SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 OF THE
SECURITIES EXCHANGE ACT OF 1934
For
the month of August 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 ¨
Indicate by check mark whether by furnishing the information contained
in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.
Yes ¨
No x
If “Yes” is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b): N/A
EXPLANATORY NOTE
Sections titled “Second Quarter 2024 and
First Half 2024 Highlights,” “Operating Review,” “Second Quarter 2024 Financial Review – GAAP Results,”
“First Half 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which this Report is submitted, to the extent not superseded by documents or reports subsequently filed or furnished.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:
August 7, 2024
Exhibit 99.1
ATA Creativity Global Reports Second Quarter
2024 Financial Results
Conference Call on Wednesday, August 7,
2024, at 9:00 p.m. ET with Accompanying Investor Presentation
Beijing,
China, August 7, 2024 (NY)/ August 8, 2024 (China) — 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 second quarter and six months ended
June 30, 2024 (“Second Quarter 2024” and “First Half 2024”, respectively).
Second Quarter 2024 and First Half 2024 Highlights
| · | During Second Quarter 2024, student enrollment was 1,084, representing an increase of 16.8% from 928 in
the prior-year period. Of the 1,084 students, 612 were enrolled in ACG’s portfolio training programs. 42,841 credit hours were delivered
during Second Quarter 2024, an increase of 49.3% compared to 28,698 in the prior-year period. |
| · | Second Quarter 2024 net revenues increased 42.8% to RMB51.8 million (US$7.1 million), from RMB36.2 million
in the prior-year period. |
| · | Second Quarter 2024 net loss attributable to ACG narrowed to RMB16.8 million (US$2.3 million), from net
loss attributable to ACG of RMB17.2 million in the prior-year period. |
| · | First Half 2024 net revenues increased 27.2% to RMB99.9 million (US$13.7 million), from RMB78.6 million
in the prior-year period. |
| · | First Half 2024 net loss attributable to ACG was RMB34.7 million (US$4.8 million), compared to net loss
attributable to ACG of RMB35.0 million in the prior-year period. |
| · | RMB40.1 million (US$5.5 million) in cash and cash equivalents as of June 30, 2024. |
Management Commentary
Mr. Kevin
Ma, Chairman and CEO of ACG, stated, “We are pleased to see that our recruitment efforts have continued to yield positive results
in our core portfolio training services business, driving student enrollment growth and increasing total credit hours delivered by 49.3%
during Second Quarter 2024. Portfolio training services continued to be the key contributor to top line growth, driving a 42.8% increase
in total net revenues to RMB51.8 million during the period, supported by growth in overseas study counselling services and research-based
learning services. As a result of this revenue growth, we reported 49.6% in gross margin for Second Quarter 2024, a notable improvement
from 39.5% in the prior-year period, and narrowed bottom line losses despite increased operating expenses as we continue to invest in
growing enrollment and expanding the business.”
Mr. Ma continued, “Following the successful
execution and overwhelmingly positive feedback from our 70 participating students and teaching staff in May, we hosted a second session
of the United Nations Sustainable Development Goals Arts Boot Camp (the ‘SDG Boot Camp’) in July. The SDG Boot Camp was once
again well received by students, and we were pleased to have another opportunity to partner with the UN and UNESCO on this project. During
Second Quarter 2024, we hosted the ACG Arts Education Exhibition across five major cities in China, sharing our knowledge of the options
available to students interested in a creative arts education, as well as bringing in admission committee officers from prestigious overseas
arts institutions to provide insights on the application process. We believe these events increase ACG’s market exposure and serve
as a student acquisition channel while providing a valuable opportunity for prospective students to gain a better understanding of a range
of schools and their programs and philosophies. Through our diversified portfolio of offerings, we remain committed to enabling positive
outcomes for our students.”
