Lixiang Education Holding Co., Ltd. (LXEH) Cash Flow Statement

NASDAQ: LXEHOperating cash, capex, free cash flow and buybacks.

Where LXEH’s cash came from and went, 2025

December 31, 2025 · Chinese yuan

Cash from operations: −CN¥305.7M
Capital expenditures: CN¥114,259
Free cash flow: −CN¥305.9M
Returned to shareholders: —
Change in cash: −CN¥198.7M

Cash from operations

−CN¥305.7M

Investments (net)

−CN¥128.6M

Acquisitions & other

−CN¥9.6M

Net borrowing (repayment)

+CN¥3.9M

Shares issued

+CN¥250.4M

Other financing

−CN¥6.9M

Currency & other

−CN¥2.1M

Change in cash

−CN¥198.7M

Drawn to scale: where the cash came from and how it was used. Hover for values.

LXEH operating cash flow, capex and free cash flow

Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)

LXEH cash flow trends, 2016–2025

Lixiang Education Holding Co., Ltd. cash flow trends
Metric	Then	Latest	Change
Operating cash flow	CN¥43.3M2016	−CN¥305.7M2025	—
Capital expenditures	CN¥52.1M2016	CN¥114,2592025	−49.4%/yr
Free cash flow	−CN¥8.9M2016	−CN¥305.9M2025	—
Free cash flow margin	−7.7%2016	−7,130.7%2025	−7,123.1 pts
Operating cash flow / net income	1.072016	1.472020	+0.40
Capex / revenue	45.0%2016	2.7%2025	−42.3 pts

Change is the average annual growth (CAGR) or the difference between the first and latest year.

LXEH cash flow by activity

OperatingInvestingFinancingChange in cash

LXEH net income vs operating cash flow

Net incomeOperating cash flow

Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).

LXEH cash flow statement in Chinese yuan

Lixiang Education Holding Co., Ltd. annual cash flow statement
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Operating activities
Net income	−CN¥118.6M	−CN¥24.7M	−CN¥103.6M	−CN¥9.9M	−CN¥243.8M	CN¥33.6M	CN¥47.2M	CN¥27.4M	CN¥54.1M	CN¥40.3M
Depreciation & amortization	CN¥14.6M	CN¥11.7M	CN¥11.3M	CN¥11.6M	CN¥5.2M	CN¥4.9M	CN¥7.8M	CN¥7.5M	CN¥5.8M	CN¥3.6M
Stock-based compensation	—	—	—	—	CN¥91.1M	—	—	—	—	—
Change in working capital	−CN¥283.3M	−CN¥3.8M	−CN¥64.3M	CN¥43.7M	CN¥65.4M	CN¥31.4M	CN¥2.7M	CN¥16.8M	−CN¥2.3M	CN¥334,719
Other non-cash items	CN¥81.6M	−CN¥1.6M	CN¥97.4M	−CN¥4.4M	CN¥112.7M	−CN¥20.4M	CN¥970,896	CN¥633,972	−CN¥4.8M	−CN¥930,953
Cash from operating activities	−CN¥305.7M	−CN¥18.3M	−CN¥59.2M	CN¥41.0M	CN¥30.6M	CN¥49.5M	CN¥58.8M	CN¥52.3M	CN¥52.8M	CN¥43.3M
Investing activities
Capital expenditures	−CN¥114,259	−CN¥298,083	−CN¥2.2M	−CN¥1.3M	−CN¥2.2M	−CN¥3.9M	−CN¥13.2M	−CN¥15.6M	−CN¥55.1M	−CN¥52.1M
Investments (net)	−CN¥128.6M	−CN¥554,082	−CN¥7.6M	−CN¥456,381	−CN¥155.1M	CN¥20.0M	−CN¥34.7M	−CN¥2.6M	—	—
Acquisitions & other investing	−CN¥9.6M	CN¥298,083	CN¥2.2M	CN¥1.3M	CN¥2.2M	CN¥3.7M	CN¥13.2M	CN¥15.6M	−CN¥10.1M	CN¥487,422
Cash from investing activities	−CN¥138.3M	−CN¥554,082	−CN¥7.6M	−CN¥456,381	−CN¥155.1M	CN¥19.8M	−CN¥34.7M	−CN¥2.6M	−CN¥65.2M	−CN¥51.6M
Financing activities
Net borrowing (repayment)	CN¥3.9M	CN¥8.8M	CN¥10.5M	−CN¥12.1M	CN¥52.1M	−CN¥43.9M	−CN¥2.0M	−CN¥246.1M	—	—
Shares issued	CN¥250.4M	CN¥0	CN¥41.9M	CN¥0	CN¥0	CN¥208.7M	CN¥0	CN¥0	CN¥0	CN¥0
Other financing	−CN¥6.9M	CN¥0	−CN¥8.3M	CN¥850,000	CN¥63.6M	−CN¥38.0M	CN¥0	CN¥164.1M	CN¥37.7M	CN¥13.6M
Cash from financing activities	CN¥247.4M	CN¥8.8M	CN¥44.1M	−CN¥11.2M	CN¥115.7M	CN¥126.8M	−CN¥2.0M	−CN¥82.0M	CN¥37.7M	CN¥13.6M
Summary
Net change in cash	−CN¥198.7M	−CN¥6.3M	−CN¥19.7M	CN¥47.3M	−CN¥13.4M	CN¥188.0M	CN¥22.1M	−CN¥32.4M	CN¥26.9M	CN¥4.7M
Cash at end of period	CN¥12.8M	CN¥220.7M	CN¥227.0M	CN¥246.8M	CN¥199.4M	CN¥212.8M	CN¥24.7M	CN¥2.6M	CN¥35.4M	CN¥9.0M
Free cash flow	−CN¥305.9M	−CN¥18.6M	−CN¥61.4M	CN¥39.7M	CN¥28.4M	CN¥45.5M	CN¥45.6M	CN¥36.8M	−CN¥2.2M	−CN¥8.9M
Free cash flow margin	−7,130.7%	−56.8%	−120.8%	95.9%	82.3%	177.2%	339.6%	8.6%	−1.7%	−7.7%
Capex / revenue	2.7%	0.9%	4.3%	3.1%	6.5%	15.2%	98.0%	3.6%	42.3%	45.0%
Operating cash flow / net income	—	—	—	—	—	1.47	1.24	1.91	0.98	1.07

