ATA Creativity Global (AACG) Investor presentation summary

Financial performance and key metrics

• FY 2025 net revenues reached RMB268.1M ($38.3M), flat compared to FY 2024.

• Gross margin declined to 48.6% from 52.7% in FY 2024, mainly due to higher outsourcing and part-time teacher costs.

• Cash and cash equivalents stood at RMB85.2M ($12.2M) as of December 31, 2025.

• Book value per ADS was RMB1.01 ($0.14) at year-end 2025.

• Market cap was $32.0M as of March 31, 2026, with 31.7M ADS outstanding.

Business model and revenue breakdown

• Operates 19 training centers in 18 cities, offering portfolio training, research-based learning, overseas study counselling, and other educational services.

• Portfolio training contributed 69.8% of FY 2025 revenue, research-based learning 13.4%, overseas study counselling 9.5%, and other educational services 7.3%.

• Revenue models include fee per credit hour and fee per program by category.

• Serves over 4,100 enrollments in FY 2025, with demand normalizing post-pandemic.

Operational highlights and strategy

• Student enrollment stabilized at 4,127 in FY 2025 after a surge in 2024.

• Project-based program credit hours continued to grow, reflecting a shift toward flexible, customizable offerings.

• Focus on expanding research-based learning and portfolio training, and forming new partnerships domestically and internationally.

• Strategic initiatives include optimizing service portfolio, improving classroom utilization, and consolidating less active campuses.

• Plans to launch new services, expand overseas, and increase operational efficiency through resource allocation and sales optimization.