Company: XHG
Filing Date: 2025-01-22
Form Type: 20-F
Source: 0001213900-25-005499
Chunk: 227

Company: XChange TEC.INC
Filing Date: 2025-01-22
Form: 20-F
Item: Item 19
Chunk 227
---
413  
  2026                                          240  
  2027                                          141  
  2028                                          141  
  Total future lease payments                   935  
  Less: imputed interest                        ( 1  
  Total lease liabilities                       936  
  Less: current portion                       ( 349  
  Operating lease liability, non-current        587  

Lease expenses are recognized on a straight-line
basis over the lease term. For the year ended September 30, 2024, the Company had operating lease costs of RMB178and short-term lease
costs of RMB140. For the year ended September 30, 2023 and 2022, the Company had operating lease costs of niland short-term lease
costs of nil.

Cash paid for amounts included in the measurement
of operating lease liabilities were318, niland nilduring the years ended September 30, 2024, 2023 and 2022, respectively.

Contingencies

The Group is subject to periodic legal or administrative proceedings
in the ordinary course of business. The Group does not believe that any currently pending legal or administrative proceeding to which
the Group is a party will have a material effect on its business or financial condition.

  19.      CONCENTRATION  

Customer

For the year ended September 30, 2024, one customer accounted for12.6%
of the Company’s total revenues. For the year ended September 30, 2022 and 2023, no customer accounted for more than 10.0% of the
Company’s total revenue.

As of September 30, 2024, four customers accounted for85.4% of the
total balance of accounts receivables. As of September 30, 2023, none of customer accounted for more than 10.0% of the total balance of
accounts receivables.

Vendor

For the year ended September 30, 2024, two vendors accounted for22.1%
of the Company’s total cost of revenues. For the year ended September 30, 2022 and 2023, no vendors accounted for more than 10.0%
of the Company’s total cost of revenue.

As of September 30, 2024, one vendor accounted for28.7% of the total
balance of accounts payable. As of September 30, 2023, none of vendor accounted for more than 10.0% of the total balance of