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XCH XCHG Limited American Depositary Share

A capital-intensive business, run on heavy physical assets that must be kept working and earn a return above what they cost to maintain.

Owner earnings not read

Retained capital not read

Balance sheet Net cash, debt-free, +$11M

XHG XChange TEC.INC

An insurance broker, paid a commission to place coverage without bearing the risk itself.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied

XNET Xunlei Limited

Revenue is Xunlei (96%) and Hupu (4%).

Owner earnings 2016–2025 $11M($20M)($37M)($49M)($23M)$13M$48M$22M$26M$27M

Retained capital Retained $915M of earnings over 2016–2025; annual owner earnings grew $40M, $0.04 per $1 retained.

Balance sheet Net cash, +$263M

XP XP Inc.

A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.

Owner earnings not applied to a balance-sheet business

Retained capital not applied to a balance-sheet business

Balance sheet a balance-sheet business; the net-cash read is not applied · dividend paid 5 of 8 yrs, cut at least once

XPEV XPeng Inc.

An automaker, turning heavy plant and development spend into vehicles sold through the cycle.

Owner earnings 2018–2025 (CN¥1.6B)(CN¥3.7B)(CN¥443M)(CN¥1.7B)(CN¥9.1B)(CN¥690M)(CN¥3.6B)CN¥6.5B

Retained capital not read

Balance sheet Net cash, +CN¥12.1B

XYF X Financial

Revenue is led by Loan Facilitation Service (50%) and Financing income (18%), with 4 more lines behind.

Owner earnings 2016–2025 CN¥79M(CN¥621M)(CN¥4M)CN¥589M(CN¥685M)CN¥447MCN¥621MCN¥1.4BCN¥1.5BCN¥1.5B

Retained capital Retained CN¥4.9B of earnings over 2016–2025; annual owner earnings grew CN¥1.6B, CN¥0.34 per CN¥1 retained.

Balance sheet Net cash, debt-free, +CN¥994M · dividend paid 4 of 10 yrs, cut at least once