Outlook
Mr. Jun Zhang, President of ACG, stated,
“This summer we launched a variety of research-based learning experiences for students across different creative disciplines and
abilities. In addition to our in-person Master Class projects and Chinese intangible cultural heritage-themed camps in Dunhuang,
Gansu Province and west Sichuan Province, we are hosting two campus tours in Tokyo and multiple cities in the United States, providing
participating students with an immersive on-campus experience and the opportunity to get a glimpse of the inner workings of global enterprises
in industries such as fashion, gaming and animation production. We are also collaborating with University of The Arts London (‘UAL’)
on a summer school project where students take classes at the UAL campus and experience European history and culture in one of the world’s
most vibrant cities. In July, ACG partnered with University College London (‘UCL’) Bartlett Development Planning Unit to host
a two-week summer lab in Chengdu, Sichuan Province. Through a series of lectures and a design workshop led by UCL staff, the summer lab
focused on sustainable urban development and the potential of citizen participation, providing students an opportunity to reflect on real
day-to-day local life from a practical and sustainable urban design perspective. We are pleased to see so many students, both returning
and new, taking advantage of these learning experiences this summer and will continue striving to provide these types of valuable and
memorable experiences in the future. The second half of the year has historically been stronger for ACG, and we anticipate this to be
true in 2024 as well. We remain on track to meet revenue guidance for the year and are pleased to be reiterating the previously provided
guidance range.”
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 assumptions for the year ending December 31, 2024.
Operating Review
Enrollment Update
ACG
student enrollment for Second Quarter 2024 was 1,084, of which 612 were enrolled in its portfolio training programs, which consist of
time-based programs and project-based programs.
A
total of 42,841 credit hours were delivered for portfolio training programs during Second Quarter 2024, of which 16,611 credit
hours were delivered for time-based programs and 26,230 credit hours were delivered for project-based programs. These courses were delivered
either in person through ACG’s nationwide training center network or via online platform.
The
following is a summary of the credit hours delivered for ACG’s portfolio training programs for Second Quarter 2024, compared
to those for the prior-year period:
| | |
Second
Quarter
Ended
June 30, 2024 | | |
Second
Quarter
Ended
June 30, 2023 | | |
% Change | |
| | |
No. of Credit Hours | | |
No. of Credit Hours | | |
| |
| Time-based Program | |
| 16,611 | | |
| 10,428 | | |
| 59.3% | |
| Project-based Program | |
| 26,230 | | |
| 18,270 | | |
| 43.6% | |
| Total | |
| 42,841 | | |
| 28,698 | | |
| 49.3% | |
During
Second Quarter 2024, 472 students were enrolled in ACG’s other programs, which mainly consisted of overseas study counselling
services and research-based learning services.
Second Quarter 2024 Financial Review – GAAP Results
ACG’s
total net revenues for Second Quarter 2024 were RMB51.8 million (US$7.1 million), an increase of 42.8% from RMB36.2 million in
the prior-year period, primarily due to increased revenue contributions from portfolio training, overseas study counselling and research-based
learning services. Revenues from portfolio training programs were RMB40.2 million, or 77.6% of total net revenues, during the period.
Revenues from overseas study counselling services, research-based learning services and other educational services were RMB11.6 million,
or 22.4% of total net revenues, during the period.
Gross
profit for Second Quarter 2024 was RMB25.7 million (US$3.5 million), an increase of 79.6%, from RMB14.3 million in the prior-year
period. Gross margin improved to 49.6% during the period, compared to 39.5% in the prior-year period.
Total
operating expenses for Second Quarter 2024 were RMB46.5 million (US$6.4 million), an increase of 30.2% from RMB35.7 million in
the prior-year period. The increase was primarily due to an RMB5.5 million increase in G&A expense related to increased professional
fees and support for business expansion, and an RMB5.0 million increase in selling expenses related to the performance bonuses in line
with increased sales and the hiring of additional sales personnel.
Loss
from operations for Second Quarter 2024 was RMB20.8 million (US$2.9 million), compared to loss from operations of RMB21.4 million in the
prior-year period.
Net
loss attributable to ACG for Second Quarter 2024 narrowed to RMB16.8 million (US$2.3 million), from net loss attributable to ACG
of RMB17.2 million in the prior-year period.
