UXC

Chế biến Thủy sản Út Xi ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 1.53%, +9.27pp YoY

Price

1,100

Latest close

22 May 2026

P/E 6.47x

P/B -0.43x

EPS 170

BVPS -2,580

ROE -6.4%

ROA 0.7%

Profit Margin 1.5%

Asset Turnover 0.48x

Equity Mult. -8.69x

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

What Is Changing

On a TTM 2026Q1 basis, UXC posted a sharp profit increase versus the same period, suggesting a clear improvement from a low base — profit is at an all-time high. However, most of the profit comes from non-core sources — this needs careful evaluation before concluding on growth quality.

	                            
	                                TTM REVENUE
	                            
	                                    VND 394bn
	                                
−34.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 6bn
	                                
+113.0%YoY

	                            
	                                Non-core income / PBT
	                            
	                                    468.2%

Metric	2025	2024	2023
Revenue	390.0	584.3	339.3
Growth	-33%	+72%	—
Net Income	-1.6	-37.8	-84.4
Net Margin	-0.42%	-6.47%	-24.88%

Metric	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	75.1	102.7	98.9	117.2	71.2	69.8	275.0	181.4
Growth	-27%	+4%	-16%	+65%	+2%	-75%	+52%	—
Net Income	-1.0	13.8	-7.9	1.1	-8.4	-23.5	-15.5	1.2
Net Margin	-1.29%	13.47%	-8.00%	0.91%	-11.85%	-33.68%	-5.63%	0.64%

Drivers of UXC's profit

TTM

Net profit attributable to parent increased vs last year, mainly helped by lower selling expenses. Supporting and offsetting drivers:

Selling expenses ↓ 29.2bn

Finance costs ↓ 12.3bn

Administrative expenses ↓ 6.8bn

TTM

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

Gross profit ↑ 6.7bn

Finance costs ↓ 1.1bn

Financial Highlights

Detailed analysis of each financial dimension

Is the profit sustainable?

Margins improved (+9.3pp), but earnings still rely significantly on non-core sources — warrants closer scrutiny.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 1.53%, rising 9.3pp. The main driver is Gross margin rose 7.0pp and SG&A / Revenue fell 1.2pp, moving in line with the stronger net margin (in addition, Other profit / Revenue rose 2.7pp added support while Net financial result / Revenue fell 1.6pp remained a drag).

The improvement comes from core operations — this is a high-quality margin expansion.

Profitability trend

Net Margin 1.53% +9.3pp

Gross Margin 18.33% +7.0pp

SG&A / Revenue 14.32% −1.2pp

Non-core / Revenue -2.48% +1.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 468.2% of PBT and lifted net margin by 1.1pp — separate the operating contribution from this source.

Is capital being used efficiently?

Capital efficiency should be read in industry context — ROIC may fluctuate with business specifics.

Is capital being deployed efficiently?

Track how much operating profit the business generates on invested capital.

Industry characteristics make ROIC cyclical — this is a reference signal and should be read with the business context.

CAPITAL EFFICIENCY TREND

ROIC — —

NOPAT Margin — —

Capital Turnover 1.15x —

Average Invested Capital 343.2bn —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at -10.23x equity, with a net cash position equivalent to 5.56x equity.

Inventory ended the period at 556.2bn, roughly 66.7% of total assets.

Over the last 12 months, working capital released 0.0bn of cash.

Working Capital Drivers

Receivables were broadly stable → neutral CFO: —

Inventories were broadly stable → neutral CFO: —

Payables were broadly stable → neutral CFO: —

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.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 739.4 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 205.5 days —

Inventory 634.3 days —

Payables 100.4 days —

Cash Conversion Cycle 739.4 days —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 13.6bn.

Leverage & Liquidity

Leverage warrants monitoring, with net debt / equity at -5.56x and interest coverage only at -0.56x.

At present, short-term debt accounts for 98.6% of total debt, cash equals 0.0% of debt, and total debt stands at 507.7bn.

Watchpoints

Interest coverage is thin

Interest coverage is -0.56x, leaving limited room to absorb financing costs.

Short-term refinancing pressure is meaningful

Short-term debt accounts for 98.6% of total debt, raising near-term refinancing needs.

Leverage and liquidity trend

Net Debt / Equity -5.56x −1.78x

Interest Coverage -0.56x +0.84x

Cash / Debt 0.0% −0.0pp

Short-term Debt / Total Debt 98.6% +1.1pp

CFO / NI 4.58x +5.78x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 13.6bn in 2025, against investing cash flow of -1.1bn.

Post-investment cash flow was positive +12.5bn. Financing cash flow was negative +11.6bn.

CFO / net income was 4.58x.

After spending +1.4bn on fixed-asset investment, the business generated trailing free cash flow of +26.1bn.

Cash Conversion

CFO TTM 27.5bn −28.2bn

Cash Capex 1.4bn −1.3bn

FCF TTM +26.1bn −26.9bn

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 operating efficiency, with net margin improving 9.3 pp. The next item to monitor is the earnings mix, when non-core contribution is -631.1%. The main risk still sits in leverage and liquidity, with interest coverage at -0.56x.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.53% after expanding 9.3pp versus the same period last year.

Watchpoint: cash flow is currently keeping pace with accounting earnings, with CFO / net income at 4.58x. Even so, net financial result still accounts for -631.1% of PBT, so the earnings mix still needs monitoring.

Key risk: leverage and liquidity still require discipline, with interest coverage only at -0.56x.

Statement Data

Item	2025	2024	2023
Revenue	394.4	587.3	347.4
Revenue Deductions	4.5	3.0	8.1
Net Revenue	390.0	584.3	339.3
Cost of Goods Sold	324.5	507.3	357.0
Gross Profit	65.5	77.0	-17.8
Financial Income	2.0	4.2	8.5
Financial Expenses	41.1	52.6	49.5
Interest Expense	32.8	37.8	36.6
Share of Associates and Joint Ventures	—	0.0	0.0
Selling Expenses	16.6	46.3	19.0
General and Administrative Expenses	39.6	46.4	7.8
Operating Profit	-29.8	-64.1	-85.7
Other Income	28.3	37.8	1.3
Other Expenses	0.1	11.5	0.0
Other Profit	28.1	26.3	1.3
Profit Before Tax	-1.6	-37.8	-84.4
Current Income Tax Expense	—	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0
Net Income	-1.6	-37.8	-84.4
Non-controlling Interest	—	0.0	0.0
Profit Attributable to Parent	-1.6	-37.8	-84.4
Earnings per Share	-46.00	-1,068.00	-2,385.00
Diluted EPS	-46.00	-1,068.00	-2,385.00

Item	2025	2024	2023
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	743.1	769.9	845.9
I. Cash and cash equivalents	1.0	0.1	0.1
1. Cash	1.0	0.1	0.1
2. Cash equivalents	—	0.0	0.0
II. Short-term financial investments	—	0.0	14.5
1. Available for sale securities	—	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	0.0	0.0
3. Held to maturity investments	—	0.0	14.5
III. Short-term receivables	184.3	155.9	179.3
1. Short-term trade accounts receivable	267.2	189.0	204.9
2. Short-term prepayments to suppliers	68.2	98.0	72.0
3. Short-term inter-company receivables	—	0.0	0.0
4. Construction contract progress receipts due from customers	—	0.0	0.0
5. Short-term loan receivables	—	0.0	0.0
6. Other short-term receivables	41.2	30.2	53.3
7. Provision for short-term doubtful debts (*)	-192.3	-161.3	-150.9
8. Assets awaiting resolution	—	0.0	0.0
IV. Inventories	556.2	611.8	649.3
1. Inventories	556.2	611.8	649.3
2. Provision for decline in value of inventories	—	0.0	0.0
V. Other short-term assets	1.6	2.1	2.7
1. Short-term prepayments	0.1	0.2	0.8
2. Value added tax to be reclaimed	1.5	1.7	1.7
3. Taxes and other receivables from state authorities	—	0.2	0.2
4. Government bonds	—	0.0	0.0
5. Other short-term assets	—	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	90.3	98.6	105.7
I. Long-term receivables	—	0.0	0.0
1. Long-term trade receivables	—	0.0	0.0
2. Long-term prepayments to suppliers	—	0.0	0.0
3. Capital at inter-company	—	0.0	0.0
4. Long-term inter-company receivables	—	0.0	0.0
5. Long-term loan receivables	—	0.0	0.0
6. Other long-term receivables	—	0.0	0.0
7. Provision for long-term doubtful debts	—	0.0	0.0
II. Fixed assets	75.9	84.3	91.4
1. Tangible fixed assets	49.5	57.2	64.3
- Cost	350.4	351.0	349.8
- Accumulated depreciation	-300.9	-293.8	-285.5
2. Financial leased fixed assets	—	0.0	0.0
- Cost	—	0.0	0.0
- Accumulated depreciation	—	0.0	0.0
3. Intangible fixed assets	26.4	27.0	27.0
- Cost	26.7	27.3	27.3
- Accumulated depreciation	-0.3	-0.3	-0.3
III. Investment properties	—	0.0	0.0
- Cost	—	0.0	0.0
- Accumulated depreciation	—	0.0	0.0
IV. Long-term assets in progress	14.3	14.3	14.3
1. Long-term production in progress	—	0.0	0.0
2. Construction in progress	14.3	14.3	14.3
V. Long-term financial investments	—	0.0	0.0
1. Investments in subsidiaries	—	0.0	0.0
2. Investments in associates, joint-ventures	—	0.0	0.0
3. Investments in other entities	—	0.0	0.0
4. Provision for diminution in value of long-term investments	—	0.0	0.0
5. Held to maturity investments	—	0.0	0.0
6. Other long-term investments	—	0.0	0.0
VI. Other long-term assets	—	0.0	0.0
1. Long-term prepayments	—	0.0	0.0
2. Deferred income tax assets	—	0.0	0.0
3. Long-term equipment, supplies, spare parts	—	0.0	0.0
4. Other long-term assets	—	0.0	0.0
5. Goodwill	—	0.0	0.0
VII. Goodwill (before 2015)	—	0.0	0.0
TOTAL ASSETS (280=100+200)	833.4	868.5	951.6
A. LIABILITIES (300=210+330)	923.7	957.1	1,002.5
I. Short -term liabilities	916.1	947.7	991.9
1. Short-term trade accounts payable	109.5	84.3	224.5
2. Short-term advances from customers	3.2	0.4	2.3
3. Taxes and other payables to state authorities	3.0	2.9	2.9
4. Payable to employees	2.7	2.5	2.3
5. Short-term acrrued expenses	268.2	260.0	261.9
6. Short-term inter-company payables	—	0.0	0.0
7. Construction contract progress payments due to suppliers	—	0.0	0.0
8. Short-term unearned revenue	—	0.0	0.0
9. Other short-term payables	172.7	234.2	90.4
10. Short-term borrowings and financial leases	354.4	360.8	405.0
11. Provision for short-term liabilities	—	0.0	0.0
12.. Bonus and welfare fund	2.5	2.5	2.5
13. Price stabilization fund	—	0.0	0.0
14. Government bonds	—	0.0	0.0
II. Long-term liabilities	7.5	9.5	10.5
1. Long-term trade payables	—	0.0	0.0
2. Long-term advances from customers	—	0.0	0.0
3. Long-term acrrued expenses	—	0.0	0.0
4. Inter-company payables on business capital	—	0.0	0.0
5. Long-term inter-company payables	—	0.0	0.0
6. Long-term unearned revenue	—	0.0	0.0
7. Other long-term liabilities	—	0.0	0.0
8. Long-term borrowings and financial leases	7.5	9.5	10.5
9. Convertible bonds	—	0.0	0.0
10. Preferred stock (Debts)	—	0.00	0.00
11. Deferred income tax liabilities	—	0.0	0.0
12. Provision for long-term liabilities	—	0.0	0.0
13. Fund for technology development	—	0.0	0.0
14. Provision for severance allowances	—	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-90.3	-88.7	-50.9
I. Owner's equity	-90.3	-88.7	-50.9
1. Owner's capital	354.0	354.0	354.0
- Common stock with voting right	354,000,000,000.00	354,000,000,000.00	354,000,000,000.00
- Preferred stock	—	0.00	0.00
2. Share premium	0.5	0.5	0.5
3. Convertible bond option	—	0.0	0.0
4. Other capital of owners	—	0.0	0.0
5. Treasury shares	-320,000.00	-320,000.00	-320,000.00
6. Assets revaluation differences	—	0.0	0.0
7. Foreign exchange differences	—	0.0	0.0
8. Investment and development fund	8.0	8.0	8.0
9. Fund to support corporate restructuring	—	0.0	0.0
10. Other funds from owner's equity	—	0.0	0.0
11. Undistributed earnings after tax	-452.8	-451.2	-413.4
- Accumulated retained earning at the end of the previous period	-451.2	-413.4	-329.0
- Undistributed earnings in this period	-1.6	-37.8	-84.4
12. Reserves for investment in construction	—	0.0	0.0
13. Minority's interest	—	0.0	0.0
14. Financial reserves	—	0.0	0.0
II. Other resources and funds	—	0.0	0.0
1. Subsidized not-for-profit funds	—	0.0	0.0
2. Funds invested in fixed assets	—	0.0	0.0
C. MINORITY'S INTEREST	—	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	833.4	868.5	951.6

Item	2025	2024	2023
Profit Before Tax	—	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	0.0	0.0
Provision (Increase)/Reversal	—	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0
Gain/Loss from Investment Activities	—	0.0	0.0
Interest Expense	—	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	0.0	0.0
Interest Income and Dividends	—	0.0	0.0
Amortization of Goodwill	—	0.0	0.0
Other Adjustments	—	0.0	0.0
Operating Profit Before Changes in Working Capital	—	0.0	0.0
Increase/(Decrease) in Receivables	—	0.0	0.0
Increase/(Decrease) in Inventory	—	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	0.0	0.0
Changes in Trading Securities	—	0.0	0.0
Interest Paid	—	0.0	0.0
Corporate Income Tax Paid	—	0.0	0.0
Other Operating Receipts	105.6	330.0	59.3
Other Operating Payments	-176.3	-172.1	-110.6
Net Cash Flow from Operating Activities	13.6	51.6	-10.2
Payments for Fixed Assets and Other Long-term Assets	-1.4	-1.4	-3.6
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.3	0.0	1.1
Loans and Purchases of Debt Instruments	—	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	0.0	0.0
Investments in Other Entities	—	0.0	0.0
Proceeds from Investments in Other Entities	—	0.0	0.0
Dividends and Interest Income Received	0.0	0.0	0.0
Increase/(Decrease) in Term Deposits	—	0.0	0.0
Acquisition of Non-controlling Interests	—	0.0	0.0
Other Investing Receipts	—	0.0	0.0
Other Investing Payments	—	0.0	0.0
Net Cash Flow from Investing Activities	-1.1	-1.4	-2.4
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00
Share Repurchases	—	0.00	0.00
Proceeds from Borrowings	—	9.8	26.4
Repayment of Borrowings	-11.6	-60.0	-16.3
Repayment of Finance Leases	—	0.0	0.0
Dividends Paid	—	-0.0	-0.0
Other Financing Receipts	—	0.0	0.0
Other Financing Payments	—	0.0	0.0
Net Cash Flow from Financing Activities	-11.6	-50.2	10.1
Net Cash Flow During the Period	0.9	0.0	-2.6
Cash and Cash Equivalents at Beginning of Period	0.1	0.1	2.5
FX Difference from Revaluation	0.1	-0.1	0.1
Cash and Cash Equivalents at End of Period	1.0	0.1	0.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Revenue	76.7	102.7	98.9	117.2	75.6	70.2	277.6	181.4
Revenue Deductions	1.7	—	—	—	4.5	0.4	2.6	0.0
Net Revenue	75.1	102.7	98.9	117.2	71.2	69.8	275.0	181.4
Cost of Goods Sold	61.3	70.8	94.8	94.8	64.1	61.8	257.4	146.7
Gross Profit	13.8	31.9	4.1	22.4	7.1	8.0	17.7	34.7
Financial Income	0.4	0.3	0.7	0.5	0.4	-0.8	3.9	0.8
Financial Expenses	8.1	8.4	8.4	14.9	9.3	9.8	11.0	22.0
Interest Expense	8.0	8.2	8.3	8.2	8.2	9.1	9.6	9.6
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0
Selling Expenses	5.2	3.3	3.0	5.2	5.1	9.0	24.1	7.7
General and Administrative Expenses	2.0	34.5	1.4	1.7	1.8	0.5	1.9	42.2
Operating Profit	-1.2	-14.0	-8.0	1.0	-8.6	-12.1	-15.5	-36.5
Other Income	0.2	27.9	0.1	0.1	0.2	0.1	0.0	37.6
Other Expenses	—	0.0	0.1	0.0	0.0	11.5	0.0	0.0
Other Profit	0.2	27.8	0.1	0.0	0.2	-11.4	0.0	37.6
Profit Before Tax	-1.0	13.8	-7.9	1.1	-8.4	-23.5	-15.5	1.2
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0
Net Income	-1.0	13.8	-7.9	1.1	-8.4	-23.5	-15.5	1.2
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0
Profit Attributable to Parent	-1.0	13.8	-7.9	1.1	-8.4	-23.5	-15.5	1.2
Earnings per Share	-27.00	391.00	-224.00	30.00	-238.00	-664.00	-437.00	33.00
Diluted EPS	-27.00	391.00	-224.00	30.00	-238.00	-1,062.00	-437.00	33.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	729.0	743.1	733.0	717.1	721.9	770.0	811.2	817.4
I. Cash and cash equivalents	0.1	1.0	0.2	0.6	0.2	0.1	0.6	0.1
1. Cash	0.1	1.0	0.2	0.6	0.2	0.1	0.6	0.1
2. Cash equivalents	—	—	—	—	—	0.0	0.0	0.0
II. Short-term financial investments	—	—	—	—	—	0.0	14.5	14.5
1. Available for sale securities	—	—	—	—	—	0.0	0.0	0.0
2. Provision for diminution in value of available for sale securities (*)	—	—	—	—	—	0.0	0.0	0.0
3. Held to maturity investments	—	—	—	—	—	0.0	14.5	14.5
III. Short-term receivables	184.5	184.3	188.3	144.5	144.5	156.1	198.0	204.0
1. Short-term trade accounts receivable	252.8	267.2	200.2	184.6	190.6	189.0	244.6	247.7
2. Short-term prepayments to suppliers	82.8	68.2	128.1	101.1	101.0	98.1	76.1	70.2
3. Short-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0
4. Construction contract progress receipts due from customers	—	—	—	—	—	0.0	0.0	0.0
5. Short-term loan receivables	—	—	—	—	—	0.0	0.0	0.0
6. Other short-term receivables	41.2	41.2	21.2	20.2	14.1	30.2	68.8	77.5
7. Provision for short-term doubtful debts (*)	-192.3	-192.3	-161.3	-161.3	-161.3	-161.3	-191.5	-191.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0
IV. Inventories	542.5	556.2	542.5	570.0	575.5	611.8	593.5	595.4
1. Inventories	542.5	556.2	542.5	570.0	575.5	611.8	593.5	595.4
2. Provision for decline in value of inventories	—	—	—	—	—	0.0	0.0	0.0
V. Other short-term assets	1.8	1.6	2.0	1.9	1.9	2.1	4.7	3.4
1. Short-term prepayments	0.0	0.1	0.0	0.0	0.1	0.2	0.3	0.2
2. Value added tax to be reclaimed	1.8	1.5	2.0	1.9	1.7	1.7	4.2	3.0
3. Taxes and other receivables from state authorities	—	—	—	—	—	0.2	0.2	0.2
4. Government bonds	—	—	—	—	—	0.0	0.0	0.0
5. Other short-term assets	—	—	—	—	—	0.0	0.0	0.0
B. LONG-TERM ASSETS (200=210+220+240+250+260+270)	89.3	90.3	92.8	94.7	96.7	98.6	99.8	101.8
I. Long-term receivables	—	—	—	—	—	0.0	0.0	0.0
1. Long-term trade receivables	—	—	—	—	—	0.0	0.0	0.0
2. Long-term prepayments to suppliers	—	—	—	—	—	0.0	0.0	0.0
3. Capital at inter-company	—	—	—	—	—	0.0	0.0	0.0
4. Long-term inter-company receivables	—	—	—	—	—	0.0	0.0	0.0
5. Long-term loan receivables	—	—	—	—	—	0.0	0.0	0.0
6. Other long-term receivables	—	—	—	—	—	0.0	0.0	0.0
7. Provision for long-term doubtful debts	—	—	—	—	—	0.0	0.0	0.0
II. Fixed assets	75.0	75.9	78.5	80.4	82.4	84.3	85.5	87.5
1. Tangible fixed assets	48.6	49.5	51.4	53.4	55.4	57.2	58.5	60.4
- Cost	351.2	—	—	—	—	351.0	350.2	350.1
- Accumulated depreciation	-302.7	—	—	—	—	-293.8	-291.8	-289.7
2. Financial leased fixed assets	—	—	—	—	—	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0
3. Intangible fixed assets	26.4	26.4	27.0	27.0	27.0	27.0	27.0	27.0
- Cost	26.7	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	0.0	0.0	0.0
III. Investment properties	—	—	—	—	—	0.0	0.0	0.0
- Cost	—	—	—	—	—	0.0	0.0	0.0
- Accumulated depreciation	—	—	—	—	—	0.0	0.0	0.0
IV. Long-term assets in progress	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0
2. Construction in progress	14.3	14.3	14.3	14.3	14.3	14.3	14.3	14.3
V. Long-term financial investments	—	—	—	—	—	0.0	0.0	0.0
1. Investments in subsidiaries	—	—	—	—	—	0.0	0.0	0.0
2. Investments in associates, joint-ventures	—	—	—	—	—	0.0	0.0	0.0
3. Investments in other entities	—	—	—	—	—	0.0	0.0	0.0
4. Provision for diminution in value of long-term investments	—	—	—	—	—	0.0	0.0	0.0
5. Held to maturity investments	—	—	—	—	—	0.0	0.0	0.0
6. Other long-term investments	—	—	—	—	—	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
3. Long-term equipment, supplies, spare parts	—	—	—	—	—	0.0	0.0	0.0
4. Other long-term assets	—	—	—	—	—	0.0	0.0	0.0
5. Goodwill	—	—	—	—	—	0.0	0.0	0.0
VII. Goodwill (before 2015)	—	—	—	—	—	0.0	0.0	0.0
TOTAL ASSETS (280=100+200)	818.3	833.4	825.8	811.8	818.7	868.6	911.0	919.1
A. LIABILITIES (300=210+330)	909.6	923.7	929.9	907.9	915.8	957.1	976.0	968.6
I. Short -term liabilities	902.6	916.1	921.6	899.2	906.8	947.6	966.1	958.6
1. Short-term trade accounts payable	108.2	109.5	83.9	64.7	68.7	84.5	101.5	191.4
2. Short-term advances from customers	2.2	3.2	0.5	0.1	0.7	0.4	5.0	2.4
3. Dividends and profits payable	3.8	—	—	—	—	—	—	—
3. Taxes and other payables to state authorities	2.9	3.0	2.9	2.9	2.9	2.9	2.9	2.9
4. Payable to employees	1.1	2.7	1.1	1.1	1.1	2.3	1.0	1.0
5. Short-term acrrued expenses	275.1	268.2	288.6	280.5	268.0	260.0	256.1	247.6
6. Short-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0
7. Construction contract progress payments due to suppliers	—	—	—	—	—	0.0	0.0	0.0
8. Short-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0
9. Other short-term payables	6.0	172.7	185.7	188.1	204.5	234.2	191.2	103.3
10. Short-term borrowings and financial leases	500.6	354.4	356.4	359.4	358.5	360.8	405.9	407.4
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0
12.. Bonus and welfare fund	2.5	2.5	2.5	2.5	2.5	2.5	2.5	2.5
13. Price stabilization fund	—	—	—	—	—	0.0	0.0	0.0
14. Government bonds	—	—	—	—	—	0.0	0.0	0.0
II. Long-term liabilities	7.0	7.5	8.3	8.7	9.0	9.5	9.9	10.1
1. Long-term trade payables	—	—	—	—	—	0.0	0.0	0.0
2. Long-term advances from customers	—	—	—	—	—	0.0	0.0	0.0
3. Long-term acrrued expenses	—	—	—	—	—	0.0	0.0	0.0
4. Inter-company payables on business capital	—	—	—	—	—	0.0	0.0	0.0
5. Long-term inter-company payables	—	—	—	—	—	0.0	0.0	0.0
6. Long-term unearned revenue	—	—	—	—	—	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.0	0.0	0.0
8. Long-term borrowings and financial leases	7.0	7.5	8.3	8.7	9.0	9.5	9.9	10.1
9. Convertible bonds	—	—	—	—	—	0.0	0.0	0.0
10. Preferred stock (Debts)	—	—	—	—	—	0.00	0.00	0.00
11. Deferred income tax liabilities	—	—	—	—	—	0.0	0.0	0.0
12. Provision for long-term liabilities	—	—	—	—	—	0.0	0.0	0.0
13. Fund for technology development	—	—	—	—	—	0.0	0.0	0.0
14. Provision for severance allowances	—	—	—	—	—	0.0	0.0	0.0
B. OWNER'S EQUITY (400=410+430)	-91.3	-90.3	-104.1	-96.1	-97.1	-88.5	-65.0	-49.5
I. Owner's equity	-91.3	-90.3	-104.1	-96.1	-97.1	-88.5	-65.0	-49.5
1. Owner's capital	354.0	354.0	354.0	354.0	354.0	354.0	354.0	354.0
- Common stock with voting right	354,000,000,000.00	354,000,000,000.00	354,000,000,000.00	354,000,000,000.00	354,000,000,000.00	354,000,000,000.00	354,000,000,000.00	354,000,000,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00
2. Share premium	0.5	0.5	0.5	0.5	0.5	0.5	0.5	0.5
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0
4. Other capital of owners	—	—	—	—	—	0.0	0.0	0.0
5. Treasury shares	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00	-320,000.00
6. Assets revaluation differences	—	—	—	—	—	0.0	0.0	0.0
7. Foreign exchange differences	—	—	—	—	—	0.0	0.0	0.0
8. Investment and development fund	8.0	8.0	8.0	8.0	8.0	8.0	8.0	8.0
9. Fund to support corporate restructuring	—	—	—	—	—	0.0	0.0	0.0
10. Other funds from owner's equity	—	—	—	—	—	0.0	0.0	0.0
11. Undistributed earnings after tax	-453.8	-452.8	-466.6	-458.6	-459.6	-451.0	-427.5	-412.0
- Accumulated retained earning at the end of the previous period	-452.9	-451.2	-451.2	-451.2	-451.2	-413.4	-413.4	-413.4
- Undistributed earnings in this period	-1.0	-1.6	-15.5	-7.4	-8.4	-37.6	-14.1	1.4
12. Reserves for investment in construction	—	—	—	—	—	0.0	0.0	0.0
13. Minority's interest	—	—	—	—	—	0.0	0.0	0.0
14. Financial reserves	—	—	—	—	—	0.0	0.0	0.0
II. Other resources and funds	—	—	—	—	—	0.0	0.0	0.0
1. Subsidized not-for-profit funds	—	—	—	—	—	0.0	0.0	0.0
2. Funds invested in fixed assets	—	—	—	—	—	0.0	0.0	0.0
C. MINORITY'S INTEREST	—	—	—	—	—	0.0	0.0	0.0
TOTAL OWNER'S EQUITY AND LIABILITIES (440=300+400+500)	818.3	833.4	825.8	811.8	818.7	868.6	911.0	919.1

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24
Profit Before Tax	—	—	—	—	—	0.0	0.0	0.0
Depreciation of Fixed Assets and Investment Property	—	—	—	—	—	0.0	0.0	0.0
Provision (Increase)/Reversal	—	—	—	—	—	0.0	0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0
Gain/Loss from Investment Activities	—	—	—	—	—	0.0	0.0	0.0
Interest Expense	—	—	—	—	—	0.0	0.0	0.0
Gain/Loss on Disposal of Fixed Assets	—	—	—	—	—	0.0	0.0	0.0
Interest Income and Dividends	—	—	—	—	—	0.0	0.0	0.0
Amortization of Goodwill	—	—	—	—	—	0.0	0.0	0.0
Other Adjustments	—	—	—	—	—	0.0	0.0	0.0
Operating Profit Before Changes in Working Capital	—	—	—	—	—	0.0	0.0	0.0
Increase/(Decrease) in Receivables	—	—	—	—	—	0.0	0.0	0.0
Increase/(Decrease) in Inventory	—	—	—	—	—	0.0	0.0	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	—	—	—	—	0.0	0.0	0.0
Increase/(Decrease) in Prepaid Expenses	—	—	—	—	—	0.0	0.0	0.0
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.0	0.0
Corporate Income Tax Paid	-0.0	—	—	—	—	0.0	0.0	0.0
Other Operating Receipts	2.3	—	—	—	—	204.7	63.8	61.5
Other Operating Payments	-2.6	-50.3	-23.5	-42.4	-60.2	-142.7	42.7	-72.6
Net Cash Flow from Operating Activities	17.3	4.0	3.3	2.9	3.4	49.2	-0.1	3.1
Payments for Fixed Assets and Other Long-term Assets	-0.6	-0.2	-0.4	-0.2	-0.6	-0.7	-1.0	-0.4
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	-0.0	0.1	0.0	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	—	—	—	—	0.0	0.0	0.0
Investments in Other Entities	—	—	—	—	—	0.0	0.0	0.0
Proceeds from Investments in Other Entities	—	—	—	—	—	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
Increase/(Decrease) in Term Deposits	—	—	—	—	—	0.0	0.0	0.0
Acquisition of Non-controlling Interests	—	—	—	—	—	0.0	0.0	0.0
Other Investing Receipts	—	—	—	—	—	0.0	0.0	0.0
Other Investing Payments	—	—	—	—	—	0.0	0.0	0.0
Net Cash Flow from Investing Activities	-0.6	-0.2	-0.2	-0.2	-0.5	-0.7	-1.0	-0.4
Proceeds from Equity Issuance and Capital Contributions	—	—	—	—	—	0.00	0.00	0.00
Share Repurchases	—	—	—	—	—	0.00	0.00	0.00
Proceeds from Borrowings	9.9	—	—	—	—	9.8	0.0	0.0
Repayment of Borrowings	-27.4	-3.1	-3.4	-2.4	-2.8	-58.7	1.5	-2.8
Repayment of Finance Leases	—	—	—	—	—	0.0	0.0	0.0
Dividends Paid	—	—	—	—	—	-0.0	0.0	-0.0
Other Financing Receipts	—	—	—	—	—	0.0	0.0	0.0
Other Financing Payments	—	—	—	—	—	0.0	0.0	0.0
Net Cash Flow from Financing Activities	-17.5	-3.1	-3.4	-2.4	-2.8	-48.9	1.5	-2.8
Net Cash Flow During the Period	-0.9	0.8	-0.3	0.3	0.1	-0.4	0.5	-0.0
Cash and Cash Equivalents at Beginning of Period	1.0	0.2	0.4	0.2	0.1	0.1	0.1	0.1
FX Difference from Revaluation	—	0.1	-0.0	-0.0	—	-0.1	-0.0	0.0
Cash and Cash Equivalents at End of Period	0.1	1.0	0.2	0.4	0.2	0.1	0.6	0.1

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UXC

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