ATA Creativity Global (AACG) Balance Sheet

NASDAQ: AACGAssets, liabilities, debt and equity over 10 years.

AACG balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥408.6M assets = CN¥376.6M liabilities + CN¥32.0M equity

Both columns are drawn to the same scale: what AACG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

AACG financial health

Current ratio0.32

Tight · current assets cover current liabilities 0.32×

Debt / equity1.43

Moderate leverage · CN¥1.43 of debt for each $1 of equity

Equity / assets7.8%

Thin equity · of assets funded by shareholders

Cash / debt185.5%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles47.7%

Acquisition-heavy · of total assets

Descriptive bands, not a rating. Fiscal 2025.

AACG balance sheet trends, 2016–2025

ATA Creativity Global balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥519.8M2016	CN¥408.6M2025	−2.6%/yr
Total liabilities	CN¥127.4M2016	CN¥376.6M2025	+12.8%/yr
Shareholders’ equity	CN¥391.4M2016	CN¥32.1M2025	−24.3%/yr
Cash & short-term investments	CN¥222.4M2016	CN¥85.3M2025	−10.1%/yr
Total debt	CN¥3.4M2016	CN¥46.0M2025	+33.3%/yr
Net cash (debt)	CN¥219.0M2016	CN¥39.3M2025	−CN¥179.7M
Working capital	CN¥192.9M2016	−CN¥233.4M2025	−CN¥426.3M
Current ratio	2.872016	0.322025	−2.55
Debt / equity	0.012016	1.432025	+1.43
Shares outstanding	11.6M2016	15.8M2025	+3.6%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

