{"url_path":"/sec/lxeh/10-k/2026/item-19","section_key":"item-19","section_title":"Item 19 EXHIBITS**","topic":"sec","document":{"doc_type":"20-F","doc_date":"2026-05-12","source_url":"https://www.sec.gov/Archives/edgar/data/1814067/0001213900-26-055168-index.html","accession_number":"0001213900-26-055168","cik":"0001814067","ticker":"LXEH","issuer_name":"Lixiang Education Holding Co. Ltd.","edgar_url":"https://www.sec.gov/Archives/edgar/data/1814067/0001213900-26-055168-index.html","primary_entity_key":"0001814067","primary_entity_name":"Lixiang Education Holding Co. Ltd."},"word_count":31155,"has_tables":true,"body_markdown":"**ITEM 19. EXHIBITS**\n\n** **\n\n**EXHIBIT INDEX**\n\n \n\n**Exhibit\nNumber**\n \n**Description of Document**\n\n \n \n \n\n1.1\n \n[Third\nAmended and Restated Memorandum and Articles of Association of the Registrant (incorporated herein by reference to Annex A to Exhibit\n99.1 to the Form 6-K filed with the Securities and Exchange Commission on November 1, 2024)](https://www.sec.gov/Archives/edgar/data/1814067/000121390024093183/ea021915901ex99-1_lixiang.htm)\n\n \n \n \n\n2.1\n \n[Form\nof Registrant’s Specimen American Depositary Receipt (included in Exhibit 2.6)](http://www.sec.gov/Archives/edgar/data/1472033/000119380524001386/e664030_ex99-ai.htm)\n\n \n \n \n\n2.2\n \n[Registrant’s\nSpecimen Certificate for Class A Ordinary Shares (incorporated herein by reference to Exhibit 2.2 to the annual report on Form 20-F\n(File No. 001-39559), filed with the Securities and Exchange Commission on April 30, 2025)](https://www.sec.gov/Archives/edgar/data/1814067/000121390025037081/ea023882701ex2-2_lixiang.htm)\n\n \n \n \n\n2.3\n \n[Form\nof Deposit Agreement by and among the Registrant, the Depositary, and the Holders and Beneficial Owners of the American Depositary\nShares (incorporated herein by reference to Exhibit (a) to the Pre-Effective Amendment No. 1 to Form F-6 registration\nstatement (File No. 333-249010), filed with the Securities and Exchange Commission on September 30, 2020)](http://www.sec.gov/Archives/edgar/data/1472033/000119380520001210/e619964_ex99-a.htm)\n\n \n \n \n\n2.4\n \n[Form\nof Amendment No. 1 to Deposit Agreement by and among the Registrant, the Depositary, and the Holders and Beneficial Owners of the\nAmerican Depositary Shares (incorporated herein by reference to Exhibit (a)(i) to the Post-Effective Amendment No. 1 to Form F-6\nregistration statement (File No. 333-249010), filed with the Securities and Exchange Commission on December 15, 2023)](https://www.sec.gov/Archives/edgar/data/1472033/000119380523001602/e619123_ex99-ai.htm)\n\n \n \n \n\n2.5\n \n[Form\nof Amendment No. 2 to Deposit Agreement by and among the Registrant, the Depositary, and the Holders and Beneficial Owners of the\nAmerican Depositary Shares (incorporated herein by reference to Exhibit (a)(i) to the Post-Effective Amendment No. 2 to Form F-6\nregistration statement (File No. 333-249010), filed with the Securities and Exchange Commission on September 13, 2024)](https://www.sec.gov/Archives/edgar/data/1472033/000119380524001117/e663884_ex99-ai.htm)\n\n \n \n \n\n2.6\n \n[Form\nof Amendment No. 3 to Deposit Agreement by and among the Registrant, the Depositary, and the Holders and Beneficial Owners of the\nAmerican Depositary Shares (incorporated herein by reference to Exhibit (a)(i) to the Post-Effective Amendment No. 3 to Form F-6\nregistration statement (File No. 333-249010), filed with the Securities and Exchange Commission on November 18, 2024)](https://www.sec.gov/Archives/edgar/data/1472033/000119380524001386/e664030_ex99-ai.htm)\n\n \n \n \n\n2.7\n \n[Form of Amendment No. 4 to Deposit Agreement by and among the Registrant, the Depositary, and the Holders and Beneficial Owners of the American Depositary Shares (incorporated herein by reference to Exhibit (a)(i) to the Post-Effective Amendment No. 4 to Form F-6 registration statement (File No. 333-249010), filed with the Securities and Exchange Commission on April 1, 2026)](http://www.sec.gov/Archives/edgar/data/1472033/000119380526000384/e665313_ex99-ai.htm)\n\n \n \n \n\n2.8*\n \n[Description of securities of the Registrant registered under Section 12 of the Securities Exchange Act of 1934](ea028775901ex2-8.htm)\n\n \n \n \n\n4.1\n \n[2020\nEquity Incentive Plan (incorporated herein by reference to Exhibit 10.30 to the registration statement on Form F-1 (File\nNo. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1030.htm)\n\n \n \n \n\n4.2\n \n[Form of\nRestricted Share Agreement (incorporated herein by reference to Exhibit  10.31 to the registration statement on Form F-1\n(File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1031.htm)\n\n \n \n \n\n4.3\n \n[Form of\nOption Agreement (incorporated herein by reference to Exhibit  10.32 to the registration statement on Form F-1 (File No.\n333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1032.htm)\n\n \n \n \n\n4.4\n \n[Form\nof Indemnification Agreement between the Registrant and its directors and executive officers (incorporated herein by reference to\nExhibit 10.1 to the registration statement on Form  F-1 (File No. 333-248691), as amended, initially filed with the\nSecurities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex101.htm)\n\n \n \n \n\n4.5\n \n[Form\nof Employment Agreement between the Registrant and its executive officers (incorporated herein by reference to Exhibit 10.2\nto the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange\nCommission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex102.htm)\n\n \n\n179\n\n \n\n \n\n4.6\n \n[English\ntranslation of Business Cooperation Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Liandu Foreign Languages School,\nthe Kindergarten of Liandu Foreign Languages School, Zhejiang Lishui Mengxiang Education Development Co., Ltd., Ye Fen, Ye Fang and\nYe Hong dated October 13, 2018 (incorporated herein by reference to Exhibit 10.3 to the registration statement on Form F-1\n(File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex103.htm)\n\n \n \n \n\n4.7\n \n[English\ntranslation of Supplemental Agreement of Business Cooperation Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd.,\nLiandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang Lishui Mengxiang Education Development\nCo., Ltd., and Ye Fen, Ye Fang and Ye Hong dated November 29, 2018 (incorporated herein by reference to Exhibit 10.4 to\nthe registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange\nCommission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex104.htm)\n\n \n\n4.8\n \n[English\ntranslation of Exclusive Technical Service and Business Consulting Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd.\nand Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang Lishui Mengxiang Education\nDevelopment Co., Ltd. dated October 13, 2018 (incorporated herein by reference to Exhibit 10.5 to the registration statement\non Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9,\n2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex105.htm)\n\n \n \n \n\n4.9\n \n[English\ntranslation of Supplemental Agreement of Exclusive Technical Service and Business Consulting Agreement, among Zhejiang Mengxiang\nConsulting Services Co., Ltd. and Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang\nLishui Mengxiang Education Development Co., Ltd. dated November 29, 2018 (incorporated herein by reference to Exhibit 10.6\nto the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange\nCommission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex106.htm)\n\n \n \n \n\n4.10\n \n[English\ntranslation of the Second Supplemental Agreement of Exclusive Technical Service and Business Consulting Agreement, among Zhejiang\nMengxiang Consulting Services Co., Ltd. and Liandu Foreign Languages School, and Zhejiang Lishui Mengxiang Education Development\nCo., Ltd. dated March 29, 2019 (incorporated herein by reference to Exhibit 10.7 to the registration statement on Form F-1\n(File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex107.htm)\n\n \n \n \n\n4.11\n \n[English\ntranslation of Exclusive Call Option Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Ye Fen, Ye Fang and Ye Hong,\nand Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang Lishui Mengxiang Education\nDevelopment Co., Ltd. dated October 13, 2018 (incorporated herein by reference to Exhibit 10.8 to the registration statement\non Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9,\n2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex108.htm)\n\n \n \n \n\n4.12\n \n[English\ntranslation of Supplemental Agreement of Exclusive Call Option Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd.,\nYe Fen, Ye Fang and Ye Hong, and Liandu Foreign Languages School, the Kindergarten of Liandu Foreign Languages School and Zhejiang\nLishui Mengxiang Education Development Co., Ltd. dated November 29, 2018 (incorporated herein by reference to Exhibit 10.9\nto the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange\nCommission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex109.htm)\n\n \n \n \n\n4.13\n \n[English\ntranslation of Equity Pledge Agreement, among Ye Fen, Ye Fang, Ye Hong, and Zhejiang Lishui Mengxiang Education Development Co.,\nLtd. and Zhejiang Mengxiang Consulting Services Co., Ltd. dated October 13, 2018. (incorporated herein by reference to Exhibit 10.10\nto the registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange\nCommission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1010.htm)\n\n \n \n \n\n4.14\n \n[English\ntranslation of Supplemental Agreement of the Equity Pledge Agreement, among Ye Fen, Ye Fang, Ye Hong and Zhejiang Lishui Mengxiang\nEducation Development Co., Ltd. and Zhejiang Mengxiang Consulting Services Co., Ltd. dated November 29, 2018 (incorporated herein\nby reference to Exhibit 10.11 to the registration statement on Form F-1 (File No. 333-248691), as amended, initially\nfiled with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1011.htm)\n\n \n \n \n\n4.15\n \n[English\ntranslation of Proxy Agreement for Shareholders granted by Ye Fen, Ye Fang and Ye Hong to Zhejiang Mengxiang Consulting Services\nCo., Ltd. regarding Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated October 13, 2018 (incorporated herein by\nreference to Exhibit 10.12 to the registration statement on Form F-1 (File No. 333-248691), as amended, initially\nfiled with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1012.htm)\n\n \n\n180\n\n \n\n \n\n4.16\n \n[English\ntranslation of Supplemental Agreement of the Proxy Agreement for Shareholders granted by Ye Fen, Ye Fang and Ye Hong to Zhejiang\nMengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated November 29,\n2018 (incorporated herein by reference to Exhibit 10.13 to the registration statement on Form F-1 (File No. 333-248691),\nas amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1013.htm)\n\n \n \n \n\n4.17\n \n[English\ntranslation of Power of Attorney granted by Ye Fen to Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui\nMengxiang Education Development Co., Ltd. dated October 13, 2018 (incorporated herein by reference to Exhibit 10.14 to\nthe registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange\nCommission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1014.htm)\n\n \n\n4.18\n \n[English\ntranslation of Power of Attorney granted by Ye Fang to Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui\nMengxiang Education Development Co., Ltd. dated October 13, 2018 (incorporated herein by reference to Exhibit 10.15 to\nthe registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange\nCommission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1015.htm)\n\n \n \n \n\n4.19\n \n[English\ntranslation of Power of Attorney granted by Ye Hong to Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Zhejiang Lishui\nMengxiang Education Development Co., Ltd. dated October 13, 2018 (incorporated herein by reference to Exhibit 10.16 to\nthe registration statement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange\nCommission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1016.htm)\n\n \n \n \n\n4.20\n \n[English\ntranslation of Proxy Agreement for School’s Sponsors and Directors, granted by Zhejiang Lishui Mengxiang Education Development\nCo., Ltd. and Ye Fen, Wei Biao, Ye Fang, Ye Hong, Chen Guoliang and Shi Jixing, to Zhejiang Mengxiang Consulting Services Co., Ltd.\nregarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages School, dated October 13, 2018 (incorporated\nherein by reference to Exhibit 10.17 to the registration statement on Form F-1 (File No. 333-248691), as amended,\ninitially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1017.htm)\n\n \n \n \n\n4.21\n \n[English\ntranslation of Supplemental Agreement of the Proxy Agreement for School’s Sponsors and Directors granted by Zhejiang Lishui\nMengxiang Education Development Co., Ltd. and Ye Fen, Wei Biao, Ye Fang, Ye Hong, Chen Guoliang and Shi Jixing, to Zhejiang to Mengxiang\nConsulting Services Co., Ltd. regarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages School,\ndated November 29, 2018 (incorporated herein by reference to Exhibit 10.18 to the registration statement on Form F-1\n(File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1018.htm)\n\n \n \n \n\n4.22\n \n[English\ntranslation of Power of Attorney for the School’s Sponsor granted by Zhejiang Lishui Mengxiang Education Development Co., Ltd.\nto Zhejiang Mengxiang Consulting Services Co., Ltd. regarding Liandu Foreign Languages School dated November 29, 2018 (incorporated\nherein by reference to Exhibit 10.19 to the registration statement on Form F-1 (File No. 333-248691), as amended,\ninitially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1019.htm)\n\n \n \n \n\n4.23\n \n[English\ntranslation of Power of Attorney granted by Ye Fen to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages\nSchool dated November 29, 2018 (incorporated herein by reference to Exhibit 10.20 to the registration statement on Form F-1\n(File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1020.htm)\n\n \n \n \n\n4.24\n \n[English\ntranslation of Power of Attorney granted by Wei Biao to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages\nSchool dated November 29, 2018 (incorporated herein by reference to Exhibit 10.21 to the registration statement on Form F-1\n(File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1021.htm)\n\n \n \n \n\n4.25\n \n[English\ntranslation of Power of Attorney granted by Ye Fang to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages\nSchool dated November 29, 2018 (incorporated herein by reference to Exhibit 10.22 to the registration statement on Form F-1\n(File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1022.htm)\n\n \n\n181\n\n \n\n \n\n4.26\n \n[English\ntranslation of Power of Attorney granted by Ye Hong to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign Languages\nSchool dated November 29, 2018 (incorporated herein by reference to Exhibit 10.23 to the registration statement on Form F-1\n(File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1023.htm)\n\n \n \n \n\n4.27\n \n[English\ntranslation of Power of Attorney granted by Chen Guoliang to Zhejiang Mengxiang Consulting Service Co. Ltd. regarding Liandu Foreign\nLanguages School dated November 29, 2018 (incorporated herein by reference to Exhibit 10.24 to the registration statement\non Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9,\n2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1024.htm)\n\n \n \n \n\n4.28\n \n[English\ntranslation of Spouse Undertaking, granted by Wei Biao, the spouse of Ye Fen, to Ye Fen regarding Zhejiang Lishui Mengxiang Education\nDevelopment Co., Ltd., dated November 29, 2018 (incorporated herein by reference to Exhibit 10.25 to the registration statement\non Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9,\n2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1025.htm)\n\n \n\n4.29\n \n[English\ntranslation of Spouse Undertaking, granted by Chen Jianjun, the spouse of Ye Fang, to Ye Fang regarding Zhejiang Lishui Mengxiang\nEducation Development Co., Ltd. dated November 29, 2018 (incorporated herein by reference to Exhibit 10.26 to the registration\nstatement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on\nSeptember 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1026.htm)\n\n \n \n \n\n4.30\n \n[English\ntranslation of Spouse Undertaking, granted by Ji Hongfeng, the spouse of Ye Hong, to Ye Hong regarding Zhejiang Lishui Mengxiang\nEducation Development Co., Ltd. dated November 29, 2018 (incorporated herein by reference to Exhibit 10.27 to the registration\nstatement on Form F-1 (File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on\nSeptember 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1027.htm)\n\n \n \n \n\n4.31\n \n[English\ntranslation of Loan Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd. and Zhejiang Lishui Mengxiang Education Development\nCo., Ltd. regarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages School dated October 13,\n2018 (incorporated herein by reference to Exhibit 10.28 to the registration statement on Form F-1 (File No. 333-248691),\nas amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1028.htm)\n\n \n \n \n\n4.32\n \n[English\ntranslation of Supplemental Agreement of Loan Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd. and Zhejiang Lishui\nMengxiang Education Development Co., Ltd. regarding Liandu Foreign Languages School and the Kindergarten of Liandu Foreign Languages\nSchool dated November 29, 2018 (incorporated herein by reference to Exhibit 10.29 to the registration statement on Form F-1\n(File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](http://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex1029.htm)\n\n \n \n \n\n4.33\n \n[English\ntranslation of the Equity Transfer Agreement, between Zhejiang Mengxiang Consultancy Services Co., Ltd., Gamefield Hong Kong Limited\nand Li Qiang dated January 27, 2021 (incorporated herein by reference to Exhibit 4.33 to the annual report on Form 20-F (File\nNo. 001-39559), filed with the Securities and Exchange Commission on April 30, 2021)](http://www.sec.gov/Archives/edgar/data/1814067/000119312521142767/d105244dex433.htm)\n\n \n \n \n\n4.34\n \n[English\ntranslation of the Investment Cooperation Agreement, between Lishui Mengxiang, Beijing S.K. and certain other parties affiliated\nwith Beijing S.K. regarding the acquisition of the controlling stake in Beijing S.K. dated July 27, 2021 (incorporated herein\nby reference to Exhibit 4.34 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange\nCommission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex434.htm)\n\n \n \n \n\n4.35\n \n[English\ntranslation of the Sponsorship Interest Transfer Agreement, between Lishui Mengxiang and Qingtian Zhongyi Education Investment regarding\nthe acquisition of 100% of the sponsorship interest of Qingtian International School dated August 18, 2021 (incorporated herein\nby reference to Exhibit 4.35 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange\nCommission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex435.htm)\n\n \n\n182\n\n \n\n \n\n4.36\n \n[English\ntranslation of the Investment Cooperation Agreement, between Lishui Mengxiang and Beijing R.R.Z. regarding the formation of Beijing\nXinxiang dated January 18, 2022 (incorporated herein by reference to Exhibit 4.36 to the annual report on Form 20-F (File No. 001-39559),\nfiled with the Securities and Exchange Commission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex436.htm)\n\n \n \n \n\n4.3**7**\n \n[English\ntranslation of Supplementary Agreement of the Investment Cooperation Agreement, between Lishui Mengxiang, Beijing S.K., Beijing P.X.\nand certain other parties affiliated with Beijing S.K. regarding the partial conversion of the previously issued convertible debt\ndated April 18, 2022 (incorporated herein by reference to Exhibit 4.37 to the annual report on Form 20-F (File No. 001-39559),\nfiled with the Securities and Exchange Commission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex437.htm)\n\n \n \n \n\n4.38\n \n[English\ntranslation of Acknowledgment Agreement of Contractual Agreements, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian\nOverseas Chinese International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. And certain other parties dated\nApril 20, 2022 (incorporated herein by reference to Exhibit 4.38 to the annual report on Form 20-F (File No. 001-39559),\nfiled with the Securities and Exchange Commission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex438.htm)\n\n \n\n4.39\n \n[English\ntranslation of the Business Cooperation Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese\nInternational School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated April 20, 2022\n(incorporated herein by reference to Exhibit 4.39 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities\nand Exchange Commission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex439.htm)\n\n \n \n \n\n4.40\n \n[English\ntranslation of the Exclusive Technical Service and Business Consulting Agreement, between Zhejiang Mengxiang Consulting Services\nCo., Ltd. Qingtian Overseas Chinese International School and Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated April 20,\n2022 (incorporated herein by reference to Exhibit 4.40 to the annual report on Form 20-F (File No. 001-39559), filed with the\nSecurities and Exchange Commission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex440.htm)\n\n \n \n \n\n4.41\n \n[English\ntranslation of Exclusive Call Option Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese\nInternational School, Zhejiang Lishui herein Mengxiang Education Development Co., Ltd. and certain other parties dated April 20,\n2022 (incorporated by reference to Exhibit 4.41 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities\nand Exchange Commission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex441.htm)\n\n \n \n \n\n4.42\n \n[English\ntranslation of the Equity Pledge Agreement, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang Mengxiang\nConsulting Services Co., Ltd., Ye Fen, Ye Fang and Ye Hong dated April 20, 2022 (incorporated herein by reference to Exhibit\n4.42 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on April 29,\n2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex442.htm)\n\n \n \n \n\n4.43\n \n[English\ntranslation of the Proxy Agreement for Shareholders, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang\nMengxiang Consulting Services Co., Ltd., Ye Fen, Ye Fang and Ye Hong dated April 20, 2022 (incorporated herein by reference\nto Exhibit 4.43 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on\nApril 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex443.htm)\n\n \n \n \n\n4.44\n \n[English\ntranslation of the Power of Attorney signed by Ye Fen as a shareholder dated April 20, 2022 (incorporated herein by reference\nto Exhibit 4.44 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on\nApril 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex444.htm)\n\n \n \n \n\n4.45\n \n[English\ntranslation of the Power of Attorney signed by Ye Fang as a shareholder dated April 20, 2022 (incorporated herein by reference\nto Exhibit 4.45 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on\nApril 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex445.htm)\n\n \n \n \n\n4.46\n \n[English\ntranslation of the Power of Attorney signed by Ye Hong as a shareholder dated April 20, 2022 (incorporated herein by reference\nto Exhibit 4.46 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on\nApril 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex446.htm)\n\n \n\n183\n\n \n\n \n\n4.47\n \n[English\ntranslation of the Proxy Agreement for School’s Sponsor and Council Members, between Zhejiang Lishui Mengxiang Education Development\nCo., Ltd., Qingtian Overseas Chinese International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain\nother parties dated April 20, 2022 (incorporated herein by reference to Exhibit 4.47 to the annual report on Form 20-F (File\nNo. 001-39559), filed with the Securities and Exchange Commission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex447.htm)\n\n \n \n \n\n4.48\n \n[English\ntranslation of the Power of Attorney for School’s Sponsor signed by Zhejiang Lishui Mengxiang Education Development Co., Ltd.