Core Viewpoint - Sunlands Technology Group reported its financial results for the second quarter of 2024, showing a decline in net revenues and net income compared to the same period in 2023, while achieving growth in gross billings for interest courses offerings [2][4][6]. Financial Performance - Net revenues for Q2 2024 were RMB492.2 million (US$67.7 million), a decrease of 6.5% from RMB526.4 million in Q2 2023 [2][7]. - Gross billings (non-GAAP) increased to RMB383.9 million (US$52.8 million) from RMB354.1 million in Q2 2023, marking the fourth consecutive quarter of year-over-year growth [2][6]. - Gross profit decreased by 11.0% to RMB415.6 million (US$57.2 million) compared to RMB466.9 million in Q2 2023 [2][9]. - Net income for Q2 2024 was RMB82.3 million (US$11.3 million), down from RMB173.9 million in Q2 2023, resulting in a net income margin of 16.7% compared to 33.0% in the previous year [2][12]. Operational Highlights - New student enrollments increased to 168,296 in Q2 2024 from 154,209 in Q2 2023, indicating a positive trend in attracting students [2][6]. - The deferred revenue balance as of June 30, 2024, was RMB986.9 million (US$135.8 million), down from RMB1,113.9 million as of December 31, 2023 [2][14]. Cost and Expenses - Cost of revenues rose by 28.8% to RMB76.6 million (US$10.5 million) in Q2 2024, primarily due to increased costs associated with sales of goods such as books and learning materials [2][8]. - Operating expenses increased by 9.0% to RMB338.9 million (US$46.6 million) in Q2 2024, with sales and marketing expenses rising by 10.2% to RMB297.4 million (US$40.9 million) [2][10]. Future Outlook - For the third quarter of 2024, the company expects net revenues to be between RMB490 million to RMB510 million, reflecting a decrease of 2.8% to 6.6% year-over-year [22]. - The company aims to enhance brand awareness and improve the quality of existing products and services while focusing on operational efficiency and profitability [5][6].

Company Overview - Sunlands Technology Group is a leader in China's adult online education market and personal interest learning market [3] - The company offers a variety of online professional courses and educational content, including interest courses and post-secondary degree-oriented programs [3] - Sunlands utilizes a live streaming platform to create a personalized and interactive learning environment, featuring a virtual learning community and a vast library of educational content [3] Upcoming Financial Results - Sunlands will report its second quarter 2024 unaudited financial results on August 16, 2024, before the U.S. market opens [1] - A conference call will be hosted by the management team at 7:00 a.m. U.S. Eastern Time on the same day [1] - Participants can register online 30 minutes prior to the call to receive details for joining [1][2] Investor Relations - The company provides a live webcast and an archive of the conference call on its Investor Relations website [2] - For inquiries, investors and media can contact Sunlands' Investor Relations via email [4]

BEIJING, Aug. 02, 2024 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE: STG) ("Sunlands" or the "Company"), a leader in China's adult online education market and China's adult personal interest learning market, today announced that it will report its second quarter 2024 unaudited financial results on Friday, August 16, 2024, before the open of U.S. markets. Sunlands' management team will host a conference call at 7:00 a.m. U.S. Eastern Time, (7:00 p.m. Beijing/Hong Kong time) on August 16, 2024, followi ...

BEIJING, May 31, 2024 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE: STG) ("Sunlands" or the "Company"), a leader in China's adult online education market and China's adult personal interest learning market, today announced the appointment of Mr. Yingda Song as an independent director of the Company and a member of the audit committee of the Board (the "Audit Committee"), effective upon May 31, 2024. For personal reasons, Mr. Yifan Li has tendered his resignation from the position of an independent di ...

Financial Data and Key Metrics Changes - The company reported a year-over-year decrease in net revenue of 7.7%, down to RMB523.2 million from RMB566.9 million in Q1 2023 [14] - Net income for Q1 2024 was RMB112.7 million, compared to RMB180.1 million in Q1 2023, indicating a decline in profitability [18] - The net income margin was 21.5%, marking the tenth consecutive quarter with a margin around 20% [14] Business Line Data and Key Metrics Changes - Post-secondary programs accounted for 14.3% of total revenue, reflecting strategic optimizations [7] - Interest programs exhibited a year-over-year growth of 22.2%, contributing 74.4% to total revenue [8] - New enrollments in interest-based education programs increased by 32.4% this quarter, highlighting the effectiveness of strategic initiatives [9] Market Data and Key Metrics Changes - The company experienced a surge in enrollment by 22.8%, reaching over 175,000 students, indicating improved user acquisition and retention [6] - The deferred revenue balance decreased to RMB1,044.9 million from RMB1,113.9 million as of December 31, 2023 [19] Company Strategy and Development Direction - The company is focused on enhancing operational efficiency and exploring avenues for business growth, particularly in the B2B sector [7][8] - There is a commitment to integrating AI technology into operations to improve user experience and streamline content creation [12][13] - The company aims to expand its educational travel adventure projects, which have already surpassed 65% of the total revenue for 2023 in just the first quarter of 2024 [12] Management Comments on Operating Environment and Future Outlook - Management remains optimistic about long-term profitability despite current market challenges, emphasizing the importance of high-quality education and market presence [6][13] - The outlook for Q2 2024 anticipates net revenues between RMB480 million and RMB500 million, reflecting a year-over-year decrease of 5% to 8.8% [19] Other Important Information - Cash, cash equivalents, restricted cash, and short-term investments totaled RMB983.2 million, an increase of 8.2% from the previous year [15] - Operating expenses increased by 6.4% to RMB341.1 million, with sales and marketing expenses rising by 11.1% [16][17] Q&A Session Summary Question: What is the outlook for the second quarter? - The company expects net revenues to be between RMB480 million and RMB500 million, reflecting a year-over-year decrease of 5% to 8.8% [19]

BEIJING, May 24, 2024 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE:STG) ("Sunlands" or the "Company"), a leader in China's adult online education market and China's adult personal interest learning market, today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Financial and Operational Snapshots Net revenues were RMB523.2 million (US$72.5 million), compared to RMB566.9 million in the first quarter of 2023.Gross billings (non-GAAP) were RMB398.8 ...

BEIJING, May 24, 2024 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE: STG) (“Sunlands” or the “Company”), a leader in China’s adult online education market and China’s adult personal interest learning market, today announced its unaudited financial results for the first quarter ended March 31, 2024. First Quarter 2024 Financial and Operational Snapshots Net revenues were RMB523.2 million (US$72.5 million), compared to RMB566.9 million in the first quarter of 2023.Gross billings (non-GAAP) were RMB398.8 ...

BEIJING, May 13, 2024 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE:STG) ("Sunlands" or the "Company"), a leader in China's adult online education market and China's adult personal interest learning market, today announced that it will report its first quarter 2024 unaudited financial results on Friday, May 24, 2024, before the open of U.S. markets. Sunlands' management team will host a conference call at 7:00 a.m. U.S. Eastern Time, (7:00 p.m. Beijing/Hong Kong time) on May 24, 2024, following the qu ...

BEIJING, May 13, 2024 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE: STG) ("Sunlands" or the "Company"), a leader in China's adult online education market and China's adult personal interest learning market, today announced that it will report its first quarter 2024 unaudited financial results on Friday, May 24, 2024, before the open of U.S. markets. Sunlands' management team will host a conference call at 7:00 a.m. U.S. Eastern Time, (7:00 p.m. Beijing/Hong Kong time) on May 24, 2024, following the q ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 OF THE SECURITIES EXCHANGE ACT OF 1934 For the month of April 2024 Commission file number: 001-38423 SUNLANDS TECHNOLOGY GROUP (Exact Name of Registrant as Specified in Its Charter) Building 6, Chaolai Science Park, No. 36 Chuangyuan Road, Chaoyang District Beijing, 100012, the People's Republic of China +86-10-52413738 (Address of Principal Executive Offices) Indicate ...