AACG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

AACG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

AACG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

AACG balance sheet in Chinese yuan

ATA Creativity Global annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	CN¥85.3M	CN¥36.5M	CN¥60.2M	CN¥55.0M	CN¥71.3M	CN¥112.7M	CN¥22.1M	CN¥190.6M	CN¥352.3M	CN¥222.4M
Cash & equivalents	CN¥85.3M	CN¥36.5M	CN¥60.2M	CN¥55.0M	CN¥71.3M	CN¥112.7M	CN¥22.1M	CN¥190.6M	CN¥352.3M	CN¥222.4M
Short-term investments	—	—	—	—	—	—	CN¥0	CN¥7,898	CN¥0	CN¥0
Receivables	CN¥298,563	CN¥17.9M	CN¥4.5M	CN¥5.9M	CN¥1.1M	CN¥2.2M	CN¥3.0M	CN¥439,783	CN¥348,564	CN¥66.2M
Inventory	CN¥0	CN¥0	CN¥4.2M	CN¥0	CN¥164,791	CN¥1	CN¥8.3M	−CN¥413,393	CN¥1	CN¥0
Other current assets	CN¥25.8M	CN¥12.2M	CN¥1.6M	CN¥4.4M	CN¥2.8M	CN¥6.0M	CN¥0	CN¥22.8M	CN¥2.06B	CN¥7.3M
Total current assets	CN¥111.4M	CN¥66.6M	CN¥70.4M	CN¥65.3M	CN¥75.4M	CN¥120.9M	CN¥26.4M	CN¥213.4M	CN¥2.42B	CN¥295.9M
Property, plant & equipment (net)	CN¥62.8M	CN¥74.6M	CN¥53.6M	CN¥70.4M	CN¥78.9M	CN¥79.9M	CN¥11.9M	CN¥37.4M	CN¥278.7M	CN¥51.9M
Goodwill & intangible assets	CN¥195.0M	CN¥242.5M	CN¥255.2M	CN¥272.4M	CN¥288.1M	CN¥305.3M	CN¥48.2M	CN¥17.1M	CN¥252.1M	CN¥43.9M
Long-term investments	CN¥0	CN¥38.0M	CN¥38.0M	CN¥38.0M	CN¥38.0M	CN¥44.0M	CN¥45.7M	CN¥66.4M	CN¥0	CN¥88.9M
Other non-current assets	CN¥39.3M	CN¥35.2M	CN¥31.7M	CN¥28.4M	CN¥26.7M	CN¥25.4M	CN¥0	CN¥791,754	CN¥0	CN¥39.3M
Total assets	CN¥408.6M	CN¥456.9M	CN¥448.9M	CN¥474.5M	CN¥507.2M	CN¥575.6M	CN¥97.1M	CN¥335.1M	CN¥575.1M	CN¥519.8M
Liabilities
Accounts payable	—	—	CN¥21.0M	—	CN¥24.8M	CN¥28.5M	CN¥49.0M	CN¥0	−CN¥13.91B	CN¥734,571
Short-term debt	CN¥16.3M	CN¥18.1M	CN¥13.1M	CN¥16.9M	CN¥17.4M	CN¥23.8M	CN¥3.7M	CN¥0	CN¥22.7M	CN¥3.4M
Deferred revenue	CN¥272.0M	CN¥280.0M	CN¥252.1M	CN¥219.7M	CN¥202.5M	CN¥199.4M	CN¥24.7M	CN¥1.6M	CN¥13.91B	CN¥10.2M
Total current liabilities	CN¥344.8M	CN¥354.5M	CN¥314.4M	CN¥292.5M	CN¥268.0M	CN¥274.9M	CN¥38.0M	CN¥19.7M	CN¥934.0M	CN¥103.0M
Long-term debt	CN¥15.0M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥29.9M	CN¥35.2M	CN¥22.6M	CN¥36.4M	CN¥40.7M	CN¥41.0M	CN¥20.6M	CN¥0	CN¥0	CN¥0
Other long-term liabilities	CN¥16.7M	CN¥22.8M	CN¥21.6M	CN¥38.4M	CN¥48.3M	CN¥53.0M	CN¥8.7M	CN¥1.6M	CN¥166.67B	CN¥24.4M
Total liabilities	CN¥376.6M	CN¥377.3M	CN¥336.0M	CN¥331.0M	CN¥316.3M	CN¥327.9M	CN¥46.7M	CN¥19.7M	CN¥167.1M	CN¥127.4M
Shareholders' equity
Common stock & paid-in capital	CN¥4.8M	CN¥4.8M	CN¥4.7M	CN¥4.7M	CN¥4.7M	CN¥4.7M	CN¥673,631	CN¥3.5M	CN¥23.3M	CN¥3.5M
Retained earnings (deficit)	−CN¥476.2M	−CN¥427.8M	−CN¥391.7M	−CN¥358.0M	−CN¥310.2M	−CN¥298.5M	−CN¥28.7M	−CN¥71.9M	CN¥170.5M	CN¥38.0M
Treasury stock	—	—	—	—	—	—	−CN¥27.7M	−CN¥27.7M	−CN¥27.7M	−CN¥27.7M
Accumulated other comprehensive income	−CN¥37.5M	−CN¥37.0M	−CN¥37.0M	−CN¥37.0M	−CN¥37.6M	−CN¥37.4M	−CN¥5.4M	−CN¥38.3M	−CN¥176.9M	−CN¥25.1M
Minority interest	−CN¥64,285	−CN¥64,256	−CN¥64,161	CN¥414,857	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Total shareholders' equity	CN¥32.1M	CN¥79.7M	CN¥113.0M	CN¥143.1M	CN¥187.8M	CN¥198.4M	CN¥43.1M	CN¥275.8M	CN¥2.40B	CN¥391.4M
Key figures
Total debt	CN¥46.0M	CN¥35.2M	CN¥22.6M	CN¥36.4M	CN¥40.7M	CN¥47.8M	CN¥5.5M	CN¥0	CN¥22.7M	CN¥3.4M
Net cash (debt)	CN¥39.3M	CN¥1.3M	CN¥37.6M	CN¥18.5M	CN¥30.6M	CN¥64.9M	CN¥16.7M	CN¥190.6M	CN¥329.6M	CN¥219.0M
Working capital	−CN¥233.4M	−CN¥287.9M	−CN¥244.0M	−CN¥227.3M	−CN¥192.6M	−CN¥153.9M	−CN¥11.7M	CN¥193.6M	CN¥1.48B	CN¥192.9M
Tangible book value	−CN¥162.9M	−CN¥162.8M	−CN¥142.1M	−CN¥129.3M	−CN¥100.3M	−CN¥106.9M	−CN¥5.2M	CN¥258.7M	CN¥2.15B	CN¥347.5M
Shares outstanding	15.8M	15.8M	15.6M	15.8M	15.7M	15.7M	12.7M	11.7M	11.5M	11.6M
Current ratio	0.32	0.19	0.22	0.22	0.28	0.44	0.69	10.81	2.59	2.87
Quick ratio	0.25	0.15	0.21	0.21	0.27	0.42	0.66	9.67	0.38	2.80
Debt / equity	1.43	0.44	0.20	0.25	0.22	0.24	0.13	0.00	0.01	0.01
Equity / assets	7.8%	17.4%	25.2%	30.2%	37.0%	34.5%	44.4%	82.3%	417.8%	75.3%

