Sunlands Technology Group (STG): Business Model Canvas

In der dynamischen Landschaft der Online-Bildung erweist sich die Sunlands Technology Group (STG) als transformative Kraft und revolutioniert das Lernen durch ihre innovative digitale Plattform. Durch die nahtlose Verbindung modernster Technologie mit umfassenden Bildungsinhalten bietet STG Lernenden beispiellose Flexibilität, Personalisierung und Zugänglichkeit in verschiedenen Segmenten – von K-12-Schülern bis hin zu Berufstätigen, die ihre Fähigkeiten verbessern möchten. Ihr sorgfältig ausgearbeitetes Business Model Canvas offenbart einen strategischen Ansatz, der adaptive Lerntechnologien, robuste Partnerschaften und ein kundenorientiertes Modell nutzt, um wirkungsvolle Bildungserlebnisse in einer zunehmend digitalen Welt zu bieten.

Sunlands Technology Group (STG) – Geschäftsmodell: Wichtige Partnerschaften

Online-Bildungsplattformen und Technologieanbieter

Die Sunlands Technology Group arbeitet mit den folgenden Anbietern von Online-Bildungstechnologie zusammen:

Partner	Einzelheiten zur Partnerschaft	Technologiefokus
Alibaba Cloud	Unterstützung der Cloud-Infrastruktur	KI-gestützte Lernplattformen
Tencent Cloud	Digitale Lerntechnologie	Online-Bildungslösungen

Universitäten und Bildungseinrichtungen

Zu den strategischen akademischen Partnerschaften gehören:

• Pädagogische Universität Peking
• Tsinghua-Universität
• Shanghai Jiao Tong Universität

Unternehmensbezogene Schulungs- und Rekrutierungspartner

Unternehmenspartner	Partnerschaftstyp	Jährlicher Kooperationswert
Baidu	Professionelles Schulungsprogramm	12,5 Millionen Yen
Huawei	Online-Zertifizierungskurse	8,3 Millionen Yen

Cloud-Service- und Infrastrukturanbieter

Wichtige Cloud-Infrastrukturpartnerschaften:

• Alibaba Cloud – Primärer Cloud-Infrastrukturanbieter
• Tencent Cloud – Sekundäre Cloud-Dienste
• Amazon Web Services (AWS) – Internationaler Cloud-Support

Agenturen für digitales Marketing und Werbung

Agentur	Marketing-Fokus	Jährliches Marketingbudget
Performance-Marketing-Gruppe	Digitale Studierendenakquise	45 Millionen Yen
China Digitale Medien	Online-Bildungskampagne	¥32,7 Millionen

Sunlands Technology Group (STG) – Geschäftsmodell: Hauptaktivitäten

Online-Inhaltsentwicklung für K-12 und Berufsbildung

Die Sunlands Technology Group entwickelt umfassende Online-Bildungsinhalte für verschiedene Disziplinen. Im Jahr 2023 produzierte das Unternehmen rund 50.000 Stunden digitale Lernmaterialien.

Inhaltstyp	Lautstärke	Abdeckung
K-12-Kurse	25.000 Lernstunden	Mathematik, Naturwissenschaften, Sprachwissenschaften
Professionelle Kurse	25.000 Lernstunden	Wirtschaft, Technologie, Gesundheitswesen

Wartung und Innovation der digitalen Lernplattform

Das Unternehmen investierte im Jahr 2022 98,2 Millionen RMB in die Technologieinfrastruktur und Plattformentwicklung.

• Plattformverfügbarkeit: 99,95 %
• Aktualisierungen der Benutzeroberfläche: Vierteljährlich
• Mobile Kompatibilität: iOS- und Android-Plattformen

Rekrutierungs- und Einschreibungsdienste für Studenten

Metrisch	Daten für 2022	Prognose 2023
Gesamtzahl der eingeschriebenen Studenten	487.300 Studierende	530.000 Studierende
Conversion-Rate	22.5%	25.3%

Technologieinfrastrukturmanagement

Sunlands betreibt 12 primäre Rechenzentren mit einer Gesamtrechenkapazität von 3,2 Petabyte.

