ATA Creativity (US:AACG)2023-04-01 04:28Financial Performance - Q4 2022 - Total net revenues increased by 8.2% to RMB78.5 million, compared to RMB72.6 million in Q4 2021, driven by portfolio training and other educational services[12] - Gross margin was 60.6%, a decrease from 62.8% in Q4 2021[12, 14] - Net income attributable to ACG was RMB2.0 million, compared to a net loss of RMB2.5 million in Q4 2021[12, 14] Financial Performance - Year End 2022 - Total net revenues increased by 2.3% to RMB206.8 million, compared to RMB202.2 million in the prior year, driven by other educational services and portfolio training services[13] - Gross margin was 49.6%, a decrease from 51.8% in the prior year[13, 15] - Net loss attributable to ACG was RMB47.9 million, compared to a net loss of RMB33.6 million in the prior year[13, 15] Enrollment - Total credit hours for time-based programs decreased by 47.3%, from 29,949 in Q4 2021 to 15,780 in Q4 2022[11] - Total credit hours for project-based programs increased by 31.9%, from 23,589 in Q4 2021 to 31,114 in Q4 2022[11] - Overall, total credit hours decreased by 12.4%, from 53,538 in Q4 2021 to 46,894 in Q4 2022[11] Balance Sheet - Cash and cash equivalents were RMB54.98 million as of December 31, 2022, equivalent to approximately $8.0 million USD[17] - Total assets were RMB474.465 million as of December 31, 2022[17] - Shareholder's equity was RMB143.514 million as of December 31, 2022[17] Growth Strategy - The company plans to accelerate growth of existing domestic centers and establish new centers both domestically and overseas[20] - The company intends to expand its offerings in research-based learning services and overseas study counseling services[20] - The company plans to increase partnerships, launch collaborations and M&A activities to establish synergies with valuable companies[20, 21]