ATA Creativity Global quarterly balance sheet
	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23	Jun '23
Assets
Cash & short-term investments	CN¥85.3M	CN¥85.3M	CN¥96.8M	CN¥34.7M	CN¥39.4M	CN¥36.5M	CN¥39.4M	CN¥40.1M	CN¥57.6M	CN¥60.2M	CN¥65.5M	CN¥56.8M
Cash & equivalents	CN¥85.3M	CN¥85.3M	CN¥96.8M	CN¥34.7M	CN¥39.4M	CN¥36.5M	CN¥39.4M	CN¥40.1M	CN¥57.6M	CN¥60.2M	CN¥65.5M	CN¥56.8M
Receivables	CN¥298,563	CN¥298,563	CN¥298,376	CN¥298,377	CN¥2.3M	CN¥2.7M	CN¥1.1M	CN¥1.4M	CN¥1.4M	CN¥2.2M	CN¥296,345	CN¥612,845
Inventory	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥2.7M	CN¥0	CN¥1	CN¥0
Other current assets	CN¥25.8M	CN¥25.8M	CN¥29.4M	CN¥35.2M	CN¥31.5M	CN¥27.4M	CN¥19.7M	CN¥22.2M	CN¥17.1M	CN¥8.0M	CN¥9.7M	CN¥9.6M
Total current assets	CN¥111.4M	CN¥111.4M	CN¥126.5M	CN¥70.2M	CN¥73.2M	CN¥66.6M	CN¥60.3M	CN¥63.7M	CN¥78.8M	CN¥70.4M	CN¥75.5M	CN¥67.1M
Property, plant & equipment (net)	CN¥62.8M	CN¥62.8M	CN¥58.2M	CN¥66.3M	CN¥72.5M	CN¥74.6M	CN¥79.9M	CN¥75.2M	CN¥67.4M	CN¥53.6M	CN¥62.0M	CN¥66.3M
Goodwill & intangible assets	CN¥195.0M	CN¥195.0M	CN¥230.8M	CN¥233.7M	CN¥238.1M	CN¥242.6M	CN¥247.0M	CN¥251.4M	CN¥250.9M	CN¥255.2M	CN¥259.5M	CN¥263.8M
Long-term investments	CN¥0	CN¥0	CN¥0	CN¥38.0M	CN¥38.0M	CN¥38.0M	CN¥38.0M	CN¥38.0M	CN¥38.0M	CN¥38.0M	CN¥38.0M	CN¥38.0M
Other non-current assets	CN¥39.3M	CN¥39.3M	CN¥47.0M	CN¥36.1M	CN¥35.6M	CN¥35.2M	CN¥34.3M	CN¥36.4M	CN¥33.5M	CN¥31.7M	CN¥31.3M	CN¥31.1M
Total assets	CN¥408.6M	CN¥408.6M	CN¥462.5M	CN¥444.2M	CN¥457.3M	CN¥456.9M	CN¥459.4M	CN¥464.7M	CN¥468.5M	CN¥448.9M	CN¥466.3M	CN¥466.3M
Liabilities
Accounts payable	—	—	—	—	—	—	—	—	CN¥21.0M	—	—	—
Short-term debt	CN¥16.3M	CN¥16.3M	CN¥48.3M	CN¥31.3M	CN¥30.0M	—	CN¥19.7M	CN¥19.2M	CN¥16.3M	—	CN¥16.1M	CN¥16.5M
Deferred revenue	CN¥272.0M	CN¥272.0M	CN¥292.4M	CN¥294.6M	CN¥289.3M	—	CN¥300.3M	CN¥290.4M	CN¥278.5M	—	CN¥272.9M	CN¥261.5M
Total current liabilities	CN¥344.8M	CN¥344.8M	CN¥386.1M	CN¥374.2M	CN¥371.7M	CN¥354.5M	CN¥371.0M	CN¥359.8M	CN¥345.1M	CN¥314.4M	CN¥337.8M	CN¥327.7M
Long-term debt	CN¥0	CN¥15.0M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	—	CN¥29.9M	CN¥33.8M	CN¥29.5M	CN¥33.9M	CN¥35.2M	CN¥39.6M	CN¥38.9M	CN¥35.0M	CN¥22.6M	CN¥29.8M	CN¥33.4M
Other long-term liabilities	CN¥31.8M	CN¥16.7M	CN¥17.6M	CN¥14.2M	CN¥19.2M	CN¥22.8M	CN¥22.2M	CN¥24.7M	CN¥27.4M	CN¥21.6M	CN¥24.9M	CN¥28.4M
Total liabilities	CN¥376.6M	CN¥376.6M	CN¥403.7M	CN¥388.4M	CN¥390.9M	CN¥377.3M	CN¥393.2M	CN¥384.5M	CN¥372.4M	CN¥336.0M	CN¥362.7M	CN¥356.1M
Shareholders' equity
Common stock & paid-in capital	CN¥4.8M	CN¥4.8M	CN¥4.8M	CN¥4.8M	CN¥4.8M	—	CN¥4.7M	CN¥4.7M	CN¥4.7M	—	CN¥4.7M	CN¥4.7M
Retained earnings (deficit)	−CN¥476.2M	−CN¥476.2M	−CN¥449.6M	−CN¥451.9M	−CN¥441.2M	−CN¥427.8M	−CN¥441.0M	−CN¥426.4M	−CN¥409.6M	−CN¥391.7M	−CN¥400.3M	−CN¥393.0M
Accumulated other comprehensive income	−CN¥37.5M	−CN¥37.5M	−CN¥36.8M	−CN¥36.9M	−CN¥36.9M	—	−CN¥37.1M	−CN¥37.0M	−CN¥37.0M	—	−CN¥36.9M	−CN¥36.9M
Minority interest	—	−CN¥64,285	−CN¥64,284	−CN¥64,284	−CN¥64,284	−CN¥64,256	—	—	—	—	—	—
Total shareholders' equity	CN¥32.1M	CN¥32.1M	CN¥58.9M	CN¥55.9M	CN¥66.5M	CN¥79.7M	CN¥66.3M	CN¥80.3M	CN¥96.2M	CN¥113.0M	CN¥103.9M	CN¥109.8M
Key figures
Total debt	CN¥46.0M	CN¥46.0M	CN¥65.9M	CN¥45.5M	CN¥46.9M	—	CN¥39.6M	CN¥38.9M	CN¥35.0M	—	CN¥29.8M	CN¥33.4M
Net cash (debt)	CN¥39.3M	CN¥39.3M	CN¥30.9M	−CN¥10.9M	−CN¥7.5M	—	−CN¥255,000	CN¥1.2M	CN¥22.6M	—	CN¥35.7M	CN¥23.5M
Working capital	−CN¥233.4M	−CN¥233.4M	−CN¥259.6M	−CN¥304.0M	−CN¥298.5M	−CN¥287.9M	−CN¥310.7M	−CN¥296.1M	−CN¥266.3M	−CN¥244.0M	−CN¥262.3M	−CN¥260.6M
Tangible book value	−CN¥162.9M	−CN¥162.9M	−CN¥171.9M	−CN¥177.8M	−CN¥171.6M	−CN¥162.8M	−CN¥180.7M	−CN¥171.1M	−CN¥154.7M	−CN¥142.1M	−CN¥155.6M	−CN¥154.0M
Shares outstanding	15.8M	15.8M	14.8M	15.8M	15.9M	63.2M	15.8M	15.8M	15.5M	64.0M	15.1M	15.9M
Current ratio	0.32	0.32	0.33	0.19	0.20	0.19	0.16	0.18	0.23	0.22	0.22	0.20
Quick ratio	0.25	0.25	0.25	0.09	0.11	0.11	0.11	0.12	0.17	0.20	0.19	0.18
Debt / equity	1.43	1.43	1.12	0.82	0.71	—	0.60	0.48	0.36	—	0.29	0.30
Equity / assets	7.8%	7.8%	12.7%	12.6%	14.5%	17.4%	14.4%	17.3%	20.5%	25.2%	22.3%	23.5%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed March 31, 2026); data from EODHD.