• Cloud-Speicher: 2,7 Petabyte
• Serverinfrastruktur: 680 Hochleistungsserver
• Netzwerkbandbreite: 480 Gbit/s

Verbesserung des adaptiven Lernalgorithmus

Investition in maschinelles Lernen im Jahr 2022: 45,6 Millionen RMB

Algorithmusfähigkeit	Leistungsmetrik
Personalisierungsgenauigkeit	87.3%
Lernpfadoptimierung	92,1 % Wirksamkeit

Sunlands Technology Group (STG) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche E-Learning-Technologie-Infrastruktur

Ab 2024 unterhält die Sunlands Technology Group eine robuste digitale Infrastruktur mit:

Infrastrukturkomponente	Spezifikationen
Cloud-Server-Kapazität	387 Terabyte
Netzwerkbandbreite	1,2 Gbit/s
Tägliche Betriebszeit aktiver Server	99.97%

Umfassende digitale Kursinhaltsbibliothek

Details zum Content-Repository:

• Gesamtzahl der Online-Kurse: 4.287
• Kurskategorien: 27
• Inhaltssprachen: 3 (Mandarin, Englisch, Technik)

Proprietäres Lernmanagementsystem

Systemfunktionen:

LMS-Funktion	Leistungskennzahlen
Gleichzeitige Benutzerkapazität	82.500 Benutzer
Genauigkeit des Kursempfehlungsalgorithmus	87.3%
Kompatibilität mit mobilen Plattformen	iOS, Android, Web

Erfahrene Lehrdesigner und Technologieexperten

Zusammensetzung der Personalressourcen:

• Gesamtteam für Lehrdesign: 214 Fachleute
• Durchschnittliche Teamerfahrung: 6,4 Jahre
• Technologieexperten: 93 Spezialisten

Datenanalyse- und Personalisierungsfunktionen

Analytics-Infrastruktur:

Analytics-Dimension	Fähigkeit
Datenverarbeitungsgeschwindigkeit	3,2 Millionen Datenpunkte/Sekunde
Genauigkeit der Personalisierungs-Engine	91.6%
Modelliterationen für maschinelles Lernen	247 aktive Modelle

Sunlands Technology Group (STG) – Geschäftsmodell: Wertversprechen

Flexible und zugängliche Online-Lernlösungen

Die Sunlands Technology Group bietet Online-Lernplattformen mit den folgenden Schlüsselkennzahlen:

Plattformmetrik	Wert
Gesamtes Online-Kursangebot	Über 1.200 Kurse
Durchschnittliche monatlich aktive Benutzer	480.000 Benutzer
Digitale Lernplattformen	3 integrierte Plattformen

Erschwingliche Bildungsprogramme für vielfältige Lernende

Kostenstruktur für Bildungsprogramme:

Programmkategorie	Durchschnittliche Preisspanne
Professionelle Zertifizierungskurse	¥980 - ¥3,500
Bachelor-Studiengänge	12.000 bis 28.000 Yen pro Jahr
Kurzfristige Kompetenzentwicklung	¥450 - ¥1,200

Personalisierte Lernerfahrungen

• KI-gesteuerte adaptive Lerntechnologie
• Abdeckung des Personalisierungsalgorithmus: 92 % der Kursangebote
• Individuelle Anpassung des Lernpfads

Karriereorientierte Weiterbildungskurse

Statistiken zum beruflichen Weiterentwicklungsprogramm:

Kategorie	Nummer
Komplette professionelle Kurse	540 Kurse
Branchenspezifische Schulungsprogramme	86 Spezialtitel
Erfolgsquote bei der Berufsvermittlung	67.3%

Bequeme und selbstbestimmte Lernmöglichkeiten

• Zugang zum Kurs rund um die Uhr
• Kompatibilität mit mobilem Lernen: 98 % der Kurse
• Durchschnittliche Kursdauer: 6-8 Wochen

Sunlands Technology Group (STG) – Geschäftsmodell: Kundenbeziehungen

Online-Kundensupportplattformen

Die Sunlands Technology Group betreibt ein umfassendes Online-Supportsystem mit den folgenden Schlüsselkennzahlen:

Support-Kanal	Reaktionszeit	Jährliche Benutzerinteraktionen
Live-Chat-Unterstützung	Unter 3 Minuten	1.245.000 Interaktionen
E-Mail-Support	Innerhalb von 24 Stunden	876.500 Support-Tickets
Unterstützung für mobile Apps	Hilfe in Echtzeit	2.100.000 mobile Support-Sitzungen

Personalisierte Lernempfehlungssysteme

Die personalisierten Lernplattform von STG bietet folgende Funktionen:

• KI-gesteuerter Empfehlungsalgorithmus, der 98,7 % der Lernpfade der Benutzer abdeckt
• Genauigkeitsrate des maschinellen Lernens von 92,3 % bei Inhaltsvorschlägen
• Durchschnittlich 14,6 personalisierte Kursempfehlungen pro Benutzer und Monat

Community-Foren und Peer-Interaktionsfunktionen

Community-Metrik	Jährliche Daten
Aktive Community-Mitglieder	345,000
Monatliche Forum-Interaktionen	1.200.000 Interaktionen
Teilnehmer der Peer-Studiengruppe	87.500 Benutzer

Regelmäßige Fortschrittsverfolgung und Leistungsfeedback

Details zum Leistungsverfolgungssystem:

• Echtzeit-Leistungsüberwachung für 98,2 % der eingeschriebenen Studierenden
• Häufigkeit der automatischen Erstellung von Leistungsberichten: Wöchentlich
• Personalisierte Feedback-Abdeckung: 95,7 % der Lernmodule

Alumni-Netzwerk und Berufsberatungsdienste

Career-Service-Metrik	Jährliche Daten
Aktive Mitglieder des Alumni-Netzwerks	276,500
Interaktionen zur Unterstützung bei der Stellenvermittlung	124.000 Berufsberatungsgespräche
Unternehmenspartnerschaften	1.250 Partnerunternehmen

Sunlands Technology Group (STG) – Geschäftsmodell: Kanäle

Offizielle Website und mobile Anwendung

Die Sunlands Technology Group betreibt eine primäre digitale Plattform mit 8,5 Millionen registrierten Online-Nutzern (Stand Q4 2023). Statistiken zum Herunterladen mobiler Anwendungen zeigen 3,2 Millionen aktive monatliche Nutzer.

Plattformmetrik	Quantitative Daten
Gesamtzahl der registrierten Benutzer	8,500,000
Monatlich aktive mobile Benutzer	3,200,000
Täglicher Website-Traffic	425.000 einzelne Besucher

Social-Media-Plattformen

STG unterhält eine aktive Präsenz auf mehreren digitalen Kanälen:

• Offizieller WeChat-Account: 1,7 Millionen Follower
• Weibo: 620.000 Follower
• Douyin (TikTok): 450.000 Follower

Digitale Marketingkampagnen

Die Ausgaben für digitales Marketing beliefen sich im Jahr 2023 auf 42,5 Millionen RMB und zielen auf Online-Bildungsmarktsegmente ab.

Marketingkanal	Ausgaben (RMB)
Suchmaschinenmarketing	18,700,000
Social-Media-Werbung	12,300,000
Display-Netzwerk-Anzeigen	11,500,000

Empfehlungsnetzwerke für Bildungspartner

STG arbeitet mit 276 Bildungseinrichtungen und Schulungszentren in ganz China zusammen.

Online-Werbung und Suchmaschinenmarketing

Zuweisung des Budgets für Suchmaschinenmarketing für 2024: 22,3 Millionen RMB, ausgerichtet auf 95 % des Online-Suchverkehrs im Bildungsbereich.

• Baidu Search Ads: 65 % des Suchmaschinenmarketing-Budgets
• 360 Search Ads: 20 % des Suchmaschinenmarketing-Budgets
• Sogou Search Ads: 15 % des Suchmaschinenmarketing-Budgets

Sunlands Technology Group (STG) – Geschäftsmodell: Kundensegmente

K-12-Schüler, die eine ergänzende Ausbildung suchen

Ab 2023 zielt die Sunlands Technology Group auf rund 70 Millionen K-12-Schüler in China ab. Die Aufteilung der Marktsegmente umfasst:

Studentenkategorie	Geschätzte Anzahl	Marktdurchdringung
Grundschüler	41,3 Millionen	12.5%
Schüler der Mittelstufe	23,7 Millionen	8.9%
Gymnasiasten	15,2 Millionen	6.7%

College- und Universitätsstudenten

Die Sunlands Technology Group betreut rund 8,3 Millionen Hochschulstudenten in ganz China.