\ndated April 20, 2022 (incorporated herein by reference to Exhibit 4.48 to the annual report on Form 20-F (File No. 001-39559),\nfiled with the Securities and Exchange Commission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex448.htm)\n\n \n \n \n\n4.49\n \n[English\ntranslation of the Power of Attorney signed by Ye Fen as a council member dated April 20, 2022 (incorporated herein by reference\nto Exhibit 4.49 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on\nApril 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex449.htm)\n\n \n\n4.50\n \n[English\ntranslation of the Power of Attorney signed by Ye Hong as a council member dated April 20, 2022 (incorporated herein by reference\nto Exhibit 4.50 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on\nApril 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex450.htm)\n\n \n \n \n\n4.51\n \n[English\ntranslation of the Power of Attorney signed by Ye Fang as a council member dated April 20, 2022 (incorporated herein by reference\nto Exhibit 4.51 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on\nApril 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex451.htm)\n\n \n \n \n\n4.52\n \n[English\ntranslation of the Power of Attorney signed by Li Haibo as a council member dated April 20, 2022 (incorporated herein by reference\nto Exhibit 4.52 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on\nApril 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex452.htm)\n\n \n \n \n\n4.53\n \n[English\ntranslation of the Power of Attorney signed by Yao Jianwei as a council member dated April 20, 2022 (incorporated herein by\nreference to Exhibit 4.53 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission\non April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex453.htm)\n\n \n \n \n\n4.54\n \n[English\ntranslation of the Spouse Undertaking signed by Wei Biao dated April 20, 2022 (incorporated herein by reference to Exhibit 4.54\nto the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on April 29,\n2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex454.htm)\n\n \n \n \n\n4.55\n \n[English\ntranslation of the Spouse Undertaking signed by Chen Jianjun dated April 20, 2022 (incorporated herein by reference to Exhibit\n4.55 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on April 29,\n2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex455.htm)\n\n \n \n \n\n4.56\n \n[English\ntranslation of the Spouse Undertaking signed by Ji Hongfeng dated April 20, 2022 (incorporated herein by reference to Exhibit\n4.56 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on April 29,\n2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex456.htm)\n\n \n \n \n\n4.57\n \n[English\ntranslation of the Loan Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Zhejiang Lishui Mengxiang Education Development\nCo., Ltd. and Qingtian Overseas Chinese International School dated April 20, 2022 (incorporated herein by reference to Exhibit\n4.57 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on April 29,\n2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex457.htm)\n\n \n \n \n\n4.58\n \n[English\ntranslation of the Supplemental Agreement on the Transfer of the Target Company with Beijing S.K., Beijing P.X. and certain other\nparties, in respect of the confirmation on consolidating Beijing P.X. into the 2022 consolidated financial statements dated April 24,\n2022 (incorporated herein by reference to Exhibit 4.58 to the annual report on Form 20-F (File No. 001-39559), filed with the\nSecurities and Exchange Commission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex458.htm)\n\n \n\n184\n\n \n\n \n\n4.59\n \n[English\ntranslation of the Business Cooperation Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese\nInternational School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated January 31, 2023\n(incorporated by reference to Exhibit 4.59 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and\nExchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-59_lixiangedu.htm)\n\n \n \n \n\n4.60\n \n[English\ntranslation of the Exclusive Technical Service and Business Consulting Agreement, between Zhejiang Mengxiang Consulting Services\nCo., Ltd. Qingtian Overseas Chinese International School and Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated January\n31, 2023 (incorporated by reference to Exhibit 4.60 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities\nand Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-60_lixiangedu.htm)\n\n \n \n \n\n4.61\n \n[English\ntranslation of Exclusive Call Option Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian Overseas Chinese\nInternational School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated January 31, 2023\n(incorporated by reference to Exhibit 4.61 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and\nExchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-61_lixiangedu.htm)\n\n \n \n \n\n4.62\n \n[English\ntranslation of the Equity Pledge Agreement, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang Mengxiang\nConsulting Services Co., Ltd., Ye Fen and Ye Hong dated January 31, 2023 (incorporated by reference to Exhibit 4.62 to the annual\nreport on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-62_lixiangedu.htm)\n\n \n\n4.63\n \n[English\ntranslation of the Proxy Agreement for Shareholders, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang\nMengxiang Consulting Services Co., Ltd., Ye Fen and Ye Hong dated January 31, 2023 (incorporated by reference to Exhibit 4.63 to\nthe annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-63_lixiangedu.htm)\n\n \n \n \n\n4.64\n \n[English\ntranslation of the Power of Attorney signed by Ye Fen as a shareholder dated January 31, 2023 (incorporated by reference to Exhibit\n4.64 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023) ](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-64_lixiangedu.htm)\n\n \n \n \n\n4.65\n \n[English\ntranslation of the Power of Attorney signed by Ye Hong as a shareholder dated January 31, 2023 (incorporated by reference to Exhibit\n4.65 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-65_lixiangedu.htm)\n\n \n \n \n\n4.66\n \n[English\ntranslation of the Proxy Agreement for School’s Sponsor and Council Members, between Zhejiang Lishui Mengxiang Education Development\nCo., Ltd., Qingtian Overseas Chinese International School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain\nother parties dated January 31, 2023 (incorporated by reference to Exhibit 4.66 to the annual report on Form 20-F (File No. 001-39559),\nfiled with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-66_lixiangedu.htm)\n\n \n \n \n\n4.67\n \n[English\ntranslation of the Power of Attorney for School’s Sponsor signed by Zhejiang Lishui Mengxiang Education Development Co., Ltd.\ndated January 31, 2023 (incorporated by reference to Exhibit 4.67 to the annual report on Form 20-F (File No. 001-39559), filed with\nthe Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-67_lixiangedu.htm)\n\n \n \n \n\n4.68\n \n[English\ntranslation of the Power of Attorney signed by Ye Fen as a council member dated January 31, 2023  (incorporated by reference\nto Exhibit 4.68 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May\n1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-68_lixiangedu.htm)\n\n \n \n \n\n4.69\n \n[English\ntranslation of the Power of Attorney signed by Li Haibo as a council member dated January 31, 2023 (incorporated by reference to\nExhibit 4.69 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1,\n2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-69_lixiangedu.htm)\n\n \n \n \n\n4.70\n \n[English\ntranslation of the Power of Attorney signed by Ye Jun as a council member dated January 31, 2023 (incorporated by reference to Exhibit\n4.70 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-70_lixiangedu.htm)\n\n \n \n \n\n4.71\n \n[English\ntranslation of the Power of Attorney signed by Yan Yaomin as a council member dated January 31, 2023 (incorporated by reference to\nExhibit 4.71 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1,\n2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-71_lixiangedu.htm)\n\n \n\n185\n\n \n\n \n\n4.72\n \n[English\ntranslation of the Power of Attorney signed by Liu Fenghua as a council member dated January 31, 2023 (incorporated by reference\nto Exhibit 4.72 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May\n1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-72_lixiangedu.htm)\n\n \n \n \n\n4.73\n \n[English\ntranslation of the Spouse Undertaking signed by Wei Biao dated January 31, 2023 (incorporated by reference to Exhibit 4.73 to the\nannual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-73_lixiangedu.htm)\n\n \n \n \n\n4.74\n \n[English\ntranslation of the Spouse Undertaking signed by Ji Hongfeng dated January 31, 2023 (incorporated by reference to Exhibit 4.74 to\nthe annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-74_lixiangedu.htm)\n\n \n \n \n\n4.75\n \n[English\ntranslation of the Loan Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Zhejiang Lishui Mengxiang Education Development\nCo., Ltd. and Qingtian Overseas Chinese International School dated January 31, 2023 (incorporated by reference to Exhibit 4.75 to\nthe annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-75_lixiangedu.htm)\n\n \n \n \n\n4.76\n \n[English\ntranslation of the Business Cooperation Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Langfang City Rail Transit\nTechnical School, Beijing Pengxiang Tianxia Education Technology Co., Ltd., Zhejiang Lishui Mengxiang Education Development Co.,\nLtd. and certain other parties dated March 28, 2023 (incorporated by reference to Exhibit 4.76 to the annual report on Form 20-F\n(File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-76_lixiangedu.htm)\n\n \n\n4.77\n \n[English\ntranslation of the Exclusive Technical Service and Business Consulting Agreement, between Zhejiang Mengxiang Consulting Services\nCo., Ltd., Langfang City Rail Transit Technical School and Beijing Pengxiang Tianxia Education Technology Co., Ltd. dated March 28,\n2023 (incorporated by reference to Exhibit 4.77 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities\nand Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-77_lixiangedu.htm)\n\n \n \n \n\n4.78\n \n[English\ntranslation of Exclusive Call Option Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Langfang City Rail Transit\nTechnical School, Beijing Pengxiang Tianxia Education Technology Co., Ltd., Zhejiang Lishui Mengxiang Education Development Co.,\nLtd. and certain other parties dated March 28, 2023 (incorporated by reference to Exhibit 4.78 to the annual report on Form 20-F\n(File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-78_lixiangedu.htm)\n\n \n \n \n\n4.79\n \n[English\ntranslation of the Equity Pledge Agreement, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Beijing Pengxiang\nTianxia Education Technology Co., Ltd., Zhejiang Mengxiang Consulting Services Co., Ltd., Ye Fen and Ye Hong dated March 28, 2023\n(incorporated by reference to Exhibit 4.79 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and\nExchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-79_lixiangedu.htm)\n\n \n \n \n\n4.80\n \n[English\ntranslation of the Proxy Agreement for Shareholders, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Beijing Pengxiang\nTianxia Education Technology Co., Ltd., Zhejiang Mengxiang Consulting Services Co., Ltd., Ye Fen and Ye Hong dated March 28, 2023\n(incorporated by reference to Exhibit 4.80 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and\nExchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-80_lixiangedu.htm)\n\n \n \n \n\n4.81\n \n[English\ntranslation of the Power of Attorney executed by Zhejiang Lishui Mengxiang Education Development Co., Ltd. as a shareholder dated\nMarch 28, 2023  (incorporated by reference to Exhibit 4.81 to the annual report on Form 20-F (File No. 001-39559), filed with\nthe Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-81_lixiangedu.htm)\n\n \n\n186\n\n \n\n \n\n4.82\n \n[English\ntranslation of the Proxy Agreement for School’s Sponsor and Council Members, between Zhejiang Mengxiang Consulting Services\nCo., Ltd., Langfang City Rail Transit Technical School, Beijing Pengxiang Tianxia Education Technology Co., Ltd. and certain other\nparties dated March 28, 2023  (incorporated by reference to Exhibit 4.82 to the annual report on Form 20-F (File No. 001-39559),\nfiled with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-82_lixiangedu.htm)\n\n \n \n \n\n4.83\n \n[English\ntranslation of the Power of Attorney for School’s Sponsor signed by Beijing Pengxiang Tianxia Education Technology Co., Ltd.\ndated March 28, 2023 (incorporated by reference to Exhibit 4.83 to the annual report on Form 20-F (File No. 001-39559), filed with\nthe Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-83_lixiangedu.htm)\n\n \n \n \n\n4.84\n \n[English\ntranslation of the Power of Attorney signed by Ye Fen as a council member dated March 28, 2023  (incorporated by reference\nto Exhibit 4.84 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May\n1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-84_lixiangedu.htm)\n\n \n \n \n\n4.85\n \n[English\ntranslation of the Power of Attorney signed by Wei Biao as a council member dated March 28, 2023 (incorporated by reference to Exhibit\n4.85 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-85_lixiangedu.htm)\n\n \n \n \n\n4.86\n \n[English\ntranslation of the Power of Attorney signed by Mao Hailing as a council member dated March 28, 2023 (incorporated by reference to\nExhibit 4.86 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1,\n2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-86_lixiangedu.htm)\n\n \n \n \n\n4.87\n \n[English\ntranslation of the Power of Attorney signed by Qi Yuhai as a council member dated March 28, 2023 (incorporated by reference to Exhibit\n4.87 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-87_lixiangedu.htm)\n\n \n \n \n\n4.88\n \n[English\ntranslation of the Spouse Undertaking signed by Wei Biao dated March 28, 2023 (incorporated by reference to Exhibit 4.88 to the annual\nreport on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](http://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-88_lixiangedu.htm)\n\n \n \n \n\n4.89\n \n[English\ntranslation of the Spouse Undertaking signed by Ji Hongfeng dated March 28, 2023 (incorporated by reference to Exhibit 4.89 to the\nannual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](https://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-89_lixiangedu.htm)\n\n \n \n \n\n4.90\n \n[English\ntranslation of the Loan Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Langfang City Rail Transit Technical School\nand Beijing Pengxiang Tianxia Education Technology Co., Ltd. dated March 28, 2023 (incorporated by reference to Exhibit 4.90 to the\nannual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 1, 2023)](https://www.sec.gov/Archives/edgar/data/1814067/000121390023034581/f20f2022ex4-90_lixiangedu.htm)\n\n \n \n \n\n4.91\n \n[English\ntranslation of Supplementary Agreement to the Investment Cooperation Agreement, among Lishui Mengxiang, Beijing S.K., Beijing P.X.\nand certain other parties affiliated with Beijing S.K. regarding the terms of the conversion of creditor’s rights to equity\ndated August 20, 2023(incorporated by reference to Exhibit 4.91 to the annual report on Form 20-F (File No. 001-39559), filed with\nthe Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-91_lixiang.htm)\n\n \n\n4.92\n \n[English\nTranslation of Sponsorship Interests Transfer Agreement of Qingtian Overseas Chinese Experimental High School, between Zhejiang Lishui\nMengxiang Education Development Co., Ltd. and Zhejiang Lishui Qiaoxiang Education Consulting Service Co., Ltd. dated January 15,\n2024 (incorporated by reference to Exhibit 4.92 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities\nand Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-92_lixiang.htm)\n\n \n \n \n\n4.93\n \n[English\ntranslation of Acknowledgment Agreement of Contractual Agreements, between Zhejiang Mengxiang Consulting Services Co., Ltd., Qingtian\nOverseas Chinese Experimental High School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated\nApril 2, 2024 (incorporated by reference to Exhibit 4.93 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities\nand Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-93_lixiang.htm)\n\n \n\n187\n\n \n\n \n\n4.94\n \n[English\ntranslation of the Business Cooperation Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Lishui Overseas Chinese\nSenior High School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated April 2, 2024 (incorporated\nby reference to Exhibit 4.94 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission\non May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-94_lixiang.htm)\n\n \n \n \n\n4.95\n \n[English\ntranslation of the Exclusive Technical Service and Business Consulting Agreement, between Zhejiang Mengxiang Consulting Services\nCo., Ltd. Lishui Overseas Chinese Senior High School and Zhejiang Lishui Mengxiang Education Development Co., Ltd. dated April 2,\n2024 (incorporated by reference to Exhibit 4.95 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities\nand Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-95_lixiang.htm)\n\n \n\n4.96\n \n[English\ntranslation of Exclusive Call Option Agreement, between Zhejiang Mengxiang Consulting Services Co., Ltd., Lishui Overseas Chinese\nSenior High School, Zhejiang Lishui Mengxiang Education Development Co., Ltd. and certain other parties dated April 2, 2024 (incorporated\nby reference to Exhibit 4.96 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission\non May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-96_lixiang.htm)\n\n \n \n \n\n4.97\n \n[English\ntranslation of the Equity Pledge Agreement, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang Mengxiang\nConsulting Services Co., Ltd., Ye Fen and Ye Hong dated April 2, 2024 (incorporated by reference to Exhibit 4.97 to the annual report\non Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-97_lixiang.htm)\n\n \n \n \n\n4.98\n \n[English\ntranslation of the Proxy Agreement for Shareholders, between Zhejiang Lishui Mengxiang Education Development Co., Ltd., Zhejiang\nMengxiang Consulting Services Co., Ltd., Ye Fen and Ye Hong dated April 2, 2024 (incorporated by reference to Exhibit 4.98 to the\nannual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-98_lixiang.htm)\n\n \n \n \n\n4.99\n \n[English\ntranslation of the Power of Attorney signed by Ye Fen as a shareholder dated April 2, 2024 (incorporated by reference to Exhibit\n4.99 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-99_lixiang.htm)\n\n \n \n \n\n4.100\n \n[English\ntranslation of the Power of Attorney signed by Ye Hong as a shareholder dated April 2, 2024 (incorporated by reference to Exhibit\n4.100 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-100_lixiang.htm)\n\n \n \n \n\n4.101\n \n[English\ntranslation of the Proxy Agreement for School’s Sponsor and Council Members, between Zhejiang Lishui Mengxiang Education Development\nCo., Ltd., Lishui Overseas Chinese Senior High School, Zhejiang Mengxiang Consulting Services Co., Ltd. and certain other parties\ndated April 2, 2024 (incorporated by reference to Exhibit 4.101 to the annual report on Form 20-F (File No. 001-39559), filed with\nthe Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-101_lixiang.htm)\n\n \n \n \n\n4.102\n \n[English\ntranslation of the Power of Attorney for School’s Sponsor signed by Zhejiang Lishui Mengxiang Education Development Co., Ltd.\ndated April 2, 2024 (incorporated by reference to Exhibit 4.102 to the annual report on Form 20-F (File No. 001-39559), filed with\nthe Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-102_lixiang.htm)\n\n \n \n \n\n4.103\n \n[English\ntranslation of the Power of Attorney signed by Ye Fen as a council member dated April 2, 2024 (incorporated by reference to Exhibit\n4.103 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-103_lixiang.htm)\n\n \n \n \n\n4.104\n \n[English\ntranslation of the Power of Attorney signed by Yu Yingte as a council member dated April 2, 2024 (incorporated by reference to Exhibit\n4.104 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-104_lixiang.htm)\n\n \n \n \n\n4.105\n \n[English\ntranslation of the Power of Attorney signed by Ye Jun as a council member dated April 2, 2024 (incorporated by reference to Exhibit\n4.105 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-105_lixiang.htm)\n\n \n \n \n\n4.106\n \n[English\ntranslation of the Power of Attorney signed by Xu Guiyun as a council member dated April 2, 2024 (incorporated by reference to Exhibit\n4.106 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-106_lixiang.htm)\n\n \n \n \n\n4.107\n \n[English\ntranslation of the Power of Attorney signed by Mao Hailing as a council member dated April 2, 2024 (incorporated by reference to\nExhibit 4.107 to the annual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15,\n2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-107_lixiang.htm)\n\n \n\n4.108\n \n[English\ntranslation of the Spouse Undertaking signed by Wei Biao dated April 2, 2024 (incorporated by reference to Exhibit 4.108 to the annual\nreport on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-108_lixiang.htm)\n\n \n\n188\n\n \n\n \n\n4.109\n \n[English\ntranslation of the Spouse Undertaking signed by Ji Hongfeng dated April 2, 2024 (incorporated by reference to Exhibit 4.109 to the\nannual report on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-109_lixiang.htm)\n\n \n \n \n\n4.110\n \n[English\ntranslation of the Loan Agreement, among Zhejiang Mengxiang Consulting Services Co., Ltd., Zhejiang Lishui Mengxiang Education Development\nCo., Ltd. and Lishui Overseas Chinese Senior High School dated April 2, 2024 (incorporated by reference to Exhibit 4.110 to the annual\nreport on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex4-110_lixiang.htm)\n\n \n \n \n\n4.111†\n \n[English\ntranslation of the Cooperation Agreement, between Langfang City Rail Transit Technical School and Hebei Technical College of Petroleum\nProfession dated July 31, 2024 (incorporated herein by reference to Exhibit 4.111 to the annual report on Form 20-F (File No. 001-39559),\nfiled with the Securities and Exchange Commission on April 30, 2025)](https://www.sec.gov/Archives/edgar/data/1814067/000121390025037081/ea023882701ex4-111_lixiang.htm)\n\n \n \n \n\n8.1*\n \n[List of Subsidiaries and VIEs of the Registrant](ea028775901ex8-1.htm)\n\n \n \n \n\n11.1\n \n[Code\nof Business Conduct and Ethics of the Registrant (incorporated herein by reference to Exhibit  99.1 to the registration statement\non Form F-1 (File No. 333-248691), filed with the Securities and Exchange Commission on September  9, 2020)](https://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex991.htm)\n\n \n \n \n\n11.2\n \n[Insider\nTrading Policy (incorporated herein by reference to Exhibit 11.2 to the annual report on Form 20-F (File No. 001-39559), filed with\nthe Securities and Exchange Commission on April 30, 2025)](https://www.sec.gov/Archives/edgar/data/1814067/000121390025037081/ea023882701ex11-2_lixiang.htm)\n\n \n \n \n\n12.1*\n \n[Certification by Principal Executive Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028775901ex12-1.htm)\n\n \n \n \n\n12.2*\n \n[Certification by Principal Financial Officer Pursuant to Section 302 of the Sarbanes-Oxley Act of 2002](ea028775901ex12-2.htm)\n\n \n \n \n\n13.1**\n \n[Certification by Principal Executive Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028775901ex13-1.htm)\n\n \n \n \n\n13.2**\n \n[Certification by Principal Financial Officer Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002](ea028775901ex13-2.htm)\n\n \n \n \n\n15.1*\n \n[Consent of DeHeng Law Offices](ea028775901ex15-1.htm)\n\n \n \n \n\n15.2\n \n[Consent\nof Frost & Sullivan (incorporated herein by reference to Exhibit  23.5 to the registration statement on Form F-1\n(File No. 333-248691), as amended, initially filed with the Securities and Exchange Commission on September 9, 2020)](https://www.sec.gov/Archives/edgar/data/1814067/000119312520242249/d921897dex235.htm)\n\n \n \n \n\n15.3\n \n[Letter\nfrom PricewaterhouseCoopers Zhong Tian LLP (incorporated herein by reference to Exhibit 15.4 to the annual report on Form 20-F (File\nNo. 001-39559), filed with the Securities and Exchange Commission on April 29, 2022)](http://www.sec.gov/Archives/edgar/data/1814067/000119312522128185/d271877dex154.htm)\n\n \n \n \n\n15.4\n \n[Response\nLetter from WWC, P.C., Independent Registered Public Accounting Firm (incorporated herein by reference to Exhibit 15.5 to the annual\nreport on Form 20-F (File No. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex15-5_lixiang.htm)\n\n \n \n \n\n15.5*\n \n[Consent of Maples and Calder (Hong Kong) LLP](ea028775901ex15-5.htm)\n\n \n \n \n\n97.1\n \n[Executive\nCompensation Recovery Policy of the Registrant (incorporated by reference to Exhibit 97.1 to the annual report on Form 20-F (File\nNo. 001-39559), filed with the Securities and Exchange Commission on May 15, 2024)](http://www.sec.gov/Archives/edgar/data/1814067/000121390024043569/ea020444301ex97-1_lixiang.htm)\n\n \n\n*Filed\nherewith\n\n \n\n**Furnished\nherewith\n\n \n\n†Certain\nportions of this exhibit have been omitted pursuant to Item 601(b)(10)(iv) of Regulation\nS-K on the basis that the Company customarily and actually treats that information as private\nor confidential and the omitted information is not material.\n\n \n\n189\n\n \n\n \n\n**SIGNATURES**\n\n \n\nThe registrant hereby certifies\nthat it meets all of the requirements for filing on Form 20-F, and that it has duly caused and authorized the undersigned to sign\nthe annual report on its behalf.\n\n \n\n \nLixiang Education Holding Co., Ltd.\n\n \n \n \n\n \nBy:\n/s/ Biao Wei\n\n \nName: \nBiao Wei\n\n \nTitle:\nDirector and Chief Executive Officer\n\n \n\nDate: May 12, 2026\n\n \n\n190\n\n \n\n \n\n \n\n**INDEX TO CONSOLIDATED FINANCIAL STATEMENTS**\n\n \n\n**Content**   **Page(s)**\n\n[Report of Independent Registered Public Accounting Firm (PCAOB ID:3487)](#f_001)   F-2\n\n[Consolidated Balance Sheets as of December 31, 2024 and 2025](#f_002)   F-3\n\n[Consolidated Statements of Operations and Comprehensive Loss for the years ended December 31, 2023, 2024 and 2025](#f_003)   F-4\n\n[Consolidated Statements of Changes in Shareholders’ Equity for the years ended December 31, 2023, 2024 and 2025](#f_004)   F-5\n\n[Consolidated Statements of Cash Flows for the years ended December 31, 2023, 2024 and 2025](#f_005)   F-6\n\n[Notes to the Consolidated Financial Statements](#f_006)   F-7\n\n \n\nF-1\n\n \n\n \n\n**REPORT OF INDEPENDENT REGISTERED\nPUBLIC ACCOUNTING FIRM**\n\n \n\nTo the Shareholders and Board of Directors of\n\n \n\nLixiang Education Holding Co., Ltd.\n\n** **\n\n**Opinion on the Financial Statements**\n\n \n\nWe have audited the accompanying consolidated\nbalance sheets of Lixiang Education Holding Co., Ltd. (the “Company”)and its subsidiaries (the “Group”) as of\nDecember 31, 2025 and 2024, the related consolidated statements of operations and comprehensive loss, changes in shareholders’\nequity and cash flows for each of the years ended December 31, 2025, 2024 and 2023 and the related notes (collectively referred to as\nthe “consolidated financial statements”). In our opinion, the consolidated financial statements present fairly, in all material\nrespects, the financial position of the Company as of December 31, 2025 and 2024, and the results of its operations and its cash flows\nfor each of the years ended December 31, 2025, 2024 and 2023 in conformity with accounting principles generally accepted in the United\nStates of America (“U.S. GAAP”).\n\n** **\n\n**Material Uncertainty Related to Going Concern**\n\n \n\nThe accompanying consolidated financial statements\nhave been prepared assuming that the Group will continue as a going concern. As discussed in Note 3 to the consolidated financial statements,\nthe Group had a working capital deficiency of RMB90,091,355, incurred a net loss of RMB121,262,741, and net cash used in operating activities\nof RMB314,302,893. As of December 31, 2025, the Group had an accumulated deficit of RMB391,851,008, which raises substantial doubt about\nits ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 3. The consolidated\nfinancial statements do not include any adjustments that might result from the outcome of this uncertainty.\n\n** **\n\n**Basis for Opinion**\n\n \n\nThese consolidated financial statements are the\nresponsibility of the Group’s management. Our responsibility is to express an opinion on the Group’s consolidated financial\nstatements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United\nStates) (PCAOB) and are required to be independent with respect to the Group’s in accordance with the U.S. federal securities laws\nand the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.\n\n \n\nWe conducted our audits in accordance with the standards of the PCAOB.\nThose standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements\nare free of material misstatement, whether due to error or fraud. The Group is not required to have, nor were we engaged to perform, an\naudit of its internal control over financial reporting. As part of our audits, we are required to obtain an understanding of internal\ncontrol over financial reporting, but not for the purpose of expressing an opinion on the effectiveness of the Group internal control\nover financial reporting. Accordingly, we express no such opinion.