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P A G E 1 ATA Creativity Global 2025 THIRD QUARTER EARNINGS CALL November 12, 2025 NASDAQ: AACG Speakers: Ruobai Sima, CFO Jun Zhang, President
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P A G E 2 This presentation was developed by ATA Creativity Global (“ACG” or the “Company”) and is intended to be used solely in connection with ACG’s earnings call for the third quarter (“Q3 2025”) and nine months (“9M 2025”) ended September 30, 2025. This presentation is not to be construed as an offer to sell or the solicitation of an offer to buy the Company’s securities. This presentation is based upon information available to the public, as well as other information from sources which management believes to be reliable but is not guaranteed by the Company as being accurate nor does it purport to be complete. The forward-looking statements contained in this presentation are made only of this date, and ACG is under no obligation to revise or update these forward-looking statements. This presentation may contain forward-looking statements, and management may make additional forward-looking statements in response to your questions. Such written and oral disclosures are made pursuant to the Safe Harbor provision of 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 financing, mergers and acquisitions generally; ACG’s growth strategy, anticipated growth prospects and subsequent business activities; ACG’s 2025 guidance; market demand for, and market acceptance and competitiveness of, ACG’s portfolio training programs and other education services. Although we believe our expectations expressed in such forward-looking statements are reasonable, we cannot assure you that they will be realized. Investors are cautioned that such forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from the anticipated results, and therefore we refer you to a more detailed discussion of the risks and uncertainties in the Company’s filings with the Securities & Exchange Commission. Note: All U.S. dollar amounts in this presentation, relating to the financial results for the third quarter and nine months ended September 30, 2025, are converted from RMB using an exchange rate of RMB7.1190:$1.00. All historical conversions are accurate as of the time reported, unless otherwise noted. The Company reports its financial results under U.S. GAAP in RMB, and all percentages calculated in the presentation are based on RMB unless otherwise noted. Safe Harbor Statement
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P A G E 3 Financial and Operational Results Ruobai Sima CFO
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P A G E 4 Key Highlights Q3 2025: market by cost savings initiatives due to streamlined sales process As compared to Q3 2024…. Stable Total net revenues Lowered operating expenses Streamlined Sales process
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P A G E 5 Key Highlights (cont.) 9M 2025: revenue growth and cost saving initiatives As compared to 9M 2024…. +7.1% Increase in total net revenue Net revenue growth primarily driven by research-based learning, overseas study counselling and other educational services, despite overall normalized market demand. 3.2% Increase in gross profit Improved Bottom-line results Lowered operating expenses
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P A G E 6 Q3 2025 Operational Highlights • Portfolio Training Services remained main revenue contributor (71.9%) o Project-based programs credit hours increased 22.9% year-over- year (accounting for 81.1% of total credit hours delivered vs 69.7% in Q3 2024) • Revenue growth supported by increased number of projects, serving 500+ students • Existing programs o Master Classes covering computer engineering, game design, and animation. o UN Sustainable Goals Arts Boot Camp o New York Fashion week program o 14 summer labs • New programs o PolyU digital entertainment media design lab • Overseas study counselling services revenue grew as a result of increased services delivered • ACG Beijing Foundation Center expanded service scopes Portfolio Training Services Research-Based Learning Services Overseas Study Counselling and Other Education Services Comprised 28.1% of Q3 2025 total net revenues (vs 26.5% in Q3 2024)Main revenue contributor
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P A G E 7 Q3 2025 Key Financial Metrics Net Revenue RMB67.3M (or $9.5M) Gross Profit RMB26.4M (or $3.7M) Q3 2025 vs. Q3 2024 Q3’25 Q3’24 67.3M 67.3M 26.4M 30.0M 39.2% 44.6% 37.0M 47.7M (10.6M) (17.6M) 2.4M (14.7M) Q3’25 Q3’24 $9.5M $9.6M* $3.7M $4.3M 39.2% 44.6% $5.2M $6.8M ($1.5M) ($2.5M) $0.3M ($2.1M) Other metrics Net Revenues Gross profit Gross margin Total operating expenses Loss from operations Net income (loss) attributable to ACG (In RMB) (In USD) * USD amount difference as a result of foreign exchange rate fluctuations
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P A G E 8 9M 2025 Key Financial Metrics Net Revenue +7.1% RMB179.0M (or $25.1M) Gross Profit +3.2% RMB80.1M (or $11.2M) 9M 2025 vs. 9M 2024 9M’25 9M’24 179.0M 167.1M 80.1M 77.6M 44.7% 46.4% 121.3M 137.7M (41.1M) (60.0M) (21.7M) (49.4M) 9M’25 9M’24 $25.1M $23.8M $11.2M $11.1M 44.7% 46.4% $17.0M $19.6M ($5.8M) ($8.6M) ($3.1M) ($7.0M) Other metrics Net Revenues Gross profit Gross margin Total operating expenses Loss from operations Net loss attributable to ACG (In RMB) (In USD)
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P A G E 9 Balance Sheet Highlights As of 9/30/2025 Cash and cash equivalents 96.8M $13.6M Total current assets 126.5M $17.8M Total assets 462.5M $65.0M Total current liabilities 386.1M $54.2M Total liabilities 403.7M $56.7M Total shareholders’ equity 58.8M $8.3M (In RMB) (In USD)
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P A G E 10 648 540 651 648 863 612 745 587 626 556 585 449 388 442 363 507 472 544 451 478 494 467 0 200 400 600 800 1000 1200 1400 1600 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 Other Programs (Research-based Learning, Overseas Study Counselling, Language Training, etc.) Portfolio Training Programs 1,097 928 1,093 1,011 1,370 1,084 1,289 1,038 1,104 1,050 1,052 Enrollment Trends* Total Student Enrollment Breakdown Total 4,129 Total 4,781 Student enrollment growth normalized in 2025, as the surge in 2024 was due to significantly increased international traveling and studying activities following the COVID-19 pandemic recovery *Student enrollment does not fully correlate with revenues for the same period.
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P A G E 11 Enrollment Trends – Increased Credit Hours Delivered 9.8 10.4 13.6 15.7 10.8 16.6 16.2 21.8 9.3 10.0 10.7 17.9 18.3 31.1 32.7 22.7 26.2 37.3 43.9 26.2 33.0 45.9 0 10 20 30 40 50 60 70 Q1'23 Q2'23 Q3'23 Q4'23 Q1'24 Q2'24 Q3'24 Q4'24 Q1'25 Q2'25 Q3'25 ‘000 Time-based Project-based 27.7 28.7 44.7 48.4 33.5 42.8 53.5 65.7 35.5 43.0 56.6 Portfolio Training Program Credit Hours Breakout Total Credit Hours +3.9% 9M 2025 vs 9M 2024 Project – Based* +21.8% As ACG continues to encourage students to opt for the more flexible and customizable project-based track Total 149.5 Total 195.5 *Project-based programs credit hours (both as a number and as a percentage of total credit hours) continued to grow in the recent years.
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P A G E 12 FY 2025 Guidance On Track to Achieve FY 2025 Revenue Guidance FY 2025 Revenue Guidance Approximately RMB276M – RMB281M +~3% to +~5% vs FY 2024 Growth supported by expansion of new and higher-value services/offerings to accommodate a larger student base Portfolio training services will continue to be the primary revenue contributor and serve as the main student acquisition channel for other business lines, driving all other business lines to grow
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P A G E 13 2025 Growth Strategy Jun Zhang President
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P A G E 14 Growth Strategy Organic: focus on higher fee /margin services Strategic Planning of Geographic Markets Launch of new services M&A opportunities 1 2 3 4 ‒ Encourage students to opt for project-based programs ‒ Ramp up of revenues generated via Research-Based Learning and Overseas Study Counselling services ‒ Mindful planning, intensified coaching, and continuous improvement on product offerings ‒ Envolve teaching staff in product design and sales to improve program quality and boost sales ‒ Domestic: Concentrate regional resources on larger centers, and gradually consolidate select campuses in less active markets. ‒ Overseas: Establish overseas centers ‒ Increase/establish domestic and international partnerships, enabling access to world-class educational resources ‒ Continued innovation and introduction of new research- based learning programs ‒ Other Educational Services: Overseas college foundation programs, in-school art classes in partnership schools, and more ‒ Exploring collaborations and M&A opportunities in a highly fragmented market
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Q&A Session
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ATA Creativity Global Ruobai Sima, CFO +86 (10) 6518 1133 x 5518 simaruobai@acgedu.cn Lena Cati (212) 836-9611 lcati@theequitygroup.com Alice Zhang (212) 836-9610 azhang@theequitygroup.com Investor Relations Counsel: Contact Us
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P A G E 17 Balance Sheet – As of September 30, 2025 December 31, September 30, September 30, 2024 2025 2025 RMB RMB USD ASSETS Current assets: Cash and cash equivalents 36,523,995 96,807,261 13,598,435 Accounts receivable 2,712,845 298,376 41,913 Prepaid expenses and other current assets 27,402,834 29,433,191 4,134,456 Total current assets 66,639,674 126,538,828 17,774,804 Long-term investments 38,000,000 — — Property and equipment, net 38,698,086 33,808,663 4,749,075 Intangible assets, net 46,236,111 34,491,667 4,845,016 Goodwill 196,289,492 196,289,492 27,572,621 Other non-current assets 35,156,141 34,606,874 4,861,199 Right-of-use assets 35,907,761 35,214,706 4,946,580 Deferred income tax assets — 1,581,981 222,220 Total assets 456,927,265 462,532,211 64,971,515 LIABILITIES AND SHAREHOLDERS’ EQUITY Current liabilities: Accrued expenses and other payables 56,372,960 45,416,644 6,379,639 Short-term loan — 32,063,829 4,503,979 Lease liabilities-current 18,085,643 16,238,233 2,280,971 Deferred revenues 280,036,806 292,413,743 41,075,115 Total current liabilities 354,495,409 