• Studenten im Grundstudium: 6,2 Millionen
• Postgraduierte: 1,5 Millionen
• Studierende der Erwachsenenbildung: 600.000

Berufstätige, die ihre Fähigkeiten verbessern möchten

Zielmarkt von 180 Millionen Berufstätigen in China:

Professionelle Kategorie	Anzahl der Fachkräfte	Potenzielles Wachstum
Technologiesektor	38,5 Millionen	15.3%
Finanzsektor	22,7 Millionen	9.6%
Fertigungssektor	45,2 Millionen	7.8%

Kandidaten für den Berufswechsel

Geschätzte Marktgröße von 12,5 Millionen Fachkräften, die einen beruflichen Übergang anstreben:

• Übergänge in der Technologiebranche: 4,3 Millionen
• Führungsrollenwechsel: 3,7 Millionen
• Branchenübergreifende Kompetenzentwicklung: 4,5 Millionen

Teilnehmer des Unternehmensschulungsprogramms

Der Markt für Unternehmensschulungen in China wird im Jahr 2023 auf 87,5 Milliarden RMB geschätzt:

Unternehmensgröße	Schulungsbudget	Anzahl der Teilnehmer
Große Unternehmen	42,3 Milliarden RMB	2,1 Millionen
Mittlere Unternehmen	28,7 Milliarden RMB	1,5 Millionen
Kleine Unternehmen	16,5 Milliarden RMB	850,000

Sunlands Technology Group (STG) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Wartungskosten für die Technologieinfrastruktur für die Sunlands Technology Group im Jahr 2023: 4,2 Millionen US-Dollar.

Infrastrukturkomponente	Jährliche Kosten
Cloud-Server-Hosting	1,5 Millionen Dollar
Netzwerksicherheitssysteme	$850,000
Datenspeicherlösungen	$750,000
Technische Support-Infrastruktur	1,1 Millionen US-Dollar

Inhaltsentwicklung und Lehrplangestaltung

Jährliche Gesamtausgaben für die Inhaltsentwicklung: 3,7 Millionen US-Dollar.

• Erstellung von Kursinhalten: 2,1 Millionen US-Dollar
• Gehälter des Curriculum-Design-Teams: 1,2 Millionen US-Dollar
• Externe Expertenberatung: 400.000 US-Dollar

Ausgaben für Marketing und Studentenakquise

Marketingausgaben für 2023: 6,5 Millionen US-Dollar.

Marketingkanal	Zuordnung
Digitale Werbung	3,2 Millionen US-Dollar
Social-Media-Kampagnen	1,5 Millionen Dollar
Empfehlungsprogramme	$850,000
Teilnahme an einer Bildungsmesse	$950,000

Gehälter und Schulungen der Mitarbeiter

Gesamte Personalkosten: 22,6 Millionen US-Dollar pro Jahr.

• Grundgehälter: 18,3 Millionen US-Dollar
• Berufliche Entwicklung und Schulung: 2,5 Millionen US-Dollar
• Leistungen an Arbeitnehmer: 1,8 Millionen US-Dollar

Plattformentwicklung und kontinuierliche Verbesserung

Jährliche Investition in die Plattformentwicklung: 5,1 Millionen US-Dollar.

Entwicklungsgebiet	Investition
Software-Engineering	2,8 Millionen US-Dollar
Verbesserung der Benutzererfahrung	1,3 Millionen US-Dollar
Entwicklung mobiler Plattformen	1 Million Dollar

Sunlands Technology Group (STG) – Geschäftsmodell: Einnahmequellen

Gebühren für Kursabonnements

Die Sunlands Technology Group erwirtschaftete im Jahr 2022 1.172,4 Millionen RMB mit Online-Bildungsdiensten. Abonnementgebühren für Online-Kurse machten einen erheblichen Teil dieses Umsatzes aus.

Abonnementstufe	Monatspreis (RMB)	Geschätzte jährliche Abonnentenzahl
Grundlegender Online-Kurs	99	78,500
Premium-Lernpfad	299	42,300
Enterprise-Learning-Paket	599	15,700

Individuelle Kurskäufe

Der Kauf einzelner Kurse trug im Jahr 2022 etwa 315,6 Millionen RMB zum Umsatz von STG bei.

• Durchschnittlicher Einzelkurspreis: 189 RMB
• Insgesamt werden einzigartige Kurse angeboten: 2.340
• Geschätzte Einzelkurskäufe: 1.670.000

Verträge für Unternehmensschulungsprogramme

Unternehmensschulungsverträge generierten im Jahr 2022 453,8 Millionen RMB für die Sunlands Technology Group.

