UDJ

Phát triển Đô thị ·UPCOM ·2026Q1

▲ Slightly positive

The balance sheet remains flexible Debt/equity −0.04x

Price

7,100

Latest close

03 Jun 2026

P/E 26.30x

P/B 0.52x

EPS 270

BVPS 13,728

ROE 2.2%

ROA 1.2%

Profit Margin 8.9%

Asset Turnover 0.13x

Equity Mult. 1.84x

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

What Is Changing

On a TTM 2026Q1 basis, UDJ is showing a few mildly positive signals versus the same period, though the magnitude is narrow — the growth momentum has held across consecutive periods. The direction is leaning toward improvement, but the next test will be whether the magnitude widens enough to become a trend.

	                            
	                                TTM REVENUE
	                            
	                                    VND 56bn
	                                
+34.5%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 5bn
	                                
+11.1%YoY

Metric	2025	2024	2023	2022	2021
Revenue	60.7	42.7	83.8	86.6	109.9
Growth	+42%	-49%	-3%	-21%	—
Net Income	5.1	6.8	14.6	31.2	32.0
Net Margin	8.34%	15.86%	17.44%	35.97%	29.10%

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	0.0	17.3	17.0	22.2	4.2	22.9	4.8	10.0	5.0	51.0	10.0	14.5
Growth	-100%	+2%	-24%	+424%	-81%	+374%	-52%	+102%	-90%	+413%	-31%	—
Net Income	-1.1	3.6	1.9	0.7	-1.2	0.9	1.3	3.5	1.1	4.5	3.3	4.6
Net Margin	-36727.15%	20.67%	11.03%	3.06%	-27.97%	4.13%	26.14%	34.81%	21.57%	8.74%	32.86%	32.00%

Drivers of UDJ's profit

TTM

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

Financial income ↑ 0.3bn

Gross profit ↑ 0.2bn

TTM

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

Financial income ↑ 0.1bn

Gross profit ↓ 0.4bn

Administrative expenses ↑ 0.1bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.9% = 10.8% × 0.09 × 1.95

2026Q1 2.2% = 8.9% × 0.13 × 1.84

ROE is broadly flat at 2.2% — the components are offsetting one another.

Net margin: 8.9% -1.9pp Asset turnover: 0.13x +0.04x Leverage: 1.84x -0.12x

Is the profit sustainable?

Margins narrowed but earnings quality remains clean — pressure is mainly operational.

very positive positive stable watch under pressure

What is driving the margin?

Net margin fell to 8.89%, losing 1.9pp. The main pressure is Gross margin fell 6.6pp, outweighing the improvement in SG&A / Revenue fell 3.0pp (with additional support from Net financial result / Revenue rose 1.2pp).

The pressure comes from core operations — this is a concerning type of decline, not a one-off movement.

Profitability trend

Net Margin 8.89% −1.9pp

Gross Margin 20.85% −6.6pp

SG&A / Revenue 8.50% −3.0pp

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is notably light for the real estate sector — liabilities at 0.80x equity, with a net cash position equivalent to 0.04x equity.

Development inventory ended the period at 108.3bn, about 26.5% of total assets — reflecting projects in progress awaiting handover.

Over the last 12 months, working capital absorbed 20.8bn of cash, mainly because of lower payables. Part of that drag was offset by lower receivables.

Working Capital Drivers

Receivables decreased → higher CFO: +7.8bn

Inventories were broadly stable → neutral CFO: —

Payables decreased → lower CFO: −28.5bn

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 38.6bn.

Leverage & Liquidity

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

Debt maturity and the cash buffer remain the two key areas to monitor.

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

Leverage and liquidity trend

Net Debt / Equity -0.04x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 6.69x +4.64x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 38.6bn in 2025, against investing cash flow of -11.7bn.

Post-investment cash flow was positive +26.9bn. Financing cash flow was negative +13.4bn.

CFO / net income was 6.69x.

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 33.6bn +24.3bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is heading the right way, but the current picture is still at partial confirmation — not yet a fully clean case. The positive points have clearly improved, showing the operating base is better than before. The brighter spot is balance-sheet flexibility, with net cash/equity at about -0.04x. The next item to monitor is capital structure should be read with cycle risk in mind. The main risk still sits in core profitability, with net margin down 1.9 pp.

Improvement: the balance sheet remains flexible, with a net cash position equivalent to 0.04x of equity.

Watchpoint: Capital structure should be read with cycle risk in mind.

Key risk: profitability remains under pressure, with trailing-12M net margin at 8.89% after a 1.9pp decline versus the same period last year.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	60.7	42.7	83.8	86.6	109.9
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	60.7	42.7	83.8	86.6	109.9
Cost of Goods Sold	48.6	29.0	60.3	43.0	0.0
Gross Profit	12.2	13.7	23.5	43.7	43.9
Financial Income	0.3	0.1	0.1	0.7	1.8
Financial Expenses	0.2	0.2	0.2	0.0	-1.1
Interest Expense	—	0.0	0.0	0.0	-1.1
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	-0.0
Selling Expenses	—	0.0	0.0	0.0	-1.6
General and Administrative Expenses	4.7	4.9	5.0	5.5	-4.8
Operating Profit	7.5	8.7	18.5	38.9	38.1
Other Income	0.1	0.0	0.0	0.0	0.0
Other Expenses	1.2	0.0	0.0	0.0	0.0
Other Profit	-1.1	-0.0	-0.0	-0.0	-0.6
Profit Before Tax	6.3	8.6	18.4	38.9	37.5
Current Income Tax Expense	1.3	1.9	3.8	7.7	-5.5
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	5.1	6.8	14.6	31.2	32.0
Non-controlling Interest	—	0.0	0.0	0.0	-0.0
Profit Attributable to Parent	5.1	6.8	14.6	31.2	32.0
Earnings per Share	285.00	378.00	841.00	1,738.00	1,861.00
Diluted EPS	285.00	378.00	841.00	1,738.00	1,938.55

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	207.1	250.2	330.5	318.6	380.2
I. Cash and cash equivalents	15.3	1.7	2.3	6.6	27.5
1. Cash	3.3	1.7	2.3	1.6	0.0
2. Cash equivalents	12.0	0.0	0.0	5.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0	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	0.0	0.0	0.0
III. Short-term receivables	83.1	85.9	136.7	115.9	143.3
1. Short-term trade accounts receivable	82.4	83.2	131.0	106.8	0.0
2. Short-term prepayments to suppliers	—	0.0	0.0	0.0	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	0.7	2.7	5.7	9.1	0.0
7. Provision for short-term doubtful debts (*)	—	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	108.3	162.6	191.4	196.0	208.1
1. Inventories	108.3	162.6	191.4	196.0	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	0.4	0.0	0.0	0.1	1.3
1. Short-term prepayments	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
3. Taxes and other receivables from state authorities	0.4	0.0	0.0	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)	201.9	190.1	190.3	232.1	231.6
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	5.4
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	—	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0	0.0
II. Fixed assets	17.6	5.8	6.0	6.3	6.5
1. Tangible fixed assets	5.6	5.8	6.0	6.3	6.5
- Cost	12.5	12.5	12.5	12.5	0.0
- Accumulated depreciation	-6.9	-6.7	-6.5	-6.2	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	0.0	0.0	0.0	0.0
- Cost	12.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	—	0.0	0.0	0.0	0.0
III. Investment properties	—	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
IV. Long-term assets in progress	184.3	184.3	184.3	225.8	219.7
1. Long-term production in progress	184.3	184.3	184.3	225.8	0.0
2. Construction in progress	—	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	0.0	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	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	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	0.0
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)	409.0	440.4	520.8	550.7	611.8
A. LIABILITIES (300=210+330)	181.3	209.1	285.2	305.8	374.1
I. Short -term liabilities	167.7	130.8	149.6	292.2	374.1
1. Short-term trade accounts payable	152.3	84.1	54.2	179.8	195.3
2. Short-term advances from customers	10.4	36.3	74.5	103.2	170.5
3. Taxes and other payables to state authorities	0.0	0.5	4.9	1.6	0.0
4. Payable to employees	0.2	0.2	0.0	0.2	0.0
5. Short-term acrrued expenses	0.1	0.1	0.1	0.1	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	—	0.0	0.0	0.0	0.0
9. Other short-term payables	3.5	7.7	13.8	5.4	0.0
10. Short-term borrowings and financial leases	—	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	1.3	1.9	2.2	1.8	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	13.6	78.3	135.6	13.6	0.0
1. Long-term trade payables	13.6	78.3	135.6	13.6	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	—	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
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)	227.6	231.3	235.6	244.9	237.7
I. Owner's equity	227.6	231.3	235.6	244.9	0.0
1. Owner's capital	165.0	165.0	165.0	165.0	237.7
- Common stock with voting right	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	9.9	9.9	9.9	9.9	9.9
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	43.8	42.5	39.5	34.9	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	0.0	0.0
11. Undistributed earnings after tax	8.9	13.9	21.1	35.1	32.7
- Accumulated retained earning at the end of the previous period	3.8	7.1	6.5	3.9	0.7
- Undistributed earnings in this period	5.1	6.8	14.6	31.2	32.0
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)	409.0	440.4	520.8	550.7	611.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	6.3	8.6	18.4	38.9	37.5
Depreciation of Fixed Assets and Investment Property	0.2	0.2	0.2	0.2	0.2
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	-0.3	-0.1	-0.1	-0.7	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	6.3	8.8	18.5	38.4	36.5
Increase/(Decrease) in Receivables	2.5	50.8	-20.8	7.0	0.0
Increase/(Decrease) in Inventory	54.3	28.8	46.1	6.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-21.8	-69.6	-31.4	-44.3	0.0
Increase/(Decrease) in Prepaid Expenses	-0.0	-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	-1.5	-2.0	-4.4	-5.1	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-1.1	-1.4	-2.1	-2.4	0.0
Net Cash Flow from Operating Activities	38.6	15.4	5.9	-0.3	39.6
Payments for Fixed Assets and Other Long-term Assets	-12.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0	0.0	0.0
Dividends and Interest Income Received	0.3	0.1	0.1	0.7	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	-11.7	0.1	0.1	0.7	1.9
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	9,946,177,034.00
Share Repurchases	—	0.00	0.00	0.00	15,921,068,244.00
Proceeds from Borrowings	—	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	0.0	0.0	-36.3
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-13.4	-16.1	-10.3	-21.3	-21.5
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	-13.4	-16.1	-10.3	-21.3	-31.9
Net Cash Flow During the Period	13.6	-0.6	-4.3	-20.9	-38.2
Cash and Cash Equivalents at Beginning of Period	1.7	2.3	6.6	27.5	17.9
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	15.3	1.7	2.3	6.6	27.5

