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XChange TEC.INC

XHG Clue Score14
China CIK 0001769256
$2.28 -0.87% Close, 9 Oct 2026
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Price $2.28 +83.87% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 29 May 2024. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2017Revenue522.7Operating income−189.5Net income−245.5Fiscal year 2018Revenue889.9 +70.2%Operating income−426.4Net income−499.9Fiscal year 2019Revenue1,233.8 +38.6%Operating income−448.3Net income−498.2Fiscal year 2020Revenue1,208.0 −2.1%Operating income−1,500.8Net income−1,533.6EPS, diluted−1.14Fiscal year 2021Revenue1,036.2 −14.2%Operating income−27.3Net income−569.2EPS, diluted0.00Fiscal year 2022Revenue652.3 −37.0%Operating income−29.4Net income820.0EPS, diluted0.00Fiscal year 2023Operating income−23.5Net income−71.3 −108.7%EPS, diluted0.00Fiscal year 2024Revenue288.4Operating income−588.8Net income−226.8EPS, diluted0.00Fiscal year 2025Revenue365.3 +26.7%Operating income−720.3Net income−748.4EPS, diluted0.00
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 522.7 889.9 1,233.8 1,208.0 1,036.2 652.3 n/a 288.4 365.3
Growth +70.2% +38.6% −2.1% −14.2% −37.0% +26.7%
Operating income −189.5 −426.4 −448.3 −1,500.8 −27.3 −29.4 −23.5 −588.8 −720.3
Net income −245.5 −499.9 −498.2 −1,533.6 −569.2 820.0 −71.3 −226.8 −748.4
Growth −108.7%
EPS, diluted n/a n/a n/a −1.14 0.00 0.00 0.00 0.00 0.00

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2017Operating margin−36.3%Net margin−47.0%Free cash flow margin−60.8%Fiscal year 2018Operating margin−47.9%Net margin−56.2%Free cash flow margin−88.9%Fiscal year 2019Operating margin−36.3%Net margin−40.4%Free cash flow margin−34.8%Fiscal year 2020Operating margin−124.2%Net margin−127.0%Free cash flow margin−3.7%Fiscal year 2021Operating margin−2.6%Net margin−54.9%Free cash flow margin−10.6%Fiscal year 2022Operating margin−4.5%Net margin125.7%Fiscal year 2023Fiscal year 2024Gross margin4.7%Operating margin−204.2%Net margin−78.7%Fiscal year 2025Gross margin2.2%Operating margin−197.2%Net margin−204.9%
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin n/a n/a n/a n/a n/a n/a n/a 4.7% 2.2%
Operating margin −36.3% −47.9% −36.3% −124.2% −2.6% −4.5% n/a −204.2% −197.2%
Net margin −47.0% −56.2% −40.4% −127.0% −54.9% 125.7% n/a −78.7% −204.9%
Free cash flow margin −60.8% −88.9% −34.8% −3.7% −10.6% n/a n/a n/a n/a

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flowCapital expenditureFree cash flow
Fiscal year 2017Operating cash flow−43.6Capital expenditure−274.1Free cash flow−317.7Fiscal year 2018Operating cash flow−117.0Capital expenditure−674.3Free cash flow−791.3Fiscal year 2019Operating cash flow−88.2Capital expenditure−341.7Free cash flow−429.9Fiscal year 2020Operating cash flow54.8Capital expenditure−99.2Free cash flow−44.3Fiscal year 2021Operating cash flow−109.7Capital expenditure−0.0Free cash flow−109.7Fiscal year 2022Operating cash flow−44.3Fiscal year 2023Operating cash flow−39.9Fiscal year 2024Operating cash flow−9.8Fiscal year 2025Operating cash flow−11.7
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −43.6 −117.0 −88.2 54.8 −109.7 −44.3 −39.9 −9.8 −11.7
Capital expenditure −274.1 −674.3 −341.7 −99.2 −0.0 n/a n/a n/a n/a
Free cash flow −317.7 −791.3 −429.9 −44.3 −109.7 n/a n/a n/a n/a
Growth

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
CashTotal debt
Fiscal year 2017Cash365.1Shareholders’ equity−794.5Fiscal year 2018Cash103.8Total debt221.6Net cash (debt)−117.8Shareholders’ equity−1,440.9Fiscal year 2019Cash159.8Total debt579.0Net cash (debt)−419.2Shareholders’ equity−2,246.0Fiscal year 2020Cash22.9Total debt624.6Net cash (debt)−601.8Shareholders’ equity−2,004.1Fiscal year 2021Cash16.3Total debt420.2Net cash (debt)−403.8Shareholders’ equity−2,494.5Fiscal year 2022Cash0.6Shareholders’ equity−572.9Fiscal year 2023Cash0.3Shareholders’ equity−643.4Fiscal year 2024Cash8.1Shareholders’ equity−556.6Fiscal year 2025Cash10.9Shareholders’ equity−880.1
FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 365.1 103.8 159.8 22.9 16.3 0.6 0.3 8.1 10.9
Total debt n/a 221.6 579.0 624.6 420.2 n/a n/a n/a n/a
Net cash (debt) n/a −117.8 −419.2 −601.8 −403.8 n/a n/a n/a n/a
Shareholders’ equity −794.5 −1,440.9 −2,246.0 −2,004.1 −2,494.5 −572.9 −643.4 −556.6 −880.1

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of CNY, except per-share figures; shares in millions. Fiscal years ending September, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2017 30 Sep 2017 FY2018 30 Sep 2018 FY2019 30 Sep 2019 FY2020 30 Sep 2020 FY2021† 30 Sep 2021 FY2022† 30 Sep 2022 FY2023† 30 Sep 2023 FY2024† 30 Sep 2024 FY2025† 30 Sep 2025
Assets
365.1 103.8 159.8 22.9 16.3 0.6 0.3 8.1 10.9
n/a 0.5 1.3 1.9 0.4 0.8 n/a 36.3 23.5
n/a 1,320.8 1,185.3 358.0 38.9 0.5 n/a 0.0 0.0
n/a n/a n/a n/a n/a n/a n/a 709.2 23.3
n/a 1,781.4 1,799.7 850.7 377.6 95.5 85.7 782.8 69.4
Growth +1.0% −52.7% −55.6% −74.7% −10.3% +814.0% −91.1%
Liabilities
n/a 56.1 150.7 159.7 219.1 n/a n/a n/a n/a
n/a 165.5 428.3 464.9 201.0 n/a n/a n/a n/a
calc n/a 221.6 579.0 624.6 420.2 n/a n/a n/a n/a
n/a 2,560.5 2,610.6 2,845.2 2,862.5 668.4 729.1 1,339.4 949.5
Equity
n/a −1,478.5 −2,275.9 −3,809.5 −4,378.7 −3,558.7 −3,630.0 −3,856.8 −4,605.2
−794.5 −1,440.9 −2,246.0 −2,004.1 −2,494.5 −572.9 −643.4 −556.6 −880.1
Growth
Per share and net cash
calc n/a −117.8 −419.2 −601.8 −403.8 n/a n/a n/a n/a
n/a 430.5 1,343 1,436 1,647 25,879 n/a n/a n/a
calc n/a −3.35 −1.67 −1.40 −1.51 −0.02 n/a n/a n/a

† The diluted share count jumps at 2021 and 2022 and 2023 and 2024 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how. Shown in CNY as filed; the screener converts to dollars.