386,132,449 54,239,704 Lease liabilities-non-current 17,120,842 17,579,017 2,469,310 Deferred income tax liabilities 5,664,822 — — Total liabilities 377,281,073 403,711,466 56,709,014 Shareholders’ equity: Common shares 4,755,623 4,764,603 669,280 Treasury shares (8,201,046) (8,201,046) (1,151,994) Additional paid-in capital 547,915,003 548,711,589 77,077,060 Accumulated other comprehensive loss (36,952,183) (36,839,527) (5,174,818) Accumulated deficit (427,806,949) (449,550,590) (63,147,997) Total shareholders’ equity attributable to ACG 79,710,448 58,885,029 8,271,531 Non-redeemable non-controlling interests (64,256) (64,284) (9,030) Total shareholders’ equity 79,646,192 58,820,745 8,262,501 Commitments and contingencies — — — Total liabilities and shareholders’ equity 456,927,265 462,532,211 64,971,515
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P A G E 18 Consolidated Statements of Comprehensive Income (Q3 2025) Three-month Period Ended September 30, September 30, September 30, 2024 2025 2025 RMB RMB USD Net revenues 67,254,807 67,304,440 9,454,199 Cost of revenues 37,256,461 40,930,214 5,749,433 Gross profit 29,998,346 26,374,226 3,704,766 Operating expenses: Research and development 740,049 760,913 106,885 Sales and marketing 25,743,503 19,781,322 2,778,666 General and administrative 21,172,200 16,435,566 2,308,690 Total operating expenses 47,655,752 36,977,801 5,194,241 Other operating income, net 42,806 45,975 6,458 Loss from operations (17,614,600) (10,557,600) (1,483,017) Other income (expense): Investments income — 11,932,630 1,676,167 Interest income, net of interest expenses 224,646 93,963 13,199 Foreign currency exchange losses, net (1,800) (7,232) (1,016) Income (loss) before income taxes (17,391,754) 1,461,761 205,333 Income tax benefit (2,739,486) (907,675) (127,500) Net income (loss) (14,652,268) 2,369,436 332,833 Net income (loss) attributable to non-controlling interests (22) 0 0 Net income (loss) attributable to ACG (14,652,246) 2,369,436 332,833 Other comprehensive income (loss): Foreign currency translation adjustment, net of nil income taxes (98,370) 108,375 15,223 Comprehensive income (loss) attributable to ACG (14,750,616) 2,477,811 348,056 Basic and diluted earnings (losses) per common share attributable to ACG (0.23) 0.04 0.01 Basic and diluted earnings (losses) per ADS attributable to ACG (0.46) 0.08 0.02
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P A G E 19 Consolidated Statements of Comprehensive Income (9M 2025) Nine-month Period Ended September 30, September 30, September 30, 2024 2025 2025 RMB RMB USD Net revenues 167,144,553 178,985,729 25,141,976 Cost of revenues 89,543,642 98,916,478 13,894,715 Gross profit 77,600,911 80,069,251 11,247,261 Operating expenses: Research and development 2,924,091 2,359,214 331,397 Sales and marketing 72,387,180 62,573,843 8,789,696 General and administrative 62,414,642 60,131,363 8,446,602 Provision for loan receivable and other receivables — (3,781,662) (531,207) Total operating expenses 137,725,913 121,282,758 17,036,488 Other operating income, net 86,586 118,602 16,660 Loss from operations (60,038,416) (41,094,905) (5,772,567) Other income (expense): Investments income — 11,932,630 1,676,167 Interest income, net of interest expenses 867,865 189,473 26,615 Foreign currency exchange losses, net (7,668) (17,670) (2,482) Loss before income taxes (59,178,219) (28,990,472) (4,072,267) Income tax benefit (9,823,637) (7,246,803) (1,017,952) Net loss (49,354,582) (21,743,669) (3,054,315) Net loss attributable to non-controlling interests (72) (28) (4) Net loss attributable to ACG (49,354,510) (21,743,641) (3,054,311) Other comprehensive income (loss): Foreign currency translation adjustment, net of nil income taxes (61,945) 112,656 15,825 Comprehensive loss attributable to ACG (49,416,455) (21,630,985) (3,038,486) Basic and diluted losses per common share attributable to ACG (0.78) (0.34) (0.05) Basic and diluted losses per ADS attributable to ACG (1.56) (0.68) (0.10)