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	0.0	17.3	17.0	22.2	4.2	22.9	4.8	10.0	5.0	51.0	10.0	14.5
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	0.0	17.3	17.0	22.2	4.2	22.9	4.8	10.0	5.0	51.0	10.0	14.5
Cost of Goods Sold	—	11.4	13.3	19.9	3.9	20.2	2.0	4.4	2.4	43.9	4.8	7.4
Gross Profit	0.0	5.8	3.7	2.3	0.4	2.7	2.8	5.7	2.6	7.2	5.2	7.1
Financial Income	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	—	—	—	0.1	0.1	0.1	0.2	0.0	0.0	0.2	0.0	0.0
Interest Expense	—	—	—	—	—	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	1.2	1.3	1.1	1.2	1.2	1.3	1.1	1.3	1.2	1.4	1.1	1.3
Operating Profit	-1.1	4.7	2.7	1.0	-0.9	1.2	1.6	4.5	1.4	5.6	4.1	5.9
Other Income	—	0.1	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Expenses	—	0.3	0.3	0.3	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Profit	—	-0.2	-0.3	-0.3	-0.3	0.0	-0.0	-0.0	0.0	0.0	0.0	-0.0
Profit Before Tax	-1.1	4.5	2.4	0.7	-1.2	1.2	1.6	4.4	1.4	5.6	4.1	5.8
Current Income Tax Expense	—	0.9	0.5	—	—	0.3	0.4	0.9	0.3	1.2	0.9	1.2
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.1	3.6	1.9	0.7	-1.2	0.9	1.3	3.5	1.1	4.5	3.3	4.6
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.1	3.6	1.9	0.7	-1.2	0.9	1.3	3.5	1.1	4.5	3.3	4.6
Earnings per Share	-72.00	199.00	105.00	38.00	-78.00	53.00	70.00	195.00	60.00	257.00	182.00	259.00
Diluted EPS	-72.00	199.00	105.00	38.00	-78.00	378.00	70.00	195.00	60.00	257.00	182.00	259.00

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)	199.1	218.9	230.6	235.2	247.5	250.2	272.1	275.8	283.3	330.5	299.0	317.2
I. Cash and cash equivalents	9.9	15.3	16.2	11.2	1.3	1.7	5.4	6.6	8.0	2.3	14.0	2.1
1. Cash	0.4	3.3	4.2	1.2	1.3	1.7	0.4	0.6	2.5	2.3	6.0	1.1
2. Cash equivalents	9.5	12.0	12.0	10.0	—	0.0	5.0	6.0	5.5	0.0	8.0	1.0
II. Short-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0
III. Short-term receivables	79.3	83.1	87.8	83.7	86.1	85.9	83.8	84.2	85.2	136.7	90.8	115.6
1. Short-term trade accounts receivable	78.5	82.4	84.4	81.3	83.5	83.2	80.1	79.9	79.8	131.0	84.6	108.5
2. Short-term prepayments to suppliers	—	—	—	—	0.1	0.0	0.0	0.1	0.0	0.0	0.0	0.1
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	0.8	0.7	3.4	2.4	2.6	2.7	3.7	4.2	5.4	5.7	6.2	7.0
7. Provision for short-term doubtful debts (*)	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	108.3	120.3	125.6	138.9	158.7	162.6	182.8	184.8	189.1	191.4	193.7	198.4
1. Inventories	108.3	120.3	125.6	138.9	158.7	162.6	182.8	184.8	189.1	191.4	193.7	198.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Other short-term assets	1.5	0.2	1.0	1.4	1.3	0.0	0.1	0.2	1.0	0.0	0.6	1.2
1. Short-term prepayments	0.0	0.0	0.0	—	—	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	0.5	1.1
3. Taxes and other receivables from state authorities	1.5	0.2	0.9	1.4	1.3	0.0	0.1	0.2	1.0	0.0	0.1	0.1
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)	201.8	189.9	190.0	190.0	190.1	190.1	190.2	190.2	190.3	190.3	231.9	231.9
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Fixed assets	17.5	5.6	5.7	5.7	5.8	5.8	5.9	5.9	6.0	6.0	6.1	6.2
1. Tangible fixed assets	5.6	5.6	5.7	5.7	5.8	5.8	5.9	5.9	6.0	6.0	6.1	6.2
- Cost	12.5	—	—	—	—	12.5	12.5	12.5	12.5	12.5	12.5	12.5
- Accumulated depreciation	-6.9	—	—	—	—	-6.7	-6.6	-6.6	-6.5	-6.5	-6.4	-6.3
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	11.9	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	12.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	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
IV. Long-term assets in progress	184.3	184.3	184.3	184.3	184.3	184.3	184.3	184.3	184.3	184.3	225.8	225.8
1. Long-term production in progress	184.3	184.3	184.3	184.3	184.3	184.3	184.3	184.3	184.3	184.3	225.8	225.8
2. Construction in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term prepayments	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	400.8	408.8	420.6	425.3	437.6	440.4	462.3	466.0	473.6	520.8	530.9	549.2
A. LIABILITIES (300=210+330)	174.3	181.3	196.7	195.0	207.5	209.1	222.1	227.0	237.0	285.2	278.4	299.9
I. Short -term liabilities	160.7	103.0	118.3	116.7	129.2	130.8	86.4	91.4	101.3	271.6	264.8	286.3
1. Short-term trade accounts payable	147.3	87.6	81.4	82.1	84.1	84.1	26.7	26.7	26.7	176.3	179.4	195.0
2. Short-term advances from customers	10.4	10.4	23.3	28.8	35.0	36.3	55.0	59.7	69.8	74.5	79.2	82.6
3. Dividends and profits payable	0.7	—	—	—	—	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	0.0	0.0	0.2	0.4	0.1	0.5	0.2	0.0	0.1	4.9	1.2	0.4
4. Payable to employees	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.2	0.0	0.2	0.2
5. Short-term acrrued expenses	—	0.1	—	0.1	—	0.1	0.0	0.1	0.0	0.1	0.0	0.1
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
9. Other short-term payables	1.2	3.5	11.9	3.5	8.1	7.7	2.4	2.5	2.8	13.8	2.7	5.6
10. Short-term borrowings and financial leases	—	—	—	—	—	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	0.9	1.3	1.3	1.6	1.7	1.9	1.9	2.2	1.7	2.2	2.2	2.4
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	13.6	78.3	78.3	78.3	78.3	78.3	135.6	135.6	135.6	13.6	13.6	13.6
1. Long-term trade payables	13.6	78.3	78.3	78.3	78.3	78.3	135.6	135.6	135.6	13.6	13.6	13.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	226.5	227.5	223.9	230.3	230.1	231.3	240.2	239.0	236.6	235.6	252.6	249.3
I. Owner's equity	226.5	227.5	223.9	230.3	230.1	231.3	240.2	239.0	236.6	235.6	252.6	249.3
1. Owner's capital	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0	165.0
- Common stock with voting right	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00	165,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	9.9	9.9	9.9	9.9	9.9	9.9	9.9	9.9	9.9	9.9	9.9	9.9
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	43.8	43.8	43.8	43.8	42.5	42.5	42.5	42.5	39.5	39.5	39.5	39.5
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	7.8	8.7	5.2	11.5	12.7	13.9	22.8	21.6	22.2	21.1	38.1	34.8
- Accumulated retained earning at the end of the previous period	8.9	3.8	3.8	12.0	13.9	7.1	17.0	17.0	21.1	6.5	27.9	27.9
- Undistributed earnings in this period	-1.1	4.9	1.4	-0.5	-1.2	6.8	5.8	4.6	1.1	14.6	10.1	6.9
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)	400.8	408.8	420.6	425.3	437.6	440.4	462.3	466.0	473.6	520.8	530.9	549.2

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	-1.1	4.5	2.4	0.7	-1.2	1.2	1.6	4.4	1.4	5.6	4.1	5.8
Depreciation of Fixed Assets and Investment Property	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	-0.1	-0.1	-0.1	-0.0	—	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	-1.1	4.4	2.3	0.7	-1.1	1.3	1.6	4.4	1.4	5.7	4.1	5.9
Increase/(Decrease) in Receivables	3.8	5.3	-3.6	2.3	-1.5	-2.0	0.5	1.9	50.5	-45.4	25.4	-0.3
Increase/(Decrease) in Inventory	—	17.3	13.3	19.8	3.9	20.2	1.9	4.3	2.3	43.7	4.7	-3.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-6.6	-7.7	-7.0	-7.2	0.2	-18.5	-4.8	-0.3	-46.0	-4.0	-21.8	-2.3
Increase/(Decrease) in Prepaid Expenses	-0.0	0.0	-0.0	0.0	0.0	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	-1.1	0.2	-0.2	0.0	-1.5	0.0	-0.0	-0.0	-2.0	-1.5	-0.0	-0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	-0.4	-0.3	0.1	-0.6	-0.2	0.0	-0.3	-0.7	-0.5	-0.0	-0.5	-0.9
Net Cash Flow from Operating Activities	-5.4	19.1	4.9	15.0	-0.4	1.0	-1.0	9.6	5.8	-1.6	11.9	-1.0
Payments for Fixed Assets and Other Long-term Assets	—	-12.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	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	0.0	0.0	0.0	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	0.1	0.1	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.1	-11.8	0.1	0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	—	—	—	—	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	-0.0	-8.2	-0.0	-5.1	-0.0	-4.7	-0.3	-11.0	-0.1	-10.2	0.0	-0.1
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	-0.0	-8.2	-0.0	-5.1	-0.0	-4.7	-0.3	-11.0	-0.1	-10.2	0.0	-0.1
Net Cash Flow During the Period	-5.3	-1.0	5.0	9.9	-0.4	-3.7	-1.2	-1.4	5.7	-11.8	12.0	-1.1
Cash and Cash Equivalents at Beginning of Period	15.3	16.2	11.2	1.3	1.7	2.3	2.3	2.3	2.3	6.6	6.6	6.6
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	9.9	15.3	16.2	11.2	1.3	1.7	5.4	6.6	8.0	2.3	14.0	2.1

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