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 ...

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, 2023. OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 OR ☐ SHELL COMPANY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1 ...

Financial Data and Key Metrics Changes - The company reported a net profit of RMB155.2 million for Q4 2023, with a net profit margin of 28.6%, reflecting a strong financial foundation [5][17] - Revenue for Q4 2023 was RMB542 million, a 3.3% increase from the previous quarter, but a 6.4% decrease year-over-year [6][19] - For the full year 2023, total revenue was RMB2.16 billion, with a net income of RMB614.8 million, and a 15.4% increase in enrollment year-over-year [6][7] Business Line Data and Key Metrics Changes - Interest-based courses saw a significant 54.9% year-over-year growth, becoming a key growth driver for the company [7][8] - Degree-oriented post-secondary programs accounted for 24.7% of total revenue in 2023, while professional certifications and skills programs contributed 77.1% of total revenue with a 13.3% year-over-year increase [8][9] Market Data and Key Metrics Changes - The user search volume for adult interest training surged, indicating a growing focus among adults on personal interests and associated knowledge [9] - The demographic of users in the interest sector is broader, with a significant portion comprising middle-aged and elderly individuals [9][10] Company Strategy and Development Direction - The company aims to expand its offerings in the elderly learning market, recognizing the significant socioeconomic influence of the aging population in China [10][14] - Initiatives include educational travel packages that integrate courses with tourism activities, targeting diverse age groups [14][15] - The company is committed to ongoing share repurchases to enhance shareholder value [15][16] Management's Comments on Operating Environment and Future Outlook - Management emphasized the importance of adapting to market dynamics and evolving user preferences, with a focus on operational excellence [5][17] - For Q1 2024, the company expects net revenues to be between RMB500 million and RMB520 million, reflecting a year-over-year decrease of 8.3% to 11.8% [22] Other Important Information - The company had RMB766.4 million in cash and cash equivalents as of December 31, 2023, compared to RMB757.4 million a year earlier [21] - Deferred revenue decreased to RMB1.1139 billion from RMB1.6909 billion year-over-year [22] Q&A Session Summary Question: No questions were raised during the Q&A session - The operator indicated that there were no further questions, concluding the session [23][24]

BEIJING, March 22, 2024 (GLOBE NEWSWIRE) -- Sunlands Technology Group (NYSE:STG) ("Sunlands" or the "Company"), a leader in China's online post-secondary and professional education, today announced its unaudited financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter 2023 Financial and Operational Snapshots Net revenues were RMB541.7 million (US$76.3 million), compared to RMB578.6 million in the fourth quarter of 2022.Gross billings (non-GAAP) were RMB415.5 million (US ...