For
Second Quarter 2024, basic and diluted losses per common share attributable to ACG were both RMB0.27 (US$0.04), compared to basic
and diluted losses per common share of RMB0.27 for the prior-year period. Basic and diluted losses per ADS attributable to ACG were both
RMB0.54 (US$0.08), compared to basic and diluted losses per ADS of RMB0.54 in the prior-year period.
First Half 2024 Financial Review – GAAP Results
ACG’s
total net revenues for First Half 2024 was RMB99.9 million (US$13.7 million), an increase of 27.2% from RMB78.6 million in the
prior-year period. Revenues from portfolio training programs were RMB75.6 million, or 75.7% of total net revenues, during the period.
Revenues from overseas study counselling services, research-based learning services and other educational services were RMB24.3 million,
or 24.3% of total net revenues, during the period.
Gross
profit for First Half 2024 was RMB47.6 million (US$6.6 million), an increase of 44.0% from RMB33.1 million in the prior-year period.
Gross margin was 47.7% during the period, compared to 42.1% in the prior-year period.
Total
operating expenses for First Half 2024 were RMB90.1 million (US$12.4 million), an increase of 18.8% from RMB75.8 million in the
prior-year period. The increase was primarily due to an RMB8.9 million increase in selling expenses related to increased headcount and
performance bonuses in line with increased sales and an RMB4.9 million increase in G&A expenses related to increased professional
fees and support for business expansion.
Loss
from operations for First Half 2024 was RMB42.4 million (US$5.8 million), compared to loss of RMB42.7 million in the prior-year
period.
Net
loss attributable to ACG for First Half 2024 narrowed to RMB34.7 million (US$4.8 million), from net loss attributable to ACG of
RMB35.0 million in the prior-year period.
For
First Half 2024, basic and diluted losses per common share attributable to ACG were both RMB0.55 (US$0.08), compared to RMB0.56
for the prior-year period. Basic and diluted losses per ADS attributable to ACG were both RMB1.10 (US$0.16), compared to RMB1.12 in the
prior-year period.
Non-GAAP Measures
Adjusted
net loss attributable to ACG for First Quarter 2024, which excludes share-based compensation expense and foreign currency exchange
losses, net, was RMB15.9 million (US$2.2 million), compared to adjusted net loss of RMB16.6 million in the prior-year period.
Basic
and diluted losses per common share attributable to ACG excluding share-based compensation expense and foreign currency exchange
losses, net for Second Quarter 2024, were RMB0.25 (US$0.03). Basic and diluted losses per ADS attributable to ACG excluding share-based
compensation expense and foreign currency exchange losses, net for Second Quarter 2024 were RMB0.50 (US$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 Second Quarter 2024 were 31.5 million.
Each ADS represents two common shares.
Balance Sheet Highlights
As
of June 30, 2024, ACG’s cash and cash equivalents were RMB40.1 million (US$5.5 million), working capital deficit was
RMB296.1 million (US$40.7 million), and total shareholders’ equity was RMB80.2 million (US$11.0 million); compared to cash and cash
equivalents of RMB60.2 million, working capital deficit of RMB244.0 million, and total shareholders’ equity of RMB113.0 million,
respectively, as of December 31, 2023.
Conference Call and Webcast Information (With
Accompanying Presentation)
ACG
will host a conference call at 9:00 p.m. Eastern Time on Wednesday, August 7, 2024 (9:00 a.m. Beijing time on Thursday,
August 8, 2024), during which management will discuss the results of the second quarter and six months ended June 30, 2024.
To participate in the conference call, please
use 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 |
| |
Local Access |
|
| China: |
(400) 120 2840 |
|
| Hong Kong: |
(800) 965561 |
|
A
live webcast of the conference call can be accessed at: https://event.choruscall.com/mediaframe/webcast.html?webcastid=wHIotZxS.
An
accompanying slide presentation will also be made available 30 minutes prior to the conference call at the investor relations section
of ACG’s website (https://ir.atai.net.cn/). To listen to the webcast, please visit ACG’s website a few minutes
prior to the start of the call to register, download, and install any necessary audio software.