\n\n \n\nOur audits included performing procedures to\nassess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing procedures\nthat respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the\nconsolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates made\nby management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits provide\na reasonable basis for our opinion.\n\n \n\n \n\n**Critical Audit Matters **\n\n** **\n\nThe critical audit matters communicated below\nare matters arising from the current period audit of the consolidated financial statements that were communicated or required to be communicated\nto the audit committee and that: (1) related to accounts or disclosures that were material to the consolidated financial statements and\n(2) involved our especially challenging, subjective, or complex judgments. The communication of the critical audit matter does not alter\nin any way our opinion on the consolidated financial statements, taken as a whole, and we are not, by communicating the critical audit\nmatter below, providing a separate opinion on the critical audit matter or on the accounts or disclosures to which they relate.\n\n \n\n**Fair Value Measurement of investment in\nequity securities**\n\n \n\nAs described in Note 10 to the consolidated financial\nstatements, the company measures certain investment in equity securities at fair value.\n\n \n\nWe identified the valuation of these instruments\nas a critical audit matter due to the significant estimation uncertainty and judgment in determining fair value, particularly in respect\nof: the selection of appropriate valuation methodologies.\n\n \n\nOur principal audit procedures performed to address\nthis critical audit matter included the following:\n\n \n\n \n●\nWe sent confirmation letters to the fund company and obtained replies, which verified the value of the investment in equity securities.\n\n \n \n \n\n \n●\nWe obtained an understanding of the controls and processes surrounding the evaluation, initial measurement and revaluation of the investment in equity securities.\n\n \n \n \n\n \n●\nWe evaluated management’s assessment and the conclusions reached to ensure these investment in equity securities were recorded in accordance with the relevant accounting guidance.\n\n \n \n \n\n \n●\nWe evaluated the value of these investment in equity securities by verifying the related agreement.\n\n \n \n \n\n \n\n●\n\nWe assessed the adequacy of the company’s disclosures related to fair value measurements, including the valuation techniques, significant assumptions and estimation uncertainties.\n\n* *\n\n*/s/ Audit Alliance LLP*\n\n \n\nWe have served as the Company’s auditor since 2024\n\n \n\nSingapore\n\n \n\nMay 12, 2026\n\n \n\nF-2\n\n \n\n \n\n**Lixiang Education Holding\nCo., Ltd.**\n\n**CONSOLIDATED BALANCE SHEETS**\n\n**As of December 31, 2024 and 2025**\n\n**(RMB, except share data or otherwise noted)**\n\n** **\n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$\n(Note 2(g)) \n\nASSETS \n   \n   \n  \n\nCurrent assets: \n   \n   \n  \n\nCash and cash equivalents \n 220,724,238  \n 12,782,851  \n 1,827,923 \n\nPrepayments and other current assets, net \n 5,846,730  \n 12,303,879  \n 1,759,431 \n\nAccounts receivable \n 156,770  \n 164,207  \n 23,481 \n\nAmounts due from related parties \n 9,542,000  \n 8,932,000  \n 1,277,259 \n\nTotal current assets \n 236,269,738  \n 34,182,937  \n 4,888,094 \n\nNon-current assets: \n    \n    \n   \n\nProperty and equipment, net \n 147,250,054  \n 142,771,400  \n 20,416,039 \n\nLand use rights, net \n 33,927,238  \n 32,980,543  \n 4,716,155 \n\nIntangible assets, net \n 163,687  \n 130,896  \n 18,718 \n\nRight-of-use assets \n 51,906,613  \n 54,080,188  \n 7,733,364 \n\nOther non-current asset \n 1,100,000  \n 7,800,000  \n 1,115,385 \n\nInvestment in equity securities \n \n-\n  \n 44,974,376  \n 6,431,250 \n\nTotal non-current\nassets \n 234,347,592  \n 282,737,403  \n 40,430,911 \n\nTotal assets \n 470,617,330  \n 316,920,340  \n 45,319,005 \n\nLIABILITIES \n    \n    \n   \n\nCurrent liabilities: \n    \n    \n   \n\nShort-term borrowings \n 84,000,000  \n 84,000,000  \n 12,011,840 \n\nAccounts payable \n 388,494  \n 4,020,942  \n 574,987 \n\nContract liabilities \n 5,595,491  \n 7,796,228  \n 1,114,846 \n\nSalary and welfare payable \n 1,861,780  \n 1,829,701  \n 261,644 \n\nAmounts due to a related party \n 1,817,485  \n 1,621,303  \n 231,843 \n\nTaxes payable \n 2,146,819  \n 3,266,167  \n 467,056 \n\nIncome tax payable \n 213,495  \n 179,316  \n 25,642 \n\nAccrued liabilities and other current liabilities \n 7,489,769  \n 11,081,009  \n 1,584,562 \n\nOperating lease liabilities, current \n 9,208,569  \n 10,479,626  \n 1,498,567 \n\nTotal current liabilities \n 112,721,902  \n 124,274,292  \n 17,770,987 \n\nNon-current liabilities: \n    \n    \n   \n\nAmounts due to Affected Entity, non-current \n 173,046,163  \n \n-\n  \n \n-\n \n\nOperating lease liabilities, non-current \n 38,352,135  \n 38,439,295  \n 5,496,746 \n\nOther non-current liabilities \n 1,000,000  \n 1,000,000  \n 142,998 \n\nTotal non-current\nliabilities \n 212,398,298  \n 39,439,295  \n 5,639,744 \n\nTotal liabilities \n 325,120,200  \n 163,713,587  \n 23,410,731 \n\nCommitments and contingencies \n \n \n  \n \n \n  \n \n \n \n\nShareholders’ equity: \n    \n    \n   \n\nClass 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) \n 50,584  \n 1,368,598  \n 195,707 \n\nClass B ordinary shares (USD$0.0001 par value; 100,000,000 shares authorized, 45,000,000 and 45,000,000 shares issued and outstanding as of December 31, 2024 and 2025, respectively) \n 30,508  \n 30,508  \n 4,363 \n\nAdditional paid-in capital \n 343,098,862  \n 476,500,785  \n 68,138,706 \n\nStatutory reserves \n 60,610,543  \n 60,610,543  \n 8,667,192 \n\nAccumulated other comprehensive income \n 12,294,900  \n 6,547,327  \n 936,255 \n\nAccumulated deficit \n (269,947,314) \n (391,851,008) \n (56,033,949)\n\nTotal Lixiang Education Holding Co.,\nLtd. shareholders’ equity \n 146,138,083  \n 153,206,753  \n 21,908,274 \n\nNon-controlling interests \n (640,953) \n \n-\n  \n \n-\n \n\nTotal shareholders’\nequity \n 145,497,130  \n 153,206,753  \n 21,908,274 \n\nTotal liabilities\nand shareholders’ equity \n 470,617,330  \n 316,920,340  \n 45,319,005 \n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-3\n\n \n\n \n\n**Lixiang Education Holding\nCo., Ltd.**\n\n**CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE\nLOSS**\n\n**For the years ended December 31, 2023, 2024\nand 2025**\n\n**(RMB, except share data or otherwise noted)**\n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$ \n(Note 2(g)) \n\nNet revenues: \n   \n   \n   \n  \n\nRevenue from third parties \n 50,061,131  \n 32,046,375  \n 30,229,432  \n 4,322,751 \n\nRevenue from related parties \n 754,285  \n 754,285  \n 603,558  \n 86,308 \n\nTotal net revenues \n 50,815,416  \n 32,800,660  \n 30,832,990  \n 4,409,059 \n\nCost of revenues \n (46,850,314) \n (35,851,105) \n (42,763,080) \n (6,115,039)\n\nGross profit/(loss) \n 3,965,102  \n (3,050,445) \n (11,930,090) \n (1,705,980)\n\nOperating expenses: \n    \n    \n    \n   \n\nGeneral and administrative expenses \n (25,445,401) \n (22,799,165) \n (23,468,370) \n (3,355,932)\n\nSelling and marketing expenses \n (18,300) \n (111,780) \n (985,278) \n (140,893)\n\nImpairment loss on goodwill \n (22,677,921) \n \n-\n  \n \n-\n  \n \n-\n \n\nExpected credit loss for receivables and other assets \n (65,138,293) \n \n-\n  \n \n-\n  \n \n-\n \n\nTotal operating expenses \n (113,279,915) \n (22,910,945) \n (24,453,648) \n (3,496,825)\n\nOperating loss \n (109,314,813) \n (25,961,390) \n (36,383,738) \n (5,202,805)\n\nInterest expense \n (3,634,721) \n (2,860,956) \n (3,456,630) \n (494,292)\n\nFair value changes of equity securities \n \n-\n  \n \n-\n  \n (83,621,753) \n (11,957,752)\n\nInterest income \n 134,011  \n 289,865  \n 9,301  \n 1,330 \n\nOther income, net \n 12,339,894  \n 3,830,448  \n 2,190,079  \n 313,177 \n\nLoss before income tax expense \n (100,475,629) \n (24,702,033) \n (121,262,741) \n (17,340,342)\n\nIncome tax expenses \n (3,119,576) \n \n-\n  \n \n-\n  \n \n-\n \n\nLoss from continuing operations, net of tax \n (103,595,205) \n (24,702,033) \n (121,262,741) \n (17,340,342)\n\nLoss from discontinued operation, net of tax \n (23,394,661) \n \n-\n  \n \n-\n  \n \n-\n \n\nNet loss \n (126,989,866) \n (24,702,033) \n (121,262,741) \n (17,340,342)\n\nNet loss attributable to Lixiang Education Holding Co., Ltd. shareholders \n (126,630,648) \n (24,627,666) \n (121,903,694) \n (17,431,997)\n\nNet (loss)/income attributable to non-controlling interests \n (359,218) \n (74,367) \n 640,953  \n 91,655 \n\nOther comprehensive income/(loss): \n    \n    \n    \n   \n\nForeign currency translation adjustment, net of nil tax \n 2,970,553  \n 3,809,859  \n (5,747,573) \n (821,892)\n\nComprehensive loss \n (124,019,313) \n (20,892,174) \n (127,010,314) \n (18,162,234)\n\nTotal comprehensive (loss)/income attributable to non-controlling interests \n (359,218) \n (74,367) \n 640,953  \n 91,655 \n\nTotal comprehensive loss attributable to Lixiang Education Holding Co., Ltd. shareholders \n (123,660,095) \n (20,817,807) \n (127,651,267) \n (18,253,889)\n\n  \n    \n    \n    \n   \n\nLoss per ordinary share attributable to Lixiang Education Holding Co., Ltd. shareholders from continuing operations \n (1.32) \n (0.21) \n (0.06) \n (0.01)\n\n—Basic and diluted \n    \n    \n    \n   \n\nLoss per ordinary share attributable to Lixiang Education Holding Co., Ltd. shareholders from discontinued operation \n (0.30) \n \n\n-\n\n  \n \n\n-\n\n  \n \n\n-\n\n \n\n—Basic and diluted \n    \n    \n    \n   \n\nWeighted average number of ordinary shares outstanding \n 78,584,808  \n 116,667,000  \n 1,911,667,000  \n 1,911,667,000 \n\n  \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-4\n\n \n\n \n\n**Lixiang Education Holding\nCo., Ltd.**\n\n**CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’\nEQUITY**\n\n**For the years ended December 31, 2023, 2024\nand 2025**\n\n**(RMB, except share data or otherwise noted)**\n\n** **\n\n  \nClass\nA Ordinary\n\nShares  \nClass\nB Ordinary Shares  \nAdditional\npaid-in  \nStatutory  \nAccumulated\nother comprehensive  \nAccumulated  \nTotal\nLixiang Education Holding Co., Ltd. shareholders’  \nNon-controlling  \nTotal\nshareholders’ \n\n** **** **\n**Share**** **** **\n**Amount**** **** **\n**Share**** **** **\n**Amount**** **** **\n**capital**** **** **\n**reserves**** **** **\n**income**** **** **\n**deficit**** **** **\n**equity**** **** **\n**interests**** **** **\n**equity**** **\n\n  \n**RMB**  \nRMB  \nRMB  \nRMB  \nRMB  \nRMB  \nRMB  \nRMB  \nRMB \n\nBalance\nas of December 31, 2021 \n 21,667,000  \n 14,690  \n 45,000,000  \n 30,508  \n 305,460,907  \n 60,201,702  \n 5,514,488  \n (118,280,159) \n 252,942,136  \n 548,631  \n 253,490,767 \n\nNet\nloss for the year \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (126,630,648) \n (126,630,648) \n (359,218) \n (126,989,866)\n\nIssuance\nof ordinary shares (Note 14) \n 50,000,000  \n 35,894  \n -  \n -  \n 43,037,505  \n -  \n -  \n -  \n 43,073,399  \n -  \n 43,073,399 \n\nReversal\nof shareholder’s deemed contribution (Note 20) \n -  \n -  \n -  \n -  \n (17,455,572) \n -  \n -  \n -  \n (17,455,572) \n -  \n (17,455,572)\n\nOffering\ncosts \n -  \n -  \n -  \n -  \n (1,216,965) \n -  \n -  \n -  \n (1,216,965) \n -  \n (1,216,965)\n\nWithdrawal\nof non-controlling shareholders (Note 21) \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (500,000) \n (500,000)\n\nDisposal\nQingtian International School \n -  \n -  \n -  \n -  \n 3,726,595  \n -  \n -  \n -  \n 3,726,595  \n -  \n 3,726,595 \n\nProvision\nof statutory reserve \n -  \n -  \n -  \n -  \n -  \n 408,841  \n -  \n (408,841) \n -  \n -  \n - \n\nForeign\ncurrency translation \n -  \n -  \n -  \n -  \n -  \n -  \n 2,970,553  \n -  \n 2,970,553  \n -  \n 2,970,553 \n\nBalance\nas of December 31, 2023 \n 71,667,000  \n 50,584  \n 45,000,000  \n 30,508  \n 333,552,470  \n 60,610,543  \n 8,485,041  \n (245,319,648) \n 157,409,498  \n (310,587) \n 157,098,911 \n\nNet\nloss for the year \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (24,627,666) \n (24,627,666) \n (74,367) \n (24,702,033)\n\nDeemed\nshareholder’s contribution (Note 20) \n -  \n -  \n -  \n -  \n 9,546,392  \n -  \n -  \n -  \n 9,546,392  \n -  \n 9,546,392 \n\nDisposal\nof non-controlling interests (Note21) \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (255,999) \n (255,999)\n\nForeign\ncurrency translation \n -  \n -  \n -  \n -  \n -  \n -  \n 3,809,859  \n -  \n 3,809,859  \n -  \n 3,809,859 \n\nBalance\nas of December 31, 2024 \n 71,667,000  \n 50,584  \n 45,000,000  \n 30,508  \n 343,098,862  \n 60,610,543  \n 12,294,900  \n (269,947,314) \n 146,138,083  \n (640,953) \n 145,497,130 \n\nNet\nloss for the year * \n -  \n -  \n -  \n -  \n -  \n -  \n -  \n (121,903,694) \n (121,903,694) \n 640,953  \n (121,262,741)\n\nReversal\nof shareholder’s deemed contribution \n -  \n -  \n -  \n -  \n (115,702,723) \n -  \n -  \n -  \n (115,702,723) \n -  \n (115,702,723)\n\nIssuance\nof ordinary shares \n 1,800,000,000  \n 1,318,014  \n -  \n -  \n 249,104,646  \n -  \n -  \n -  \n 250,422,660  \n -  \n 250,422,660 \n\nForeign\ncurrency translation \n -  \n -  \n -  \n -  \n -  \n -  \n (5,747,573) \n -  \n (5,747,573) \n -  \n (5,747,573)\n\nBalance\nas of December 31, 2025 \n 1,871,667,000  \n 1,368,598  \n 45,000,000  \n 30,508  \n 476,500,785  \n 60,610,543  \n 6,547,327  \n (391,851,008) \n 153,206,753  \n -  \n 153,206,753 \n\n** **\n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-5\n\n \n\n \n\n**Lixiang Education Holding\nCo., Ltd.**\n\n**CONSOLIDATED STATEMENTS OF CASH FLOWS**\n\n**For the years ended December 31, 2023, 2024\nand 2025**\n\n**(RMB, except share data or otherwise noted)**\n\n** **\n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \nUS$\n\n(Note 2(g)) \n\nCash flows from operating activities \n    \n    \n    \n   \n\nNet loss \n (126,989,866) \n (24,702,033) \n (121,262,741) \n (17,340,342)\n\nNet loss from discontinued operation \n (23,394,661) \n \n-\n  \n \n-\n  \n \n-\n \n\nNet loss from continuing operations \n (103,595,205) \n (24,702,033) \n (121,262,741) \n (17,340,342)\n\nAdjustments for: \n    \n    \n    \n   \n\nProvision/(reversal) for credit losses \n 65,078,293  \n (1,574,942) \n 12,310  \n 1,760 \n\nDepreciation of property and equipment \n 6,128,680  \n 4,598,768  \n 4,596,107  \n 657,235 \n\nAmortization of land use rights \n 946,697  \n 946,697  \n 946,697  \n 135,376 \n\nAmortization of intangible assets \n 33,045  \n 32,789  \n 32,791  \n 4,689 \n\nAmortization of right-of-use assets \n 4,185,583  \n 6,158,318  \n 9,020,938  \n 1,289,977 \n\nImpairment of goodwill \n 22,677,921  \n \n-\n  \n \n-\n  \n \n-\n \n\nDeferred tax expenses \n 2,903,456  \n \n-\n  \n \n-\n  \n \n-\n \n\nImpairment loss on investments \n \n-\n  \n \n-\n  \n 83,621,753  \n 11,957,752 \n\nChanges in assets and liabilities: \n    \n    \n    \n   \n\nAccounts receivable \n (6,601) \n (147,390) \n (7,437) \n (1,063)\n\nInventories \n 276,881  \n 886,895  \n \n-\n  \n \n-\n \n\nPrepayments and other current assets \n 5,195,189  \n 1,921,752  \n (469,459) \n (67,132)\n\nAmounts due from related parties \n (10,750,000) \n (6,792,000) \n 610,000  \n 87,229 \n\nOther non-current asset \n \n-\n  \n (1,100,000) \n 800,000  \n 114,398 \n\nAccounts payable \n (295,626) \n (1,115,604) \n 3,632,448  \n 519,433 \n\nAmounts due to a related party \n 7,676,600  \n 1,817,485  \n (196,182) \n (28,054)\n\nAmounts due to Affected Entity, current \n (60,375,678) \n 8,912,193  \n (288,748,886) \n (41,290,542)\n\nSalaries and welfare payable \n 645,567  \n (592,660) \n (32,079) \n (4,587)\n\nTaxes payable \n 160,456  \n 1,315,310  \n 1,119,348  \n 160,065 \n\nIncome tax payable \n 162,001  \n (6,337) \n (34,179) \n (4,888)\n\nContract liabilities \n (1,024,939) \n (917,581) \n 2,200,737  \n 314,701 \n\nAccrued liabilities and other current liabilities \n (3,064,836) \n 1,540,776  \n (308,763) \n (44,151)\n\nOther non-current liabilities \n \n-\n  \n 1,000,000  \n \n-\n  \n \n-\n \n\nOperating lease liabilities, current and non-current \n (3,866,909) \n (10,504,227) \n (9,836,296) \n (1,406,572)\n\nNet cash used in operating activities from continuing operations \n (66,909,425) \n (18,321,791) \n (314,302,893) \n (44,944,716)\n\nNet cash provided by operating activities from discontinued operation \n 7,709,950  \n \n-\n  \n \n-\n  \n \n-\n \n\nNet cash used in operating activities \n (59,199,475) \n (18,321,791) \n (314,302,893) \n (44,944,716)\n\nCash flows from investing activities: \n    \n    \n    \n   \n\nPurchase of short-term investments \n \n-\n  \n (170,000) \n (300,000) \n (42,899)\n\nProceeds from maturity of short-term investments \n \n-\n  \n 170,000  \n 300,000  \n 42,899 \n\nPurchase of property and equipment and intangible assets \n (2,177,538) \n (298,083) \n (117,452) \n (16,795)\n\nDisposal of non-controlling interests \n \n-\n  \n (255,999) \n \n-\n  \n \n-\n \n\nCash loss of disposal of Qingtian International School \n (4,972,757) \n \n-\n  \n \n-\n  \n \n-\n \n\nCash loss of disposal of Chuangmei Weiye \n (425,988) \n \n-\n  \n \n-\n  \n \n-\n \n\nPayments for software platform development \n \n-\n  \n \n-\n  \n (7,500,000) \n (1,072,486)\n\nPrepayment for merger and acquisition consulting services \n \n-\n  \n \n-\n  \n (6,000,000) \n (857,989)\n\nPayment for investment in fund \n \n-\n  \n \n-\n  \n (128,596,129) \n (18,389,002)\n\nNet cash used in investing activities from continuing operations \n (7,576,283) \n (554,082) \n (142,213,581) \n (20,336,272)\n\nNet cash provided by investing activities from discontinued operation \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nNet cash used in investing activities \n (7,576,283) \n (554,082) \n (142,213,581) \n (20,336,272)\n\nCash flows from financing activities: \n    \n    \n    \n   \n\nProceeds from short-term borrowings with banks \n 98,000,000  \n 114,000,000  \n 104,000,000  \n 14,871,802 \n\nRepayments of short-term borrowings with banks \n (85,000,000) \n (104,000,000) \n (104,000,000) \n (14,871,802)\n\nRepayments of long-term borrowings with banks \n (2,500,000) \n (1,250,000) \n \n-\n  \n \n-\n \n\nProceeds from issuance of ordinary shares, net of issuance cost \n 41,856,434  \n \n-\n  \n 250,422,660  \n 35,809,964 \n\nProceeds from borrowings from third parties \n \n-\n  \n \n-\n  \n 3,900,000  \n 557,693 \n\nWithdrawal of non-controlling shareholders \n (500,000) \n \n-\n  \n \n-\n  \n \n-\n \n\nNet cash provided by financing activities from continuing operations \n 51,856,434  \n 8,750,000  \n 254,322,660  \n 36,367,657 \n\nNet cash used in financing activities from discontinued operation \n (7,772,526) \n \n-\n  \n \n-\n  \n \n-\n \n\nNet cash provided by financing activities \n 44,083,908  \n 8,750,000  \n 254,322,660  \n 36,367,657 \n\nEffect of exchange rate changes on cash and cash equivalents \n 2,970,553  \n 3,809,860  \n (5,747,573) \n (821,892)\n\nNet decrease in cash and cash equivalents \n (19,721,297) \n (6,316,013) \n (207,941,387) \n (29,735,223)\n\nCash and cash equivalents at the beginning of year \n 246,761,548  \n 227,040,251  \n 220,724,238  \n 31,563,146 \n\nCash and cash equivalents at the end of year \n 227,040,251  \n 220,724,238  \n 12,782,851  \n 1,827,923 \n\nLess: cash and cash equivalents of discontinued operations\nat the end of year \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nCash and cash equivalents of continuing operations at the end\nof year \n 227,040,251  \n 220,724,238  \n 12,782,851  \n 1,827,923 \n\n  \n    \n    \n    \n   \n\nSupplemental disclosure of cash flow information: \n    \n    \n    \n   \n\nCash paid for interest expenses \n 3,838,286  \n 2,739,254  \n 3,480,392  \n 497,689 \n\nCash paid for income tax expenses \n 66,549  \n 9,154  \n 40,332  \n 5,767 \n\nSupplemental disclosure of non-cash flow information: \n    \n    \n    \n   \n\nObtaining right-of-use assets in exchange for operating lease liabilities \n \n-\n  \n 55,593,928  \n 11,194,513  \n 1,600,794 \n\nDeemed shareholder’s contribution \n \n-\n  \n 9,546,392  \n \n-\n  \n \n-\n \n\nDeemed withdrawal of shareholder’s contribution \n (17,455,572) \n \n-\n  \n (115,702,723) \n (16,545,269)\n\nOffset between consideration from disposal of Qingtian International School and amount due to Lianwai\nSchool \n 23,161,000  \n \n-\n  \n \n-\n  \n \n-\n \n\nDisposal Qingtian International School \n 3,726,595  \n \n-\n  \n \n-\n  \n \n-\n \n\nOffset between amounts due to Qingtian Zhongyi and amounts due from Qingtian International School \n \n-\n  \n 8,000,000  \n \n-\n  \n \n-\n \n\n \n\nThe accompanying notes are an integral part of\nthese consolidated financial statements.\n\n \n\nF-6\n\n \n\n \n\n**Lixiang Education Holding\nCo., Ltd.**\n\n**NOTES TO THE CONSOLIDATED FINANCIAL STATEMENTS**\n\n**(RMB, except share data or otherwise noted)**\n\n** **\n\n**1.**\n**Organization and Principal\nActivities**\n\n \n\n**(a)**\n**Principal activities**\n\n \n\nLixiang Education Holding Co., Ltd.\n(formerly known as Lianwai Education Group Limited, the “Company”) was incorporated on September 6, 2018 under the law\nof the Cayman Islands as an exempted company with limited liability. The Company’s original name was Lianwai Education Group Limited.\nThe Company changed its name to Lixiang Education Holding Co., Ltd. on May 26, 2020. The Company, through its subsidiaries and consolidated\nvariable interest entities (“VIEs”) (collectively referred to as the “Group”) is primarily engaged in providing\neducation services including high school and vocational education services through Zhejiang Lishui Mengxiang Education Development Company\nLimited, Langfang City Rail Transit Technical School (“Langfang School”) and Lishui Overseas Chinese high School (“Lishui\nInternational School”) in the People’s Republic of China (the “PRC”).\n\n \n\nOn May 14, 2021, the General\nOffice of the State Council of the People’s Republic of China (the “PRC State Council”) announced the Implementation\nRules, which became effective on September 1, 2021. Under the Implementation Rules, social organizations and individuals are prohibited\nfrom controlling a private school that provides compulsory education, referring to nine years of curriculum education mandated by the\nPRC, by means of, among others, merger, acquisition, and contractual arrangements, and a private school providing compulsory education\nis prohibited from conducting transactions with its related party. As a result of the effectiveness of the Implementation Rules, the\nCompany would no longer be able to use its power under the contractual arrangements as disclosed in Note 2(c) to direct the relevant\nactivities that would most significantly affect the economic performance of those schools and hence, has lost control on August 31,\n2021 over Lianwai School (“Affected Entity”). Accordingly, the carrying amount related to the net assets of the Affected\nEntity were deconsolidated from the consolidated financial statements of the Group as of August 31, 2021.\n\n \n\n*Significant equity transactions*\n\n \n\nOn October 1, 2020, the Company completed\nits IPO on the NASDAQ Global Market of 3,333,400 American Depositary Shares (“ADS”). Each ADS represents 5 ordinary shares.\nThe offering was at a price of US$9.25 per ADS for a total offering size of approximately US$30.8 million. The net proceeds raised from\nthe IPO amounted to approximately RMB170.7 million (US$26.2 million) after deducting underwriting discounts and commissions and other\noffering expenses.\n\n \n\nOn August 31, 2021, the Company consolidated\n100% of the sponsorship interest of Qingtian International School from Qingtian Zhongyi Education Investment Co., Ltd under the consideration\nof RMB23.0 million.\n\n \n\nOn January 1, 2022, the Group acquired\n100% equity interest of Beijing P.X. from Beijing Shangkun Education Technology Development Co., Ltd. (“Beijing S.K.”) with\nthe consideration of RMB53.4 million.\n\n \n\nOn January 6, 2023, the Group established\nHebei Chuangxiang Enterprise Management Co., LTD (“Hebei Chuangxiang”), and Beijing P.X. held its 100% equity interest.\n\n \n\nOn June 25, 2023, the Group established\nLishui International School, and Zhejiang Lishui Mengxiang Education Development Company Limited held its 100% sponsorship interest.\n\n \n\nOn August 25, 2023, the Group entered\ninto a share subscription agreement with each of the Individual Investors (collectively, the “Purchase Agreements”), pursuant\nto which the Group agreed to issue and sell to such Individual Investors a total of 50,000,000 ordinary shares with a par value of US$0.0001\neach of the Group, in the aggregate consideration of US$6,000,000.\n\n \n\nOn November 9, 2023, the Group transferred\nBeijing Chuangmei Weiye Enterprise Management Co with 100% equity interests, and the consideration of RMB6.36 million was considered\nremote to be collected.\n\n \n\nF-7\n\n \n\n \n\n**1.****Organization\nand Principal Activities (Continued)**\n\n \n\nOn December 31, 2023, the Group transferred\nQingtian International School with 100% sponsorship interests for a consideration of RMB23.2 million.\n\n \n\nOn November 28, 2024, the Company\nentered into a share subscription agreement with certain individual investors and sell to individual investors a total of 1,800,000,000\nClass A ordinary, in the aggregate consideration of US$34.2 million. The financing transaction was closed in January 2025.\n\n \n\nAs of December 31, 2025, the Company’s\nmajor subsidiaries and VIEs are as follows:\n\n \n\n**Name of subsidiaries and VIE**   **Date of establishment / acquisition**   **Place of incorporation**   **Percentage of direct or indirect economic ownership**     **Principal activities**\n\n**Wholly owned subsidiaries of the Company:**                  \n\nLianwai Investment Co., Ltd. (“Lianwai investment”)   Established\non September 11, 2018   BVI     100 %   Investment\nholding\n\nHong Kong Mengxiang Education Development Group Limited (“HK Mengxiang”)   Established\non September 20, 2018   Hong Kong     100 %   Investment\nholding\n\nZhejiang Mengxiang Consulting Services Co., Ltd. (“Liandu WFOE”)   Established\non October 10, 2018   PRC     100 %   Investment\nholding\n\n**Variable Interest Entities (“VIEs”)**                    \n\nZhejiang Lishui Mengxiang Education Development Company Limited (“Lishui Mengxiang VIE”)   Established\non August 20, 2001   PRC     100 %   Operation of\nLiandu Foreign\nLanguage School\n\nLangfang City Rail Transit Technical School (“Langfang School”)   Acquired\non January 1, 2022   PRC     100 %   Operation of \nvocational education\n\nHainan Jiangcai Vocational Skills Training School Co. Ltd. (“Hainan Jiangcai”)   Acquired\non January 1, 2022   PRC     100 %   Operation of \nvocational education\n\nLishui Overseas Chinese high School (“Lishui International School”)   Established\non June 25, 2023   PRC     100 %   Operation of \nhigh school\n\nHebei Chuangxiang   Established\non January 6, 2023   PRC     100 %   Comprehensive human resources service, and healthcare support services\n\n \n\n**(b)****Group\nhistory**\n\n \n\nThe Group started its business through\nLishui Mengxiang VIE and Lianwai School VIE. To facilitate offshore financing, an offshore corporate structure was formed in 2018, which\nwas carried out as follows:\n\n \n\n \n1)\nOn September 6, 2018,\nthe Company was incorporated in the Cayman Islands by Ms. Fen Ye, Ms. Fang Ye, and Ms. Hong Ye (the “founders.”).