United States
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT
TO RULE 13a-16 OR 15d-16 UNDER THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of November 2024
Commission File Number: 001-33910
ATA
Creativity Global
c/o
Rm. 507, Bldg. 3, BinhuZhuoyueCheng,
WenhuaKechuangYuan, Huayuan Blvd. 365,
Baohe, Hefei, Anhui 230051, China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
EXPLANATORY NOTE
Sections
titled “Q3 2024 Financial Highlights,” “9M 2024 Financial Highlights,” “Q3 2024 Operational Highlights,”
“Q3 2024 Financial Review – GAAP Results,” “9M 2024 Financial Review – GAAP Results,” “Non-GAAP
Measures,” “Other Data,” “Balance Sheet Highlights,” “Cautionary Note Regarding Forward-looking Statements,”
“Currency Convenience Translation,” and “About Non-GAAP Financial Measures” and the financial statements contained
in the press release which is exhibit 99.1 to this Report on Form 6-K, are incorporated by reference into the Company’s Registration
Statement on Form F-3 (File No. 333-278921), filed with the Securities and Exchange Commission on April 25, 2024, to be
a part thereof from the date on which this Report is submitted, to the extent not superseded by documents or reports subsequently filed
or furnished.
EXHIBIT INDEX
SIGNATURE
Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| |
ATA Creativity Global |
| |
|
|
| |
By: |
/s/ Ruobai Sima |
| |
Name: |
Ruobai Sima |
| |
Title: |
Chief Financial Officer |
Date:
November 7, 2024
Exhibit 99.1
ATA Creativity Global Reports Q3 2024 Financial
Results
Reports
Q3 2024 Net Revenues Increase of 13.1% vs. Q3 2023
Reiterates Fiscal Year 2024 Net Revenue Guidance
of Between RMB233 Million and RMB255 Million
Conference
Call Scheduled for Thursday, November 7, at 8:00 p.m. Eastern Time (Friday, November 8, at 9:00 a.m. Beijing
Time) with Accompanying Audio and Slide Webcast
Beijing,
China, November 7, 2024 — ATA Creativity Global (“ACG” or the “Company”, Nasdaq: AACG),
an international educational services company focused on providing quality learning experiences that cultivate and enhance students’
creativity, today announced preliminary unaudited financial results for the third quarter (“Q3 2024”) and nine-months (“9M
2024”) periods ended September 30, 2024.
All amounts presented in U.S. dollars ($) in
this news release are based on a conversion rate of RMB7.0176 to $1.00 for both reporting periods ended September 30, 2024, and RMB7.2960
to $1.00 for both reporting periods ended September 30, 2023.
Q3 2024 Financial Highlights
| · | Net revenues for Q3 2024 increased 13.1% to RMB67.3 million (or $9.6 million), from RMB59.5 million (or
$8.1 million) in Q3 2023. |
| · | Gross profit for Q3 2024 increased 2.6% to RMB30.0 million (or $4.3 million), from RMB29.2 million (or
$4.0 million) in Q3 2023. Gross margin was 44.6% during the current period, compared to 49.2% in the prior-year period. |
| · | Net loss attributable to ACG for Q3 2024 was RMB14.7 million (or $2.1 million), compared to net loss attributable
to ACG of RMB7.3 million (or $1.0 million) in Q3 2023. |
9M 2024 Financial Highlights
| · | Net revenues for 9M 2024 increased 21.1% to RMB167.1 million (or $23.8 million), from RMB138.0 million
(or $18.9 million) in 9M 2023. |
| · | Gross profit for 9M 2024 increased 24.6% to RMB77.6 million (or $11.1 million), from RMB62.3 million (or
$8.5 million) during 9M 2023. Gross margin was 46.4% during the current period, compared to 45.1% during 9M 2023. |
| · | Net loss attributable to ACG for 9M 2024 was RMB49.4 million (or $7.0 million), compared to net loss attributable
to ACG of RMB42.2 million (or $5.8 million) in 9M 2023. |
| · | Cash and cash equivalents were RMB39.4 million (or $5.6 million) as of September 30, 2024. |
Q3 2024 Operational Highlights
| · | Student enrollment during Q3 2024 was 1,289, an increase of 17.9% from 1,093 in Q3 2023. |
| - | 57.8% of students were enrolled in ACG’s portfolio training programs, which consist of time-based
programs and project-based programs. |
| - | 42.2% of students were enrolled in ACG’s other programs, which mainly consist of overseas study
