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

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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.

TTMFY2025FY2024FY2023FY2022FY2021
Revenue387.42M365.27M288.37M
Cost of Revenue378.09M357.27M274.90M
Gross Profit9.34M8.00M13.47M
Selling, General & Admin38.38M42.39M27.29M23.49M29.33M27.54M
Research & Development24.00K46.00K22.00K-192.00K
Operating Expenses38.38M42.39M27.31M23.54M29.36M27.34M
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-500.00K2.31M-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 Expense41.00K46.00K548.00K
Earnings From Continuing Operations-88.61M-748.41M-613.17M-25.10M-495.08M-130.57M
Earnings From Discontinued Operations386.35M-46.21M1.32B-438.60M
Net Income to Company-88.61M-748.41M-226.82M-71.31M820.02M-569.17M
Net Income-88.61M-748.41M-226.82M-71.31M820.02M-569.17M
Net Income to Common-88.61M-748.41M-226.82M-71.31M820.02M-569.17M
Shares Outstanding (Basic)46.20M20.94M99.27K11.69K
Shares Outstanding (Diluted)46.20M20.94M99.27K11.69K
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 Margin2.41%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-13.79M3.86M-1.96M51.92M
EBITDA Margin-9.40%-4.78%
D&A For EBITDA54.00K54.00K27.40M27.40M79.26M
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.

TTMFY2025FY2024FY2023FY2022FY2021
Cash & Equivalents4.44M10.88M8.09M286.00K563.00K16.32M
Short-Term Investments2.31M1.89M2.03M
Cash & Short-Term Investments6.75M12.77M10.12M286.00K563.00K16.32M
Accounts Receivable22.74M23.45M36.28M370.00K
Other Receivables23.53M
Receivables22.74M23.45M36.28M23.90M
Prepaid Expenses571.00K
Restricted Cash2.94M
Other Current Assets6.19M3.63M21.25M85.37M70.60M132.95M
Total Current Assets35.68M39.86M67.64M85.65M71.16M176.67M
Property, Plant & Equipment475.00K557.00K953.00K38.94M
Goodwill23.28M23.28M709.24M
Other Intangible Assets678.00K678.00K152.46M
Other Long-Term Assets5.00M5.00M5.00M24.38M9.56M
Total Assets65.12M69.38M782.84M85.65M95.54M377.63M
Accounts Payable677.68M697.50M1.10B182.00K320.27M
Accrued Expenses61.45M36.96M24.02M1.27M7.52M171.93M
Short-Term Debt35.16M33.59M36.39M48.93M6.54M357.68M
Current Portion of Long-Term Debt219.12M
Current Portion of Leases216.00K199.00K349.00K
Current Income Taxes Payable1.57M1.55M1.46M91.97M
Current Unearned Revenue171.16M
Other Current Liabilities160.15M179.37M172.00M678.70M654.34M1.02B
Total Current Liabilities936.23M949.17M1.34B729.08M668.40M2.35B
Long-Term Debt514.91M
Long-Term Leases257.00K353.00K587.00K
Total Liabilities936.49M949.52M1.34B729.08M668.40M2.86B
Common Stock179.57M179.57M57.18M1.90M1.73M110.00K
Additional Paid-In Capital3.47B3.47B3.14B2.96B2.95B1.85B
Retained Earnings-4.62B-4.61B-3.86B-3.63B-3.56B-4.38B
Treasury Stock-5.00K
Comprehensive Income & Other106.67M79.99M106.05M25.42M29.45M38.78M
Total Common Equity-871.37M-880.14M-556.57M-643.42M-572.86M-2.49B
Minority Interest9.60M
Shareholders' Equity-871.37M-880.14M-556.57M-643.42M-572.86M-2.48B
Total Liabilities & Equity65.12M69.38M782.84M85.65M95.54M377.63M
Total Debt35.64M34.15M37.33M48.93M6.54M1.09B
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 Outstanding51.55M51.55M1.03M11.82K10.78K
Total Common Shares Outstanding51.55M51.55M331.30K11.82K10.78K
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
Buildings40.17M
Machinery23.50M

Cash flow statement

Fiscal year October - September; amounts in CNY.

TTMFY2025FY2024FY2023FY2022FY2021
Net Income-88.61M-748.41M-226.82M-71.31M820.02M-569.17M
Depreciation & Amortization396.00K396.00K261.00K
Loss (Gain) From Sale of Assets105.00K
Asset Writedown & Restructuring Costs41.05M685.96M574.98M
Loss (Gain) From Sale of Investments385.00K
Stock-Based Compensation2.51M4.78M9.77M15.81M
Provision & Write-off of Bad Debts10.43M10.21M-86.00K
Other Operating Activities20.69M27.53M-361.79M46.21M424.87M1.96M
Change in Accounts Receivable-1.11M12.97M-16.93M
Change in Inventory-1.23M418.00K420.00K-7.11M
Change in Accounts Payable4.80M-7.49M24.20M182.00K
Change in Other Net Operating Assets1.02M6.72M-6.18M-2.04M60.42M-48.62M
Operating Cash Flow-12.25M-11.70M-9.77M-39.87M-44.33M-109.66M
Sale of Property, Plant & Equipment6.00K106.00K
Cash Acquisitions-631.00K10.87M-6.48M
Investment in Securities-609.00K141.00K-800.00K
Other Investing Activities-11.47M-2.00K
Investing Cash Flow-603.00K-490.00K10.17M-11.47M-6.49M
Short-Term Debt Issued1.06M18.94M37.89M6.54M39.65M
Long-Term Debt Issued24.07M113.24M
Total Debt Issued-63.50M1.06M18.94M37.89M30.62M152.89M
Short-Term Debt Repaid-59.09M-10.27M
Long-Term Debt Repaid-37.09M
Total Debt Repaid1.14M-59.09M-10.27M-37.09M
Net Debt Issued (Repaid)-62.36M-58.03M8.67M37.89M30.62M115.80M
Other Financing Activities76.82M76.82M3.44M-14.20M
Financing Cash Flow14.46M18.79M8.67M37.89M34.05M101.60M
Foreign Exchange Rate Adjustments-2.05M-3.81M2.91M203.00K5.38M2.03M
Net Cash Flow-449.00K2.79M11.98M-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-394.57M627.57M-7.38M-1.05B579.70M
Unlevered Free Cash Flow-395.87M-377.36M643.88M-6.41M-1.03B644.22M
Cash Income Tax Paid236.00K-92.00K
Change in Working Capital3.80M12.62M1.51M-1.86M53.31M-48.62M

Ratios

Fiscal year October - September; amounts in CNY.

TTMFY2025FY2024FY2023FY2022FY2021
Market Capitalization163.41M63.92M32.70M42.55M320.74M32.05M
Enterprise Value167.59M68.80M39.75M125.04M493.86M266.20M
Last Close Price4.071.24116.163,598.4029,539.2053,600.00
PE Ratio2.78
PS Ratio3.571.250.80
PB Ratio-0.52-0.41-0.48-3.98-0.08
EV/Sales Ratio3.641.340.97
EV/EBITDA Ratio236.2433.04
Debt / Equity Ratio-0.04-0.04-0.07-0.08-0.01-0.44
Debt / EBITDA Ratio12.6721.03
Net Debt / Equity Ratio-0.03-0.02-0.05-0.08-0.01-0.43
Net Debt / EBITDA Ratio-0.62-1.9712.60-3.0620.71
Net Debt / FCF Ratio-2.36-1.83-2.79-1.22-0.14-9.81
Asset Turnover4.290.860.66
Quick Ratio0.030.040.040.000.000.02
Current Ratio0.040.040.050.120.110.07
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%