XPH

Xà phòng Hà Nội ·UPCOM ·2026Q1

▲ Showing improvement

Operating efficiency is improving Net margin 1.02%, +21.88pp YoY

Price

14,500

Latest close

05 Jun 2026

P/E —

P/B 1.31x

EPS —

BVPS 11,065

ROE 0.7%

ROA 0.7%

Profit Margin 1.0%

Asset Turnover 0.70x

Equity Mult. 1.05x

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

What Is Changing

On a TTM 2026Q1 basis, XPH is improving on both revenue and margins, suggesting current growth is backed by both scale and operating efficiency — the growth momentum has held across consecutive periods. More notably, profit relies heavily on non-core sources while operating cash flow is negative — these two factors together suggest earnings quality needs cautious evaluation.

	                            
	                                TTM REVENUE
	                            
	                                    VND 104bn
	                                
+180.1%YoY

	                            
	                                TTM NET PROFIT
	                            
	                                    VND 1bn
	                                
+113.7%YoY

	                            
	                                Net financial result / PBT
	                            
	                                    595.9%
	                                
affects earnings quality

Metric	2025	2024	2023	2022	2021
Revenue	98.9	38.1	36.3	47.0	50.6
Growth	+159%	+5%	-23%	-7%	—
Net Income	0.0	-7.2	-18.5	-6.9	-16.3
Net Margin	0.04%	-18.80%	-50.95%	-14.65%	-32.20%

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	12.9	14.9	26.1	50.4	7.4	10.8	10.2	8.8	8.3	9.2	9.2	10.2
Growth	-14%	-43%	-48%	+579%	-31%	+6%	+15%	+6%	-9%	-1%	-9%	—
Net Income	-1.0	-0.7	-1.0	3.8	-2.1	-2.5	-1.1	-2.1	-1.5	-12.4	-2.1	-1.8
Net Margin	-8.09%	-4.70%	-3.95%	7.61%	-27.76%	-22.69%	-11.08%	-24.07%	-18.10%	-135.31%	-22.46%	-17.62%

Drivers of XPH's profit

TTM

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

Financial income ↑ 5.7bn

Gross profit ↑ 5.5bn

Administrative expenses ↓ 1.1bn

Selling expenses ↑ 2.5bn

Other profit ↓ 0.9bn

TTM

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

Gross profit ↑ 1.1bn

Administrative expenses ↓ 0.4bn

Financial income ↑ 0.1bn

Other profit ↓ 0.3bn

Selling expenses ↑ 0.3bn

Financial Highlights

Detailed analysis of each financial dimension

ROE = Profit Margin × Asset Turnover × Equity Multiplier

2025Q1 -5.3% = -20.9% × 0.25 × 1.04

2026Q1 0.7% = 1.0% × 0.70 × 1.05

ROE rose from -5.3% to 0.7% — all three components improved, with asset turnover contributing the most.

Net margin: 1.0% +21.9pp Asset turnover: 0.70x +0.45x Leverage: 1.05x +0.01x

Is the profit sustainable?

Accounting profit is positive but operating cash flow has not caught up — needs more time to confirm.

very positive positive stable watch under pressure

What is driving the margin?

Net margin expanded to 1.02%, rising 21.9pp. Core operating signals are improving as SG&A / Revenue fell 28.2pp are enough to offset pressure from Gross margin fell 9.5pp (in addition, Net financial result / Revenue rose 4.4pp added support while Other profit / Revenue fell 1.2pp remained a drag).

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

Profitability trend

Net Margin 1.02% +21.9pp

Gross Margin 13.40% −9.5pp

SG&A / Revenue 17.74% −28.2pp

Non-core / Revenue 5.35% +3.1pp

TTM YoY · 2025Q1 -> 2026Q1

Watchpoints

Financial result is supporting margin

Financial result accounts for 664.0% of PBT and lifted net margin by 3.1pp — separate the operating contribution from this source.