\n\n \n\n  2) On September 11, 2018, Lianwai investment was incorporated in British Virgin Islands with 100% ownership by the Company.\n\n \n\n  3) On September 20, 2018, HK Mengxiang was incorporated in Hong Kong with 100% ownership by Lianwai investment.\n\n \n\n  4) On October 10, 2018, Liandu WFOE was incorporated in the PRC with 100% ownership by HK Mengxiang.\n\n \n\n  5) On August 13, 2020, Zhejiang Lishui Xianke Agricultural Products Distribution Co., Ltd. (“Xianke”) was incorporated in the PRC with 100% ownership by Liandu WFOE.\n\n \n\nF-8\n\n \n\n \n\n**1.****Organization\nand Principal Activities (Continued)**\n\n \n\nIn order to comply with the PRC laws\nand regulations which prohibit or restrict foreign investments into companies involved in restricted businesses, the Group provides education\nservices in the PRC through certain PRC domestic companies, whose equity interests are held by certain management members of the Company\nor onshore nominees of certain investors of the Company (“Nominee Shareholders”).\n\n  \n\nThe Company obtained control over\nthese PRC domestic companies by entering into a series of Contractual Arrangements.\n\n \n\nOn August 31, 2021, the ability\nof Group to use its power under the contractual arrangements with Lishui Mengxiang VIE to direct the relevant activities that would most\nsignificantly affect the economic performance of the Affected Entity had ceased due to Implementation Rules. The Group has executed the\nAcknowledgment Agreement in April 2022 to confirm all the terms of rights and obligations relating to Lianwai School and the director\nappointed by the sponsor under the VIE Agreements, which shall be terminated on August 31, 2021. Meanwhile, the Group has entered into\na series of Contractual Agreements through Liandu WFOE, Qingtian International School and the Council Members of Qingtian International\nSchool (“Qingtian International School Contractual Agreement”). The Group has executed the Acknowledgment Agreement in April\n2024 to confirm all the terms of rights and obligations relating to Qintian International School and the director appointed by the sponsor\nunder the Qingtian International School Contractual Agreement, which shall be terminated on December 31, 2023.\n\n \n\nIn March 2023, the Group has entered\ninto a series of Contractual Agreements through Liandu WFOE, Langfang School and the Council Members of Langfang School (“Langfang\nSchool Contractual Agreements”). In April 2024, the Group has entered into a series of Contractual Agreements through Liandu WFOE,\nLishui International School, and the Council Members of Lishui International School (together with Langfang School Contractual Agreements,\nas “new VIE Agreements”). After that Lishui Mengxiang VIE and Langfang School became VIEs effective on January 1, 2022, and\nLishui International School became VIE effective on June 25, 2023, whose primary beneficiary is Liandu WFOE, and the shareholders of\nnew VIEs became the Nominee Shareholders at that date.\n\n \n\nThese Contractual Agreements cannot\nbe unilaterally terminated by the Nominee Shareholders, or the new VIEs. As a result, the Company maintains the ability to control these\nnew VIEs, and is entitled to substantially all of the economic benefits from these new VIEs. Accordingly, the Group had consolidated\nthe financial position and operating results of affiliate Chinese entities, new VIEs in the consolidated financial statements of the\nCompany during the year ended December 31, 2023, 2024 and 2025. The Company’s VIE includes (1) affiliate Chinese entities, prior\nto August 31, 2021; and (2) the new VIEs after August 31, 2021. Qingtian International School is the Company’s VIE from August\n31, 2021 to December 31, 2023.\n\n \n\nThe principal terms of the agreements\nentered into amongst the VIEs, their respective shareholders and the Liandu WFOE are further described below.\n\n \n\nF-9\n\n \n\n \n\n**1.****Organization\nand Principal Activities (Continued)**\n\n  \n\n**(c)****Contractual\nAgreements with VIEs**\n\n* *\n\n*Loan Agreements*\n\n* *\n\nPursuant to the loan agreements entered\ninto between Liandu WFOE and affiliate Chinese entities, and between Liandu WFOE and new VIEs, Liandu WFOE can grant interest-free loans\nto Lishui Mengxiang VIE, or Beijing P.X. with the sole purpose of providing funds necessary for the business operations and development\nof Langfang School and Lishui International School. These business loan amounts can be injected into Langfang School and Lishui International\nSchool as capital or other operation means, and cannot be accessed for any personal uses. There is no fixed term for each loan under\nthe loan agreement except that Liandu WFOE can unilaterally decide when to recover the loan and the loan agreements shall remain effective\nduring the operation term of Langfang School and Lishui International School and any periods that are renewable pursuant to PRC laws.\nLiandu WFOE has the right to unilaterally terminate these agreements after giving notice in advance, including that Liandu WFOE and/or\nits designated entities have fully exercised their options to purchase all the (direct and indirect) equities held by Nominee Shareholders\nof the relevant VIE in accordance with the Exclusive Call Option Agreements (as described in the following paragraph), while the shareholders\nof such consolidated affiliated Chinese entities have no right to unilaterally terminate these agreements. As of December 31, 2024 and\n2025, no loans have been granted yet.\n\n \n\n*Exclusive Call Option Agreements*\n\n* *\n\nUnder the exclusive call option agreements,\neach Nominee Shareholders of the affiliate Chinese entities and new VIEs granted Liandu WFOE the exclusive and irrevocable right to purchase\nor to designate entities at their discretion to purchase part or all of the equity interests in the VIEs from the Nominee Shareholders,\nin the case that the PRC laws and regulations allows, at any time for a purchase price subject to the lowest price permitted by PRC laws\nand regulations. Liandu WFOE or its designated representatives have sole discretion as to when to exercise such options, either in part\nor in full. The affiliate Chinese entities and new VIEs (collectively the “VIEs”), and their Nominee Shareholders have agreed\nthat without Liandu WFOE’s prior written consent, their respective Nominee Shareholders cannot sell, transfer, assign or dispose\nof or create any encumbrance on any of the VIEs’ equity interests, assets, and business. Also, as agreed, the VIEs cannot declare\nany dividend or change the capitalization structure of the VIEs and cannot enter into any loan, guarantee or investment agreements.\n\n \n\nFurthermore, the Nominee Shareholders\nhave agreed that any proceeds but not limited to the sales of the Nominee Shareholders’ equity interest in relevant VIEs should\nbe gratuitously paid to Liandu WFOE or one or more person(s) at their discretion. The agreements will remain in force during the operation\nterms of the relevant VIEs and any periods that are renewable pursuant to the PRC laws, and will terminate automatically when Liandu\nWFOE and/or its designated entities fully exercise their options to purchase all the equities held by Nominee Shareholders in accordance\nwith the Exclusive Call Option Agreements. In addition, Liandu WFOE has the right to unilaterally terminate these agreements after 30\ndays advance written notice, while the Nominee Shareholders and relevant VIEs have no right to unilaterally terminate these agreements.\n\n* *\n\n*Proxy Agreements and Power of Attorney\nfor Shareholders*\n\n \n\nPursuant to the proxy agreements and\npower of attorney, each equity holder of Lishui Mengxiang VIE appointed the Liandu WFOE as their attorney-in-fact to exercise all shareholder\nrights under PRC law and the relevant articles of association, including but not limited to, calling and attending shareholders’\nmeetings, voting on their behalf on all matters requiring shareholder approval, including but not limited to designating and electing\nthe directors and other senior management of the VIEs, as well as liquidating and dismantling the VIEs. Each power of attorney will remain\nin force during the operation term of Lishui Mengxiang VIE and any periods that are renewable pursuant to the PRC laws, and will terminate\nautomatically when Liandu WFOE and/or its designated entities fully exercise their options to purchase all the equities held by the Nominee\nShareholders in accordance with the Exclusive Call Option Agreements. In addition, Liandu WFOE has the right to unilaterally terminate\nthese agreements after 30 days advance written notice, while the Nominee Shareholders and Lishui Mengxiang VIE have no right to unilaterally\nterminate these agreements.\n\n \n\nF-10\n\n \n\n \n\n**1.**\n**Organization and Principal\nActivities (Continued)**\n\n  \n\n*Proxy Agreements and Power of Attorney\nfor School’s Sponsors, Directors and Council Members*\n\n \n\nPursuant to the proxy agreements and\npower of attorney, Lishui Mengxiang VIE has irrevocably authorized and entrusted Liandu WFOE to exercise all its rights as sponsor of\nboth Langfang School, Qingtian International School and Lishui International School to the extent permitted by the PRC laws. The agreements\nshall remain effective during the operation term of Qingtian International School, Lishui International School and Langfang School, and\nany periods that are renewable pursuant to PRC laws, and will terminate automatically when Liandu WFOE and/or its designated entities\nfully exercise their options to purchase all the equities held by the Nominee Shareholders in accordance with the Exclusive Call Option\nAgreement. In addition, the Liandu WFOE has the right to unilaterally terminate these agreements after 30 days advance written notice,\nwhile Langfang School, Lishui International School, Qingtian International School and their sponsors, council members and appointed directors\nhave no right to unilaterally terminate these agreements.\n\n \n\n*Business Cooperation Agreement,\nExclusive Technical Services and Business Consulting Agreement*\n\n \n\nPursuant to the Business Cooperation\nAgreement, Exclusive Technical Services and Business Consulting Agreement, Liandu WFOE has agreed to provide affiliate Chinese entities\nand new VIEs with technical services, management support services, consulting services and intellectual property licenses required for\nthe conducting of private education business activities, including but not limited to preparation, selection and/or recommendation of\nschools textbooks, recruitment of teachers and other staff, training support, admissions support, public relations maintenance, market\nresearch and development, management and marketing consulting and other related services. The affiliate Chinese entities and new VIEs\nshall pay to Liandu WFOE service fees withdrawn from their respective amount of surplus from operations after deducting all costs, expenses,\ntaxes, losses (if required by the law) and the legally development fund of the respective school (if required by the law) and other costs\nand funds that shall be retained at Langfang School and Lishui International School in accordance with applicable PRC laws. Liandu WFOE\nhas the right (but not the obligation) to adjust the amount of such service fee by reference to the actual services provided and the\nactual business operations and needs of affiliate Chinese entities and new VIEs, provided that any adjusted amount shall not exceed the\namount mentioned above. The affiliate Chinese entities and new VIEs do not have any right to make any such adjustment. Liandu WFOE, as\nappropriate, will exclusively own any intellectual property rights arising from the performance of these agreements. The aforementioned\nagreements will terminate automatically when Liandu WFOE and/or its designated entities fully exercise their options to purchase all\nthe equities held by the Nominee Shareholders in accordance with the Exclusive Call Option Agreements. In addition, Liandu WFOE retains\nthe exclusive right to terminate the agreements at any time by delivering a written notice 30 days in advance to the applicable consolidated\naffiliate Chinese entities and new VIEs.\n\n \n\n*Equity Pledge Agreements*\n\n* *\n\nPursuant to the equity pledge agreements\namong Liandu WFOE, Lishui Mengxiang VIE and the Nominee Shareholders of Lishui Mengxiang VIE, the Nominee Shareholders shall pledge all\nof their equity interests in Lishui Mengxiang VIE, and Beijing P.X. to Liandu WFOE as collateral for all of their payments to direct,\nindirect and derivate losses and losses of predictable profits of the PRC subsidiaries (“Secured Debts”) and to secure their\nobligations under the above agreements. In the event of a breach by the affiliate Chinese entities and new VIEs or any of their Nominee\nShareholders of their contractual obligations, Liandu WFOE has the right to deal with the equity interests pledged in the following ways:\ni) purchasing or designating entities at their discretion to purchase part or all of the equity interests in the affiliate Chinese entities\nand new VIEs from the Nominee Shareholders, subject to the lowest price permitted by PRC laws and regulations; ii) selling the equity\ninterests pledged through auction or discount, and preferentially compensated from the sales price; iii) other means agreed between Liandu\nWFOE and the Nominee Shareholders, after giving written notice to the Nominee Shareholders. The equity pledge agreements will expire\nwhen the Nominee Shareholders have completed all their obligations under the above agreements or the Secured Debts are fully settled,\nor when Liandu WFOE unilaterally delivers a written notice 30 days in advance.\n\n \n\nF-11\n\n \n\n \n\n**1.**\n**Organization and Principal\nActivities (Continued)**\n\n \n\n*Spousal Undertakings*\n\n \n\nPursuant to the Spousal Undertakings,\neach Nominee Shareholder, who is a natural person, and their spouses unconditionally and irrevocably agreed that the equity interests\nin the affiliate Chinese entities and new VIEs held by and registered in the name of their spouse will be disposed of pursuant to the\nequity pledge agreements, the exclusive call option agreements, the loan agreement and the proxy agreement and power of attorney. Each\nof their spouses agreed not to assert any rights over the equity interests in the affiliate Chinese entities and new VIEs held by their\nrespective spouses. In addition, in the event that any spouse obtains any equity interests in the affiliate Chinese entities and new\nVIEs held by their spouse for any reason, they agreed to be bound by similar obligations and agreed to enter into similar contractual\nagreements.\n\n \n\n**(d)**\n**Combined financial\ninformation of the VIEs**\n\n \n\nThe following combined financial information\nof the Group’s VIEs as of December 31, 2024 and 2025 and for the years ended December 31, 2023, 2024 and 2025 was included in the\naccompanying consolidated financial statements of the Group as follows:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nUS$\n(Note 2(g)) \n\nASSETS \n   \n   \n  \n\nCurrent assets: \n   \n   \n  \n\nCash \n 3,897,892  \n 11,699,127  \n 1,672,953 \n\nAmounts due from inter-company entities \n 15,356,140  \n \n-\n  \n \n-\n \n\nPrepayments and other current assets, net \n 4,426,665  \n 11,054,550  \n 1,580,779 \n\nAmounts due from a related party \n 9,542,000  \n 8,692,000  \n 1,242,939 \n\nAccounts receivable \n 156,770  \n 164,207  \n 23,481 \n\nTotal current assets \n 33,379,467  \n 31,609,884  \n 4,520,152 \n\nNon-current assets: \n    \n    \n   \n\nProperty and equipment, net \n 146,646,206  \n 142,306,682  \n 20,349,585 \n\nLand use rights, net \n 33,927,238  \n 32,980,543  \n 4,716,155 \n\nIntangible assets, net \n 7,749  \n 5,634  \n 806 \n\nRight-of-use assets \n 51,906,613  \n 54,080,188  \n 7,733,364 \n\nOther non-current asset \n 1,100,000  \n 7,800,000  \n 1,115,385 \n\nTotal non-current assets \n 233,587,806  \n 237,173,047  \n 33,915,295 \n\nTotal assets \n 266,967,273  \n 268,782,931  \n 38,435,447 \n\nLIABILITIES \n    \n    \n   \n\nCurrent liabilities \n    \n    \n   \n\nShort-term borrowings \n 84,000,000  \n 84,000,000  \n 12,011,840 \n\nAccounts payable \n 367,678  \n 3,964,037  \n 566,850 \n\nContract liabilities \n 5,595,491  \n 7,796,228  \n 1,114,846 \n\nSalary and welfare payable \n 1,779,265  \n 1,739,339  \n 248,722 \n\nAmounts due to related parties \n 1,817,485  \n 1,621,303  \n 231,843 \n\nTax payable \n 2,139,976  \n 3,215,855  \n 459,861 \n\nIncome tax payable \n 213,495  \n 179,316  \n 25,642 \n\nAmount due to inter-company entities \n 20,645,000  \n 309,551,096  \n 44,265,218 \n\nAccrued liabilities and other current liabilities \n 7,457,837  \n 11,046,243  \n 1,579,591 \n\nOperating lease liabilities, current \n 9,208,569  \n 10,479,626  \n 1,498,567 \n\nTotal current liabilities \n 133,224,796  \n 433,593,043  \n 62,002,980 \n\nNon-current liabilities \n    \n    \n   \n\nAmounts due to Affected Entity, non-current \n 158,514,326  \n \n-\n  \n \n-\n \n\nOperating lease liabilities, non-current \n 38,352,135  \n 38,439,295  \n 5,496,746 \n\nOther non-current liabilities \n 1,000,000  \n 1,000,000  \n 142,998 \n\nTotal non-current liabilities \n 197,866,461  \n 39,439,295  \n 5,639,744 \n\nTotal liabilities \n 331,091,257  \n 473,032,338  \n 67,642,724 \n\n \n\nF-12\n\n \n\n \n\n**1.****Organization\nand Principal Activities (Continued)**\n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \n\n**US$**\n\n** (Note 2(g))**\n \n\nNet revenues from continuing operations \n 48,374,296  \n 32,139,658  \n 30,606,575  \n 4,376,682 \n\nNet revenues from discontinued operation \n 1,617,904  \n \n-\n  \n \n-\n  \n \n-\n \n\nNet loss from continuing operations \n (100,474,594) \n (21,277,736) \n (34,139,026) \n (4,881,816)\n\nNet loss from discontinued operation \n (23,394,661) \n \n-\n  \n \n-\n  \n \n-\n \n\nNet cash (used in)/provided by operating activities \n (16,213,871) \n (16,099,979) \n 17,518,687  \n 2,505,139 \n\nNet cash used in investing activities \n (7,576,283) \n (554,082) \n (13,617,452) \n (1,947,270)\n\nNet cash provided by financing activities \n 2,227,473  \n 8,750,000  \n 3,900,000  \n 557,693 \n\nNet changes in cash and cash equivalents \n (21,562,681) \n (7,904,061) \n 7,801,235  \n 1,115,562 \n\n \n\nIn accordance with the aforementioned\nagreements, the Company has the power to direct the activities of the VIEs, and have the control of their assets. Therefore, the Company\nconsiders that there is no other asset in the VIEs that can be used only to settle obligations of the respective VIE, except for the\neducation facilities assets, registered capital and the PRC statutory reserves, as of December 31, 2024 and 2025. As the VIEs are incorporated\nas schools and limited liability company under the PRC Company Law, the creditors of the VIEs do not have recourse to the general credit\nof the Company. There is currently no contractual arrangement that would require the Company to provide additional financial support\nto the VIEs. As the Group is conducting certain businesses in the PRC through the VIEs, the Group may provide additional financial support\non a discretionary basis in the future, which could expose the Group to a loss.\n\n \n\nThe VIEs’ assets comprise both\nrecognized and unrecognized revenue-producing assets. The recognized revenue-producing assets mainly include buildings, land use rights,\ncomputers and electronic devices. The unrecognized revenue-producing assets mainly consist of patents, trademarks and assembled workforce\nwhich are not recorded in the financial statements of the VIEs as they do not meet the recognition criteria set in ASC 350-30-25.\n\n \n\nThere is no VIE where the Company\nhas a variable interest, but is not the primary beneficiary.\n\n \n\nF-13\n\n \n\n \n\n**1.****Organization\nand Principal Activities (Continued)**\n\n \n\n**(e)****Risks\nassociated with VIE arrangements**\n\n** **\n\nForeign investment in the education\nindustry in PRC is extensively regulated and subject to various restrictions. Specifically, high school is restricted industries for\nforeign investors, and foreign investors are only allowed to invest in such industries in cooperative ways with domestic investors, provided\nthat domestic investors play a dominant role in such cooperation. In addition, foreign investment in education institutions in the PRC\nmust be in the form of cooperation between Chinese educational institutions and foreign educational institutions and the foreign portion\nof the total investment in a Sino-foreign education institute must be below 50%. Although foreign investment in high schools is not prohibited,\nbased on the operation experience, Liandu WFOE in China is still ineligible to independently or jointly invest and operate high schools,\nincluding Qingtian International School and Lishui International School. To comply with PRC laws and regulations, the Group have entered\ninto a series of contractual arrangements pursuant to which Liandu WFOE receives the economic benefits from our VIEs. If the contractual\narrangements that establish the structure for operating our business in China are found to violate any PRC laws or regulations in the\nfuture or fail to obtain or maintain any of the required permits or approvals, the relevant PRC regulatory authorities, including the\nMinistry of Education of People’s Republic of China, or the MOE, which regulates the education industry, the Ministry of Commerce,\nor MOFCOM, which regulates the foreign investment in China, and the Civil Affairs Bureau, which regulates the registration of schools\nin China, would have broad discretion in dealing with such violations, including:\n\n \n\n \n●\nrevoking the business and\noperating licenses of the Company’s PRC subsidiaries or VIEs;\n\n \n\n \n●\ndiscontinuing or restricting\nthe operations of any related-party transactions among Liandu WFOE or VIEs;\n\n \n\n \n●\nimposing fines or other\nrequirements with which the Company or Liandu WFOE or VIEs may not be able to comply;\n\n \n\n \n●\nrequiring the Company to\nrestructure operations in such a way as to compel the Company to establish new entities, re-apply for the necessary licenses\nor relocate the businesses, staff and assets;\n\n \n\n \n●\nimposing additional conditions\nor requirements with which the Company may not be able to comply; or\n\n \n\n \n●\nrestricting the use of\nproceeds from our additional public offering or financing to finance the business and operations in China.\n\n** **\n\nSimilar ownership structure and contractual\narrangements have been used by many China-based companies listed overseas, including a number of education companies listed in the United\nStates. To the Company’s knowledge, none of the fines or punishments listed above has been imposed on any of these public companies,\nincluding companies in the education industry. However, the Company cannot assure that such fines or punishments will not be imposed\non the Company in the future. If any of the above fines or punishments is imposed on the Company, the Company’s business, financial\ncondition and results of operations could be materially and adversely affected. If any of these penalties results in the Company’s\ninability to direct the activities of the VIEs and their respective subsidiaries that most significantly impact their economic performance,\nand/or our failure to receive the economic benefits from the VIEs and their respective subsidiaries, the Company may not be able to consolidate\nthe VIEs and their respective subsidiaries in our financial statements in accordance with U.S. GAAP. However, the Company do not believe\nthat such actions would result in the liquidation or dissolution of the Company, the wholly-owned subsidiaries in China or the VIEs or\ntheir respective subsidiaries.\n\n \n\nOn March 15, 2019, the National People’s\nCongress promulgated the Foreign Investment Law of PRC or the Foreign Investment Law, which came into effect on January 1, 2020 and replaced\nthe Law of the PRC on Chinese-Foreign Equity Joint Ventures, the Law of the PRC on Chinese-Foreign Contractual Joint Ventures, and the\nWholly Foreign-invested Enterprise Law. The Foreign Investment Law embodies an expected PRC regulatory trend to rationalize its foreign\ninvestment regulatory regime in line with prevailing international practice and the legislative efforts to unify the corporate legal\nrequirements for both foreign and domestic investments. For instance, the Foreign Investment Law does not explicitly classify contractual\narrangements as a form of foreign investment.\n\n \n\nF-14\n\n \n\n \n\n**1.****Organization\nand Principal Activities (Continued)**\n\n \n\nConducting operations through contractual\narrangements has been adopted by many PRC-based companies, and has been adopted by the Company to establish control of VIEs. Since the\nForeign Investment Law is relatively new, uncertainties still exist in relation to its interpretation and implementation, and failure\nto take timely and appropriate measures to cope with the regulatory-compliance challenges could result in material and adverse effect\non us. For instance, although the Foreign Investment Law does not explicitly classify contractual arrangement as a form of foreign investment,\nit still leaves a leeway for future laws and if future laws, administrative regulations or provisions stipulates contractual arrangements\nas a way of foreign investment, then whether the Company’s contractual arrangements will be recognized as foreign investment, whether\nthe contractual arrangements will be deemed to be in violation of the foreign investment access requirements and how the Company’s\ncontractual arrangements will be handled are uncertain. In the extreme case-scenario, the Company may be required to unwind the contractual\narrangements and/or dispose relevant business operations, which could have a material and adverse effect on the Company’s business,\nfinancial condition and result of operations.\n\n \n\n**2.****Principal\nAccounting Policies**\n\n** **\n\n**(a)****Basis of preparation**\n\n \n\nThe accompanying consolidated financial\nstatements have been prepared in accordance with accounting principles generally accepted in the United States of America (“US\nGAAP”).