Lixiang Education Holding Co., Ltd. (LXEH) Balance Sheet
LXEH balance sheet, 2025
December 31, 2025 · Chinese yuanCN¥317.1M assets = CN¥163.8M liabilities + CN¥153.3M equity
Both columns are drawn to the same scale: what LXEH owns equals what it owes plus shareholders’ equity. Hover a block for its value.
LXEH financial health
Current ratio0.28
Tight · current assets cover current liabilities 0.28×
Debt / equity0.87
Moderate leverage · CN¥0.87 of debt for each $1 of equity
Equity / assets48.3%
Equity-funded · of assets funded by shareholders
Cash / debt9.6%
Low cash cover · cash & short-term investments vs total debt
Goodwill & intangibles0.0%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
LXEH balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | CN¥211.6M2016 | CN¥317.1M2025 | +4.6%/yr | |
| Total liabilities | CN¥163.3M2016 | CN¥163.8M2025 | +0.0%/yr | |
| Shareholders’ equity | CN¥48.3M2016 | CN¥153.3M2025 | +13.7%/yr | |
| Cash & short-term investments | CN¥9.0M2016 | CN¥12.8M2025 | +4.0%/yr | |
| Total debt | CN¥79.3M2016 | CN¥133.0M2025 | +5.9%/yr | |
| Net cash (debt) | −CN¥70.3M2016 | −CN¥120.2M2025 | −CN¥49.9M | |
| Working capital | −CN¥115.0M2016 | −CN¥90.1M2025 | +CN¥24.8M | |
| Current ratio | 0.092016 | 0.282025 | +0.19 | |
| Debt / equity | 1.642016 | 0.872025 | −0.77 | |
| Shares outstanding | 67K2016 | 1.9M2025 | +45.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
LXEH assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
LXEH liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
LXEH debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
LXEH balance sheet in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | CN¥12.8M | CN¥220.7M | CN¥227.0M | CN¥246.8M | CN¥199.4M | CN¥203.6M | CN¥44.7M | CN¥7.7M | CN¥47.8M | CN¥9.0M |
| Cash & equivalents | CN¥12.8M | CN¥220.7M | CN¥227.0M | CN¥246.8M | CN¥199.4M | CN¥203.6M | CN¥24.7M | CN¥2.6M | CN¥35.4M | CN¥9.0M |
| Short-term investments | — | — | — | — | — | CN¥0 | CN¥20.0M | CN¥5.1M | CN¥12.4M | — |
| Receivables | CN¥13.5M | CN¥14.2M | CN¥14.6M | CN¥28.3M | CN¥490,043 | CN¥5.2M | CN¥1.3M | CN¥938,374 | CN¥11.4M | CN¥1.2M |
| Inventory | CN¥0 | CN¥0 | CN¥886,895 | CN¥1.2M | CN¥227,600 | CN¥1.6M | CN¥1.2M | CN¥542,633 | CN¥430,983 | CN¥304,990 |
| Other current assets | CN¥7.9M | CN¥1.3M | CN¥2.3M | CN¥53.4M | CN¥101.0M | CN¥269.5M | CN¥13.2M | CN¥14.7M | CN¥298,455 | CN¥710,981 |
| Total current assets | CN¥34.2M | CN¥236.3M | CN¥244.9M | CN¥329.6M | CN¥301.1M | CN¥479.9M | CN¥60.3M | CN¥23.9M | CN¥60.0M | CN¥11.2M |
| Property, plant & equipment (net) | CN¥197.0M | CN¥199.2M | CN¥154.0M | CN¥167.7M | CN¥165.1M | CN¥164.0M | CN¥204.3M | CN¥202.7M | CN¥186.8M | CN¥144.9M |
| Goodwill & intangible assets | CN¥130,978 | CN¥34.1M | CN¥35.1M | CN¥106.4M | CN¥63.7M | CN¥37.7M | CN¥38.7M | CN¥39.6M | CN¥0 | CN¥0 |
| Long-term investments | CN¥45.0M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other non-current assets | CN¥40.8M | CN¥1.1M | CN¥0 | CN¥5.3M | CN¥2.9M | CN¥41.5M | CN¥0 | CN¥0 | CN¥59.5M | CN¥55.5M |
| Total assets | CN¥317.1M | CN¥470.6M | CN¥434.0M | CN¥608.9M | CN¥532.7M | CN¥723.0M | CN¥303.3M | CN¥266.2M | CN¥306.3M | CN¥211.6M |
