YBC

Xi măng và Khoáng sản Yên Bái ·UPCOM ·2025Q4

▼ Under pressure

Price

7,500

Latest close

01 Jun 2026

P/E —

P/B —

EPS —

BVPS —

ROE 5.4%

ROA 0.6%

Profit Margin 0.9%

Asset Turnover 0.65x

Equity Mult. 9.52x

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

What Is Changing

On a Năm 2025 basis, YBC posted a sharp profit decline versus the same period — profit momentum has been slowing across consecutive periods. What still needs to be determined is whether this drop reflects current operating pressure or an unusually high comparison base from the prior period.

	                            
	                                TTM REVENUE
	                            
	                                    VND 880bn
	                                
+4.3%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 8bn
	                                
−47.3%YoY

Metric	2025	2024	2023	2022
Revenue	880.4	844.4	962.2	857.6
Growth	+4%	-12%	+12%	—
Net Income	7.6	14.5	8.4	7.5
Net Margin	0.86%	1.71%	0.87%	0.88%

Quarterly snapshot data is not available yet.

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 0.86% −0.8pp

Gross Margin — —

SG&A / Revenue — —

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Focus on inventory, liability structure, and year-end cash balance.

Inventory ended the period at 306.7bn, roughly 23.2% 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.

Working Capital Efficiency

Receivables — —

Inventory — —

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Check leverage, liquidity, and cash-flow conversion.

Statement Data

Item	2025	2024	2023	2022
Revenue	880.5	846.8	965.0	857.6
Revenue Deductions	0.1	2.4	2.8	0.0
Net Revenue	880.4	844.4	962.2	857.6
Cost of Goods Sold	779.9	741.4	871.5	774.1
Gross Profit	100.5	102.9	90.7	83.5
Financial Income	0.1	0.4	0.1	0.1
Financial Expenses	54.4	45.2	40.3	32.3
Interest Expense	52.1	41.5	40.5	32.4
Share of Associates and Joint Ventures	—	0.0	0.0	0.0
Selling Expenses	13.6	15.6	17.9	19.2
General and Administrative Expenses	15.9	14.2	14.3	14.9
Operating Profit	16.7	28.4	18.3	17.2
Other Income	0.0	0.1	0.0	0.0
Other Expenses	6.6	9.3	4.4	7.3
Other Profit	-6.6	-9.1	-4.3	-7.2
Profit Before Tax	10.1	19.3	13.9	10.0
Current Income Tax Expense	2.5	4.8	5.6	2.5
Deferred Income Tax Expense	—	0.0	0.0	0.0
Net Income	7.6	14.5	8.4	7.5
Non-controlling Interest	—	0.0	0.0	0.0
Profit Attributable to Parent	7.6	14.5	8.4	7.5
Earnings per Share	647.00	1,227.00	711.00	638.00
Diluted EPS	647.00	1,227.00	711.00	638.00

Item	2025	2024	2023	2022
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	592.8	686.9	557.7	361.4
I. Cash and cash equivalents	6.1	7.1	4.7	8.0
1. Cash	6.1	7.1	4.7	8.0
2. Cash equivalents	—	0.0	0.0	0.0
II. Short-term financial investments	—	0.0	0.0	0.0
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	0.0	0.0
III. Short-term receivables	270.8	400.7	355.8	192.7
1. Short-term trade accounts receivable	171.7	372.8	328.7	187.1
2. Short-term prepayments to suppliers	102.2	29.1	29.1	8.2
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	4.8	6.8	5.8	5.1
7. Provision for short-term doubtful debts (*)	-7.9	-7.9	-7.8	-7.7
8. Assets awaiting resolution	—	0.0	0.0	0.0
IV. Inventories	306.7	268.0	193.5	158.8
1. Inventories	306.7	268.0	193.5	158.8
2. Provision for decline in value of inventories	—	0.0	0.0	0.0
V. Other short-term assets	9.3	11.1	3.7	1.9
1. Short-term prepayments	1.3	1.3	0.7	1.0
2. Value added tax to be reclaimed	8.0	9.8	3.1	0.9
3. Taxes and other receivables from state authorities	—	0.0	0.0	0.0
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)	729.6	683.6	535.4	455.8
I. Long-term receivables	3.5	5.1	4.9	4.6
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	3.5	5.1	4.9	4.6
7. Provision for long-term doubtful debts	—	0.0	0.0	0.0
II. Fixed assets	632.4	643.4	401.9	384.4
1. Tangible fixed assets	599.2	606.6	359.4	342.4
- Cost	1,088.1	1,057.0	770.2	719.9
- Accumulated depreciation	-488.8	-450.5	-410.8	-377.6
2. Financial leased fixed assets	33.1	36.7	42.4	41.9
- Cost	41.1	41.1	51.1	51.8
- Accumulated depreciation	-8.0	-4.4	-8.7	-9.9
3. Intangible fixed assets	0.1	0.1	0.1	0.1
- Cost	0.3	0.3	0.3	0.3
- Accumulated depreciation	-0.2	-0.2	-0.2	-0.2
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	85.0	24.4	117.6	47.5
1. Long-term production in progress	—	0.0	0.0	0.0
2. Construction in progress	85.0	24.4	117.6	47.5
V. Long-term financial investments	5.3	4.8	4.5	4.3
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	4.3	4.3	4.3	4.3
4. Provision for diminution in value of long-term investments	—	-0.4	-0.8	-0.9
5. Held to maturity investments	1.0	1.0	1.0	1.0
6. Other long-term investments	—	0.0	0.0	0.0
VI. Other long-term assets	3.5	5.9	6.6	15.0
1. Long-term prepayments	3.5	5.9	6.6	15.0
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)	1,322.4	1,370.5	1,093.1	817.2
A. LIABILITIES (300=210+330)	1,177.2	1,232.8	969.0	702.1
I. Short -term liabilities	698.3	809.0	724.9	547.1
1. Short-term trade accounts payable	143.8	369.1	308.8	181.8
2. Short-term advances from customers	155.6	78.0	77.1	31.2
3. Taxes and other payables to state authorities	9.8	12.8	12.9	12.4
4. Payable to employees	12.0	19.6	16.6	18.4
5. Short-term acrrued expenses	13.0	13.7	8.7	2.8
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	10.5	23.1	22.8	19.2
10. Short-term borrowings and financial leases	353.7	292.6	277.9	281.1
11. Provision for short-term liabilities	—	0.0	0.0	0.0
12.. Bonus and welfare fund	—	0.0	0.0	0.0
13. Price stabilization fund	—	0.0	0.0	0.0
14. Government bonds	—	0.0	0.0	0.0
II. Long-term liabilities	478.8	423.9	244.1	155.1
1. Long-term trade payables	153.4	141.0	55.0	62.0
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	325.5	282.9	189.1	93.1
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)	145.2	137.6	124.1	115.0
I. Owner's equity	145.2	137.6	124.1	115.0
1. Owner's capital	118.0	118.0	118.0	118.0
- Common stock with voting right	118,000,000,000.00	118,000,000,000.00	118,000,000,000.00	118,000,000,000.00
- Preferred stock	—	0.00	0.00	0.00
2. Share premium	9.1	9.1	9.1	9.1
3. Convertible bond option	—	0.0	0.0	0.0
4. Other capital of owners	0.3	0.3	0.3	0.3
5. Treasury shares	-258,200,000.00	-258,200,000.00	-258,200,000.00	-258,200,000.00
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	8.5	8.5	8.5	8.5
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	9.6	2.0	-11.4	-20.6
- Accumulated retained earning at the end of the previous period	2.0	-12.4	-19.8	-28.1
- Undistributed earnings in this period	7.6	14.5	8.4	7.5
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)	1,322.4	1,370.5	1,093.1	817.2

Item	2025	2024	2023	2022
Profit Before Tax	10.1	19.3	13.9	10.0
Depreciation of Fixed Assets and Investment Property	51.1	40.2	37.3	33.1
Provision (Increase)/Reversal	-0.5	-0.2	0.1	0.4
FX Gain/Loss from Revaluation of Monetary Items	—	-0.0	0.0	0.0
Gain/Loss from Investment Activities	2.0	-0.1	-0.1	-0.1
Interest Expense	52.1	41.5	40.5	32.4
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	114.9	100.7	91.8	76.0
Increase/(Decrease) in Receivables	135.2	-43.0	-156.8	7.5
Increase/(Decrease) in Inventory	-38.6	-159.1	-34.7	15.4
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-159.4	151.0	171.3	-4.5
Increase/(Decrease) in Prepaid Expenses	2.6	5.3	8.8	0.2
Changes in Trading Securities	—	0.0	0.0	0.0
Interest Paid	-49.7	-39.5	-39.9	-29.6
Corporate Income Tax Paid	-4.8	-5.5	-2.8	-0.8
Other Operating Receipts	—	0.0	0.0	0.0
Other Operating Payments	—	0.0	0.0	0.0
Net Cash Flow from Operating Activities	0.1	10.0	37.7	64.3
Payments for Fixed Assets and Other Long-term Assets	-106.7	-115.0	-132.3	-75.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.8	8.1	17.4	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	0.1	0.1	0.1	0.1
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	-104.8	-106.9	-114.8	-75.0
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00
Proceeds from Borrowings	995.0	737.6	793.4	624.7
Repayment of Borrowings	-883.3	-620.7	-699.6	-601.2
Repayment of Finance Leases	—	-17.6	-20.0	-8.6
Dividends Paid	-8.0	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	103.7	99.3	73.9	14.9
Net Cash Flow During the Period	-1.0	2.4	-3.3	4.1
Cash and Cash Equivalents at Beginning of Period	7.1	4.7	8.0	3.9
FX Difference from Revaluation	—	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	6.1	7.1	4.7	8.0

Item	Q4'25
Profit Before Tax	10.1
Depreciation of Fixed Assets and Investment Property	51.1
Provision (Increase)/Reversal	-0.5
Gain/Loss from Investment Activities	2.0
Interest Expense	52.1
Operating Profit Before Changes in Working Capital	114.9
Increase/(Decrease) in Receivables	135.2
Increase/(Decrease) in Inventory	-38.6
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-159.4
Increase/(Decrease) in Prepaid Expenses	2.6
Interest Paid	-49.7
Corporate Income Tax Paid	-4.8
Net Cash Flow from Operating Activities	0.1
Payments for Fixed Assets and Other Long-term Assets	-106.7
Proceeds from Disposal of Fixed Assets and Long-term Assets	1.8
Dividends and Interest Income Received	0.1
Net Cash Flow from Investing Activities	-104.8
Proceeds from Borrowings	995.0
Repayment of Borrowings	-883.3
Dividends Paid	-8.0
Net Cash Flow from Financing Activities	103.7
Net Cash Flow During the Period	-1.0
Cash and Cash Equivalents at Beginning of Period	7.1
Cash and Cash Equivalents at End of Period	6.1

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YBC

What Is Changing

Financial Highlights

Is the profit sustainable?

What is driving the margin? ●

Is capital being used efficiently?

Balance Sheet ●

Working Capital Efficiency ●

Is financial risk significant?

Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency