CNFinance Holdings Ltd. financial statements

Income statement, balance sheet and cash flow statement for the last 10 fiscal years, taken from the XBRL data CNFinance Holdings Ltd. files with the SEC in its annual reports.

In CNY millions, except per-share amounts. Outflows in the cash flow statement are negative.

Income statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Research and development	8.51	4.79	1.42	2.43	9.96	1.6	0.76	1.79	1.01	3.79
Selling and marketing	16.4	15	15.3	45.8	30.5	29.2	32.4	49.8	13.7	0.06
Operating expenses			114	183	124	101	85.9	122	187	67.1
Operating income						-381	-339	-381	-400	-183
Interest expense	443	1,410	1,943	1,310	731	776
Interest income					1,829	1,760	1,573	1,580	1,344	485
Pre-tax income	288	809	1,158	721	163	93.8	173	206	48.3	-584
Income tax	52.6	276	297	186	47.8	28.6	37.2	41	10.5	-114
Net income	235	533	861	535	115	65.2	135	165	37.8	-470
EBITDA						-377	-336	-380	-388	-167
EPS, basic	0.19	0.43	0.69	0.39	0.08	0.05	0.10	0.12
EPS, diluted	0.19	0.40	0.62	0.36	0.08	0.05	0.09	0.11
Shares, basic (weighted)	1,230	1,230	1,252	1,372	1,372	1,372	1,372	1,372	1,372	1,372
Shares, diluted (weighted)	1,230	1,331	1,389	1,468	1,525	1,526	1,527	1,446	1,283	1,372

Balance sheet

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Cash and equivalents	233	1,190	3,162	1,705	1,961	2,231	1,772	2,002	1,170	338
Short-term investments				654	298	709	244	146	38.7	28.4
Inventory					1,855	1,816	1,731	1,755
Property, plant and equipment		22.5	19.2	9.2	4.72	3.04	2.28	8.16	187	178
Lease right-of-use assets				38.1	19.5	16.2	29.8	27.8	25	11.8
Goodwill		0	0
Intangible assets		3.34	4.18	3.74	3.23	4.01	3.49	3.01
Total assets		18,216	19,355	13,026	12,233	14,386	14,482	16,364	15,027	10,249
Accrued liabilities					8.41	5.77	16.5	7.31	11.9	1.09
Short-term debt						8,042	7,728	8,244	5,933
Lease liabilities							0.25		0.09	0.26
Other non-current liabilities					126	125	144	233	430	120
Total liabilities		16,385	16,309	9,428	8,492	10,568	10,544	12,355	10,970	6,668
Total debt							1,992	1,776	549	205
Paid-in capital		569	922	938	1,000	1,018	1,024	1,032	1,047	1,047
Retained earnings		1,267	2,128	2,662	2,759	2,824	2,959	3,104	3,142	2,671
Treasury stock							-87.6	-118	-123	-125
Other comprehensive income		-4.47	-4.57	-2.12	-18.5	-25.4	-10.2	-9.34	-8.82	-13.6
Shareholders' equity	1,119	1,831	3,046	3,599	3,741	3,818	3,886	4,009	4,058	3,581
Minority interests							51.7
Total equity	1,119	1,831	3,046	3,599	3,741	3,818	3,938	4,009	4,058	3,581
Total liabilities and equity		18,216	19,355	13,026	12,233	14,386	14,482	16,364	15,027	10,249
Shares outstanding					1,372	1,372	1,560	1,560	1,560

Cash flow statement

	FY2016	FY2018	FY2018	FY2019	FY2020	FY2021	FY2022	FY2023	FY2024	FY2025
Net income	235	533	861	535	115	65.2	135	165	37.8	-470
Depreciation and amortization	6.6	10.8	13.3	10.9	6.05	3.82	2.24	1.75	11.5	16
Stock-based compensation		183	39.7	15.9	62.1	18.8	5.77	7.52	14.9
Deferred income tax	-33.5	-57.9	-105	3.91	-94.4	-190	-134	-16.5	-38	-180
Cash from operations	380	1,287	1,325	1,299	1,120	690	919	1,706	757	84.4
Capital expenditures	-15.2	-19.8	-14.8	-4.44	-3.22	-3.81	-89.9	-115	-7.95	-3.57
Purchases of investments	-117	-360	-710	-2,629	-6,951	-9,496	-8,567	-2,869	-922	-707
Sales and maturities of investments	0.5	9.35	390	6	7,187	8,956	9,002	2,974	1,081	717
Cash from investing	-4,700	-9,584	649	4,936	524	-2,351	-1,098	-2,484	-264	3,274
Debt issued	5,904	15,024	10,931	2,793	6,015
Debt repaid	-1,613	-5,767	-11,353	-10,489	-7,382
Share buybacks							-87.6	-30.7	-4.58	-1.78
Cash from financing	4,291	9,257	-2.55	-7,696	-1,367	1,933	-288	1,006	-1,332	-4,186
Exchange rate effect	2.5	-2.28	-0.2	3.84	-20.9	-1.19	7.85	2.03	7.41	-4.74
Net change in cash	-29.4	959	1,971	-1,460	276	272	-467	227	-839	-827
Free cash flow	365	1,267	1,310	1,295	1,116	686	829	1,591	749	80.9
Interest paid	416	1,299	2,002	1,412	729	833	793	726	776	470
Income taxes paid	25.7	45.6	95.8	179	46.4	153	139	63.5	27.7	4.64

Key metrics

Worked out from the statements above. Latest values use fiscal 2025. No valuation: the share price is quoted in a different currency than the statements.

Profitability

Metric	Value	How it is calculated
Return on equity (ROE)	-12.3%	Net income / average shareholders' equity (opening and closing). Not shown when equity is negative.
Return on assets (ROA)	-3.7%	Net income / average total assets.
Return on invested capital (ROIC)	-4.2%	Approximation: operating income x (1 - tax rate) / average (total debt + equity - cash). Tax rate is the effective rate when between 0% and 50%, else 21%.

Growth

Metric	Value	How it is calculated
Net income growth, 1y	-1,345.0%	Net income vs the same period a year earlier. Only from a positive base.
Operating cash flow growth, 1y	-88.8%	Operating cash flow vs the same period a year earlier. Only from a positive base.
Operating cash flow CAGR, 3y	-54.9%	Compound annual growth of operating cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Operating cash flow CAGR, 5y	-40.4%	Compound annual growth of operating cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Free cash flow growth, 1y	-89.2%	Free cash flow vs the same period a year earlier. Only from a positive base.
Free cash flow CAGR, 3y	-54.0%	Compound annual growth of free cash flow over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Free cash flow CAGR, 5y	-40.8%	Compound annual growth of free cash flow over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Book value growth, 1y	-11.8%	Book value vs the same period a year earlier. Only from a positive base.
Book value CAGR, 3y	-2.7%	Compound annual growth of book value over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Book value CAGR, 5y	-0.9%	Compound annual growth of book value over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Total assets growth, 1y	-31.8%	Total assets vs the same period a year earlier. Only from a positive base.
Total assets CAGR, 3y	-10.9%	Compound annual growth of total assets over 3 fiscal years: (end / start)^(1/3) - 1. Only when both values are positive.
Total assets CAGR, 5y	-3.5%	Compound annual growth of total assets over 5 fiscal years: (end / start)^(1/5) - 1. Only when both values are positive.
Share count change, 1y	6.9%	Change in diluted weighted shares vs a year earlier. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 3y	-3.5%	Change in diluted weighted shares, per year over 3 years. Negative means buybacks shrank the share count; positive means dilution.
Share count change per year, 5y	-2.1%	Change in diluted weighted shares, per year over 5 years. Negative means buybacks shrank the share count; positive means dilution.

Balance sheet health

Metric	Value	How it is calculated
Debt / equity	0.06x	Total debt / shareholders' equity. Not shown when equity is negative.
Debt / assets	2.0%	Total debt / total assets.
Liabilities / assets	65.1%	Total liabilities / total assets.
Net debt	-CN¥161.3M	Total debt - cash - short-term investments. Negative means more cash than debt.
Tangible book value	CN¥3.58B	Shareholders' equity - goodwill - intangible assets.

Efficiency

Metric	Value	How it is calculated
Capex / operating cash flow	4.2%	Capital expenditures / cash from operations, when that is positive.

Per share

Metric	Value	How it is calculated
FCF per share	CN¥0.06	Free cash flow / diluted weighted shares.
Operating cash flow per share	CN¥0.06	Cash from operations / diluted weighted shares.
Book value per share	CN¥2.61	Shareholders' equity / shares outstanding (diluted weighted shares when not reported).
Tangible book per share	CN¥2.61	Tangible book value / shares outstanding.
Cash per share	CN¥0.27	(Cash + short-term investments) / shares outstanding.
Buybacks / FCF	2.2%	Share buybacks / free cash flow, when free cash flow is positive.

Was CNFinance Holdings Ltd. profitable in fiscal 2025?

No. It reported a net loss of CN¥470.4M.

How much free cash flow did CNFinance Holdings Ltd. generate in fiscal 2025?

Cash from operations of CN¥84.4M minus capital expenditures of CN¥3.6M left free cash flow of CN¥80.9M.

Source: SEC EDGAR XBRL company facts. Where a company tags only year-to-date figures, quarters are worked out as differences. Where a line is not tagged it is left empty, never estimated.

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