\n\n \n\nSignificant accounting policies followed\nby the Company in the preparation of the accompanying consolidated financial statements are summarized further below.\n\n \n\n**(b)****Use of estimates**\n\n \n\nThe preparation of financial statements\nin conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities,\ndisclosures of contingent assets and liabilities on the date of the financial statements, and the reported amounts of revenue and expenses\nduring the reporting period. Actual results could differ from those estimates. On an ongoing basis, management reviews these estimates\nand assumptions using the currently available information. Changes in facts and circumstances may cause the Company to revise its estimates.\nIn accordance with ASC 250, the changes in estimates will be recognized in the same period of changes in facts and circumstances. The\nCompany bases its estimates on past experiences and on various other assumptions that are believed to be reasonable, the results of which\nform the basis for making judgments about the carrying values of assets and liabilities. Estimates are used to principles of consolidation,\ncontingencies, revenue recognition, impairment of goodwill, expected credit loss for receivables and other assets, impairment of long-lived\nassets, realizability of deferred tax assets, estimated useful lives of fixed assets, intangible assets and operating lease right-of-use\nassets, and accruals for income tax uncertainties.\n\n \n\n**(c)****Consolidation**\n\n** **\n\nThe Group’s consolidated financial\nstatements include the financial statements of the Company, its subsidiaries and its VIEs for which the Company or its subsidiaries are\nthe primary beneficiary. All transactions and balances among the Company, its subsidiaries and its VIEs have been eliminated upon consolidation.\n\n \n\nSubsidiaries are those entities in\nwhich the Company, directly or indirectly, controls more than one half of the voting powers; has the power to appoint or remove the majority\nof the members of the board of directors; or to cast a majority of votes at the meeting of directors; or has the power to govern the\nfinancial and operating policies of the investee under a statute or agreement among the shareholders or equity holders.\n\n \n\nA consolidated VIE is an entity in\nwhich the Company, or its subsidiary, through contractual agreements, bears the risks of, and enjoys the rewards normally associated\nwith ownership of the entity. In determining whether the Company or its subsidiaries are the primary beneficiary, the Company considers\nwhether it has the power to direct activities that are significant to the VIE’s economic performance, and also the Group’s\nobligation to absorb losses of the VIE that could potentially be significant to the VIE or the right to receive benefits from the VIE\nthat could potentially be significant to the VIE. The Company, through Liandu WFOE holds all the variable interests of the VIEs, and\nhas been determined to be the primary beneficiary of the VIEs.\n\n \n\nF-15\n\n \n\n \n\n**2.****Principal Accounting\nPolicies (Continued)**\n\n \n\n**(d)****Deconsolidation**\n\n \n\nUpon the occurrence of certain events\nand on a regular basis, the Group evaluates whether it no longer has a controlling interest in its subsidiaries, including consolidated\nvariable interest entities. If the Company determines it no longer has a controlling interest, the subsidiary is deconsolidated. The\nCompany records a gain or loss on deconsolidation based on the difference on the deconsolidation date between (i) the aggregate of (a)\nthe fair value of any consideration received, (b) the fair value of any retained non-controlling investment in the former subsidiary\nand (c) the carrying amount of any non-controlling interest in the subsidiary being deconsolidated, less (ii) the carrying amount of\nthe former subsidiary’s assets and liabilities.\n\n \n\nThe Company assesses whether a deconsolidation\nis required to be presented as discontinued operation in its consolidated financial statements on the deconsolidation date. This assessment\nis based on whether or not the deconsolidation represents a strategic shift that has or will have a major effect on the Company’s\noperations or financial results. If the Company determines that a deconsolidation requires presentation as a discontinued operation on\nthe deconsolidation date, or at any point during the one-year period following such date, it will present the former subsidiary as a\ndiscontinued operation in current and comparative period financial statements.\n\n \n\n**(e)****Business Combination**\n\n \n\nBusiness combinations are recorded\nusing the acquisition method of accounting. The assets acquired, the liabilities assumed, and any non-controlling interests of the acquiree\nat the acquisition date, if any, are measured at their fair values as of the acquisition date. Goodwill is recognized and measured as\nthe excess of the total consideration transferred plus the fair value of any non-controlling interest of the acquiree and fair value\nof previously held equity interest in the acquiree, if any, at the acquisition date over the fair values of the identifiable net assets\nacquired. Common forms of the consideration made in acquisitions include cash and common equity instruments. Consideration transferred\nin a business acquisition is measured at the fair value as of the date of acquisition. Acquisition-related expenses and restructuring\ncosts are expensed as incurred.\n\n \n\nWhere the consideration in an acquisition\nincludes contingent consideration the payment of which depends on the achievement of certain specified conditions post-acquisition, the\ncontingent consideration is recognized and measured at its fair value at the acquisition date and is recorded as a liability, it is subsequently\nremeasured at fair value at each reporting date with changes in fair value reflected in earnings.\n\n** **\n\n**(f)****Functional currency and foreign currency translation**\n\n \n\nThe Group uses Renminbi (“RMB”)\nas its reporting currency. The functional currency of the Company and its subsidiaries incorporated outside of PRC is the United States\ndollar (“US$”), while the functional currency of the PRC entities in the Group is RMB as determined based on the criteria\nof ASC 830, Foreign Currency Matters.\n\n \n\nTransactions denominated in other\nthan the functional currencies are re-measured into the functional currency of the entity at the exchange rates prevailing on the transaction\ndates. Financial assets and liabilities denominated in other than the functional currency are re-measured at the balance sheet date exchange\nrate. The resulting exchange differences are included in the consolidated statements of operations and comprehensive loss as other income,\nnet.\n\n \n\nThe financial statements of the Group\nare translated from the functional currency to the reporting currency, RMB. Assets and liabilities of the Company and its subsidiaries\nincorporated outside of PRC are translated into RMB at fiscal year-end exchange rates, income and expense items are translated at average\nexchange rates prevailing during the fiscal year, representing the index rates stipulated by the People’s Bank of China. Translation\nadjustments arising from these are reported as foreign currency translation adjustments and are shown as a separate component of shareholders’\nequity on the consolidated financial statement. The exchange rates used for translation on December 31, 2024 and 2025 were US$1.00=\nRMB7.1884 and RMB7.0288, respectively, representing the index rates stipulated by the People’s Bank of China.\n\n \n\nF-16\n\n \n\n \n\n**2.****Principal\nAccounting Policies (Continued)**\n\n \n\n**(g)****Convenience translation**\n\n \n\nThe unaudited United States dollar\n(“US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers.\nTranslations of amounts from RMB into US$ for the convenience of the reader were calculated at the rate of US$1.00 = RMB 6.9931 on December 31,\n2025, representing the noon buying rate in the City of New York for cable transfers of RMB as certified for customs purposes by the Federal\nReserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at that rate on December 31,\n2025, or at any other rate. \n\n \n\n**(h)****Fair value of financial instruments**\n\n \n\nFair value is the price that would\nbe received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement\ndate. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the\nGroup considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants\nwould use when pricing the asset or liability.\n\n \n\nThe established fair value hierarchy\nrequires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. A\nfinancial instrument’s categorization within the fair value hierarchy is based upon the lowest level of input that is significant\nto the fair value measurement.\n\n \n\nThe three levels of inputs that may\nbe used to measure fair value include:\n\n \n\nLevel 1: Quoted prices (unadjusted)\nin active markets for identical assets or liabilities.\n\n \n\nLevel 2: Observable, market-based\ninputs, other than quoted prices, in active markets for identical assets or liabilities.\n\n \n\nLevel 3: Unobservable inputs\nto the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.\n\n \n\nAccounting guidance also describes\nthree main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost\napproach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable\nassets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The\nmeasurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on\nthe amount that would currently be required to replace an asset.\n\n \n\nThe Group does not have any non-financial\nassets or liabilities that are recognized or disclosed at fair value in the financial statements on a recurring basis.\n\n \n\nShort-term financial instruments\nof the Group primarily consist of cash and cash equivalents, account receivables, amounts due from related parties, accounts\npayable, borrowings, amounts due to a related party and accrued liabilities and other liabilities.\nAs of December 31, 2024 and 2025, the carrying values of these financial instrument approximated to their fair values reported in\nthe consolidated balance sheets due to the short-term maturities of these instruments. For short term borrowings, the fair value approximates their carrying value at the year-end as the fair value is estimated by used discounted\ncash flow, in which interest rates used to discount the bank loans approximate market rates.\n\n \n\nF-17\n\n \n\n \n\n**2.****Principal Accounting\nPolicies (Continued)**\n\n \n\nThe following table presents the fair\nvalue hierarchy for the Group’s assets that are measured and recorded at fair value on a recurring basis:\n\n \n\n  \n   \nFair value measurement at reporting\ndate using \n\n  \nFair\n\nValue\n\nas of December 31,\n\n2025  \nOuoted Prices\n\nin Active\n\nMarkets for\n\nIdentical Assets\n\n(Level 1)  \nSignificant\n\nOther\n\nObservable Inputs\n\n(Level 2)  \nSignificant\n\nUnobservable\n\nInputs\n\n(Level 3)  \nNAV practical\n\nexpedient \n\nAssets \n   \n   \n   \n   \n  \n\nInvestment in equity securities \n 44,974,376  \n \n         -\n  \n \n        -\n  \n \n          -\n  \n 44,974,376 \n\nTotal \n 44,974,376  \n \n-\n  \n \n-\n  \n \n-\n  \n 44,974,376 \n\n \n\nFor equity securities without readily\ndeterminable fair value at its quoted price in active markets, as a practical expedient, the Group uses NAV or its equivalent to measure\nthe fair value of its fund investments which the Group does not have the ability to exercise significant influence. NAV is primarily\ndetermined based on information provided by external fund administrators. The Group’s investments valued at NAV as a practical\nexpedient are private equity funds.\n\n  \n\n**(i)****Cash and cash equivalents**\n\n \n\nCash and cash equivalents consist of\ncash on hand, restricted cash and the Group’s demand deposit placed with financial institutions, which have original maturities\nof less than three months and unrestricted as to withdrawal and use. As of December 31, 2025, the Group had restricted cash of RMB1,000,\nprimarily representing contracted agreement deposits.\n\n \n\n**(j)****Accounts receivables, net**\n\n \n\nAccounts receivable are recorded at the gross billing amount less an allowance for any uncollectible accounts due from the customers.\nAccounts receivable do not bear interest.\n\n \n\nSince January 1, 2023, the Group adopted Accounting Standards Update (“ASU”) No.\n2016-13, Financial Instruments-Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments (“ASU 2016-13”),\nusing the modified retrospective transition method. ASU 2016-13 replaces the existing incurred loss impairment model with an expected\nloss methodology, which will result in more timely recognition of credit losses. Upon adoption, the Group changed the impairment model\nto utilize a forward-looking current expected credit losses (CECL) model in place of the incurred loss methodology for financial instruments\nmeasured at amortized cost and receivables resulting from the application of ASC 606, including contract assets.\n\n \n\nThe Group assesses the\ncollectability of accounts receivable using aging schedules. In determining the amount of the allowance for credit losses, the Group considers\nhistorical collectability based on past due status, the age of the balances, current economic conditions, reasonable and supportable forecasts\nof future economic conditions, and other factors that may affect the Group’s ability to collect from customers. No provision for\nexpected credit losses on accounts receivable were recorded for the years ended December 31, 2023, 2024 and 2025.\n\n \n\nF-18\n\n \n\n \n\n**2.****Principal\nAccounting Policies (Continued)**\n\n \n\n**(k)****Property and equipment, net**\n\n \n\nProperty and equipment are stated\nat historical cost less accumulated depreciation and impairment income, if any. Depreciation is calculated using the straight-line method\nover their estimated useful lives. The estimated useful lives are as follows:\n\n \n\n**Category**   **Estimated useful lives**   **Residual value**\n\nBuildings   10 years to 50 years   5%\n\nElectronic devices and other general equipment   2 years to 5 years   0%,5%\n\nLeasehold improvements   Over the shorter of lease term or the estimated useful lives of the assets   0%\n\n \n\nExpenditures for maintenance and repairs\nare expensed as incurred. The gain or income on the disposal of property and equipment is the difference between the net sales proceeds\nand the carrying amount of the relevant assets and is recognized in the consolidated statements of operations and comprehensive loss.\n\n   \n\n**(l)** **Land use rights, net**\n\n \n\nLand use rights are recorded at cost\nless accumulated amortization. Amortization is provided over the term of the land use rights agreement on a straight-line basis over\nthe term of the agreement, which is 50 years.\n\n \n\n**(m)** **Impairment of long-lived assets other than goodwill**\n\n \n\nFor other long-lived assets including\nproperty and equipment, other non-current assets, land use rights and intangible assets, the Group evaluates for impairment whenever\nevents or changes (triggering events) indicate that the carrying amount of an asset may no longer be recoverable. The Group assesses\nthe recoverability of the long-lived assets by comparing the carrying value of the long-lived assets to the estimated undiscounted future\ncash flows expected to receive from use of the assets and their eventual disposition. Such assets are considered to be impaired if the\nsum of the expected undiscounted cash flows is less than the carrying amount of the assets. The impairment to be recognized is measured\nby the amount by which the carrying amount of the assets exceeds the fair value of the assets. The Group did not recognize any impairment\nloss for the years ended December 31, 2023, 2024 and 2025.\n\n \n\n**(n)** **Goodwill**\n\n \n\nGoodwill represents the excess of\nthe purchase consideration over the fair value of the identifiable net assets acquired in a business combination. Goodwill is not amortized\nbut is tested for impairment on an annual basis as of December 31, or more frequently if events or changes in circumstances indicate\nthat it might be impaired. The Group has the option to first assess qualitative factors to determine whether it is necessary to perform\nthe two-step quantitative goodwill impairment test. In the qualitative assessment, the Group considers primary factors such as industry\nand market considerations, overall financial performance of the reporting unit, and other specific information related to the operations.\nThe Group will perform the quantitative impairment test if the Group bypasses the qualitative assessment, or based on the qualitative\nassessment, if it is more likely than not that the fair value of each reporting unit is less than the carrying amount.\n\n \n\nUnder the new guidance, if the fair\nvalue of a reporting unit exceeds its carrying amount, goodwill is not impaired and no further testing is required. If the fair value\nof a reporting unit is less than the carrying value, an impairment charge is recognized for the amount by which the carrying amount exceeds\nthe reporting unit’s fair value; however, the loss recognized should not exceed the total amount of goodwill allocated to that\nreporting unit.\n\n \n\nFor the years ended December 31, 2023,\n2024 and 2025, the Group recognized impairment loss of RMB22,677,921, nil and nil on goodwill, respectively.\n\n \n\nF-19\n\n \n\n \n\n**2.**\n**Principal Accounting\nPolicies (Continued)**\n\n \n\n**(o)** **Investments**\n\n \n\nThe Group’s long-term investments\nare equity securities.\n\n \n\nFor investments that (i) are equity\ninstruments in legal form, (ii) lack a substantive redemption right, and (iii) meet the definition of securities under ASC 320-10-20,\nthose investments are accounted for as equity securities in accordance with Investments—Equity Securities (Topic 321).\n\n \n\nThose equity securities do not have\nreadily determinable fair value pursuant to ASC 321-10-20 as their prices are not publicly available on a registered exchange, a comparable\nforeign market, or for mutual funds/structures with published values. For equity securities qualified for net asset value (“NAV”)\npractical expedient (“NAV practical expedient”) in Topic 820 “Fair Value Measurements and Disclosures” (“ASC\n820”), the Group estimates fair value using the net asset value per share (or its equivalent) of the investment. For equity securities\ndo not qualify for NAV practical expedient, the Group elects to record these investments at cost, less impairment, and plus or minus\nsubsequent adjustments for observable price changes, in accordance with ASC 321-10-35. Under this measurement alternative, changes in\nthe carrying value of the equity investment will be required to be made whenever there are observable price changes in orderly transactions\nfor the identical or similar investment of the same issuer.\n\n \n\nThe Group makes assessments at each\nreporting period and if the assessment indicates that the fair value of the investment is less than the NAV, the investment in equity\nsecurities will be written down to its fair value, with the difference between the fair value and the NAV of the investment as an impairment\nloss recognized through net loss and recorded in the consolidated statements of operations and comprehensive loss.\n\n \n\nThe Group evaluates each individual\ninvestment periodically for impairment.\n\n \n\nFor investments where the Group has\nthe intention to sell or it is more likely than not before recovery of the amortized cost basis, an impairment is recognized in the consolidated\nstatements of operations and comprehensive loss.\n\n \n\nFor investments where the Group does\nnot intend to sell, the Group evaluates whether a decline in fair value is due to deterioration in credit risk. Credit-related impairment\nlosses, not to exceed the amount that fair value is less than the amortized cost basis, are recognized through an allowance for credit\nlosses on the consolidated balance sheet with corresponding adjustment in the consolidated statements of operations and comprehensive\nloss. Subsequent increases in fair value due to credit improvement are recognized through reversal of the credit losses and corresponding\nreduction in the allowance for credit losses. Any decline in fair value that is non-credit related is recorded in accumulated other comprehensive\nincome or loss as a component of shareholders’ equity.\n\n \n\nF-20\n\n \n\n \n\n**2.**\n**Principal Accounting\nPolicies (Continued)**\n\n \n\n**(p)** **Leases**\n\n \n\nFrom January 1, 2022, the Group adopted\nAccounting Standards Update (“ASU”) 2016-02, Lease (FASB ASC Topic 842). The adoption of Topic 842 resulted in the presentation\nof operating lease right-of-use (“ROU”) assets and operating lease liabilities on the consolidated balance sheet. The Group\nhas elected the package of practical expedients, which allows the Group not to reassess (1) whether any expired or existing contracts\nas of the adoption date are or contain a lease, (2) lease classification for any expired or existing leases as of the adoption date and\n(3) initial direct costs for any expired or existing leases as of the adoption date. Lastly, the Group elected the short-term lease exemption\nfor all contracts with lease terms of 12 months or less.\n\n \n\nThe Group assesses at contract inception\nwhether a contract is, or contains, a lease. A contract is, or contains, a lease if the contract conveys the right to control the use\nof an identified asset for a period of time in exchange for consideration.\n\n \n\nFor operating leases, the Group records\na lease liability and corresponding ROU asset at lease commencement. Lease terms are based on the non-cancellable term of the lease and\nmay contain options to extend the lease when it is reasonably certain that the Group will exercise the option. Lease liabilities represent\nthe present value of the lease payments not yet paid, discounted using the discount rate for the lease at lease commencement.\n\n \n\nThe Group estimates its incremental\nborrowing rate for its leases at the commencement date to determine the present value of future lease payments when the implicit rate\nis not readily determinable in the lease. In estimating its incremental borrowing rate, the Group considers its credit rating and publicly\navailable data of borrowing rates for loans of similar amount, currency and term as the lease.\n\n \n\nOperating leases are presented as\n“Right-of-use assets” and “Operating lease liabilities”. Lease liabilities that become due within one year of\nthe balance sheet date are classified as current liabilities. At lease commencement, right-of-use assets represent the right to use underlying\nassets for their respective lease terms and are recognized at amounts equal to the lease liabilities adjusted for any lease payments\nmade prior to the lease commencement date, less any lease incentives received and any initial direct costs incurred by the Group.\n\n \n\nAfter lease commencement, operating\nlease liabilities are measured at the present value of the remaining lease payments using the discount rate determined at lease commencement.\nRight-of-use assets are measured at the amount of the lease liabilities and further adjusted for prepaid or accrued lease payments, the\nremaining balance of any lease incentives received, unamortized initial direct costs and impairment of the ROU assets, if any. Operating\nlease expense is recognized as a single cost on a straight-line basis over the lease term.\n\n \n\nLeases that have a term of 12 months\nor less at the commencement date (“short-term leases”) are not included in right-of-use assets and operating lease liabilities.\nLease expense for the short-term leases is recognized on a straight-line basis over the lease term.\n\n \n\n*Operating leases as Lessor*\n\n \n\nFor operating leases, the Group recognized\nrental income over the non-cancellable lease term on a straight-line basis. The Group does not have any sales-type or direct financing\nleases for the years ended December 31, 2023, 2024 and 2025.\n\n \n\nF-21\n\n \n\n \n\n**2.**\n**Principal Accounting\nPolicies (Continued)**\n\n \n\n**(q)** **Revenue recognition**\n\n \n\nThe Group adopted ASC 606, “Revenue\nfrom Contracts with Customers” for all periods presented. Consistent with the criteria of Topic 606, the Group follows five steps\nfor its revenue recognition: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the\ncontract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the\ncontract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.\n\n \n\nThe Group is mainly engaged in providing\neducation services including high school, vocational education services, healthcare support services and comprehensive human resource\nservices. Schools also provide accommodation service, offer meals, uniforms, learning materials and other campus necessities to students.\n\n \n\n*Tuition, meal and accommodation\nservice income*\n\n \n\nTuition and accommodation service\nincome that are received in advance by schools prior to the beginning of each semester of a school year are initially recorded as contract liabilities, and then are recognized over time during the service period of each semester. All amounts of the tuition and accommodation service\nincome are earned within one year and reflected as a current liability.\n\n \n\nThe Group has determined that education services and accommodation services are capable of being distinct and are separately identifiable\nfrom each other because students can benefit from each service independently. Accordingly, tuition services and accommodation services\nare accounted for as separate performance obligations and revenue is recognized over time as the respective services are provided during\nthe semester.\n\n \n\nBefore disposal, Qingtian International School offers meals to\nstudents and collects fee each time students have meal, and therefore, revenue is recognized at a point in time when Qingtian International\nSchool offers students the meals.\n\n \n\nThe Group recognizes service income\non a gross basis, as the Group is responsible for fulfilling the promise to provide the education, meal and accommodation services to\nstudents, and has discretion in establishing price charged to students in accordance with ASC606-10-55-39.\n\n \n\n*Financing component included\nin tuition fees*\n\n \n\nSome contracts contain a financing\ncomponent because payment by the customer occurs significantly before performance of the obligation. The Group takes the practical expedient\nand will not adjust the impact of a financing component for contract liabilities which will be earned within one year. The Group does not\nadjust the impact of a financing component for contract liabilities which will be earned beyond one year as the portion of financing component\nis immaterial.\n\n \n\n*Sale of uniforms, learning materials\nand other campus necessities*\n\n \n\nSchools provide school uniforms,\nlearning materials and other campus necessities to the students with payment also made prior to the beginning of each semester. The\nGroup identifies each promise to transfer uniforms, learning materials and other campus necessities as a performance obligation in\naccordance with ASC 606-10-25-14. The Group assesses whether such goods are distinct in accordance with ASC 606-10-25-19 and has\nconcluded that they are distinct because students can benefit from the goods on their own and the goods are separately identifiable\nfrom other promises in the contracts with students.\n\n \n\nRevenue from uniform,\nlearning materials and other campus necessities is recognized at a point in time when control of the goods has been transferred and accepted\nby the students.\n\n \n\nThe Group recognizes revenue from\nsale of uniforms, learning materials and other campus necessities on a gross basis, as the Group controls the goods before they are transferred\nto the students. In accordance with ASC606-10-55-39, the Group is responsible for the design of uniforms and have inventory risk for the uniforms, learning materials and\nother campus necessities.\n\n \n\nF-22\n\n \n\n \n\n**2.****Principal Accounting\nPolicies (Continued)**\n\n \n\n*Healthcare support services*\n\n \n\nThe Group generates its revenue from providing healthcare supporting service, cooperating with healthcare and elderly care enterprises\nto deliver daily care, specialized nursing and companion service. The Group identifies a single performance obligation to providing healthcare\nperformance obligation. The Group charges service fees to\ncustomers for providing healthcare support services, which are calculated based on the actual service periods.\n\n \n\nRevenue is recognized\nratably over the service period because customers simultaneously receive and consume the benefits of the healthcare support services as the Group performed.\n\n \n\nThe Group controls the healthcare\nsupport services provided to its customers in accordance with ASC606-10-55-39 as: (i) the Group acts as the primary obligor and\nmanages the entire service process, including service quality, caregiver matching, supervision, and complaint handling; (ii) the\nGroup collaborates with multiple service providers nationwide and deploys dedicated personnel to meet customized requirement; (iii)\nthe Group directs caregivers to provide personalized care services on its behalf without direct cooperative relationship between\ncaregivers and customers; (iv) the Group retains the ultimate discretion in setting service prices, including setting standard and\ndifferential rates. Therefore, the Group acts as a principal and recognizes revenue in the gross amount of consideration to which it\nexpects to be entitled in exchange for the specified services transferred.\n\n \n\n*Comprehensive human resource\nservice*\n\n \n\nThe Group generates its revenue\nfrom providing comprehensive service for flexible employment, which primarily focuses on recommending interns from schools to\nvarious customers with human resources demand. The Group concludes that there is a single performance obligation to fulfill service\nrequirements from customers, as the promised activities are not separately identifiable in the context of the contracts and are integrated into one combined service. The Group charges service fees to customers based on service periods at a fixed rate per day and\nrecognizes revenue over time as the related performance obligations are continuously satisfied.\n\n \n\nThe Group controls the service\nprovided by interns to customers in accordance with ASC606-10-55-39 as (i) the Group is primarily responsible for the fulfillment of\nthe services and assures the customers are satisfied with services; (ii) the Group needs to maintain sufficient interns in order to\nsatisfy the service requirement from customers on an if-needed basis; (iii) the Group can direct interns to provide service to\ncustomers on its behalf, and there is no direct cooperation relationship between interns and customers, and (iv) the Group has the\nultimate discretion to set up the price of the service with customers. Therefore, the Group acts as a principal, and recognizes\nrevenue in the gross amount of consideration to which it expects to be entitled in exchange for the specified service\ntransferred.\n\n \n\n*Course design, development and\ntraining*\n\n* *\n\nHainan Jiangcai jointly designs and\ndevelops curriculum and training programs with Hainan Technical School. The Group identifies its performance obligation in accordance\nwith ASC 606-10-25-14 and ASC 606-10-50-12 by assessing the promised course design, curriculum development and training services in the\ncontract. The Group has determined that these promised services are not separately identifiable in the context of the contract, as they\nare highly interrelated and are integrated into one combined output. Accordingly, the Group concludes that there is a single performance\nobligation to fulfill service requirements from Hainan Technical School and recognizes revenue over cooperation period in a straight-line\nmethod. In accordance with ASC606-10-50-20, the transaction price is based on the fixed consideration specified in the contract and is\nallocated entirely to the single performance obligation. The arrangement does not include material variable consideration, significant\nfinancing components, refund obligations or warranties.\n\n \n\n*Contract Balances*\n\n \n\nContract balances include accounts receivable and contract liabilities. Accounts receivable represent amounts due from\ncustomers when the Group has satisfied its performance obligations and has the unconditional right to consideration. Contract liabilities\nrepresent the cash received for services in advance of revenue recognition and are recognized as revenue when all of the Group’s\nrevenue recognition criteria are met.\n\n \n\nThe Group’s contract liabilities amounted to RMB5,595,491 and RMB7,796,228 as of December 31,\n2024 and 2025, respectively. The Group expects to recognize the balance of contract liabilities\nas revenue over time in the next 12 months. For the years ended December 31, 2024 and 2025, the movement of contract liabilities were\nas follows:\n\n \n\n  \nFor the years ended\n\nDecember 31, \n\n  \n2024  \n2025 \n\nBalance at beginning of the year \n 6,513,072  \n 5,595,491 \n\nReceipts during the year \n 21,467,951  \n 21,036,220 \n\nRevenue recognized \n (22,385,532) \n (18,835,483)\n\nBalance at end of the year \n 5,595,491  \n 7,796,228 \n\n \n\nF-23\n\n \n\n \n\n**2.**\n**Principal Accounting\nPolicies (Continued)**\n\n** **\n\n**(r)** **Cost of revenues**\n\n \n\nCost of revenues consist of expenditures\nincurred in the generation of the Group’s revenue, includes but not limited to the salary and welfare for teachers, food costs,\nuniform and learning materials cost, campus rental cost, utilities charges, depreciations, salary and welfare for interns, and healthcare\nsupport services fee paid to suppliers.\n\n \n\n**(s)** **General and administrative expenses**\n\n \n\nGeneral and administrative expenses\nconsist primarily of salary and welfare for general and administrative personnel, professional service fees and general office expenses.\n\n \n\n**(t)** **Selling and marketing expenses**\n\n \n\nSelling expenses consist primarily\nof advertising, marketing and promotional expense including student referral and customer referral expenses, and other miscellaneous\nexpenses. For the years ended December 31, 2023, 2024 and 2025, selling and marketing expenses were RMB18,300, RMB111,780 and RMB985,278,\nrespectively.\n\n \n\n**(u)** **Government subsidies**\n\n \n\nGovernment subsidies primarily consist\nof financial subsidies received from local governments for operating a business in their jurisdictions and compliance with specific policies\npromoted by the local governments. There are no defined rules and regulations to govern the criteria necessary for companies to receive\nsuch benefits, and the amount of financial subsidy is determined at the discretion of the relevant government authorities. The government\nsubsidies with no further conditions to be met are recorded as “Other income, net” when received. The government subsidies\nwith certain operating conditions are recorded as liabilities when received and will be recorded as operating income when the conditions\nare met.\n\n \n\nFor the years ended December 31, 2023,\nQingtian International School, Langfang school, Hainan Jiangcai and Hebei Chuangxiang, received financial subsidies of RMB7,226,647,\nRMB4,351,738, RMB2,000 and RMB521, respectively. For the years ended December 31, 2024, Langfang school, Lishui International School,\nHainan Jiangcai and Hebei Chuangxiang, received financial subsidies of RMB3,406,245, RMB190,700, RMB1,739 and RMB1,483, respectively.\nFor the years ended December 31, 2025, Langfang school and Lishui International School received financial subsidies of RMB2,563,750 and\nRMB200,000, respectively. All government subsidies received for the years ended December 31, 2023, 2024 and 2025 were education development\nand employment related financial support, which had no further conditions and were recorded as other income, net.\n\n \n\n**(v)** **Non-controlling interests**\n\n \n\nNon-controlling interests are recognized\nto reflect the portion of the equity of a subsidiary of VIEs which is not attributable, indirectly, to the controlling shareholder.\n\n \n\nNon-controlling interests are presented\nas a separate component of equity in the consolidated balance sheets. Consolidated net loss on the consolidated statements of operations\nand comprehensive loss includes the net loss attributable to non-controlling interests. The cumulative results of operations attributable\nto non-controlling interests are recorded as non-controlling interests in the consolidated balance sheets.\n\n \n\n**(w)** **Concentration and risk**\n\n* *\n\n*Concentration of credit risk*\n\n \n\nFinancial instruments that potentially expose the Group to concentration of credit risk consist primarily of cash and cash equivalents,\naccounts receivable, other receivable included in prepayments and other current assets, amounts due from related parties, and investment\nin equity securities. The maximum exposure of such assets to credit risk is their carrying amount as at the balance sheet dates. As of\nDecember 31, 2025, cash and cash equivalents of RMB12,667,977 were deposited in financial institutions in the PRC, and each bank accounts\nis insured by the PRC government with the maximum limit of RMB500,000 (equivalent US$68,500). To limit exposure to credit risk relating\nto deposits, substantially all of the Group’s cash and cash equivalents, term deposits were deposited with financial institutions\nwith high-credit ratings.\n\n \n\nF-24\n\n \n\n \n\n**2.****Principal Accounting\nPolicies (Continued)**\n\n \n\nConcentration of credit risks with respect to accounts receivable, amounts from related parties, and other receivables included in prepayment\nand other current assets, to manage credit risk, the Group performs ongoing credit evaluations of customers’ and suppliers’,\nas well as related parties’ financial condition. There is no significant credit risk for the years ended December 31, 2023, 2024\nand 2025.\n\n \n\nFor the investment in equity securities, the Group makes assessments at each reporting period and if the assessment indicates that the\nfair value of the investment is less than the NAV, the investment in equity securities will be written down to its fair value, with the\ndifference between the fair value and the NAV of the investment as an impairment loss recognized through net loss and recorded in the\nconsolidated statements of operations and comprehensive loss. For the year ended December 31, 2025, impairment loss recognized for equity\ninvestment measured using NAV practical expedient were RMB83,621,753 (US$11,957,752).\n\n \n\n*Currency convertibility risk*\n\n \n\nThe Group primarily transacts all\nof its business in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the\ndual rate system and introduced a single rate of exchange as quoted daily by the PBOC. However, the unification of the exchange rates\ndoes not imply that the RMB may be readily convertible into United States dollars or other foreign currencies. All foreign exchange transactions\ncontinue to take place either through the PBOC or other banks authorized to buy and sell foreign currencies at the exchange rates quoted\nby the PBOC. Approval of foreign currency payments by the PBOC or other institutions requires submitting a payment application form together\nwith suppliers’ invoices, shipping documents and signed contracts. The Company’s cash denominated in RMB amounted to RMB4,921,106\nand RMB12,667,977 as of December 31, 2024 and 2025, respectively.\n\n \n\n*Major customers and supplying channels*\n\n \n\nFor the continuing operations, no\nsingle customer represented 10% or more of the Group’s net revenues or purchase for the years ended December 31, 2023, 2024 and\n2025. The Group’s customers are mainly students and the Group’s suppliers are mainly faculty.\n\n \n\nThe following table sets forth a summary\nof single customers who represent 10% or more of the Group’s total accounts receivable:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nPercentage of the Group’s accounts receivable \nAmount  \n%  \nAmount  \n% \n\nCustomer A \n 84,128  \n 53.7  \n 125,890  \n 76.7 \n\nCustomer B \n 72,642  \n 46.3  \n 17,070  \n 10.4 \n\n \n\nThe following table sets forth a summary\nof single suppliers who represent 10% or more of the Group’s total accounts payable:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nPercentage of the Group’s accounts payable \nAmount  \n%  \nAmount  \n% \n\nSupplier C \n \n*\n  \n \n*\n  \n 3,742,138  \n 93.1 \n\nSupplier A \n 47,556  \n 12.2  \n \n*\n  \n \n*\n \n\nSupplier E \n 154,725  \n 39.8  \n \n*\n  \n \n*\n \n\nSupplier F \n 73,100  \n 18.8  \n \n*\n  \n \n*\n \n\n \n\n* Represent percentage less than 10%\n\n \n\n**(x)****Employee social security and welfare benefits**\n\n \n\nEmployees of the Group in the PRC\nare entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment\nbenefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group is required to contribute\nto the plan based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government.\n\n \n\nThe PRC government is responsible\nfor the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the\namounts contributed and no legal obligation beyond the contributions made.\n\n \n\nF-25\n\n \n\n \n\n**2.**\n**Principal Accounting Policies (Continued)  **\n\n \n\n**(y)** **Income taxes**\n\n \n\nCurrent income taxes are provided\non the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible\nfor income tax purposes, in accordance with the regulations of the relevant tax jurisdictions.\n\n \n\nDeferred income taxes are accounted\nfor using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary\ndifferences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts\nand the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or\nliability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of operations\nand comprehensive loss in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is\nconsidered more likely than not that some portion of, or all of the deferred tax assets will not be realized.\n\n \n\n*Uncertain tax positions*\n\n \n\nThe guidance on accounting for uncertainties\nin income taxes prescribes a more likely than not threshold for financial statements recognition and measurement of a tax position taken\nor expected to be taken in a tax return. Guidance was also provided on derecognition of income tax assets and liabilities, classification\nof current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting\nfor income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Group’s uncertain\ntax positions and determining its provision for income taxes. The Group did not recognize any significant interest and penalties associated\nwith uncertain tax positions for the years ended December 31, 2023, 2024 and 2025. As of December 31, 2024 and 2025, the Group did not\nhave any significant unrecognized uncertain tax positions.\n\n \n\n**(z)** **Statutory reserves**\n\n \n\nAs stipulated by the relevant PRC\nlaws and regulations applicable to the Group’s entities in the PRC, the Group is required to make appropriations from net income\nas determined in accordance with the PRC GAAP to non-distributable reserves, which include a statutory surplus reserve and a statutory\nwelfare reserve. The PRC laws and regulations require that annual appropriations of 10% of after-tax income should be set aside prior\nto payments of dividends as reserve fund, the appropriations to statutory surplus reserve are required until the balance reaches 50%\nof the PRC entity registered capital.\n\n \n\nIn the private school sector, the\nImplementing Regulations for the Law of the People’s Republic of China on the Promotion of Privately-run Schools require that annual\nappropriations of 25% of after-tax income should be set aside prior to payments of dividend as development fund. Under the Implementation\nRules for the Law for Promoting Private Education of the PRC for Private Education Laws, or the 2021 Implementation Rules, which took\neffect on September 1, 2021, annual appropriations of 10% of after-tax income should be set aside prior to payments of dividend as development\nfund. The statutory reserve is applied against prior year income, if any, and may be used for general business expansion and production\nor increase in registered capital of the entities. For the years ended December 31, 2023, 2024 and 2025, the Group made apportions of\nRMB408,841, nil and nil to the development fund, respectively. For the year ended December 31, 2025, the Group’s other subsidiaries\nmade nil statutory reserves in addition to development fund.\n\n \n\n**(aa)**  **Related parties**\n\n \n\nParties are considered to be related\nif one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party\nin making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant\ninfluence, such as a family member or relative, shareholder, or a related corporation.\n\n \n\nF-26\n\n \n\n \n\n**2.**\n**Principal Accounting Policies (Continued)  **\n\n \n\n**(bb)** **Dividends**\n\n \n\nDividends are recognized when declared.\nNo dividends were declared for the years ended December 31, 2023, 2024 and 2025, respectively. The Group does not have any present plan\nto pay any dividends on ordinary shares in the foreseeable future. The Group currently intends to retain the available funds and any\nfuture earnings to operate and expand its business.\n\n \n\n**(cc)** **Loss per share**\n\n \n\nBasic loss per share is computed by\ndividing net loss attributable to holders of ordinary shares by the weighted average number of ordinary shares outstanding during the\nyear.\n\n \n\nDiluted loss per share is calculated\nby dividing net loss attributable to ordinary shareholders as adjusted for the effect of dilutive ordinary equivalent shares, if any,\nby the weighted average number of ordinary and dilutive ordinary equivalents shares outstanding during the year. Dilutive equivalent\nshares are excluded from the computation of diluted income per share if their effects would be anti-dilutive.\n\n \n\n**(dd)** **Comprehensive loss**\n\n \n\nComprehensive loss is defined as the\nchange in shareholders’ equity of the Company during a period arising from transactions and other events and circumstances excluding\ntransactions resulting from investments by shareholders and distributions to shareholders. Comprehensive loss is reported in the consolidated\nstatements of operations and comprehensive income. Accumulated other comprehensive income of the Group includes the foreign currency\ntranslation adjustments.\n\n \n\n**(ee)** **Discontinued operation**\n\n** **\n\nA discontinued operation may include\na component of an entity or a group of components of an entity, or a business or nonprofit activity. A disposal of a component of an\nentity or a group of components of an entity is required to be reported in discontinued operations if the disposal represents a strategic\nshift that has (or will have) a major effect on an entity’s operations and financial results when any of the following occurs:\n\n \n\n \n(1)\nthe component of an entity\nor group of components of an entity meets the criteria to be classified as held for sale;\n\n \n\n \n(2)\nthe component of an entity\nor group of components of an entity is disposed of by sale;\n\n \n\n \n(3)\nthe component of an entity\nor group of components of an entity is disposed of other than by sale (for example, by abandonment or in a distribution to owners\nin a spinoff).\n\n \n\nThe results of operations of discontinued\noperation for the years ended December 31, 2023 have been reflected separately in the consolidated statements of loss as a single line\nitem for all periods presented in accordance with U.S. GAAP. Cash flows from discontinued operations of the three categories for the\nyears ended December 31, 2023 were separately presented in the consolidated statements of cash flows for all periods presented in accordance\nwith U.S. GAAP.\n\n \n\nF-27\n\n \n\n \n\n**2.**\n**Principal Accounting Policies (Continued)  **\n\n \n\n**(ff)** **Segment reporting**\n\n \n\nAn operating segment is a component of the Group that engages in business activities from which it may earn revenue and incur expenses\nand is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Group’s chief\noperating decision maker in order to allocate resources and assess performance of the segment.\n\n \n\nIn accordance with ASC 280, Segment Reporting,\noperating segments are defined as components of an enterprise about which separate financial information is available that is evaluated\nregularly by the chief operating decision maker (“CODM”), in deciding how to allocate resources and in assessing performance.\nThe Group’s reportable segments are strategic business units that provide different educational services and are managed separately\ndue to their distinct target student populations, curriculum frameworks, market positioning and operational development focus. The Group\nuses the “management approach” in determining reportable operating segments. The management approach considers the internal\norganization and reporting used by the Group’s chief operating decision maker for making operating decisions and assessing performance\nas the source for determining the Group’s reportable segments. The Group’s CODM has been identified as the chief executive\nofficer (the “CEO”), who reviews consolidated results when making decisions about allocating resources and assessing performance\nof the Company. The Group has organized two reportable segments from operations, including high school and vocational education. All other\noperating segments are considered immature and immaterial for separate disclosure purposes and are aggregated within “All Other”,\nand reconciled to the consolidated financial totals.\n\n \n\n**(gg) ** **Recently issued accounting pronouncements**\n\n \n\nIn November 2024, the Financial Accounting\nStandards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2024-03, Income Statement — Reporting\nComprehensive Income — Expense Disaggregation Disclosures (Subtopic 220-40): Disaggregation of Income Statement Expenses (“ASU\n2024-03”) which requires detailed disclosures in the notes to financial statements disaggregating specific expense categories and\ncertain other disclosures to provide enhanced transparency into the nature and function of expenses. The FASB further clarified the effective\ndate in January 2025 with the issuance of ASU 2025-01, Income Statement — Reporting Comprehensive Income — Expense Disaggregation\nDisclosures (Subtopic 220-40): Clarifying the Effective Date (“ASU 2025-01”). ASU 2024-03 is effective for annual periods\nbeginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027, with early\nadoption permitted. The requirements should be applied on a prospective basis while retrospective application is permitted. The Group\nis in the process of evaluating the impact of adopting this new guidance on its consolidated financial statement.\n\n \n\nIn May 2025, the FASB issued ASU 2025-03,\n“Business Combinations (Topic 805) and Consolidation (Topic 810): Determining the Accounting Acquirer in the Acquisition of a Variable\nInterest Entity,” which requires an entity involved in an acquisition transaction effected primarily by exchanging equity interests\nwhen the legal acquiree is a VIE that meets the definition of a business to consider specific factors to determine the accounting acquirer\nand removes the requirement that the primary beneficiary always is the acquirer for certain transactions. Under the amendments, acquisition\ntransactions in which the legal acquiree is a VIE will, in more instances, result in the same accounting outcomes as economically similar\ntransactions in which the legal acquiree is a voting interest entity. The amendments do not change the accounting for a transaction determined\nto be a reverse acquisition or a transaction in which the legal acquirer is not a business and is determined to be the accounting acquiree.\nThe new guidance is required to be applied prospectively to any acquisition transaction that occurs after the initial application date.\nThis guidance is effective for the Company for the year ending March 31, 2028. Early adoption is permitted. The Group is evaluating the\nimpact of the adoption of this guidance.\n\n \n\nF-28\n\n \n\n \n\n**2.****Principal Accounting\nPolicies (Continued)**\n\n \n\nIn November 2025, the FASB issued\nASU 2025-08, Financial Instruments—Credit Losses (“Topic 326”): Purchased Loans (“ASU 2025-08”). The amendments\nexpand the population of acquired loans subject to the gross-up approach, treating non-credit-deteriorated loans (excluding credit cards)\nas “seasoned” if purchased at least 90 days after origination or acquired in a business combination. ASU 2025-08 is effective\nfor annual reporting periods beginning after December 15, 2026 and interim reporting periods within those annual reporting periods. Early\nadoption is permitted. The Group is currently evaluating the impact that this update will have on the consolidated financial statements.\n\n \n\nIn December 2025, the FASB issued\nASU 2025-10, Government Grants (Topic 832): Accounting for Government Grants Received by Business Entities. This update establishes the\naccounting for a government grant received by a business entity, including guidance for (1) a grant related to an asset and (2) a grant\nrelated to income. The amendments in this Update are effective for annual reporting periods beginning after December 15, 2028, and interim\nreporting periods within those annual reporting periods. Early adoption is permitted. The Group is currently evaluating the impact of\nadopting ASU 2025-10.