Other Income	0.1	0.3	0.2	0.0	0.0	3.6	0.0	-24.2
Other Expenses	0.6	1.6	0.4	0.1	0.1	0.6	0.1	-21.0
Other Profit	-0.6	-1.3	-0.2	-0.1	-0.1	3.0	-0.1	-3.2
Profit Before Tax	3.5	9.2	18.1	13.5	5.0	10.2	21.7	32.2
Current Income Tax Expense	0.3	4.6	6.1	2.6	1.6	2.2	3.3	6.2
Deferred Income Tax Expense	0.3	-0.5	-0.1	-0.1	-0.1	-0.2	-0.1	-0.1
Net Income	3.0	5.0	12.2	11.0	3.5	8.2	18.5	26.1
Non-controlling Interest	0.1	—	—	—	0.1	0.0	0.7	-0.4
Profit Attributable to Parent	2.9	5.0	12.2	11.0	3.4	8.2	17.8	26.5
Earnings per Share	65.00	111.00	271.00	245.37	76.00	1,820.00	395.00	587.96
Diluted EPS	64.80	111.27	270.59	245.37	76.32	181.97	395.32	587.96

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	1,978.9	1,836.5	1,751.8	1,754.0	1,646.9	1,430.8	1,329.8	1,293.4
I. Cash and cash equivalents	12.2	11.3	3.4	5.9	7.2	42.2	18.5	8.6
1. Cash	12.2	11.3	3.4	5.9	7.2	42.2	18.5	8.6
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0
II. Short-term financial investments	262.4	235.7	244.5	243.1	203.0	158.4	91.3	66.2
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	262.4	235.7	244.5	243.1	203.0	158.4	91.3	66.2
III. Short-term receivables	774.7	745.2	844.9	780.5	669.2	601.6	606.3	673.8
1. Short-term trade accounts receivable	587.6	554.6	643.7	639.8	549.9	481.0	464.5	499.4
2. Short-term prepayments to suppliers	125.0	143.2	114.7	81.1	71.0	81.7	103.6	134.0
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	62.1	47.3	86.5	59.7	48.3	38.9	38.2	40.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.1	—	—	—	0.0	0.0	0.0
IV. Inventories	866.5	799.2	621.0	688.9	728.9	576.9	580.9	504.2
1. Inventories	866.5	799.2	621.0	688.9	728.9	576.9	580.9	504.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0
V. Other short-term assets	63.2	45.1	38.0	35.5	38.6	51.6	32.9	40.5
1. Short-term prepayments	19.0	3.6	7.3	6.4	11.1	15.4	3.3	10.6
2. Value added tax to be reclaimed	43.3	40.4	27.4	29.2	27.5	36.3	29.5	29.9
3. Taxes and other receivables from state authorities	0.9	1.1	3.3	—	—	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)	1,142.5	1,167.7	1,167.4	1,050.5	933.3	1,045.2	892.8	652.4
I. Long-term receivables	7.8	6.5	6.5	6.3	5.5	6.2	3.3	3.9
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	7.8	6.5	6.5	6.3	5.5	6.2	3.3	3.9
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0
II. Fixed assets	965.1	938.9	793.6	281.5	284.1	293.1	287.0	296.1
1. Tangible fixed assets	862.1	833.2	687.2	172.5	167.7	174.0	169.5	175.6
- Cost	1,321.9	—	—	—	—	577.5	552.4	552.4
- Accumulated depreciation	-459.8	—	—	—	—	-403.5	-382.9	-376.8
2. Financial leased fixed assets	42.7	44.8	45.1	47.1	54.1	56.3	54.2	56.7
- Cost	61.2	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	-18.5	—	—	—	—	0.0	0.0	0.0
3. Intangible fixed assets	60.4	60.8	61.3	61.8	62.3	62.8	63.3	63.8
- Cost	68.2	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	-7.9	—	—	—	—	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	6.5	24.8	171.2	603.9	483.7	563.4	410.8	166.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0
2. Construction in progress	6.5	24.8	171.2	603.9	483.7	563.4	410.8	166.4
V. Long-term financial investments	128.7	138.0	131.4	114.0	114.5	131.4	126.9	123.7
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	128.7	138.0	131.4	114.0	111.5	128.4	123.4	120.2
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	—	—	—	—	3.0	3.0	3.5	3.5
6. Other long-term investments	—	—	—	—	—	0.0	0.0	0.0
VI. Other long-term assets	34.4	59.5	64.7	44.9	45.6	50.9	64.9	62.2
1. Long-term prepayments	27.7	54.4	58.2	38.4	38.8	44.0	57.7	54.8
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	6.7	5.1	6.5	6.5	6.7	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	6.9	7.2	7.4
TOTAL ASSETS (280=100+200)	3,121.4	3,004.2	2,919.2	2,804.6	2,580.2	2,476.0	2,222.6	1,945.8
A. LIABILITIES (300=210+330)	2,359.9	2,238.5	2,152.3	2,057.8	1,844.5	1,713.6	1,430.7	1,170.8
I. Short -term liabilities	1,961.5	1,832.4	1,765.1	1,635.4	1,484.6	1,358.8	1,333.6	1,094.8
1. Short-term trade accounts payable	328.5	339.6	318.5	365.0	313.5	328.8	514.1	276.5
2. Short-term advances from customers	120.2	83.9	89.1	56.7	88.7	69.5	30.2	63.6
3. Taxes and other payables to state authorities	14.1	18.8	22.8	21.2	21.2	21.8	15.6	12.5
4. Payable to employees	12.4	15.1	13.8	13.6	11.5	16.6	13.9	11.1
5. Short-term acrrued expenses	32.9	18.1	23.7	16.5	18.2	14.5	16.8	20.6
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	24.9	20.6	16.1	32.7	13.4	11.0	68.0	12.6
