K 
Kexin Development Co Ltd Shanxi 600234.SS · CNY
Consumer Discretionary · Shanghai · 🇨🇳 China
16.17
-1.88%
Close of 9 Nov 2026, in CNY
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At a glance
Figures in CNY, from our data supplier.
Revenue
CN¥384.0m
FY2016FY2025
Net income
−CN¥17.2m
FY2016FY2025
Free cash flow
−CN¥37.6m
FY2016FY2025
Shareholders' equity
CN¥451.7m
FY2016FY2025
Income statement
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥384.0m | CN¥374.5m | CN¥70.1m | CN¥119.5m | CN¥594.7m | CN¥1.11bn | CN¥227.9m | CN¥146.4m | CN¥14.5m | CN¥20.6m |
| Research and development | — | — | CN¥1.4m | CN¥4.1m | CN¥2.9m | — | — | — | — | — |
| Operating income | −CN¥20.2m | CN¥44.5m | −CN¥174.1m | −CN¥16.6m | CN¥22.8m | CN¥73.2m | CN¥40.4m | CN¥2.9m | −CN¥31.0m | CN¥19.2m |
| Net income | −CN¥17.2m | CN¥40.0m | −CN¥170.6m | −CN¥19.5m | CN¥15.4m | CN¥56.3m | CN¥16.9m | −CN¥17.0m | −CN¥25.5m | CN¥14.3m |
| Diluted earnings per share | -0.07 | 0.14 | -0.65 | -0.11 | 0.06 | 0.29 | 0.07 | -0.28 | -0.16 | 0.07 |
Balance sheet
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Total assets | CN¥802.2m | CN¥870.9m | CN¥666.4m | CN¥847.4m | CN¥1.05bn | CN¥1.05bn | CN¥605.0m | CN¥505.2m | CN¥476.8m | CN¥498.9m |
| Cash and short-term investments | — | CN¥61.1m | CN¥72.1m | CN¥116.3m | CN¥100.1m | CN¥119.4m | CN¥66.6m | CN¥20.4m | CN¥5.8m | CN¥20.4m |
| Total liabilities | CN¥334.3m | CN¥382.8m | CN¥219.9m | CN¥230.3m | CN¥410.2m | CN¥902.1m | CN¥511.8m | CN¥432.4m | CN¥388.1m | CN¥382.1m |
| Debt | CN¥7.9m | CN¥3.1m | CN¥5.3m | CN¥3.4m | CN¥7.1m | CN¥30.0m | CN¥296.0m | CN¥74.3m | CN¥105.8m | CN¥17.6m |
| Shareholders' equity | CN¥451.7m | CN¥468.9m | CN¥428.9m | CN¥599.6m | CN¥618.2m | CN¥129.8m | CN¥73.5m | CN¥54.1m | CN¥71.0m | CN¥96.6m |
| Shares outstanding | 263m | 278m | 263m | 181m | 268m | 194m | 235m | 61m | 162m | 201m |
Cash flow
Fiscal years
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash from operations | −CN¥37.2m | −CN¥12.4m | −CN¥39.2m | CN¥8.9m | −CN¥128.8m | CN¥28.2m | CN¥44.3m | −CN¥141.3m | −CN¥100.2m | CN¥21.6m |
| Capital spending | −CN¥370,876 | −CN¥471,612 | −CN¥1.9m | −CN¥651,041 | −CN¥3.1m | −CN¥921,515 | −CN¥702,794 | −CN¥1.1m | −CN¥122,721 | −CN¥2.0m |
| Free cash flow | −CN¥37.6m | −CN¥12.8m | −CN¥41.1m | CN¥8.3m | −CN¥131.9m | CN¥27.3m | CN¥43.6m | −CN¥142.4m | −CN¥100.3m | CN¥19.7m |
| Dividends paid | −CN¥108,197 | — | — | — | −CN¥35.9m | −CN¥924,375 | −CN¥345,494 | −CN¥23.6m | −CN¥4.6m | −CN¥4.6m |
Latest quarters
By quarter end
| Jun 2026 | Mar 2026 | Dec 2025 | Sept 2025 | Jun 2025 | Mar 2025 | Dec 2024 | Sept 2024 | |
|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥87.1m | CN¥63.9m | CN¥121.6m | CN¥133.5m | CN¥77.5m | CN¥51.5m | CN¥217.3m | CN¥126.5m |
| Operating income | CN¥8.1m | CN¥2.0m | −CN¥12.3m | CN¥9.5m | CN¥22.9m | CN¥1.9m | CN¥32.2m | CN¥19.3m |
| Net income | CN¥1.9m | −CN¥1.5m | −CN¥48.3m | CN¥8.2m | CN¥21.2m | CN¥1.7m | CN¥28.5m | CN¥18.5m |
| Diluted earnings per share | 0.01 | -0.01 | -0.18 | 0.03 | 0.08 | 0.01 | 0.10 | 0.07 |
| Cash from operations | — | — | — | — | −CN¥1.0m | −CN¥7.0m | −CN¥1.0m | CN¥12.0m |
| Total assets | CN¥1.09bn | CN¥1.11bn | CN¥802.2m | CN¥853.3m | CN¥819.5m | CN¥829.6m | CN¥870.9m | CN¥726.5m |
| Cash and short-term investments | — | — | — | CN¥46.2m | CN¥56.1m | CN¥50.8m | CN¥61.1m | CN¥61.6m |
| Debt | CN¥187.0m | CN¥276.7m | CN¥7.9m | CN¥9.0m | CN¥8.0m | CN¥2.3m | CN¥3.1m | CN¥2.2m |
| Shareholders' equity | CN¥452.1m | CN¥450.2m | CN¥451.7m | CN¥500.0m | CN¥491.8m | CN¥470.6m | CN¥468.9m | CN¥440.4m |
Financial ratios
Data as of 21 Oct 2026
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2015 | FY2014 | FY2013 | FY2008 | |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Operating margin | -5.2% | 12.0% | -248.0% | -14.3% | 4.9% | 7.8% | — | — | — | — | — |
| Net margin | -4.5% | 10.7% | -243.4% | -16.3% | 2.6% | 5.1% | — | — | — | — | — |
| Return on equity | -3.8% | 8.5% | -39.8% | -3.3% | 2.5% | 43.4% | — | — | — | — | — |
| Return on assets | -2.1% | 4.6% | -25.6% | -2.3% | 1.5% | 5.4% | — | — | — | — | — |
| Free cash flow yield | — | — | -0.9% | — | -2.8% | 0.8% | — | -0.0% | — | 0.1% | 0.1% |
| Revenue growth | 2.5% | 434.3% | -41.3% | -79.9% | -46.6% | 388.8% | — | — | — | — | — |
| Earnings growth | -143.0% | -123.4% | 775.2% | -227.0% | -72.7% | 233.4% | — | — | — | — | — |
| Current ratio | 1.61x | 1.51x | 1.86x | 2.95x | 1.87x | 0.73x | — | — | — | — | — |
| Debt to equity | 0.02x | — | 0.00x | 0.01x | 0.01x | 0.23x | 4.03x | — | — | — | — |
| Equity ratio | 56.3% | 53.8% | 64.4% | 70.8% | 59.1% | 12.3% | — | — | — | — | — |
| Interest coverage | -77.84x | 161.00x | -1017.65x | -61.30x | 3.91x | 6.30x | — | — | — | — | — |
| R&D as a share of sales | — | — | 2.1% | 3.5% | 0.5% | — | — | — | 128.4% | — | — |
| Buybacks as a share of market value | 5.6% | -5.9% | -44.8% | 32.3% | -38.0% | 17.4% | — | — | — | — | — |
Growth per year
Compound annual rate
| 3 years | 5 years | 10 years | |
|---|---|---|---|
| Revenue | 47.6% | -19.2% | 42.7% |
| Operating income | 6.9% | — | 11.6% |
| Net income | -4.1% | — | 0.6% |
Average margins
Over each period
| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Operating margin | 3.2% | -17.6% | -2.6% | -1.5% |
| Net margin | 3.0% | -17.7% | -3.6% | -4.0% |
Valuation history
At each fiscal year end
| FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Price to earnings | -196.5 | 38.6 | -13.3 | -64.9 | 178.3 | 32.4 | 125.4 | -28.3 | -88.0 | 257.4 |
| Price to sales | 8.8 | 4.1 | 32.5 | 10.6 | 4.6 | 1.6 | 9.3 | 3.3 | 154.8 | 178.1 |
Dividends and splits
Per share, in the currency the company pays
Paid for 0 years.
- 7-for-5 split · 21 Apr 2011
- 1-to-1 reverse split · 9 Feb 2007
Sources and methodology
- Data on this tab
- Our data supplier
- Chart on the Overview
- TradingView
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