Is capital being used efficiently?

Evaluate capital, asset, and working-capital efficiency.

Balance Sheet

Balance sheet is exceptionally sound — liabilities at 0.05x equity, with a net cash position equivalent to 0.02x equity.

Inventory ended the period at 16.0bn, roughly 10.6% of total assets.

Over the last 12 months, working capital released 1.2bn of cash, mainly thanks to lower inventories. Pressure from higher receivables and lower payables only partly offset that benefit.

Working Capital Drivers

Receivables increased → lower CFO: −0.3bn

Inventories decreased → higher CFO: +1.9bn

Payables decreased → lower CFO: −0.4bn

Working Capital Efficiency

Working capital is being managed more efficiently, supporting overall capital efficiency. Cash conversion cycle improved by 258.5 days versus the same period last year. The main moves came from DIO fell 192.1 days, DSO fell 86.6 days, and DPO fell 20.2 days.

Improvement comes mainly from faster inventory turnover — watch whether this trend persists in coming periods.

Watchpoints

Cash conversion cycle remains stretched

CCC stands at 119.7 days, suggesting that working capital remains tied up for a relatively long operating cycle.

Working Capital Efficiency

Receivables 51.0 days −86.6 days

Inventory 84.3 days −192.1 days

Payables 15.6 days −20.2 days

Cash Conversion Cycle 119.7 days −258.5 days

Is financial risk significant?

Leverage is safe but FCF is negative at 1.3bn due to capex of 0.7bn — an investment choice, not an urgent risk.

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 -0.02x —

Interest Coverage — —

Cash / Debt — —

Short-term Debt / Total Debt — —

CFO / NI -0.55x −1.18x

TTM YoY · 2025Q1 -> 2026Q1

Cash Flow

Operating cash flow reached -3.6bn in 2025, against investing cash flow of 3.4bn.

Post-investment cash flow was negative +0.2bn. Financing cash flow was positive 0.0bn.

CFO / net income was -0.55x.

After spending +0.7bn on fixed-asset investment, the business generated trailing free cash flow of −1.3bn.

Cash Conversion

CFO TTM 0.6bn +4.4bn

Cash Capex 0.7bn −0.5bn

FCF TTM −1.3bn +4.9bn

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 21.9 pp. Even so, earnings quality still needs closer monitoring because net financial result remains elevated.

Improvement: operating efficiency is getting better, with trailing-12M net margin at 1.02% after expanding 21.9pp versus the same period last year.

Watchpoint: the earnings mix still needs monitoring, with net financial result still accounting for 595.9% of PBT and CFO / net income currently at -0.55x.

Statement Data

Item	2025	2024	2023	2022	2021
Revenue	99.2	38.1	39.2	47.3	53.0
Revenue Deductions	0.3	0.0	2.8	0.3	0.0
Net Revenue	98.9	38.1	36.3	47.0	50.6
Cost of Goods Sold	86.0	29.4	30.0	37.2	0.0
Gross Profit	12.9	8.7	6.3	9.8	6.4
Financial Income	6.2	0.7	1.2	11.0	0.2
Financial Expenses	0.0	0.0	0.0	0.0	0.0
Interest Expense	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	—	0.0	0.0	0.0	0.0
Selling Expenses	7.1	4.6	6.1	7.4	-8.3
General and Administrative Expenses	11.5	12.1	19.2	20.0	-14.5
Operating Profit	0.5	-7.2	-17.9	-6.6	-16.1
Other Income	0.3	0.4	0.0	0.2	0.0
Other Expenses	0.8	0.4	0.6	0.4	0.0
Other Profit	-0.4	0.0	-0.6	-0.2	-0.2
Profit Before Tax	0.0	-7.2	-18.5	-6.9	-16.3
Current Income Tax Expense	—	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	0.0	0.0	0.0	0.0
Net Income	0.0	-7.2	-18.5	-6.9	-16.3
Non-controlling Interest	—	0.0	0.0	0.0	0.0
Profit Attributable to Parent	0.0	-7.2	-18.5	-6.9	-16.3
Earnings per Share	3.00	-553.00	-1,428.00	-531.00	-1,255.24
Diluted EPS	2.84	-552.51	-1,427.69	-530.81	-1,255.24

Item	2025	2024	2023	2022	2021
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	46.4	40.0	46.5	59.6	62.7
I. Cash and cash equivalents	1.5	1.8	2.5	4.4	2.4
1. Cash	0.8	1.8	2.5	1.4	0.0
2. Cash equivalents	0.8	0.0	0.0	3.0	0.0
II. Short-term financial investments	19.0	16.0	20.0	14.0	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	19.0	16.0	20.0	14.0	0.0
III. Short-term receivables	8.4	4.8	4.8	15.4	22.4
1. Short-term trade accounts receivable	17.3	13.5	13.7	17.6	0.0
2. Short-term prepayments to suppliers	1.3	1.6	1.3	1.4	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	5.4	5.5	5.9	5.8	0.0
7. Provision for short-term doubtful debts (*)	-15.6	-15.8	-16.0	-9.5	0.0
8. Assets awaiting resolution	—	0.0	0.0	0.0	0.0
IV. Inventories	16.0	16.1	17.7	23.8	29.3
1. Inventories	20.8	21.6	22.2	26.0	0.0
2. Provision for decline in value of inventories	-4.7	-5.5	-4.5	-2.2	0.0
V. Other short-term assets	1.4	1.4	1.4	2.0	4.6
1. Short-term prepayments	0.6	0.6	0.6	1.1	0.0
2. Value added tax to be reclaimed	—	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.8	0.8	0.8	0.8	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)	104.7	107.9	109.4	113.9	118.4
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	24.3	27.7	28.9	32.6	34.9
1. Tangible fixed assets	24.3	27.7	28.9	32.6	34.9
- Cost	122.0	122.9	122.9	122.9	0.0
- Accumulated depreciation	-97.8	-95.3	-94.0	-90.3	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	0.5
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	71.2	71.2	71.2	71.2	71.2
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	71.2	71.2	71.2	71.2	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	9.2	9.0	9.2	10.0	0.0
1. Long-term prepayments	9.2	9.0	9.2	10.0	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	11.6
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)	151.1	148.0	155.9	173.4	181.1
A. LIABILITIES (300=210+330)	6.5	3.4	4.1	3.2	2.8
I. Short -term liabilities	6.5	3.4	4.1	3.1	2.7
1. Short-term trade accounts payable	4.2	1.3	1.6	1.2	0.7
2. Short-term advances from customers	0.0	0.0	0.4	0.0	0.0
3. Taxes and other payables to state authorities	0.2	0.2	0.1	0.0	0.0
4. Payable to employees	1.0	1.0	0.9	1.0	0.0
5. Short-term acrrued expenses	0.6	0.3	0.8	0.5	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	0.4	0.5	0.4	0.3	0.0
10. Short-term borrowings and financial leases	—	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	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	0.1	0.1
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	0.1	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)	144.6	144.5	151.7	170.2	178.3
I. Owner's equity	144.6	144.5	151.7	170.2	0.0
1. Owner's capital	129.7	129.7	129.7	129.7	178.3
- Common stock with voting right	129,724,750,000.00	129,724,750,000.00	129,724,750,000.00	129,724,750,000.00	129,724,750,000.00
- 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	—	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	95.6	95.6	95.6	95.6	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	-80.8	-80.9	-73.7	-55.2	-47.1
- Accumulated retained earning at the end of the previous period	-80.9	-73.7	-55.2	-48.3	-31.9
- Undistributed earnings in this period	0.0	-7.2	-18.5	-6.9	-15.3
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)	151.1	148.0	155.9	173.4	181.1

Item	2025	2024	2023	2022	2021
Profit Before Tax	0.0	-7.2	-18.5	-6.9	-15.3
Depreciation of Fixed Assets and Investment Property	3.5	3.4	3.9	4.5	4.9
Provision (Increase)/Reversal	-1.0	0.8	8.9	8.9	0.0
FX Gain/Loss from Revaluation of Monetary Items	—	0.0	0.0	0.0	0.0
Gain/Loss from Investment Activities	-6.4	-1.0	-1.2	-11.0	0.0
Interest Expense	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
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	-3.9	-4.0	-6.9	-4.5	-9.0
Increase/(Decrease) in Receivables	-3.4	0.2	4.1	1.5	0.0
Increase/(Decrease) in Inventory	0.8	0.6	3.7	3.1	0.0
Increase/(Decrease) in Payables (Excl. Interest and CIT)	3.1	-0.7	1.0	0.1	0.0
Increase/(Decrease) in Prepaid Expenses	-0.2	0.2	1.1	0.6	0.0
Changes in Trading Securities	—	0.0	0.0	0.0	0.0
Interest Paid	-0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	0.0	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	-3.6	-3.7	3.0	0.9	-22.0
Payments for Fixed Assets and Other Long-term Assets	-0.1	-2.1	0.0	0.3	-0.1
Proceeds from Disposal of Fixed Assets and Long-term Assets	0.2	0.2	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	-46.0	-43.0	-20.0	-23.0	-4.0
Receipts from Loan Repayments and Sale of Debt Instruments	43.0	47.0	14.0	13.0	19.5
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	6.2	0.8	1.1	10.8	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	3.4	2.9	-4.9	1.1	16.6
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	9.6	0.0	0.0	0.0	0.0
Repayment of Borrowings	-9.6	0.0	0.0	0.0	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	—	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	-0.2	-0.7	-1.9	2.0	-2.8
Cash and Cash Equivalents at Beginning of Period	1.8	2.5	4.4	2.4	7.7
FX Difference from Revaluation	—	0.0	0.0	0.0	0.0
Cash and Cash Equivalents at End of Period	1.5	1.8	2.5	4.4	2.4

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	12.9	15.0	26.3	50.4	7.4	10.8	10.2	8.8	8.3	9.3	10.4	11.1
Revenue Deductions	0.1	0.1	0.2	0.0	0.0	0.0	0.0	0.0	0.0	0.2	1.2	0.9
Net Revenue	12.9	14.9	26.1	50.4	7.4	10.8	10.2	8.8	8.3	9.2	9.2	10.2
Cost of Goods Sold	9.6	10.6	22.9	47.3	5.3	8.5	7.5	7.4	6.0	9.8	6.7	7.8
Gross Profit	3.2	4.4	3.2	3.1	2.1	2.3	2.6	1.4	2.3	-0.6	2.5	2.4
Financial Income	0.3	0.3	0.2	5.6	0.2	0.2	0.1	0.2	0.3	0.3	0.3	0.3
Financial Expenses	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Expense	—	—	0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Share of Associates and Joint Ventures	0.0	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Selling Expenses	1.7	2.2	1.7	1.8	1.4	1.5	1.0	1.0	1.1	1.6	1.8	1.4
General and Administrative Expenses	2.6	3.0	2.7	2.8	3.0	3.4	3.1	2.7	2.9	10.2	3.0	3.0
Operating Profit	-0.8	-0.6	-0.9	4.0	-2.1	-2.4	-1.4	-2.1	-1.3	-12.1	-2.0	-1.7
Other Income	0.0	0.1	0.1	0.0	0.2	0.0	0.3	0.0	0.0	0.0	0.0	0.0
Other Expenses	0.2	0.2	0.2	0.2	0.1	0.0	0.1	0.1	0.2	0.3	0.1	0.1
Other Profit	-0.2	-0.1	-0.1	-0.2	0.1	-0.0	0.2	-0.1	-0.2	-0.3	-0.1	-0.1
Profit Before Tax	-1.0	-0.7	-1.0	3.8	-2.1	-2.5	-1.1	-2.1	-1.5	-12.4	-2.1	-1.8
Current Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Deferred Income Tax Expense	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Income	-1.0	-0.7	-1.0	3.8	-2.1	-2.5	-1.1	-2.1	-1.5	-12.4	-2.1	-1.8
Non-controlling Interest	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Profit Attributable to Parent	-1.0	-0.7	-1.0	3.8	-2.1	-2.5	-1.1	-2.1	-1.5	-12.4	-2.1	-1.8
Earnings per Share	-80.24	—	—	—	—	0.00	0.00	0.00	0.00	-957.20	0.00	0.00
Diluted EPS	-80.24	—	—	—	—	0.00	0.00	0.00	0.00	-957.20	0.00	0.00

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
A. SHORT-TERM ASSETS (100=110+120+130+140+150)	45.8	46.3	43.3	42.3	40.7	39.4	41.3	43.7	45.5	45.9	56.9	57.6
I. Cash and cash equivalents	3.1	1.5	2.0	1.8	1.8	1.8	1.8	3.6	2.0	2.5	2.8	2.0
1. Cash	0.9	1.5	2.0	1.8	1.8	1.8	1.8	3.6	2.0	2.5	2.8	2.0
2. Cash equivalents	2.2	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
II. Short-term financial investments	19.0	19.0	20.0	19.0	15.0	16.0	17.0	18.0	20.0	20.0	19.0	19.0
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	19.0	19.0	20.0	19.0	15.0	16.0	17.0	18.0	20.0	20.0	19.0	19.0
III. Short-term receivables	7.1	8.4	5.3	5.3	6.6	4.8	4.9	4.3	5.4	4.8	13.0	13.1
1. Short-term trade accounts receivable	15.2	17.3	13.9	14.1	13.9	13.5	13.5	12.7	14.2	13.7	13.9	14.7
2. Short-term prepayments to suppliers	1.5	1.3	1.4	1.5	2.9	1.6	1.7	1.7	1.2	1.3	2.2	1.5
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	5.9	5.4	5.6	5.5	5.6	5.5	5.5	5.6	6.1	5.9	6.4	6.4
7. Provision for short-term doubtful debts (*)	-15.5	-15.6	-15.7	-15.8	-15.8	-15.8	-15.8	-15.8	-16.0	-16.0	-9.5	-9.5
8. Assets awaiting resolution	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
IV. Inventories	15.2	16.0	15.3	15.4	16.5	16.0	16.8	17.0	17.2	17.7	21.3	22.7
1. Inventories	19.9	20.8	20.4	20.6	21.8	21.5	21.9	22.1	21.7	22.2	23.3	24.7
2. Provision for decline in value of inventories	-4.7	-4.7	-5.2	-5.3	-5.3	-5.5	-5.1	-5.2	-4.5	-4.5	-2.0	-2.0
V. Other short-term assets	1.3	1.4	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
1. Short-term prepayments	0.5	0.6	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
2. Value added tax to be reclaimed	0.0	—	—	—	-0.0	0.0	0.0	0.0	0.0	0.0	0.0	0.0
3. Taxes and other receivables from state authorities	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8	0.8
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)	104.1	104.8	106.3	107.2	108.4	108.5	109.4	108.1	109.2	110.0	111.2	112.7
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	23.4	24.3	25.1	26.0	26.9	27.7	28.5	27.3	28.1	28.9	29.8	30.7
1. Tangible fixed assets	23.4	24.3	25.1	26.0	26.9	27.7	28.5	27.3	28.1	28.9	29.8	30.7
- Cost	122.0	—	—	—	—	122.9	122.9	122.9	122.9	122.9	122.9	122.9
- Accumulated depreciation	-98.6	—	—	—	—	-95.3	-94.4	-95.7	-94.9	-94.0	-93.2	-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	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2
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	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2	71.2
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	9.4	9.2	9.9	10.0	10.3	9.6	9.6	9.6	9.9	9.8	10.2	10.7
1. Long-term prepayments	9.4	9.2	9.9	10.0	10.3	9.6	9.6	9.6	9.9	9.8	10.2	10.7
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)	149.9	151.1	149.6	149.5	149.2	147.9	150.6	151.8	154.7	155.9	168.1	170.3
A. LIABILITIES (300=210+330)	6.3	6.5	4.3	3.2	6.7	3.4	3.7	3.7	4.5	4.2	4.1	4.1
I. Short -term liabilities	6.2	6.5	4.3	3.2	6.7	3.3	3.6	3.6	4.4	4.1	4.0	4.0
1. Short-term trade accounts payable	4.6	4.2	2.3	1.4	3.1	1.3	1.8	2.2	2.5	1.6	1.1	2.0
2. Short-term advances from customers	0.0	0.0	0.3	0.1	1.9	0.1	0.1	0.1	0.2	0.4	0.4	0.3
3. Taxes and other payables to state authorities	0.1	0.2	0.1	0.2	0.0	0.2	0.2	0.1	0.2	0.1	0.1	0.0
4. Payable to employees	0.5	1.0	0.6	0.5	0.6	1.0	0.5	0.5	0.6	0.9	0.5	0.6
5. Short-term acrrued expenses	0.8	0.6	0.6	0.5	0.6	0.3	0.6	0.4	0.8	0.9	1.6	0.9
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	0.2	0.4	0.4	0.5	0.5	0.3	0.3	0.3	0.2	0.3	0.2	0.2
10. Short-term borrowings and financial leases	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
11. Provision for short-term liabilities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
12.. Bonus and welfare fund	0.0	0.0	0.0	0.0	0.0	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	0.1	—	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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	0.1	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
7. Other long-term liabilities	—	—	—	—	—	0.1	0.1	0.1	0.1	0.1	0.1	0.1
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)	143.5	144.6	145.3	146.3	142.5	144.5	147.0	148.1	150.2	151.7	164.1	166.1
I. Owner's equity	143.5	144.6	145.3	146.3	142.5	144.5	147.0	148.1	150.2	151.7	164.1	166.1
1. Owner's capital	129.7	129.7	129.7	129.7	129.7	129.7	129.7	129.7	129.7	129.7	129.7	129.7
- Common stock with voting right	129,724,750,000.00	—	—	—	—	0.00	0.00	0.00	0.00	129,724,750,000.00	0.00	0.00
- Preferred stock	—	129,724,750,000.00	129,724,750,000.00	129,724,750,000.00	129,724,750,000.00	129,724,750,000.00	129,724,750,000.00	129,724,750,000.00	129,724,750,000.00	0.00	129,724,750,000.00	129,724,750,000.00
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	—	—	—	—	—	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	95.6	95.6	95.6	95.6	95.6	95.6	95.6	95.6	95.6	95.6	95.6	95.6
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	-81.9	-80.8	-80.1	-79.1	-82.9	-80.9	-78.4	-77.3	-75.2	-73.7	-61.3	-59.2
- Accumulated retained earning at the end of the previous period	-80.8	-80.9	-80.9	-80.9	-80.9	-73.7	-73.7	-73.7	-73.7	-55.2	-55.2	-55.2
- Undistributed earnings in this period	-1.0	0.0	0.7	1.8	-2.1	-7.2	-4.8	-3.6	-1.5	-18.6	-6.2	-4.1
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)	149.9	151.1	149.6	149.5	149.2	147.9	150.6	151.8	154.7	155.9	168.1	170.3

Item	Q1'26	Q4'25	Q3'25	Q2'25	Q1'25	Q4'24	Q3'24	Q2'24	Q1'24	Q4'23	Q3'23	Q2'23
Profit Before Tax	-1.0	-0.7	-1.0	3.8	-2.1	-7.2	3.6	-2.1	-1.5	-12.4	-2.1	-1.8
Depreciation of Fixed Assets and Investment Property	0.9	1.8	-0.1	1.8	-0.1	1.2	-1.6	0.8	0.8	1.1	0.8	1.1
Provision (Increase)/Reversal	-0.1	-0.5	-0.2	-0.0	-0.2	0.8	-0.5	0.5	0.0	9.1	-0.0	-0.2
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	-0.3	-6.2	5.7	-6.0	0.1	-0.7	0.4	-0.7	0.3	-1.2	0.6	-0.8
Interest Expense	—	0.0	0.0	—	—	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	-0.6	-5.6	4.4	-0.4	-2.2	-6.0	1.9	-1.5	-0.4	-3.3	-0.8	-1.7
Increase/(Decrease) in Receivables	1.3	-3.0	0.1	1.3	-1.8	0.2	-0.7	1.3	-0.6	1.6	-0.3	1.0
Increase/(Decrease) in Inventory	0.9	-0.4	0.2	1.2	-0.2	0.7	-0.1	-0.5	0.5	0.9	1.4	1.7
Increase/(Decrease) in Payables (Excl. Interest and CIT)	-0.2	2.4	1.0	-3.6	3.3	-0.7	0.5	-0.8	0.3	0.2	0.1	1.2
Increase/(Decrease) in Prepaid Expenses	-0.1	-0.3	0.5	0.4	-0.8	0.2	-0.2	0.3	-0.1	0.1	0.5	0.6
Changes in Trading Securities	—	—	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Interest Paid	—	-0.0	—	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Corporate Income Tax Paid	—	—	—	—	—	0.0	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	—	—	—	—	—	2.1	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow from Operating Activities	1.3	-6.9	6.2	-1.1	-1.7	-3.5	1.4	-1.2	-0.2	-0.5	0.9	2.7
Payments for Fixed Assets and Other Long-term Assets	0.3	-1.0	1.0	-1.0	0.9	-2.1	0.0	-0.0	0.0	0.0	0.0	0.0
Proceeds from Disposal of Fixed Assets and Long-term Assets	—	0.0	—	0.2	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Loans and Purchases of Debt Instruments	—	-42.0	0.0	-5.0	1.0	-16.0	16.0	-16.0	0.0	-18.0	3.0	-5.0
Receipts from Loan Repayments and Sale of Debt Instruments	—	42.0	—	1.0	—	20.0	-20.0	20.0	0.0	14.0	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	0.5	—	5.9	-0.1	0.8	-0.6	0.8	-0.3	1.1	-0.0	0.3
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	0.3	6.5	-6.0	1.1	1.7	2.7	-4.5	4.8	-0.3	-2.9	3.0	-4.7
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	9.6	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Repayment of Borrowings	—	0.0	-9.6	—	—	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	—	—	-0.0	—	—	0.0	0.0	0.0	0.0	0.0	0.0	0.0
Net Cash Flow During the Period	1.6	-0.4	0.2	-0.0	0.0	-0.7	-3.2	3.6	-0.5	-3.3	3.8	-2.0
Cash and Cash Equivalents at Beginning of Period	1.5	2.0	1.8	1.8	1.8	2.5	0.0	2.5	2.5	4.4	1.4	4.4
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	3.1	1.5	2.0	1.8	1.8	1.8	0.0	5.6	2.0	2.5	2.8	2.0

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XPH

What Is Changing

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Balance Sheet ●

Working Capital Efficiency ▲▲

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Statement Data

What is driving the margin?

Balance Sheet

Working Capital Efficiency

Leverage & Liquidity

Cash Flow