XChange TEC.INC (XHG) Balance Sheet

NASDAQ: XHGAssets, liabilities, debt and equity over 9 years.

XHG balance sheet, FY2025

September 30, 2025 · Chinese yuan

CN¥69.4M assets = CN¥949.5M liabilities + −CN¥880.1M equity

Liabilities exceed assets: shareholders’ equity is negative (−CN¥880.1M).

Both columns are drawn to the same scale: what XHG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

XHG financial health

Cash / debt1.8%

Low cash cover · cash & short-term investments vs total debt

Goodwill & intangibles34.5%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal FY2025.

XHG balance sheet trends, FY2017–FY2025

XChange TEC.INC balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥1.13BFY2017	CN¥69.4MFY2025	−29.5%/yr
Total liabilities	CN¥1.56BFY2017	CN¥949.5MFY2025	−6.0%/yr
Shareholders’ equity	−CN¥426.0MFY2017	−CN¥880.1MFY2025	—
Cash & short-term investments	CN¥365.1MFY2017	CN¥12.8MFY2025	−34.2%/yr
Total debt	CN¥156.3MFY2017	CN¥701.1MFY2025	+20.6%/yr
Net cash (debt)	CN¥208.9MFY2017	−CN¥688.3MFY2025	−CN¥897.2M
Working capital	CN¥295.0MFY2017	−CN¥909.3MFY2025	−CN¥1.2B
Shares outstanding	5.74BFY2017	20.9MFY2025	−50.4%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

XHG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

XHG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

XHG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

XHG balance sheet in Chinese yuan

XChange TEC.INC annual balance sheet
	FY2025	FY2024	FY2023	FY2022	FY2021	FY2020	FY2019	FY2018	FY2017
Assets
Cash & short-term investments	CN¥12.8M	CN¥10.1M	CN¥360,000	CN¥563,000	CN¥16.3M	CN¥22.9M	CN¥159.8M	CN¥103.8M	CN¥365.1M
Cash & equivalents	CN¥10.9M	CN¥8.1M	CN¥286,000	CN¥563,000	CN¥16.3M	CN¥22.9M	CN¥159.8M	CN¥103.8M	CN¥365.1M
Short-term investments	CN¥1.9M	CN¥2.0M	CN¥74,000	—	—	—	—	—	—
Receivables	CN¥23.5M	CN¥36.3M	CN¥0	CN¥36.9M	CN¥124.2M	CN¥99.7M	CN¥1.3M	CN¥20.6M	CN¥8.3M
Inventory	CN¥0	CN¥0	CN¥0	CN¥34.3M	CN¥0	CN¥203.0M	CN¥0	CN¥0	CN¥0
Other current assets	CN¥3.6M	CN¥21.2M	CN¥85.3M	CN¥0	CN¥36.2M	CN¥0	CN¥0	CN¥0	CN¥0
Total current assets	CN¥39.9M	CN¥67.6M	CN¥85.7M	CN¥71.2M	CN¥176.7M	CN¥203.0M	CN¥159.8M	CN¥103.8M	CN¥365.1M
Property, plant & equipment (net)	CN¥557,000	CN¥953,000	CN¥0	CN¥500,000	CN¥38.9M	CN¥358.0M	CN¥1.19B	CN¥1.32B	CN¥578.3M
Goodwill & intangible assets	CN¥24.0M	CN¥810.3M	CN¥0	CN¥13.5M	CN¥152.5M	CN¥232.6M	CN¥12.0M	CN¥12.3M	CN¥13.0M
Long-term investments	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥5.0M	CN¥0	CN¥0	CN¥10.4M	CN¥9.6M	CN¥57.1M	CN¥442.7M	CN¥344.6M	CN¥177.1M
Total assets	CN¥69.4M	CN¥782.8M	CN¥85.7M	CN¥95.5M	CN¥377.6M	CN¥850.7M	CN¥1.80B	CN¥1.78B	CN¥1.13B
Liabilities
Accounts payable	CN¥29.5M	CN¥37.0M	CN¥182,000	−CN¥160.4M	CN¥320.3M	CN¥294.5M	—	—	—
Short-term debt	CN¥700.8M	CN¥1.10B	CN¥44.4M	CN¥6.5M	CN¥576.8M	CN¥816.6M	CN¥150.7M	CN¥180.2M	CN¥129.2M
Deferred revenue	CN¥17,000	—	CN¥45.2M	CN¥173.6M	CN¥339.3M	CN¥318.5M	—	—	—
Total current liabilities	CN¥949.2M	CN¥1.34B	CN¥729.1M	CN¥668.4M	CN¥2.35B	CN¥1.96B	CN¥15.6M	CN¥74.9M	CN¥70.1M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥514.9M	CN¥428.7M	CN¥129.7M	CN¥0	CN¥0
Lease obligations	CN¥552,000	CN¥936,000	CN¥0	—	CN¥0	CN¥444.6M	CN¥402.1M	—	—
Other long-term liabilities	CN¥353,000	CN¥587,000	CN¥93.7M	CN¥111.7M	CN¥0	CN¥454.8M	CN¥2.47B	CN¥2.49B	CN¥1.49B
Total liabilities	CN¥949.5M	CN¥1.34B	CN¥729.1M	CN¥668.4M	CN¥2.86B	CN¥2.85B	CN¥2.61B	CN¥2.56B	CN¥1.56B
Shareholders' equity
Common stock & paid-in capital	CN¥179.6M	CN¥57.2M	CN¥1.9M	CN¥1.7M	CN¥110,000	CN¥92,000	CN¥27,000	CN¥27,000	CN¥24,000
Retained earnings (deficit)	−CN¥4.61B	−CN¥3.86B	−CN¥3.63B	−CN¥3.56B	−CN¥4.38B	−CN¥3.81B	−CN¥2.28B	−CN¥1.48B	−CN¥845.3M
Accumulated other comprehensive income	CN¥80.0M	CN¥106.0M	CN¥25.4M	CN¥29.5M	CN¥38.8M	CN¥18.4M	−CN¥5.9M	CN¥1.7M	−CN¥2.8M
Minority interest	—	—	CN¥0	CN¥0	—	—	—	—	—
Total shareholders' equity	−CN¥880.1M	−CN¥556.6M	−CN¥643.4M	−CN¥572.9M	−CN¥2.48B	−CN¥1.99B	−CN¥810.9M	−CN¥779.1M	−CN¥426.0M
Key figures
Total debt	CN¥701.1M	CN¥1.10B	CN¥44.4M	CN¥6.5M	CN¥1.09B	CN¥1.49B	CN¥129.7M	CN¥100.2M	CN¥156.3M
Net cash (debt)	−CN¥688.3M	−CN¥1.09B	−CN¥44.1M	−CN¥6.0M	−CN¥1.08B	−CN¥1.47B	CN¥30.1M	CN¥3.6M	CN¥208.9M
Working capital	−CN¥909.3M	−CN¥1.27B	−CN¥643.4M	−CN¥597.2M	−CN¥2.17B	−CN¥1.76B	CN¥144.2M	CN¥28.9M	CN¥295.0M
Tangible book value	−CN¥904.1M	−CN¥1.37B	−CN¥643.4M	−CN¥586.3M	−CN¥2.64B	−CN¥2.23B	−CN¥822.8M	−CN¥791.4M	−CN¥439.0M
Shares outstanding	20.9M	1050.37B	140.25B	51.29B	8.24B	5.74B	5.74B	5.74B	5.74B
Current ratio	0.04	0.05	0.12	0.11	0.08	0.10	10.22	1.39	5.21
Quick ratio	0.04	0.03	0.00	0.06	0.06	0.06	10.30	1.66	5.33
Equity / assets	−1,268.6%	−71.1%	−751.2%	−599.6%	−658.0%	−234.4%	−45.1%	−43.7%	−37.6%

XChange TEC.INC quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥6.7M	CN¥6.8M	CN¥12.8M	CN¥12.8M	CN¥6.6M	CN¥6.6M	CN¥10.1M	CN¥10.1M	CN¥10.1M	CN¥7.0M	CN¥7.0M	CN¥360,000
Cash & equivalents	CN¥4.4M	CN¥4.4M	CN¥10.9M	CN¥10.9M	CN¥4.9M	CN¥4.9M	CN¥8.1M	CN¥8.1M	CN¥8.1M	CN¥7.0M	CN¥7.0M	CN¥360,000
Short-term investments	CN¥2.3M	CN¥2.3M	CN¥1.9M	CN¥1.9M	CN¥1.7M	CN¥1.7M	CN¥2.0M	CN¥2.0M	CN¥2.0M	CN¥1.7M	CN¥1.7M	CN¥0
Receivables	CN¥22.7M	CN¥22.7M	CN¥23.5M	CN¥23.5M	CN¥21.7M	CN¥21.7M	CN¥36.3M	CN¥36.3M	CN¥36.3M	CN¥24.4M	CN¥24.4M	CN¥0
Inventory	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other current assets	CN¥0	CN¥6.2M	CN¥3.6M	CN¥3.6M	CN¥16.5M	CN¥16.5M	CN¥21.2M	CN¥21.2M	CN¥21.2M	CN¥0	CN¥0	CN¥85.3M
Total current assets	CN¥29.4M	CN¥35.7M	CN¥39.9M	CN¥39.9M	CN¥44.8M	CN¥44.8M	CN¥67.6M	CN¥67.6M	CN¥67.6M	CN¥7.0M	CN¥7.0M	CN¥85.7M
Property, plant & equipment (net)	CN¥473,220	CN¥475,000	CN¥557,000	CN¥557,000	CN¥810,000	CN¥810,000	CN¥953,000	CN¥953,000	CN¥953,000	CN¥726,000	CN¥726,000	CN¥0
Goodwill & intangible assets	CN¥24.0M	CN¥24.0M	CN¥24.0M	CN¥24.0M	CN¥65.0M	CN¥65.0M	CN¥709.9M	CN¥709.2M	CN¥709.2M	CN¥1.46B	CN¥1.28B	CN¥0
Long-term investments	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Other non-current assets	CN¥11.1M	CN¥5.0M	CN¥5.0M	CN¥5.0M	CN¥5.0M	CN¥5.0M	CN¥4.3M	CN¥5.0M	CN¥5.0M	CN¥0	CN¥50.3M	CN¥0
Total assets	CN¥64.9M	CN¥65.1M	CN¥69.4M	CN¥69.4M	CN¥115.6M	CN¥115.6M	CN¥782.8M	CN¥782.8M	CN¥782.8M	CN¥1.34B	CN¥1.34B	CN¥85.7M
Liabilities
Accounts payable	CN¥30.2M	CN¥30.2M	CN¥29.5M	CN¥29.5M	CN¥25.5M	CN¥1.07B	CN¥37.0M	CN¥37.0M	CN¥1.10B	CN¥23.7M	CN¥1.32B	CN¥182,000
Short-term debt	CN¥679.4M	—	CN¥700.8M	—	CN¥1.08B	CN¥41.6M	CN¥1.10B	CN¥1.10B	CN¥32.4M	CN¥125,000	CN¥59.2M	CN¥44.4M
Deferred revenue	—	—	CN¥17,000	—	—	—	—	—	—	—	—	CN¥6.9M
Total current liabilities	CN¥679.2M	CN¥936.2M	CN¥949.2M	CN¥949.2M	CN¥1.33B	CN¥1.33B	CN¥1.34B	CN¥1.34B	CN¥1.34B	CN¥25.9M	CN¥25.9M	CN¥729.1M
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¥473,000	—	CN¥552,000	—	CN¥768,000	—	CN¥936,000	—	CN¥474,000	—	CN¥0
Other long-term liabilities	CN¥253.8M	CN¥257,000	CN¥353,000	CN¥353,000	CN¥406,000	CN¥406,000	CN¥587,000	CN¥587,000	CN¥587,000	CN¥1.54B	CN¥1.54B	CN¥0
Total liabilities	CN¥933.0M	CN¥936.5M	CN¥949.5M	CN¥949.5M	CN¥1.33B	CN¥1.33B	CN¥1.34B	CN¥1.34B	CN¥1.34B	CN¥1.57B	CN¥1.57B	CN¥729.1M
Shareholders' equity
Common stock & paid-in capital	CN¥178.9M	—	CN¥179.6M	—	CN¥179.5M	CN¥179.5M	CN¥57.2M	CN¥57.2M	CN¥57.2M	CN¥1.9M	CN¥1.9M	CN¥1.9M
Retained earnings (deficit)	−CN¥4.61B	−CN¥4.62B	−CN¥4.61B	−CN¥4.61B	−CN¥4.53B	−CN¥4.53B	−CN¥3.86B	−CN¥3.86B	−CN¥3.86B	−CN¥3.24B	−CN¥3.24B	−CN¥3.63B
Accumulated other comprehensive income	CN¥106.3M	—	CN¥80.0M	—	CN¥63.2M	CN¥63.2M	CN¥106.0M	CN¥106.0M	CN¥106.0M	CN¥55.3M	CN¥55.3M	CN¥25.4M
Total shareholders' equity	−CN¥868.1M	−CN¥871.4M	−CN¥880.1M	−CN¥880.1M	−CN¥1.21B	−CN¥1.21B	−CN¥556.6M	−CN¥556.6M	−CN¥556.6M	−CN¥224.6M	−CN¥224.6M	−CN¥643.4M
Key figures
Total debt	CN¥679.5M	—	CN¥701.1M	—	CN¥1.08B	CN¥42.0M	CN¥1.10B	CN¥1.10B	CN¥33.0M	CN¥1.35B	CN¥59.5M	CN¥44.4M
Net cash (debt)	−CN¥672.7M	—	−CN¥688.3M	—	−CN¥1.07B	−CN¥35.4M	−CN¥1.09B	−CN¥1.09B	−CN¥22.9M	−CN¥1.34B	−CN¥52.5M	−CN¥44.1M
Working capital	−CN¥649.8M	−CN¥900.5M	−CN¥909.3M	−CN¥909.3M	−CN¥1.29B	−CN¥1.29B	−CN¥1.27B	−CN¥1.27B	−CN¥1.27B	−CN¥18.8M	−CN¥18.8M	−CN¥643.4M
Tangible book value	−CN¥892.1M	−CN¥895.3M	−CN¥904.1M	−CN¥904.1M	−CN¥1.28B	−CN¥1.28B	−CN¥1.27B	−CN¥1.27B	−CN¥1.27B	−CN¥1.69B	−CN¥1.51B	−CN¥643.4M
Shares outstanding	51.5M	123.72B	515K	123.72B	1.0M	1.0M	—	3975.53B	56.76B	56.76B	56.76B	35.47B
Current ratio	0.04	0.04	0.04	0.04	0.03	0.03	0.05	0.05	0.05	0.27	0.27	0.12
Quick ratio	0.04	0.03	0.04	0.04	0.02	0.02	0.03	0.03	0.03	1.22	1.22	0.00
Equity / assets	−1,338.1%	−1,338.1%	−1,268.6%	−1,268.6%	−1,050.7%	−1,050.7%	−71.1%	−71.1%	−71.1%	−16.7%	−16.7%	−751.2%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed January 14, 2026); data from EODHD.

XHG financial position

At the end of fiscal 2025 (September 30, 2025), XChange TEC.INC had total assets of CN¥69.4 million (down 91.1% from a year earlier), total liabilities of CN¥949.5 million and shareholders' equity of -CN¥880.1 million. It held CN¥12.8 million in cash and short-term investments against CN¥701.1 million of debt, net debt of CN¥688.3 million. Its current ratio was 0.04. In the latest quarter (ended June 30, 2026) total assets were CN¥64.9 million and equity -CN¥868.1 million.

Related: XHG income statement, XHG cash flow statement, XHG key metrics. See the XHG stock overview for the latest quote and news.

XHG balance sheet FAQ

What are XChange TEC.INC's total assets?

XChange TEC.INC reported total assets of CN¥69.4 million at the end of fiscal 2025 (September 30, 2025), compared with CN¥782.8 million a year earlier.

How much debt does XChange TEC.INC have?

XChange TEC.INC had CN¥701.1 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was —.

How much cash does XChange TEC.INC have?

XChange TEC.INC held CN¥12.8 million in cash and short-term investments at the end of fiscal 2025; with CN¥701.1 million of debt that is net debt of CN¥688.3 million.

What is XChange TEC.INC's book value?

XChange TEC.INC's shareholders' equity (book value) was -CN¥880.1 million at the end of fiscal 2025.

What is XChange TEC.INC's current ratio?

XChange TEC.INC had current assets of CN¥39.9 million and current liabilities of CN¥949.2 million, a current ratio of 0.04 (current liabilities exceed current assets).

How much goodwill does XChange TEC.INC have?

XChange TEC.INC carried CN¥24.0 million of goodwill and intangible assets, 34.5% of total assets, at the end of fiscal 2025.