| Information: Condensed financial statements of the Company |
| 25. | Information:
Condensed financial statements of the Company |
Rules 12-04(a) and 4-08(e) (3)
of Regulation S-X require condensed financial information as to the financial position, cash flows and results of operations of a parent
company as of and for the same periods for which the audited consolidated financial statements have been presented when the restricted
net assets of the consolidated and unconsolidated subsidiaries together exceed 25% of consolidated net assets as of the end of the most
recently completed fiscal year.
The following condensed financial
statements of the Company have been prepared using the same accounting policies as set out in the Company’s consolidated financial
statements except that the Company used the equity method to account for its investment in its subsidiaries and VIEs. Such investment
is presented on the separate condensed balance sheets of the Company as “Investment in subsidiaries and VIEs”. The Company,
its subsidiaries and VIEs were included in the consolidated financial statements whereby the inter-company balances and transactions
were eliminated upon consolidation. The Company’s share of income from its subsidiaries and VIEs is reported as equity in loss
of subsidiaries and VIEs in the condensed financial statements.
The Company is a Cayman Islands
exempted company and, therefore, is not subject to income taxes for all years presented. The footnote disclosures contain
supplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with
the notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in
financial statements prepared in accordance with U.S. GAAP have been condensed or omitted.
As of December 31, 2025, there
were no material commitments or contingencies, significant provisions for long-term obligations or guarantees of the Company, except
for those which have been separately disclosed in the consolidated financial statements, if any. Condensed Financial Information of the Company
BALANCE SHEETS
| | |
As of December 31, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | | |
US$ (Note 2(g)) | |
| ASSETS | |
| | |
| | |
| |
| Current assets: | |
| | | |
| | | |
| | |
| Cash | |
| 215,770,215 | | |
| 27,742 | | |
| 3,967 | |
| Amounts due from subsidiaries and
VIEs | |
| 43,130,675 | | |
| 374,863,600 | | |
| 53,604,782 | |
| Total current assets | |
| 258,900,890 | | |
| 374,891,342 | | |
| 53,608,749 | |
| | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Investment in equity securities | |
| - | | |
| 44,974,376 | | |
| 6,431,250 | |
| Total current assets | |
| - | | |
| 44,974,376 | | |
| 6,431,250 | |
| | |
| | | |
| | | |
| | |
| Total assets | |
| 258,900,890 | | |
| 419,865,718 | | |
| 60,039,999 | |
| LIABILITIES AND SHAREHOLDERS’
EQUITY | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Accrued liabilities and other current liabilities | |
| 31,932 | | |
| 31,223 | | |
| 4,465 | |
| Investment deficit in subsidiaries and VIEs | |
| 66,144,375 | | |
| 218,625,928 | | |
| 31,263,092 | |
| Amounts due to subsidiaries and
VIEs | |
| 46,586,500 | | |
| 48,001,814 | | |
| 6,864,168 | |
| Total current
liabilities | |
| 112,762,807 | | |
| 266,658,965 | | |
| 38,131,725 | |
| Total liabilities | |
| 112,762,807 | | |
| 266,658,965 | | |
| 38,131,725 | |
| Shareholders’ equity: | |
| | | |
| | | |
| | |
| Class A ordinary shares (USD$0.0001 par value; 19,700,000,000 shares authorized, 71,667,000 and 1,871,667,000 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | |
| 50,584 | | |
| 1,368,598 | | |
| 195,707 | |
| Class B ordinary shares (USD$0.0001 par value; 100,000,000 shares authorized, 45,000,000 and 45,000,000 shares issued and outstanding as of December 31, 2024 and 2025, respectively) | |
| 30,508 | | |
| 30,508 | | |
| 4,363 | |
| Additional paid-in capital | |
| 343,098,862 | | |
| 476,500,785 | | |
| 68,138,706 | |
| Statutory reserves | |
| 60,610,543 | | |
| 60,610,543 | | |
| 8,667,192 | |
| Accumulated other comprehensive income | |
| 12,294,900 | | |
| 6,547,327 | | |
| 936,255 | |
| Accumulated deficit | |
| (269,947,314 | ) | |
| (391,851,008 | ) | |
| (56,033,949 | ) |
| Total shareholders’
equity | |
| 146,138,083 | | |
| 153,206,753 | | |
| 21,908,274 | |
| Total liabilities
and shareholders’ equity | |
| 258,900,890 | | |
| 419,865,718 | | |
| 60,039,999 | |
STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
| | |
For the years ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ (Note 2(g)) | |
| Operating expenses | |
| | | |
| | | |
| | | |
| | |
| General and administrative expenses | |
| (1,292,974 | ) | |
| (2,647,144 | ) | |
| (2,160,564 | ) | |
| (308,957 | ) |
| Total operating expenses | |
| (1,292,974 | ) | |
| (2,647,144 | ) | |
| (2,160,564 | ) | |
| (308,957 | ) |
| Other income/(expense) | |
| 336 | | |
| 18 | | |
| (151 | ) | |
| (22 | ) |
| Impairment loss on Investments | |
| - | | |
| - | | |
| (83,621,753 | ) | |
| (11,957,752 | ) |
| Equity in loss of subsidiaries and VIEs, net | |
| (125,338,010 | ) | |
| (21,980,540 | ) | |
| (36,121,226 | ) | |
| (5,165,266 | ) |
| Loss from subsidiaries and VIEs | |
| (125,337,674 | ) | |
| (21,980,522 | ) | |
| (119,743,130 | ) | |
| (17,123,040 | ) |
| Net loss | |
| (126,630,648 | ) | |
| (24,627,666 | ) | |
| (121,903,694 | ) | |
| (17,431,997 | ) |
| Net loss attributable to Lixiang Education Holding Co., Ltd. shareholders | |
| (126,630,648 | ) | |
| (24,627,666 | ) | |
| (121,903,694 | ) | |
| (17,431,997 | ) |
| Other comprehensive income/(loss), net of nil tax | |
| 2,970,553 | | |
| 3,809,859 | | |
| (5,747,573 | ) | |
| (821,892 | ) |
| Comprehensive loss | |
| (123,660,095 | ) | |
| (20,817,807 | ) | |
| (127,651,267 | ) | |
| (18,253,889 | ) |
STATEMENTS OF CASH FLOWS
| | |
For the years ended December 31, | |
| | |
2023 | | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | | |
RMB | | |
US$ (Note 2(g)) | |
| Cash flows used in operating activities | |
| (42,725,890 | ) | |
| (861,999 | ) | |
| (331,856,004 | ) | |
| (47,454,777 | ) |
| Cash flows used in investing activities | |
| - | | |
| - | | |
| (128,596,129 | ) | |
| (18,389,002 | ) |
| Cash flows provided by financing activities | |
| 41,856,435 | | |
| - | | |
| 250,422,660 | | |
| 35,809,964 | |
| Effect of exchange rate changes on cash | |
| 2,947,203 | | |
| 3,785,027 | | |
| (5,713,000 | ) | |
| (816,949 | ) |
| Net changes in cash | |
| 2,077,748 | | |
| 2,923,028 | | |
| (215,742,473 | ) | |
| (30,850,763 | ) |
| Cash at the beginning of year | |
| 210,769,439 | | |
| 212,847,187 | | |
| 215,770,215 | | |
| 30,854,730 | |
| Cash at the end of year | |
| 212,847,187 | | |
| 215,770,215 | | |
| 27,742 | | |
| 3,967 | |
|