AACG financial position

At the end of fiscal 2025 (December 31, 2025), ATA Creativity Global had total assets of CN¥408.6 million (down 10.6% from a year earlier), total liabilities of CN¥376.6 million and shareholders' equity of CN¥32.1 million. It held CN¥85.3 million in cash and short-term investments against CN¥46.0 million of debt, a net cash position of CN¥39.3 million. Its current ratio was 0.32. In the latest quarter (ended March 31, 2026) total assets were CN¥408.6 million and equity CN¥32.1 million.

Related: AACG income statement, AACG cash flow statement, AACG key metrics. See the AACG stock overview for the latest quote and news.

AACG balance sheet FAQ

What are ATA Creativity Global's total assets?

ATA Creativity Global reported total assets of CN¥408.6 million at the end of fiscal 2025 (December 31, 2025), compared with CN¥456.9 million a year earlier.

How much debt does ATA Creativity Global have?

ATA Creativity Global had CN¥46.0 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 1.43.

How much cash does ATA Creativity Global have?

ATA Creativity Global held CN¥85.3 million in cash and short-term investments at the end of fiscal 2025; with CN¥46.0 million of debt that is net cash of CN¥39.3 million.

What is ATA Creativity Global's book value?

ATA Creativity Global's shareholders' equity (book value) was CN¥32.1 million at the end of fiscal 2025.

What is ATA Creativity Global's current ratio?

ATA Creativity Global had current assets of CN¥111.4 million and current liabilities of CN¥344.8 million, a current ratio of 0.32 (current liabilities exceed current assets).

How much goodwill does ATA Creativity Global have?

ATA Creativity Global carried CN¥195.0 million of goodwill and intangible assets, 47.7% of total assets, at the end of fiscal 2025.