X 
Xizi Clean Energy Equipment Manufacturing Co 002534.SZ · CNY
Industrials · Shenzhen · 🇨🇳 China
14.11
-0.56%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥6.24bn
FY2016FY2025
Net income
CN¥436.6m
FY2016FY2025
Free cash flow
CN¥618.7m
FY2016FY2025
Shareholders' equity
CN¥5.61bn
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥6.24bn | CN¥6.44bn | CN¥8.08bn | CN¥7.34bn | CN¥6.58bn | CN¥5.36bn | CN¥3.93bn | CN¥3.57bn | CN¥3.50bn | CN¥2.71bn |
| Gross profit | CN¥1.19bn | CN¥1.19bn | CN¥1.21bn | CN¥1.11bn | CN¥1.40bn | CN¥1.20bn | CN¥807.3m | CN¥886.0m | CN¥888.5m | CN¥683.6m |
| Research and development | CN¥362.5m | CN¥391.8m | CN¥419.9m | CN¥414.3m | CN¥402.1m | CN¥304.9m | CN¥196.8m | CN¥187.2m | CN¥158.0m | CN¥146.9m |
| Operating income | CN¥636.4m | CN¥589.2m | CN¥142.1m | CN¥257.8m | CN¥491.0m | CN¥712.3m | CN¥521.5m | CN¥352.0m | CN¥487.3m | CN¥152.2m |
| Net income | CN¥436.6m | CN¥439.8m | CN¥54.6m | CN¥203.9m | CN¥420.3m | CN¥515.5m | CN¥366.1m | CN¥244.1m | CN¥417.3m | CN¥191.5m |
| Diluted earnings per share | 0.52 | 0.58 | 0.07 | 0.29 | 0.63 | 0.70 | 0.51 | 0.34 | 0.57 | 0.26 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥14.35bn | CN¥15.01bn | CN¥15.95bn | CN¥15.95bn | CN¥13.94bn | CN¥10.41bn | CN¥9.30bn | CN¥8.34bn | CN¥8.10bn | CN¥7.59bn |
| Cash and short-term investments | — | CN¥3.53bn | CN¥3.84bn | CN¥3.64bn | CN¥3.94bn | CN¥2.76bn | CN¥2.28bn | CN¥971.5m | CN¥744.5m | CN¥1.03bn |
| Total liabilities | CN¥8.22bn | CN¥10.30bn | CN¥11.60bn | CN¥11.83bn | CN¥9.93bn | CN¥6.68bn | CN¥5.81bn | CN¥5.04bn | CN¥4.87bn | CN¥4.61bn |
| Debt | CN¥293.2m | CN¥1.74bn | CN¥2.06bn | CN¥2.71bn | CN¥1.81bn | CN¥530.4m | CN¥76.2m | CN¥107.1m | CN¥424.5m | CN¥281.5m |
| Shareholders' equity | CN¥5.61bn | CN¥4.22bn | CN¥3.90bn | CN¥3.70bn | CN¥3.64bn | CN¥3.38bn | CN¥3.25bn | CN¥3.11bn | CN¥2.98bn | CN¥2.61bn |
| Shares outstanding | 836m | 758m | 739m | 711m | 669m | 733m | 717m | 723m | 727m | 741m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | CN¥762.2m | CN¥568.1m | CN¥307.8m | −CN¥108.4m | CN¥823.8m | CN¥852.5m | CN¥905.2m | CN¥514.1m | CN¥531.6m | CN¥674.3m |
| Capital spending | −CN¥143.5m | −CN¥210.5m | −CN¥422.6m | −CN¥566.5m | −CN¥977.3m | −CN¥544.6m | −CN¥258.7m | −CN¥218.7m | −CN¥140.2m | −CN¥94.8m |
| Free cash flow | CN¥618.7m | CN¥357.7m | −CN¥114.8m | −CN¥674.9m | −CN¥153.4m | CN¥307.9m | CN¥646.5m | CN¥295.4m | CN¥391.3m | CN¥579.4m |
| Dividends paid | −CN¥161.4m | −CN¥118.9m | −CN¥132.1m | −CN¥143.7m | −CN¥287.5m | −CN¥287.5m | −CN¥147.9m | −CN¥162.8m | −CN¥106.0m | −CN¥51.7m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥1.38bn | CN¥1.10bn | CN¥1.91bn | CN¥1.54bn | CN¥1.58bn | CN¥1.21bn | CN¥1.56bn | CN¥1.89bn |
| Gross profit | CN¥228.0m | CN¥251.1m | CN¥349.0m | CN¥263.8m | CN¥315.2m | CN¥254.7m | CN¥233.1m | CN¥347.2m |
| Operating income | CN¥75.1m | CN¥76.0m | CN¥135.8m | CN¥28.6m | CN¥105.4m | CN¥64.9m | CN¥74.5m | CN¥106.6m |
