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Sunlands Technology Group (STG) reported unaudited results for the quarter and six months ended June 30, 2026. In the second quarter, net revenues were RMB406.4 million, down 24.6% year-over-year, while net income was RMB83.5 million, compared with RMB126.6 million a year earlier, yielding a 20.5% net income margin and marking its 21st consecutive profitable quarter. Operating expenses fell 22.5% to RMB265.7 million, reflecting lower sales and marketing, product development and general and administrative costs; management also noted a 19.4% year-over-year increase in gross billings per new student enrollment.
As of June 30, 2026, Sunlands held RMB520.6 million in cash and cash equivalents and RMB336.9 million in short-term investments, with deferred revenue of RMB433.5 million. The board authorized a US$50.0 million share repurchase program on May 29, 2026, under which the company had repurchased 680,353 ADSs for approximately US$2.3 million by August 17, 2026. For the third quarter of 2026, Sunlands expects net revenues between RMB330 million and RMB350 million, implying a year-over-year decline of 33.1%–36.9% based on current estimates.
Sunlands Technology Group reported two major capital actions. The board approved a share repurchase program authorizing buybacks of up to US$50 million of Class A ordinary shares in ADS form over the next 36 months, mainly via open-market and privately negotiated transactions under SEC Rules 10b-18 and 10b5-1.
Separately, a Sunlands subsidiary agreed to dispose of 100% of the equity in Guangzhou Shangzhi Side Technology Co., Ltd. to an independent third party for total cash consideration of RMB126.0 million, payable in installments. Sunlands describes the disposal as part of efforts to streamline its asset structure, focus on core business priorities and strengthen financial flexibility, while maintaining its status as an operating company.
Sunlands Technology Group reported unaudited first quarter 2026 results with net revenues of RMB440.7 million, down 9.6% year-over-year, and net income of RMB76.8 million, marking its 20th consecutive profitable quarter. Net income margin was 17.4%, supported by a 19.5% reduction in sales and marketing expenses and a 16.7% drop in total operating expenses.
Gross profit declined 8.2% to RMB381.1 million, while EBITDA (non-GAAP) increased to RMB107.6 million from RMB87.2 million. As of March 31, 2026, Sunlands held RMB547.2 million in cash, cash equivalents and restricted cash and RMB236.0 million in short-term investments, alongside deferred revenue of RMB500.5 million.
For the second quarter of 2026, the company expects net revenues between RMB410 million and RMB430 million, which would represent a year-over-year decline of 20.2% to 23.9% based on its current view of market conditions and customer demand.
Sunlands Technology Group filed its annual report on Form 20-F for the fiscal year ended December 31, 2025 with the SEC. The report is available on both the company’s investor relations website and the SEC’s website. Shareholders and ADS holders can request a free hard copy of the annual report, including audited consolidated financial statements.
The company describes itself as a leader in China’s adult online education and personal interest learning markets, offering degree and diploma courses, professional certifications, and skills and interest classes through a one-to-many live streaming platform accessible via PC and mobile apps.
Sunlands Technology Group files its annual report as a Cayman Islands holding company whose China operations run through PRC subsidiaries and variable interest entities (VIEs). In 2025, VIEs generated 48.5% of consolidated net revenues, highlighting investor exposure to the VIE structure.
The filing details extensive contractual arrangements giving the group economic benefits and control over the VIEs, while stressing that investors own only the offshore holding company. It also outlines licensing status in China, data and cybersecurity regulation risks, CSRC filing requirements for future overseas offerings, HFCAA-related audit and delisting risks, and restrictions on moving cash and dividends out of China.
Sunlands Technology Group director and major shareholder Peng Ou filed an initial Form 3 reporting beneficial ownership in the company. The filing shows direct ownership of 2,833,024 shares of common stock, reflecting Ou’s status as both a director and a ten percent owner of Sunlands Technology Group.
Sunlands Technology Group director and Chief Executive Officer Tongbo Liu filed an initial ownership report showing his position in the company’s common stock. The filing reports direct ownership of 513,117 shares of common stock, with no associated buy or sell transactions disclosed in this statement.
Sunlands Technology Group Finance Director Hangyu Li filed an initial ownership report on Form 3, showing direct holdings of 6,231 shares of common stock. This filing establishes Li’s reported equity position in the company but does not report any recent stock purchases or sales.
Sunlands Technology Group director Jing Gao has filed an initial Form 3 reporting beneficial ownership of 60,383 shares of common stock, held directly. This filing records Gao’s current share position only and does not reflect any recent purchases or sales.
Sunlands Technology Group reported steady profitability for 2025 with modest growth. Full-year net revenues rose to RMB2,019.9 million, while net income increased to RMB365.6 million and basic and diluted net income per share reached RMB54.28. Gross profit improved to RMB1,755.5 million as cost of revenues fell.
Operating expenses declined to RMB1,311.0 million, driven by lower sales and marketing spend, even as the company increased product development and general and administrative investment. EBITDA rose to RMB430.9 million and adjusted EBITDA to RMB498.9 million, reflecting stronger underlying earnings.
Cash, cash equivalents, restricted cash and short-term investments totaled about RMB812.7 million as of December 31, 2025, while total liabilities fell significantly. However, deferred revenue declined and fourth-quarter net income dropped to RMB38.4 million. For the first quarter of 2026, Sunlands guides net revenues of RMB420–440 million, a 9.8%–13.9% year-over-year decrease.