UNI

Đầu Tư Và Phát Triển Sao Mai Việt ·HNX ·2026Q1

▼ Under pressure

Leverage and liquidity require close discipline Debt/equity 0.03x

Price

7,500

Latest close

04 Jun 2026

P/E -535.71x

P/B 0.74x

EPS -14

BVPS 10,152

ROE -0.3%

ROA -0.1%

Profit Margin 2.9%

Asset Turnover 0.01x

Equity Mult. 2.35x

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

What Is Changing

On a TTM 2025Q4 basis, UNI is holding revenue at an acceptable level, but margins are eroding visibly — margins have been compressing consistently over multiple periods. What is still missing is better cost control to prevent margin pressure from spreading to the overall profit result.

	                            
	                                TTM REVENUE
	                            
	                                    VND 4bn
	                                
+321.7%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    −VND 1bn
	                                
−472.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	4.5	1.1	1.7	0.3	0.8
Growth	+322%	-38%	+497%	-65%	—
Net Income	-0.0	0.0	0.7	0.2	0.0
Net Margin	-0.22%	0.13%	38.93%	85.00%	2.12%

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	—	1.1	2.5	0.6	0.3	0.2	0.2	0.3	0.3	0.0	0.5	0.7
Growth	—	-53%	+308%	+100%	+44%	+2%	-38%	+2%	—	-100%	-27%	—
Net Income	-0.9	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.3
Net Margin	—	2.82%	0.91%	9.47%	6.59%	7.52%	14.39%	44.88%	42.13%	—	18.79%	37.68%

Drivers of UNI's profit

TTM

Net profit attributable to parent declined vs last year, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↑ 1.7bn

TTM

Net profit attributable to parent declined vs prior quarter, mainly due to higher administrative expenses. Supporting and offsetting drivers:

Administrative expenses ↑ 0.7bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins are broadly flat — earnings quality is the factor to watch.

very positive positive stable watch under pressure

What is driving the margin?

Track net margin changes and the operating components against the same period last year.

Profitability trend

Net Margin -0.22% −37.6pp

Gross Margin — —

SG&A / Revenue — —

TTM YoY · 2025Q1 -> 2026Q1

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Capital structure is conservative with low leverage — liabilities at 1.08x equity, net debt at 0.16x equity.

Inventory ended the period at 632.2bn, roughly 70.0% of total assets.

Over the last 12 months, working capital absorbed 306.7bn of cash, mainly because of higher receivables and higher inventories.

Working Capital Drivers

Receivables increased → lower CFO: −133.1bn

Inventories increased → lower CFO: −129.2bn

Payables decreased → lower CFO: −44.4bn

Working Capital Efficiency

Track receivable, inventory, and payable turns to judge working-capital efficiency.

Track DSO, DIO, DPO components to evaluate working capital turnover efficiency.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Leverage & Liquidity

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

At present, short-term debt accounts for 6.9% of total debt, cash equals 3.0% of debt, and total debt stands at 72.7bn.

Watchpoints

Cash buffer is thin relative to debt

Cash / debt stands at 3.0%, leaving limited liquidity buffer to monitor.

Leverage and liquidity trend

Net Debt / Equity 0.16x −1.62x

Interest Coverage — —

Cash / Debt 3.0% +2.6pp

Short-term Debt / Total Debt 6.9% −93.1pp

CFO / NI 493.28x +529.27x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -393.4bn in 2025, against investing cash flow of 60.8bn.

Post-investment cash flow was negative +332.6bn. Financing cash flow was positive +67.7bn.

CFO / net income was 493.28x.

Track how much investment can be funded internally from operating cash flow.

Cash capex or FCF data is incomplete, so the cash-conversion view is only partial.

Cash Conversion

CFO TTM 390.9bn −383.2bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing a few weaker signals, but the current magnitude is not yet clear enough to conclude that this is a broader weakening phase. The brighter spot is leverage pressure is easing, with net debt/equity down to 0.16x. The next item to monitor is cash generation still needs confirmation. The main risk still sits in leverage and liquidity, with interest coverage at 0.03x.

Improvement: leverage pressure is easing, with net debt / equity down 1.62x to 0.16x while interest coverage holds at None.

Watchpoint: Cash generation still needs confirmation.

Key risk: leverage and liquidity still require discipline, with interest coverage only at 0.03x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	4.5	1.1	1.7	0.3	0.8
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	4.5	1.1	1.7	0.3	0.8
Cost of Goods Sold	2.3	0.2	0.1	0.0	0.0
Gross Profit	2.2	0.9	1.6	0.3	0.2
Financial Income	0.0	0.0	0.0	0.0	0.0
Financial Expenses	0.5	0.0	0.0	0.0	0.0
Interest Expense	0.5	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	—	0.0	0.0	0.0	-0.0
General and Administrative Expenses	1.6	0.8	1.4	1.2	-0.4
Operating Profit	0.1	0.1	0.2	-1.0	-0.2
Other Income	—	0.0	0.7	1.5	0.0
Other Expenses	0.1	0.1	0.1	0.1	0.0
Other Profit	-0.1	-0.1	0.7	1.3	0.2
Profit Before Tax	0.0	0.0	0.9	0.3	0.0
Current Income Tax Expense	0.1	0.0	0.2	0.1	-0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	-0.0	0.0	0.7	0.2	0.0
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.0	0.0	0.7	0.2	0.0
Earnings per Share	-0.23	0.09	43.00	16.00	-36.00
Diluted EPS	-0.23	0.09	43.00	16.00	1.12

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	902.8	556.5	497.0	471.3	3.3
I. Cash and cash equivalents	2.8	0.6	3.4	2.7	0.9
1. Cash	2.8	0.6	3.4	2.7	0.0
2. Cash equivalents	—	0.0	0.0	0.0	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	252.0	84.9	81.3	95.8	0.4
1. Short-term trade accounts receivable	2.6	0.4	0.0	1.8	0.0
2. Short-term prepayments to suppliers	247.4	77.2	77.5	73.4	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	2.0	7.4	3.9	20.8	0.0
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	632.2	461.6	403.0	364.6	0.0
1. Inventories	632.2	461.6	403.0	364.6	0.0
2. Provision for decline in value of inventories	—	0.0	0.0	0.0	0.0
V. Other short-term assets	15.9	9.3	9.3	8.1	2.0
1. Short-term prepayments	0.3	0.0	0.0	0.4	0.0
2. Value added tax to be reclaimed	15.5	9.3	9.2	7.7	0.0
3. Taxes and other receivables from state authorities	0.1	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)	—	0.0	0.0	3.1	258.3
I. Long-term receivables	—	0.0	0.0	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0	0.0	0.0
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	—	0.0	0.0	3.1	3.2
1. Tangible fixed assets	—	0.0	0.0	3.1	3.2
- Cost	—	0.0	0.0	3.7	0.0
- Accumulated depreciation	—	0.0	0.0	-0.6	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	—	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
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	—	0.0	0.0	0.0	255.1
1. Long-term production in progress	—	0.0	0.0	0.0	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
1. Long-term prepayments	—	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)	902.8	556.5	497.0	474.4	261.7
A. LIABILITIES (300=210+330)	469.2	392.3	332.8	310.9	98.5
I. Short -term liabilities	134.4	392.3	111.5	109.5	98.5
1. Short-term trade accounts payable	2.7	0.8	0.6	0.9	0.6
2. Short-term advances from customers	68.9	59.2	59.2	58.4	4.6
3. Taxes and other payables to state authorities	0.2	0.5	0.8	0.3	0.0
4. Payable to employees	4.2	2.6	1.9	0.9	0.0
5. Short-term acrrued expenses	52.6	53.8	0.0	0.0	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	0.8	0.5	0.4	0.4	0.0
10. Short-term borrowings and financial leases	5.0	275.0	48.6	48.6	90.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0	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	334.8	0.0	221.4	201.4	0.0
1. Long-term trade payables	—	0.0	0.0	0.0	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	267.2	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	67.7	0.0	221.4	201.4	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)	433.6	164.1	164.1	163.5	163.2
I. Owner's equity	433.6	164.1	164.1	163.5	0.0
1. Owner's capital	426.2	156.2	156.2	156.2	163.2
- Common stock with voting right	426,176,320,000.00	156,176,320,000.00	156,176,320,000.00	156,176,320,000.00	156,176,320,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.9	1.5	1.5	1.5	1.5
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	0.1	0.1	0.1	0.1	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	6.4	6.4	6.4	5.7	5.5
- Accumulated retained earning at the end of the previous period	6.4	6.4	5.7	5.5	5.4
- Undistributed earnings in this period	-0.0	0.0	0.7	0.2	0.0
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)	902.8	556.5	497.0	474.4	261.7

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.0	0.0	0.9	0.3	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	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	-0.0	-0.0	-0.6	-0.0	0.0
Interest Expense	0.5	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	0.5	0.1	0.4	0.5	-1.1
Increase/(Decrease) in Receivables	-173.3	-3.7	13.1	-101.2	0.0
Increase/(Decrease) in Inventory	-170.5	-4.9	-38.4	-364.6	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	33.6	1.0	1.7	54.9	0.0
Increase/(Decrease) in Prepaid Expenses	-0.3	0.0	0.3	-0.4	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-83.4	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	-0.0	-0.3	0.0	-0.0	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-393.4	-7.8	-22.7	-410.8	-0.4
Payments for Fixed Assets and Other Long-term Assets	60.8	0.0	0.0	241.2	-83.9
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	3.5	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	0.0	0.0	0.0	0.0	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	60.8	0.0	3.5	241.2	-83.9
Proceeds from Equity Issuance and Capital Contributions	270,000,000,000.00	0.00	0.00	0.00	3,709,920,000.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	67.9	5.0	20.0	268.0	75.8
Repayment of Borrowings	-270.2	0.0	0.0	-108.0	0.0
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	—	0.0	0.0	0.0	-0.0
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	67.7	5.0	20.0	160.0	79.5
Net Cash Flow During the Period	-265.0	-2.8	0.7	-9.6	-0.3
Cash and Cash Equivalents at Beginning of Period	0.6	3.4	2.7	0.9	5.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	-264.3	0.6	3.4	-8.7	0.9

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	—	1.1	2.5	0.6	0.3	0.2	0.2	0.3	0.3	0.0	0.5	0.7
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	—	1.1	2.5	0.6	0.3	0.2	0.2	0.3	0.3	0.0	0.5	0.7
Cost of Goods Sold	—	—	2.0	0.2	0.1	0.1	0.1	0.0	0.0	0.0	0.0	0.0
Gross Profit	—	1.1	0.4	0.4	0.2	0.1	0.2	0.3	0.3	0.0	0.5	0.7
Financial Income	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Financial Expenses	—	0.2	—	0.2	—	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
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	0.9	0.9	0.4	0.1	0.2	0.1	0.1	0.1	0.1	0.3	0.4	0.4
Operating Profit	-0.9	0.0	0.0	0.1	0.0	0.0	0.0	0.2	0.2	-0.3	0.1	0.3
Other Income	—	—	—	—	0.0	0.0	0.0	0.0	0.0	3.5	0.0	0.0
Other Expenses	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	2.9	0.0	0.0
Other Profit	—	—	-0.0	-0.0	0.0	0.0	0.0	-0.0	-0.0	0.5	-0.0	-0.0
Profit Before Tax	-0.9	0.0	0.0	0.1	0.0	0.0	0.0	0.2	0.2	0.2	0.1	0.3
Current Income Tax Expense	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.0	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-0.9	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.3
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-0.9	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.3
Earnings per Share	-21.00	2.00	1.00	4.00	1.00	1.00	2.00	9.00	9.00	9.00	6.00	17.00
Diluted EPS	-21.21	0.76	0.52	2.31	1.27	1.00	1.88	9.48	8.77	9.09	6.14	16.89

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)	906.7	842.1	938.5	914.2	648.5	502.8	499.3	495.4	496.7	497.0	491.6	456.8
I. Cash and cash equivalents	2.2	2.8	1.2	1.1	1.1	0.6	0.3	0.3	0.1	3.4	0.9	0.0
1. Cash	2.2	2.8	1.2	1.1	1.1	0.6	0.3	0.3	0.1	3.4	0.9	0.0
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	252.0	251.9	351.9	392.0	127.7	84.9	82.8	82.8	84.4	81.4	81.2	82.5
1. Short-term trade accounts receivable	2.6	2.6	2.9	0.2	0.4	0.4	0.2	0.7	0.4	0.0	1.3	0.8
2. Short-term prepayments to suppliers	247.5	247.4	347.2	390.0	120.0	77.2	77.1	77.1	77.5	79.4	77.6	77.3
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	2.0	2.0	2.0	2.0	7.3	7.4	5.6	5.1	6.6	2.1	2.3	4.5
7. Provision for short-term doubtful debts (*)	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1	-0.1
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	636.5	571.5	569.9	508.7	507.4	408.0	407.0	403.0	403.0	402.9	399.9	364.6
1. Inventories	636.5	571.5	569.9	508.7	507.4	408.0	407.0	403.0	403.0	402.9	399.9	364.6
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	16.0	15.9	15.5	12.5	12.4	9.3	9.3	9.3	9.2	9.3	9.6	9.7
1. Short-term prepayments	0.4	0.3	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.1	0.2
2. Value added tax to be reclaimed	15.6	15.5	15.4	12.4	12.4	9.3	9.3	9.3	9.2	9.2	9.5	9.5
3. Taxes and other receivables from state authorities	0.1	0.1	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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)	—	60.8	19.9	27.3	15.3	0.0	0.0	3.6	1.8	0.0	4.1	38.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.9	3.0
1. Tangible fixed assets	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	2.9	3.0
- Cost	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	3.7	3.7
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	-0.8	-0.7
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	—	—	—	—	—	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
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	—	60.8	19.9	27.3	15.3	0.0	0.0	3.6	1.8	0.0	1.2	35.4
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Construction in progress	—	60.8	19.9	27.3	15.3	0.0	0.0	3.6	1.8	0.0	1.2	35.4
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
1. Long-term prepayments	—	—	—	—	—	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)	906.7	902.9	958.4	941.5	663.8	502.8	499.3	499.0	498.5	497.0	495.7	495.2
A. LIABILITIES (300=210+330)	474.1	469.2	524.8	507.9	499.6	338.6	335.1	334.6	334.2	332.9	331.8	331.3
I. Short -term liabilities	139.2	401.5	524.8	507.9	499.6	117.2	113.7	113.2	112.9	111.5	110.4	109.9
1. Short-term trade accounts payable	2.9	2.7	2.0	1.3	0.8	0.8	1.1	1.0	0.6	0.8	0.5	0.4
2. Short-term advances from customers	68.9	68.9	70.1	69.8	58.9	59.2	59.2	59.2	59.2	59.2	58.4	58.4
3. Taxes and other payables to state authorities	0.3	0.2	0.1	0.2	0.5	0.5	1.4	1.3	1.2	0.8	0.6	0.5
4. Payable to employees	4.8	4.2	3.6	3.2	3.0	2.6	3.0	2.7	2.7	1.8	1.8	1.5
5. Short-term acrrued expenses	52.6	52.6	52.6	58.1	58.2	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	4.8	267.9	191.2	122.7	84.5	0.5	0.5	0.4	0.5	0.4	0.5	0.4
10. Short-term borrowings and financial leases	5.0	5.0	205.2	252.7	293.9	53.6	48.6	48.6	48.6	48.6	48.6	48.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	334.8	67.7	—	—	—	221.4	221.4	221.4	221.4	221.4	221.4	221.4
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	267.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
8. Long-term borrowings and financial leases	67.7	67.7	—	—	—	221.4	221.4	221.4	221.4	221.4	221.4	221.4
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)	432.7	433.7	433.6	433.7	164.1	164.2	164.2	164.4	164.3	164.1	163.9	163.9
I. Owner's equity	432.7	433.7	433.6	433.7	164.1	164.2	164.2	164.4	164.3	164.1	163.9	163.9
1. Owner's capital	426.2	426.2	426.2	246.2	156.2	156.2	156.2	156.2	156.2	156.2	156.2	156.2
- Common stock with voting right	426,176,320,000.00	426,176,320,000.00	426,176,320,000.00	246,176,320,000.00	156,176,320,000.00	156,176,320,000.00	156,176,320,000.00	156,176,320,000.00	156,176,320,000.00	156,176,320,000.00	156,176,320,000.00	156,176,320,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.9	0.9	0.9	180.9	1.5	1.5	1.5	1.5	1.5	1.5	1.5	1.5
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	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	5.5	6.5	6.4	6.5	6.4	6.5	6.5	6.7	6.5	6.3	6.2	6.2
- Accumulated retained earning at the end of the previous period	6.4	6.4	6.4	6.4	6.4	6.5	6.4	6.5	6.4	6.2	6.1	5.9
- Undistributed earnings in this period	-0.9	0.0	0.0	0.1	0.0	0.0	0.0	0.1	0.1	0.1	0.1	0.3
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)	906.7	902.9	958.4	941.5	663.8	502.8	499.3	499.0	498.5	497.0	495.7	495.2

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	-0.9	-0.0	0.0	0.0	0.0	0.1	-0.0	-0.1	0.2	0.9	-0.5	0.3
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0	0.0	0.2	-0.1	0.0
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	—	-0.0	0.0	-0.0	—	-0.0	0.0	-0.0	-0.0	-0.6	0.0	-0.0
Interest Expense	—	0.2	0.0	0.2	—	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	-0.9	0.2	0.0	0.3	0.0	0.1	-0.0	-0.1	0.2	0.4	-0.6	0.3
Increase/(Decrease) in Receivables	-0.2	99.6	37.4	-269.9	-40.4	-2.0	-0.4	1.5	-3.2	13.1	-11.6	25.1
Increase/(Decrease) in Inventory	-4.4	-63.2	-39.4	-22.1	-45.7	-8.9	7.1	-3.1	0.0	-38.4	35.3	-35.3
Increase/(Decrease) in Payables (Excl. Interest and CIT)	4.8	-166.6	69.5	47.8	82.9	6.4	-6.7	1.8	-0.4	1.7	-0.2	0.6
Increase/(Decrease) in Prepaid Expenses	-0.0	-0.3	0.0	-0.0	0.0	0.0	0.0	-0.0	0.0	0.3	-0.2	0.1
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-83.4	0.0	-0.0	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	-0.0	-0.0	—	-0.3	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Receipts	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Other Operating Payments	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	-0.6	-213.7	67.5	-244.0	-3.2	-4.7	0.1	0.2	-3.3	-22.7	22.7	-9.2
Payments for Fixed Assets and Other Long-term Assets	—	80.7	-4.6	—	-15.3	0.1	-0.1	0.0	0.0	0.0	0.0	9.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	—	—	—	—	0.0	0.0	0.0	0.0	3.5	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	—	0.0	0.0	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	—	80.7	-19.9	15.3	-15.3	0.1	-0.1	0.0	0.0	3.5	-0.0	9.0
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	5,000,000,000.00	0.00	0.00	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	0.0	0.2	0.0	67.7	0.0	0.0	0.0	0.0	20.0	-20.0	0.0
Repayment of Borrowings	—	-132.5	-47.7	-41.3	-48.8	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	0.0	0.0	0.0	0.0	0.0	0.0
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	—	-132.5	-47.5	228.7	18.9	5.0	0.0	0.0	0.0	20.0	-20.0	0.0
Net Cash Flow During the Period	-0.6	-265.5	0.1	0.0	0.5	0.3	-0.0	0.2	-3.3	0.7	2.7	-0.2
Cash and Cash Equivalents at Beginning of Period	2.8	1.2	1.1	1.1	0.6	3.4	3.4	3.4	3.4	2.7	0.0	2.7
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	2.2	-264.3	1.2	1.1	1.1	0.6	0.3	0.3	0.1	3.4	0.0	0.0

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UNI

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Statement Data

What is driving the margin?

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Cash Flow