Core Insights - The company, Shangde, has demonstrated continuous profitability since its business transformation, confirming the strategic choice of focusing on senior education [1][3] - In Q3 2025, Shangde reported revenue of 523 million RMB, net profit of 125 million RMB, and a net profit margin of 24%, marking the 18th consecutive quarter of profitability [1][2] Financial Performance - For Q3 2025, Shangde's net income was 523 million RMB, a 6.5% increase from 491 million RMB in Q3 2024; gross profit reached 463 million RMB, up 13.1%, with a gross margin of 88.5%; net profit was 125 million RMB, reflecting a 40.5% year-on-year growth [1][2] - In the first three quarters of 2025, net income totaled 1.55 billion RMB, a 2.9% increase; gross profit was 1.35 billion RMB, up 6.0%; and net profit reached 327 million RMB, growing by 15.1% [2] Strategic Focus - The company has shifted its focus to senior education since 2020, targeting individuals aged 45 and above, and has developed a diverse learning ecosystem that includes interest courses and life skills [3][4] - The growth in student enrollment, with 137,500 new students in Q3 2025 and 465,700 in the first three quarters, validates the success of Shangde's focus on senior education [3][4] Course Development - Interest course revenues have seen rapid growth, contributing significantly to overall revenue increases; the company has optimized its course structure, resulting in a 26.5% decrease in revenue costs year-on-year [3][4] - The company reported an 8% year-on-year increase in new registrations for interest courses, enhancing user quality and monetization capabilities [4] Investment in R&D - Shangde has maintained stable investment in R&D, with product development expenses increasing by 48.2% year-on-year, while sales and marketing expenses decreased by 7.7% [5] AI Integration - The company views AI as a key driver for course development, teaching services, operational decision-making, and cost control [6] - AI applications include an intelligent research system for content optimization, a data management platform for real-time decision-making, and a personalized learning assistant for students, particularly benefiting older learners [7]

尚德机构管理层表示，成人教育行业正迈入高质量发展的新阶段。"对我们而言，增长的核心已不再是 单纯的规模扩张，而是效率、创新与长期价值的平衡。过去几个季度，我们持续优化组织结构与运营管 理，通过更精准的课程布局和稳健的现金流管理，使增长更加扎实可持续。未来，我们将继续以用户需 求为中心，推动数字化转型与组织能力提升，构建更具韧性的教育服务体系。" 经营确定性：从扩张优先到盈利优先 2025年，中国成人教育行业正经历一场深刻的结构重塑。经历资本驱动的高速扩张与周期性调整后，行 业增长逻辑正从"速度优先"转向"质量优先"。企业的核心竞争力不再取决于流量与投放，而在于能否构 建长期稳定的盈利能力与经营效率。 2025年11月20日，北京——日前，尚德机构(NYSE: STG)公布了2025年第三季度未经审计的财务业绩。 报告期内，公司实现营收5.23亿元人民币，同比增长6.5%；净利润1.25亿元，同比增长40.5%；净利率 为24.0%，较去年同期提升5.8个百分点。这已是尚德机构连续第18个季度保持盈利。在成人教育行业整 体进入理性增长周期的背景下，公司凭借稳健的财务表现与清晰的战略节奏，展现出长期经营韧性与跨 ...

PresentationLadies and gentlemen, thank you for standing by, and welcome to Sunlands Third Quarter 2025 Earnings Conference Call. [Operator Instructions] Today's conference call is being recorded. I will now turn the call over to your host today, Yuhua, Sunlands IR representative. Please go ahead.Yuhua Ye Hello, everyone, and thank you for joining Sunlands Third Quarter 2025 Earnings Conference Call. The company's financial and operating results were issued in our press release via Newswire services earlier ...

Sunlands Technology Group (NYSE:STG) Q3 2025 Earnings Call November 20, 2025 07:00 AM ET Company ParticipantsTongbo Liu - CEOYuhua Ye - Head of Investor RelationsHangyu Li - CFOOperatorLadies and gentlemen, thank you for standing by, and welcome to Sunlands' Third Quarter 2025 Earnings Conference Call. At this time, all participants are in listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host today, Yuhua, Sunlands' IR representative. Please go ahead.Yuhua Y ...

Sunlands Technology Group (NYSE:STG) Q3 2025 Earnings Call November 20, 2025 07:00 AM ET Company ParticipantsTongbo Liu - CEOYuhua Ye - Head of Investor RelationsHangyu Li - CFOOperatorLadies and gentlemen, thank you for standing by, and welcome to Sunlands' third quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host today, Yuhua, Sunlands' IR representative. Please go ahead.Yuhua Y ...

Sunlands Technology Group (NYSE:STG) Q3 2025 Earnings Call November 20, 2025 07:00 AM ET Speaker1Ladies and gentlemen, thank you for standing by, and welcome to Sunlands' third quarter 2025 earnings conference call. At this time, all participants are in listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host today, Yuhua, Sunlands' IR representative. Please go ahead.Speaker2Hello, everyone, and thank you for joining Sunlands' third quarter 2025 earnings confer ...

【环球网财经综合报道】11月20日，尚德机构（NYSE: STG）公布了2025年第三季度未经审计的财务业 绩。报告期内，公司实现营收5.23亿元人民币，同比增长6.5%；净利润1.25亿元，同比增长40.5%；净 利率为24.0%，较去年同期提升5.8个百分点。这已是尚德机构连续第18个季度保持盈利。在成人教育行 业整体进入理性增长周期的背景下，公司凭借稳健的财务表现与清晰的战略节奏，展现出长期经营韧性 与跨周期能力。 经营确定性：从扩张优先到盈利优先 2025年，中国成人教育行业正经历一场深刻的结构重塑。经历资本驱动的高速扩张与周期性调整后，行 业增长逻辑正从"速度优先"转向"质量优先"。企业的核心竞争力不再取决于流量与投放，而在于能否构 建长期稳定的盈利能力与经营效率。 尚德机构的表现清晰地印证了这一趋势。继第二季度实现营收5.39亿元、净利率23.5%后，公司在第三 季度再度取得稳健成绩——营收5.23亿元，同比增长6.5%；净利润1.25亿元，同比增长40.5%；净利率 提升至24.0%。连续多个季度实现规模化盈利，使尚德成为成人教育赛道中少数能够以"确定性"应对周 期波动的企业之一。 这种确定性， ...

来源：智通财经网 11月20日，尚德机构（STG.US）公布了2025年第三季度未经审计的财务业绩。报告期内，公司实现营 收5.23亿元人民币，同比增长6.5%；净利润1.25亿元，同比增长40.5%；净利率为24.0%，较去年同期提 升5.8个百分点。这已是尚德机构连续第18个季度保持盈利。在成人教育行业整体进入理性增长周期的 背景下，公司凭借稳健的财务表现与清晰的战略节奏，展现出长期经营韧性与跨周期能力。 尚德机构管理层表示，成人教育行业正迈入高质量发展的新阶段。"对我们而言，增长的核心已不再是 单纯的规模扩张，而是效率、创新与长期价值的平衡。过去几个季度，我们持续优化组织结构与运营管 理，通过更精准的课程布局和稳健的现金流管理，使增长更加扎实可持续。未来，我们将继续以用户需 求为中心，推动数字化转型与组织能力提升，构建更具韧性的教育服务体系。" 经营确定性：从扩张优先到盈利优先 2025年，中国成人教育行业正经历一场深刻的结构重塑。经历资本驱动的高速扩张与周期性调整后，行 业增长逻辑正从"速度优先"转向"质量优先"。企业的核心竞争力不再取决于流量与投放，而在于能否构 建长期稳定的盈利能力与经营效率。 尚 ...

11月20日，尚德机构（STG.US）公布了2025年第三季度未经审计的财务业绩。报告期内，公司实现营 收5.23亿元人民币，同比增长6.5%；净利润1.25亿元，同比增长40.5%；净利率为24.0%，较去年同期提 升5.8个百分点。这已是尚德机构连续第18个季度保持盈利。在成人教育行业整体进入理性增长周期的 背景下，公司凭借稳健的财务表现与清晰的战略节奏，展现出长期经营韧性与跨周期能力。 尚德机构管理层表示，成人教育行业正迈入高质量发展的新阶段。"对我们而言，增长的核心已不再是 单纯的规模扩张，而是效率、创新与长期价值的平衡。过去几个季度，我们持续优化组织结构与运营管 理，通过更精准的课程布局和稳健的现金流管理，使增长更加扎实可持续。未来，我们将继续以用户需 求为中心，推动数字化转型与组织能力提升，构建更具韧性的教育服务体系。" 经营确定性：从扩张优先到盈利优先 2025年，中国成人教育行业正经历一场深刻的结构重塑。经历资本驱动的高速扩张与周期性调整后，行 业增长逻辑正从"速度优先"转向"质量优先"。企业的核心竞争力不再取决于流量与投放，而在于能否构 建长期稳定的盈利能力与经营效率。 尚德机构的表现清晰地 ...

Core Insights - Sunlands Technology Group reported a net revenue of RMB523.0 million (approximately US$73.5 million) for Q3 2025, marking a 6.5% increase year-over-year from RMB491.3 million in Q3 2024 [6][9] - The company achieved a net income of RMB125.4 million (approximately US$17.6 million), representing a significant year-over-year increase of 40.5% from RMB89.3 million in Q3 2024 [3][13] - The strategic focus on high-margin, demand-driven course categories has contributed to the company's profitability and operational resilience [3][4] Financial Performance - Net revenues for the first nine months of 2025 increased by 2.9% to RMB1,549.7 million (approximately US$217.7 million) compared to RMB1,506.7 million in the same period of 2024 [18] - Gross profit for Q3 2025 rose by 13.1% to RMB462.7 million (approximately US$65.0 million) from RMB409.2 million in Q3 2024 [10][9] - Operating expenses decreased by 5.5% to RMB324.4 million (approximately US$45.6 million) in Q3 2025, down from RMB343.4 million in Q3 2024 [11] Cost Management - Cost of revenues decreased by 26.5% to RMB60.3 million (approximately US$8.5 million) in Q3 2025, primarily due to reduced costs associated with sales of learning materials and books [7] - Sales and marketing expenses fell by 7.7% to RMB279.7 million (approximately US$39.3 million) in Q3 2025, compared to RMB303.0 million in Q3 2024 [11] Student Enrollment and Market Trends - New student enrollments totaled 137,493 in Q3 2025, a decrease from 158,395 in Q3 2024, indicating a more selective marketing approach [9] - The gross billings per new student enrollment for interest, professional skills, and professional certification preparation courses grew by 11.7% year-over-year in Q3 2025, reflecting steady user acquisition momentum [5] Cash Flow and Balance Sheet - As of September 30, 2025, the company had cash, cash equivalents, and restricted cash totaling RMB601.0 million (approximately US$84.4 million) [15] - The deferred revenue balance as of September 30, 2025, was RMB695.5 million (approximately US$97.7 million), down from RMB916.5 million as of December 31, 2024 [16] Future Outlook - For Q4 2025, Sunlands expects net revenues to be between RMB440 million to RMB460 million, which would represent a year-over-year decrease of 4.9% to 9.0% [26]