ATA Creativity Global Cash Flow Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Net Income	-48.05	-36.1	-33.66	-47.89	-33.65
Depreciation & Amortization	21.5	24.23	21.98	22.59	23.03
Loss (Gain) From Sale of Assets	0.1	0.38	0	-1.31	-33.52
Asset Writedown & Restructuring Costs	33.91	-	-	-	-
Loss (Gain) From Sale of Investments	-11.93	-	-	-	6
Loss (Gain) on Equity Investments	-	-	-0	-	-
Stock-Based Compensation	0.57	2.81	3.07	1.46	1.04
Provision & Write-off of Bad Debts	1.7	-	-	-	-
Other Operating Activities	-3.58	-6.4	-6.86	-6.75	-4.11
Change in Accounts Receivable	2.41	-0.48	3.62	-4.91	1.25
Change in Unearned Revenue	-8.25	28.11	33.42	18.87	6.8
Change in Income Taxes	-	-0	-0.01	-0.01	-0.09
Change in Other Net Operating Assets	-4.21	-15.89	-12.8	3.34	1.42
Operating Cash Flow	-15.84	-3.35	8.75	-14.61	-31.83
Capital Expenditures	-1.28	-20.02	-2.24	-1.62	-4.45
Sale of Property, Plant & Equipment	0.05	0.06	0.01	0.01	0.02
Cash Acquisitions	-	-0.2	-1.44	-0.31	-4.64
Divestitures	49.93	-0.09	-	-0.17	-0.83
Other Investing Activities	-	-	-0.3	-0.4	-0.13
Investing Cash Flow	48.71	-20.26	-3.97	-2.49	-10.03
Short-Term Debt Issued	-	-	-	-	2.71
Long-Term Debt Issued	37.06	-	-	-	-
Total Debt Issued	37.06	-	-	-	2.71
Short-Term Debt Repaid	-	-	-	-	-2
Long-Term Debt Repaid	-21.03	-	-	-	-
Total Debt Repaid	-21.03	-	-	-	-2
Net Debt Issued (Repaid)	16.03	-	-	-	0.71
Issuance of Common Stock	0.37	-	0.47	0.22	0.23
Repurchase of Common Stock	-0.06	-0.09	-0.07	-0.03	-0.11
Financing Cash Flow	16.34	-0.09	0.4	0.19	0.83
Foreign Exchange Rate Adjustments	-0.5	0.05	-0	0.56	-0.35
Miscellaneous Cash Flow Adjustments	0	-	-	-	-
Net Cash Flow	48.71	-23.64	5.19	-16.36	-41.38
Free Cash Flow	-17.12	-23.37	6.51	-16.23	-36.29
Free Cash Flow Margin	-6.39%	-8.72%	2.94%	-7.85%	-17.94%
Free Cash Flow Per Share	-0.54	-0.74	0.21	-0.52	-1.16
Cash Interest Paid	0.4	-	-	-	0.03
Cash Income Tax Paid	-	-0	0.02	0.03	0.15
Levered Free Cash Flow	-2.24	-4.61	22.55	5.85	-18.21
Unlevered Free Cash Flow	-2.24	-4.61	22.55	5.85	-18.21
Change in Working Capital	-10.05	11.74	24.23	17.29	9.38

Source: S&P Global Market Intelligence. Standard template. Financial Sources.