| Item | Current period | Prior period | YoY change |
|---|---|---|---|
| Revenue | 29,309,048 | 26,794,144 | +9.39% |
| Cost of sales | 18,880,787 | 22,245,642 | 15.1% |
| Gross profit | 10,428,262 | 4,548,502 | +129.3% |
| Selling expenses | 2,517,213 | 1,825,687 | +37.9% |
| Admin expenses | 2,008,889 | 2,112,412 | 4.9% |
| R&D expenses | 1,240,692 | 1,282,363 | 3.2% |
| Finance expenses | 475,609 | 459,916 | +3.4% |
| Operating profit | 4,636,982 | -862,676 | Turned profitable |
| Net profit | 4,034,946 | -1,399,689 | Turned profitable |
| Item | Ending balance | Beginning balance | Change |
|---|---|---|---|
| Current assets | 20,889,065 | 18,647,871 | +12.0% |
| Non-current assets | 17,528,360 | 17,562,888 | -0.2% |
| Total assets | 38,417,425 | 36,210,759 | +6.1% |
| Current liabilities | 13,179,928 | 11,427,773 | +15.3% |
| Non-current liabilities | 4,856,002 | 4,919,662 | -1.3% |
| Total liabilities | 18,035,930 | 16,347,435 | +10.3% |
| Owner's equity | 20,381,495 | 19,863,324 | +2.6% |
| Debt ratio | 46.95% | 45.15% | +1.8p.p |
| Item | Current period | Prior period | Change |
|---|---|---|---|
| Net cash from operating activities | 6,637,246 | 7,068,438 | -6.1% |
| Net cash from investing activities | -5,451,535 | -5,419,667 | -0.6% |
| Net cash from financing activities | -1,843,360 | -1,509,716 | -22.1% |
| Net increase in cash | -743,807 | -769,460 | 3.3% |
| Beginning cash balance | 4,281,806 | 3,624,149 | +18.1% |
| Ending cash balance | 3,538,000 | 2,970,836 | +19.1% |
1. Profitability improved markedly — XX Tech reported FY2025 revenue of CNY 29.31M, up 9.39% YoY; net profit reached CNY 4.03M, a successful turnaround from the prior-period loss of CNY 1.40M. Gross margin rose sharply from 16.98% to 35.58% (+18.6 p.p.), driven mainly by 33.5% growth in core-business revenue and effective cost control. Net margin reached 13.77%, restoring profitability to a healthy level.
2. Operating efficiency improved — Selling-expense ratio 8.59%, admin-expense ratio 6.85%, R&D-expense ratio 4.23% — a reasonable cost structure. Total asset turnover rose from 0.7399 to 0.7629, improving asset-utilization efficiency.
3. Financial structure is sound — The debt ratio of 46.95% edged up from the prior year but stays within a reasonable range. Current ratio 158.49% and quick ratio 124.48% indicate good short-term solvency. The equity multiplier of 1.8849 reflects moderate financial leverage.
4. Cash-flow position — Net operating cash flow of CNY 6.64M shows strong cash-generating capacity. Free cash flow of CNY 1.92M supports the company's ongoing investment. The period-end cash balance of CNY 3.27M provides ample liquidity.
5. ROE drivers — Return on equity 19.8% (DuPont: net margin 13.77% × asset turnover 0.7629 × equity multiplier 1.8849), driven mainly by the improvement in net margin; higher earnings quality is the core momentum.