| Net income | −CN¥110.5m | CN¥60.2m | CN¥260.0m | CN¥28.8m | CN¥94.1m | CN¥53.7m | CN¥16.3m | CN¥81.3m |
| Diluted earnings per share | -0.13 | 0.07 | 0.31 | 0.03 | 0.11 | 0.06 | 0.02 | 0.11 |
| Cash from operations | — | — | — | CN¥175.0m | CN¥351.0m | −CN¥175.0m | — | CN¥135.0m |
| Capital spending | −CN¥12.0m | −CN¥28.0m | −CN¥35.0m | −CN¥32.0m | −CN¥34.0m | −CN¥41.0m | −CN¥62.0m | −CN¥35.0m |
| Free cash flow | — | — | — | CN¥143.0m | CN¥317.0m | −CN¥216.0m | — | CN¥100.0m |
| Total assets | CN¥14.34bn | CN¥14.27bn | CN¥14.35bn | CN¥14.74bn | CN¥14.72bn | CN¥14.59bn | CN¥15.01bn | CN¥15.34bn |
| Cash and short-term investments | — | — | — | CN¥3.58bn | CN¥3.41bn | CN¥3.10bn | CN¥3.53bn | CN¥3.07bn |
| Debt | CN¥258.2m | CN¥293.2m | CN¥293.2m | CN¥1.38bn | CN¥1.64bn | CN¥1.61bn | CN¥1.71bn | CN¥1.75bn |
| Shareholders' equity | CN¥5.47bn | CN¥5.67bn | CN¥5.61bn | CN¥5.33bn | CN¥4.18bn | CN¥4.25bn | CN¥4.22bn | CN¥4.22bn |
Financial ratios
Data as of 30 Sept 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | |
|---|---|---|---|---|---|---|
| Gross margin | 19.0% | 18.5% | 14.9% | 15.1% | 21.2% | 22.3% |
| Operating margin | 10.2% | 9.2% | 1.8% | 3.5% | 7.5% | 13.3% |
| Net margin | 7.0% | 6.8% | 0.7% | 2.8% | 6.4% | 9.6% |
| Return on equity | 7.8% | 10.4% | 1.4% | 5.5% | 11.6% | 15.2% |
| Return on assets | 3.0% | 2.9% | 0.3% | 1.3% | 3.0% | 5.0% |
| Free cash flow yield | 6.3% | 6.0% | 5.8% | 3.8% | 15.7% | 11.1% |
| Revenue growth | -3.0% | -20.3% | 10.0% | 11.6% | 22.8% | 36.4% |
| Earnings growth | -0.7% | 705.7% | -73.2% | -51.5% | -18.5% | 40.8% |
| Current ratio | 1.36x | 1.26x | 1.15x | 1.17x | 1.28x | 1.26x |
| Debt to equity | 0.05x | 0.40x | 0.52x | 0.69x | 0.46x | 0.15x |
| Equity ratio | 39.1% | 28.1% | 24.5% | 23.2% | 26.1% | 32.5% |
| Interest coverage | 12.54x | 6.09x | 1.30x | 2.98x | 13.86x | 44.52x |
| R&D as a share of sales | 5.8% | 6.1% | 5.2% | 5.6% | 6.1% | 5.7% |
| Buybacks as a share of market value | -10.2% | -2.6% | -4.0% | -6.2% | 8.7% | -2.2% |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | -5.3% | 3.1% | 9.1% |
| Operating income | 35.2% | -2.2% | — |
| Net income | 28.9% | -3.3% | — |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Gross margin | 18.7% | 16.7% | 18.2% | 19.8% |
| Operating margin | 9.7% | 5.8% | 7.1% | 7.3% |
| Net margin | 6.9% | 4.0% | 5.2% | 5.6% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | 32.1 | 19.2 | 169.2 | 50.5 | 50.5 | 13.1 | 15.1 | 15.8 | 18.9 | 30.0 |
| Price to sales | 2.3 | 1.3 | 1.1 | 1.4 | 3.2 | 1.3 | 1.4 | 1.1 | 2.3 | 2.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 15 years. Last went ex-dividend on 29 May 2026.
| FY2026 | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | |
|---|---|---|---|---|---|---|---|---|
| Paid in the year | 0.10 | 0.20 | 0.10 | 0.10 | 0.20 | 0.40 | 0.40 | 0.20 |
- 6-for-5 split · 25 May 2017
- 3-for-2 split · 6 May 2016
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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