Lixiang Education Holding Co. Ltd.

Listed Company

LXEHCIK 0001814067NasdaqNon-AcceleratedServices-Educational ServicesKY

Period

FY 2025

Revenue

$30.83M

Net Income

$-121.90M

Total Assets

$316.92M

Equity

$153.21M

Shares Out

116.67M

Op. Cash Flow

$-314.30M

Business

Lixiang Education Holding Co. Ltd. provides private education services in China through PRC subsidiaries and variable interest entities, concentrating on high school and vocational education. It offers full‑time boarding high school programs tailored for overseas Chinese returnees, a range of vocational training programs across technical and healthcare fields, human resources and internship placement services, and associated online education tools and software. Key segments include its high school operations, vocational education providers and comprehensive HR services. It serves students and employers in Zhejiang, Hebei and Hainan provinces via on‑campus schooling, vocational campuses, employer partnerships and online channels.

Summary from filing dated 2025-04-30

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Net revenues:	—	—	—
Total net revenues	31	33	51
Cost of revenues	43	36	47
Gross profit/(loss)	−12	−3	4
Operating expenses:	—	—	—
General and administrative expenses	23	23	25
Selling and marketing expenses	985,278	111,780	18,300
Impairment loss on goodwill	—	—	23
Expected credit loss for receivables and other assets	—	—	65
Total operating expenses	24	23	113
Operating loss	−36	−26	−109
Interest expense	3	3	4
Fair value changes of equity securities	−84	—	—
Interest income	9,301	289,865	134,011
Other income, net	2	4	12
Loss before income tax expense	−121	−25	−100
Income tax expenses	—	—	3
Loss from continuing operations, net of tax	−121	−25	−104
Loss from discontinued operation, net of tax	—	—	−23
Net loss	−121	−25	−127
Net loss attributable to Lixiang Education Holding Co., Ltd. shareholders	−122	−25	−127
Net loss attributable to non-controlling interests	640,953	−74,367	−359,218
Other comprehensive income/(loss):	—	—	—
Foreign currency translation adjustment, net of nil tax	6	−4	−3
Comprehensive loss	−127	−21	−124
Total comprehensive loss attributable to non-controlling interests	640,953	−74,367	−359,218
Total comprehensive loss attributable to Lixiang Education Holding Co., Ltd. shareholders	−128	−21	−124
Loss per ordinary share continuing operations, Basic (in Dollars per share and Yuan Renminbi per share)	−0.06	−0.21	−1.32
Loss per ordinary share continuing operations, Diluted (in Dollars per share and Yuan Renminbi per share)	−0.06	−0.21	−1.32
—Basic and diluted	—	—	—
Earnings/(loss) per ordinary share discontinued operation, Basic (in Dollars per share and Yuan Renminbi per share)	—	—	−0.3
Earnings/(loss) per ordinary share discontinued operation, Diluted (in Dollars per share and Yuan Renminbi per share)	—	—	−0.3
—Basic and diluted	—	—	—
Weighted average number of ordinary shares outstanding, Basic (in Shares)	1,912	117	79
Weighted average number of ordinary shares outstanding, Diluted (in Shares)	1,912	117	79

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Current assets:	—	—
Cash and cash equivalents	13	221
Prepayments and other current assets, net	12	6
Accounts receivable	164,207	156,770
Amounts due from related parties	18	19
Total current assets	34	236
Non-current assets:	—	—
Property and equipment, net	143	147
Land use rights, net	33	34
Intangible assets, net	130,896	163,687
Right-of-use assets	54	52
Other non-current asset	8	1
Investment in equity securities	45	—
Total non-current assets	283	234
Total assets	317	471
Current liabilities:	—	—
Short-term borrowings	84	84
Accounts payable	4	388,494
Contract liabilities	8	6
Salary and welfare payable	2	2
Amounts due to a related party	3	4
Taxes payable	3	2
Income tax payable	179,316	213,495
Accrued liabilities and other current liabilities	11	7
Operating lease liabilities, current	10	9
Total current liabilities	124	113
Non-current liabilities:	—	—
Amounts due to Affected Entity, non-current	—	173
Operating lease liabilities, non-current	38	38
Other non-current liabilities	1	1
Total non-current liabilities	39	212
Total liabilities	164	325
Commitments and contingencies	—	—
Shareholders’ equity:	—	—
Ordinary shares, value	1	81,092
Additional paid-in capital	477	343
Statutory reserves	61	61
Accumulated other comprehensive income	7	12
Accumulated deficit	−392	−270
Total Lixiang Education Holding Co., Ltd. shareholders’ equity	153	146
Non-controlling interests	—	−640,953
Total shareholders’ equity	153	145
Total liabilities and shareholders’ equity	317	471

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Cash flows from operating activities	—	—	—
Net loss	−121	−25	−127
Net loss from discontinued operation	—	—	−23
Net loss from continuing operations	−121	−25	−104
Adjustments for:	—	—	—
Provision/(reversal) for credit losses	12,310	−2	65
Depreciation of property and equipment	5	5	6
Amortization of land use rights	946,697	946,697	946,697
Amortization of intangible assets	32,791	32,789	33,045
Amortization of right-of-use assets	9	6	4
Impairment of goodwill	—	—	23
Deferred tax expenses	—	—	3
Impairment loss on investments	84	—	—
Changes in assets and liabilities:	—	—	—
Accounts receivable	7,437	147,390	6,601
Inventories	—	−886,895	−276,881
Prepayments and other current assets	469,459	−2	−5
Amounts due from related parties	−610,000	7	11
Other non-current asset	−800,000	1	—
Accounts payable	4	−1	−295,626
Amounts due to a related party	−196,182	2	8
Amounts due to Affected Entity, current	−289	9	−60
Salaries and welfare payable	−32,079	−592,660	645,567
Taxes payable	1	1	160,456
Income tax payable	−34,179	−6,337	162,001
Contract liabilities	2	−917,581	−1
Accrued liabilities and other current liabilities	−308,763	2	−3
Other non-current liabilities	—	1	—
Operating lease liabilities, current and non-current	−10	−11	−4
Net cash used in operating activities from continuing operations	−314	−18	−67
Net cash provided by operating activities from discontinued operation	—	—	8
Net cash used in operating activities	−314	−18	−59
Cash flows from investing activities:	—	—	—
Purchase of short-term investments	300,000	170,000	—
Proceeds from maturity of short-term investments	300,000	170,000	—
Purchase of property and equipment and intangible assets	117,452	298,083	2
Disposal of non-controlling interests	—	255,999	—
Cash loss of disposal of Qingtian International School	—	—	5
Cash loss of disposal of Chuangmei Weiye	—	—	425,988
Payments for software platform development	8	—	—
Prepayment for merger and acquisition consulting services	6	—	—
Payment for investment in fund	129	—	—
Net cash used in investing activities from continuing operations	−142	−554,082	−8
Net cash provided by investing activities from discontinued operation	—	—	—
Net cash used in investing activities	−142	−554,082	−8
Cash flows from financing activities:	—	—	—
Proceeds from short-term borrowings with banks	104	114	98
Repayments of short-term borrowings with banks	104	104	85
Repayments of long-term borrowings with banks	—	1	3
Proceeds from issuance of ordinary shares, net of issuance cost	250	—	42
Proceeds from borrowings from third parties	4	—	—
Withdrawal of non-controlling shareholders	—	—	500,000
Net cash provided by financing activities from continuing operations	254	9	52
Net cash used in financing activities from discontinued operation	—	—	−8
Net cash provided by financing activities	254	9	44
Effect of exchange rate changes on cash and cash equivalents	−6	4	3
Net decrease in cash and cash equivalents	−208	−6	−20
Cash and cash equivalents at the end of year	—	—	—
Cash and cash equivalents at the end of year	—	—	—
Less: cash and cash equivalents of discontinued operations at the end of year	—	—	—
Cash and cash equivalents of continuing operations at the end of year	—	—	—
Supplemental disclosure of cash flow information:	—	—	—
Cash paid for interest expenses	3	3	4
Cash paid for income tax expenses	40,332	9,154	66,549
Supplemental disclosure of non-cash flow information:	—	—	—
Obtaining right-of-use assets in exchange for operating lease liabilities	11	56	—
Deemed shareholder’s contribution	—	10	—
Deemed withdrawal of shareholder’s contribution	−116	—	−17
Offset between consideration from disposal of Qingtian International School and amount due to Lianwai School	—	—	23
Disposal Qingtian International School	—	—	4
Offset between amounts due to Qingtian Zhongyi and amounts due from Qingtian International School	—	8	—

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