Sunlands Technology Group 6-K, filed Mar 19, 2026

Sunlands Technology Group (STG)

6-K 2026-03-19 For: 2026-03-19

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Added on April 10, 2026

About this 6-K

Sunlands Technology Group filed this 6-K on March 19, 2026.

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Exhibit No.		Description

99.1		Press Release

		Sunlands Technology Group


Date:	March 19, 2026	By:	/s/ Tongbo Liu
			Name:	Tongbo Liu
			Title:	Chief Executive Officer

	As of December 31,	As of December 31,
	2024	2025
	RMB	RMB	US$
ASSETS
Current assets
Cash and cash equivalents	507,229	575,740	82,330
Restricted cash	-	1,023	146
Short-term investments	276,029	235,937	33,739
Prepaid expenses and other current assets	96,916	82,566	11,807
Deferred costs, current	4,139	22,125	3,164
Total current assets	884,313	917,391	131,186
Non-current assets
Property and equipment, net	758,215	662,178	94,690
Intangible assets, net	723	250	36
Right-of-use assets	110,154	99,111	14,173
Deferred costs, non-current	56,657	10,643	1,522
Long-term investments	260,083	318,791	45,587
Deferred tax assets	24,699	19,104	2,732
Other non-current assets	26,319	19,750	2,824
Total non-current assets	1,236,850	1,129,827	161,564
TOTAL ASSETS	2,121,163	2,047,218	292,750

LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES
Current liabilities
Accrued expenses and other current liabilities	404,865	366,011	52,342
Deferred revenue, current	382,047	384,334	54,959
Lease liabilities, current portion	8,317	9,104	1,302
Long-term debt, current portion	6,154	-	-
Total current liabilities	801,383	759,449	108,603

	As of December 31,	As of December 31,
	2024	2025
	RMB	RMB	US$
Non-current liabilities
Deferred revenue, non-current	534,463	200,960	28,737
Lease liabilities, non-current portion	137,040	129,564	18,527
Deferred tax liabilities	5,724	5,786	827
Other non-current liabilities	7,309	7,392	1,057
Long-term debt, non-current portion	35,386	-	-
Total non-current liabilities	719,922	343,702	49,148
TOTAL LIABILITIES	1,521,305	1,103,151	157,751

SHAREHOLDERS’ EQUITY
Class A ordinary shares (par value of US$0.00005, 796,062,195 shares
authorized; 3,131,807 and 3,131,807 shares issued as of December 31, 2024
and December 31, 2025, respectively; 2,600,779 and 2,538,047 shares
outstanding as of December 31, 2024 and December 31, 2025, respectively)	1	1	-
Class B ordinary shares (par value of US$0.00005, 826,389 shares
authorized; 826,389 and 826,389 shares issued and outstanding
as of December 31, 2024 and December 31, 2025, respectively)	-	-	-
Class C ordinary shares (par value of US$0.00005, 203,111,416 shares
authorized; 3,332,062 and 3,332,062 shares issued and outstanding
as of December 31, 2024 and December 31, 2025, respectively)	1	1	-
Treasury stock	-	-	-
Statutory reserves	11,083	22,440	3,209
Accumulated deficit	(1,840,285)	(1,486,011)	(212,497)
Additional paid-in capital	2,294,381	2,287,553	327,116
Accumulated other comprehensive income	136,164	121,570	17,384
Total Sunlands Technology Group shareholders’ equity	601,345	945,554	135,212
Non-controlling interest	(1,487)	(1,487)	(213)
TOTAL SHAREHOLDERS’ EQUITY	599,858	944,067	134,999
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,121,163	2,047,218	292,750

	For the Three Months Ended December 31,
	2024	2025
	RMB	RMB	US$
Net revenues	483,477	470,192	67,237
Cost of revenues	(81,687)	(62,133)	(8,885)
Gross profit	401,790	408,059	58,352

