Tan Long Group is about to list its third company on the HoSE stock exchange.

On February 12th, the Ho Chi Minh City Stock Exchange (HoSE) received the listing application for 65 million shares of A An Foodstuff Joint Stock Company (code AAN).

The consulting firm is DNSE Securities Joint Stock Company.

According to tax authority records, A An Foodstuff Company is located on the 14th floor of the Diamond Flower building, 48 Le Van Luong Street, N1 New Urban Area, Yen Hoa Ward, Hanoi ; its legal representative is Truong Duc Nam; it was established on January 27, 2021; and its main activity is wholesale rice trading.

Furthermore, on its website, A An Food Company introduces itself as a platform developed from the rice business of Tan Long Group. In 2021, the company was officially established under the name A An Food Joint Stock Company. Its mission is to provide clean, safe rice products that meet the increasingly high demands of domestic and international consumers.

To date, A An Foodstuff Joint Stock Company has operated 3 rice mills, with a total area of ​​63,000 m2 - a drying capacity of over 4,000 tons/day - and a total storage capacity of 54,000 tons. A An's clean rice products are available in 34 provinces and cities, with nearly 70,000 sales points nationwide.

In fact, Tan Long Group is not unfamiliar with the stock market, having quickly listed its newly established legal entities on the HoSE exchange. Specifically, BaF Vietnam Agriculture Joint Stock Company (code BAF – HoSE), established in 2017, officially listed on the HoSE on December 3, 2021 (four years after its establishment); and Siba High-Tech Mechanical Group Joint Stock Company (code SBG – HoSE), established in 2015, officially listed on the HoSE on December 1, 2023.

Thus, A An Foodstuff will be the third member related to Tan Long Group to have filed an application and plan to list on the Ho Chi Minh City Stock Exchange.

Turning to the listed units of Tan Long Group, BaF Vietnam is reporting unfavorable business conditions.

In the fourth quarter of 2025, BaF Vietnam recorded revenue of VND 1,399.24 billion, a 14% decrease compared to the same period last year. Net profit after tax recorded a record loss of VND 264.9 billion, compared to a profit of VND 109.2 billion in the same period last year, a decrease of VND 374.1 billion.

Notably, during the period, BaF Vietnam operated below cost, resulting in a negative gross profit of VND 49.01 billion, a decrease of VND 278.51 billion compared to the same period last year.

Additionally, during the same period, financial revenue increased by 37.6% year-on-year, equivalent to an increase of VND 1.69 billion, reaching VND 6.18 billion; financial expenses increased by 50.8%, equivalent to an increase of VND 29.66 billion, reaching VND 88.1 billion; selling and administrative expenses increased by 121.8%, equivalent to an increase of VND 80.49 billion, reaching VND 146.55 billion; and other activities showed negligible fluctuations.

Thus, in the last quarter of 2025, in addition to selling below cost, BaF Vietnam also faced pressure from increased financial, sales, and administrative expenses, resulting in a record loss of VND 264.9 billion.

BaF Vietnam stated that live pig prices fell sharply during October-November 2025, reaching a low of around 45,000-46,000 VND/kg, due to the combined impact of widespread disease and natural disasters, which significantly narrowed gross profit margins.

Furthermore, increased production costs in Q4 2025, including costs for epidemic prevention, environmental remediation, and operating expenses arising from unfavorable weather conditions, led to an increase in average production costs while selling prices decreased.

Specifically, bringing many new farms into operation in 2025 will cause fixed costs to increase rapidly, while efficiency will not reach optimal levels in the initial phase. This means that the gross profit margin will not fully reflect the potential of the farm system, while also putting pressure on cash flow and short-term financial indicators in Q4/2025. However, as production gradually increases and operational processes stabilize in 2026, unit costs are expected to decrease significantly, helping to improve profitability.

For the full year 2025, BaF Vietnam recorded revenue of VND 5,045.94 billion, a decrease of 10.5% compared to the same period, and after-tax profit of VND 100.4 billion, a decrease of 68.5% compared to the same period.

In 2025, BaF Vietnam planned for revenue of VND 5,601.69 billion and projected after-tax profit of VND 638.61 billion. Thus, by the end of 2025, BaF Vietnam had only achieved 15.7% of its annual plan.

Regarding cash flow, in 2025, BaF Vietnam recorded a continued negative operating cash flow of VND 598.1 billion, compared to a negative VND 291.9 billion in the same period. Furthermore, during the same period, the investment cash flow was negative VND 1,908.1 billion, while the financing cash flow was positive VND 2,721.76 billion, mainly due to increased borrowing and proceeds from the issuance of additional shares.

According to data on SSI Securities' iBoard, BaF Vietnam has experienced three consecutive years of negative cash flow, recording a loss of VND 269.4 billion in 2022, a further loss of VND 419.7 billion in 2023, and an additional loss of VND 291.94 billion in 2024.

Thus, the cash flow value will be negative 598.1 billion VND in 2025, which is a record negative value since 2019.

Source: https://baodautu.vn/tap-doan-tan-long-sap-dua-cong-ty-thu-ba-len-san-hose-d533393.html