•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
On 24 April 2026, in Hanoi, Son Ha International Joint Stock Company (ticker SHI) held its 2026 Ordinary General Meeting of Shareholders and approved the agenda related to 2025 results and the 2026 plan. The meeting set a 2026 revenue target of VND 13,000 billion.
In 2025, Son Ha reported net revenue of VND 11,765 billion, up 4.5% year-on-year. The company attributed the increase to strengthened domestic and export sales supported by product portfolio expansion, broader distribution channels, and e-commerce. Household and industrial appliances remained the main growth drivers.
With higher revenue, gross profit in 2025 reached about VND 1,000 billion, up 5%, resulting in a gross margin of 8.5%. Operational efficiency improved as the company maintained tight cost control and optimized operations.
Inventory turnover improved to 8.16x in 2025 from 7.93x in 2024, supporting better capital utilization. Total operating expenses increased by only 0.5%, significantly below the 4.5% revenue growth, which helped reduce the operating expense ratio from 8.15% to 7.84%.
Within the cost structure, selling expenses declined 3% and administrative expenses fell 4%, reflecting efficiency gains.
Net profit from operating activities was VND 140 billion, up 24% year-on-year. After tax, net profit was VND 82.3 billion.
Relative to the company’s plan, 2025 achieved 101.9% of the revenue target and 71% of the after-tax profit target. Against a backdrop of macro volatility, the company said the results demonstrate resilience and ongoing stability.
Premium gym chains are entering a “golden era” that is ending or already in decline, as rising operating costs collide with shifting consumer preferences toward more flexible, community-based ways to exercise. Long-term memberships are shrinking, margins are pressured by higher rents and facility expenses, and competition from smaller, more personalized…
