TCTM Kids IT Education Inc. (VSA) Balance Sheet
VSA balance sheet, 2025
December 31, 2025 · Chinese yuanCN¥106.6M assets = CN¥3.8M liabilities + CN¥102.7M equity
Both columns are drawn to the same scale: what VSA owns equals what it owes plus shareholders’ equity. Hover a block for its value.
VSA financial health
Equity / assets96.4%
Equity-funded · of assets funded by shareholders
Goodwill & intangibles48.3%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal 2025.
VSA balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | CN¥2.09B2016 | CN¥106.6M2025 | −28.1%/yr | |
| Total liabilities | CN¥486.8M2016 | CN¥3.8M2025 | −41.6%/yr | |
| Shareholders’ equity | CN¥1.60B2016 | CN¥102.7M2025 | −26.3%/yr | |
| Cash & short-term investments | CN¥1.23B2016 | CN¥53.4M2025 | −29.4%/yr | |
| Total debt | CN¥13.7M2018 | CN¥223.2M2024 | +59.2%/yr | |
| Net cash (debt) | CN¥675.8M2018 | −CN¥207.9M2024 | −CN¥883.7M | |
| Working capital | CN¥971.1M2016 | CN¥51.3M2025 | −CN¥919.8M | |
| Shares outstanding | 11.8M2016 | 775K2025 | −26.1%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
VSA assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
VSA liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
VSA debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
VSA balance sheet in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | CN¥53.4M | CN¥15.3M | CN¥221.0M | CN¥198.5M | CN¥430.0M | CN¥326.4M | CN¥620.8M | CN¥689.6M | CN¥1.12B | CN¥1.23B |
| Cash & equivalents | CN¥53.4M | CN¥15.3M | CN¥220.7M | CN¥198.5M | CN¥423.8M | CN¥320.2M | CN¥537.7M | CN¥531.0M | CN¥686.7M | CN¥810.7M |
| Short-term investments | — | CN¥0 | CN¥300,000 | CN¥0 | CN¥6.3M | CN¥6.3M | CN¥83.1M | CN¥158.6M | CN¥432.5M | CN¥416.7M |
| Receivables | CN¥0 | −CN¥43.1M | CN¥44,000 | CN¥92,000 | CN¥49.3M | CN¥53.5M | CN¥68.1M | CN¥90.2M | CN¥83.8M | CN¥108.3M |
| Inventory | CN¥0 | CN¥10.5M | CN¥9.4M | CN¥0 | CN¥5.9M | CN¥4.6M | CN¥5.3M | CN¥1.8M | CN¥0 | CN¥0 |
| Other current assets | CN¥1.7M | CN¥73.6M | CN¥330.2M | CN¥468.9M | CN¥134.1M | CN¥151.7M | CN¥107.1M | CN¥144.1M | CN¥130.5M | CN¥115.2M |
| Total current assets | CN¥55.1M | CN¥56.2M | CN¥560.6M | CN¥667.6M | CN¥619.3M | CN¥536.3M | CN¥801.3M | CN¥925.6M | CN¥1.33B | CN¥1.45B |
| Property, plant & equipment (net) | CN¥0 | CN¥21.6M | CN¥328.6M | CN¥353.6M | CN¥852.4M | CN¥1.11B | CN¥1.42B | CN¥687.6M | CN¥547.0M | CN¥437.3M |
| Goodwill & intangible assets | CN¥51.4M | CN¥0 | CN¥54.7M | CN¥56.4M | CN¥62.7M | CN¥66.2M | CN¥70.5M | CN¥71.8M | CN¥8.1M | CN¥3.4M |
| Long-term investments | CN¥0 | CN¥22.8M | CN¥41.9M | CN¥46.3M | CN¥46.6M | CN¥67.6M | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other non-current assets | CN¥0 | CN¥0 | CN¥32.4M | CN¥213.6M | CN¥60.8M | CN¥176.2M | CN¥220.1M | CN¥193.1M | CN¥129.8M | CN¥193.5M |
| Total assets | CN¥106.6M | CN¥100.6M | CN¥1.02B | CN¥1.34B | CN¥1.64B | CN¥1.96B | CN¥2.51B | CN¥1.88B | CN¥2.02B | CN¥2.09B |
| Liabilities | ||||||||||
| Accounts payable | — | CN¥6.0M | CN¥5.0M | CN¥5.3M | CN¥8.9M | CN¥10.3M | CN¥16.6M | CN¥18.5M | CN¥11.4M | CN¥4.5M |
| Short-term debt | — | CN¥131.8M | CN¥111.8M | CN¥178.6M | CN¥269.9M | CN¥209.8M | CN¥330.9M | CN¥13.7M | — | — |
| Deferred revenue | — | CN¥1.36B | CN¥1.44B | CN¥1.47B | CN¥2.08B | CN¥1.99B | CN¥1.55B | CN¥830.0M | CN¥352.3M | CN¥266.1M |
| Total current liabilities | CN¥3.8M | CN¥1.81B | CN¥2.41B | CN¥2.66B | CN¥2.94B | CN¥2.67B | CN¥2.37B | CN¥1.30B | CN¥744.6M | CN¥479.7M |
| Long-term debt | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Lease obligations | — | CN¥196.9M | CN¥219.6M | CN¥257.7M | CN¥512.5M | CN¥605.3M | — | — | — | — |
| Other long-term liabilities | CN¥0 | CN¥91.4M | CN¥108.2M | CN¥187.2M | CN¥294.1M | CN¥429.4M | CN¥545.8M | CN¥6.0M | CN¥4.3M | CN¥7.0M |
| Total liabilities | CN¥3.8M | CN¥1.90B | CN¥2.52B | CN¥2.84B | CN¥3.23B | CN¥3.10B | CN¥2.92B | CN¥1.31B | CN¥748.9M | CN¥486.8M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | CN¥4.0M | CN¥444,000 | CN¥438,000 | CN¥433,000 | CN¥429,000 | CN¥423,000 | CN¥411,000 | CN¥405,000 | CN¥401,000 | CN¥388,000 |
| Retained earnings (deficit) | −CN¥1.30B | −CN¥3.01B | −CN¥2.43B | −CN¥2.44B | −CN¥2.52B | −CN¥2.05B | −CN¥1.28B | −CN¥243.2M | CN¥390.0M | CN¥638.2M |
| Accumulated other comprehensive income | CN¥54.9M | CN¥54.3M | CN¥48.2M | CN¥49.7M | CN¥48.7M | CN¥49.1M | CN¥51.4M | CN¥50.5M | CN¥39.4M | CN¥58.2M |
| Minority interest | CN¥0 | −CN¥737,000 | −CN¥3.6M | −CN¥6.8M | — | — | — | — | — | — |
| Total shareholders' equity | CN¥102.7M | −CN¥1.80B | −CN¥1.50B | −CN¥1.50B | −CN¥1.58B | −CN¥1.13B | −CN¥400.0M | CN¥572.6M | CN¥1.27B | CN¥1.60B |
| Key figures | ||||||||||
| Total debt | — | CN¥223.2M | CN¥219.6M | CN¥287.7M | CN¥542.5M | CN¥616.0M | CN¥839.7M | CN¥13.7M | — | — |
| Net cash (debt) | — | −CN¥207.9M | CN¥1.3M | −CN¥89.2M | −CN¥112.5M | −CN¥289.6M | −CN¥218.9M | CN¥675.8M | — | — |
| Working capital | CN¥51.3M | −CN¥1.76B | −CN¥1.85B | −CN¥1.99B | −CN¥2.32B | −CN¥2.13B | −CN¥1.57B | −CN¥374.8M | CN¥588.9M | CN¥971.1M |
| Tangible book value | CN¥51.3M | −CN¥1.80B | −CN¥1.55B | −CN¥1.56B | −CN¥1.65B | −CN¥1.20B | −CN¥470.5M | CN¥500.8M | CN¥1.26B | CN¥1.59B |
| Shares outstanding | 775K | 11.1M | 11.1M | 11.5M | 11.3M | 10.9M | 10.7M | 11.0M | 11.9M | 11.8M |
| Current ratio | 14.43 | 0.03 | 0.23 | 0.25 | 0.21 | 0.20 | 0.34 | 0.71 | 1.79 | 3.02 |
| Quick ratio | 13.99 | −0.02 | 0.09 | 0.07 | 0.16 | 0.14 | 0.29 | 0.60 | 1.62 | 2.78 |
| Debt / equity | — | — | — | — | — | — | — | 0.02 | — | — |
| Equity / assets | 96.4% | −1,791.8% | −147.1% | −112.1% | −96.5% | −57.8% | −15.9% | 30.5% | 62.9% | 76.7% |
| Mar '26 | Dec '25 | Jun '25 | Dec '24 | Jun '24 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | Jun '22 | Mar '22 | Dec '21 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | CN¥53.4M | CN¥53.4M | CN¥2.5M | CN¥15.3M | CN¥83.2M | CN¥282.2M | CN¥364.8M | CN¥198.5M | CN¥341.8M | CN¥425.3M | CN¥416.0M | CN¥430.0M |
| Cash & equivalents | CN¥53.4M | CN¥53.4M | CN¥2.5M | CN¥15.3M | CN¥82.9M | CN¥280.1M | CN¥362.6M | CN¥198.5M | CN¥335.6M | CN¥419.1M | CN¥409.8M | CN¥423.8M |
| Short-term investments | — | — | — | CN¥0 | CN¥300,000 | CN¥2.1M | CN¥2.1M | — | CN¥6.2M | CN¥6.2M | CN¥6.2M | CN¥6.3M |
| Receivables | CN¥0 | CN¥0 | CN¥0 | −CN¥43.1M | CN¥37.3M | CN¥26.6M | CN¥59.9M | CN¥92,000 | CN¥72.1M | CN¥69.4M | CN¥57.3M | CN¥49.3M |
| Inventory | CN¥0 | CN¥0 | CN¥994,527 | CN¥10.5M | CN¥10.4M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥5.9M |
| Other current assets | CN¥1.7M | CN¥1.7M | CN¥4.7M | CN¥73.6M | CN¥98.6M | CN¥323.9M | CN¥234.7M | CN¥468.9M | CN¥126.4M | CN¥121.2M | CN¥122.0M | CN¥134.1M |
| Total current assets | CN¥55.1M | CN¥55.1M | CN¥8.2M | CN¥56.2M | CN¥229.5M | CN¥632.7M | CN¥659.4M | CN¥667.6M | CN¥540.3M | CN¥616.0M | CN¥595.3M | CN¥619.3M |
| Property, plant & equipment (net) | CN¥0 | CN¥0 | CN¥22.1M | CN¥21.6M | CN¥313.4M | CN¥375.9M | CN¥418.0M | CN¥353.6M | CN¥619.8M | CN¥664.9M | CN¥708.1M | CN¥852.4M |
| Goodwill & intangible assets | CN¥51.4M | CN¥51.4M | CN¥0 | CN¥0 | CN¥54.1M | CN¥59.2M | CN¥59.8M | CN¥56.4M | CN¥60.9M | CN¥61.5M | CN¥62.1M | CN¥62.7M |
| Long-term investments | CN¥0 | CN¥0 | CN¥21.3M | CN¥22.8M | CN¥41.8M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other non-current assets | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥35.3M | CN¥158.6M | CN¥157.9M | CN¥259.9M | CN¥148.3M | CN¥135.9M | CN¥161.7M | CN¥107.4M |
| Total assets | CN¥106.6M | CN¥106.6M | CN¥51.6M | CN¥100.6M | CN¥674.0M | CN¥1.23B | CN¥1.30B | CN¥1.34B | CN¥1.37B | CN¥1.48B | CN¥1.53B | CN¥1.64B |
| Liabilities | ||||||||||||
| Accounts payable | — | — | CN¥5.8M | CN¥6.0M | CN¥3.1M | CN¥5.8M | CN¥5.1M | CN¥5.3M | CN¥4.4M | CN¥5.7M | CN¥7.0M | CN¥8.9M |
| Short-term debt | — | — | CN¥157.3M | CN¥131.8M | CN¥103.4M | CN¥128.5M | CN¥217.1M | CN¥178.6M | CN¥214.4M | CN¥247.1M | CN¥250.0M | CN¥269.9M |
| Deferred revenue | — | — | CN¥1.43B | CN¥1.36B | CN¥1.45B | CN¥1.64B | CN¥1.73B | CN¥1.47B | CN¥1.78B | CN¥1.87B | CN¥1.96B | CN¥2.08B |
| Total current liabilities | CN¥3.8M | CN¥3.8M | CN¥1.83B | CN¥1.81B | CN¥1.88B | CN¥2.62B | CN¥2.69B | CN¥2.66B | CN¥2.65B | CN¥2.77B | CN¥2.85B | CN¥2.94B |
| Long-term debt | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Lease obligations | — | — | CN¥132.2M | CN¥196.9M | CN¥221.4M | — | — | — | — | — | — | — |
| Other long-term liabilities | CN¥0 | CN¥0 | CN¥0 | CN¥91.4M | CN¥129.3M | CN¥157.0M | CN¥157.0M | CN¥187.2M | CN¥214.4M | CN¥230.0M | CN¥249.6M | CN¥294.1M |
| Total liabilities | CN¥3.8M | CN¥3.8M | CN¥1.83B | CN¥1.90B | CN¥2.01B | CN¥2.78B | CN¥2.85B | CN¥2.84B | CN¥2.86B | CN¥3.00B | CN¥3.10B | CN¥3.23B |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | CN¥4.0M | CN¥4.0M | CN¥1.7M | CN¥444,000 | CN¥443,000 | CN¥436,000 | CN¥435,000 | CN¥433,000 | CN¥433,000 | CN¥432,000 | CN¥429,000 | CN¥429,000 |
| Retained earnings (deficit) | −CN¥1.30B | −CN¥1.30B | −CN¥3.00B | −CN¥3.01B | −CN¥2.54B | −CN¥2.48B | −CN¥2.49B | −CN¥2.44B | −CN¥2.42B | −CN¥2.45B | −CN¥2.49B | −CN¥2.52B |
| Accumulated other comprehensive income | CN¥54.9M | CN¥54.9M | −CN¥7.3M | CN¥54.3M | CN¥54.4M | CN¥48.0M | CN¥50.1M | CN¥49.7M | CN¥49.1M | CN¥49.1M | CN¥48.6M | CN¥48.7M |
| Minority interest | — | CN¥0 | −CN¥756,000 | −CN¥737,000 | — | — | — | — | — | — | — | — |
| Total shareholders' equity | CN¥102.7M | CN¥102.7M | −CN¥1.78B | −CN¥1.80B | −CN¥1.33B | −CN¥1.54B | −CN¥1.55B | −CN¥1.50B | −CN¥1.49B | −CN¥1.51B | −CN¥1.56B | −CN¥1.58B |
| Key figures | ||||||||||||
| Total debt | — | — | CN¥157.3M | CN¥223.2M | CN¥232.4M | CN¥274.2M | CN¥362.2M | CN¥287.7M | CN¥410.1M | CN¥457.4M | CN¥479.2M | CN¥542.5M |
| Net cash (debt) | — | — | −CN¥154.9M | −CN¥207.9M | −CN¥149.2M | CN¥8.0M | CN¥2.6M | −CN¥89.2M | −CN¥68.3M | −CN¥32.1M | −CN¥63.1M | −CN¥112.5M |
| Working capital | CN¥51.3M | CN¥51.3M | −CN¥1.82B | −CN¥1.76B | −CN¥1.65B | −CN¥1.99B | −CN¥2.03B | −CN¥1.99B | −CN¥2.11B | −CN¥2.15B | −CN¥2.25B | −CN¥2.32B |
| Tangible book value | CN¥51.3M | CN¥51.3M | −CN¥1.78B | −CN¥1.80B | −CN¥1.39B | −CN¥1.60B | −CN¥1.61B | −CN¥1.56B | −CN¥1.55B | −CN¥1.58B | −CN¥1.62B | −CN¥1.65B |
| Shares outstanding | — | 551.6M | 220.5M | 49.7M | 49.6M | 11.2M | 10.8M | 10.8M | 11.4M | 11.1M | 11.3M | 11.3M |
| Current ratio | 14.43 | 14.43 | 0.00 | 0.03 | 0.12 | 0.24 | 0.24 | 0.25 | 0.20 | 0.22 | 0.21 | 0.21 |
| Quick ratio | 13.99 | 13.99 | 0.00 | −0.02 | 0.06 | 0.12 | 0.16 | 0.07 | 0.16 | 0.18 | 0.17 | 0.16 |
| Equity / assets | 96.4% | 96.4% | −3,438.4% | −1,791.8% | −197.5% | −125.9% | −119.6% | −112.1% | −108.5% | −102.4% | −102.2% | −96.5% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed May 11, 2026); data from EODHD.
VSA financial position
At the end of fiscal 2025 (December 31, 2025), TCTM Kids IT Education had total assets of CN¥106.6 million (up 5.9% from a year earlier), total liabilities of CN¥3.8 million and shareholders' equity of CN¥102.7 million. Its current ratio was 14.43. In the latest quarter (ended March 31, 2026) total assets were CN¥106.6 million and equity CN¥102.7 million.
Related: VSA income statement, VSA cash flow statement, VSA key metrics. See the VSA stock overview for the latest quote and news.
VSA balance sheet FAQ
What are TCTM Kids IT Education's total assets?
TCTM Kids IT Education reported total assets of CN¥106.6 million at the end of fiscal 2025 (December 31, 2025), compared with CN¥100.6 million a year earlier.
How much cash does TCTM Kids IT Education have?
TCTM Kids IT Education held CN¥53.4 million in cash and short-term investments at the end of fiscal 2025.
What is TCTM Kids IT Education's book value?
TCTM Kids IT Education's shareholders' equity (book value) was CN¥102.7 million at the end of fiscal 2025.
What is TCTM Kids IT Education's current ratio?
TCTM Kids IT Education had current assets of CN¥55.1 million and current liabilities of CN¥3.8 million, a current ratio of 14.43 (it can cover its short-term obligations).
How much goodwill does TCTM Kids IT Education have?
TCTM Kids IT Education carried CN¥51.4 million of goodwill and intangible assets, 48.3% of total assets, at the end of fiscal 2025.