Operating expenses
Sales and marketing expenses	(314,847)	(254,935)	(36,455)
Product development expenses	(4,492)	(7,694)	(1,100)
General and administrative expenses	(31,956)	(40,231)	(5,753)
Total operating expenses	(351,295)	(302,860)	(43,308)
Income from operations	50,495	105,199	15,044
Interest income	11,149	5,040	721
Interest expense	(758)	(58)	(8)
Other income, net	7,058	7,941	1,136
Impairment loss on long-lived assets	-	(67,931)	(9,714)
Income before income tax expenses
and loss from equity method investments	67,944	50,191	7,179
Income tax expenses	(8,275)	(11,613)	(1,661)
Loss from equity method investments	(1,863)	(204)	(29)
Net income	57,806	38,374	5,489

Less: Net loss attributable to non-controlling interest	-	-	-
Net income attributable to Sunlands Technology Group	57,806	38,374	5,489
Net income per share attributable to ordinary shareholders of
Sunlands Technology Group:
Basic and diluted	8.55	5.72	0.82
Weighted average shares used in calculating net income
per ordinary share:
Basic and diluted	6,761,323	6,704,595	6,704,595

	For the Years Ended December 31,
	2024	2025
	RMB	RMB	US$
Net revenues	1,990,204	2,019,881	288,839
Cost of revenues	(317,570)	(264,424)	(37,812)
Gross profit	1,672,634	1,755,457	251,027

Operating expenses
Sales and marketing expenses	(1,216,912)	(1,137,631)	(162,679)
Product development expenses	(25,008)	(29,553)	(4,226)
General and administrative expenses	(132,809)	(143,796)	(20,563)
Total operating expenses	(1,374,729)	(1,310,980)	(187,468)
Income from operations	297,905	444,477	63,559
Interest income	38,824	23,643	3,381
Interest expense	(5,293)	(852)	(122)
Other income, net	26,296	30,121	4,307
Loss on disposal of subsidiaries	(838)	-	-
Impairment loss on long-lived assets	-	(67,931)	(9,714)
Income before income tax expenses
and loss from equity method investments	356,894	429,458	61,411
Income tax expenses	(1,300)	(59,297)	(8,479)
Loss from equity method investments	(13,512)	(4,530)	(648)
Net income	342,082	365,631	52,284

Less: Net loss attributable to non-controlling interest	-	-	-
Net income attributable to Sunlands Technology Group	342,082	365,631	52,284
Net income per share attributable to ordinary shareholders of
Sunlands Technology Group:
Basic and diluted	50.12	54.28	7.76
Weighted average shares used in calculating net income
per ordinary share:
Basic and diluted	6,824,824	6,736,373	6,736,373

	For the Three Months Ended December 31,
	2024	2025
	RMB	RMB
Net revenues	483,477	470,192
Less: other revenues	(81,373)	(67,887)
Add: tax and surcharges	21,694	16,961
Add: ending deferred revenue	916,510	585,294
Add: ending refund liability	112,342	64,393
Less: beginning deferred revenue	(920,593)	(695,459)
Less: beginning refund liability	(119,618)	(67,828)
Gross billings (non-GAAP)	412,439	305,666



Net income	57,806	38,374
Add: income tax expenses	8,275	11,613
Add: depreciation and amortization	7,319	7,170
Add: interest expense	758	58
Less: interest income	(11,149)	(5,040)
EBITDA (non-GAAP)	63,009	52,175
Add: Impairment loss on long-lived assets	-	67,931
Adjusted EBITDA (non-GAAP)	63,009	120,106

	For the Years Ended December 31,
	2024	2025
	RMB	RMB
Net revenues	1,990,204	2,019,881
Less: other revenues	(287,179)	(248,650)
Add: tax and surcharges	77,734	75,322
Add: ending deferred revenue	916,510	585,294
Add: deferred revenue in connection with disposal of subsidiaries	3,423	-
Add: ending refund liability	112,342	64,393
Less: beginning deferred revenue	(1,113,923)	(916,510)
Less: beginning refund liability	(143,744)	(112,342)
Gross billings (non-GAAP)	1,555,367	1,467,388



Net income	342,082	365,631
Add: income tax expenses	1,300	59,297
Add: depreciation and amortization	29,467	28,792
Add: interest expense	5,293	852
Less: interest income	(38,824)	(23,643)
EBITDA (non-GAAP)	339,318	430,929
Add: Impairment loss on long-lived assets	-	67,931
Adjusted EBITDA (non-GAAP)	339,318	498,860