A Q&A session will follow management’s
prepared remarks. We welcome investor questions submitted by email in advance to the investor contacts listed below and ask individuals
to please specify whether they would like to have their names and/or firms shared during the live Q&A session.
A replay will be available shortly after the call
and will remain available for 90 days.
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 six months ended June 30, 2024, into U.S. dollars are included solely
for the convenience of readers and have been made at the rate of RMB7.2672 to US$1.00, the noon buying rate as of June 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.
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 |
Carolyne Y. Sohn, Vice President |
| +86 10 6518 1133 x 5518 |
408-538-4577 |
| simaruobai@acgedu.cn |
csohn@equityny.com |
| |
|
| |
Alice Zhang, Associate |
| |
212-836-9610 |
| |
azhang@equityny.com |
ATA CREATIVITY GLOBAL AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
| | |
December 31, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| ASSETS | |
| | | |
| | | |
| | |
| Current assets: | |
| | | |
| | | |
| | |
| Cash and cash equivalents | |
| 60,167,232 | | |
| 40,106,501 | | |
| 5,518,838 | |
| Accounts receivable | |
| 2,235,490 | | |
| 1,357,395 | | |
| 186,784 | |
| Prepaid expenses and other current assets | |
| 8,042,169 | | |
| 22,222,582 | | |
| 3,057,929 | |
| Total current assets | |
| 70,444,891 | | |
| 63,686,478 | | |
| 8,763,551 | |
| | |
| | | |
| | | |
| | |
| Long-term investments | |
| 38,000,000 | | |
| 38,000,000 | | |
| 5,228,974 | |
| Property and equipment, net | |
| 30,235,985 | | |
| 35,086,840 | | |
| 4,828,110 | |
| Intangible assets, net | |
| 58,886,111 | | |
| 55,102,778 | | |
| 7,582,395 | |
| Goodwill | |
| 196,289,492 | | |
| 196,289,492 | | |
| 27,010,333 | |
| Other non-current assets | |
| 31,691,417 | | |
| 36,415,285 | | |
| 5,010,910 | |
| Right-of-use assets | |
| 23,391,247 | | |
| 40,075,823 | | |
| 5,514,617 | |
| Total assets | |
| 448,939,143 | | |
| 464,656,696 | | |
| 63,938,890 | |
| | |
| | | |
| | | |
| | |
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |
| | | |
| | | |
| | |
| Current liabilities: | |
| | | |
| | | |
| | |
| Accrued expenses and other payables | |
| 49,146,103 | | |
| 50,169,191 | | |
| 6,903,510 | |
| Lease liabilities-current | |
| 13,110,449 | | |
| 19,209,965 | | |
| 2,643,379 | |
| Deferred revenues | |
| 252,145,949 | | |
| 290,402,679 | | |
| 39,960,739 | |
| Total current liabilities | |
| 314,402,501 | | |
| 359,781,835 | | |
| 49,507,628 | |
| | |
| | | |
| | | |
| | |
| Lease liabilities-non-current | |
| 9,496,422 | | |
| 19,689,898 | | |
| 2,709,420 | |
| Deferred income tax liabilities | |
| 12,066,513 | | |
| 4,982,362 | | |
| 685,596 | |
| Total liabilities | |
| 335,965,436 | | |
| 384,454,095 | | |
| 52,902,644 | |
| | |
| | | |
| | | |
| | |
| Shareholders’ equity: | |
| | | |
| | | |
| | |
| Common shares | |
| 4,730,128 | | |
| 4,733,961 | | |
| 651,415 | |
| Treasury shares | |
| (8,201,046 | ) | |
| (8,201,046 | ) | |
| (1,128,501 | ) |
| Additional paid-in capital | |
| 545,222,465 | | |
| 547,095,716 | | |
| 75,282,876 | |
