XHG revenueFY2025CN¥365.27M
- FY YoY
- +26.7%
- 5Y CAGR
- -21.3%
XHG revenue was CN¥365.27M for fiscal 2025 (ended Sep 30, 2025), up 26.7% from fiscal 2024. Compound annual growth was -21.3% over 5 years.
XChange TEC.INC (XHG) financials
For fiscal 2025 (ended Sep 30, 2025), XChange TEC.INC reported CN¥365.27M of revenue and -CN¥748.41M of net income. Figures are in CNY, the currency of its SEC filings.
- Revenue, FY2025
- CN¥365.27M
- Revenue growth, YoY
- +26.7%
- Net income, FY2025
- -CN¥748.41M
- Net margin
- -204.9%
- EPS, diluted, FY2025
- CN¥0.00
- Cash
- CN¥10.88M
FY2017FY2025
FY2017FY2025
FY2017FY2021
XHG revenue and earnings growth
XHG net incomeFY2025-CN¥748.41M
XHG net income was -CN¥748.41M for fiscal 2025 (ended Sep 30, 2025), compared with -CN¥226.82M in fiscal 2024.
XHG EPSFY2025CN¥0.00
XHG diluted EPS was CN¥0.00 for fiscal 2025 (ended Sep 30, 2025).
Income statement
| Line item | Sep 30, 2025 | Sep 30, 2024 | Sep 30, 2023 | Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥365.27M | CN¥288.37M | - | CN¥652.33M | CN¥1.04B | CN¥1.21B | CN¥1.23B | CN¥889.94M | CN¥522.74M |
| Cost of revenue | CN¥357.27M | CN¥274.90M | - | CN¥711.00M | CN¥949.65M | CN¥1.20B | CN¥1.30B | CN¥897.96M | CN¥547.62M |
| Gross profit | CN¥8.00M | CN¥13.47M | - | -CN¥58.67M | CN¥86.55M | CN¥4.55M | -CN¥71.22M | -CN¥8.02M | -CN¥24.88M |
| Research and development | - | CN¥24.0K | CN¥46.0K | CN¥22.0K | CN¥7.77M | CN¥24.93M | CN¥47.03M | CN¥51.95M | CN¥44.16M |
| Selling, general and admin | CN¥32.47M | CN¥16.09M | CN¥23.47M | CN¥29.32M | CN¥27.53M | CN¥102.77M | CN¥108.20M | CN¥84.95M | CN¥34.35M |
| Operating income | -CN¥720.34M | -CN¥588.82M | -CN¥23.54M | -CN¥29.36M | -CN¥27.34M | -CN¥1.50B | -CN¥448.31M | -CN¥426.44M | -CN¥189.55M |
| Interest expense | CN¥27.52M | CN¥26.11M | CN¥1.56M | CN¥42.04M | CN¥103.23M | CN¥134.09M | CN¥113.92M | CN¥92.84M | - |
| Pre-tax income | -CN¥748.37M | -CN¥612.62M | -CN¥25.10M | -CN¥495.08M | -CN¥130.57M | -CN¥1.53B | -CN¥498.27M | -CN¥497.53M | -CN¥244.84M |
| Income tax | CN¥46.0K | CN¥548.0K | - | CN¥21.0K | CN¥31.0K | CN¥13.0K | CN¥63.0K | CN¥2.39M | CN¥596.0K |
| Net income | -CN¥748.41M | -CN¥226.82M | -CN¥71.31M | CN¥820.02M | -CN¥569.20M | -CN¥1.53B | -CN¥498.24M | -CN¥499.86M | -CN¥245.47M |
| EPS, basic | CN¥0.00 | CN¥0.00 | CN¥0.00 | CN¥0.00 | CN¥0.00 | -CN¥1.14 | -CN¥1.87 | -CN¥1.55 | -CN¥0.86 |
| EPS, diluted | CN¥0.00 | CN¥0.00 | CN¥0.00 | CN¥0.00 | CN¥0.00 | -CN¥1.14 | -CN¥1.87 | -CN¥1.55 | -CN¥0.86 |
| Diluted shares | 50.25B | 238.2M | 28.1M | 1025.84B | 146.07B | 1.35B | 430.5M | 409.4M | 354.9M |
Balance sheet
| Line item | Sep 30, 2025 | Sep 30, 2024 | Sep 30, 2023 | Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | CN¥10.88M | CN¥8.09M | CN¥286.0K | CN¥556.0K | CN¥1.36M | CN¥22.88M | CN¥250.81M | CN¥118.75M | CN¥367.12M |
| Short-term investments | CN¥1.89M | CN¥2.03M | - | - | - | - | - | - | - |
| Receivables | CN¥23.45M | CN¥36.28M | - | CN¥752.0K | CN¥370.0K | CN¥1.94M | CN¥1.31M | CN¥475.0K | - |
| Current assets | CN¥39.86M | CN¥67.64M | CN¥85.65M | CN¥71.16M | CN¥176.67M | CN¥203.00M | CN¥596.51M | CN¥447.94M | - |
| Goodwill | CN¥23.28M | CN¥709.24M | - | - | - | - | - | - | - |
| Total assets | CN¥69.38M | CN¥782.84M | CN¥85.65M | CN¥95.54M | CN¥377.63M | CN¥850.73M | CN¥1.80B | CN¥1.78B | - |
| Current liabilities | CN¥949.17M | CN¥1.34B | CN¥729.08M | CN¥668.40M | CN¥2.35B | CN¥1.96B | CN¥1.70B | CN¥1.97B | - |
| Short-term debt | CN¥32.53M | CN¥32.07M | CN¥44.43M | CN¥6.54M | CN¥558.71M | CN¥762.14M | CN¥319.10M | CN¥132.05M | - |
| Long-term debt | - | - | - | - | CN¥201.04M | CN¥464.92M | CN¥428.35M | CN¥165.48M | - |
| Total debt | - | CN¥6.06M | - | - | CN¥759.75M | CN¥1.23B | CN¥747.45M | CN¥297.53M | - |
| Total liabilities | CN¥949.52M | CN¥1.34B | CN¥729.08M | CN¥668.40M | CN¥2.86B | CN¥2.85B | CN¥2.61B | CN¥2.56B | - |
| Shareholders' equity | -CN¥880.14M | -CN¥556.57M | -CN¥643.42M | -CN¥572.86M | -CN¥2.48B | -CN¥1.99B | -CN¥2.24B | -CN¥1.42B | -CN¥794.52M |
Cash flow
| Line item | Sep 30, 2025 | Sep 30, 2024 | Sep 30, 2023 | Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -CN¥11.70M | -CN¥9.77M | -CN¥39.87M | -CN¥44.33M | -CN¥109.66M | CN¥54.84M | -CN¥88.19M | -CN¥117.05M | -CN¥43.59M |
| Capital expenditures | - | - | - | - | CN¥2.0K | CN¥99.17M | CN¥341.71M | CN¥674.30M | CN¥274.07M |
| Free cash flow | - | - | - | - | -CN¥109.66M | -CN¥44.33M | -CN¥429.90M | -CN¥791.35M | -CN¥317.66M |
| Investing cash flow | -CN¥490.0K | CN¥10.17M | - | -CN¥11.47M | -CN¥6.49M | -CN¥138.67M | -CN¥351.45M | -CN¥674.30M | -CN¥285.52M |
| Financing cash flow | CN¥18.79M | CN¥8.67M | CN¥37.89M | CN¥34.05M | CN¥101.60M | -CN¥134.92M | CN¥569.57M | CN¥539.53M | CN¥649.45M |
| Stock-based compensation | - | CN¥2.51M | CN¥4.78M | CN¥9.77M | CN¥15.81M | CN¥16.05M | CN¥8.17M | CN¥2.25M | CN¥775.0K |
| Depreciation and amortization | - | CN¥54.0K | - | CN¥27.40M | CN¥79.26M | CN¥263.04M | CN¥215.07M | CN¥152.31M | CN¥101.79M |
Key ratios
| Line item | Sep 30, 2025 | Sep 30, 2024 | Sep 30, 2023 | Sep 30, 2022 | Sep 30, 2021 | Sep 30, 2020 | Sep 30, 2019 | Sep 30, 2018 | Sep 30, 2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | 26.7% | - | - | -37.0% | -14.2% | -2.1% | 38.6% | 70.2% | - |
| Gross margin | 2.2% | 4.7% | - | -9.0% | 8.4% | 0.4% | -5.8% | -0.9% | -4.8% |
| Operating margin | -197.2% | -204.2% | - | -4.5% | -2.6% | -124.2% | -36.3% | -47.9% | -36.3% |
| Net margin | -204.9% | -78.7% | - | 125.7% | -54.9% | -127.0% | -40.4% | -56.2% | -47.0% |
| Free cash flow margin | - | - | - | - | -10.6% | -3.7% | -34.8% | -88.9% | -60.8% |
| Return on assets | -1078.7% | -29.0% | -83.3% | 858.3% | -150.7% | -180.3% | -27.7% | -28.1% | - |
| Current ratio | 0.04 | 0.05 | 0.12 | 0.11 | 0.08 | 0.10 | 0.35 | 0.23 | - |
Source: XBRL data XChange TEC.INC files with the SEC, latest filing dated Jan 14, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
XHG peers
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| XHG | CN¥365.27M | +26.7% | -CN¥748.41M | -204.9% | $170.1M |
| MRSH | $28.46B | +7.6% | $4.04B | 14.2% | $98.40B |
| AJG | $16.36B | +25.6% | $1.70B | 10.4% | $72.47B |
| AON | $17.68B | +3.8% | $3.93B | 22.2% | $71.36B |
| WTW | $10.27B | +4.8% | $1.56B | 15.2% | $30.70B |
| BRO | $6.91B | +26.1% | $1.22B | 17.7% | $23.85B |
| EQH | $13.05B | +8.7% | $1.50B | 11.5% | $14.81B |
| ERIE | $4.12B | +2.0% | $576.14M | 14.0% | $12.57B |
| RYAN | $3.25B | +9.8% | $193.64M | 6.0% | $11.87B |
XHG FAQ
8 questionsWhat is XHG revenue?
XChange TEC.INC (XHG) reported CN¥365.27M of revenue for fiscal 2025 (ended Sep 30, 2025). That is up 26.7% from the year before.Is XHG profitable?
No. XChange TEC.INC reported a net loss of CN¥748.41M for fiscal 2025 (ended Sep 30, 2025).How much cash and debt does XHG have?
XChange TEC.INC reported CN¥10.88M in cash and cash equivalents on its most recent balance sheet in SEC filings.How fast is XHG revenue growing?
XChange TEC.INC's revenue changed +26.7% in fiscal 2025, to CN¥365.27M. Its compound annual growth rate was -21.3% over 5 years.What is XHG gross margin?
XChange TEC.INC's gross profit was CN¥8.00M on CN¥365.27M of revenue for fiscal 2025 (ended Sep 30, 2025), a gross margin of 2.2%.What is XHG earnings per share?
Diluted earnings per share were CN¥0.00 for fiscal 2025 (ended Sep 30, 2025), from SEC filings, restated for any stock split those filings show.When did XHG last report financial results?
The latest statements here come from XChange TEC.INC's 20-F filed on Jan 14, 2026, covering the period ended Sep 30, 2025.Where does this XHG financial data come from?
Quantisnow builds these statements from the structured XBRL data XChange TEC.INC files with the SEC. It is provided for information only and is not investment advice.