Lixiang Education Reports H1 2024 Unaudited Financial Results

TL;DR

LXEH dropped H1 2024 results, check financials for the education provider.

AI Summary

Lixiang Education Holding Co., Ltd. (NASDAQ: LXEH) announced its unaudited financial results for the first half of 2024 on September 27, 2024. The company, based in Lishui, China, operates as an international and vocational education service provider.

Why It Matters

This filing provides investors with the latest financial performance data for Lixiang Education, allowing them to assess the company's operational health and make informed investment decisions.

Risk Assessment

Risk Level: low — This is a routine financial results announcement and does not contain significant new risks.

Key Players & Entities

• Lixiang Education Holding Co., Ltd. (company) — Registrant
• NASDAQ: LXEH (company) — Stock ticker
• September 27, 2024 (date) — Date of announcement
• 2024 (date) — Reporting period

FAQ

Key Financial Figures

• $2.1 million — d June 30, 2024 were RMB15.3 million (US$2.1 million), compared with RMB25.2 million for the
• $1.3 million — alf year of 2024 were RMB9.7 million (US$1.3 million), compared with RMB11.7 million for the
• $1.0 thousand — alf year of 2024 was RMB7.0 thousand (US$1.0 thousand), compared with RMB20.0 thousand for th
• $0.3 million — half year of 2024 was RMB1.9 million (US$0.3 million), compared with RMB1.1 million for the
• $1.2 million — half year of 2024 was RMB8.6 million (US$1.2 million), compared with net loss of RMB8.2 mill
• $31.7 million — y had total cash of RMB230.6 million (US$31.7 million), an increase of RMB3.6 million from RM
• $1 — rs are made at a rate of RMB7.2672 to US$1.00, the rate in effect as of June 30, 2
• $0.0001 — rs’ equity: Ordinary shares (USD$0.0001 par value; 500,000,000 shares authorize

Filing Documents

• ea0215607-6k_lixiang.htm (6-K) — 93KB
• 0001213900-24-082435.txt ( ) — 94KB

From the Filing

OF FOREIGN PRIVATE ISSUER UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of September 2024 Commission File Number: 001-39559 Lixiang Education Holding Co., Ltd. (Exact name of registrant as specified in its charter) No. 818 Hua Yuan Street Liandu District, Lishui City, Zhejiang Province, 323000 People’s Republic of China (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F. Form 20-F Form 40-F Lixiang Education Announces Unaudited Half Year 2024 Financial Results Lishui, China, September 27, 2024 — Lixiang Education Holding Co., Ltd. (NASDAQ: LXEH) (the “Company”), a prestigious international and vocational education service provider in China, today announced its unaudited financial results for the first half year of 2024. First Half Year 2024 Financial Results Net Revenues Net revenues for the six months ended June 30, 2024 were RMB15.3 million (US$2.1 million), compared with RMB25.2 million for the same period ended June 30, 2023. Tuition and accommodation income For the vocational education, revenue contribution for the period was RMB8.1 million, primarily from Langfang School, a decrease of RMB4.6 million by 36.4% compared with RMB12.7 million for the same period ended June 30, 2023, primarily due to the numbers of graduates of 751 exceeded the enrolment of new students of 163. For the high school education, revenue contribution for the period was RMB1.5 million from Lishui International School, a decrease of RMB6.5 million by 80.9% compared with RMB8.0 million for the same period ended June 30, 2023 from Qingtian International School, as we disposed Qingtian International School as of December 31, 2023. Sales of meal, uniforms and learning materials Revenue contribution for the period was RMB1.0 million, compared with RMB1.7 million for the same period in 2023 as Liandu WFOE ceased to provide meal and uniforms to students since 2024. Others Other revenue of RMB4.7 million primary consisted of course design, development and training in the first half year of 2024 of RMB2.8 million, consulting services of oversea students’ enrollment of RMB0.6 million, comprehensive service for flexible employment of RMB0.5 million, rental income of RMB0.4 million from third parties and RMB0.4 million from our related party for the six months ended June 30, 2024. Other revenue of RMB2.8 million primary consisted of consulting services of oversea students’ enrollment in the first half year of 2023 of RMB1.3 million, rental income of RMB0.7 million from third parties and RMB0.4 million from our related party for the six months ended June 30, 2023. Cost of Revenues Cost of revenues for the six months ended June 30, 2024 was RMB15.1 million (US$2.1 million), decreased by RMB4.7 million from RMB19.8 million for the same period ended June 30, 2023. The decrease in cost of revenues was mainly included: (i) the decrease salary, bonus, social security and welfare benefits of teachers by RMB5.9 million, primary attribute to the disposal of Qingtian International School, and partially offset by newly established Lishui International School of RMB1.0 million; (ii) the decrease rental cost and other utilities charge by RMB1.2 million; and partially offset by the increase of RMB3.0 million of property taxes paid this year. Gross Profit As a result of the foregoing, gross profit for the first half year of 2024 was RMB0.3 million, decreased significantly compared with the gross profit of RMB5.4 million for the same period ended June 30, 2023. 1 Operating Expenses Total operating expenses for the first half year of 2024 were RMB9.7 million (US$1.3 million), compared with RMB11.7 million for the same period ended June 30, 2023. The decrease was mainly due to the decrease of general and administrative expenses. General and administrative expense for the first half year of 2024 was RMB9.7 million (US$1.3 million), decreased by RMB2.0 million compared with that for the same period of 2023. The decrease general and administrative expense was mainly included: (i) the reversal of credit losses from Beijing S.K. of RMB1.2 million due to subsequent collection; (ii) the decrease of professional services fee of RMB1.5 million. Sales and marketing expenses for the first half year of 2024 was RMB7.0 thousand (US$1.0 thousand), compared with RMB20.0 thousand for the same period ended June 30, 2023. Other Income, net Total net other income for the first half year of 2024 was RMB1.9 million (US$0.3 million), compared with RMB1.1 million for the same period ended June 30, 2023. The increase was due to the increase grants for needy students of RMB1.9 million received by Langfang School and partiall

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