Trailing net profit reached 347.9bn, fell 487.9bn compared with the same period last year. Key positives came from lower minority interests, lower tax, and lower selling expenses. Offsetting pressure came mainly from lower gross profit, lower financial income, weaker other profit, and higher administrative expenses. Detailed impact is shown below:

Track net margin changes and the operating components against the same period last year.

None

Developer revenue is recognised at handover — large swings between quarters are a property-sector feature, not a business trend. Read on a TTM basis and against the delivery schedule.

2023Q3: 1,613.1bn

2023Q4: 1,621.8bn

2024Q2: 1,413.6bn

2025Q1: 390.4bn

2025Q2: 346.0bn

2025Q3: 317.0bn

Track how much operating profit the business generates on invested capital.

For real estate developers, ROIC moves with project cycles — this is a reference signal, and the real assessment needs upcoming handover periods.

ROIC for residential developers swings with project cycles and handover timing — the balance sheet below adds perspective. Capital structure is notably light for the real estate sector — liabilities at 0.18x equity, with a net cash position equivalent to 0.13x equity.

Customer advances 5,349.6bn (as of 2025Q3) — deposits on units/projects not yet handed over: revenue already sold but not yet recognised, a lead indicator of profit in upcoming delivery quarters. Advances rose 391.52% YoY — strong sales locking in future revenue.

Customer advances: 5,349.6bn · YoY +4,261.3bn · QoQ +2,262.7bn

Locked-in revenue: ~8.67x quarters of revenue (TTM)

Inventory pre-sold: 51.43%

Project inventory splits in two at 2025Q3: 10,402.6bn near-delivery stock (short-term) and 5.9bn construction-in-progress (long-term). Weighted toward near-delivery — the revenue-recognition cycle is approaching.

Near-delivery (ST): 10,402.6bn (99.94%)

Construction-in-progress (LT): 5.9bn (0.06%)

For a developer the question is not debt-to-equity but whether borrowings are backed by the project pipeline. At 2025Q3, net debt 1,900.9bn vs project value 10,408.5bn — ratio −18.26%; the company is in a net-cash position.

Net debt / project value: −18.26%

Development inventory ended the period at 9,836.7bn, about 67.3% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital released 3,422.1bn of cash, mainly thanks to higher payables. Pressure from higher receivables and higher inventories only partly offset that benefit.

Track net leverage, interest coverage, and the liquidity buffer on the balance sheet.

At present, cash equals 587.9% of debt and total debt stands at 390.0bn.

Leverage for residential developers should be read alongside project cycles, development inventory, and handover timing.

Operating cash flow reached -4,540.0bn in 2023, against investing cash flow of 5,121.6bn.

Post-investment cash flow was positive +581.6bn. Financing cash flow was negative +458.8bn.

CFO / net income was 10,59 lần.

After spending +19.3bn on fixed-asset investment, the business generated trailing free cash flow of +3,665.7bn.

For residential developers, FCF and CFO swing with project cycles — negative during investment phases and positive at handover — not representative of single-year efficiency.