All three tenses have at least two readings, so the archetype blend applies as printed.
Of the nine metrics, 8 read as filed from the record and 1 is an SI estimate, each with its reasoning, its confidence and what would change it on its card.
What did they actually do?
Has it survived what it has been through?
4 warning events since 2019; the latest 2024-01-30.
From the record
XChange TEC.INC's filings since 2019 show 4 warning events: a late-report notice (Form NT 10-K or NT 10-Q, 4 times, the latest 2024-01-30) (its current reports).
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What has it actually done, year after year?
-4.4% a year over 8 filed years; profitable in 1 of 9.
From the record
XChange TEC.INC's 8 filed years say what it did: revenue went from CNY 523 million in fiscal 2017 to CNY 365 million in fiscal 2025, down 4.4% a year; it rose in 3 of 7 years; the deepest fall was 77% from fiscal 2019 to fiscal 2024; net income was positive in 1 of 9 of those years (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How has it treated the people who own it?
SI estimate 5.0/10, confidence 20 of 100 (family median).
SI estimate Inferred, not read as filed
From the record
SI estimate, not a filed reading: XChange TEC.INC's shareholder treatment is put at 5.0 of 10 with a confidence of 20 of 100, because fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income, so the desk assumes the typical reading of its industry family, the median of 24 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.
What are they doing right now?
Is it financially healthy right now?
Leverage 1369%: owes 1369¢ per asset dollar.
From the record
Return on equity: in the fiscal year ended 2025-09-30, XChange TEC.INC's shareholders' equity was below zero, so the profit on it is not read, and gross profitability: its products earned about 12 cents per dollar of everything the company owns. Leverage: it owed about 1369 cents per dollar of assets (the filed statements).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
How strong is its position in its industry?
bottom 5% of 30 in its family; net margin -204.9%.
From the record
XChange TEC.INC's standing among 30 graded names in its industry family: revenue of CNY 365 million in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of -204.9% ranks in the bottom 5%; revenue growth of -22.9% a year over the last 3 filed years ranks in the bottom 5% (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are the people in charge doing?
bottom 8% of 21 in its family for leadership; chief executive since 2026.
From the record
XChange TEC.INC's leadership, from its insiders' filings and its current reports: the chief executive on the record is Sun, Zhichen (Chief Executive Officer, as filed), filing under that title since 2026-03-17, 8 months (bottom 13% of its family); the 4 officers and directors filing in the last fifteen months have been on the record a median of 8 months (bottom 3%); it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes are not read (the Form 4 record, its Form 8-K reports). Years count from a person's first filing in the SEC's data sets, which begin in 2006, so each is a floor.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What are they set up to do next?
How much room does it have to grow?
bottom 36% of 29 in its family for room to expand.
From the record
XChange TEC.INC's room to grow, from the newest filed statements (fiscal 2025): cash of CNY 16 million against no long-term debt tagged leaves 22.9% of its assets as net cash, top 19% of its family; cash from operations less capital spending is -3.2% of revenue (bottom 22%); a gross margin of 2.2% (bottom 4%) (its annual report).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
What could actually drive growth from here?
bottom 24% of 29 in its family for growth drivers.
From the record
XChange TEC.INC's growth drivers, from the filed years to fiscal 2025: revenue grew -22.9% a year over the last three filed years against -4.4% over all 8, slowing (bottom 5% of its family); the newest year grew 26.7% (top 19%); research spending grew -85.4% a year (bottom 6%); capital spending grew -98.6% a year (bottom 2%) (its annual reports). XChange TEC.INC tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
Did its newest year beat what its own record pointed to?
bottom 36% of 25 in its family for expectations against reality.
From the record
XChange TEC.INC's newest year against its own record: revenue of CNY 365 million in fiscal 2025 came in 94% above the CNY 188 million its prior three years' pace pointed to (top 2% of its family); net income of CNY 748 million against a prior three-year average of CNY 8 million (bottom 4%); a net margin of a loss larger than its revenue against -2.6% before (bottom 6%) (its annual reports).
What it rests on
A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.
The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made