ATA Creativity Global (AACG) Cash Flow Statement
Where AACG’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- −CN¥15.8M
- Capital expenditures
- CN¥1.3M 0.5% of revenue
- Free cash flow
- −CN¥17.1M −6.4% margin
- Returned to shareholders
- —
- Change in cash
- CN¥48.7M cash at year-end CN¥85.2M
Drawn to scale: where the cash came from and how it was used. Hover for values.
AACG operating cash flow, capex and free cash flow
AACG cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | CN¥61.5M2016 | −CN¥15.8M2025 | — | |
| Capital expenditures | CN¥9.9M2016 | CN¥1.3M2025 | −20.4%/yr | |
| Free cash flow | CN¥51.6M2016 | −CN¥17.1M2025 | — | |
| Free cash flow margin | 584.4%2016 | −6.4%2025 | −590.8 pts | |
| Stock-based compensation | CN¥7.0M2016 | CN¥569,7082025 | −24.3%/yr | |
| Dividends paid | CN¥10.10B2016 | CN¥19.6M2020 | −79.0%/yr | |
| Share buybacks (net) | CN¥02016 | CN¥93,6992024 | — | |
| Capex / revenue | 112.5%2016 | 0.5%2025 | −112.0 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
AACG cash flow by activity
AACG net income vs operating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
AACG cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥48.0M | −CN¥36.1M | −CN¥33.7M | −CN¥333.0M | −CN¥36.4M | −CN¥100.6M | −CN¥129.2M | CN¥850.6M | −CN¥24.1M | −CN¥10.0M |
| Depreciation & amortization | CN¥21.5M | CN¥24.2M | CN¥22.0M | CN¥22.6M | CN¥23.0M | CN¥29.9M | CN¥17.5M | CN¥13.3M | CN¥12.3M | CN¥10.3M |
| Stock-based compensation | CN¥569,708 | CN¥2.8M | CN¥3.1M | CN¥10.0M | CN¥1.0M | CN¥1.8M | CN¥4.8M | CN¥20.6M | CN¥19.0M | CN¥7.0M |
| Change in working capital | −CN¥10.1M | CN¥11.7M | CN¥24.2M | CN¥118.5M | CN¥9.4M | CN¥37.6M | CN¥8.8M | −CN¥51.9M | CN¥103.7M | −CN¥15.2M |
| Other non-cash items | CN¥20.2M | −CN¥6.0M | −CN¥6.9M | CN¥81.8M | −CN¥28.9M | CN¥3.4M | CN¥40.2M | −CN¥1.15B | −CN¥17.7M | CN¥69.5M |
| Cash from operating activities | −CN¥15.8M | −CN¥3.3M | CN¥8.8M | −CN¥100.1M | −CN¥31.8M | −CN¥27.9M | −CN¥57.9M | −CN¥312.6M | CN¥93.2M | CN¥61.5M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥1.3M | −CN¥20.0M | −CN¥2.2M | −CN¥11.1M | −CN¥4.5M | −CN¥4.9M | −CN¥1.3M | −CN¥9.4M | −CN¥43.5M | −CN¥9.9M |
| Investments (net) | — | −CN¥20.3M | −CN¥4.0M | −CN¥2.5M | −CN¥10.0M | −CN¥19.1M | −CN¥36.9M | CN¥1.20B | −CN¥1.2M | −CN¥94.0M |
| Acquisitions & other investing | CN¥50.0M | CN¥20.0M | CN¥2.2M | −CN¥3.5M | CN¥4.5M | CN¥4.9M | CN¥1.3M | CN¥9.4M | CN¥24.7M | CN¥9.9M |
| Cash from investing activities | CN¥48.7M | −CN¥20.3M | −CN¥4.0M | −CN¥17.1M | −CN¥10.0M | −CN¥19.1M | −CN¥36.9M | CN¥1.20B | −CN¥20.1M | −CN¥94.0M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | −CN¥19.6M | CN¥0 | −CN¥946.6M | −CN¥577.1M | −CN¥10.10B |
| Share repurchases & issuance (net) | — | −CN¥93,699 | −CN¥68,326 | −CN¥210,568 | −CN¥114,729 | −CN¥4.0M | −CN¥126,723 | −CN¥1.7M | −CN¥1.7M | CN¥0 |
| Net borrowing (repayment) | CN¥16.0M | CN¥0 | CN¥0 | CN¥0 | CN¥710,000 | CN¥1.8M | −CN¥9.0M | −CN¥3.0M | −CN¥5.7M | CN¥3.4M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥8.5M | CN¥61.7M | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥309,114 | CN¥0 | CN¥471,765 | CN¥1.5M | CN¥232,245 | CN¥19.6M | CN¥5.0M | CN¥1.4M | CN¥545.3M | CN¥10.10B |
| Cash from financing activities | CN¥16.3M | −CN¥93,699 | CN¥403,439 | CN¥1.3M | CN¥827,516 | CN¥6.3M | CN¥57.6M | −CN¥949.9M | −CN¥39.1M | CN¥7.2M |