counselling services and research-based learning services. |
| · | Credit hours delivered during Q3 2024 were 53,492, an increase of 19.6% compared to Q3 2023. |
The
following is a summary of the credit hours delivered for ACG’s portfolio training programs for Q3 2024, compared to those
for the prior-year period:
| | |
Third
Quarter Ended
September 30,
2024 | | |
Third
Quarter Ended
September 30,
2023 | | |
| |
| | |
No. of Credit Hours | | |
No. of Credit Hours | | |
% Change | |
| Time-based Program | |
| 16,186 | | |
| 13,624 | | |
| 18.8 | % |
| Project-based Program | |
| 37,306 | | |
| 31,099 | | |
| 20.0 | % |
| Total | |
| 53,492 | | |
| 44,723 | | |
| 19.6 | % |
Management Commentary
Mr. Kevin
Ma, Chairman and CEO of ACG, stated, “Q3 2024 was a strong quarter for ACG in terms of net revenues and student enrollment. The
13.1% increase in total net revenues was due to expanded research-based learning and more portfolio training services offered,
and a growing number of projects introduced this summer. Our expanded services continued to garner student interest, reflected by a 17.9%
growth in student enrollment for all of our programs and approximately 19.6% increase in total credit hours delivered for our portfolio
training programs.”
Mr. Ma continued, “During Q3 2024,
we continued to expand our international exposure by hosting a variety of courses, including summer camps in London and Tokyo and a Campus
Tour Trip in U.S. universities. We also offered multiple online and offline Master Classes covering various topics such as visual communication,
innovation design engineering, and illustration & animation, amongst other projects. These value-adding experiences target a
diversified student population, from junior high school to college students interested in studying abroad in the future. We look forward
to continuing expanding our portfolio of offerings and helping students achieve positive outcomes.”
Reiterates Guidance for Fiscal Year 2024
ACG
is reiterating its previously provided guidance of total net revenues of between RMB233 million and RMB255 million for the year
ending December 31, 2024, which represents a year-over-year increase of 5% to 15%. These guidance assumptions are based on the Company's
existing business, current view of existing market conditions and expectations for the year ending December 31, 2024.
Mr. Jun Zhang, President of ACG, stated,
“As we are approaching the end of the year, we believe we are on the right track to achieve our previously announced full year 2024
net revenue guidance of RMB233 million to RMB255 million. We expect portfolio training services to continue driving the overall business
growth for the remainder of 2024. We continue to focus on innovation and have made substantial investments in designing and introducing
new research-based learning programs and other services that reflect the trends in the arts industry and academia. Furthermore, as we
continue to expand coverage in existing cities by concentrating our resources on managing larger learning centers, we are also focused
on increasing the number of partnerships, domestically and internationally. We believe we are well positioned to continue to grow our
business in 2025 and beyond.”
Conference Call and Webcast Information (With
Accompanying Presentation)
ACG
will host a conference call at 8:00 p.m. Eastern Time on Thursday, November 7 (9:00 a.m. Beijing Time on Friday, November 8),
during which management will discuss Q3 2024 and 9M 2024 results.
To participate in the conference call, please
connect using the following dial-in numbers about 10 minutes prior to the scheduled conference call time:
| U.S. & Canada (Toll-Free): |
+1 (877) 407-9122 |
| International (Toll): |
+1 (201) 493-6747 |
| China (Local Access): |
(400) 120 2840 |
| Hong Kong (Local Access): |
(800) 965561 |
A
simultaneous audio webcast including accompanying slides may be accessed via the following link: https://event.choruscall.com/mediaframe/webcast.html?webcastid=tCUjiKgZ,
or via the investor relations section of the Company’s website https://ir.atai.net.cn/.