\n\n \n\nIn December 2025, the Financial Accounting\nStandards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2025-11, Interim Reporting (Topic 270) Improvements\nto Interim Disclosure Requirements. The standard clarifies disclosure requirements for interim financial statements and is effective\nfor interim periods beginning after December 15, 2026. Early adoption is permitted. The Group is currently evaluating the impact of adopting\nASU 2025-11.\n\n \n\nIn December 2025, the FASB issued ASU 2025-11, which is intended to improve the navigability of the guidance in ASC 270 and clarify when\nit applies. Under the amendments, an entity is subject to ASC 270 if it provides interim financial statements and notes in accordance\nwith GAAP. The ASU also addresses the form and content of such financial statements, adds lists to ASC 270 of the interim disclosures\nrequired by all other Codification topics, and establishes a principle under which an entity must disclose events since the end of the\nlast annual reporting period that have a material impact on the entity. As the Board stated in the proposed guidance and reiterates in\nthe ASU, the amendments are not intended to change the fundamental nature of interim reporting or expand or reduce current interim disclosure\nrequirements. For public business entities, the amendments in ASU 2025-11 are effective for interim reporting periods within annual reporting\nperiods beginning after December 15, 2027. For entities other than public business entities, for interim reporting periods within annual\nreporting periods beginning after December 15, 2028. Early adoption is permitted for all entities. The Group is currently evaluating these\nnew disclosure requirements and does not expect the adoption to have a material impact.\n\n \n\nIn December 2025, the FASB issued\nASU 2025-12, Codification Improvements (“ASU 2025-12”). ASU 2025-12 addresses suggestions received from stakeholders regarding\nthe Accounting Standards Codification and makes other incremental improvements to U.S. GAAP. The update represents changes to the Codification\nthat clarify, correct errors in or make other improvements to a variety of topics that are intended to make it easier to understand and\napply. ASU 2025-12 is effective for fiscal years beginning after December 15, 2026 and interim periods within those fiscal years. Entities\nare required to apply the amendments to ASC 260 retrospectively. All other amendments may be applied prospectively or retrospectively.\nEarly adoption is permitted. The Group is currently evaluating the impact of adopting ASU 2025-12.\n\n \n\nOther accounting standards that have\nbeen issued or proposed by FASB that do not require adoption until a future date are not expected to have a material impact on the consolidated\nfinancial statements upon adoption. The Company does not discuss recent pronouncements that are not anticipated to have an impact on\nor are unrelated to its consolidated financial condition, results of operations, cash flows, or disclosures.\n\n \n\n**3.**\n**Going concern**\n\n \n\nThe Group incurred net losses of RMB126,989,866,\nRMB24,702,033 and RMB121,262,741 for the years ended December 31, 2023, 2024 and 2025, respectively. Net cash used in operating activities\nwas RMB59,199,475, RMB18,321,791 and RMB314,302,893 for the year ended December 31, 2023, 2024 and 2025, respectively. As of December\n31, 2025, the Group’s accumulated deficits were RMB391,851,008, with a working capital deficit of RMB90,091,355. The Group’s\noperating results for future periods are subject to numerous uncertainties and it is uncertain if the Group will be able to reduce or\neliminate its net losses for the foreseeable future. These conditions raise substantial doubt about the Group’s ability to continue\nas a going concern.\n\n \n\nThe Group has historically depended\non financing from banks, related parties, shareholders and issuance of ordinary shares to support its operations. The Group’s future\noperations are dependent upon equity or debt financing and its ability to generate profits through operations at an indeterminate time\nin the future. The Group cannot assure that it will be successful in completing an equity or debt financing or in achieving or maintaining\nprofitability in the near term. The Group’s financial statements do not give effect to any adjustments relating to the carrying\nvalues and classification of assets and liabilities that would be necessary should the Group be unable to continue as a going concern.\n\n \n\nF-29\n\n \n\n \n\n**4.**\n**Discontinued operation**\n\n \n\nOn November 9, 2023, Chuangmei Weiye\nwas transferred back to Beijing S.K. The Group has evaluated the disposal of Chuangmei Weiye and concluded that the disposal should be\naccounted as discontinued operation during the year ended and as of December 31, 2023 for this disposal had a major effect on operations\nand financial results of the Group. There were no carrying amounts of major classes of assets and liabilities from the discontinued operation\nin the consolidated balance sheets as of December 31, 2024 and 2025.\n\n \n\nThere were no carrying amounts of\nmajor classes of income and losses from the discontinued operation in the consolidated statements of operations and comprehensive loss\nfor the year ended December 31, 2024 and 2025. Reconciliation of the major classes of income and losses from discontinued operations\nin the consolidated statements of operations and comprehensive loss for the year ended December 31, 2023 was as follow:\n\n  \n\n  \nFor the\n\nyears ended\n\nDecember 31, \n\n  \n2023 \n\n  \nRMB \n\nNet revenues: \n  \n\nTotal net revenue \n 1,617,904 \n\nCost of revenues \n (795,112)\n\nGross profit \n 822,792 \n\nOperating expenses: \n   \n\nGeneral and administrative expenses \n (2,224,057)\n\nSales and marketing expenses \n (668,264)\n\nTotal operating expenses \n (2,892,321)\n\nOperating loss \n (2,069,529)\n\nInterest expense \n (203,565)\n\nInterest income \n 770 \n\nOther income, net \n 166,086 \n\nLoss before income tax expense \n (2,106,238)\n\nIncome tax benefit \n 523,710 \n\nLoss before one-off loss upon deconsolidation of Chuangmei\nWeiye \n (1,582,528)\n\nOne-off loss upon deconsolidation of Chuangmei Weiye, net\nof tax \n (21,812,133)\n\nNet loss from discontinued operation \n (23,394,661)\n\n \n\n  \nFor the years\n\nended\n\nDecember 31, \n\n  \n2023 \n\n  \nRMB \n\nNet cash provided by operating activities \n 7,709,950 \n\nNet cash provided by investing activities \n \n-\n \n\nNet cash used in financing activities \n (7,772,526)\n\n \n\nF-30\n\n \n\n \n\n**5.**\n**Disposal of Qingtian\nInternational School**\n\n \n\nOn December 31, 2023, the Group transferred\n100% sponsorship interests of Qingtian International School to a related party Zhejiang Lishui Qiaoxiang Education Consulting Service\nCo., LTD (“Qiaoxiang Education”) which is a related party as an entity affiliated with Mr. Biao Wei, for a consideration\nof RMB23.2 million. Therefore, the Group was no longer able to operate and exert control over the subsidiary since the disposal date.\n\n \n\nThis disposal of Qingtian International\nSchool did not constitute a strategic shift that will have a major effect on the Group’s operations and financial results, so it\nwas not reported as “discontinued operations”. As the disposal of Qingtian International School was under common control,\nthe Group recognized additional paid-in capital of RMB3.7 million.\n\n \n\nThe deconsolidated subsidiary had\nassets and liabilities on disposal date as the following:\n\n \n\n  \nAmount in RMB \n\n  \n2023 \n\nConsideration \n 23,161,000 \n\nLess: \n   \n\nTotal assets as of deconsolidated date \n 9,783,831 \n\nGoodwill gained from acquisition \n 26,644,407 \n\nTotal liabilities as of deconsolidated date \n (16,993,833)\n\nTotal gain from deconsolidation recorded in additional paid-in capital \n 3,726,595 \n\n  \n\n**6.**\n**Cash and cash equivalents**\n\n \n\nCash and cash equivalents represent\ncash on hand and demand deposits placed with banks or other financial institutions, which have original maturities of less than three\nmonths and unrestricted as to withdrawal and use. The following table sets forth a breakdown of cash by currency denomination and jurisdiction\nas of December 31, 2024 and 2025.\n\n \n\n  \nRMB equivalent (US$)  \nRMB  \nTotal in RMB \n\n  \n   \nChina  \n  \n\n  \nOverseas  \nNon VIE  \nVIEs  \n  \n\nDecember 31, 2024 \n 215,803,132  \n 1,023,214  \n 3,897,892  \n 220,724,238 \n\nDecember 31, 2025 \n 114,874  \n 968,850  \n 11,699,127  \n 12,782,851 \n\n ** **\n\n**7.**\n**Prepayments and other\ncurrent assets, net**\n\n \n\nPrepayments and other current assets,\nnet consisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nPrepayments of services (1) \n 1,042,259  \n 6,482,998 \n\nDeductible input value-added tax \n 3,316,438  \n 2,522,654 \n\nSecurity deposits for leases\n(2) \n \n-\n  \n 1,100,000 \n\nRent receivable \n 333,333  \n 986,132 \n\nReceivables of over-paid income tax \n 892,119  \n 890,222 \n\nOthers \n 262,581  \n 321,873 \n\nTotal \n 5,846,730  \n 12,303,879 \n\n \n\n(1) Prepayments of services primarily consist of financial consulting service fees related to the vocational education merger and acquisition project of RMB6.0 million. The services cover target screening, due diligence coordination, transaction document drafting, negotiation support, and post-investment management.\n\n \n\nF-31\n\n \n\n \n\n**7.****Prepayments\nand other current assets, net (Continued)**\n\n \n\n(2) On July 31, 2024, the Group entered into a six-year lease agreement with Hebei Petroleum Technical College for educational use. Following the early termination of the agreement in 2025, the security deposits will be returned   after the Group completes campus relocation and vacates the property by January 15, 2026. The Group has fully recovered the security deposits on 25 March 2026.\n\n \n\n**8.**\n**Property and equipment,\nnet**\n\n \n\nProperty and equipment, net consisted\nof the following:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nCost: \n   \n  \n\nBuildings \n 184,813,833  \n 184,813,835 \n\nElectronic devices and other general equipment \n 4,220,664  \n 4,338,116 \n\nLeasehold improvements \n 3,118,069  \n 2,558,798 \n\nTotal cost \n 192,152,566  \n 191,710,749 \n\nLess: Accumulated depreciation \n (44,902,512) \n (48,939,349)\n\nProperty and equipment, net \n 147,250,054  \n 142,771,400 \n\n \n\nDepreciation expense recognized for\nthe years ended December 31, 2023, 2024 and 2025 were RMB6,128,680, RMB4,598,768 and RMB4,596,107. The net book amount of buildings pledged\nas collateral for the continuing operations’ borrowings (Note 15) as at December 31, 2024 and 2025 was RMB74,807,854 and RMB73,181,173,\nrespectively. The net book amount of buildings pledged as collateral for the Lianwai School’s borrowings as at December 31,\n2024 and 2025 was RMB2,881,608and RMB2,794,828, respectively. The net book amount of buildings pledged as collateral for the Lianwai\nKindergarten’s borrowings as at December 31, 2024 and 2025 was RMB4,323,813 and RMB4,214,831, respectively.\n\n \n\n**9.**\n**Land use rights**\n\n \n\nLand use rights, net consisted of\nthe following:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nCost: \n   \n  \n\nLand use rights \n 47,334,839  \n 47,334,841 \n\nLess: Accumulated amortization \n (13,407,601) \n (14,354,298)\n\nLand use rights, net \n 33,927,238  \n 32,980,543 \n\n \n\nThe amortization expenses recognized\nfor the years ended December 31, 2023, 2024 and 2025 were RMB946,697, RMB946,697 and RMB946,697, respectively. The Group expects to record\nestimated amortization expenses RMB946,697, RMB946,697, RMB946,697, RMB946,697 and RMB946,697 for the years ending December 31,\n2026, 2027, 2028 and 2029, respectively.\n\n \n\nThe net book amounts of land use rights\nas collateral for the continuing operations’ borrowings (Note 15) as of December 31, 2024 and 2025 were RMB28,129,639 and\nRMB27,371,318, respectively. The net book amounts of land use rights as collateral for the Lianwai School’s borrowings as of December 31,\n2024 and 2025 were RMB2,837,247 and RMB2,733,654, respectively.\n\n \n\n**10.****Investment**\n\n** **\n\nIn October 2025, the Group subscribed\nfor US$18.4 million for a third-party investment fund, which is structured under Hong Kong’s Limited Partnership Fund Ordinance\nand is primarily designed to achieve capital appreciation. The fund primarily invests in various underlying without quotation\nin public markets.\n\n \n\nThe investment was accounted for as\nequity securities in accordance with ASC 321 without a readily determinable fair value, and qualify for the NAV practical expedient. Therefore,\nthe Group applies NAV to measure the fair value of equity securities in accordance with ASC 820. There is no indication that the investments\nis probable of being sold at amounts different from NAV per share. For the year ended December 31, 2025, fair value changes recognized\nfor equity investment measured using NAV practical expedient were RMB83,621,753 (US$11,957,752).\n\n \n\nF-32\n\n \n\n** **\n\n**11.****Other\nnon-current asset**\n\n \n\nOther non-current asset consisted\nof the following:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nPayments\nfor platform development services (1) \n \n-\n  \n 7,500,000 \n\nSecurity deposits for leases \n 1,100,000  \n 300,000 \n\nTotal \n 1,100,000  \n 7,800,000 \n\n \n\n(1) During the year, the Group entered into two agreements for customized education platform development, covering a smart virtual simulation platform with a total contract amount of RMB6.7 million and a digital campus management platform with a total contract amount of RMB5.8 million. Both platforms are expected to be completed in 2027. The aggregate prepayment for the development, deployment and integration of the above platforms amounted to RMB7.5 million.\n\n \n\n**12.****Taxes\npayable**\n\n** **\n\nTaxes payable consisted of the following:\n\n** **\n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nValue-added tax \n 1,940,711  \n 1,534,009 \n\nSurtaxes \n 145,505  \n 1,636,110 \n\nWithholding individual income tax \n 60,603  \n 96,048 \n\nTotal \n 2,146,819  \n 3,266,167 \n\n ** **\n\n**13.****Accrued\nliabilities and other liabilities**\n\n \n\nAccrued liabilities and other liabilities\nconsisted of the following:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nPayables\nto third parties (1) \n 2,679,350  \n 7,238,177 \n\nDeposits\nrelated to the Group staff apartment sales (2) \n 3,290,500  \n 2,545,060 \n\nDeposits \n 856,790  \n 813,680 \n\nInterests payable \n 153,951  \n 130,189 \n\nLeasehold improvement payables \n 50,000  \n 50,000 \n\nOthers \n 459,178  \n 303,903 \n\nTotal \n 7,489,769  \n 11,081,009 \n\n \n\n(1) Payables to third parties consisted of:\n\n \n\n  (i) loans from third party for daily operational purposes which is non-interest bearing, unsecured and repayable on demand as of December 31, 2025, and\n\n \n\n  (ii) miscellaneous fee collected on behalf of Hainan Advanced Technical School of Communications and insurance fees collected on behalf of the students as of December 31, 2025.\n\n \n\n(2) Deposit prepaid to the Group for intention of purchasing the Group’s staff apartments which can be freely withdrawn before final approval of the ownership transfer.\n\n \n\nF-33\n\n \n\n** **\n\n**14.****Ordinary\nshares**\n\n \n\nIn June 2020, the Company changed\nits authorized capital to US$ 50,000 (500,000,000 ordinary shares), with par value of $0.0001 per share.\n\n \n\nOn October 1, 2020, the Company completed\nits IPO on the NASDAQ Global Market of 3,333,400 American Depositary Shares (“ADS”). Each ADS represents 5 ordinary shares.\nThe offering was at a price of US$9.25 per ADS for a total offering size of approximately US$30.8 million. The net proceeds raised from\nthe IPO amounted to approximately RMB170.7 million (US$26.2 million) after deducting underwriting discounts and commissions and other\noffering expenses. The excesses of offering price over par value were recorded in additional paid-in capital.\n\n \n\nOn August 25, 2023, the Group entered\ninto a share subscription agreement with Individual Investors, pursuant to which the Group agreed to issue and sell to such individual\ninvestors a total of 50,000,000 ordinary shares with a par value of US$0.0001 each of the Group, in the aggregate consideration of US$6,000,000.\n\n \n\nOn December 15, 2023, the Company\nannounced that it planned to change its ADS Ratio, par value US$0.0001 per share, from the current ADS Ratio of one (1) ADS to five (5)\nordinary shares to a new ADS Ratio of one (1) ADS to ten (10) ordinary shares (the “ADS Ratio Change”). Effective January\n3, 2024, the Company effected a 1-for-2 reverse stock split.\n\n \n\nOn September 13, 2024, the Company\nannounced that it planned to change its ADS Ratio, par value US$0.0001 per share, from the current ADS Ratio of one (1) ADS to ten (10)\nordinary shares to a new ADS Ratio of one (1) ADS to one hundred (100) ordinary shares.\n\n \n\nOn November 18, 2024, the Company\nannounced a dual-class stock structure that the ordinary shares were re-classified as Class A ordinary shares and Class B ordinary shares.\nBesides, the Company approved that the addition of 19,500,000,000 of authorized shares with a par value of US$0.0001 each. As a results,\nthe authorized shares included (i) 19,700,000,000 Class A ordinary shares of a par value of US$0.0001 each, (ii) 100,000,000 Class B\nordinary shares of a par value of US$0.0001 each; and (iii) 200,000,000 shares of a par value of US$0.0001 each of such class or classes\nas the board of directors may determine in accordance with the third amended and restated memorandum and articles of association of the\nCompany.\n\n \n\nOn November 28, 2024, the Company\nentered into a share subscription agreement with certain individual investors and sell to individual investors a total of 1,800,000,000\nClass A ordinary, in the aggregate consideration of US$34.2 million. The financing transaction was closed in January 2025.\n\n \n\nAs of December 31, 2024 and 2025,\nthe number of ordinary shares outstanding was 116,667,000 and 1,916,667,000, respectively, consisting of 71,667,000 and 1,871,667,000\nClass A ordinary shares, 45,000,000 and 45,000,000 Class B ordinary shares in each of those years.\n\n \n\nOn April 20, 2026, the Company completed\nchange of the ratio of ADS Ratio, from the current ADS Ratio of one (1) ADS to one hundred (100) ordinary shares to a new ADS Ratio of\none (1) ADS to one thousand (1,000) ordinary shares.\n\n \n\nF-34\n\n \n\n \n\n**15.****Loans\nand borrowings**\n\n \n\n   Annual Interest Rate   Maturity (Months)  As of December 31, 2024   As of December 31, 2025 \n\n                \n\nShort-term borrowings:                  \n\nChina CITIC Bank   3.75%  September, 2026   24,000,000    24,000,000 \n\nBank of Ningbo   3.90%  October, 2026   10,000,000    10,000,000 \n\nBank of Ningbo   3.90%  November, 2026   20,000,000    10,000,000 \n\nBank of Ningbo   3.90%  January, 2026   10,000,000    10,000,000 \n\nBank of Ningbo   3.90%  December, 2026   10,000,000    20,000,000 \n\nRural Commercial Bank   4.00%  November, 2026   10,000,000    10,000,000 \n\nTotal   　   　   84,000,000    84,000,000 \n\n  \n\nFor the years ended December 31, 2023,\n2024 and 2025, the weighted average interest rate per annum for the Group’s loans was 4.47%, 4.21% and 4.03%, respectively. The\nGroup’s bank loans were secured by the pledge of Group’s buildings and land use rights plus personal guarantees provided\nby related parties. As of December 31, 2024 and 2025, the total net book amounts of pledged assets were RMB102,937,493 and RMB100,552,491,\nrespectively (Note 8 and 9). As of December 31, 2025, the total guaranteed amounts provided by related parties were RMB40,000,000 within\nthe period from March 17, 2022 to March 17, 2027.\n\n \n\nThe fair values of personal guarantee\nprovided by the related parties for the Group’s loan were not significant as of December 31, 2024 and 2025 respectively.\n\n** ** \n\n**16.****Revenue**\n\n \n\nFor the years ended December 31, 2023,\n2024 and 2025, all of the Group’s revenue was generated in the PRC. The disaggregated revenues were as follows:\n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nRevenue from third parties: \n   \n   \n  \n\nTuition fees \n 30,626,298  \n 15,416,740  \n 13,863,581 \n\nCourse design, development and training \n 4,766,127  \n 6,839,135  \n 5,101,952 \n\nAccommodation \n 5,963,281  \n 4,032,860  \n 3,580,137 \n\nHealthcare support services \n \n-\n  \n 780,233  \n 2,568,905 \n\nUniforms, learning materials and other campus necessities \n 2,937,007  \n 2,164,187  \n 2,070,624 \n\nMeals \n 1,925,744  \n \n-\n  \n 986,477 \n\nComprehensive human resource services \n 653,149  \n 1,263,810  \n 847,756 \n\nRental revenue \n 746,294  \n 888,470  \n 983,125 \n\nOthers \n 2,443,231  \n 660,940  \n 226,875 \n\nSubtotal \n 50,061,131  \n 32,046,375  \n 30,229,432 \n\n  \n    \n    \n   \n\nRevenue from related parties: \n    \n    \n   \n\nRental revenue \n 754,285  \n 754,285  \n 377,143 \n\nOthers \n \n-\n  \n \n-\n  \n 226,415 \n\nSubtotal \n 754,285  \n 754,285  \n 603,558 \n\n  \n    \n    \n   \n\nTotal revenue \n 50,815,416  \n 32,800,660  \n 30,832,990 \n\n \n\n(1)Tuition and accommodation fees, revenue from course design, development and training, rental revenue, comprehensive human resource services and healthcare support services fee were recognized over time, amounted to RMB42,856,285, RMB27,931,490 and RMB27,549,014 for the years ended December 31, 2023, 2024 and 2025, respectively. Other types of revenue were recognized at a point of time.\n\n \n\nAs of December 31, 2025, revenue\nfor unsatisfied performance obligations expected to be recognized in year 2026 is RMB7,796,228 which primarily relates to education services\nand accommodation services to be delivered in the future to the students.\n\n** **\n\nF-35\n\n \n\n** **\n\n**17.****Income\ntaxes**\n\n \n\n \n(a)\nCayman Islands\n\n \n\nUnder the current tax laws of the\nCayman Islands, the Company is not subject to income, corporate or capital gains tax, and no withholding tax is imposed upon the\npayment of dividends.\n\n \n\n \n(b)\nHong Kong\n\n \n\nAccording to Tax (Amendment) (No.\n3) Ordinance 2018 published by Hong Kong government, from April 1, 2018, under the two-tiered profits tax rates regime, the profits tax\nrate for the first HKD2 million of assessable profits will be lowered to 8.25% (half of the rate specified in Schedule 8 to the Inland\nRevenue Ordinance (IRO)) for corporations. The Company was not subject to Hong Kong profit tax for the years ended December 31, 2023,\n2024 and 2025 as it did not have assessable profit for any period presented. Dividends income received from Liandu WFOE is not subject\nto Hong Kong profits tax.\n\n \n\n \n(c)\nBritish Virgin Islands\n\n \n\nUnder the current laws of the British\nVirgin Islands (“BVI”), the Company’s subsidiary in BVI is not subject to tax on its income or capital gains. In addition,\nupon any payment of dividends by the Company, no British Virgin Islands withholding tax is imposed.\n\n \n\n \n(d)\nMainland\n\n \n\nOn March 16, 2007, the National\nPeople’s Congress of the PRC enacted an Enterprise Income Tax Law (“EIT Law”), under which Foreign Investment Enterprises\n(“FIEs”) and domestic companies would be subject to EIT at a uniform rate of 25%. The EIT law became effective on January 1,\n2008. According to the Article 14 of Guofa 2016 No. 81 released by the State Council non-profit private schools are eligible to enjoy\nthe same preferential tax treatment as public schools. As a result, non-profit private schools providing academic qualification education\nare eligible to enjoy income tax exemption treatment.\n\n \n\nStarting from June 25, 2023, Lishui\nInternational School was subject to EIT at a uniform rate of 25%.\n\n \n\nAccording to the Financial management\nsystem scheme of Lishui Development Zone (Park), Lishui Xianke is eligible to enjoy 40% income tax reduction treatment, subjecting to\nthe PRC income tax at the rate of 15%.\n\n \n\nAccording to the Announcement on Further\nImplementing the Income Tax Preferential Policies for Small and Micro Enterprises (Caishui [2023] No. 06) issued by the Ministry of Finance\nand the State Taxation Administration on March 14, 2022, for small and low-profit enterprises with an annual taxable income exceeding\nRMB1.0 million but not exceeding RMB3.0 million, a reduction of 25% will be included in the taxable income and the enterprise income\ntax will be paid at a 20% tax rate. The execution period of this announcement is from January 1, 2023 to December 31, 2024. On August\n2, 2023, the Ministry of Finance and the State Taxation Administration announced Caishui [2023] No. 12 and extend the execution period\nof Caishui [2023] No. 06 from December 31, 2024 to December 31, 2027. For the years ended December 31, 2023, 2024 and 2025, Chuangmei\nWeiye, Hainan Jiangcai, Hebei Chuangxiang and Langfang school were qualified as small-scale and low profit enterprise.\n\n \n\nThe EIT Law also provides that an\nenterprise established under the laws of a foreign country or region but whose “de facto management body” is located in the\nPRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for\nits global income. The implementing Rules of the EIT Law merely define the location of the “de facto management body” as\n“the place where the exercising, in substance, of the overall management and control of the production and business operation,\npersonnel, accounting, properties, etc., of a non-PRC company is located.”\n\n \n\nF-36\n\n \n\n \n\n**17.****Income taxes\n(Continued)**\n\n \n\nThe EIT Law also imposes a withholding\nincome tax of 10% on dividends distributed by a FIE to its immediate holding company outside of China, if such immediate holding company\nis considered as a non-resident enterprise without any establishment or place within China or if the received dividends have no connection\nwith the establishment or place of such immediate holding company within China, unless such immediate holding company’s jurisdiction\nof incorporation has a tax treaty with China that provides for a different withholding arrangement. The Cayman Islands, where the Company\nis incorporated, does not have such a tax treaty with China. According to the arrangement between Mainland China and Hong Kong Special\nAdministrative Region on the Avoidance of Double Taxation and Prevention of Fiscal Evasion in August 2006, dividends paid by a FIE in\nChina to its immediate holding company in Hong Kong will be subject to withholding tax at a rate of no more than 5% if the immediate\nholding company in Hong Kong owns directly at least 25% of the shares of the FIE and could be recognized as a Beneficial Owner of the\ndividend from PRC tax perspective.