XChange TEC.INC (XHG) Income Statement
XHG FY2025 at a glance
Fiscal year ended September 30, 2025 · Chinese yuanXHG revenue and net income
Where XHG's revenue goes
FY2025Each bar shows an amount and its share of revenue. XHG kept −204.9% of revenue as net income.
XHG profit margins
XHG growth rates
to FY2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −99.1% | −91.8% | −80.2% | — |
| Gross profit | −99.6% | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
XHG income statement in Chinese yuan
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥365,267 | CN¥40.0M | CN¥0 | CN¥652.3M | CN¥1.03B | CN¥1.19B | CN¥1.28B | CN¥939.6M | CN¥509.1M |
| Cost of revenue | CN¥357,266 | CN¥38.2M | CN¥0 | CN¥711.0M | CN¥1.02B | CN¥1.43B | CN¥1.58B | CN¥1.11B | CN¥638.0M |
| Gross profit | CN¥8,001 | CN¥1.8M | CN¥0 | −CN¥58.7M | CN¥3.9M | −CN¥241.4M | −CN¥300.2M | −CN¥170.6M | −CN¥128.9M |
| Research & development | CN¥0 | CN¥24,000 | CN¥46,000 | CN¥22,000 | CN¥192,000 | CN¥24.9M | CN¥47.0M | CN¥51.9M | CN¥44.2M |
| Sales, general & admin | CN¥42,387 | CN¥16.1M | CN¥23.5M | CN¥29.3M | CN¥27.5M | CN¥102.8M | CN¥155.2M | CN¥120.7M | CN¥71.8M |
| Total operating expenses | CN¥728,344 | CN¥3.8M | CN¥3.3M | CN¥4.5M | CN¥172.3M | −CN¥75.9M | CN¥72.4M | CN¥101.4M | CN¥14.5M |
| Operating income | −CN¥34,386 | −CN¥13.5M | −CN¥23.5M | −CN¥29.4M | −CN¥168.4M | −CN¥165.6M | −CN¥372.6M | −CN¥271.9M | −CN¥143.4M |
| Interest income | — | — | — | — | CN¥38,000 | CN¥324,000 | CN¥2.5M | — | — |
| Interest expense | CN¥3.8M | CN¥3.6M | CN¥221,742 | CN¥6.4M | CN¥126.2M | CN¥126.6M | CN¥97.8M | CN¥83.8M | CN¥49.2M |
| Income before taxes | −CN¥748,368 | −CN¥595.9M | −CN¥25.1M | −CN¥495.1M | −CN¥564.2M | −CN¥1.49B | −CN¥516.5M | −CN¥522.9M | −CN¥239.1M |
| Income taxes | CN¥46 | CN¥548,000 | CN¥3.6M | −CN¥4.5M | CN¥30,726 | CN¥12,603 | CN¥65,305 | CN¥2.5M | CN¥582,037 |
| Net income | −CN¥748,414 | −CN¥226.8M | −CN¥71.3M | CN¥820.0M | −CN¥564.2M | −CN¥1.49B | −CN¥516.5M | −CN¥525.4M | −CN¥239.7M |
| EBITDA | −CN¥99.5M | −CN¥81.1M | −CN¥3.3M | −CN¥69.1M | −CN¥359.7M | −CN¥1.11B | −CN¥196.5M | −CN¥279.3M | −CN¥90.7M |
| Gross margin | 2.2% | 4.6% | — | −9.0% | 0.4% | −20.3% | −23.4% | −18.2% | −25.3% |
| Operating margin | −9.4% | −33.7% | — | −4.5% | −16.4% | −14.0% | −29.1% | −28.9% | −28.2% |
| Net margin | −204.9% | −566.8% | — | 125.7% | −54.9% | −125.3% | −40.3% | −55.9% | −47.1% |
| Jun '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Mar '24 | Dec '23 | Sep '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥194.3M | CN¥187.6M | CN¥176.4M | CN¥87.8M | CN¥87.8M | CN¥211.6M | CN¥77.0M | CN¥38.4M | CN¥0 | CN¥198.8M | CN¥305.5M | CN¥144.1M |
| Cost of revenue | CN¥188.7M | CN¥184.0M | CN¥172.1M | CN¥85.7M | CN¥85.7M | CN¥202.3M | CN¥72.8M | CN¥36.3M | — | CN¥217.1M | CN¥328.5M | CN¥45.3M |
| Gross profit | CN¥5.5M | CN¥3.7M | CN¥4.3M | CN¥2.1M | CN¥2.1M | −CN¥63.3M | CN¥4.2M | CN¥38.4M | — | −CN¥18.3M | −CN¥23.0M | CN¥144.1M |
| Research & development | — | — | — | — | — | CN¥9,000 | CN¥15,000 | CN¥7,500 | CN¥24,000 | CN¥22,000 | CN¥11,000 | CN¥471,000 |
| Sales, general & admin | — | CN¥9.0M | CN¥9.0M | CN¥9.0M | CN¥9.0M | CN¥17.5M | CN¥9.8M | CN¥4.9M | CN¥20.2M | CN¥5.5M | CN¥2.8M | CN¥230.7M |
| Total operating expenses | CN¥13.7M | CN¥24.1M | CN¥18.1M | CN¥331.5M | CN¥331.5M | CN¥592.4M | CN¥9.9M | CN¥4.9M | CN¥20.2M | CN¥13.4M | CN¥22.5M | CN¥171.5M |
| Operating income | −CN¥8.2M | −CN¥20.5M | −CN¥13.8M | −CN¥329.3M | −CN¥329.3M | −CN¥655.7M | −CN¥5.7M | CN¥33.4M | −CN¥20.2M | −CN¥31.7M | −CN¥45.4M | −CN¥27.4M |
| Interest expense | CN¥10.2M | CN¥9.4M | CN¥18.1M | CN¥9.0M | — | CN¥15.3M | CN¥10.9M | — | CN¥1.6M | CN¥628,392 | CN¥13.5M | CN¥6.4M |
| Income before taxes | −CN¥17.6M | −CN¥69.9M | −CN¥680.5M | −CN¥338.8M | −CN¥338.8M | −CN¥596.7M | −CN¥16.0M | −CN¥8.0M | −CN¥23.3M | −CN¥42.7M | CN¥1.13B | CN¥531.6M |
| Income taxes | CN¥19,639 | CN¥20,776 | CN¥25,100 | CN¥12,500 | CN¥12,500 | CN¥500,000 | −CN¥48,137 | CN¥24,000 | — | −CN¥2 | CN¥25,444 | CN¥12,000 |
| Net income | −CN¥17.6M | −CN¥70.0M | −CN¥680.6M | −CN¥338.9M | −CN¥338.9M | −CN¥614.2M | CN¥388.6M | CN¥193.7M | −CN¥28.0M | −CN¥42.7M | CN¥1.13B | CN¥531.6M |
| EBITDA | −CN¥7.4M | −CN¥60.5M | −CN¥662.5M | −CN¥6.8M | −CN¥6.8M | −CN¥720.0M | −CN¥5.1M | — | −CN¥25.7M | −CN¥38.9M | CN¥1.15B | −CN¥5.7M |
| Gross margin | 2.8% | 2.0% | 2.4% | 2.4% | 2.4% | −29.9% | 5.5% | 100.0% | — | −9.2% | −7.5% | 100.0% |
| Operating margin | −4.2% | −10.9% | −7.8% | −374.9% | −374.9% | −309.8% | −7.4% | 87.2% | — | −16.0% | −14.9% | −19.0% |
| Net margin | −9.1% | −37.3% | −385.8% | −385.8% | −385.8% | −290.3% | 504.8% | 504.8% | — | −21.5% | 369.0% | 369.0% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in XHG's financial statements (latest annual report filed January 14, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
XHG financial results
In fiscal year 2025 (ended September 30, 2025), XChange TEC.INC reported revenue of CN¥0.4 million, down 99.1% from the year before. It had a net loss of CN¥0.7 million, a net profit margin of −204.9%. Over five years revenue grew at an average rate of −80.2% a year. Figures are in Chinese yuan, the currency of its financial statements.
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XHG income statement FAQ
What is XChange TEC.INC's annual revenue?
XChange TEC.INC reported total revenue of CN¥0.4 million for fiscal year 2025, which ended on September 30, 2025. That was down 99.1% from CN¥40.0 million the previous year.
Is XChange TEC.INC profitable?
No. XChange TEC.INC reported a net loss of CN¥0.7 million in fiscal 2025, a net profit margin of −204.9%; its operating margin was −9.4%.
What is XChange TEC.INC's gross margin?
XChange TEC.INC's gross margin was 2.2% in fiscal 2025: for every $100 of revenue, XChange TEC.INC kept $2 after the direct cost of its products and services.
How fast is XChange TEC.INC growing?
Revenue grew −80.2% a year on average over the last five fiscal years, from CN¥1.2 billion to CN¥0.4 million.
When does XChange TEC.INC's fiscal year end?
XChange TEC.INC's fiscal year ends in September. The latest annual report covers the year ended September 30, 2025 and was filed on January 14, 2026.