UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2019. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to . OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) ...

Sunlands Technology Group (NYSE:STG) Q4 2019 Results Earnings Conference Call March 27, 2020 7:30 AM ET Company Participants Yingying Liu - Investor Relations Director Tongbo Liu - Chief Executive Officer and Director Steven Yipeng Li - Chief Financial Officer Conference Call Participants Operator Ladies and gentlemen, thank you for standing by, and welcome to Sunlands’ Fourth Quarter and Full Year 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After prepared remark ...

Sunlands Technology Group (NYSE:STG) Q3 2019 Earnings Conference Call November 22, 2019 7:30 AM ET Company Participants Yingying Liu - Investor Relations Director Tongbo Liu - Chief Executive Officer and Director Steven Yipeng Li - Chief Financial Officer Conference Call Participants Alex Xie - Credit Suisse Operator Ladies and gentlemen, thank you for standing by, and welcome to Sunlands’ Third Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After prepared r ...

Sunlands Technology Group (NYSE:STG) Q2 2019 Results Earnings Conference Call August 23, 2019 7:30 AM ET Company Participants Yingying Liu - Investor Relations Director Tongbo Liu - Chief Executive Officer Steven Yipeng Li - Chief Financial Officer Conference Call Participants Timothy Zhao - Goldman Sachs Operator Ladies and gentlemen, thank you for standing by. And welcome to Sunlands’ Second Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After prepared rem ...

Sunlands Technology Group (NYSE:STG) Q1 2019 Earnings Conference Call May 28, 2019 7:30 AM ET Company Participants Yingying Liu - IR, Director Tongbo Liu - CEO Steven Yipeng Li - CFO Conference Call Participants Alex Xie - Credit Suisse Timothy Zhao - Goldman Sachs Operator Ladies and gentlemen, thank you for standing by and welcome to Sunlands' First Quarter 2019 Earnings Conference Call. At this time, all participants are in a listen-only mode. After prepared remarks by the management team, there will be ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F (Mark One) ☐ REGISTRATION STATEMENT PURSUANT TO SECTION 12(B) OR 12(G) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2018. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(D) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(D) ...

Financial Data and Key Metrics Changes - In Q4 2018, net revenues increased by 65% to RMB 568.8 million from RMB 344.7 million in Q4 2017, driven by growth in student numbers [14][17] - For the full year 2018, net revenues rose by 103.5% to RMB 1,974 million from RMB 970.2 million in 2017, also primarily due to increased student enrollments [17] - Gross profit for Q4 2018 increased by 84.8% to RMB 490.3 million from RMB 265.3 million in Q4 2017 [14] - The net loss for Q4 2018 was RMB 183.7 million, an improvement from RMB 427.8 million in Q4 2017 [16] Business Line Data and Key Metrics Changes - The total number of students engaged in live streaming classes grew by 45.8% in Q4 2018 compared to Q4 2017, with average time spent on classes increasing by 26.6% year-over-year [10] - Students took over 2 billion courses online in 2018, a significant increase from 200 million in 2017 [11] Market Data and Key Metrics Changes - The company reported a deferred revenue balance of RMB 3,286 million as of December 31, 2018, indicating strong future revenue potential [16] Company Strategy and Development Direction - The company plans to enhance user experience and course offerings, focusing on attracting more students through upgraded free trials and introductory seminars [12][21] - The online post-secondary and professional education market is described as massive and evolving, with the company dedicated to providing a complete online continuing education ecosystem [12] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of new student enrollment and the effectiveness of initiatives to improve user experience and brand awareness [12][21] - For Q1 2019, the company expects net revenues to be between RMB 550 million and RMB 570 million, representing a year-over-year increase of 35.3% to 40.3% [20] Other Important Information - Capital expenditures in Q4 2018 were RMB 263.1 million, down from RMB 307.2 million in Q4 2017, primarily for IT infrastructure [16] Q&A Session Summary Question: What are management expectations for growth in 2019 and key initiatives to drive growth? - Management indicated that there is no clear guidance for the entire year of 2019 but emphasized the importance of offering more courses through free trials and seminars to enhance brand awareness and attract students [21] Question: Could management provide explanations about the gross profit margin for this quarter? - The gross profit margin was slightly higher due to increased net revenues and better cost control for teachers and mentors [22]