For those unable to listen to the live webcast, the replay will be
available on the Company’s website shortly after the conclusion of the call.
Q3 2024 Financial Review – GAAP Results
ACG’s
total net revenues for Q3 2024 of RMB67.3 million (or $9.6 million), increased 13.1% as compared to RMB59.5 million (or $8.1 million)
in Q3 2023, primarily due to increased revenue contributions from portfolio training programs and research-based learning services. Specifically:
| - | Net revenues from portfolio training programs of RMB49.4 million (or $7.0 million) increased 7.2% as compared
to Q3 2023 and accounted for 73.5% of total net revenues. |
| - | Net revenues from overseas study counselling services, research-based learning services and other educational
services of RMB17.9 million (or $2.6 million) increased 33.6% as compared to Q3 2023 and accounted for 26.5% of total net revenues. |
Gross
profit for Q3 2024 of RMB30.0 million (or $4.3 million) increased 2.6%, from RMB29.2 million (or $4.0 million) in Q3 2023 while
gross margin decreased to 44.6%, from 49.2% in the prior-year period. The decrease in gross margin was mainly due to the higher number
of teaching staff hired during the quarter as compared to the prior-year period to accommodate the increased number of students, in addition
to larger outsourcing costs related to research-based learning services.
Total
operating expenses for Q3 2024 were RMB47.7 million (or $6.8 million), an increase of 28.4% from RMB37.1 million (or $5.1 million)
in Q3 2023. The increase was due to higher selling and general & administrative expenses, slightly offset by lower research and
development expenses. Specifically, for Q3 2024:
| - | Selling expenses of RMB25.7 million (or $3.7 million) increased by RMB5.4 million or 26.8% from Q3 2023,
mainly as a result of increased number of sales personnel and other sales/marketing/event related expenses. |
| - | General & administrative expenses of RMB21.2 million (or $3.0 million), increased by RMB 5.6
million or 35.7% from Q3 2023, mainly as a result of an increase in professional fees and business expansion-related investments. |
| - | Research and development expenses of RMB0.7 million (or $0.1 million), decreased by RMB0.5 million or
38.6% from Q3 2023, as ACG’s system development was completed in Q2 2024. |
As
a result, loss from operations for Q3 2024 was RMB17.6 million (or $2.5 million), compared to loss from operations of RMB7.9 million
(or $1.1 million) in Q3 2023. Net loss attributable to ACG for Q3 2024 was RMB14.7 million (or $2.1 million), from net loss attributable
to ACG of RMB7.3 million (or $1.0 million) in Q3 2023.
Basic
and diluted losses per common share attributable to ACG for Q3 2024 were RMB0.23 (or $0.03), compared to basic and diluted losses
per common share of RMB0.12 (or $0.02) for Q3 2023. Basic and diluted losses per ADS attributable to ACG were RMB0.46 or (or $0.06), compared
to basic and diluted losses per ADS of RMB0.24 (or $0.04) in Q3 2023.
9M 2024 Financial Review – GAAP Results
ACG’s
total net revenues for 9M 2024 was RMB167.1 million (or $23.8 million), an increase of 21.1% from RMB138.0 million (or $18.9 million)
during 9M 2023. Specifically:
| - | Net revenues from portfolio training programs of RMB125.0 million (or $17.8 million) increased 22.9% as
compared to 9M 2023 and accounted for 74.8% of total net revenues. |
| - | Net revenues from overseas study counselling services, research-based learning services and other educational
services of RMB42.1 million (or $6.0 million) increased 16.1% as compared to 9M 2023 and accounted for 25.2% of total net revenues. |
Gross
profit for 9M 2024 was RMB77.6 million (or $11.1 million), an increase of 24.6% from RMB62.3 million (or $8.5 million) during 9M
2023, while gross margin was 46.4% during the period, compared to 45.1% during 9M 2023. The improvement in gross profit and gross margin
was mainly related to increased net revenues for the period.
Total
operating expenses for 9M 2024 were RMB137.7 million (or $19.6 million), an increase of 22.0% from RMB112.9 million (or $15.5 million)
in 9M 2023. The increase was due to higher selling, and general & administrative expenses, slightly offset by lower research
and development expenses. Specifically, for 9M 2024:
| - | Selling expenses of RMB72.4 million (or $10.3 million) increased by RMB14.4 million or 24.8% from 9M 2023,
mainly as a result of higher number of sales personnel contributing to the increase in sales. |
| - | General & administrative expenses of RMB62.4 million (or $8.9 million) increased by RMB10.5 million
or 20.2% from 9M 2023, mainly as a result of higher professional fees and business expansion investments. |
| - | Research and development expenses of RMB2.9 million (or $0.4 million) decreased by RMB0.1 million or 1.8%
from 9M 2023. |
As
a result, loss from operations for 9M 2024 was RMB60.0 million (or $8.6 million), compared to loss of RMB50.6 million (or $6.9
million) during 9M 2023. Net loss attributable to ACG for 9M 2024 was RMB49.4 million (or $7.0 million), from net loss attributable to
ACG of RMB42.2 million (or $5.8 million) during 9M 2023.
For
9M 2024, basic and diluted losses per common share attributable to ACG were RMB0.78 (or $0.11), compared to RMB0.67 (or $0.09)
during 9M 2023. Basic and diluted losses per ADS attributable to ACG were RMB1.56 (or $0.22), compared to RMB1.34 (or $0.18) during 9M
2023.
Non-GAAP Measures
Adjusted
net loss attributable to ACG for Q3 2024, which excludes share-based compensation expense and foreign currency exchange losses,
net, was RMB13.9 million (or $2.0 million), compared to adjusted net loss of RMB6.4 million (or $0.9 million) in Q3 2023.
Basic
and diluted losses per common share attributable to ACG excluding share-based compensation expense and foreign currency exchange
losses, net for Q3 2024, were RMB0.22 (or $0.03). Basic and diluted losses per ADS attributable to ACG excluding share-based compensation
expense and foreign currency exchange losses, net for Q3 2024 were RMB0.44 (or $0.06).
Please see the note about non-GAAP measures and
the reconciliation table at the end of this press release.
Other Data
The
number of weighted average ADSs used to calculate both basic and diluted earnings per ADS for Q3 2024 were 31.5 million. Each ADS
represents two common shares.
Balance Sheet Highlights
As
of September 30, 2024, ACG’s cash and cash equivalents were RMB39.4 million (or $5.6 million), working capital deficit
was RMB310.7 million (or $44.3 million), and total shareholders’ equity was RMB66.2 million (or $9.4 million); compared to cash
and cash equivalents of RMB60.2 million (or $8.5 million), working capital deficit of RMB244.0 million (or $34.4 million), and total shareholders’
equity of RMB113.0 million (or $15.9 million), respectively, as of December 31, 2023.
About ATA Creativity Global
ATA
Creativity Global is an international educational services company focused on providing quality learning experiences that cultivate and
enhance students’ creativity. ATA Creativity Global offers a wide range of education services consisting primarily of portfolio
training, research-based learning services, overseas study counselling and other educational services through its training center network.
For more information, please visit ACG’s website at www.atai.net.cn.
Cautionary Note Regarding Forward-looking Statements
This announcement contains forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and as defined in the Private Securities Litigation Reform Act of 1995.
These forward-looking statements can be identified
by terms such as “anticipate,” “believe,” “could,” “estimate,” “expect,” “forecast,”
“future,” “intend,” “look forward to,” “outlook,” “guidance,” “plan,”
“should,” “will,” and similar terms and include, among other things, statements regarding ACG’s future growth
and results of operations; ACG’s plans for mergers and acquisitions generally; ACG’s growth strategy, anticipated growth prospects
and subsequent business activities; ACG’s 2024 guidance; market demand for, and market acceptance and competitiveness of, ACG’s
portfolio training programs and other education services.
The factors that could cause the Company’s
actual financial and operating results to differ from what the Company currently anticipates may include its ability to develop and create
content that could accommodate needs of potential students, its ability to provide effective creative related international education
services and control sales and marketing expenses, its recognition in the marketplace for services it delivered and branding it established,
its ability to maintain market share amid increasing competition, its ability to identify and execute on M&A opportunities within
the education sector and its ability to integrate the acquired business, the economy of China, uncertainties with respect to China’s
legal and regulatory environments, the impact of the political tensions between the United States and China or other international tensions,
and the impact of actual or potential international trade or military conflicts, and other factors stated in the Company’s filings
with the U.S. Securities and Exchange Commission (“SEC”).
The financial information contained in this release
should be read in conjunction with the consolidated financial statements and related notes included in the Company’s annual report
on Form 20-F for its fiscal year ended December 31, 2023, and other filings that ACG has made with the SEC. The filings are
available on the SEC’s website at www.sec.gov and at ACG’s website at www.atai.net.cn. For additional
information on the risk factors that could adversely affect the Company’s business, financial conditions, results of operations,
and prospects, please see the “Risk Factors” section of the Company’s Form 20-F for the fiscal year ended December 31,
2023.
The forward-looking statements in this release
involve known and unknown risks and uncertainties and are based on current expectations, assumptions, estimates, and projections about
ACG and the markets in which it operates. The Company undertakes no obligation to update forward-looking statements, which speak only
as of the date of this release, to reflect subsequent events or circumstances, or changes in its expectations, except as may be required
by law. Although the Company believes that its expectations and assumptions expressed in these forward-looking statements are reasonable,
the Company cannot assure you that its expectations and assumptions will turn out to be correct, and investors are cautioned that actual
results may differ materially from the anticipated results.
Currency Convenience Translation
The
Company’s financial information is stated in Renminbi (“RMB”), the currency of the People’s Republic of China.
The translations of RMB amounts for the quarter and nine months ended September 30, 2024, into U.S. dollars are included
solely for the convenience of readers and have been made at the rate of RMB7.0176 to $1.00, the noon buying rate as of September 30,
2024, in New York for cable transfers in RMB per U.S. dollar as set forth in the H.10 weekly statistical release of the Federal Reserve
Board. Historical translations of RMB amounts for the quarter and nine months ended September 30, 2023, into U.S. dollars have been
made at the rate of RMB7.2960 to $1.00, the noon buying rate as of September 30, 2023. Historical translations of RMB amounts for
the year ended December 31, 2023, into U.S. dollars have been made at the rate of RMB7.0999 to $1.00, the noon buying rate as of
December 31, 2023. Such translations should not be construed as representations that RMB amounts could be converted into U.S. dollars
at that rate or any other rate, or to be the amounts that would have been reported under U.S. generally accepted accounting principles
(“GAAP”).
About Non-GAAP Financial Measures
To supplement ACG’s consolidated financial
information presented in accordance with U.S. GAAP, ACG uses the following non-GAAP financial measures: net income (loss) excluding share-based
compensation expense and foreign currency exchange gain or loss, and basic and diluted earnings (losses) per common share and ADS excluding
share-based compensation expense and foreign currency exchange gain or loss.
The presentation of these non-GAAP financial measures
is not intended to be considered in isolation or as a substitute for the financial information prepared and presented in accordance with
GAAP. ACG believes these non-GAAP financial measures provide meaningful supplemental information about its performance by excluding share-based
compensation expense and foreign currency exchange gain or loss, which may not be indicative of its operating performance.
ACG believes that both management and investors
benefit from these non-GAAP financial measures in assessing its performance and when planning and forecasting future periods. These non-GAAP
financial measures also facilitate management’s internal comparisons to ACG’s historical performance. ACG computes its non-GAAP
financial measures using a consistent method from period to period. ACG believes these non-GAAP financial measures are useful to
investors in allowing for greater transparency with respect to supplemental information used by management in its financial and operational
decision making. A limitation of using non-GAAP net income (loss) excluding share-based compensation expense and foreign currency exchange
gain or loss and basic and diluted earnings (losses) per common share and per ADS excluding share-based compensation expense and foreign
currency exchange gain or loss is that share-based compensation charges and foreign currency exchange gain or loss have been, and are
expected to continue to be for the foreseeable future, a significant recurring expense in ACG’s business.
