MeritValue

Lixiang Education Holding Co. Ltd.

LXEHdata completeness 100%6 fiscal years on file
The thesis, from the filings

Lixiang Education Holding Co. Ltd. earns about -397% on invested capital, but has diluted owners by 2767% over 5 years — worth asking whether the growth reaches owners. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$5.4M1$7.13M2$7.16M3$4.49M4$4.41M5
Net income−$38.3M6−$1.17M7−$17.9M8−$3.37M9−$17.4M10
Operating cash flow$4.8M11$5.94M12−$8.34M13−$2.51M14−$44.9M15
Capital expenditure$352,97116$187,97017$306,70018$40,83719$16,79520
Free cash flow (derived)$4.45M11$5.75M12−$8.64M13−$2.55M14−$45M15
Total debt$12.1M21$10.6M22$10.6M23$11.5M24$12M25
Cash & equivalents$31.3M26$35.8M27$32M28$30.2M29$1.83M30
Diluted shares66.7M66.7M78.6M116.7M1.91B

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$0.11
your share of equity
Profit it earned you last year
−$0.09
Free cash flow it threw off
−$0.24
Debt you’d be carrying
$0.06

10 shares is a claim on $0.11 of net worth that earned you −$0.09 and generated −$0.24 of cash last year, against $0.06 of debt.

iii. Is this a good business?
Moat signal · return on invested capital
-397% avg · 5y
FY21 —FY22 -3%FY23 -1361%FY24 -183%FY25 -41%

It earned an average -397% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
+2767% shares · 5y

Share count is up 2767% over 5 years — owners have been diluted. Worth asking what they got for it. Total debt has held roughly steady.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F/A · period ending 2021-12-31 · accession 0001213900-22-081955 (Revenues)
  2. 20-F · period ending 2022-12-31 · accession 0001213900-23-034581 (Revenues)
  3. 20-F · period ending 2023-12-31 · accession 0001213900-24-043569 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001213900-25-037081 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001213900-26-055168 (Revenues)
  6. 20-F/A · period ending 2021-12-31 · accession 0001213900-22-081955 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001213900-23-034581 (ProfitLoss)
  8. 20-F · period ending 2023-12-31 · accession 0001213900-24-043569 (ProfitLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-25-037081 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001213900-26-055168 (NetIncomeLoss)
  11. 20-F/A · period ending 2021-12-31 · accession 0001213900-22-081955 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001213900-23-034581 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F · period ending 2023-12-31 · accession 0001213900-24-043569 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001213900-25-037081 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001213900-26-055168 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F/A · period ending 2021-12-31 · accession 0001213900-22-081955 (PaymentsToAcquirePropertyPlantAndEquipment)
  17. 20-F · period ending 2022-12-31 · accession 0001213900-23-034581 (PaymentsToAcquirePropertyPlantAndEquipment)
  18. 20-F · period ending 2023-12-31 · accession 0001213900-24-043569 (PaymentsToAcquirePropertyPlantAndEquipment)
  19. 20-F · period ending 2024-12-31 · accession 0001213900-25-037081 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001213900-26-055168 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F/A · period ending 2021-12-31 · accession 0001213900-22-081955 (ShortTermBorrowings)
  22. 20-F · period ending 2022-12-31 · accession 0001213900-23-034581 (LongTermDebtNoncurrent)
  23. 20-F · period ending 2023-12-31 · accession 0001213900-24-043569 (LongTermDebtCurrent)
  24. 20-F · period ending 2024-12-31 · accession 0001213900-25-037081 (ShortTermBorrowings)
  25. 20-F · period ending 2025-12-31 · accession 0001213900-26-055168 (ShortTermBorrowings)
  26. 20-F/A · period ending 2021-12-31 · accession 0001213900-22-081955 (CashAndCashEquivalentsAtCarryingValue)
  27. 20-F · period ending 2022-12-31 · accession 0001213900-23-034581 (CashAndCashEquivalentsAtCarryingValue)
  28. 20-F · period ending 2023-12-31 · accession 0001213900-24-043569 (CashAndCashEquivalentsAtCarryingValue)
  29. 20-F · period ending 2024-12-31 · accession 0001213900-25-037081 (CashAndCashEquivalentsAtCarryingValue)
  30. 20-F · period ending 2025-12-31 · accession 0001213900-26-055168 (CashAndCashEquivalentsAtCarryingValue)