XChange TEC.INC (XHG) Cash Flow Statement
Where XHG’s cash came from and went, FY2025
September 30, 2025 · Chinese yuan- Cash from operations
- −CN¥11,698
- Capital expenditures
- CN¥15 0.0% of revenue
- Free cash flow
- −CN¥11,698 −3.2% margin
- Returned to shareholders
- —
- Change in cash
- CN¥2,794 cash at year-end CN¥15,879
Cash from operations
−CN¥11,698
Investments (net)
+CN¥141
Acquisitions & other
−CN¥616
Net borrowing (repayment)
+CN¥17,729
Other financing
+CN¥1,060
Currency & other
−CN¥3,822
Change in cash
CN¥2,794
Drawn to scale: where the cash came from and how it was used. Hover for values.
XHG operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
XHG cash flow trends, FY2017–FY2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥42.6MFY2017 | −CN¥11,698FY2025 | — | |
| Capital expenditures | CN¥267.6MFY2017 | CN¥15FY2025 | −87.6%/yr | |
| Free cash flow | −CN¥310.2MFY2017 | −CN¥11,698FY2025 | — | |
| Free cash flow margin | −60.9%FY2017 | −3.2%FY2025 | +57.7 pts | |
| Stock-based compensation | CN¥775,000FY2017 | CN¥0FY2025 | −100.0% | |
| Share buybacks (net) | CN¥241.3MFY2020 | CN¥0FY2022 | −100.0% | |
| Capex / revenue | 52.6%FY2017 | 0.0%FY2025 | −52.6 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
XHG cash flow by activity
OperatingInvestingFinancingChange in cash
XHG net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
XHG cash flow statement in Chinese yuan
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Operating activities | |||||||||
| Net income | −CN¥748,414 | −CN¥613.2M | −CN¥25.1M | −CN¥539.6M | −CN¥564.2M | −CN¥1.49B | −CN¥516.5M | −CN¥525.4M | −CN¥239.7M |
| Depreciation & amortization | CN¥407,753 | CN¥261,000 | CN¥0 | CN¥27.4M | CN¥78.3M | CN¥254.8M | CN¥222.1M | CN¥159.8M | CN¥99.3M |
| Stock-based compensation | CN¥0 | CN¥2.5M | CN¥4.8M | CN¥9.8M | CN¥15.8M | CN¥16.0M | CN¥8.2M | CN¥2.3M | CN¥775,000 |
| Change in working capital | CN¥12,621 | CN¥1.5M | −CN¥1.9M | CN¥22.7M | CN¥153.8M | CN¥283.1M | CN¥113.8M | −CN¥9.6M | CN¥16.3M |
| Other non-cash items | CN¥316,342 | CN¥599.1M | −CN¥17.7M | CN¥436.6M | CN¥207.6M | CN¥986.2M | CN¥81.0M | CN¥249.9M | CN¥80.8M |
| Cash from operating activities | −CN¥11,698 | −CN¥9.8M | −CN¥39.9M | −CN¥43.1M | −CN¥108.7M | CN¥53.2M | −CN¥91.4M | −CN¥123.0M | −CN¥42.6M |
| Investing activities | |||||||||
| Capital expenditures | −CN¥15 | −CN¥9.3M | −CN¥31 | −CN¥21 | −CN¥2,006 | −CN¥96.2M | −CN¥354.2M | −CN¥708.7M | −CN¥267.6M |
| Investments (net) | CN¥141 | CN¥10.2M | CN¥0 | −CN¥11.5M | −CN¥6.5M | −CN¥138.7M | — | — | — |
| Acquisitions & other investing | −CN¥616 | CN¥9.3M | — | −CN¥1.0M | CN¥58,937 | CN¥100.4M | −CN¥18.4M | CN¥27 | −CN¥1.6M |
| Cash from investing activities | −CN¥490 | CN¥10.2M | — | −CN¥12.5M | −CN¥6.4M | −CN¥134.5M | −CN¥372.6M | −CN¥708.7M | −CN¥269.3M |
| Financing activities | |||||||||
| Share repurchases & issuance (net) | — | — | — | CN¥0 | CN¥0 | −CN¥241.3M | — | — | — |
| Net borrowing (repayment) | CN¥17,729 | CN¥8.7M | CN¥37.9M | CN¥30.6M | CN¥115.8M | — | — | — | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥289.0M | CN¥530.0M | CN¥0 | CN¥0 |
| Other financing | CN¥1,060 | CN¥0 | CN¥0 | CN¥1.3M | −CN¥15.1M | −CN¥178.6M | CN¥68.7M | CN¥567.1M | CN¥624.7M |
| Cash from financing activities | CN¥18,789 | CN¥8.7M | CN¥37.9M | CN¥31.9M | CN¥100.7M | −CN¥130.8M | CN¥598.7M | CN¥567.1M | CN¥624.7M |
| Summary | |||||||||
| Net change in cash | CN¥2,794 | CN¥12.0M | −CN¥1.8M | −CN¥20.7M | −CN¥10.9M | −CN¥207.0M | CN¥127.5M | −CN¥261.3M | CN¥367.6M |
| Cash at end of period | CN¥15,879 | CN¥13.1M | CN¥1.1M | CN¥566,986 | CN¥19.2M | CN¥31.7M | CN¥250.5M | CN¥118.7M | CN¥367.6M |
| Free cash flow | −CN¥11,698 | −CN¥9.8M | −CN¥39.9M | −CN¥43.1M | −CN¥108.7M | −CN¥43.0M | −CN¥445.6M | −CN¥831.7M | −CN¥310.2M |
| Free cash flow margin | −3.2% | −24.4% | — | −6.6% | −10.6% | −3.6% | −34.8% | −88.5% | −60.9% |
| Capex / revenue | 0.0% | 23.3% | — | 0.0% | 0.0% | 8.1% | 27.6% | 75.4% | 52.6% |
| Jun '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Mar '24 | Dec '23 | Sep '23 | Mar '23 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥17.6M | −CN¥70.0M | −CN¥680.6M | −CN¥677.7M | −CN¥338.9M | −CN¥226.8M | −CN¥16.0M | CN¥193.7M | −CN¥28.0M | −CN¥42.7M |
| Depreciation & amortization | — | — | — | — | — | CN¥261,000 | — | — | — | CN¥3.1M |
| Stock-based compensation | — | — | — | — | — | CN¥976,000 | CN¥1.5M | CN¥765,500 | CN¥2.5M | CN¥2.3M |
| Change in working capital | −CN¥1.2M | — | — | — | — | CN¥1.5M | — | — | −CN¥1.9M | — |
| Other non-cash items | CN¥10.5M | CN¥66.6M | CN¥672.6M | CN¥669.8M | CN¥334.9M | CN¥216.4M | CN¥12.4M | −CN¥195.5M | CN¥13.0M | CN¥12.2M |
| Cash from operating activities | −CN¥8.3M | −CN¥3.4M | −CN¥8.0M | −CN¥7.9M | −CN¥4.0M | −CN¥7.7M | −CN¥2.1M | −CN¥1.0M | −CN¥14.4M | −CN¥25.1M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥8.3M | −CN¥15 | −CN¥22 | CN¥0 | CN¥0 | CN¥0 | −CN¥2.1M | CN¥0 | CN¥0 | −CN¥28 |
| Acquisitions & other investing | CN¥7.9M | −CN¥188,572 | −CN¥302,248 | −CN¥301,000 | −CN¥150,500 | CN¥105,000 | CN¥12.2M | CN¥5.0M | — | — |
| Cash from investing activities | −CN¥406,536 | −CN¥188,587 | −CN¥302,270 | −CN¥301,000 | −CN¥150,500 | CN¥105,000 | CN¥10.1M | CN¥5.0M | — | — |
| Financing activities | ||||||||||
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥1.5M | CN¥12.4M | CN¥5.9M | CN¥5.9M | CN¥3.0M | CN¥6.8M | CN¥1.9M | CN¥940,500 | CN¥12.4M | CN¥25.1M |
| Cash from financing activities | CN¥1.5M | CN¥12.4M | CN¥5.9M | CN¥5.9M | CN¥3.0M | CN¥6.8M | CN¥1.9M | CN¥940,500 | CN¥12.4M | CN¥25.1M |
| Summary | ||||||||||
| Net change in cash | −CN¥6.1M | CN¥6.1M | −CN¥2.2M | −CN¥2.2M | — | CN¥12.0M | CN¥4.5M | — | −CN¥1.8M | −CN¥407,113 |
| Cash at end of period | CN¥4.4M | CN¥10.9M | CN¥4.9M | CN¥4.9M | CN¥7.1M | CN¥13.1M | CN¥7.0M | CN¥346,631 | CN¥1.1M | CN¥2.4M |
| Free cash flow | −CN¥16.5M | −CN¥3.4M | −CN¥8.0M | −CN¥7.9M | −CN¥4.0M | −CN¥7.7M | −CN¥2.1M | −CN¥1.0M | −CN¥14.4M | −CN¥25.1M |
| Free cash flow margin | −8.5% | −1.8% | −4.5% | −9.0% | −4.5% | −3.6% | −2.7% | −2.7% | — | −12.6% |
| Capex / revenue | 4.3% | 0.0% | 0.0% | 0.0% | 0.0% | 0.0% | 2.7% | 0.0% | — | 0.0% |
| Operating cash flow / net income | — | — | — | — | — | — | — | −0.01 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
XHG cash generation
In fiscal 2025 (ended September 30, 2025), XChange TEC.INC generated -CN¥0.0 million of cash from operations and spent CN¥0.0 million on capital expenditures, leaving free cash flow of -CN¥0.0 million, −3.2% of revenue. Cash and equivalents rose by CN¥0.0 million over the year.
Related: XHG income statement, XHG balance sheet. See the XHG stock overview for the latest quote and news.
XHG cash flow FAQ
What is XChange TEC.INC's free cash flow?
XChange TEC.INC's free cash flow was -CN¥0.0 million in fiscal 2025: -CN¥0.0 million of operating cash flow minus CN¥0.0 million of capital expenditures It was -CN¥9.8 million a year earlier..
How much cash does XChange TEC.INC generate from operations?
XChange TEC.INC generated -CN¥0.0 million of cash from operating activities in fiscal 2025.
How much does XChange TEC.INC spend on capital expenditures?
XChange TEC.INC spent CN¥0.0 million on capital expenditures in fiscal 2025, 0.0% of revenue, compared with CN¥9.3 million the year before.