Working Capital Efficiency
The data from Quater 1 in 2022 to Quater 3 in 2023 includes 3 quarters.

Liabilities on Revenue
Year 2022 Quarter 1: Liabilities on Revenue 102.35 (%).Trend:Increase 320.16% than previous quarter
Year 2023 Quarter 2: Liabilities on Revenue 49.89 (%).Trend:Decrease 51.26% than previous quarter
Year 2023 Quarter 3: Liabilities on Revenue 27.45 (%).Trend:Decrease 44.98% than previous quarter

Overall: decreasing (-73.18%). Fluctuation: **Significant** (high variation).

Current assets on Revenue
Year 2022 Quarter 1: Current assets on Revenue 219.76 (%).Trend:Increase 205.48% than previous quarter
Year 2023 Quarter 2: Current assets on Revenue 110.01 (%).Trend:Decrease 49.94% than previous quarter
Year 2023 Quarter 3: Current assets on Revenue 69.73 (%).Trend:Decrease 36.61% than previous quarter

Overall: decreasing (-68.27%). Fluctuation: **Significant** (high variation).


Cost Efficiency
The data from Quater 1 in 2022 to Quater 3 in 2023 includes 3 quarters.

Ratio of Retained Earnings to Revenue
Year 2022 Quarter 1: Ratio of Retained Earnings to Revenue 443.81 (%).Trend:Increase 188.11% than previous quarter
Year 2023 Quarter 2: Ratio of Retained Earnings to Revenue 207.04 (%).Trend:Decrease 53.35% than previous quarter
Year 2023 Quarter 3: Ratio of Retained Earnings to Revenue 132.83 (%).Trend:Decrease 35.84% than previous quarter

Overall: decreasing (-70.07%). Fluctuation: **Significant** (high variation).

Selling, General & Administrative (SG&A) Expense Ratio
Year 2022 Quarter 1: Selling, General & Administrative (SG&A) Expense Ratio 10.21 (%).Trend:Increase 16.42% than previous quarter
Year 2023 Quarter 2: Selling, General & Administrative (SG&A) Expense Ratio 10.38 (%).Trend:Increase 1.67% than previous quarter
Year 2023 Quarter 3: Selling, General & Administrative (SG&A) Expense Ratio 9.53 (%).Trend:Decrease 8.19% than previous quarter

Overall: decreasing (-6.66%). Fluctuation: **Little** (low variation).


Invest Efficiency
The data from Quater 1 in 2022 to Quater 3 in 2023 includes 3 quarters.

Retained Earning on Assets
Year 2022 Quarter 1: Retained Earning on Assets 70.49 (%).Trend:Decrease 1.39% than previous quarter
Year 2023 Quarter 2: Retained Earning on Assets 69.0 (%).Trend:Decrease 2.11% than previous quarter
Year 2023 Quarter 3: Retained Earning on Assets 70.81 (%).Trend:Increase 2.62% than previous quarter

Overall: increasing (0.45%). Fluctuation: **Little** (low variation).

Earning Per Share
Year 2022 Quarter 1: Earning Per Share 0.5 (USD).Trend:Decrease 73.68% than previous quarter
Year 2023 Quarter 2: Earning Per Share 1.09 (USD).Trend:Increase 118.0% than previous quarter
Year 2023 Quarter 3: Earning Per Share 2.5 (USD).Trend:Increase 129.36% than previous quarter

Overall: increasing (400.0%). Fluctuation: **Significant** (high variation).



Financial analysis from Q1 2022 to Q3 2023 demonstrates a generally negative trend across key financial metrics.  Liabilities on revenue, current assets on revenue, and the ratio of retained earnings to revenue are all decreasing. This indicates a negative trend in working capital efficiency and cost efficiency.  While the SG&A expense ratio is decreasing, earnings per share are increasing significantly.  Invest efficiency (retained earnings on assets) is slightly increasing.