XChange TEC.INC (XHG) Balance Sheet: Assets & Liabilities

XChange TEC.INC (XHG) Balance Sheet

As of Sep 30, 2025 (end of fiscal 2025), XChange TEC.INC reported total assets of CNY 69.38M and total liabilities of CNY 949.52M. Shareholders' equity was negative at −CNY 880.14M, meaning liabilities exceed assets. Total debt stood at CNY 701.11M against CNY 12.77M in cash and short-term investments, a net debt position of CNY 688.34M.

XChange TEC.INC Balance Sheet Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for XChange TEC.INC (XHG) - Annual data in billions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Sep 2025	Sep 2024	Sep 2023	Sep 2022	Sep 2021	Sep 2020	Dec 2019	Sep 2018	Sep 2017
Current Assets
Cash and Cash Equivalents	0.01	0.01	0.00	0.00	0.02	0.03	0.25	0.12	0.37
Short-Term Investments	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash & Short-Term Investments	0.01	0.01	0.00	0.00	0.02	0.03	0.25	0.12	0.37
Accounts Receivable	0.02	0.04	0.00	0.00	0.12	0.10	0.15	0.14	0.06
Inventory	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Other Current Assets	0.00	0.02	0.09	0.07	0.00	0.00	0.00	0.00	0.00
Total Current Assets	0.04	0.07	0.09	0.07	0.14	0.13	0.40	0.26	0.42
Non-Current Assets
Property, Plant & Equipment (Net)	0.00	0.00	0.00	0.00	0.04	0.36	1.18	1.32	0.58
Goodwill	0.02	0.71	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Intangible Assets	0.00	0.00	0.00	0.01	0.15	0.22	0.00	0.00	0.00
Other Non-Current Assets	0.01	0.01	0.09	0.01	0.04	0.14	0.21	0.20	0.13
Total Non-Current Assets	0.03	0.72	0.09	0.02	0.23	0.72	1.39	1.52	0.71
Total Assets	0.07	0.78	0.09	0.10	0.38	0.85	1.80	1.78	1.14
Current Liabilities
Accounts Payable	0.03	0.04	0.00	0.13	0.00	0.00	0.00	0.00	0.00
Short-Term Debt	0.70	1.10	0.04	0.13	0.58	0.81	1.07	1.24	0.86
Current Portion of Long-Term Debt	-	-	-	-	0.22	-	-	-	-
Accrued Liabilities	0.05	0.02	0.00	0.08	1.05	-	-	-	-
Deferred Revenue	0.00	0.00	0.00	0.17	0.00	0.00	0.00	0.00	0.00
Other Current Liabilities	0.22	0.20	0.68	0.17	0.00	0.00	0.00	0.00	0.00
Total Current Liabilities	0.95	1.34	0.73	0.67	0.58	0.81	1.07	1.24	0.86
Non-Current Liabilities
Long-Term Debt	0.00	0.00	0.00	0.00	0.51	0.67	1.85	0.81	0.55
Other Non-Current Liabilities	0.00	0.00	0.68	0.06	1.57	0.99	0.64	0.75	0.32
Total Non-Current Liabilities	0.00	0.00	0.68	0.08	2.28	2.02	2.96	1.96	1.07
Total Liabilities	0.95	1.34	0.73	0.67	2.86	2.84	4.03	3.20	1.93
Stockholders' Equity
Common Stock	0.18	0.06	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Retained Earnings	-4.61	-3.86	-3.63	-3.56	-4.37	-3.80	-2.27	-1.48	-0.85
Accumulated Other Comprehensive Income	0.08	0.11	0.03	0.03	0.04	0.02	-0.01	0.00	0.00
Additional Paid-in Capital	3.47	3.14	2.96	2.95	1.85	1.79	0.00	0.00	0.00
Minority Interest	0.00	0.00	0.00	0.00	0.01	0.01	0.01	0.02	0.02
Shares Outstanding	123.72	0.80	0.03	0.03	-	-	-	-	-
Total Stockholders' Equity	-0.88	-0.56	-0.64	-0.57	-2.49	-2.00	-2.24	-1.44	-0.81
Total Liabilities & Equity	0.07	0.78	0.09	0.10	0.38	0.85	1.80	1.78	1.13

Source: Company financial statements from annual and quarterly filings. Data as of Mar 31, 2026. Data sources and methodology

Frequently Asked Questions About XChange TEC.INC Balance Sheet

How much debt does XChange TEC.INC have?

XChange TEC.INC had total debt of CNY 701.11M as of Sep 30, 2025, against CNY 12.77M in cash and short-term investments. Total debt was CNY 1.10B a year earlier.

What are XChange TEC.INC's total assets?

XChange TEC.INC reported total assets of CNY 69.38M as of Sep 30, 2025, down 91.1% from CNY 782.84M a year earlier. Total liabilities were CNY 949.52M.

What is XChange TEC.INC's shareholders' equity?

XChange TEC.INC's shareholders' equity was negative at −CNY 880.14M as of Sep 30, 2025, so its liabilities exceeded its assets.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition