NASDAQ : DSC
DSC Holdings Ltd. — Financial statements
Technology · Software - Application · China
Last price 3.69 USD (Oct 29, 2026, 4:00 PM EDT) · Market cap 184.77M
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Financial statements
DSC Holdings Ltd. (DSC) reported revenue of 686.84M CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 686.84M | 677.06M | 948.23M | 909.04M | 564.96M | 387.49M |
| Cost of Revenue | 438.47M | 416.66M | 657.53M | 603.33M | 373.10M | 313.93M |
| Gross Profit | 248.37M | 260.40M | 290.70M | 305.72M | 191.86M | 73.55M |
| Selling, General & Admin | 462.24M | 277.67M | 379.21M | 410.69M | 461.27M | 341.63M |
| Research & Development | 89.53M | 84.66M | 100.04M | 85.60M | 117.91M | 188.75M |
| Operating Expenses | 551.78M | 362.33M | 479.25M | 496.29M | 579.17M | 530.38M |
| Operating Income | -303.41M | -101.93M | -188.55M | -190.57M | -387.31M | -456.83M |
| Interest Expense | -5.62M | -3.70M | -4.75M | -805.00K | -2.26M | |
| Interest & Investment Income | 1.57M | |||||
| Earnings From Equity Investments | 1.01M | 1.11M | 2.12M | 3.49M | 4.53M | 2.44M |
| Currency Exchange Gain (Loss) | 2.64M | 1.10M | -723.00K | 1.55M | 185.00K | -392.00K |
| Other Non Operating Income (Expenses) | 7.09M | 9.68M | 6.16M | 1.52M | -4.94M | -512.00K |
| EBT Excluding Unusual Items | -298.29M | -93.74M | -185.74M | -184.81M | -389.79M | -453.72M |
| Gain (Loss) on Sale of Investments | -796.00K | |||||
| Gain (Loss) on Sale of Assets | 29.80M | -1.03M | ||||
| Pretax Income | -298.29M | -93.74M | -156.74M | -185.84M | -389.79M | -453.72M |
| Income Tax Expense | 1.39M | 818.00K | 384.00K | 742.00K | 1.06M | -8.43M |
| Earnings From Continuing Operations | -299.68M | -94.56M | -157.12M | -186.58M | -390.85M | -445.29M |
| Minority Interest in Earnings | -449.00K | -491.00K | 2.32M | 8.22M | 8.67M | 1.58M |
| Net Income | -300.13M | -95.05M | -154.81M | -178.36M | -382.18M | -443.71M |
| Preferred Dividends & Other Adjustments | 1.83B | 1.76B | 1.51B | 6.43B | ||
| Net Income to Common | -2.13B | -1.85B | -1.66B | -6.60B | -382.18M | -443.71M |
| Shares Outstanding (Basic) | 28.44M | 6.81M | 6.81M | 6.81M | 6.81M | 6.81M |
| Shares Outstanding (Diluted) | 28.44M | 6.81M | 6.81M | 6.81M | 6.81M | 6.81M |
| EPS (Basic) | -74.79 | -271.84 | -244.19 | -969.97 | -56.14 | -65.18 |
| EPS (Diluted) | -74.79 | -271.84 | -244.19 | -969.97 | -56.14 | -65.18 |
| Free Cash Flow | -93.25M | -214.99M | -166.71M | -456.11M | -431.75M | |
| Free Cash Flow Per Share | -13.70 | -31.58 | -24.49 | -67.00 | -63.42 | |
| Gross Margin | 36.16% | 38.46% | 30.66% | 33.63% | 33.96% | 18.98% |
| Operating Margin | -44.17% | -15.05% | -19.88% | -20.96% | -68.56% | -117.90% |
| Profit Margin | -309.70% | -273.34% | -175.32% | -726.42% | -67.65% | -114.51% |
| Free Cash Flow Margin | -13.77% | -22.67% | -18.34% | -80.73% | -111.42% | |
| EBITDA | -277.48M | -75.83M | -162.07M | -156.10M | -351.06M | -417.94M |
| EBITDA Margin | -40.40% | -11.20% | -17.09% | -17.17% | -62.14% | -107.86% |
| D&A For EBITDA | 25.92M | 26.11M | 26.48M | 34.47M | 36.26M | 38.89M |
| EBIT | -303.41M | -101.93M | -188.55M | -190.57M | -387.31M | -456.83M |
| EBIT Margin | -44.17% | -15.05% | -19.88% | -20.96% | -68.56% | -117.90% |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 451.29M | 178.86M | 215.40M | 295.13M | 161.01M | 116.02M |
| Short-Term Investments | 79.41M | 34.27M | 2.63M | 136.36M | 29.91M | 4.25M |
| Cash & Short-Term Investments | 530.69M | 213.13M | 218.03M | 431.50M | 190.93M | 120.27M |
| Accounts Receivable | 286.92M | 235.71M | 227.70M | 235.72M | 237.05M | 115.06M |
| Other Receivables | 49.30M | 43.59M | 20.48M | 24.65M | 30.93M | |
| Receivables | 286.92M | 285.00M | 271.30M | 256.20M | 261.70M | 145.99M |
| Inventory | 563.00K | |||||
| Restricted Cash | 1.15M | 1.15M | 1.26M | 6.67M | 7.14M | 40.00K |
| Other Current Assets | 102.73M | 98.56M | 70.61M | 44.26M | 51.53M | |
| Total Current Assets | 948.98M | 602.02M | 589.14M | 764.99M | 504.03M | 318.39M |
| Property, Plant & Equipment | 10.35M | 16.97M | 33.59M | 26.82M | 115.95M | 40.05M |
| Long-Term Investments | 7.32M | 7.57M | 6.83M | 11.15M | 19.97M | 16.88M |
| Goodwill | 596.86M | 596.86M | 596.66M | 649.64M | 649.97M | 649.97M |
| Other Intangible Assets | 69.05M | 64.41M | 80.69M | 103.02M | 130.15M | 159.63M |
| Other Long-Term Assets | 112.87M | 118.34M | 192.72M | 13.87M | 10.61M | 7.18M |
| Total Assets | 1.75B | 1.44B | 1.53B | 1.66B | 1.50B | 1.24B |
| Accounts Payable | 61.58M | 60.80M | 56.66M | 38.01M | 27.05M | 15.89M |
| Accrued Expenses | 170.26M | 33.30M | 47.87M | 53.90M | 58.77M | 62.34M |
| Short-Term Debt | 217.36M | 121.27M | 107.47M | 99.00M | 100.06M | 352.00M |
| Current Portion of Long-Term Debt | 2.00M | 1.75M | 4.79M | 580.00K | ||
| Current Portion of Leases | 3.27M | 4.82M | 8.26M | 11.83M | 21.32M | 11.56M |
| Current Income Taxes Payable | 22.32M | 15.68M | 19.60M | 14.69M | 8.52M | |
| Current Unearned Revenue | 53.45M | 49.31M | 42.21M | 45.89M | 50.75M | 41.68M |
| Other Current Liabilities | 233.00K | 134.22M | 144.92M | 143.07M | 142.03M | 111.42M |
| Total Current Liabilities | 506.16M | 428.04M | 424.83M | 416.10M | 415.23M | 603.40M |
| Long-Term Debt | 263.69M | 283.00M | 279.54M | 281.18M | 225.58M | |
| Long-Term Leases | 4.30M | 8.62M | 17.70M | 4.92M | 76.95M | 20.56M |
| Long-Term Deferred Tax Liabilities | 227.00K | 3.01M | 3.44M | |||
| Other Long-Term Liabilities | 8.71M | 8.35M | 7.62M | 4.25M | 3.68M | 2.20M |
| Total Liabilities | 782.87M | 728.00M | 729.68M | 706.67M | 724.45M | 629.61M |
| Common Stock | 712.00K | 123.00K | 123.00K | 123.00K | 123.00K | 123.00K |
| Additional Paid-In Capital | 18.03B | 1.38B | 846.33M | |||
| Retained Earnings | -17.07B | -15.83B | -13.98B | -12.32B | -7.16B | -6.78B |
| Comprehensive Income & Other | -4.50M | -2.21M | -515.00K | -1.68M | -489.00K | -510.00K |
| Total Common Equity | 962.50M | -15.83B | -13.98B | -12.32B | -5.78B | -5.93B |
| Minority Interest | 60.00K | 89.00K | 929.00K | -3.61M | 2.94M | -6.20M |
| Shareholders' Equity | 962.56M | 707.40M | 801.18M | 951.35M | 773.34M | 609.46M |
| Total Liabilities & Equity | 1.75B | 1.44B | 1.53B | 1.66B | 1.50B | 1.24B |
| Total Debt | 488.62M | 419.71M | 414.72M | 401.71M | 424.48M | 384.12M |
| Net Cash (Debt) | 42.07M | -206.58M | -196.69M | 29.78M | -233.55M | -263.85M |
| Net Cash Per Share | 1.48 | -30.34 | -28.89 | 4.37 | -34.31 | -38.76 |
| Filing Date Shares Outstanding | 50.07M | 6.81M | 6.81M | 6.81M | 6.81M | 6.81M |
| Total Common Shares Outstanding | 50.07M | 6.81M | 6.81M | 6.81M | 6.81M | 6.81M |
| Working Capital | 442.83M | 173.98M | 164.31M | 348.88M | 88.80M | -285.01M |
| Book Value Per Share | 19.22 | -2,325.36 | -2,053.83 | -1,809.65 | -848.93 | -871.66 |
| Tangible Book Value | 296.59M | -16.49B | -14.66B | -13.07B | -6.56B | -6.74B |
| Tangible Book Value Per Share | 5.92 | -2,422.49 | -2,153.33 | -1,920.21 | -963.52 | -990.58 |
| Machinery | 23.29M | 24.33M | 26.05M | 31.02M | 33.36M | |
| Leasehold Improvements | 6.11M | 16.75M | 16.34M | 20.78M | 7.36M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -95.05M | -154.81M | -178.36M | -382.18M | -443.71M | |
| Depreciation & Amortization | 26.11M | 26.48M | 34.47M | 36.26M | 38.89M | |
| Loss (Gain) From Sale of Assets | -29.01M | -2.94M | ||||
| Loss (Gain) on Equity Investments | -1.11M | -2.12M | -3.49M | -4.53M | -2.44M | |
| Stock-Based Compensation | 2.71M | |||||
| Provision & Write-off of Bad Debts | -1.20M | 4.31M | 7.08M | 11.27M | 8.71M | |
| Other Operating Activities | 3.20M | -296.00K | -7.26M | -7.36M | -11.93M | |
| Change in Accounts Receivable | 34.64M | 9.83M | -68.85M | -84.39M | -40.53M | |
| Change in Accounts Payable | 6.64M | 26.98M | 7.47M | 11.08M | 4.14M | |
| Change in Unearned Revenue | -1.64M | -6.95M | -3.48M | 19.55M | -5.93M | |
| Change in Other Net Operating Assets | -61.96M | -86.94M | 51.96M | -40.07M | 21.96M | |
| Operating Cash Flow | -90.37M | -212.52M | -163.41M | -440.38M | -428.12M | |
| Capital Expenditures | -2.88M | -2.47M | -3.29M | -15.73M | -3.63M | |
| Cash Acquisitions | -328.00K | |||||
| Divestitures | 78.50M | -56.54M | 3.46M | |||
| Sale (Purchase) of Intangibles | -2.56M | |||||
| Investment in Securities | -32.95M | 133.49M | -130.00M | -613.00K | -11.39M | |
| Investing Cash Flow | 39.78M | 74.48M | -129.83M | -16.34M | -15.02M | |
| Short-Term Debt Issued | 210.62M | 167.97M | 179.00M | 100.00M | ||
| Long-Term Debt Issued | 4.92M | 611.00K | 137.72M | 355.44M | 409.61M | |
| Total Debt Issued | 215.55M | 168.58M | 316.72M | 455.44M | 409.61M | |
| Short-Term Debt Repaid | -196.82M | -109.50M | -180.00M | |||
| Long-Term Debt Repaid | -1.46M | |||||
| Total Debt Repaid | -198.28M | -109.50M | -180.00M | |||
| Net Debt Issued (Repaid) | 17.27M | 59.08M | 136.72M | 455.44M | 409.61M | |
| Issuance of Common Stock | 38.56M | 63.26M | ||||
| Other Financing Activities | -1.63M | -7.35M | -8.62M | 14.79M | ||
| Financing Cash Flow | 15.63M | 51.73M | 428.09M | 508.79M | 472.86M | |
| Foreign Exchange Rate Adjustments | -1.69M | 1.17M | -1.19M | 21.00K | 85.00K | |
| Net Cash Flow | -36.65M | -85.14M | 133.66M | 52.09M | 29.81M | |
| Free Cash Flow | -93.25M | -214.99M | -166.71M | -456.11M | -431.75M | |
| Free Cash Flow Margin | -13.77% | -22.67% | -18.34% | -80.73% | -111.42% | |
| Free Cash Flow Per Share | -13.70 | -31.58 | -24.49 | -67.00 | -63.42 | |
| Levered Free Cash Flow | -70.54M | -127.56M | -101.62M | -284.50M | ||
| Unlevered Free Cash Flow | -68.22M | -124.59M | -101.12M | -283.09M | ||
| Cash Interest Paid | 4.04M | 7.74M | 4.58M | 2.79M | ||
| Change in Working Capital | -22.32M | -57.08M | -12.90M | -93.84M | -20.35M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 161.73M | |||||
| Enterprise Value | 155.54M | |||||
| Debt / Equity Ratio | 0.51 | 0.59 | 0.52 | 0.42 | 0.55 | 0.63 |
| Net Debt / Equity Ratio | -0.04 | 0.29 | 0.25 | -0.03 | 0.30 | 0.43 |
| Net Debt / EBITDA Ratio | 0.15 | -2.72 | -1.21 | 0.19 | -0.67 | -0.63 |
| Net Debt / FCF Ratio | -2.21 | -0.92 | 0.18 | -0.51 | -0.61 | |
| Asset Turnover | 0.46 | 0.59 | 0.58 | 0.41 | ||
| Quick Ratio | 1.61 | 1.16 | 1.15 | 1.65 | 1.09 | 0.44 |
| Current Ratio | 1.88 | 1.41 | 1.39 | 1.84 | 1.21 | 0.53 |
| Return on Equity (ROE) | -12.54% | -17.93% | -21.64% | -56.53% | ||
| Return on Assets (ROA) | -4.29% | -7.39% | -7.55% | -17.69% | ||
| Return on Capital Employed (ROCE) | -24.50% | -10.10% | -17.00% | -15.30% | -35.80% | -71.90% |