| Summary | ||||||||||
| Net change in cash | CN¥48.7M | −CN¥23.6M | CN¥5.2M | −CN¥112.1M | −CN¥41.4M | −CN¥41.5M | −CN¥36.4M | −CN¥65.5M | CN¥6.8M | −CN¥25.2M |
| Cash at end of period | CN¥85.2M | CN¥36.5M | CN¥60.2M | CN¥376.7M | CN¥71.3M | CN¥112.7M | CN¥154.2M | CN¥190.6M | CN¥1.66B | CN¥222.4M |
| Free cash flow | −CN¥17.1M | −CN¥23.4M | CN¥6.5M | −CN¥111.2M | −CN¥36.3M | −CN¥32.8M | −CN¥59.2M | −CN¥322.0M | CN¥796.3M | CN¥51.6M |
| Free cash flow margin | −6.4% | −8.7% | 2.9% | −53.8% | −17.9% | −20.2% | −60.5% | −24,053.8% | 10,626.2% | 584.4% |
| Capex / revenue | 0.5% | 7.5% | 1.0% | 5.4% | 2.2% | 3.0% | 1.3% | 698.9% | 581.1% | 112.5% |
| Operating cash flow / net income | — | — | — | — | — | — | — | −0.37 | — | — |
| Mar '26 | Dec '25 | Dec '24 | Jun '23 | |
|---|---|---|---|---|
| Operating activities | ||||
| Net income | −CN¥26.3M | −CN¥26.3M | CN¥13.3M | −CN¥17.2M |
| Depreciation & amortization | CN¥2.5M | CN¥2.5M | CN¥6.4M | CN¥5.6M |
| Stock-based compensation | CN¥103,432 | CN¥103,432 | CN¥2.0M | CN¥657,611 |
| Change in working capital | −CN¥11.7M | −CN¥11.7M | −CN¥24.7M | — |
| Other non-cash items | CN¥39.3M | CN¥39.3M | CN¥3.4M | CN¥11.6M |
| Cash from operating activities | CN¥3.9M | CN¥3.9M | CN¥422,090 | CN¥657,611 |
| Investing activities | ||||
| Capital expenditures | −CN¥1.1M | −CN¥1.1M | −CN¥1.4M | CN¥0 |
| Investments (net) | — | — | −CN¥1.4M | — |
| Acquisitions & other investing | CN¥2.3M | CN¥2.3M | — | — |
| Cash from investing activities | CN¥1.2M | CN¥1.2M | — | — |
| Financing activities | ||||
| Net borrowing (repayment) | — | −CN¥16.0M | — | — |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥16.1M | −CN¥30,176 | −CN¥2.0M | — |
| Cash from financing activities | −CN¥16.1M | −CN¥16.1M | −CN¥2.0M | — |
| Summary | ||||
| Net change in cash | −CN¥11.6M | −CN¥11.6M | −CN¥2.9M | CN¥657,611 |
| Cash at end of period | CN¥85.2M | CN¥85.2M | CN¥36.5M | CN¥657,611 |
| Free cash flow | CN¥5.1M | CN¥5.1M | −CN¥1.0M | CN¥657,611 |
| Free cash flow margin | 5.7% | 5.8% | −1.0% | 1.8% |
| Capex / revenue | 1.3% | 1.3% | 1.4% | 0.0% |
| Operating cash flow / net income | — | — | 0.03 | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
AACG cash generation
In fiscal 2025 (ended December 31, 2025), ATA Creativity Global generated -CN¥15.8 million of cash from operations and spent CN¥1.3 million on capital expenditures, leaving free cash flow of -CN¥17.1 million, −6.4% of revenue. Cash and equivalents rose by CN¥48.7 million over the year.
Related: AACG income statement, AACG balance sheet. See the AACG stock overview for the latest quote and news.
AACG cash flow FAQ
What is ATA Creativity Global's free cash flow?
ATA Creativity Global's free cash flow was -CN¥17.1 million in fiscal 2025: -CN¥15.8 million of operating cash flow minus CN¥1.3 million of capital expenditures It was -CN¥23.4 million a year earlier..
How much cash does ATA Creativity Global generate from operations?
ATA Creativity Global generated -CN¥15.8 million of cash from operating activities in fiscal 2025.
How much does ATA Creativity Global spend on capital expenditures?
ATA Creativity Global spent CN¥1.3 million on capital expenditures in fiscal 2025, 0.5% of revenue, compared with CN¥20.0 million the year before.