THM

Tứ Hải Hà Nam ·UPCOM ·2026Q1

▼▼ Declining sharply

Leverage and liquidity require close discipline Debt/equity 1.54x

Price

8,900

Latest close

03 Jun 2026

P/E 33.72x

P/B 0.85x

EPS 264

BVPS 10,414

ROE 2.5%

ROA 1.9%

Profit Margin 2.5%

Asset Turnover 0.75x

Equity Mult. 1.33x

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

What Is Changing

On a Năm 2025 basis, THM posted a very sharp profit drop versus the same period, showing that pressure has clearly fed through to the bottom line — margins have been compressing consistently over multiple periods. The key watch now is how long the business needs to stabilize its profit base.

	                            
	                                TTM REVENUE
	                            
	                                    VND 118bn
	                                
−12.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 0bn
	                                
−96.2%YoY

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	10.9	23.9	52.0	39.9	10.5	33.6	54.5
Growth	-54%	-54%	+30%	+279%	-69%	-38%	—
Net Income	-2.4	-4.5	7.7	2.5	-1.8	1.6	7.3
Net Margin	-22.25%	-18.80%	14.73%	6.21%	-17.46%	4.85%	13.35%

Drivers of THM's profit

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to lower gross profit. Supporting and offsetting drivers:

Administrative expenses ↓ 0.6bn

Finance costs ↓ 0.2bn

Gross profit ↓ 1.4bn

Financial income ↓ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

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

Profitability trend

Net Margin 2.53% −4.6pp

Gross Margin 21.21% —

SG&A / Revenue 15.82% —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

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

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.07x —

Average Invested Capital 118.0bn —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Capital structure is conservative with low leverage — liabilities at 0.27x equity, net debt at 0.05x equity.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at 0.05x and interest coverage only at 1.54x.

At present, short-term debt accounts for 91.3% of total debt, cash equals 80.4% of debt, and total debt stands at 30.9bn.

Watchpoints

Interest coverage is thin

Interest coverage is 1.54x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 91.3% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity 0.05x +0.23x

Interest Coverage 1.54x —

Cash / Debt 80.4% −76.4pp

Short-term Debt / Total Debt 91.3% −8.7pp

CFO / NI 12.20x —

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 10.7bn in 2025, against investing cash flow of -30.5bn.

Post-investment cash flow was negative +19.8bn. Financing cash flow was negative +11.7bn.

CFO / net income was 12.20x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 39.1bn —

Cash Capex — —

FCF TTM — —

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 leverage and liquidity remaining the main constraint, with interest coverage at 1.54x. The next watchpoint is capital efficiency.

Watchpoint: Capital efficiency needs cycle context.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 1.54x.

Statement Data

Item	2025	2024	2023	2022
Revenue	118.4	134.7	79.7	124.4
Revenue Deductions	—	0.0	0.0	0.0
Net Revenue	118.4	134.7	79.7	124.4
Cost of Goods Sold	94.4	99.4	50.7	93.6
Gross Profit	24.1	35.3	29.0	30.9
Financial Income	0.5	2.0	1.2	1.1
Financial Expenses	3.2	4.3	4.0	2.9
Interest Expense	3.2	3.0	4.0	1.2
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	3.4	5.5	3.4	3.7
General and Administrative Expenses	18.2	19.0	14.6	18.8
Operating Profit	-0.2	8.5	8.2	6.6
Other Income	0.7	0.0	0.0	0.0
Other Expenses	0.2	0.2	0.0	0.2
Other Profit	0.5	-0.2	-0.0	-0.1
Profit Before Tax	0.3	8.2	8.2	6.5
Current Income Tax Expense	0.1	1.8	1.7	1.3
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	0.2	6.5	6.5	5.1
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	0.2	6.5	6.5	5.1
Earnings per Share	20.00	532.00	618.00	554.27
Diluted EPS	20.00	531.53	587.13	554.27

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	41.1	87.0	78.0	43.3
I. Cash and cash equivalents	4.7	36.2	72.2	9.8
1. Cash	4.7	24.8	0.7	9.8
2. Cash equivalents	—	11.4	71.5	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	33.0	49.2	4.0	28.8
1. Short-term trade accounts receivable	1.6	1.6	2.0	2.5
2. Short-term prepayments to suppliers	4.2	7.4	0.2	0.7
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	26.8	38.1	0.0	25.1
6. Other short-term receivables	0.4	2.1	1.9	0.4
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	2.3	0.3	1.7	4.6
1. Inventories	2.3	0.3	1.7	4.6
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	1.1	1.2	0.1	0.1
1. Short-term prepayments	0.8	0.1	0.1	0.1
2. Value added tax to be reclaimed	0.3	1.1	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)	122.8	88.6	96.7	95.1
I. Long-term receivables	—	0.0	0.0	0.0
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	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	74.9	80.2	87.8	92.8
1. Tangible fixed assets	73.1	78.1	85.5	92.8
- Cost	108.9	109.1	110.3	110.2
- Accumulated depreciation	-35.8	-31.0	-24.9	-17.4
2. Financial leased fixed assets	1.8	2.1	2.3	0.0
- Cost	2.5	2.5	2.5	0.0
- Accumulated depreciation	-0.7	-0.4	-0.2	0.0
3. Intangible fixed assets	—	0.0	0.0	0.0
- Cost	—	0.0	0.0	0.0
- 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	47.9	7.9	7.9	0.0
1. Investments in subsidiaries	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	47.9	0.0	0.0	0.0
3. Investments in other entities	—	7.9	7.9	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	—	0.5	1.1	2.3
1. Long-term prepayments	—	0.5	1.1	2.3
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)	163.9	175.6	174.7	138.4
A. LIABILITIES (300=210+330)	34.7	46.7	52.2	40.5
I. Short -term liabilities	31.4	40.7	42.9	35.9
1. Short-term trade accounts payable	1.8	1.7	2.6	1.1
2. Short-term advances from customers	1.4	0.0	1.5	0.0
3. Taxes and other payables to state authorities	0.2	1.8	2.3	1.5
4. Payable to employees	—	0.0	0.0	0.0
5. Short-term acrrued expenses	—	0.0	0.0	0.1
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	0.0
9. Other short-term payables	0.4	0.7	2.5	0.8
10. Short-term borrowings and financial leases	27.6	36.5	33.9	32.5
11. Provision for short-term liabilities	—	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	3.3	6.0	9.4	4.5
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
8. Long-term borrowings and financial leases	3.3	6.0	9.4	4.5
9. Convertible bonds	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0	0.0
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)	129.2	128.9	122.5	98.0
I. Owner's equity	129.2	128.9	122.5	98.0
1. Owner's capital	121.5	121.5	110.5	92.5
- Common stock with voting right	121,528,000,000.00	121,528,000,000.00	110,480,000,000.00	92,450,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	-0.0	-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	—	0.00	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	—	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	7.7	7.4	12.0	5.5
- Accumulated retained earning at the end of the previous period	7.4	1.0	5.5	0.4
- Undistributed earnings in this period	0.2	6.5	6.5	5.1
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)	163.9	175.6	174.7	138.4

Item	2025	2024	2023	2022
Profit Before Tax	—	8.2	8.2	6.5
Depreciation of Fixed Assets and Investment Property	—	7.4	7.7	6.9
Provision (Increase)/Reversal	—	0.0	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.3	0.9	-0.3
Gain/Loss from Investment Activities	—	-0.5	-0.9	-0.4
Interest Expense	—	3.0	3.1	1.2
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	—	18.4	18.9	13.9
Increase/(Decrease) in Receivables	—	-7.1	1.9	6.5
Increase/(Decrease) in Inventory	—	1.4	2.9	-1.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-4.6	4.8	-1.2
Increase/(Decrease) in Prepaid Expenses	—	0.5	1.2	1.3
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	—	-3.0	-3.1	-1.2
Corporate Income Tax Paid	-1.8	-1.7	-1.3	-1.7
Other Operating Receipts	2.4	0.0	0.0	0.0
Other Operating Payments	-9.7	0.0	0.0	0.0
Net Cash Flow from Operating Activities	10.7	3.9	25.4	15.9
Payments for Fixed Assets and Other Long-term Assets	-2.0	-0.6	-2.3	-7.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-38.1	-70.9	-48.6
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	96.0	23.5
Investments in Other Entities	-60.0	0.0	-7.9	0.0
Proceeds from Investments in Other Entities	20.0	0.0	0.0	0.0
Dividends and Interest Income Received	—	0.0	1.1	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	-30.5	-38.7	16.0	-32.8
Proceeds from Equity Issuance and Capital Contributions	—	0.00	18,002,000,000.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	77.7	85.1	87.0	85.2
Repayment of Borrowings	-88.9	-86.2	-84.0	-64.2
Repayment of Finance Leases	-0.5	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	-5.0
Other Financing Receipts	—	0.0	0.0	0.0
Other Financing Payments	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-11.7	-1.1	20.9	16.1
Net Cash Flow During the Period	-31.5	-36.0	62.4	-0.7
Cash and Cash Equivalents at Beginning of Period	36.2	72.2	9.8	10.6
FX Difference from Revaluation	—	0.0	-0.1	-0.0
Cash and Cash Equivalents at End of Period	4.7	36.2	72.2	9.8

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Revenue	10.9	23.9	52.0	39.9	10.5	33.6	54.5
Revenue Deductions	—	—	—	—	—	0.0	0.0
Net Revenue	10.9	23.9	52.0	39.9	10.5	33.6	54.5
Cost of Goods Sold	9.0	22.2	36.7	32.0	7.3	24.8	37.7
Gross Profit	1.9	1.8	15.3	7.8	3.3	8.8	16.9
Financial Income	0.0	0.1	0.3	0.0	0.1	1.6	0.1
Financial Expenses	0.6	0.6	0.7	0.9	0.8	1.1	1.0
Interest Expense	2.6	0.6	0.7	0.9	0.8	0.7	0.8
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0
Selling Expenses	0.2	0.8	1.6	0.8	0.2	1.1	2.4
General and Administrative Expenses	3.5	5.0	4.1	4.0	4.2	6.1	4.3
Operating Profit	-2.4	-4.5	9.2	2.1	-1.8	2.1	9.2
Other Income	—	0.2	—	0.5	0.0	0.6	0.0
Other Expenses	0.0	0.1	0.1	0.0	0.0	0.7	0.1
Other Profit	-0.0	0.1	-0.1	0.5	0.0	-0.1	-0.1
Profit Before Tax	-2.4	-4.4	9.1	2.6	-1.8	2.0	9.1
Current Income Tax Expense	—	0.1	1.4	0.2	—	0.4	1.8
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0
Net Income	-2.4	-4.5	7.7	2.5	-1.8	1.6	7.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0
Profit Attributable to Parent	-2.4	-4.5	7.7	2.5	-1.8	1.6	7.3
Earnings per Share	-199.57	-370.47	630.00	204.00	-151.32	134.00	599.00
Diluted EPS	-199.57	-370.47	630.00	204.00	-151.32	133.98	598.99

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	41.1	41.1	65.1	32.5	87.9	86.7	98.5
I. Cash and cash equivalents	24.8	4.7	37.3	12.5	65.2	36.2	86.9
1. Cash	24.8	4.7	37.3	2.5	65.2	24.8	86.9
2. Cash equivalents	—	—	—	10.0	—	11.4	0.0
II. Short-term financial investments	—	—	20.0	—	—	0.0	0.0
1. Available for sale securities	—	—	20.0	—	—	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	0.0
III. Short-term receivables	5.7	33.0	5.7	15.0	10.0	48.3	9.0
1. Short-term trade accounts receivable	0.6	1.6	4.9	8.3	3.6	1.6	8.4
2. Short-term prepayments to suppliers	4.2	4.2	0.4	4.1	6.0	7.4	0.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0
5. Short-term loan receivables	—	26.8	—	—	—	38.1	0.0
6. Other short-term receivables	0.9	0.4	0.4	2.6	0.4	1.2	0.5
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0
IV. Inventories	10.0	2.3	0.7	4.1	11.3	0.3	1.2
1. Inventories	10.0	2.3	0.7	4.1	11.3	0.3	1.2
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0
V. Other short-term assets	0.6	1.1	1.4	0.9	1.5	1.9	1.4
1. Short-term prepayments	0.6	0.8	0.8	0.9	0.6	0.7	0.1
2. Value added tax to be reclaimed	—	0.3	0.6	—	0.9	1.2	1.3
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.0	0.0
4. Government bonds	—	—	—	—	—	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	120.7	122.8	124.7	145.6	86.8	88.1	91.2
I. Long-term receivables	—	—	—	—	—	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0
II. Fixed assets	73.2	74.9	76.8	77.7	78.9	80.2	82.6
1. Tangible fixed assets	71.4	73.1	74.9	75.8	76.9	78.1	80.5
- Cost	108.9	—	—	—	—	109.1	110.7
- Accumulated depreciation	-37.5	—	—	—	—	-31.0	-30.2
2. Financial leased fixed assets	1.7	1.8	1.9	1.9	2.0	2.1	2.1
- Cost	2.5	—	—	—	—	0.0	0.0
- Accumulated depreciation	-0.7	—	—	—	—	0.0	0.0
3. Intangible fixed assets	—	—	—	—	—	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0
V. Long-term financial investments	47.5	47.9	47.9	67.9	7.9	7.9	7.9
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0
2. Investments in associates, joint-ventures	47.9	47.9	47.9	47.9	—	0.0	0.0
3. Investments in other entities	—	—	—	20.0	7.9	7.9	7.9
4. Provision for diminution in value of long-term investments	-0.4	—	—	—	—	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0
6. Other long-term investments	—	—	—	—	—	0.0	0.0
VI. Other long-term assets	—	—	—	—	—	0.0	0.6
1. Long-term prepayments	—	—	—	—	—	0.0	0.6
2. Deferred income tax assets	—	—	—	—	—	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0
TOTAL ASSETS (280=100+200)	161.8	163.9	189.8	178.1	174.7	174.9	189.7
A. LIABILITIES (300=210+330)	35.2	34.7	55.0	48.6	47.6	45.9	62.3
I. Short -term liabilities	32.5	31.4	50.3	48.6	47.6	45.9	53.0
1. Short-term trade accounts payable	1.7	1.8	8.2	2.8	2.1	1.7	13.6
2. Short-term advances from customers	1.4	1.4	1.0	0.3	—	0.0	2.5
3. Taxes and other payables to state authorities	0.3	0.2	1.9	1.0	1.8	1.9	1.9
4. Payable to employees	—	—	—	—	—	0.0	0.0
5. Short-term acrrued expenses	—	—	—	—	—	0.0	0.0
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0
8. Short-term unearned revenue	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.0	0.4	1.6	2.1	2.2	0.7	1.0
10. Short-term borrowings and financial leases	28.2	27.6	37.6	42.4	41.5	41.6	34.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	—	0.0	0.0
13. Price stabilization fund	—	—	—	—	—	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0
II. Long-term liabilities	2.7	3.3	4.8	—	—	0.0	9.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0
8. Long-term borrowings and financial leases	2.7	3.3	4.8	—	—	0.0	9.4
9. Convertible bonds	—	—	—	—	—	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	126.6	129.2	134.7	129.6	127.1	128.9	127.4
I. Owner's equity	126.6	129.2	134.7	129.6	127.1	128.9	127.4
1. Owner's capital	121.5	121.5	121.5	121.5	121.5	121.5	121.5
- Common stock with voting right	121,528,000,000.00	121,528,000,000.00	121,528,000,000.00	121,528,000,000.00	121,528,000,000.00	121,528,000,000.00	121,528,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00
2. Share premium	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0	-0.0
3. Convertible bond option	—	—	—	—	—	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0
5. Treasury shares	—	—	—	—	—	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0
8. Investment and development fund	—	—	—	—	—	0.0	0.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0
11. Undistributed earnings after tax	5.1	7.7	13.2	8.1	5.6	7.4	5.9
- Accumulated retained earning at the end of the previous period	7.5	7.4	7.4	7.4	7.4	1.0	1.0
- Undistributed earnings in this period	-2.4	0.2	5.8	0.6	-1.8	6.5	4.9
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	161.8	163.9	189.8	178.1	174.7	174.9	189.7

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24
Profit Before Tax	—	—	—	-1.9	—	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	3.6	—	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	0.1	—	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	-0.1	—	0.0	0.0
Interest Expense	—	—	—	1.6	—	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	3.3	—	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	-0.1	—	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	-9.7	—	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	8.0	—	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	-0.3	—	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0
Interest Paid	—	—	—	-1.6	—	0.0	0.0
Corporate Income Tax Paid	—	0.0	-0.6	-1.1	—	0.0	-1.7
Other Operating Receipts	27.0	—	—	—	—	0.5	2.1
Other Operating Payments	-0.5	-2.7	-7.0	—	—	-3.8	-9.4
Net Cash Flow from Operating Activities	20.3	-13.5	45.6	-13.2	-8.2	-11.3	15.8
Payments for Fixed Assets and Other Long-term Assets	—	-1.1	-0.3	-0.0	-0.5	0.0	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.2	—	—	—	0.6	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	38.1	—	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0
Proceeds from Investments in Other Entities	—	20.0	—	—	—	0.0	0.0
Dividends and Interest Income Received	—	—	—	0.0	0.5	0.0	0.0
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0
Net Cash Flow from Investing Activities	2.6	-19.1	-9.4	-51.4	49.5	-48.9	71.1
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00
Proceeds from Borrowings	15.6	11.0	20.2	21.1	25.4	29.0	52.1
Repayment of Borrowings	-15.5	-22.3	-20.2	-20.2	-26.2	-30.9	-52.3
Repayment of Finance Leases	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.4
Dividends Paid	—	—	—	—	—	0.0	0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0
Net Cash Flow from Financing Activities	-0.1	-11.4	-0.1	0.8	-0.9	-1.9	-0.6
Net Cash Flow During the Period	22.8	-44.0	36.1	-63.9	40.4	-62.2	86.3
Cash and Cash Equivalents at Beginning of Period	2.1	37.3	12.6	65.2	24.8	0.7	0.7
FX Difference from Revaluation	—	—	—	0.0	—	0.0	0.0
Cash and Cash Equivalents at End of Period	24.8	4.7	37.3	12.6	65.2	24.8	86.9

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THM

What Is Changing

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Balance Sheet ●

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Cash Flow ●

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What is driving the margin?

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Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow