6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OFFOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of November 2020

Commission File Number: 001-39559

Lixiang Education Holding Co., Ltd.

(Exact name of registrant as specified in its charter)

No. 818Hua 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  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Lixiang Education Holding Co., Ltd.
By:	/s/ Weijian Xu
	Weijian Xu<br> <br>Chief Financial<br>Officer

Date: November 19, 2020

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EXHIBIT INDEX

Exhibit No.	Description
Exhibit 99.1	Lixiang Education Holding Co., Ltd. Announces Unaudited Third Quarter 2020 Financial Results

3

EX-99.1

Exhibit 99.1

Lixiang Education Holding Co., Ltd. Announces Unaudited Third Quarter 2020 Financial Results

Lishui, China, November **** 19 , 2020 — Lixiang Education Holding Co., Ltd. (the “Company” or NASDAQ: LXEH), a prestigious private primary and secondary education service provider in China, today announced its unaudited financial results for the third quarter of 2020.

Initial Public Offering (“IPO”)

On October 1, 2020, the Company announced the pricing of its IPO of 3,333,400 American Depositary Shares (“ADS”), each ADS representing five of its ordinary shares, at a price of US$9.25 per ADS for a total offering size of approximately US$30.8 million. The Company subsequently commenced trading on the NASDAQ Exchange under the symbol “LXEH.” AMTD Global Markets Limited and Loop Capital Markets LLC acted as joint bookrunners of the offering and as the representatives of the underwriters. The closing date of the IPO was October 5, 2020.

Third Fiscal Quarter Ended September 30, 2020 Financial Highlights

•	The number of total students has increased by 297 or 6.5% for the semester commenced in September 2020, compared<br>with semester commenced in September 2019. In particular, the number of students in Yijing Campus-Featured Division increased from 184 to 362, an increase of 96.7%.
•	Net revenues for the three months ended September 30, 2020, were RMB19.93 million, a slight increase of<br>RMB0.45 million compared with RMB19.48 million for the three months ended September 30, 2019.
---	---
•	Cost of revenues for the three months ended September 30, 2020 increased by RMB2.01 million or 9.3% to<br>RMB23.60 million from RMB21.58 million for the same period last year due to the increasing labor cost.
---	---
•	Net loss was RMB3.33 million for the three months ended September 30, 2020, a decrease of 38.0% or<br>RMB2.03 million from the same period last year, and the decrease was partially due to the incremental RMB5.05 million of government subsidies received and recognized during the third quarter this year.
---	---

Mr. Wei Biao, CEO of the Company, commented that “In response to the challenges created by the unprecedented COVID-19 pandemic starting from the first quarter this year, we promptly implemented various actions , such as introducing high-quality online education services and maintaining ongoing and effective school-teacher communication , to minimize the negative repercussions brought by COVID-19. We have managed to ensure the quality of teaching amid the pandemic.

Yijing Campus-Featured Division has obtained impressive teaching outcomes by delivering its well-designed featured PRC curriculum. The number of students increased from 184 to 362, representing an increase of 96.7%. Considering the campus utilization rate is below 50% and the campus has a high recognition status, the continued increase in the number of students and tuition are highly foreseeable in the short-term.

Generally, we have maintained the continued growth of income for the past three quarters , and we will continuously enhance the quality of teaching and strengthen the overall competitiveness, which allows us to strengthen our success in both students recruiting and pricing.

Third Quarter 2020Financial Results

Net Revenues

Net revenues for the three months ended September 30, 2020 were RMB19.93 million, compared with RMB19.48 million for the three months ended September 30, 2019. The slight increase was contributed by the increase of student numbers and average tuition price per student, offset by the decrease of non-recurring revenues from activities during summer vacation. As the majority of the increase in number of students was in Yijing Campus-Featured Division which had a higher price than Baiyun Campus, the average price per student increased in the third quarter of 2020 accordingly.

Revenues from tuition, meal and accommodation services for the third quarter of 2020 were RMB17.12 million, compared with RMB15.27 million for the same quarter of 2019.

The variation in the revenues was explained by the increase of the student numbers and also the fees charged for meals. The increase in revenues is explained by the increase in number of students, particularly in Yijing Campus-Featured Division, and also the increase in fees charged for meals in Baiyun Campus.

Cost of Revenues

Cost of revenues for the three months ended September 30, 2020 was RMB23.60 million, a 9.3% increase from RMB21.58 million for the three months ended September 30, 2019.