Management compensates for these limitations by
providing specific information regarding the GAAP amounts excluded from each non-GAAP measure. The table captioned “Reconciliations
of Non-GAAP Measures to the Most Comparable GAAP Measures” shown at the end of this news release has more details on the reconciliations
between GAAP financial measures that are most directly comparable to the non-GAAP financial measures used by ACG.
For more information on our company, please contact the following
individuals:
| At the Company |
Investor Relations |
| ATA Creativity Global |
The Equity Group Inc. |
| Ruobai Sima, CFO |
Lena Cati, Senior Vice President |
| +86 10 6518 1133 x 5518 |
212-836-9611 |
| simaruobai@acgedu.cn |
lcati@equityny.com |
| |
|
| |
Alice Zhang, Associate |
| |
212-836-9610 |
| |
azhang@equityny.com |
ATA CREATIVITY GLOBAL AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
| | |
December 31, | | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| ASSETS | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 60,167,232 | | |
| 39,391,127 | | |
| 5,613,191 | |
| Accounts receivable | |
| 2,235,490 | | |
| 1,149,062 | | |
| 163,740 | |
| Prepaid expenses and other current assets | |
| 8,042,169 | | |
| 19,733,110 | | |
| 2,811,946 | |
| Total current assets | |
| 70,444,891 | | |
| 60,273,299 | | |
| 8,588,877 | |
| | |
| | | |
| | | |
| | |
| Long-term investments | |
| 38,000,000 | | |
| 38,000,000 | | |
| 5,414,957 | |
| Property and equipment, net | |
| 30,235,985 | | |
| 39,261,010 | | |
| 5,594,649 | |
| Intangible assets, net | |
| 58,886,111 | | |
| 50,669,444 | | |
| 7,220,338 | |
| Goodwill | |
| 196,289,492 | | |
| 196,289,492 | | |
| 27,971,029 | |
| Other non-current assets | |
| 31,691,417 | | |
| 34,342,266 | | |
| 4,893,734 | |
| Right-of-use assets | |
| 23,391,247 | | |
| 40,613,651 | | |
| 5,787,399 | |
| Total assets | |
| 448,939,143 | | |
| 459,449,162 | | |
| 65,470,983 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Accrued expenses and other payables | |
| 49,146,103 | | |
| 51,063,959 | | |
| 7,276,558 | |
| Lease liabilities-current | |
| 13,110,449 | | |
| 19,652,848 | | |
| 2,800,508 | |
| Deferred revenues | |
| 252,145,949 | | |
| 300,274,793 | | |
| 42,788,816 | |
| Total current liabilities | |
| 314,402,501 | | |
| 370,991,600 | | |
| 52,865,882 | |
| | |
| | | |
| | | |
| | |
| Lease liabilities-non-current | |
| 9,496,422 | | |
| 19,992,990 | | |
| 2,848,978 | |
| Deferred income tax liabilities | |
| 12,066,513 | | |
| 2,242,876 | | |
| 319,607 | |
| Total liabilities | |
| 335,965,436 | | |
| 393,227,466 | | |
| 56,034,467 | |
| | |
| | | |
| | | |
| | |
| Shareholders’ equity: | |
| | | |
| | | |
| | |
| Common shares | |
| 4,730,128 | | |
| 4,733,961 | | |
| 674,584 | |
| Treasury shares | |
| (8,201,046 | ) | |
| (8,201,046 | ) | |
| (1,168,640 | ) |
| Additional paid-in capital | |
| 545,222,465 | | |
| 547,865,450 | | |
| 78,070,202 | |
| Accumulated other comprehensive loss | |
| (37,004,507 | ) | |
| (37,066,452 | ) | |
| (5,281,927 | ) |
| Accumulated deficit | |
| (391,709,172 | ) | |
| (441,045,983 | ) | |
| (62,848,550 | ) |