\n\n \n\n*Composition of income tax expense\nfrom continuing operations*\n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nCurrent \n 216,120  \n \n-\n  \n \n-\n \n\nDeferred \n 2,903,456  \n \n-\n  \n \n-\n \n\nTotal income tax expenses \n 3,119,576  \n \n-\n  \n \n-\n \n\n \n\nA reconciliation between the effective\nincome tax rate and the PRC statutory income tax rate is as follows:\n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nAmount  \nPercentage  \nAmount  \nPercentage  \nAmount  \nPercentage \n\nPRC Statutory income tax rates \n (25,118,909) \n 25.0% \n (6,175,509) \n 25.0% \n (30,315,688) \n 25.0%\n\nEffect of preferential tax rates \n 323,804  \n (0.3)% \n 667,990  \n (2.7)% \n 21,448,229  \n (17.7)%\n\nEffect of non-taxable loss (1) \n (864,477) \n 0.9% \n \n-\n  \n \n-\n  \n \n-\n  \n \n-\n \n\nEffect of favorable tax rates on small-scale and low-profit entities \n 5,669,481  \n (5.6)% \n (298,213) \n 1.2% \n \n-\n  \n \n-\n \n\nChange of valuation allowance \n 23,109,677  \n (23.0)% \n 5,805,732  \n (23.5)% \n 8,867,459  \n (7.3)%\n\nProvision for income tax \n 3,119,576  \n (3.0)% \n \n-\n  \n 0.0% \n \n-\n  \n 0.0%\n\n  \n\n  (1) Non-taxable loss was primarily due to goodwill impairment loss of Beijing P.X.\n\n \n\n*Deferred tax assets*\n\n \n\nThe significant components of the\ndeferred tax assets are summarized below:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nDeferred tax assets: \n    \n   \n\nNet operating loss carry-forwards \n 14,071,879  \n 22,929,648 \n\nAllowance of credit losses \n 15,890,837  \n 15,900,526 \n\nLess: valuation allowance \n (29,962,716) \n (38,830,174)\n\nNet deferred tax assets \n \n-\n  \n \n-\n \n\n \n\nAs of December 31, 2024 and 2025,\nthe Group had net operating loss carryforwards of approximately RMB47,426,238 and RMB80,529,758, respectively, which arose from the Group’s\nsubsidiaries, VIEs and the VIEs’ subsidiaries established in the PRC. As of December 31, 2024 and 2025, deferred tax assets from\nthe net operating loss carryforwards amounted to RMB14,071,879 and RMB22,929,648, respectively.\n\n \n\nAs private schools providing compulsory\neducation should not conduct any transaction with any related party under the Implementation Rules, some of the Group’s subsidiaries\nand Lishui Mengxiang VIE were confronted with the adjustment of business. Thus, the Group considered it more likely than not that those\nsubsidiaries and Lishui Mengxiang VIE could not generate sufficient pre-tax profit in the next 5 consecutive years and the deferred tax\nassets will not be utilized in the future. As of December 31, 2024 and 2025, the Group provided valuation allowance of RMB29,962,716\nand RMB38,830,174, respectively.\n\n \n\nF-37\n\n \n\n \n\n**17.****Income taxes\n(Continued)**\n\n \n\nThe movement of valuation allowance\nis as follows:\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nBalance at beginning of the year \n 24,156,986  \n 29,962,716 \n\nDisposal of a subsidiary \n \n-\n  \n \n-\n \n\nAdditions \n 6,240,696  \n 8,867,458 \n\nDecrease \n (434,966) \n \n-\n \n\nBalance at end of the year \n 29,962,716  \n 38,830,174 \n\n \n\nAs of December 31, 2025, the net operating\nloss carryforwards from the Group’s subsidiaries, VIEs and the VIEs’ subsidiaries established in the PRC will expire, if\nunused, as follows:\n\n** **\n\nNet operating loss carryforwards \n  \n\n2026 \n 2,611,109 \n\n2027 \n 1,009,456 \n\n2028 \n 16,586,588 \n\n2029 \n 24,870,235 \n\n2030 \n 35,452,370 \n\nTotal \n 80,529,758 \n\n \n\n**18.****Leases**\n\n* *\n\n*The Group as a lessor*\n\n* *\n\nThe Group entered into lease agreements\nas lessor with both third parties and a related party.\n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nRental Income \n   \n   \n  \n\nThird parties \n   \n   \n  \n\nLishui Boyuan Education Consulting Co., Ltd. \n \n-\n  \n \n-\n  \n 628,931 \n\nLangfang Lizhi Education Consulting Co., Ltd. \n \n-\n  \n \n-\n  \n 330,189 \n\nLangfang Xingrun Aviation Service Co., Ltd. \n \n-\n  \n \n-\n  \n 16,509 \n\nZhejiang Huapu Yifang Technology Co., Ltd. \n \n-\n  \n \n-\n  \n 4,666 \n\nLangfang Quantong Logistics Co., Ltd. \n \n-\n  \n \n-\n  \n 2,830 \n\n  \n    \n    \n   \n\nRelated party \n    \n    \n   \n\nLianwai Kindergarten \n 754,285  \n 754,285  \n 377,143 \n\nTotal \n 754,285  \n 754,285  \n 1,360,268 \n\n \n\nThe Group continued leasing its space\nto Lianwai Kindergarten for their operation of kindergarten care service after the disposal in November, 2018. The original lease term\nexpired on 31 December 2025 (Note 20). On the same date, the Group entered into a new one-year lease agreement with Lianwai Kindergarten.\n\n* *\n\n*The Group as a lessee*\n\n \n\nOn July 31, 2024, the Group entered\ninto a six-year lease agreement with Hebei Petroleum Technical College for educational use. Following the early termination of the agreement\nin 2025, the Group is required to complete campus relocation and vacate the property by January 15, 2026.\n\n \n\nOn December 31, 2025, the Group entered\ninto another lease agreement with AVIC China Railway Education Technology Co., Ltd for education use, with a lease term from December\n31, 2025 to March 30, 2031.\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \n   \n  \n\nOperating right-of-use assets \n 51,906,613  \n 54,080,188 \n\n  \n    \n   \n\nOperating lease payment liabilities, current \n 9,208,569  \n 10,479,626 \n\nOperating lease payment liabilities, non-current \n 38,352,135  \n 38,439,295 \n\nTotal \n 47,560,704  \n 48,918,921 \n\n \n\nF-38\n\n \n\n \n\n**18.****Leases (Continued)**\n\n \n\nThe weighted average discount rate\nof the operating lease was 3.84% and 3.78% as of December 31, 2024 and 2025. The weighted average remaining lease term was 5.45years\nand 4.59 year as of December 31, 2024 and 2025. Cash paid for operating lease was RMB11,628,836 and RMB11,552,022 for the years ended\nDecember 31, 2024 and 2025. Operating right-of-use assets obtained in exchange for operating lease payment liabilities was RMB 55,593,928\nand RMB11,194,513 for the year ended December 31, 2024 and 2025.\n\n \n\nFor the years ended December 31 2023,\n2024 and 2025, the lease expense was as follows:\n\n  \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \n   \n   \n  \n\nOperating leases expense \n 4,454,857  \n 7,076,506  \n 10,736,663 \n\nShort-term lease expense \n 1,295,043  \n 377,430  \n 308,926 \n\nTotal \n 5,749,900  \n 7,453,936  \n 11,045,589 \n\n \n\nBecause most of the leases do not\nprovide an implicit rate of return, the Group used the incremental borrowing rate based on the information available at lease commencement\ndate in determining the present value of lease payments.\n\n \n\nThe following is a schedule of future\nminimum payments under the Group’s operating leases as of December 31, 2025:\n\n \n\nFor the years ended December 31, \nRMB \n\n2026 \n 12,169,810 \n\n2027 \n 12,830,189 \n\n2028 \n 12,830,189 \n\n2029 \n 12,830,189 \n\nThereafter \n 2,452,830 \n\nTotal lease payments \n 53,113,207 \n\nLess: imputed interest \n (4,194,286)\n\nTotal operating lease liabilities \n 48,918,921 \n\n** **\n\n**19.****Commitments\nand contingencies**\n\n** **\n\n**(a)****Commitments**\n\n \n\n**Lease Commitments**\n\n \n\n*The Group as a lessor*\n\n \n\nThe Group leases out the premises to\nlessees under non-cancellable operating leases. As at the balance sheet date, lease commitments under non-cancellable operating leases\nwhere the Group is the lessors are as follows:\n\n \n\n  \n2025 \n\nLease income receivable \n　 \n\nwithin 1 year \n 826,931 \n\nafter 1 year but not later than 5 years \n 314,465 \n\nTotal \n 1,141,396 \n\n \n\nThe above operating leases do not provide\nfor contingent rents.\n\n* *\n\n*The Group as a lessee*\n\n \n\nThe total future minimum lease payments of short-term\nlease under the non-cancellable operating lease with respect to the house as of December 31, 2025 are payable as follows:\n\n \n\n  \nLease\nCommitment \n\nWithin 1 year \n 165,000 \n\nTotal \n 165,000 \n\n \n\nAs of December 31, 2025, the\nGroup did not have any purchase commitments or capital commitments.\n\n \n\nF-39\n\n \n\n** **\n\n**Others**\n\n** **\n\nDuring the year, the Group entered\ninto two agreements for customized education platform development, covering a smart virtual simulation platform with a total contract\namount of RMB6.7 million and a digital campus management platform with a total contract amount of RMB5.8 million. Both platforms are expected\nto be completed in 2027, with future payments of RMB2,680,000 and RMB2,320,000, respectively.\n\n \n\n**(b)****Litigations**\n\n** ** \n\nOn December 18, 2023, Lishui Mengxiang,\nas applicant, filed an arbitration application against Beijing S.K. and its affiliates, as respondents in relation to the breach of the\ninvestment cooperation agreement entered into between the two parties on July 27, 2021 and a series of investment supplemental agreement\nentered into between the two parties during 2023 and 2024. The main arbitration claim was to request the respondents to pay the contract\namount of RMB72.41 million and the liquidated damages of RMB20 million. On April 3, 2025, the Beijing Arbitration Commission rendered\na final award granting the applicant’s main arbitration claims. As of the date of this annual report, Lishui Mengxiang has not\nyet received the aforementioned amount.\n\n \n\nIn the opinion of management, there\nwere no other pending or threatened claims and litigation as of December 31, 2025 and through the issuance date of these consolidated\nfinancial statements.\n\n** **\n\n**20.****Related\nparty transaction and balances**\n\n \n\nName and relationship with related\nparties:\n\n \n\n**Name of related parties**   **Relationship**\n\nMs. Fen Ye   Significant shareholder, director, and chairlady of the Company\n\nMr. Biao Wei   A close family member of Ms. Fen Ye, director and Chief Executive Officer of the Company\n\nLianwai Kindergarten   Controlled by Ms. Fen Ye\n\nQingtian International School   Ultimately controlled by Mr. Biao Wei\n\nZhejiang Lishui Qiaoxiang Education Consulting Services Co., Ltd (“Qiaoxiang Education”)   Controlled by Mr. Biao Wei\n\n \n\n  (a) Significant transactions with related parties for continuing operations\n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nRental revenue: \n    \n    \n   \n\nLianwai Kindergarten \n 754,285  \n 754,285  \n 377,143 \n\n  \n    \n    \n   \n\nSoftware license income: \n    \n    \n   \n\nQiaoxiang Education \n \n-\n  \n \n-\n  \n 226,415 \n\nTotal \n 754,285  \n 754,285  \n 603,558 \n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\nDisposal of Qingtian International School: \n   \n   \n  \n\nQiaoxiang Education \n 23,161,000  \n \n-\n  \n \n-\n \n\n \n\nOn December 31, 2023, the Group transferred\n100% sponsorship interests of Qingtian International School to Qiaoxiang Education which is controlled by the controlling shareholder\nfor a consideration of RMB23.2 million (Note 5).\n\n \n\n  (b) Balances with related parties for continuing operations \n\n \n\n \n \n**As of** December 31,\n \n\n \n \n2024\n \n \n2025\n \n\nDue to a related party:\n \n \n \n \n \n \n \n \n\nMr. Biao Wei\n \n \n1,817,485\n \n \n \n1,621,303\n \n\nTotal\n \n \n1,817,485\n \n \n \n1,621,303\n \n\n \n\nF-40\n\n \n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nDue from related parties: \n    \n   \n\nQingtian International school \n 8,750,000  \n 7,090,000 \n\nLianwai Kindergarten \n 792,000  \n 1,842,000 \n\nTotal \n 9,542,000  \n 8,932,000 \n\n \n\n**20.****Related party\ntransaction and balances (Continued)**\n\n \n\n  (c) Balances with Affected Entity for continuing operations\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\nDue to Affected Entity: \n    \n   \n\nPayables to Affected Entity, non-current \n 173,046,163  \n \n-\n \n\nTotal \n 173,046,163  \n \n-\n \n\n \n\nFor the years ended December 31,\n2023, 2024 and 2025, other receivables from and payables to Affected Entity were non-interest bearing and unsecure.\n\n \n\nRevenue transaction amount were recognized\nin the consolidated financial statements (Note 16).\n\n \n\n**21.****Non-controlling\ninterests**\n\n \n\nIn January 2022, the Group entered\ninto an agreement of establishing a joint venture company Beijing Xinxiang Future Technology Development Co., Ltd (“Xinxiang”)\nwith Beijing Renrenzhen Intelligent Technology Co., Ltd (“Renren”) and Beijing Chuang’ao Technology Center LLP. (“Chuangao”).\nThe Group directly held 43% equity interests for a total consideration of RMB4,300,000. Given that the board of directors of Xinxiang\nconsists of five members, three of which shall be appointed by Lishui Mengxiang, the Group controlled Xinxiang as Lishui Mengxiang holds\nmore than half of the voting power in the board of directors of Xinxiang. The remaining 57% interests held by Renren and Chuangao were\naccounted for as non-controlling interest. As of December 31, 2023, Chuangao withdrew capital of RMB500,000. On June 17, 2024, Xinxiang\nwas deregistered, resulting in a non-controlling interests disposal loss of RMB255,999.\n\n \n\n**22.**\n**SEGMENT INFORMATION**\n\n  \n\nThe CODM reviews financial information\nof operating segments based on internal management report when making decisions about allocating resources and assessing the performance\nof the Group. As a result of the assessment made by CODM, the Group has two reportable segments for operations, includinghigh school\nand vocational education. . All other operating segments are considered immature and immaterial for separate disclosure purposes and\nare aggregated within “All Other”, and reconciled to the consolidated financial totals. The Group’s CODM evaluates\nperformance based on the operating segment’s revenue and their operating results. The revenue and operating results by segments\nwere as follows:\n\n  \n\n  \nFor the year ended December 31,\n2023 \n\n  \nHigh school  \n\n**Vocational**\n\n**education**\n  \nAll Other  \nConsolidated \n\n  \n   \n   \n   \n  \n\nRevenues \n 16,334,106  \n 29,877,168  \n 4,604,142  \n 50,815,416 \n\nCost of revenues \n (21,591,312) \n (23,685,307) \n (1,573,695) \n (46,850,314)\n\nOperating expenses \n    \n    \n    \n   \n\nGeneral and administrative expenses \n (2,778,289) \n (7,309,405) \n (15,357,707) \n (25,445,401)\n\nSelling and marketing expenses \n \n-\n  \n (16,800) \n (1,500) \n (18,300)\n\nImpairment loss on goodwill \n \n-\n  \n \n-\n  \n (22,677,921) \n (22,677,921)\n\nExpected credit loss for receivables and other assets \n \n-\n  \n \n-\n  \n (65,138,293) \n (65,138,293)\n\nTotal operating expenses \n (2,778,289) \n (7,326,205) \n (103,175,421) \n (113,279,915)\n\nTotal other income/(expenses), net \n 7,076,175  \n 4,615,303  \n (2,852,294) \n 8,839,184 \n\nSegment loss before tax \n (959,320) \n 3,480,959  \n (102,997,268) \n (100,475,629)\n\n \n\nF-41\n\n \n\n \n\n**22.****SEGMENT INFORMATION\n(Continued)**\n\n \n\n  \nFor the year ended December 31,\n2024 \n\n  \nHigh school  \n\n**Vocational**\n\n**education**\n  \nAll Other  \nConsolidated \n\n  \n   \n   \n   \n  \n\nRevenues \n 3,383,866  \n 25,067,284  \n 4,349,510  \n 32,800,660 \n\nCost of revenues \n (2,899,012) \n (22,594,526) \n (10,357,567) \n (35,851,105)\n\nOperating expenses \n    \n    \n    \n   \n\nGeneral and administrative expenses \n (387,098) \n (9,278,628) \n (13,133,439) \n (22,799,165)\n\nSelling and marketing expenses \n \n-\n  \n \n-\n  \n (111,780) \n (111,780)\n\nTotal operating expenses \n (387,098) \n (9,278,628) \n (13,245,219) \n (22,910,945)\n\nTotal other income/(expenses), net \n 71,549  \n 3,443,074  \n (2,255,266) \n 1,259,357 \n\nSegment income/(loss) before tax \n 169,305  \n (3,362,796) \n (21,508,542) \n (24,702,033)\n\n \n\n  \nFor the year ended December 31,\n2025 \n\n  \nHigh school  \n\n**Vocational**\n\n**education**\n  \nAll Other  \nConsolidated \n\n  \n   \n   \n   \n  \n\nRevenues \n 3,925,775  \n 22,247,737  \n 4,659,478  \n 30,832,990 \n\nCost of revenues \n (4,049,479) \n (28,305,702) \n (10,407,899) \n (42,763,080)\n\nOperating expenses \n    \n    \n    \n   \n\nGeneral and administrative expenses \n (246,788) \n (9,224,089) \n (13,997,493) \n (23,468,370)\n\nSelling and marketing expenses \n \n-\n  \n \n-\n  \n (985,278) \n (985,278)\n\nTotal operating expenses \n (246,788) \n (9,224,089) \n (14,982,771) \n (24,453,648)\n\nTotal other (expenses)/income, net \n (26,548) \n 2,415,089  \n (87,267,544) \n (84,879,003)\n\nSegment loss before tax \n (397,040) \n (12,866,965) \n (107,998,736) \n (121,262,741)\n\n \n\n**23.****Restricted\nnet assets**\n\n \n\nAs stipulated by the relevant PRC\nlaws and regulations applicable to the Group’s entities in the PRC, the Group is required to make appropriations from net income\nas determined in accordance with the PRC GAAP to non-distributable reserves, which include a statutory surplus reserve and a statutory\nwelfare reserve. In addition, Liandu WFOE and Lishui Mengxiang VIE are required to annually appropriate 10% of their net after-tax income\nto the statutory general reserve fund prior to payment of any dividends, unless such reserve funds have reached 50% of their respective\nregistered capital. In addition, for private schools such as the School, PRC laws and regulations require that annual appropriations\nof at least 25% of after-tax income should be set aside as development funds. Under the Implementation Rules for the Law for Promoting\nPrivate Education of the PRC for Private Education Laws, or the 2021 Implementation Rules, which took effect on September 1, 2021, annual\nappropriations of 10% of after-tax income should be set aside prior to payments of dividend as development fund. The sponsor of non-profit\nprivate schools shall not receive proceeds from the running of the school, and the cash surplus of the non-profit private schools shall\nbe retained for the running of the school development only. As a result of these and other restrictions under PRC laws and regulations,\nthe Group’s subsidiaries and the VIEs incorporated in the PRC are restricted in their ability to transfer a portion of their net\nassets to the Company either in the form of dividends, loans or advances. There are no significant differences between US GAAP and\nPRC accounting standards in connection with the reported net assets of the legally owned subsidiary in the PRC and the VIE. Even though\nthe Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding\npurposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future\nacquisitions and development, or merely to declare and pay dividends or distributions to the shareholders. Except for the above, there\nis no other restriction on use of proceeds generated by the Group’s subsidiaries and the VIEs to satisfy any obligations of the\nCompany.\n\n** **\n\nF-42\n\n \n\n** **\n\n**23.****Restricted\nnet assets (Continued)**\n\n** **\n\nAs of December 31, 2025, the\ntotal restricted net assets of the Company’s subsidiaries and VIEs incorporated in PRC subjected to restriction, including the\nregistered capital, the PRC statutory reserves and certain education facilities assets, exceeded the 25 percent threshold, which\namounted to RMB76.2 million (US$10.9 million). This restriction results in a corresponding requirement to provide the Company’s\nfinancial information.\n\n** **\n\n**24.****Subsequent\nevents**\n\n \n\nOn January 9, 2026, the Group obtained a borrowing of RMB10,000,000 from Bank of Ningbo with one-year term and an annual interest rate\nof 3.9%.\n\n \n\nOn January 13, 2026, Langfang\nSchool and Hebei Petroleum College mutually agreed to terminate the cooperation agreement and Langfang School vacated the facilities it\noccupied at the southern campus of Hebei Petroleum College on January 15, 2026.\n\n \n\nOn February 25, 2026, Lishui Mengxiang\nVIE made total capital contribution of RMB2,000,000 to Beijing P.X. by cash.\n\n \n\nOn March 5, 2026, Mudanjiang Chuangxiang Health Management Co., Ltd. (“Mudanjiang Chuangxiang”) was incorporated in the PRC\nwith 100% ownership by Hebei Chuangxiang.\n\n \n\nOn April 20, 2026, the Company completed change of the ratio of ADS Ratio, from the current ADS Ratio of one (1) ADS to one hundred (100)\nordinary shares to a new ADS Ratio of one (1) ADS to one thousand (1,000) ordinary shares.\n\n \n\nThe Group has evaluated events subsequent\nto the balance sheet date of December 31, 2025 through May 12, 2026, the date on which the consolidated financial statements were issued\nand noted that there are no other subsequent events except for the events mentioned above.\n\n** **\n\n**25.****Information:\nCondensed financial statements of the Company**\n\n \n\nRules 12-04(a) and 4-08(e) (3)\nof Regulation S-X require condensed financial information as to the financial position, cash flows and results of operations of a parent\ncompany as of and for the same periods for which the audited consolidated financial statements have been presented when the restricted\nnet assets of the consolidated and unconsolidated subsidiaries together exceed 25% of consolidated net assets as of the end of the most\nrecently completed fiscal year.\n\n \n\nThe following condensed financial\nstatements of the Company have been prepared using the same accounting policies as set out in the Company’s consolidated financial\nstatements except that the Company used the equity method to account for its investment in its subsidiaries and VIEs. Such investment\nis presented on the separate condensed balance sheets of the Company as “Investment in subsidiaries and VIEs”. The Company,\nits subsidiaries and VIEs were included in the consolidated financial statements whereby the inter-company balances and transactions\nwere eliminated upon consolidation. The Company’s share of income from its subsidiaries and VIEs is reported as equity in loss\nof subsidiaries and VIEs in the condensed financial statements.\n\n \n\nThe Company is a Cayman Islands\nexempted company and, therefore, is not subject to income taxes for all years presented. The footnote disclosures contain\nsupplemental information relating to the operations of the Company and, as such, these statements should be read in conjunction with\nthe notes to the consolidated financial statements of the Company. Certain information and footnote disclosures normally included in\nfinancial statements prepared in accordance with U.S. GAAP have been condensed or omitted.\n\n \n\nAs of December 31, 2025, there\nwere no material commitments or contingencies, significant provisions for long-term obligations or guarantees of the Company, except\nfor those which have been separately disclosed in the consolidated financial statements, if any.\n\n \n\nF-43\n\n \n\n \n\n**25.****Information:\nCondensed financial statements of the Company (Continued)**\n\n \n\n**Condensed Financial Information of the Company**\n\n**BALANCE SHEETS**\n\n \n\n  \nAs of December 31, \n\n  \n2024  \n2025 \n\n  \nRMB  \nRMB  \n\n**US$**\n\n** (Note 2(g))**\n \n\nASSETS \n   \n   \n  \n\nCurrent assets: \n    \n    \n   \n\nCash \n 215,770,215  \n 27,742  \n 3,967 \n\nAmounts due from subsidiaries and\nVIEs \n 43,130,675  \n 374,863,600  \n 53,604,782 \n\nTotal current assets \n 258,900,890  \n 374,891,342  \n 53,608,749 \n\n  \n    \n    \n   \n\nCurrent assets: \n    \n    \n   \n\nInvestment in equity securities \n \n-\n  \n 44,974,376  \n 6,431,250 \n\nTotal current assets \n \n-\n  \n 44,974,376  \n 6,431,250 \n\n  \n    \n    \n   \n\nTotal assets \n 258,900,890  \n 419,865,718  \n 60,039,999 \n\nLIABILITIES AND SHAREHOLDERS’\nEQUITY \n    \n    \n   \n\nCurrent liabilities: \n    \n    \n   \n\nAccrued liabilities and other current liabilities \n 31,932  \n 31,223  \n 4,465 \n\nInvestment deficit in subsidiaries and VIEs \n 66,144,375  \n 218,625,928  \n 31,263,092 \n\nAmounts due to subsidiaries and\nVIEs \n 46,586,500  \n 48,001,814  \n 6,864,168 \n\nTotal current\nliabilities \n 112,762,807  \n 266,658,965  \n 38,131,725 \n\nTotal liabilities \n 112,762,807  \n 266,658,965  \n 38,131,725 \n\nShareholders’ equity: \n    \n    \n   \n\nClass 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) \n 50,584  \n 1,368,598  \n 195,707 \n\nClass B ordinary shares (USD$0.0001 par value; 100,000,000 shares authorized, 45,000,000 and 45,000,000 shares issued and outstanding as of December 31, 2024 and 2025, respectively) \n 30,508  \n 30,508  \n 4,363 \n\nAdditional paid-in capital \n 343,098,862  \n 476,500,785  \n 68,138,706 \n\nStatutory reserves \n 60,610,543  \n 60,610,543  \n 8,667,192 \n\nAccumulated other comprehensive income \n 12,294,900  \n 6,547,327  \n 936,255 \n\nAccumulated deficit \n (269,947,314) \n (391,851,008) \n (56,033,949)\n\nTotal shareholders’\nequity \n 146,138,083  \n 153,206,753  \n 21,908,274 \n\nTotal liabilities\nand shareholders’ equity \n 258,900,890  \n 419,865,718  \n 60,039,999 \n\n \n\nF-44\n\n \n\n \n\n**25.****Information:\nCondensed financial statements of the Company (Continued)**\n\n \n\n**STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS**\n\n** **\n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \n\n**US$**\n\n** (Note 2(g))**\n \n\nOperating expenses \n    \n    \n    \n   \n\nGeneral and administrative expenses \n (1,292,974) \n (2,647,144) \n (2,160,564) \n (308,957)\n\nTotal operating expenses \n (1,292,974) \n (2,647,144) \n (2,160,564) \n (308,957)\n\nOther income/(expense) \n 336  \n 18  \n (151) \n (22)\n\nImpairment loss on Investments \n \n-\n  \n \n-\n  \n (83,621,753) \n (11,957,752)\n\nEquity in loss of subsidiaries and VIEs, net \n (125,338,010) \n (21,980,540) \n (36,121,226) \n (5,165,266)\n\nLoss from subsidiaries and VIEs \n (125,337,674) \n (21,980,522) \n (119,743,130) \n (17,123,040)\n\nNet loss \n (126,630,648) \n (24,627,666) \n (121,903,694) \n (17,431,997)\n\nNet loss attributable to Lixiang Education Holding Co., Ltd. shareholders \n (126,630,648) \n (24,627,666) \n (121,903,694) \n (17,431,997)\n\nOther comprehensive income/(loss), net of nil tax \n 2,970,553  \n 3,809,859  \n (5,747,573) \n (821,892)\n\nComprehensive loss \n (123,660,095) \n (20,817,807) \n (127,651,267) \n (18,253,889)\n\n \n\n**STATEMENTS OF CASH FLOWS**\n\n \n\n  \nFor the years ended December 31, \n\n  \n2023  \n2024  \n2025 \n\n  \nRMB  \nRMB  \nRMB  \n\n**US$ **\n\n**(Note 2(g))**\n \n\nCash flows used in operating activities \n (42,725,890) \n (861,999) \n (331,856,004) \n (47,454,777)\n\nCash flows used in investing activities \n \n-\n  \n \n-\n  \n (128,596,129) \n (18,389,002)\n\nCash flows provided by financing activities \n 41,856,435  \n -  \n 250,422,660  \n 35,809,964 \n\nEffect of exchange rate changes on cash \n 2,947,203  \n 3,785,027  \n (5,713,000) \n (816,949)\n\nNet changes in cash \n 2,077,748  \n 2,923,028  \n (215,742,473) \n (30,850,763)\n\nCash at the beginning of year \n 210,769,439  \n 212,847,187  \n 215,770,215  \n 30,854,730 \n\nCash at the end of 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