10. Short-term borrowings and financial leases	1,405.7	1,313.6	1,258.5	1,115.7	1,003.9	896.1	674.5	697.3
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0
12.. Bonus and welfare fund	22.6	22.6	22.6	14.0	14.0	0.6	0.6	0.6
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0
II. Long-term liabilities	398.4	406.1	387.1	422.4	359.8	354.8	97.1	76.0
1. Long-term trade payables	35.2	35.2	9.9	—	—	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	5.2	0.2	0.2	0.1	0.1	0.1	1.0	1.0
8. Long-term borrowings and financial leases	344.9	357.9	364.1	408.8	346.1	341.4	82.7	61.5
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00
11. Deferred income tax liabilities	13.1	12.8	12.9	13.5	13.6	13.3	13.4	13.5
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)	761.6	765.8	766.9	746.8	735.8	762.4	791.9	775.0
I. Owner's equity	761.6	765.8	766.9	746.8	735.8	762.4	791.9	775.0
1. Owner's capital	450.0	450.0	450.0	450.0	450.0	450.0	450.0	450.0
- Common stock with voting right	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00	450,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00
2. Share premium	40.0	40.0	40.0	40.0	40.0	40.0	40.0	40.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00
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	94.4	94.4	94.4	57.4	57.4	0.0	0.0	0.0
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	140.4	143.1	144.9	162.4	151.4	235.4	265.0	263.4
- Accumulated retained earning at the end of the previous period	137.5	110.3	117.1	148.0	148.0	166.9	201.5	218.3
- Undistributed earnings in this period	2.9	32.8	27.8	14.5	3.4	68.6	63.5	45.1
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0
13. Minority's interest	36.7	38.3	37.6	37.0	37.0	36.9	36.9	21.5
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)	3,121.4	3,004.2	2,919.2	2,804.6	2,580.2	2,476.0	2,222.6	1,945.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Profit Before Tax	3.5	10.5	18.1	17.2	5.0	7.8	21.7	56.5
Depreciation of Fixed Assets and Investment Property	18.0	15.0	19.7	9.3	9.3	10.8	9.4	19.3
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	-0.0	-3.9	0.1	1.7	-1.8	-0.4	-0.9	-2.9
Gain/Loss from Investment Activities	-3.5	-10.3	-3.5	-4.6	-1.7	-8.0	47.4	-9.8
Interest Expense	30.2	35.3	29.9	21.7	15.4	15.5	11.8	26.8
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	48.1	46.7	64.3	45.3	26.2	25.7	89.4	89.8
Increase/(Decrease) in Receivables	-45.6	103.0	-73.6	-103.0	-62.1	47.3	32.3	8.0
Increase/(Decrease) in Inventory	-69.5	-176.1	69.8	38.1	-44.9	3.9	-76.7	-115.1
Increase/(Decrease) in Payables (Excl. Interest and CIT)	93.2	78.3	2.9	36.3	-44.6	-201.6	319.1	16.4
Increase/(Decrease) in Prepaid Expenses	-11.3	30.1	-20.7	5.2	3.7	1.7	4.4	1.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0
Interest Paid	-30.1	-36.1	-29.0	-20.6	-16.0	-15.3	-11.7	-26.9
Corporate Income Tax Paid	-0.0	-7.5	-7.9	-0.1	—	-0.0	-1.8	-21.2
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	—	—	-6.7	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-15.1	31.9	5.8	7.7	-144.4	-138.2	355.2	-47.9
Payments for Fixed Assets and Other Long-term Assets	-37.1	-83.2	-108.5	-155.1	-0.4	27.6	-318.8	-100.8
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.2	—	—	—	0.0	0.0	51.7
Loans and Purchases of Debt Instruments	-26.6	62.7	-1.4	-40.1	-203.0	-38.4	-25.1	-43.7
Receipts from Loan Repayments and Sale of Debt Instruments	—	-53.9	0.0	3.0	158.4	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	3.8	2.9	0.9	1.3	1.7	0.8	0.5	0.7
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	-59.8	-71.4	-109.0	-190.9	-43.3	-10.1	-343.4	-92.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00
Proceeds from Borrowings	79.1	141.7	461.1	428.8	407.8	409.7	209.1	625.4
Repayment of Borrowings	—	-81.4	-360.5	-250.8	-251.4	-245.8	-208.0	-480.7
Repayment of Finance Leases	-3.3	-9.0	—	—	-3.9	6.8	-3.1	-14.1
Dividends Paid	—	—	—	—	—	0.0	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	75.8	47.5	100.6	181.9	152.5	170.7	-1.9	130.6
Net Cash Flow During the Period	0.9	7.9	-2.5	-1.3	-35.1	22.4	9.9	-9.3
Cash and Cash Equivalents at Beginning of Period	11.3	3.4	5.9	7.2	42.2	17.9	17.9	17.9
FX Difference from Revaluation	—	0.1	0.0	0.0	0.1	1.4	0.0	0.0
Cash and Cash Equivalents at End of Period	12.2	11.3	3.4	5.9	7.2	42.2	18.5	8.6

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RYG

What Is Changing

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Balance Sheet ▼▼

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow