NASDAQ : XHG
XChange TEC.INC — Financial statements
Financials · Insurance Brokers · China
Last price 4.07 USD (Oct 30, 2026, 4:00 PM EDT) · Market cap 209.80M
Overview · Financial statements · Key statistics · Dividends · Company profile · Price history · Reports
Financial statements
XChange TEC.INC (XHG) reported revenue of 387.42M CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year October - September; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Revenue | 387.42M | 365.27M | 288.37M | |||
| Cost of Revenue | 378.09M | 357.27M | 274.90M | |||
| Gross Profit | 9.34M | 8.00M | 13.47M | |||
| Selling, General & Admin | 38.38M | 42.39M | 27.29M | 23.49M | 29.33M | 27.54M |
| Research & Development | 24.00K | 46.00K | 22.00K | -192.00K | ||
| Operating Expenses | 38.38M | 42.39M | 27.31M | 23.54M | 29.36M | 27.34M |
| Operating Income | -29.04M | -34.39M | -13.85M | -23.54M | -29.36M | -27.34M |
| Interest Expense | -19.89M | -27.52M | -26.11M | -1.56M | -42.04M | -103.23M |
| Currency Exchange Gain (Loss) | 740.00K | |||||
| Other Non Operating Income (Expenses) | 672.00K | -500.00K | 2.31M | -423.69M | ||
| EBT Excluding Unusual Items | -47.52M | -62.41M | -37.64M | -25.10M | -495.08M | -130.57M |
| Impairment of Goodwill | -41.05M | -685.96M | -574.98M | |||
| Pretax Income | -88.57M | -748.37M | -612.62M | -25.10M | -495.08M | -130.57M |
| Income Tax Expense | 41.00K | 46.00K | 548.00K | |||
| Earnings From Continuing Operations | -88.61M | -748.41M | -613.17M | -25.10M | -495.08M | -130.57M |
| Earnings From Discontinued Operations | 386.35M | -46.21M | 1.32B | -438.60M | ||
| Net Income to Company | -88.61M | -748.41M | -226.82M | -71.31M | 820.02M | -569.17M |
| Net Income | -88.61M | -748.41M | -226.82M | -71.31M | 820.02M | -569.17M |
| Net Income to Common | -88.61M | -748.41M | -226.82M | -71.31M | 820.02M | -569.17M |
| Shares Outstanding (Basic) | 46.20M | 20.94M | 99.27K | 11.69K | ||
| Shares Outstanding (Diluted) | 46.20M | 20.94M | 99.27K | 11.69K | ||
| EPS (Basic) | -1.92 | -35.74 | -2,284.91 | -6,101.39 | ||
| EPS (Diluted) | -1.92 | -35.74 | -2,284.91 | -6,101.39 | ||
| Free Cash Flow | -12.25M | -11.70M | -9.77M | -39.87M | -44.33M | -109.66M |
| Free Cash Flow Per Share | -0.27 | -0.56 | -98.42 | -3,410.93 | ||
| Gross Margin | 2.41% | 2.19% | 4.67% | |||
| Operating Margin | -7.50% | -9.41% | -4.80% | |||
| Profit Margin | -22.87% | -204.90% | -78.66% | |||
| Free Cash Flow Margin | -3.16% | -3.20% | -3.39% | |||
| EBITDA | -34.33M | -13.79M | 3.86M | -1.96M | 51.92M | |
| EBITDA Margin | -9.40% | -4.78% | ||||
| D&A For EBITDA | 54.00K | 54.00K | 27.40M | 27.40M | 79.26M | |
| EBIT | -29.04M | -34.39M | -13.85M | -23.54M | -29.36M | -27.34M |
| EBIT Margin | -7.50% | -9.41% | -4.80% |
Balance sheet
Fiscal year October - September; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 4.44M | 10.88M | 8.09M | 286.00K | 563.00K | 16.32M |
| Short-Term Investments | 2.31M | 1.89M | 2.03M | |||
| Cash & Short-Term Investments | 6.75M | 12.77M | 10.12M | 286.00K | 563.00K | 16.32M |
| Accounts Receivable | 22.74M | 23.45M | 36.28M | 370.00K | ||
| Other Receivables | 23.53M | |||||
| Receivables | 22.74M | 23.45M | 36.28M | 23.90M | ||
| Prepaid Expenses | 571.00K | |||||
| Restricted Cash | 2.94M | |||||
| Other Current Assets | 6.19M | 3.63M | 21.25M | 85.37M | 70.60M | 132.95M |
| Total Current Assets | 35.68M | 39.86M | 67.64M | 85.65M | 71.16M | 176.67M |
| Property, Plant & Equipment | 475.00K | 557.00K | 953.00K | 38.94M | ||
| Goodwill | 23.28M | 23.28M | 709.24M | |||
| Other Intangible Assets | 678.00K | 678.00K | 152.46M | |||
| Other Long-Term Assets | 5.00M | 5.00M | 5.00M | 24.38M | 9.56M | |
| Total Assets | 65.12M | 69.38M | 782.84M | 85.65M | 95.54M | 377.63M |
| Accounts Payable | 677.68M | 697.50M | 1.10B | 182.00K | 320.27M | |
| Accrued Expenses | 61.45M | 36.96M | 24.02M | 1.27M | 7.52M | 171.93M |
| Short-Term Debt | 35.16M | 33.59M | 36.39M | 48.93M | 6.54M | 357.68M |
| Current Portion of Long-Term Debt | 219.12M | |||||
| Current Portion of Leases | 216.00K | 199.00K | 349.00K | |||
| Current Income Taxes Payable | 1.57M | 1.55M | 1.46M | 91.97M | ||
| Current Unearned Revenue | 171.16M | |||||
| Other Current Liabilities | 160.15M | 179.37M | 172.00M | 678.70M | 654.34M | 1.02B |
| Total Current Liabilities | 936.23M | 949.17M | 1.34B | 729.08M | 668.40M | 2.35B |
| Long-Term Debt | 514.91M | |||||
| Long-Term Leases | 257.00K | 353.00K | 587.00K | |||
| Total Liabilities | 936.49M | 949.52M | 1.34B | 729.08M | 668.40M | 2.86B |
| Common Stock | 179.57M | 179.57M | 57.18M | 1.90M | 1.73M | 110.00K |
| Additional Paid-In Capital | 3.47B | 3.47B | 3.14B | 2.96B | 2.95B | 1.85B |
| Retained Earnings | -4.62B | -4.61B | -3.86B | -3.63B | -3.56B | -4.38B |
| Treasury Stock | -5.00K | |||||
| Comprehensive Income & Other | 106.67M | 79.99M | 106.05M | 25.42M | 29.45M | 38.78M |
| Total Common Equity | -871.37M | -880.14M | -556.57M | -643.42M | -572.86M | -2.49B |
| Minority Interest | 9.60M | |||||
| Shareholders' Equity | -871.37M | -880.14M | -556.57M | -643.42M | -572.86M | -2.48B |
| Total Liabilities & Equity | 65.12M | 69.38M | 782.84M | 85.65M | 95.54M | 377.63M |
| Total Debt | 35.64M | 34.15M | 37.33M | 48.93M | 6.54M | 1.09B |
| Net Cash (Debt) | -28.89M | -21.38M | -27.21M | -48.64M | -5.98M | -1.08B |
| Net Cash Per Share | -0.63 | -1.02 | -274.13 | -4,161.62 | ||
| Filing Date Shares Outstanding | 51.55M | 51.55M | 1.03M | 11.82K | 10.78K | |
| Total Common Shares Outstanding | 51.55M | 51.55M | 331.30K | 11.82K | 10.78K | |
| Working Capital | -900.55M | -909.31M | -1.27B | -643.42M | -597.24M | -2.17B |
| Book Value Per Share | -16.90 | -17.07 | -1,679.99 | -54,412.18 | -53,126.40 | |
| Tangible Book Value | -895.33M | -904.10M | -1.27B | -643.42M | -572.86M | -2.65B |
| Tangible Book Value Per Share | -17.37 | -17.54 | -3,820.80 | -54,412.18 | -53,126.40 | |
| Buildings | 40.17M | |||||
| Machinery | 23.50M |
Cash flow statement
Fiscal year October - September; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | -88.61M | -748.41M | -226.82M | -71.31M | 820.02M | -569.17M |
| Depreciation & Amortization | 396.00K | 396.00K | 261.00K | |||
| Loss (Gain) From Sale of Assets | 105.00K | |||||
| Asset Writedown & Restructuring Costs | 41.05M | 685.96M | 574.98M | |||
| Loss (Gain) From Sale of Investments | 385.00K | |||||
| Stock-Based Compensation | 2.51M | 4.78M | 9.77M | 15.81M | ||
| Provision & Write-off of Bad Debts | 10.43M | 10.21M | -86.00K | |||
| Other Operating Activities | 20.69M | 27.53M | -361.79M | 46.21M | 424.87M | 1.96M |
| Change in Accounts Receivable | -1.11M | 12.97M | -16.93M | |||
| Change in Inventory | -1.23M | 418.00K | 420.00K | -7.11M | ||
| Change in Accounts Payable | 4.80M | -7.49M | 24.20M | 182.00K | ||
| Change in Other Net Operating Assets | 1.02M | 6.72M | -6.18M | -2.04M | 60.42M | -48.62M |
| Operating Cash Flow | -12.25M | -11.70M | -9.77M | -39.87M | -44.33M | -109.66M |
| Sale of Property, Plant & Equipment | 6.00K | 106.00K | ||||
| Cash Acquisitions | -631.00K | 10.87M | -6.48M | |||
| Investment in Securities | -609.00K | 141.00K | -800.00K | |||
| Other Investing Activities | -11.47M | -2.00K | ||||
| Investing Cash Flow | -603.00K | -490.00K | 10.17M | -11.47M | -6.49M | |
| Short-Term Debt Issued | 1.06M | 18.94M | 37.89M | 6.54M | 39.65M | |
| Long-Term Debt Issued | 24.07M | 113.24M | ||||
| Total Debt Issued | -63.50M | 1.06M | 18.94M | 37.89M | 30.62M | 152.89M |
| Short-Term Debt Repaid | -59.09M | -10.27M | ||||
| Long-Term Debt Repaid | -37.09M | |||||
| Total Debt Repaid | 1.14M | -59.09M | -10.27M | -37.09M | ||
| Net Debt Issued (Repaid) | -62.36M | -58.03M | 8.67M | 37.89M | 30.62M | 115.80M |
| Other Financing Activities | 76.82M | 76.82M | 3.44M | -14.20M | ||
| Financing Cash Flow | 14.46M | 18.79M | 8.67M | 37.89M | 34.05M | 101.60M |
| Foreign Exchange Rate Adjustments | -2.05M | -3.81M | 2.91M | 203.00K | 5.38M | 2.03M |
| Net Cash Flow | -449.00K | 2.79M | 11.98M | -1.78M | -16.37M | -12.51M |
| Free Cash Flow | -12.25M | -11.70M | -9.77M | -39.87M | -44.33M | -109.66M |
| Free Cash Flow Margin | -3.16% | -3.20% | -3.39% | |||
| Free Cash Flow Per Share | -0.27 | -0.56 | -98.42 | -3,410.93 | ||
| Levered Free Cash Flow | -408.31M | -394.57M | 627.57M | -7.38M | -1.05B | 579.70M |
| Unlevered Free Cash Flow | -395.87M | -377.36M | 643.88M | -6.41M | -1.03B | 644.22M |
| Cash Income Tax Paid | 236.00K | -92.00K | ||||
| Change in Working Capital | 3.80M | 12.62M | 1.51M | -1.86M | 53.31M | -48.62M |
Ratios
Fiscal year October - September; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 163.41M | 63.92M | 32.70M | 42.55M | 320.74M | 32.05M |
| Enterprise Value | 167.59M | 68.80M | 39.75M | 125.04M | 493.86M | 266.20M |
| Last Close Price | 4.07 | 1.24 | 116.16 | 3,598.40 | 29,539.20 | 53,600.00 |
| PE Ratio | 2.78 | |||||
| PS Ratio | 3.57 | 1.25 | 0.80 | |||
| PB Ratio | -0.52 | -0.41 | -0.48 | -3.98 | -0.08 | |
| EV/Sales Ratio | 3.64 | 1.34 | 0.97 | |||
| EV/EBITDA Ratio | 236.24 | 33.04 | ||||
| Debt / Equity Ratio | -0.04 | -0.04 | -0.07 | -0.08 | -0.01 | -0.44 |
| Debt / EBITDA Ratio | 12.67 | 21.03 | ||||
| Net Debt / Equity Ratio | -0.03 | -0.02 | -0.05 | -0.08 | -0.01 | -0.43 |
| Net Debt / EBITDA Ratio | -0.62 | -1.97 | 12.60 | -3.06 | 20.71 | |
| Net Debt / FCF Ratio | -2.36 | -1.83 | -2.79 | -1.22 | -0.14 | -9.81 |
| Asset Turnover | 4.29 | 0.86 | 0.66 | |||
| Quick Ratio | 0.03 | 0.04 | 0.04 | 0.00 | 0.00 | 0.02 |
| Current Ratio | 0.04 | 0.04 | 0.05 | 0.12 | 0.11 | 0.07 |
| Return on Assets (ROA) | -20.09% | -5.04% | -1.99% | -16.24% | -7.75% | -2.78% |
| Return on Capital Employed (ROCE) | 3.30% | 3.90% | 2.50% | 3.70% | 5.10% | 1.40% |
| Earnings Yield | -8.77% | -164.47% | -98.87% | -22.97% | 35.94% | -275.55% |
| FCF Yield | -0.92% | -2.57% | -4.26% | -12.84% | -1.94% | -53.09% |
| Buyback Yield / Dilution | -13,442.49% | -20,993.46% | -749.32% |