XDH

Đầu tư Xây dựng Dân dụng Hà Nội ·UPCOM ·2026Q1

▲▲ Improving positively

Operating efficiency is improving Net margin 18.84%, +3.88pp YoY

Price

16,200

Latest close

21 May 2026

P/E 12.46x

P/B 0.77x

EPS 1,300

BVPS 20,989

ROE 6.3%

ROA 4.0%

Profit Margin 18.8%

Asset Turnover 0.21x

Equity Mult. 1.57x

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

What Is Changing

On a TTM 2026Q1 basis, XDH is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. The next test will be whether this pace holds as the comparison base gets tougher.

	                            
	                                TTM REVENUE
	                            
	                                    VND 186bn
	                                
+44.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 35bn
	                                
+81.9%YoY

Metric	2025	2024	2023	2022	2021
Revenue	163.0	155.9	171.5	378.3	132.0
Growth	+5%	-9%	-55%	+187%	—
Net Income	32.7	21.0	21.5	73.5	32.1
Net Margin	20.08%	13.48%	12.54%	19.44%	24.35%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	41.0	90.6	37.2	17.6	17.6	54.2	20.2	37.0	44.5	146.0	22.5	53.1
Growth	-55%	+144%	+112%	-0%	-67%	+168%	-45%	-17%	-70%	+548%	-58%	—
Net Income	6.0	26.3	1.0	1.8	2.6	10.3	3.7	2.7	3.2	8.9	8.7	4.9
Net Margin	14.63%	28.98%	2.77%	10.39%	14.51%	19.02%	18.31%	7.41%	7.26%	6.10%	38.63%	9.16%

Drivers of XDH's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 27.9bn

Other profit ↓ 7.0bn

Tax ↑ 4.5bn

TTM

Net profit attributable to parent increased vs prior quarter, mainly helped by higher gross profit. Supporting and offsetting drivers:

Gross profit ↑ 6.9bn

Other profit ↓ 1.9bn

Tax ↑ 1.6bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 3.5% = 15.0% × 0.15 × 1.52

2026Q1 6.3% = 18.8% × 0.21 × 1.57

ROE rose from 3.5% to 6.3% — all three components improved, with asset turnover contributing the most.

Net margin: 18.8% +3.9pp Asset turnover: 0.21x +0.06x Leverage: 1.57x +0.05x

Is the profit sustainable?

Margins are improving and earnings quality is solid — a durable foundation for ROE.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 18.84%, rising 3.9pp. The main driver is Gross margin rose 8.3pp and SG&A / Revenue fell 2.7pp, moving in line with the stronger net margin (with lingering pressure from Other profit / Revenue fell 5.6pp and Net financial result / Revenue fell 0.3pp).

Margin improves from both core operations and non-core items — the core foundation is positive, but the sustainability of non-core contributions needs monitoring.

Profitability trend

Net Margin 18.84% +3.9pp

Gross Margin 30.07% +8.3pp

SG&A / Revenue 6.88% −2.7pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Capital efficiency for residential developers should be read alongside project cycles and handover timing — ROIC of 6.0% fluctuates with handover cycles.

Is capital being deployed efficiently?

ROIC expanded to 5.99%, rising 3.6pp. That translates to 5.99 in after-tax operating profit for every 100 units of operating capital. Both NOPAT margin rose 8.3pp and capital turnover rose 0.09x, with invested capital holding roughly steady — capital-return quality improved from both sides.

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

CAPITAL EFFICIENCY TREND

ROIC 5.99% +3.6pp

NOPAT Margin 18.48% +8.3pp

Capital Turnover 0.32x +0.09x

Average Invested Capital 575.2bn +26.3bn

Balance Sheet

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 0.68x equity, net debt at 0.02x equity.

Development inventory ended the period at 411.2bn, about 43.7% of total assets — reflecting projects in progress awaiting handover.

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: —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

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

At present, short-term debt accounts for 18.1% of total debt, cash equals 50.8% of debt, and total debt stands at 28.0bn.

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

Leverage and liquidity trend

Net Debt / Equity 0.02x −0.01x

Interest Coverage — —

Cash / Debt 50.8% +23.1pp

Short-term Debt / Total Debt 18.1% —

CFO / NI 0.53x +2.20x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 0.7bn in 2025, against investing cash flow of 2.6bn.

Post-investment cash flow was positive +3.2bn. Financing cash flow was positive +14.4bn.

CFO / net income was 0.53x.

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

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

Cash Conversion

CFO TTM 18.6bn +50.9bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is operating efficiency, with net margin improving 3.9 pp. The next item to monitor is capital efficiency, with ROIC at 6.0%.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 18.84% after expanding 3.9pp versus the same period last year.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	163.0	155.9	171.5	378.3	132.0
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	163.0	155.9	171.5	378.3	132.0
Cost of Goods Sold	112.5	124.7	150.8	257.6	0.0
Gross Profit	50.5	31.2	20.7	120.7	46.7
Financial Income	0.4	1.8	10.8	10.3	1.3
Financial Expenses	0.0	0.0	0.0	0.0	-0.0
Interest Expense	—	0.0	0.0	0.0	-0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	12.0	-3.8
General and Administrative Expenses	12.6	12.3	19.6	21.0	-4.0
Operating Profit	38.2	20.7	11.9	98.0	40.2
Other Income	12.1	16.6	27.2	7.4	0.0
Other Expenses	9.4	10.5	11.0	12.1	0.0
Other Profit	2.7	6.1	16.2	-4.7	0.0
Profit Before Tax	40.9	26.8	28.1	93.3	40.2
Current Income Tax Expense	8.2	5.8	6.6	19.8	-8.1
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	32.7	21.0	21.5	73.5	32.1
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	32.7	21.0	21.5	73.5	32.1
Earnings per Share	1,211.00	778.00	847.00	3,395.00	7,849.00
Diluted EPS	1,210.83	777.53	795.54	2,992.50	1,962.36

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	575.1	477.9	469.0	550.5	665.9
I. Cash and cash equivalents	55.8	38.2	85.3	148.1	151.8
1. Cash	55.8	18.2	28.3	12.5	0.0
2. Cash equivalents	—	20.0	57.0	135.6	0.0
II. Short-term financial investments	—	0.0	19.0	51.7	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	19.0	51.7	0.0
III. Short-term receivables	106.1	123.7	110.4	135.8	189.7
1. Short-term trade accounts receivable	67.3	80.5	66.1	92.3	0.0
2. Short-term prepayments to suppliers	23.7	27.4	29.3	21.8	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	18.8	19.4	18.6	21.7	0.0
7. Provision for short-term doubtful debts (*)	-3.6	-3.6	-3.6	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	411.2	306.6	252.7	214.9	247.9
1. Inventories	413.1	308.5	254.6	216.8	0.0
2. Provision for decline in value of inventories	-1.9	-1.9	-1.9	-1.9	0.0
V. Other short-term assets	2.0	9.4	1.7	0.0	0.0
1. Short-term prepayments	—	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	2.0	9.4	1.7	0.0	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)	365.4	379.7	394.2	405.4	451.9
I. Long-term receivables	41.2	41.5	41.8	41.8	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	41.8
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	41.2	41.5	41.8	41.8	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	50.3	52.4	55.6	59.7	118.9
1. Tangible fixed assets	38.3	40.4	43.6	47.7	118.9
- Cost	91.0	94.2	104.6	104.6	0.0
- Accumulated depreciation	-52.7	-53.8	-61.0	-56.9	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	12.0	12.0	12.0	12.0	0.0
- Cost	12.0	12.0	12.0	12.0	0.0
- Accumulated depreciation	-0.0	-0.0	-0.0	-0.0	0.0
III. Investment properties	230.0	241.9	253.9	261.1	215.8
- Cost	322.8	322.8	322.8	318.2	0.0
- Accumulated depreciation	-92.8	-80.8	-68.9	-57.0	0.0
IV. Long-term assets in progress	—	0.0	0.0	0.0	25.4
1. Long-term production in progress	—	0.0	0.0	0.0	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	42.7	42.7	42.6	42.4	42.4
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	42.7	42.7	42.6	42.4	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0	0.0	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	1.2	1.2	0.4	0.4	0.0
1. Long-term prepayments	1.2	1.2	0.4	0.4	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	7.6
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)	940.5	857.7	863.3	956.0	1,117.8
A. LIABILITIES (300=210+330)	379.2	307.5	309.7	378.7	593.0
I. Short -term liabilities	287.3	248.7	250.9	319.7	379.4
1. Short-term trade accounts payable	44.0	56.7	52.0	39.6	38.8
2. Short-term advances from customers	47.0	34.5	42.4	71.1	43.4
3. Taxes and other payables to state authorities	1.4	0.4	1.1	16.0	0.0
4. Payable to employees	6.8	7.7	11.7	10.8	0.0
5. Short-term acrrued expenses	13.9	6.1	0.3	0.9	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	7.4	3.3	2.6	3.7	3.9
9. Other short-term payables	115.5	95.4	93.9	135.7	0.0
10. Short-term borrowings and financial leases	14.4	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	36.9	44.7	46.9	42.0	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	92.0	58.8	58.8	59.0	213.6
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	64.2	31.3	31.3	31.3	185.9
7. Other long-term liabilities	4.8	4.5	4.5	4.7	0.0
8. Long-term borrowings and financial leases	23.0	23.0	23.0	23.0	23.0
9. Convertible bonds	—	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00	0.00	0.00
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)	561.3	550.2	553.6	577.2	524.8
I. Owner's equity	561.3	550.2	553.6	577.2	0.0
1. Owner's capital	270.3	270.3	270.3	245.7	524.8
- Common stock with voting right	270,269,070,000.00	270,269,070,000.00	270,269,070,000.00	245,699,920,000.00	163,800,000,000.00
- Preferred stock	—	0.00	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	0.0
4. Other capital of owners	—	0.0	0.0	0.0	0.0
5. Treasury shares	—	0.00	0.00	0.00	0.00
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	24.2	22.1	19.9	13.0	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	12.5	0.0
11. Undistributed earnings after tax	266.8	257.8	263.4	306.0	335.4
- Accumulated retained earning at the end of the previous period	234.1	236.8	241.9	236.8	247.8
- Undistributed earnings in this period	32.7	21.0	21.5	69.2	87.6
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)	940.5	857.7	863.3	956.0	1,117.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	—	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0	0.0	0.0
Interest Expense	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-4.7	-6.8	-22.2	-29.0	0.0
Other Operating Receipts	19.9	19.4	38.7	22.1	0.0
Other Operating Payments	-27.6	-38.5	-63.2	-254.7	0.0
Net Cash Flow from Operating Activities	0.7	-53.4	-63.4	-21.9	0.0
Payments for Fixed Assets and Other Long-term Assets	-0.0	-0.0	-4.6	-0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	2.6	7.0	0.0	0.2	0.0
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	0.0
Investments in Other Entities	—	-0.1	-0.1	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.0	2.0	9.5	9.2	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	2.6	27.9	37.4	34.2	0.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	44.4	0.0	0.0	0.0	0.0
Repayment of Borrowings	-30.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	-21.6	-36.9	-15.9	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	14.4	-21.6	-36.9	-15.9	0.0
Net Cash Flow During the Period	17.7	-47.1	-62.9	-3.6	0.0
Cash and Cash Equivalents at Beginning of Period	38.2	85.3	148.1	151.8	0.0
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	55.8	38.2	85.3	148.1	0.0

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Revenue	41.0	90.6	37.2	17.6	17.6	54.2	20.2	37.0	44.5	146.0	22.5	53.1
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	41.0	90.6	37.2	17.6	17.6	54.2	20.2	37.0	44.5	146.0	22.5	53.1
Cost of Goods Sold	28.9	57.2	31.9	12.3	12.4	45.6	13.2	29.7	37.8	131.8	21.2	46.9
Gross Profit	12.1	33.4	5.3	5.2	5.2	8.6	7.0	7.3	6.7	14.2	1.3	6.2
Financial Income	0.2	0.3	0.1	0.0	0.0	0.3	0.4	0.1	1.0	3.9	2.4	3.4
Financial Expenses	—	-1.0	0.6	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	-1.0	0.6	0.3	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	—	—	—	—	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
General and Administrative Expenses	3.5	3.1	3.0	3.1	3.4	3.3	2.9	2.9	3.2	7.1	3.1	7.0
Operating Profit	8.8	31.5	1.7	1.8	1.9	5.6	4.5	4.5	4.4	11.0	0.5	2.6
Other Income	1.6	3.9	3.6	2.3	2.4	9.4	3.2	2.5	1.5	2.5	13.2	6.7
Other Expenses	2.2	2.5	4.1	1.8	1.1	2.5	3.1	3.0	1.9	2.3	2.9	3.3
Other Profit	-0.5	1.3	-0.4	0.5	1.3	7.0	0.1	-0.6	-0.4	0.2	10.3	3.4
Profit Before Tax	8.3	32.8	1.3	2.3	3.2	12.6	4.6	4.0	4.0	11.2	10.9	6.1
Current Income Tax Expense	2.3	6.6	0.3	0.5	0.6	2.3	0.9	1.2	0.8	2.3	2.2	1.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	6.0	26.3	1.0	1.8	2.6	10.3	3.7	2.7	3.2	8.9	8.7	4.9
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	6.0	26.3	1.0	1.8	2.6	10.3	3.7	2.7	3.2	8.9	8.7	4.9
Earnings per Share	222.00	972.00	38.00	68.00	379.00	381.00	137.00	101.00	478.00	1,318.00	1,288.00	792.00
Diluted EPS	222.19	971.81	38.10	67.51	94.70	381.22	136.95	101.43	119.51	329.42	322.08	198.09

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	531.1	559.6	522.9	506.3	469.3	477.9	477.6	468.9	455.0	538.8	485.8	499.7
I. Cash and cash equivalents	14.2	55.8	13.1	15.2	6.4	38.2	64.1	70.5	51.4	85.3	77.6	99.3
1. Cash	14.2	55.8	13.1	15.2	6.4	18.2	9.1	15.5	6.4	28.3	4.8	9.9
2. Cash equivalents	—	—	—	—	—	20.0	55.0	55.0	45.0	57.0	72.7	89.4
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	19.0	19.0	42.1	42.1
1. Available for sale securities	—	—	—	—	—	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
3. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0	19.0	19.0	42.1	42.1
III. Short-term receivables	108.6	106.1	104.8	99.2	111.7	127.7	114.7	111.4	111.4	182.7	112.2	122.6
1. Short-term trade accounts receivable	63.1	67.3	66.6	58.4	73.7	80.5	70.2	71.2	70.5	139.9	75.5	80.9
2. Short-term prepayments to suppliers	30.1	23.7	25.2	27.3	24.9	31.4	33.8	30.2	28.0	29.3	19.7	24.1
3. Short-term inter-company receivables	—	—	—	—	—	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
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other short-term receivables	19.0	18.8	16.6	17.2	16.7	19.4	14.3	13.6	16.4	17.1	20.6	21.3
7. Provision for short-term doubtful debts (*)	-3.6	—	—	—	-3.6	0.0	0.0	0.0	0.0	-3.6	0.0	0.0
8. Assets awaiting resolution	—	-3.6	-3.6	-3.6	—	-3.6	-3.6	-3.6	-3.6	0.0	-3.6	-3.6
IV. Inventories	397.8	395.7	392.4	376.8	337.5	302.2	288.7	275.3	260.9	251.8	252.5	235.8
1. Inventories	399.7	397.6	394.3	378.7	339.4	304.1	290.6	277.2	262.8	253.7	254.4	237.7
2. Provision for decline in value of inventories	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9	-1.9
V. Other short-term assets	10.4	2.0	12.5	15.1	13.7	9.7	10.1	11.7	12.4	0.0	1.4	0.0
1. Short-term prepayments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	1.4	0.0
3. Taxes and other receivables from state authorities	10.4	2.0	12.5	15.1	13.7	9.7	10.1	11.7	12.4	0.0	0.0	0.0
4. Government bonds	—	—	—	—	—	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
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	384.0	365.4	368.7	372.5	376.2	379.7	383.6	386.3	390.7	334.7	395.7	399.7
I. Long-term receivables	41.2	41.2	41.2	41.5	41.5	41.5	41.5	41.5	41.8	41.8	41.8	41.8
1. Long-term trade receivables	—	—	—	—	—	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
3. Capital at inter-company	—	—	—	—	—	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
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Other long-term receivables	41.2	41.2	41.2	41.5	41.5	41.5	41.5	41.5	41.8	41.8	41.8	41.8
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	72.0	50.3	50.8	51.4	51.9	52.4	53.1	53.8	54.6	52.7	56.6	57.6
1. Tangible fixed assets	60.0	38.3	38.9	39.4	39.9	40.4	41.1	41.8	42.6	43.6	44.6	45.6
- Cost	113.3	—	—	—	—	94.2	104.6	104.6	104.6	104.6	104.6	104.6
- Accumulated depreciation	-53.3	—	—	—	—	-53.8	-63.5	-62.8	-62.0	-61.0	-60.0	-59.0
2. Financial leased fixed assets	—	—	—	—	—	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
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Intangible fixed assets	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	12.0	9.1	12.0	12.0
- Cost	12.0	—	—	—	—	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
III. Investment properties	227.0	230.0	233.0	236.0	239.0	241.9	244.9	247.9	251.3	197.3	254.5	257.4
- Cost	322.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-95.8	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Long-term assets in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	42.7	42.7	42.7	42.7	42.7	42.7	42.7	42.7	42.6	42.6	42.4	42.4
1. Investments in subsidiaries	—	—	—	—	—	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
3. Investments in other entities	42.7	42.7	42.7	42.7	42.7	42.7	42.7	42.7	42.6	42.6	42.4	42.4
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	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
VI. Other long-term assets	1.1	1.2	1.0	1.0	1.2	1.2	1.4	0.4	0.4	0.4	0.4	0.4
1. Long-term prepayments	1.1	1.2	1.0	1.0	1.2	1.2	1.4	0.4	0.4	0.4	0.4	0.4
2. Deferred income tax assets	—	—	—	—	—	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
4. Other long-term assets	—	—	—	—	—	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
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	915.1	925.0	891.6	878.8	845.5	857.6	861.2	855.2	845.7	873.5	881.5	899.4
A. LIABILITIES (300=210+330)	347.8	364.9	357.7	345.9	292.8	307.7	321.5	320.1	288.9	313.7	330.6	357.2
I. Short -term liabilities	249.3	272.9	279.8	287.0	234.0	248.9	262.8	261.0	230.0	254.9	271.7	298.2
1. Short-term trade accounts payable	37.0	44.0	39.6	43.9	52.5	56.7	49.2	45.3	45.0	52.0	43.8	43.7
2. Short-term advances from customers	54.2	47.0	36.6	35.3	34.8	34.5	41.0	40.6	41.1	42.4	55.7	49.0
3. Taxes and other payables to state authorities	0.0	1.1	3.4	0.0	0.0	0.0	0.0	0.0	0.0	7.4	6.5	4.0
4. Payable to employees	4.5	6.5	5.0	7.7	5.0	7.7	6.0	4.1	4.4	9.8	4.4	6.5
5. Short-term acrrued expenses	13.9	—	—	—	1.9	6.7	2.6	7.4	0.0	1.3	0.0	3.0
6. Short-term inter-company payables	—	—	—	—	—	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
8. Short-term unearned revenue	5.1	7.4	6.2	6.4	2.7	3.3	3.8	1.6	0.9	2.6	4.4	0.9
9. Other short-term payables	96.6	115.5	107.3	115.1	96.0	95.4	115.1	115.4	93.7	92.4	109.6	143.9
10. Short-term borrowings and financial leases	5.1	14.4	42.3	36.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	32.8	36.9	39.4	42.4	41.2	44.7	45.1	46.6	44.9	46.9	47.3	47.2
13. Price stabilization fund	—	—	—	—	—	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
II. Long-term liabilities	98.5	92.0	77.9	58.9	58.8	58.8	58.7	59.1	58.9	58.8	58.9	59.0
1. Long-term trade payables	—	—	—	—	—	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
3. Long-term acrrued expenses	—	—	—	—	—	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
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
6. Long-term unearned revenue	70.6	64.2	50.2	31.3	31.3	31.3	31.3	31.3	31.3	31.3	31.3	31.3
7. Other long-term liabilities	4.9	4.8	4.8	4.6	4.5	4.5	4.5	4.8	4.6	4.5	4.6	4.7
8. Long-term borrowings and financial leases	23.0	23.0	23.0	23.0	23.0	23.0	23.0	23.0	23.0	23.0	23.0	23.0
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	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
13. Fund for technology development	—	—	—	—	—	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
B. OWNER'S EQUITY (400=410+430)	567.3	560.2	533.9	532.9	552.7	550.0	539.7	535.1	556.8	559.8	550.9	542.2
I. Owner's equity	567.3	560.2	533.9	532.9	552.7	550.0	539.7	535.1	556.8	559.8	550.9	542.2
1. Owner's capital	270.3	270.3	270.3	270.3	270.3	270.3	270.3	270.3	270.3	270.3	270.3	245.7
- Common stock with voting right	270,269,070,000.00	270,269,070,000.00	270,269,070,000.00	270,269,070,000.00	270,269,070,000.00	270,269,070,000.00	270,269,070,000.00	270,269,070,000.00	270,269,070,000.00	270,269,070,000.00	270,269,070,000.00	245,699,920,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	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	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
5. Treasury shares	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
6. Assets revaluation differences	—	—	—	—	—	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
8. Investment and development fund	24.2	24.2	24.2	24.2	22.1	22.1	22.1	22.1	19.9	19.9	19.9	19.9
9. Fund to support corporate restructuring	—	—	—	—	—	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
11. Undistributed earnings after tax	272.8	265.7	239.4	238.4	260.4	257.6	247.3	242.8	266.6	269.6	260.7	276.6
- Accumulated retained earning at the end of the previous period	266.8	234.1	234.1	234.1	257.8	236.8	236.8	236.8	263.4	241.9	241.9	266.4
- Undistributed earnings in this period	6.0	31.6	5.4	4.4	2.6	20.8	10.5	6.0	3.2	27.7	18.8	10.1
12. Reserves for investment in construction	—	—	—	—	—	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
14. Financial reserves	—	—	—	—	—	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
1. Subsidized not-for-profit funds	—	—	—	—	—	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
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	915.1	925.0	891.6	878.8	845.5	857.6	861.2	855.2	845.7	873.5	881.5	899.4

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0	0.0	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
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	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
Amortization of Goodwill	—	—	—	—	—	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
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-7.5	-1.1	-0.0	0.3	-3.9	-1.0	0.0	-0.7	-5.1	-1.0	-0.0	-21.2
Other Operating Receipts	3.4	—	—	—	—	4.2	5.1	6.6	3.9	9.4	14.3	14.7
Other Operating Payments	-13.5	-12.2	-4.8	-10.7	0.0	-15.5	-4.0	3.9	-23.5	9.4	-38.0	-9.2
Net Cash Flow from Operating Activities	-13.9	69.4	-8.4	-28.5	-31.8	-5.2	-6.4	11.2	-46.2	46.7	-48.6	-15.6
Payments for Fixed Assets and Other Long-term Assets	—	0.0	0.0	-0.0	—	0.0	0.0	-0.0	0.0	-2.4	0.0	-2.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	1.2	0.2	1.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	-0.1	0.0	-0.1	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	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	0.3	0.0	1.1	0.3	6.6	-2.4	4.9
Increase/(Decrease) in Term Deposits	—	—	—	—	—	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
Other Investing Receipts	—	—	—	—	—	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
Net Cash Flow from Investing Activities	0.0	1.2	0.2	1.2	0.0	0.3	0.0	7.9	12.3	-26.1	50.9	12.3
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	5.1	2.2	6.1	36.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	-14.4	-30.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Dividends Paid	-18.4	—	—	—	—	-21.0	0.0	0.0	0.0	-12.9	-24.0	0.0
Other Financing Receipts	—	—	—	—	—	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
Net Cash Flow from Financing Activities	-27.8	-27.8	6.1	36.2	—	-21.0	0.0	0.0	0.0	-12.9	-24.0	0.0
Net Cash Flow During the Period	-41.6	42.7	-2.0	8.8	-31.8	-25.9	-6.4	19.1	-33.9	7.7	-21.7	-3.3
Cash and Cash Equivalents at Beginning of Period	55.8	13.1	15.2	6.4	38.2	85.3	85.3	85.3	85.3	148.1	148.1	148.1
FX Difference from Revaluation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	14.2	55.8	13.1	15.2	6.4	38.2	64.1	70.5	51.4	85.3	77.6	99.3

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