| Liabilities | ||||||||||
| Accounts payable | CN¥4.0M | CN¥388,494 | CN¥1.5M | CN¥2.5M | CN¥6.0M | CN¥6.2M | CN¥9.3M | CN¥12.3M | CN¥4.6M | CN¥5.5M |
| Short-term debt | CN¥94.5M | CN¥93.2M | CN¥77.7M | CN¥68.7M | CN¥77.0M | CN¥24.9M | CN¥83.6M | CN¥85.6M | CN¥85.7M | CN¥44.3M |
| Deferred revenue | CN¥7.8M | CN¥5.6M | CN¥6.5M | CN¥9.7M | CN¥1.4M | CN¥18.3M | CN¥17.7M | CN¥16.9M | CN¥16.0M | CN¥13.8M |
| Total current liabilities | CN¥124.4M | CN¥112.7M | CN¥103.2M | CN¥134.1M | CN¥413.7M | CN¥355.2M | CN¥130.4M | CN¥140.2M | CN¥179.8M | CN¥126.2M |
| Long-term debt | CN¥0 | CN¥0 | CN¥0 | CN¥1.6M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Lease obligations | CN¥48.9M | CN¥47.6M | CN¥2.5M | CN¥7.4M | CN¥0 | — | — | — | — | — |
| Other long-term liabilities | CN¥39.5M | CN¥212.4M | CN¥173.7M | CN¥219.7M | CN¥84.4M | CN¥412,593 | CN¥1.7M | CN¥2.1M | CN¥21.4M | CN¥37.1M |
| Total liabilities | CN¥163.8M | CN¥325.1M | CN¥276.9M | CN¥355.4M | CN¥413.7M | CN¥355.6M | CN¥132.1M | CN¥142.3M | CN¥201.2M | CN¥163.3M |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | CN¥1.4M | CN¥81,092 | CN¥81,092 | CN¥45,198 | CN¥45,198 | CN¥45,198 | — | — | CN¥11.3M | CN¥11.2M |
| Retained earnings (deficit) | −CN¥392.1M | −CN¥269.9M | −CN¥245.3M | −CN¥118.3M | −CN¥110.3M | CN¥135.3M | CN¥109.1M | CN¥72.5M | CN¥67.9M | CN¥24.1M |
| Accumulated other comprehensive income | CN¥67.2M | CN¥72.9M | CN¥69.1M | CN¥65.7M | CN¥47.4M | CN¥50.3M | CN¥50.8M | CN¥40.2M | CN¥25.8M | CN¥13.0M |
| Minority interest | CN¥0 | −CN¥640,953 | −CN¥310,587 | CN¥548,631 | — | — | — | — | — | — |
| Total shareholders' equity | CN¥153.3M | CN¥146.1M | CN¥157.4M | CN¥252.9M | CN¥119.1M | CN¥367.5M | CN¥171.1M | CN¥123.9M | CN¥105.1M | CN¥48.3M |
| Key figures | ||||||||||
| Total debt | CN¥133.0M | CN¥131.6M | CN¥77.7M | CN¥73.5M | CN¥77.0M | CN¥24.9M | CN¥83.6M | CN¥85.6M | CN¥104.9M | CN¥79.3M |
| Net cash (debt) | −CN¥120.2M | CN¥89.2M | CN¥149.3M | CN¥173.3M | CN¥122.4M | CN¥178.7M | −CN¥38.9M | −CN¥77.9M | −CN¥57.1M | −CN¥70.3M |
| Working capital | −CN¥90.1M | CN¥123.5M | CN¥141.7M | CN¥195.5M | −CN¥112.6M | CN¥124.7M | −CN¥70.1M | −CN¥116.4M | −CN¥119.9M | −CN¥115.0M |
| Tangible book value | CN¥153.2M | CN¥112.0M | CN¥122.3M | CN¥146.5M | CN¥55.4M | CN¥329.7M | CN¥132.5M | CN¥84.3M | CN¥105.1M | CN¥48.3M |
| Shares outstanding | 1.9M | 1.2M | 786K | 667K | 667K | 542K | 500K | 500K | 67K | 67K |
| Current ratio | 0.28 | 2.10 | 2.37 | 2.46 | 0.73 | 1.35 | 0.46 | 0.17 | 0.33 | 0.09 |
| Quick ratio | 0.21 | 2.08 | 2.34 | 2.05 | 0.48 | 0.59 | 0.35 | 0.06 | 0.33 | 0.08 |
| Debt / equity | 0.87 | 0.90 | 0.49 | 0.29 | 0.65 | 0.07 | 0.49 | 0.69 | 1.00 | 1.64 |
| Equity / assets | 48.3% | 31.1% | 36.3% | 41.5% | 22.3% | 50.8% | 56.4% | 46.5% | 34.3% | 22.8% |
| Jun '26 | Mar '26 | Dec '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | CN¥9.5M | CN¥12.8M | CN¥12.8M | CN¥221.3M | CN¥220.7M | CN¥220.7M | CN¥220.7M | CN¥230.6M | CN¥230.6M | CN¥227.0M | CN¥227.0M | CN¥240.1M |
| Cash & equivalents | CN¥9.5M | CN¥12.8M | CN¥12.8M | CN¥221.3M | CN¥220.7M | CN¥220.7M | CN¥220.7M | CN¥230.6M | CN¥230.6M | CN¥227.0M | CN¥227.0M | CN¥240.1M |
| Receivables | CN¥7.5M | CN¥13.5M | CN¥164,207 | CN¥8.9M | CN¥14.2M | CN¥14.2M | CN¥156,770 | CN¥24,347 | CN¥24,347 | CN¥9,380 | CN¥9,380 | CN¥568,976 |
| Inventory | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥886,895 | CN¥886,895 | CN¥886,895 | CN¥1.0M |
| Other current assets | CN¥10.8M | CN¥7.9M | CN¥21.2M | CN¥6.1M | CN¥1.3M | CN¥1.3M | CN¥15.4M | CN¥15.6M | CN¥14.7M | CN¥16.9M | CN¥16.9M | CN¥77.7M |
| Total current assets | CN¥27.8M | CN¥34.2M | CN¥34.2M | CN¥236.3M | CN¥236.3M | CN¥236.3M | CN¥236.3M | CN¥246.2M | CN¥246.2M | CN¥244.9M | CN¥244.9M | CN¥319.4M |
| Property, plant & equipment (net) | CN¥151.8M | CN¥197.0M | CN¥196.9M | CN¥192.8M | CN¥199.2M | CN¥199.2M | CN¥199.2M | CN¥151.4M | CN¥151.4M | CN¥154.0M | CN¥154.0M | CN¥163.0M |
| Goodwill & intangible assets | CN¥114,537 | CN¥130,978 | CN¥33.1M | CN¥131,916 | CN¥34.1M | CN¥34.1M | CN¥34.1M | CN¥34.6M | CN¥34.6M | CN¥35.1M | CN¥35.1M | CN¥105.9M |
| Long-term investments | CN¥0 | CN¥0 | CN¥45.0M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other non-current assets | CN¥83.8M | CN¥85.8M | CN¥7.8M | CN¥34.6M | CN¥1.1M | CN¥1.1M | CN¥1.1M | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥5.3M |
| Total assets | CN¥263.5M | CN¥317.1M | CN¥316.9M | CN¥463.8M | CN¥470.6M | CN¥470.6M | CN¥470.6M | CN¥432.1M | CN¥432.1M | CN¥434.0M | CN¥434.0M | CN¥593.6M |
| Liabilities | ||||||||||||
| Accounts payable | CN¥171,534 | CN¥4.0M | CN¥4.0M | CN¥175,171 | CN¥388,494 | CN¥388,494 | CN¥388,494 | CN¥524,024 | CN¥524,024 | CN¥1.5M | CN¥1.5M | CN¥1.6M |
| Short-term debt | CN¥86.7M | CN¥94.5M | — | CN¥93.1M | CN¥93.2M | CN¥93.2M | CN¥95.9M | CN¥65.1M | CN¥65.1M | CN¥77.7M | CN¥77.7M | CN¥84.4M |
| Deferred revenue | CN¥2.2M | CN¥7.8M | — | CN¥3.5M | CN¥5.6M | CN¥5.6M | — | CN¥4.7M | CN¥9.2M | CN¥6.5M | — | CN¥14.2M |
| Total current liabilities | CN¥112.3M | CN¥124.4M | CN¥124.3M | CN¥164.5M | CN¥112.7M | CN¥112.7M | CN¥112.7M | CN¥86.7M | CN¥86.7M | CN¥103.2M | CN¥103.2M | CN¥124.1M |
| Long-term debt | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Lease obligations | — | — | CN¥48.9M | — | — | CN¥47.6M | — | CN¥1.3M | — | CN¥2.5M | — | CN¥5.8M |
| Other long-term liabilities | CN¥9.3M | CN¥39.5M | CN¥39.4M | CN¥36.8M | CN¥212.4M | CN¥212.4M | CN¥212.4M | CN¥174.7M | CN¥174.7M | CN¥173.7M | CN¥0 | CN¥217.9M |
| Total liabilities | CN¥121.6M | CN¥163.8M | CN¥163.7M | CN¥201.3M | CN¥325.1M | CN¥325.1M | CN¥325.1M | CN¥261.4M | CN¥261.4M | CN¥276.9M | CN¥103.2M | CN¥342.0M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | CN¥1.4M | CN¥1.4M | — | CN¥1.4M | CN¥81,092 | CN¥81,092 | CN¥81,092 | CN¥81,092 | CN¥81,092 | CN¥81,092 | CN¥81,092 | CN¥45,198 |
| Retained earnings (deficit) | −CN¥403.4M | −CN¥392.1M | −CN¥391.9M | −CN¥285.9M | −CN¥269.9M | −CN¥269.9M | −CN¥209.3M | −CN¥193.3M | −CN¥193.3M | −CN¥245.3M | −CN¥184.7M | −CN¥66.2M |
| Accumulated other comprehensive income | CN¥67.2M | CN¥67.2M | — | CN¥71.3M | CN¥72.9M | CN¥72.9M | CN¥12.3M | CN¥10.1M | CN¥10.1M | CN¥69.1M | CN¥8.5M | CN¥13.5M |
| Minority interest | — | — | CN¥0 | — | — | −CN¥640,953 | — | — | — | — | — | — |
