The following is a summary of the ATA Creativity Global (AACG) Q1 2024 Earnings Call Transcript:

Financial Performance:

• ATA Creativity Global's Q1 2024 total net revenues increased by 13.7%, largely due to growth in portfolio training services as a result of higher student enrollment and delivered credit hours.

• The company reported a gross margin of 45.5%, an improvement from 44.3% in Q1 2023. The net loss remained relatively consistent at RMB17.9 million in Q1 2024, primarily because of increased sales expenses related to team expansion.

• The company's balance sheet indicates a strong financial status, with US$8 million in cash and cash equivalents.

Business Progress:

• ATA Creativity Global's full-year revenue projection for 2024 ranges between RMB233 million and RMB255 million, indicating a potential growth of 5% to 15% from 2023.

• The company's recent events such as 'Open Hack Shanghai Fashion Week program' and United Nations Art Bootcamp focusing on sustainable development goals saw positive response.

• ATA Creativity Global plans to grow their core portfolio training service business and strengthen their operational infrastructure in 2024.

• The company is optimistic about prospective opportunities in the industry amidst ongoing exploration of potential mergers and acquisitions.

More details: ATA Creativity Global IR

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