BXH

VICEM Bao bì Hải Phòng ·HNX ·2026Q1

▲ Showing improvement

Earnings conversion is confirmed CFO/NPAT 10.97x

Price

14,400

Latest close

03 Jun 2026

P/E 44.87x

P/B 0.78x

EPS 321

BVPS 18,354

ROE 1.8%

ROA 1.1%

Profit Margin 0.3%

Asset Turnover 3.33x

Equity Mult. 1.57x

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

What Is Changing

On a TTM 2026Q1 basis, BXH is maintaining revenue growth, but margins have not improved proportionally — earnings have been recovering gradually over multiple periods. What is still missing is the ability to convert top-line growth into better profitability.

	                            
	                                TTM REVENUE
	                            
	                                    VND 288bn
	                                
+54.8%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
+39.3%YoY

Metric	2025	2024	2023	2022	2021
Revenue	264.9	170.2	217.2	214.9	229.5
Growth	+56%	-22%	+1%	-6%	—
Net Income	0.9	0.6	1.2	1.6	1.6
Net Margin	0.34%	0.33%	0.55%	0.72%	0.72%

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	65.5	89.9	68.2	64.6	42.1	54.7	48.7	40.9	25.9	49.0	54.4	61.4
Growth	-27%	+32%	+6%	+53%	-23%	+12%	+19%	+57%	-47%	-10%	-11%	—
Net Income	0.3	0.3	0.2	0.2	0.2	0.2	0.1	0.2	0.1	0.0	0.4	0.5
Net Margin	0.41%	0.30%	0.36%	0.28%	0.47%	0.31%	0.21%	0.54%	0.19%	0.05%	0.82%	0.81%

Drivers of BXH's profit

TTM

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

Gross profit ↑ 6.7bn

Financial income ↑ 0.1bn

Selling expenses ↑ 3.7bn

Other profit ↓ 1.5bn

Administrative expenses ↑ 1.4bn

Tax ↑ 0.1bn

TTM

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

Gross profit ↑ 0.8bn

Financial income ↑ 0.0bn

Selling expenses ↑ 0.6bn

Administrative expenses ↑ 0.2bn

Other profit ↓ 0.1bn

Tax ↑ 0.0bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 1.3% = 0.4% × 1.87 × 1.81

2026Q1 1.8% = 0.3% × 3.33 × 1.57

ROE is broadly flat at 1.8% — the components are offsetting one another.

Net margin: 0.3% -0.0pp Asset turnover: 3.33x +1.46x Leverage: 1.57x -0.24x

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 stands at 0.34%, broadly flat versus the same period. Supportive factors and pressure points are offsetting one another.

Margin is nearly flat but the underlying components are moving — this is a transitional phase, more time is needed to see the real trend.

Profitability trend

Net Margin 0.34% −0.0pp

Gross Margin 8.60% −1.1pp

SG&A / Revenue 8.14% −1.7pp

TTM YoY · 2025Q1 -> 2026Q1

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 0.37% +0.5pp

Capital Turnover — —

Average Invested Capital — —

Balance Sheet

ROIC above should be read with industry context — the balance sheet below adds perspective. Balance sheet is exceptionally sound — liabilities at 0.76x equity, with a net cash position equivalent to 0.28x equity.

Inventory ended the period at 14.4bn, roughly 14.8% 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 70.3 days −54.8 days

Inventory 20.9 days −30.3 days

Payables — —

Cash Conversion Cycle — —

Is financial risk significant?

Financial risk is low — the company has net cash and CFO reached 7.8bn.

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.

Some leverage signals are missing, so the current read should be treated as contextual.

Leverage and liquidity trend

Net Debt / Equity -0.28x −0.19x

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI 10.97x −33.29x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

With safe leverage noted above, cash flow below shows the self-funding capacity. Operating cash flow reached 7.8bn in 2025, against investing cash flow of -0.2bn.

Post-investment cash flow was positive +7.7bn. Financing cash flow was negative +0.3bn.

CFO / net income was 10.97x.

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 10.6bn −20.1bn

Cash Capex — —

FCF TTM — —

Investment Takeaway

The business is showing brightening signals, but the improvement is still early and not yet thick enough to read as a confirmed trend. The brighter spot is earnings conversion is confirmed, with CFO/NI at 10.97x. The next item to monitor is capital efficiency.

Improvement: earnings conversion looks more confirmed, with CFO / net income at 10.97x.

Watchpoint: Capital efficiency needs cycle context.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	264.9	170.2	217.2	214.9	229.5
Revenue Deductions	—	0.0	0.0	0.0	0.0
Net Revenue	264.9	170.2	217.2	214.9	229.5
Cost of Goods Sold	241.6	152.9	191.2	189.0	0.0
Gross Profit	23.3	17.2	26.0	25.9	25.6
Financial Income	0.1	0.1	0.1	0.0	0.0
Financial Expenses	—	0.4	0.4	1.2	-1.5
Interest Expense	—	0.4	0.4	1.2	-1.5
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	8.0	3.7	6.7	4.6	-4.9
General and Administrative Expenses	14.0	13.9	18.7	18.5	-17.4
Operating Profit	1.3	-0.7	0.3	1.6	1.8
Other Income	0.0	1.5	1.9	1.3	0.0
Other Expenses	0.1	0.0	0.6	0.8	0.0
Other Profit	-0.1	1.5	1.3	0.4	0.6
Profit Before Tax	1.3	0.8	1.6	2.0	2.4
Current Income Tax Expense	0.4	0.2	0.4	0.5	-0.8
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.9	0.6	1.2	1.6	1.6
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.9	0.6	1.2	1.6	1.6
Earnings per Share	303.00	189.00	400.00	517.00	546.61
Diluted EPS	302.89	189.25	399.60	516.58	546.61

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	94.6	94.0	108.6	103.5	123.0
I. Cash and cash equivalents	19.5	12.1	7.5	6.7	9.5
1. Cash	19.5	12.1	7.5	6.7	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	59.4	66.4	75.0	72.8	77.5
1. Short-term trade accounts receivable	55.3	64.4	73.1	71.9	0.0
2. Short-term prepayments to suppliers	2.0	0.1	0.1	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	2.2	1.9	1.8	0.8	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	14.4	15.2	25.3	23.8	35.0
1. Inventories	14.6	15.4	25.5	24.1	0.0
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.3	0.0
V. Other short-term assets	1.3	0.3	0.9	0.3	1.0
1. Short-term prepayments	0.0	0.1	0.1	0.3	0.0
2. Value added tax to be reclaimed	—	0.2	0.8	0.0	0.0
3. Taxes and other receivables from state authorities	1.2	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)	2.5	3.7	5.3	4.8	6.8
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	2.1	3.0	4.2	4.7	6.4
1. Tangible fixed assets	2.1	3.0	4.2	4.7	6.4
- Cost	97.0	96.8	96.8	96.3	0.0
- Accumulated depreciation	-95.0	-93.8	-92.7	-91.7	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	0.3	0.3	0.3	0.3	0.0
- Accumulated depreciation	-0.3	-0.3	-0.3	-0.3	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	0.0
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	0.4	0.7	1.1	0.1	0.0
1. Long-term prepayments	0.4	0.7	1.1	0.1	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	0.3
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)	97.1	97.7	113.9	108.3	129.8
A. LIABILITIES (300=210+330)	42.1	43.0	58.6	52.6	74.1
I. Short -term liabilities	42.1	43.0	58.6	52.6	74.1
1. Short-term trade accounts payable	24.4	37.1	40.5	41.7	51.5
2. Short-term advances from customers	9.0	0.0	0.0	0.0	0.0
3. Taxes and other payables to state authorities	1.0	0.1	0.2	0.6	0.0
4. Payable to employees	6.7	4.6	7.6	3.5	0.0
5. Short-term acrrued expenses	0.2	0.5	0.3	0.2	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	0.7	0.7	0.7	0.5	0.0
10. Short-term borrowings and financial leases	—	0.0	9.3	6.0	16.6
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.1	0.1	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	—	0.0	0.0	0.0	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	—	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)	55.0	54.7	55.3	55.7	55.7
I. Owner's equity	55.0	54.7	55.3	55.7	0.0
1. Owner's capital	30.1	30.1	30.1	30.1	55.7
- Common stock with voting right	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00
- Preferred stock	—	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1
3. Convertible bond option	—	0.0	0.0	0.0	0.0
4. Other capital of owners	3.0	3.0	3.0	3.0	3.0
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	18.9	18.9	18.9	18.9	0.0
9. Fund to support corporate restructuring	—	0.0	0.0	0.0	0.0
10. Other funds from owner's equity	2.0	2.0	2.0	2.0	0.0
11. Undistributed earnings after tax	0.9	0.6	1.2	1.6	1.6
- Accumulated retained earning at the end of the previous period	—	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	0.9	0.6	1.2	1.6	1.6
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)	97.1	97.7	113.9	108.3	129.8

Item	2025	2024	2023	2022	2021
Profit Before Tax	1.3	0.8	1.6	2.0	0.0
Depreciation of Fixed Assets and Investment Property	1.1	1.3	1.3	1.6	0.0
Provision (Increase)/Reversal	-0.0	-0.0	-0.1	-0.0	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	-0.1	0.0	0.0
Gain/Loss from Investment Activities	-0.1	-0.1	0.0	-0.0	0.0
Interest Expense	—	0.4	0.4	1.2	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	2.3	2.3	3.1	4.8	0.0
Increase/(Decrease) in Receivables	6.0	9.2	-3.0	5.5	0.0
Increase/(Decrease) in Inventory	0.8	10.1	-1.4	11.3	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-1.0	-6.2	2.8	-10.5	0.0
Increase/(Decrease) in Prepaid Expenses	0.3	0.4	-0.8	0.1	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	—	-0.4	-0.4	-1.2	0.0
Corporate Income Tax Paid	-0.3	-0.3	-0.5	-0.2	0.0
Other Operating Receipts	—	0.0	0.0	0.0	0.0
Other Operating Payments	-0.3	-0.5	-0.6	-1.3	0.0
Net Cash Flow from Operating Activities	7.8	14.6	-0.8	8.5	87.1
Payments for Fixed Assets and Other Long-term Assets	-0.2	-0.1	-0.7	0.0	-2.2
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	0.0	0.1	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	0.1	0.1	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	-0.2	0.0	-0.7	0.1	-2.1
Proceeds from Equity Issuance and Capital Contributions	—	0.00	0.00	0.00	0.00
Share Repurchases	—	0.00	0.00	0.00	0.00
Proceeds from Borrowings	—	28.0	30.6	58.8	0.0
Repayment of Borrowings	—	-37.3	-27.4	-69.3	-86.1
Repayment of Finance Leases	—	0.0	0.0	0.0	0.0
Dividends Paid	-0.3	-0.8	-0.9	-0.9	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	-0.3	-10.0	2.3	-11.5	-86.1
Net Cash Flow During the Period	7.4	4.6	0.8	-2.8	-2.6
Cash and Cash Equivalents at Beginning of Period	12.1	7.5	6.7	9.5	10.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	19.5	12.1	7.5	6.7	9.5

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	65.5	89.9	68.2	64.6	42.1	54.7	48.7	40.9	25.9	49.0	54.4	61.4
Revenue Deductions	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Revenue	65.5	89.9	68.2	64.6	42.1	54.7	48.7	40.9	25.9	49.0	54.4	61.4
Cost of Goods Sold	60.6	82.7	63.2	57.0	38.0	48.9	45.5	35.7	22.8	44.6	47.2	55.1
Gross Profit	4.9	7.3	5.0	7.6	4.1	5.7	3.2	5.1	3.2	4.4	7.2	6.3
Financial Income	0.1	0.0	-0.0	0.0	0.0	0.1	-0.1	0.0	-0.1	0.1	0.0	0.0
Financial Expenses	—	—	—	—	—	0.0	0.0	0.2	0.2	0.1	0.1	0.1
Interest Expense	—	—	—	—	—	0.0	0.0	0.2	0.2	0.1	0.1	0.1
Share of Associates and Joint Ventures	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.7	2.3	2.2	1.9	1.1	1.3	0.6	1.3	0.4	1.8	1.4	2.1
General and Administrative Expenses	3.0	4.4	2.6	5.4	2.8	5.2	2.5	3.4	2.8	2.5	6.2	3.6
Operating Profit	0.3	0.7	0.2	0.2	0.2	-0.7	-0.0	0.2	-0.2	-0.1	-0.5	0.5
Other Income	0.0	-0.4	0.2	0.2	0.1	0.9	0.2	0.2	0.3	0.3	1.3	0.1
Other Expenses	0.0	-0.0	0.0	0.1	0.0	-0.1	0.0	0.1	0.0	0.2	0.3	0.0
Other Profit	0.0	-0.4	0.2	0.1	0.1	1.0	0.2	0.1	0.3	0.1	1.0	0.1
Profit Before Tax	0.3	0.3	0.3	0.3	0.2	0.3	0.1	0.3	0.1	0.0	0.6	0.6
Current Income Tax Expense	0.1	0.1	0.1	0.1	0.0	0.1	0.0	0.1	0.0	0.0	0.1	0.1
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	0.3	0.3	0.2	0.2	0.2	0.2	0.1	0.2	0.1	0.0	0.4	0.5
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.3	0.3	0.2	0.2	0.2	0.2	0.1	0.2	0.1	0.0	0.4	0.5
Earnings per Share	90.20	89.67	81.54	59.50	66.18	56.56	34.52	73.20	16.78	8.39	147.71	164.89
Diluted EPS	90.20	89.67	81.54	59.50	66.18	56.56	34.52	73.20	16.78	8.39	147.71	164.89

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)	82.8	93.3	88.0	94.0	84.9	94.0	92.2	93.8	106.1	108.6	101.6	111.6
I. Cash and cash equivalents	16.1	19.5	18.9	18.4	5.8	12.1	9.7	8.5	5.0	7.5	5.5	6.5
1. Cash	6.1	19.5	18.9	18.4	5.8	12.1	9.7	0.3	5.0	7.5	5.5	5.5
2. Cash equivalents	10.0	—	—	—	—	0.0	0.0	8.1	0.0	0.0	0.0	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	52.8	59.4	50.5	46.5	61.9	66.4	60.4	64.1	70.2	75.0	77.8	81.7
1. Short-term trade accounts receivable	51.5	55.3	48.8	44.3	59.5	64.4	58.4	62.0	68.2	73.1	76.4	81.3
2. Short-term prepayments to suppliers	0.1	2.0	0.0	0.1	—	0.1	0.2	0.0	0.0	0.1	0.0	0.0
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	1.2	2.1	1.9	2.3	2.5	1.9	1.7	2.1	2.0	1.8	1.4	0.4
7. Provision for short-term doubtful debts (*)	—	—	-0.2	-0.2	—	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	12.6	14.4	18.6	28.4	17.1	15.2	22.1	21.2	29.6	25.3	18.2	23.3
1. Inventories	12.8	14.6	18.8	28.6	17.3	15.4	22.3	21.4	29.9	25.5	18.5	23.5
2. Provision for decline in value of inventories	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.2	-0.3	-0.3
V. Other short-term assets	1.3	0.0	0.0	0.7	0.0	0.3	0.1	0.1	1.3	0.8	0.0	0.1
1. Short-term prepayments	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.1
2. Value added tax to be reclaimed	—	—	—	0.7	—	0.2	0.0	0.0	0.9	0.8	0.0	0.0
3. Taxes and other receivables from state authorities	1.2	—	0.0	0.0	0.0	0.0	0.0	0.1	0.3	0.0	0.0	0.0
4. Government bonds	—	0.0	0.0	0.0	0.0	0.0	0.1	0.1	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)	2.1	2.5	2.7	3.0	3.3	3.7	4.0	4.5	4.9	5.3	3.8	4.1
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	1.8	2.1	2.2	2.4	2.7	3.0	3.2	3.5	3.8	4.1	3.8	4.0
1. Tangible fixed assets	1.8	2.1	2.2	2.4	2.7	3.0	3.2	3.5	3.8	4.1	3.8	4.0
- Cost	97.0	—	—	—	—	96.8	96.8	96.8	96.8	96.7	96.1	96.3
- Accumulated depreciation	-95.2	—	—	—	—	-93.8	-93.6	-93.3	-93.0	-92.7	-92.3	-92.3
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Cost	0.3	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
- Accumulated depreciation	-0.3	—	—	—	—	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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
1. Long-term production in progress	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	0.3	0.4	0.4	0.6	0.6	0.7	0.8	0.9	1.1	1.3	0.0	0.0
1. Long-term prepayments	0.3	0.4	0.4	0.6	0.6	0.7	0.0	0.9	1.1	1.3	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	0.8	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)	85.0	95.8	90.6	97.0	88.2	97.6	96.2	98.3	111.0	113.9	105.4	115.6
A. LIABILITIES (300=210+330)	29.7	40.8	35.6	42.2	33.3	43.0	41.8	43.9	55.7	58.6	49.9	60.6
I. Short -term liabilities	29.7	40.8	35.6	42.2	33.3	43.0	41.8	43.9	55.7	58.6	49.9	60.6
1. Short-term trade accounts payable	25.7	—	—	—	—	37.1	36.5	32.4	36.8	40.5	35.1	51.0
2. Short-term advances from customers	0.0	24.4	29.5	35.6	29.8	0.0	0.0	0.0	0.0	0.0	0.1	0.0
3. Taxes and other payables to state authorities	0.8	9.0	0.0	2.0	0.0	0.1	0.4	0.1	0.0	0.1	2.0	0.5
4. Payable to employees	1.5	0.9	0.3	0.2	0.3	4.5	3.2	2.7	1.7	7.6	7.0	3.8
5. Short-term acrrued expenses	0.2	5.7	3.6	3.4	1.7	0.6	0.0	0.4	0.0	0.3	0.9	0.4
6. Short-term inter-company payables	—	0.0	—	0.0	—	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	0.7	—	—	—	—	0.0	0.0	0.0	0.6	0.0	0.0	1.4
9. Other short-term payables	0.7	—	1.2	—	0.6	0.7	1.5	1.4	1.1	0.7	1.6	1.8
10. Short-term borrowings and financial leases	—	0.7	0.8	0.8	0.8	0.0	0.0	6.4	15.3	9.3	3.0	1.2
11. Provision for short-term liabilities	—	0.0	0.1	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	—	—	—	—	0.0	0.0	0.2	0.5	0.1	0.1	0.1	0.6
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	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
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	—	—	—	—	—	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)	55.3	55.0	55.0	54.8	54.9	54.6	54.5	54.4	55.4	55.3	55.5	55.0
I. Owner's equity	55.3	55.0	55.0	54.8	54.9	54.6	54.5	54.4	55.4	55.3	55.5	55.0
1. Owner's capital	30.1	30.1	30.1	30.1	30.1	30.1	30.1	30.1	30.1	30.1	30.1	30.1
- Common stock with voting right	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00	30,120,400,000.00
- Preferred stock	—	—	—	—	—	0.00	0.00	0.00	0.00	0.00	0.00	0.00
2. Share premium	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1	0.1
3. Convertible bond option	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
4. Other capital of owners	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0	3.0
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	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9	18.9
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	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0	2.0
11. Undistributed earnings after tax	1.2	0.9	0.9	0.7	0.8	0.5	0.4	0.3	1.3	1.2	1.4	0.9
- Accumulated retained earning at the end of the previous period	1.2	0.9	0.9	0.7	0.8	0.5	0.0	0.0	0.0	0.0	0.0	0.0
- Undistributed earnings in this period	—	—	—	—	—	0.0	0.4	0.3	1.3	1.2	1.4	0.9
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)	85.0	95.8	90.6	97.0	88.2	97.6	96.2	98.3	111.0	113.9	105.4	115.6

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	—	0.7	—	0.6	—	0.0	-0.3	0.3	0.0	1.6	-1.1	1.1
Depreciation of Fixed Assets and Investment Property	—	0.6	—	0.6	—	0.0	-0.7	0.7	0.0	1.3	-0.6	0.6
Provision (Increase)/Reversal	—	-0.2	—	0.2	—	0.0	0.0	-0.0	0.0	-0.1	0.0	-0.0
FX Gain/Loss from Revaluation of Monetary Items	—	—	—	—	—	0.0	0.0	0.0	0.0	-0.1	0.0	0.0
Gain/Loss from Investment Activities	—	-0.0	—	-0.0	—	0.0	0.0	-0.0	0.0	0.0	0.0	-0.0
Interest Expense	—	—	—	—	—	0.0	-0.4	0.4	0.0	0.4	-0.2	0.2
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	—	1.0	—	1.2	—	0.0	-1.3	1.3	0.0	3.1	-1.9	1.9
Increase/(Decrease) in Receivables	—	-13.2	—	19.2	—	0.0	-11.6	11.6	0.0	-3.0	10.0	-10.0
Increase/(Decrease) in Inventory	—	14.0	—	-13.2	—	0.0	-4.1	4.1	0.0	-1.4	-0.5	0.5
Increase/(Decrease) in Payables (Excl. Interest and CIT)	—	-0.0	—	-1.0	—	0.0	12.8	-12.8	0.0	2.8	-11.6	11.6
Increase/(Decrease) in Prepaid Expenses	—	0.1	—	0.3	—	0.0	-0.2	0.2	0.0	-0.8	-0.2	0.2
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	—	—	—	—	0.0	0.4	-0.4	0.0	-0.4	0.2	-0.2
Corporate Income Tax Paid	-0.2	-0.2	0.0	0.0	-0.1	-0.1	-0.0	0.0	-0.1	0.0	-0.1	-0.1
Other Operating Receipts	2.4	—	—	—	—	0.2	1.0	-0.2	0.2	-1.5	1.5	-0.2
Other Operating Payments	-6.6	17.6	-17.7	5.4	-5.5	-7.5	-12.2	3.7	-3.7	19.8	-20.3	5.0
Net Cash Flow from Operating Activities	-3.6	1.1	0.4	12.7	-6.4	6.0	32.2	-1.0	4.8	-20.6	16.2	-5.9
Payments for Fixed Assets and Other Long-term Assets	—	-0.1	—	-0.1	—	0.0	0.0	0.0	0.0	-0.7	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	0.2	0.1	-0.0	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	0.2	-0.2	0.0	-0.0	0.0	0.0	0.0	0.0	0.0	-0.7	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	-24.5	24.5	0.0	30.6	-11.5	11.5
Repayment of Borrowings	—	—	—	—	—	-37.3	27.4	-20.0	-7.3	-6.3	-4.6	-6.9
Repayment of Finance Leases	—	—	—	—	—	33.8	-33.8	0.0	0.0	0.0	0.0	0.0
Dividends Paid	—	-0.3	—	—	—	0.0	0.0	0.0	0.0	-0.9	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	—	-0.3	—	—	—	-3.5	-30.9	4.5	-7.3	23.4	-16.2	4.7
Net Cash Flow During the Period	-3.4	0.6	0.5	12.6	-6.4	2.5	1.2	3.5	-2.6	2.0	0.0	-1.2
Cash and Cash Equivalents at Beginning of Period	19.5	18.9	18.4	5.8	12.1	7.5	7.5	7.5	7.5	6.7	6.7	6.7
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	16.1	19.5	18.9	18.4	5.8	12.1	9.7	8.5	5.0	7.5	5.5	5.5

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BXH

What Is Changing

Drivers of BXH's profit

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Balance Sheet ●

Working Capital Efficiency ●

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Leverage & Liquidity ▲

Cash Flow ●

Investment Takeaway

Statement Data

What is driving the margin?

Is capital being deployed efficiently?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow