Core Viewpoint - The company operates in water supply and sewage treatment, with multiple business segments contributing to its revenue, including water resources, property investment, retail, power generation, hotel management, and toll road operations [9]. Revenue and Profit Growth - The company has shown fluctuations in revenue and net profit growth rates over the years, with a notable increase in revenue in 2023 compared to previous years [11][14]. - The revenue composition for the first half of 2025 indicates that water resources remain the largest segment, contributing 71.531 billion HKD, followed by property investment and power generation [15]. Financial Ratios - As of the first half of 2025, the company's average return on equity was 6.4%, an increase of 0.72 percentage points from the previous year [19]. - The company’s asset turnover ratio has shown variations, with a notable increase in 2025 compared to previous years [21]. Asset and Liability Changes - Significant changes in assets include a 100% decrease in assets classified as held for sale, while intangible assets decreased by 0.71% [25]. - On the liabilities side, long-term borrowings decreased by 1.68%, while deferred tax liabilities increased by 4.67% [28]. Liquidity Ratios - The company reported a current ratio of 1.18 and a quick ratio of 1.15 in the first half of 2025, indicating a stable liquidity position [31].

Economic Growth - Vietnam's GDP growth rate accelerated to 7.96% in Q2 2025, slightly below the 8.56% growth rate in Q2 2022 post-pandemic[5] - The industrial and construction sectors experienced the highest growth at 8.97%, while the service sector grew by 8.46%[5][10] Sector Performance - The agricultural sector's contribution to GDP decreased to 9.6%, with a growth rate of 3.89%[9] - The industrial sector accounted for 36.5% of GDP, with manufacturing leading at a growth rate of 10.75%[10][14] Foreign Direct Investment (FDI) - FDI registered a total of approximately $21.5 billion, marking a 41.7% increase compared to the same period in 2024[21] - The FDI disbursement rate improved by 8.12% year-on-year, reaching $11.72 billion in H1 2025[21] Trade and Retail - Total trade volume in Q2 reached $229.1 billion, a 10% increase year-on-year, with a trade surplus of $2.9 billion in June[25] - Retail sales in June grew by approximately 8.3%, with goods retail growth slowing to 6.7%[17] Inflation and Economic Risks - Inflation rose to 3.56% in June, with healthcare and housing costs contributing significantly to price increases[27] - Economic risks include potential declines in demand from major economies and uncertainties in trade policies[12][30]