| Total shareholders' equity | CN¥141.8M | CN¥153.3M | CN¥153.2M | CN¥263.2M | CN¥146.1M | CN¥146.1M | CN¥146.1M | CN¥171.4M | CN¥171.4M | CN¥157.4M | CN¥157.4M | CN¥251.7M |
| Key figures | ||||||||||||
| Total debt | CN¥95.0M | CN¥133.0M | — | CN¥128.9M | CN¥131.6M | CN¥131.6M | CN¥134.2M | CN¥65.3M | CN¥65.3M | CN¥77.7M | CN¥75.2M | CN¥86.1M |
| Net cash (debt) | −CN¥85.5M | −CN¥120.2M | — | CN¥92.5M | CN¥89.2M | CN¥89.2M | CN¥86.5M | CN¥165.2M | CN¥165.2M | CN¥149.3M | CN¥151.8M | CN¥154.0M |
| Working capital | −CN¥84.5M | −CN¥90.1M | −CN¥90.1M | CN¥71.8M | CN¥123.5M | CN¥123.5M | CN¥123.5M | CN¥159.5M | CN¥159.5M | CN¥141.7M | CN¥141.7M | CN¥195.3M |
| Tangible book value | CN¥141.7M | CN¥153.2M | CN¥120.1M | CN¥263.0M | CN¥112.0M | CN¥112.0M | CN¥112.0M | CN¥136.8M | CN¥136.8M | CN¥122.3M | CN¥122.3M | CN¥145.8M |
| Shares outstanding | 1.9M | 1.9M | 1.92B | 1.5M | 1.2M | 1.2M | 1.2M | 1.2M | 1.2M | 726K | — | 667K |
| Current ratio | 0.25 | 0.28 | 0.28 | 1.44 | 2.10 | 2.10 | 2.10 | 2.84 | 2.84 | 2.37 | 2.37 | 2.57 |
| Quick ratio | 0.15 | 0.21 | 0.10 | 1.40 | 2.08 | 2.08 | 1.96 | 2.66 | 2.66 | 2.20 | 2.20 | 1.94 |
| Debt / equity | 0.67 | 0.87 | — | 0.49 | 0.90 | 0.90 | 0.92 | 0.38 | 0.38 | 0.49 | 0.48 | 0.34 |
| Equity / assets | 53.8% | 48.3% | 48.3% | 56.7% | 31.1% | 31.1% | 31.1% | 39.7% | 39.7% | 36.3% | 36.3% | 42.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed May 12, 2026); data from EODHD.
LXEH financial position
At the end of fiscal 2025 (December 31, 2025), Lixiang Education had total assets of CN¥317.1 million (down 32.6% from a year earlier), total liabilities of CN¥163.8 million and shareholders' equity of CN¥153.3 million. It held CN¥12.8 million in cash and short-term investments against CN¥133.0 million of debt, net debt of CN¥120.2 million. Its current ratio was 0.28. In the latest quarter (ended June 30, 2026) total assets were CN¥263.5 million and equity CN¥141.8 million.
Related: LXEH income statement, LXEH cash flow statement, LXEH key metrics. See the LXEH stock overview for the latest quote and news.
LXEH balance sheet FAQ
What are Lixiang Education's total assets?
Lixiang Education reported total assets of CN¥317.1 million at the end of fiscal 2025 (December 31, 2025), compared with CN¥470.6 million a year earlier.
How much debt does Lixiang Education have?
Lixiang Education had CN¥133.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.87.
How much cash does Lixiang Education have?
Lixiang Education held CN¥12.8 million in cash and short-term investments at the end of fiscal 2025; with CN¥133.0 million of debt that is net debt of CN¥120.2 million.
What is Lixiang Education's book value?
Lixiang Education's shareholders' equity (book value) was CN¥153.3 million at the end of fiscal 2025.
What is Lixiang Education's current ratio?
Lixiang Education had current assets of CN¥34.2 million and current liabilities of CN¥124.4 million, a current ratio of 0.28 (current liabilities exceed current assets).
How much goodwill does Lixiang Education have?
Lixiang Education carried CN¥0.1 million of goodwill and intangible assets, 0.0% of total assets, at the end of fiscal 2025.