| Accumulated other comprehensive loss | |
| (37,004,507 | ) | |
| (36,968,082 | ) | |
| (5,086,977 | ) |
| Accumulated deficit | |
| (391,709,172 | ) | |
| (426,393,737 | ) | |
| (58,673,731 | ) |
| Total shareholders’ equity attributable to ACG | |
| 113,037,868 | | |
| 80,266,812 | | |
| 11,045,082 | |
| Non-redeemable non-controlling interests | |
| (64,161 | ) | |
| (64,211 | ) | |
| (8,836 | ) |
| Total shareholders’ equity | |
| 112,973,707 | | |
| 80,202,601 | | |
| 11,036,246 | |
| Commitments and contingencies | |
| — | | |
| — | | |
| — | |
| Total liabilities and shareholders’ equity | |
| 448,939,143 | | |
| 464,656,696 | | |
| 63,938,890 | |
ATA CREATIVITY GLOBAL AND SUBSIDIARIES UNAUDITED
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| | |
Three-month Period Ended | |
| | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| Net revenues | |
| 36,241,790 | | |
| 51,763,927 | | |
| 7,122,953 | |
| Cost of revenues | |
| 21,934,342 | | |
| 26,071,829 | | |
| 3,587,603 | |
| Gross profit | |
| 14,307,448 | | |
| 25,692,098 | | |
| 3,535,350 | |
| | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | |
| Research and development | |
| 817,931 | | |
| 1,153,780 | | |
| 158,765 | |
| Sales and marketing | |
| 19,132,664 | | |
| 24,081,769 | | |
| 3,313,762 | |
| General and administrative | |
| 15,740,080 | | |
| 21,235,504 | | |
| 2,922,103 | |
| Total operating expenses | |
| 35,690,675 | | |
| 46,471,053 | | |
| 6,394,630 | |
| Other operating income, net | |
| 1,553 | | |
| 20,692 | | |
| 2,847 | |
| Loss from operations | |
| (21,381,674 | ) | |
| (20,758,263 | ) | |
| (2,856,433 | ) |
| Other income (expense): | |
| | | |
| | | |
| | |
| Interest income, net of interest expenses | |
| 240,246 | | |
| 310,074 | | |
| 42,668 | |
| Foreign currency exchange losses, net | |
| (330 | ) | |
| (5,304 | ) | |
| (730 | ) |
| Loss before income taxes | |
| (21,141,758 | ) | |
| (20,453,493 | ) | |
| (2,814,495 | ) |
| Income tax benefit | |
| (3,911,579 | ) | |
| (3,699,983 | ) | |
| (509,135 | ) |
| Net loss | |
| (17,230,179 | ) | |
| (16,753,510 | ) | |
| (2,305,360 | ) |
| Net loss attributable to non-redeemable non-controlling interests | |
| (17,210 | ) | |
| (22 | ) | |
| (3 | ) |
| Net loss attributable to ACG | |
| (17,212,969 | ) | |
| (16,753,488 | ) | |
| (2,305,357 | ) |
| | |
| | | |
| | | |
| | |
| Other comprehensive income: | |
| | | |
| | | |
| | |
| Foreign currency translation adjustment, net of nil income taxes | |
| 140,021 | | |
| 23,614 | | |
| 3,249 | |
| Comprehensive loss attributable to ACG | |
| (17,072,948 | ) | |
| (16,729,874 | ) | |
| (2,302,108 | ) |
| | |
| | | |
| | | |
| | |
| Basic and diluted losses per common share attributable to ACG | |
| (0.27 | ) | |
| (0.27 | ) | |
| (0.04 | ) |
| Basic and diluted losses per ADS attributable to ACG | |
| (0.54 | ) | |
| (0.54 | ) | |
| (0.08 | ) |
ATA CREATIVITY GLOBAL AND SUBSIDIARIES UNAUDITED
CONDENSED CONSOLIDATED
STATEMENTS OF COMPREHENSIVE INCOME (LOSS)
| | |
Six-month Period Ended | |
| | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2024 | |
| | |
RMB | | |
RMB | | |
USD | |
| Net revenues | |
| 78,560,165 | | |
| 99,889,746 | | |
| 13,745,286 | |
| Cost of revenues | |
| 45,493,659 | | |
| 52,287,181 | | |
| 7,194,956 | |
| Gross profit | |
| 33,066,506 | | |
| 47,602,565 | | |
| 6,550,330 | |
| | |
| | | |
| | | |
| | |
| Operating expenses: | |
| | | |
| | | |
| | |
| Research and development | |
| 1,774,036 | | |
| 2,184,042 | | |
| 300,534 | |
| Sales and marketing | |
| 37,718,678 | | |
| 46,643,677 | | |
| 6,418,384 | |
| General and administrative | |
| 36,303,385 | | |
| 41,242,442 | | |
| 5,675,149 | |
| Total operating expenses | |
| 75,796,099 | | |
| 90,070,161 | | |
| 12,394,067 | |
| Other operating income, net | |
| 1,553 | | |
| 43,780 | | |
| 6,024 | |
| Loss from operations | |
| (42,728,040 | ) | |
| (42,423,816 | ) | |
| (5,837,713 | ) |
| Other income (expense): | |
| | | |
| | | |
| | |
| Interest income, net of interest expenses | |
| 466,397 | | |
| 643,219 | | |
| 88,510 | |
| Foreign currency exchange losses, net | |
| (382 | ) | |
| (5,868 | ) | |
| (807 | ) |
| Loss before income taxes | |
| (42,262,025 | ) | |
| (41,786,465 | ) | |
| (5,750,010 | ) |
| Income tax benefit | |
| (7,299,134 | ) | |
| (7,084,151 | ) | |
| (974,812 | ) |
| Net loss | |
| (34,962,891 | ) | |
| (34,702,314 | ) | |
| (4,775,198 | ) |
| Net income (loss) attributable to non-redeemable non-controlling interests | |
| 2,094 | | |
| (50 | ) | |
| (7 | ) |
| Net loss attributable to ACG | |
| (34,964,985 | ) | |
| (34,702,264 | ) | |
| (4,775,191 | ) |
| | |
| | | |
| | | |
| | |
| Other comprehensive income: | |
| | | |
| | | |
| | |
| Foreign currency translation adjustment, net of nil income taxes | |
| 90,399 | | |
| 36,425 | | |
| 5,012 | |
| Comprehensive loss attributable to ACG | |
| (34,874,586 | ) | |
| (34,665,839 | ) | |
| (4,770,179 | ) |
| | |
| | | |
| | | |
| | |
| Basic and diluted losses per common share attributable to ACG | |
| (0.56 | ) | |
| (0.55 | ) | |
| (0.08 | ) |
| Basic and diluted losses per ADS attributable to ACG | |
| (1.12 | ) | |
| (1.10 | ) | |
| (0.16 | ) |
RECONCILIATIONS OF NON-GAAP MEASURES
TO THE MOST COMPARABLE GAAP MEASURES
| | |
Three-month Period Ended | | |
Six-month Period Ended | |
| | |
June 30, | | |
June 30, | | |
June 30, | | |
June 30, | |
| | |
2023 | | |
2024 | | |
2023 | | |
2024 | |
| | |
RMB | | |
RMB | | |
RMB | | |
RMB | |
| GAAP net loss attributable to ACG | |
| (17,212,969 | ) | |
| (16,753,488 | ) | |
| (34,964,985 | ) | |
| (34,702,264 | ) |
| Share-based compensation expenses | |
| 657,611 | | |
| 810,701 | | |
| 1,210,895 | | |
| 1,883,317 | |
| Foreign currency exchange losses, net | |
| 330 | | |
| 5,304 | | |
| 382 | | |
| 5,868 | |
| Non-GAAP net loss attributable to ACG | |
| (16,555,028 | ) | |
| (15,937,483 | ) | |
| (33,753,708 | ) | |
| (32,813,079 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| GAAP losses per common share attributable to ACG | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
| (0.27 | ) | |
| (0.27 | ) | |
| (0.56 | ) | |
| (0.55 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Non-GAAP losses per common share attributable to ACG | |
| | | |
| | | |
| | | |
| | |
| Basic and diluted | |
| (0.26 | ) | |
| (0.25 | ) | |
| (0.54 | ) | |
| (0.52 | ) |
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