Labor costs for the third quarter of 2020 were RMB16.21 million, compared with RMB15.15 million for the same quarter of 2019. The increase in labor costs was mainly due to the increase in number of teachers in respond to the increase of number of students, particularly in Yijing Campus-Featured Division.

Gross Loss

As a result of the foregoing, gross loss for the third quarter of 2020 was RMB3.67 million, a decrease of RMB1.57 million compared with the gross loss of RMB2.10 million for the same quarter of 2019.

Operating Expenses

Total operating expenses for the third quarter of 2020 were RMB4.28 million, compared with RMB2.58 million for the same quarter of 2019. The increase was mainly due to the professional service fees charged to the general and administrative expenses that were not directly related to the offering of the Company’s ordinary shares in the United States.

Other Income, net

Total net other income for the third quarter of 2020 were RMB5.05 million, compared with RMB0.02 million for the same quarter of 2019. The increase was contributed by the government grants received and recognized in the third quarter of 2020 to support the development of local private schools.

Net Loss

Net loss for the third quarter of 2020 was RMB3.33 million, compared with net loss of RMB5.36 million for the same quarter of 2019.

The net loss incurred in the third quarter was caused by the industry seasonal effect. No revenue from tuition fees, meals or accommodation services is generated in July and August which are the summer vacation in China, but fixed costs still remain. However, the financial results of the fourth quarter will not be affected by this seasonal effect.

Net Loss Attributed to Ordinary Shares

Basic and diluted net loss per share attributable to ordinary shareholders of the Company for the third quarter of 2020 were both RMB0.07, compared with basic and diluted net loss per share of RMB0.11 for the same quarter of 2019.

Basic and diluted net loss per ADS attributable to ADS holders of the Company for the third quarter of 2020 were both RMB0.33, compared with basic and diluted net loss per ADS of RMB0.54 for the same quarter of 2019.

Cash andWorking Capital

As of September 30, 2020, the Company had total cash and cash equivalents and short-term investment balances of RMB17.67 million, a decrease of RMB27.06 from RMB44.73 million as of December 31, 2019. The decrease was mainly due to the repayment of bank loans.

Outlook

For the fourth quarter of 2020, the Company currently expects:

•	Net revenues to be between RMB50.0 million to RMB55.0 million, which would represent an increase of<br>approximately 4.8% to 15.3% from RMB47.7 million for the same quarter last year;

This forecast reflects the Company’s current and preliminary view on the current business situation and market conditions, which is subject to change.

About Lixiang Education Holding Co., Ltd.

Founded in Lishui City, China, Lixiang Education Holding Co., Ltd. is one of the top 10 private primary and secondary education institutions in Zhejiang Province. The Company’s education philosophy is to guide the healthy development of students and to establish a solid foundation for their lifelong advancement and happiness. For more information, please visit: www.lixiangeh.com.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from Renminbi to U.S. dollars are made at a rate of RMB6.7896 to US$1.00, the rate in effect as of September 30, 2020 published by the Federal Reserve Board.

Safe Harbor Statement

This press release contains statements that may constitute “forward-looking” statements pursuant to the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “likely to,” and similar statements. The Company may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials, and in oral statements made by its officers, directors, or employees to third parties. Statements that are not historical facts, including statements about the Company’s beliefs, plans, and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s strategies, future business development, and financial condition and results of operations; the expected growth of the Chinese private education market; Chinese governmental policies relating to private educational services and providers of such services; the Company’s ability to maintain and enhance its brand. Further information regarding these and other risks is included in the Company’s filings with the SEC. All information provided in this press release is as of the date of this press release, and the Company does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For more information, please contact:

Siyi Ye

Tel: +86-578-2267142

Email: irlxeh@lsmxjy.com

Lixiang Education Holding Co., Ltd.

UNAUDITED CONSOLIDATED BALANCE SHEETS

(RMB, except share data and per share data, or otherwise noted)

	As of
	December 31, 2019		September 30, 2020
	RMB		RMB			US
ASSETS
Current assets:
Cash and cash equivalents		24,722,917		17,665,051
Short-term investments		20,005,217		—
Accounts receivable, net		1,251,480		—
Amounts due from related parties		12,754,388		—
Inventories		1,169,405		1,589,944
Prepayments and other current assets		436,192		1,264,197
Total current assets	****	60,339,599	****	20,519,192	****		****
Non-current assets:
Property and equipment, net		204,193,521		206,123,563
Land use rights		38,667,172		37,961,986
Intangible assets		16,667		12,917
Other non-current assets		60,724		38,267,890
Total non-current assets	****	242,938,084	****	282,366,356	****		****
Total assets	****	303,277,683	****	302,885,548	****		****
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Short-term borrowings		83,600,000		12,900,000
Accounts payable		9,261,689		7,711,763
Deferred revenue, current		17,729,391		69,309,690
Salaries and welfare payable		13,318,001		4,629,706
Amounts due to related parties		719,400		365,400
Taxes payable		27,226		155,855
Accrued liabilities and other current liabilities		5,763,399		12,134,953
Total current liabilities	****	130,419,106	****	107,207,367	****		****
Non-current liabilities
Deferred revenue, non-current		1,712,296		645,148
Total non-current liabilities	****	1,712,296	****	645,148	****		****
Total liabilities	****	132,131,402	****	107,852,515	****		****
Commitments and contingencies
Shareholders’ equity:
Ordinary shares		—		35,326
Additional paid-in capital		11,200,000		11,200,000
Statutory reserves		50,807,520		50,807,520
Accumulated other comprehensive income		—		(478	)		)
Retained earnings		109,138,761		132,990,665
Total shareholders’ equity	****	171,146,281	****	195,033,033	****		****
Total liabilities and shareholders’ equity	****	303,277,683	****	302,885,548	****		****

All values are in US Dollars.

Lixiang Education Holding Co., Ltd.

UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(RMB, except share data and per share data, or otherwise noted)

	Three months ended											Nine months ended
	September<br>30, 2019			June 30,<br>2020			September 30, 2020					September<br>30, 2019			September 30,2020
	RMB			RMB			RMB			US		RMB			RMB			US
Net revenues:
Revenue from tuition, meal and accommodation services		15,272,956			54,227,989			17,116,602					97,150,457			102,293,764
Other revenue		3,616,743			364,248			2,395,092					4,681,290			3,124,994
Revenue from related parties		593,333			417,143			417,143					1,779,999			1,251,429
Total net revenue		19,483,032			55,009,380			19,928,837					103,611,746			106,670,187
Cost of revenues		(21,584,703	)		(29,410,452	)		(23,597,632	)		)		(65,936,194	)		(77,389,745	)		)
Gross (loss)profit	****	(2,101,671	)	****	25,598,928	****	****	(3,668,795	)		)	****	37,675,552	****	****	29,280,442	****		****
Operating expenses:
General and administrative expenses		(2,582,123	)		(5,563,822	)		(4,285,388	)		)		(6,605,027	)		(11,646,478	)		)
Total operating expenses	****	(2,582,123	)	****	(5,563,822	)	****	(4,285,388	)		)	****	(6,605,027	)	****	(11,646,478	)		)
Income from operations		(4,683,794	)		20,035,106			(7,954,183	)		)		31,070,525			17,633,964
Interest expense		(726,536	)		(465,048	)		(444,055	)		)		(2,794,711	)		(1,770,857	)		)
Interest income		17,037			14,757			23,991					43,487			49,956
Change in fair value of short-term investments		10,875			3,502			—					10,875			(1,715	)		)
Other income, net		23,248			571,449			5,048,930					2,502,878			7,940,556
(Loss)Income before income tax expense	****	(5,359,170	)	****	20,159,766	****	****	(3,325,317	)		)	****	30,833,054	****	****	23,851,904	****		****
Income tax expense		—			—			—					—			—
Income from operations, net of tax
Net (loss)income	****	(5,359,170	)	****	20,159,766	****	****	(3,325,317	)		)	****	30,833,054	****	****	23,851,904	****		****
Net (loss)incomeattributable to the Company’s ordinary shareholders	****	(5,359,170	)	****	20,159,766	****	****	(3,325,317	)		)	****	30,833,054	****	****	23,851,904	****		****
Net (loss)income		(5,359,170	)		20,159,766			(3,325,317	)		)		30,833,054			23,851,904
Other comprehensive income, net of tax
—Foreign currency translation adjustment, net of nil tax		—			—			—					—			(478	)		)
Comprehensive (loss)income	****	(5,359,170	)	****	20,159,766	****	****	(3,325,317	)		)	****	30,833,054	****	****	23,851,426	****		****
Net (loss)earnings per share attributable to the Company’s ordinaryshareholders
—Basic and diluted		(0.11	)		0.40			(0.07	)		)		0.62			0.48
Weighted average number of ordinary shares used in per share calculation
—Basic and diluted		50,000,000			50,000,000			50,000,000					50,000,000			50,000,000

All values are in US Dollars.