| Total shareholders’ equity attributable to ACG | |
| 113,037,868 | | |
| 66,285,930 | | |
| 9,445,669 | |
| Non-redeemable non-controlling interests | |
| (64,161 | ) | |
| (64,234 | ) | |
| (9,153 | ) |
| Total shareholders’ equity | |
| 112,973,707 | | |
| 66,221,696 | | |
| 9,436,516 | |
| Commitments and contingencies | |
| — | | |
| — | | |
| — | |
| Total liabilities and shareholders’ equity | |
| 448,939,143 | | |
| 459,449,162 | | |
| 65,470,983 | |
ATA CREATIVITY GLOBAL AND SUBSIDIARIES UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| | |
Three-month Period Ended | |
| | |
September 30, | | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| Net revenues | |
| 59,450,108 | | |
| 67,254,807 | | |
| 9,583,733 | |
| Cost of revenues | |
| 30,225,251 | | |
| 37,256,461 | | |
| 5,309,003 | |
| Gross profit | |
| 29,224,857 | | |
| 29,998,346 | | |
| 4,274,730 | |
| | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | |
| Research and development | |
| 1,204,485 | | |
| 740,049 | | |
| 105,456 | |
| Sales and marketing | |
| 20,297,200 | | |
| 25,743,503 | | |
| 3,668,420 | |
| General and administrative | |
| 15,603,290 | | |
| 21,172,200 | | |
| 3,017,014 | |
| Total operating expenses | |
| 37,104,975 | | |
| 47,655,752 | | |
| 6,790,890 | |
| Other operating income, net | |
| 1,104 | | |
| 42,806 | | |
| 6,100 | |
| Loss from operations | |
| (7,879,014 | ) | |
| (17,614,600 | ) | |
| (2,510,060 | ) |
| Other income (expense): | |
| | | |
| | | |
| | |
| Interest income, net of interest expenses | |
| 241,534 | | |
| 224,646 | | |
| 32,012 | |
| Foreign currency exchange gains (losses), net | |
| 2 | | |
| (1,800 | ) | |
| (256 | ) |
| Loss before income taxes | |
| (7,637,478 | ) | |
| (17,391,754 | ) | |
| (2,478,304 | ) |
| Income tax benefit | |
| (335,902 | ) | |
| (2,739,486 | ) | |
| (390,374 | ) |
| Net loss | |
| (7,301,576 | ) | |
| (14,652,268 | ) | |
| (2,087,930 | ) |
| Net loss attributable to non-controlling interests | |
| (50,714 | ) | |
| (22 | ) | |
| (3 | ) |
| Net loss attributable to ACG | |
| (7,250,862 | ) | |
| (14,652,246 | ) | |
| (2,087,927 | ) |
| | |
| | | |
| | | |
| | |
| Other comprehensive loss: | |
| | | |
| | | |
| | |
| Foreign currency translation adjustment, net of nil income taxes | |
| (19,253 | ) | |
| (98,370 | ) | |
| (14,018 | ) |
| Comprehensive loss attributable to ACG | |
| (7,270,115 | ) | |
| (14,750,616 | ) | |
| (2,101,945 | ) |
| | |
| | | |
| | | |
| | |
| Basic and diluted losses per common share attributable to ACG | |
| (0.12 | ) | |
| (0.23 | ) | |
| (0.03 | ) |
| Basic and diluted losses per ADS attributable to ACG | |
| (0.24 | ) | |
| (0.46 | ) | |
| (0.06 | ) |
ATA CREATIVITY GLOBAL AND SUBSIDIARIES UNAUDITED
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| | |
Nine-month Period Ended | |
| | |
September 30, | | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| Net revenues | |
| 138,010,273 | | |
| 167,144,553 | | |
| 23,817,908 | |
| Cost of revenues | |
| 75,718,910 | | |
| 89,543,642 | | |
| 12,759,867 | |
| Gross profit | |
| 62,291,363 | | |
| 77,600,911 | | |
| 11,058,041 | |
| | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | |
| Research and development | |
| 2,978,521 | | |
| 2,924,091 | | |
| 416,680 | |
| Sales and marketing | |
| 58,015,878 | | |
| 72,387,180 | | |
| 10,315,091 | |
| General and administrative | |
| 51,906,675 | | |
| 62,414,642 | | |
| 8,894,015 | |
| Total operating expenses | |
| 112,901,074 | | |
| 137,725,913 | | |
| 19,625,786 | |
| Other operating income, net | |
| 2,657 | | |
| 86,586 | | |
| 12,338 | |
| Loss from operations | |
| (50,607,054 | ) | |
| (60,038,416 | ) | |
| (8,555,407 | ) |
| Other income (expense): | |
| | | |
| | | |
| | |
| Interest income, net of interest expenses | |
| 707,931 | | |
| 867,865 | | |
| 123,670 | |
| Foreign currency exchange losses, net | |
| (380 | ) | |
| (7,668 | ) | |
| (1,093 | ) |
| Loss before income taxes | |
| (49,899,503 | ) | |
| (59,178,219 | ) | |
| (8,432,830 | ) |
| Income tax benefit | |
| (7,635,036 | ) | |
| (9,823,637 | ) | |
| (1,399,857 | ) |
| Net loss | |
| (42,264,467 | ) | |
| (49,354,582 | ) | |
| (7,032,973 | ) |
| Net loss attributable to non-controlling interests | |
| (48,620 | ) | |
| (72 | ) | |
| (10 | ) |
| Net loss attributable to ACG | |
| (42,215,847 | ) | |
| (49,354,510 | ) | |
| (7,032,963 | ) |
| | |
| | | |
| | | |
| | |
| Other comprehensive income (loss): | |
| | | |
| | | |
| | |
| Foreign currency translation adjustment, net of nil income taxes | |
| 71,146 | | |
| (61,945 | ) | |
| (8,827 | ) |
| Comprehensive loss attributable to ACG | |
| (42,144,701 | ) | |
| (49,416,455 | ) | |
| (7,041,790 | ) |
| | |
| | | |
| | | |
| | |
| Basic and diluted losses per common share attributable to ACG | |
| (0.67 | ) | |
| (0.78 | ) | |
| (0.11 | ) |
| Basic and diluted losses per ADS attributable to ACG | |
| (1.34 | ) | |
| (1.56 | ) | |
| (0.22 | ) |
RECONCILIATIONS OF NON-GAAP MEASURES
TO THE MOST COMPARABLE GAAP MEASURES
| | |
Three-month Period Ended | | |
Nine-month Period Ended | |
| | |
September 30, | | |
September 30, | | |
September 30, | | |
September 30, | |
| | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
RMB | | |
RMB | |
| GAAP net loss attributable to ACG | |
| (7,250,862 | ) | |
| (14,652,246 | ) | |
| (42,215,847 | ) | |
| (49,354,510 | ) |
| Share-based compensation expenses | |
| 818,922 | | |
| 769,733 | | |
| 2,029,817 | | |
| 2,653,050 | |
| Foreign currency exchange losses (gains), net | |
| (2 | ) | |
| 1,800 | | |
| 380 | | |
| 7,668 | |
| Non-GAAP net loss attributable to ACG | |
| (6,431,942 | ) | |
| (13,880,713 | ) | |
| (40,185,650 | ) | |
| (46,693,792 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| GAAP losses per common share attributable to ACG | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
| (0.12 | ) | |
| (0.23 | ) | |
| (0.67 | ) | |
| (0.78 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP losses per common share attributable to ACG | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
| (0.10 | ) | |
| (0.22 | ) | |
| (0.64 | ) | |
| (0.74 | ) |
ATA Creativity Global (NASDAQ:AACG)
Gráfica de Acción Histórica
De Nov 2024 a Dic 2024
ATA Creativity Global (NASDAQ:AACG)
Gráfica de Acción Histórica
De Dic 2023 a Dic 2024
