Sunlands Technology Group 6-K, filed Aug 16, 2024

Sunlands Technology Group (STG)

6-K 2024-08-16 For: 2024-08-16

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Added on April 10, 2026

About this 6-K

Sunlands Technology Group filed this 6-K on August 16, 2024.

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Exhibit No.		Description

99.1		Press Release

		Sunlands Technology Group


Date:	August 16, 2024	By:	/s/ Tongbo Liu
			Name:	Tongbo Liu
			Title:	Chief Executive Officer

	As of December 31,	As of June 30,
	2023	2024	2024
	RMB	RMB	US$
ASSETS
Current assets
Cash and cash equivalents	763,800	753,559	103,693
Restricted cash	2,578	5,013	690
Short-term investments	142,084	243,858	33,556
Prepaid expenses and other current assets	109,018	120,156	16,534
Deferred costs, current	14,274	6,708	923
Total current assets	1,031,754	1,129,294	155,396

Non-current assets
Property and equipment, net	786,670	772,389	106,284
Intangible assets, net	975	1,011	139
Right-of-use assets	135,820	128,418	17,671
Deferred costs, non-current	68,773	59,582	8,199
Long-term investments	61,354	49,179	6,767
Deferred tax assets	-	14,713	2,025
Other non-current assets	33,160	34,190	4,705
Total non-current assets	1,086,752	1,059,482	145,790
TOTAL ASSETS	2,118,506	2,188,776	301,186

	As of December 31,	As of June 30,
	2023	2024	2024
	RMB	RMB	US$
LIABILITIES AND SHAREHOLDERS’ EQUITY

LIABILITIES
Current liabilities
Accrued expenses and other current liabilities	409,691	424,117	58,362
Deferred revenue, current	553,812	426,030	58,624
Lease liabilities, current portion	8,019	8,673	1,193
Long-term debt, current portion	38,654	38,654	5,319
Total current liabilities	1,010,176	897,474	123,498

Non-current liabilities
Deferred revenue, non-current	560,111	560,908	77,184
Lease liabilities, non-current portion	157,269	152,944	21,046
Deferred tax liabilities	3,742	2,841	391
Other non-current liabilities	6,994	7,256	998
Long-term debt	104,665	85,338	11,743
Total non-current liabilities	832,781	809,287	111,362
TOTAL LIABILITIES	1,842,957	1,706,761	234,860

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, 2023
and June 30, 2024, respectively; 2,702,523 and 2,687,391 shares
outstanding as of December 31, 2023 and June 30, 2024, 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, 2023 and June 30, 2024, 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, 2023 and June 30, 2024, respectively)	1	1	-
Treasury stock	-	-	-
Accumulated deficit	(2,171,284)	(1,976,297)	(271,948)
Additional paid-in capital	2,305,042	2,303,270	316,940
Accumulated other comprehensive income	143,276	156,527	21,539
Total Sunlands Technology Group shareholders’ equity	277,036	483,502	66,531
Non-controlling interest	(1,487)	(1,487)	(205)
TOTAL SHAREHOLDERS’ EQUITY	275,549	482,015	66,326
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY	2,118,506	2,188,776	301,186

	For the Three Months Ended June 30,
	2023	2024	2024
	RMB	RMB	US$
Net revenues	526,353	492,223	67,732
Cost of revenues	(59,491)	(76,627)	(10,544)
Gross profit	466,862	415,596	57,188

Operating expenses
Sales and marketing expenses	(269,969)	(297,443)	(40,930)
Product development expenses	(7,992)	(7,657)	(1,054)
General and administrative expenses	(33,085)	(33,829)	(4,655)
Total operating expenses	(311,046)	(338,929)	(46,639)
Income from operations	155,816	76,667	10,549
Interest income	7,561	10,576	1,455
Interest expense	(2,046)	(1,516)	(209)
Other income, net	8,171	3,015	415
Gain/(loss) on disposal of subsidiaries	247	(250)	(34)
Income before income tax benefit
and gain/(loss) from equity method investments	169,749	88,492	12,176
Income tax benefit	1,404	78	11
Gain/(loss) from equity method investments	2,730	(6,318)	(869)
Net income	173,883	82,252	11,318

Less: net income attributable to non-controlling interest	-	-	-
Net income attributable to Sunlands Technology Group	173,883	82,252	11,318
Net income per share attributable to ordinary shareholders of
Sunlands Technology Group:
Basic and diluted	25.12	12.00	1.65
Weighted average shares used in calculating net income
per ordinary share:
Basic and diluted	6,921,304	6,852,828	6,852,828

	For the Six Months Ended June 30,
	2023	2024	2024
	RMB	RMB	US$
Net revenues	1,093,229	1,015,463	139,732
Cost of revenues	(127,646)	(153,790)	(21,162)
Gross profit	965,583	861,673	118,570

Operating expenses
Sales and marketing expenses	(541,383)	(599,018)	(82,428)
Product development expenses	(17,672)	(14,667)	(2,018)
General and administrative expenses	(72,725)	(66,381)	(9,134)
Total operating expenses	(631,780)	(680,066)	(93,580)
Income from operations	333,803	181,607	24,990
Interest income	14,122	19,865	2,734
Interest expense	(4,170)	(3,120)	(429)
Other income, net	16,969	8,795	1,210
Gain/(loss) on disposal of subsidiaries	247	(250)	(34)
Income before income tax (expenses)/benefit
and loss from equity method investments	360,971	206,897	28,471
Income tax (expenses)/benefit	(6,327)	469	65
Loss from equity method investments	(654)	(12,379)	(1,703)
Net income	353,990	194,987	26,833

Less: net income attributable to non-controlling interest	1	-	-
Net income attributable to Sunlands Technology Group	353,989	194,987	26,833
Net income per share attributable to ordinary shareholders of
Sunlands Technology Group:
Basic and diluted	51.13	28.44	3.91
Weighted average shares used in calculating net income
per ordinary share:
Basic and diluted	6,923,858	6,854,922	6,854,922

	For the Three Months Ended June 30,
	2023	2024
	RMB	RMB
Net revenues	526,353	492,223
Less: other revenues	(42,377)	(62,094)
Add: tax and surcharges	9,779	15,740
Add: ending deferred revenue	1,379,073	986,938
Add: ending refund liability	107,319	126,797
Less: beginning deferred revenue	(1,513,896)	(1,044,866)
Less: beginning refund liability	(112,188)	(130,840)
Gross billings (non-GAAP)	354,063	383,898

Net income	173,883	82,252
Add: income tax benefit	(1,404)	(78)
Add: depreciation and amortization	7,677	7,362
Add: interest expense	2,046	1,516
Less: interest income	(7,561)	(10,576)
EBITDA (non-GAAP)	174,641	80,476

	For the Six Months Ended June 30,
	2023	2024
	RMB	RMB
Net revenues	1,093,229	1,015,463
Less: other revenues	(84,224)	(120,968)
Add: tax and surcharges	27,774	32,109
Add: ending deferred revenue	1,379,073	986,938
Add: ending refund liability	107,319	126,797
Less: beginning deferred revenue	(1,690,946)	(1,113,923)
Less: beginning refund liability	(133,066)	(143,744)
Gross billings (non-GAAP)	699,159	782,672

Net income	353,990	194,987
Add: income tax expenses/(benefit)	6,327	(469)
Add: depreciation and amortization	15,267	14,793
Add: interest expense	4,170	3,120
Less: interest income	(14,122)	(19,865)
EBITDA (non-GAAP)	365,632	192,566