Lixiang Education Holding Co., Ltd. quarterly cash flow statement
	Mar '26	Dec '23
Operating activities
Net income	−CN¥121.26B	−CN¥51.8M
Depreciation & amortization	CN¥2.8M	CN¥5.6M
Change in working capital	−CN¥294.90B	−CN¥32.1M
Other non-cash items	CN¥101.85B	CN¥48.7M
Cash from operating activities	−CN¥314.30B	−CN¥29.6M
Investing activities
Capital expenditures	−CN¥7.62B	−CN¥1.1M
Acquisitions & other investing	−CN¥134.60B	−CN¥2.7M
Cash from investing activities	−CN¥142.21B	−CN¥3.8M
Financing activities
Shares issued	CN¥0	CN¥0
Other financing	CN¥254.32B	CN¥22.0M
Cash from financing activities	CN¥254.32B	CN¥22.0M
Summary
Net change in cash	−CN¥207.94B	−CN¥19.7M
Cash at end of period	CN¥12.78B	CN¥227.0M
Free cash flow	−CN¥321.92B	−CN¥30.7M
Free cash flow margin	−14,828,560.8%	−119.9%
Capex / revenue	350,881.4%	4.3%

Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.

LXEH cash generation

In fiscal 2025 (ended December 31, 2025), Lixiang Education generated -CN¥305.7 million of cash from operations and spent CN¥0.1 million on capital expenditures, leaving free cash flow of -CN¥305.9 million, −7,130.7% of revenue. Cash and equivalents fell by CN¥198.7 million over the year.

Related: LXEH income statement, LXEH balance sheet. See the LXEH stock overview for the latest quote and news.

LXEH cash flow FAQ

What is Lixiang Education's free cash flow?

Lixiang Education's free cash flow was -CN¥305.9 million in fiscal 2025: -CN¥305.7 million of operating cash flow minus CN¥0.1 million of capital expenditures It was -CN¥18.6 million a year earlier..

How much cash does Lixiang Education generate from operations?

Lixiang Education generated -CN¥305.7 million of cash from operating activities in fiscal 2025.

How much does Lixiang Education spend on capital expenditures?

Lixiang Education spent CN¥0.1 million on capital expenditures in fiscal 2025, 2.7% of revenue, compared with CN¥0.3 million the year before.