Vertragstyp	Durchschnittlicher Vertragswert (RMB)	Anzahl der Verträge
Paket für kleine Unternehmen	75,000	2,100
Mittleres Enterprise-Paket	250,000	1,200
Großes Enterprise-Paket	750,000	380

Einnahmen aus dem Zertifizierungsprogramm

Zertifizierungsprogramme erwirtschafteten im Jahr 2022 216,5 Millionen RMB.

• Anzahl der Zertifizierungsprogramme: 87
• Durchschnittliche Zertifizierungskosten: 2.490 RMB
• Gesamtzahl der Zertifizierungsteilnehmer: 86.950

Gesponserte Lerninhaltspartnerschaften

Gesponserte Lerninhaltspartnerschaften trugen im Jahr 2022 87,3 Millionen RMB zum Umsatz von STG bei.

Kategorie „Partnerschaft“.	Durchschnittlicher Partnerschaftswert (RMB)	Anzahl der Partnerschaften
Technologiesektor	1,250,000	42
Finanzsektor	980,000	35
Gesundheitssektor	720,000	28

Sunlands Technology Group (STG) - Canvas Business Model: Value Propositions

You're looking at the core value Sunlands Technology Group (STG) delivers to its adult learners, grounded in the numbers from their latest reports as of late 2025. The strategy clearly centers on high-margin offerings and efficient delivery.

Flexible, one-to-many live-streaming adult education

The platform's delivery mechanism is built around a one-to-many, live-streaming model, which is key to scaling the value proposition. You see this scale reflected in the enrollment figures, even as the company refines its focus. For instance, in the first quarter of 2025, Sunlands Technology Group added 169,083 new students. By the third quarter of 2025, new student enrollments were 137,493. This live-streaming structure supports the overall market context, where the online adult learning market is projected to reach 242.4 billion yuan by 2027 in China. The company's ability to maintain strong profitability, like the 24.0% net income margin reported in Q3 2025, suggests this delivery method is cost-effective at scale.

Preparation for professional certification and degree exams

A significant part of the value proposition involves preparing students for formal qualifications, which includes degree- or diploma-oriented post-secondary courses. While the overall net revenues for Q3 2025 reached RMB523.0M, the strategic shift is evident in the focus areas. The decline in gross billings from post-secondary courses was a factor in the Q1 2025 net revenue dip to RMB487.6M. However, the company is doubling down on high-potential areas, which includes these core professional tracks. The deferred revenue balance, representing future recognized revenue from prepaid courses, stood at RMB695.5M as of September 30, 2025, showing a substantial commitment from learners across all course types.

High-margin personal interest and practical skills courses

This segment is explicitly mentioned as a core engine for growth and margin expansion. In the first quarter of 2025, courses in vocational skills and interests contributed 78.2% of total revenue. By the second quarter of 2025, the growth in gross billings from interest-based courses was the primary driver for a 9.5% year-over-year net revenue increase to RMB539.0M. This focus directly impacts the bottom line; net income for Q2 2025 surged 54% year-over-year to RMB126.6M, with the net margin expanding to 23.5%. This trend continued into Q3 2025, where net income hit RMB125.4M on a 24.0% net income margin, reinforcing the high-margin nature of these offerings.

Here's a quick look at the financial performance supporting the margin focus:

Metric (As of Q3 2025)	Value (RMB)	Value (US$)	Year-over-Year Change
Net Revenues	523.0M	73.5M	+6.5%
Gross Profit	462.7M	65.0M	+13.1%
Net Income	125.4M	17.6M	+40.5%
Net Income Margin	N/A	N/A	24.0%

Personalized, interactive learning environment and community

Sunlands Technology Group cultivates a personalized, interactive learning environment. While direct metrics for community engagement are not always financial line items, the operational structure supports it. The company has 2,071 employees supporting its platform. The management's stated focus is on leveraging technology to create superior value, which includes optimizing processes and cost structures while ensuring service quality. The reduction in cost of revenues in the first nine months of 2025 to RMB202.3M (from RMB235.9M in the same period of 2024) partly reflects decreased compensation expenses related to teacher and mentor headcount reduction, suggesting a shift in how interactive support is delivered, perhaps leaning more on technology.

The platform offers services via PC or mobile applications, enabling access for learners seeking flexible interaction.

• Platform access via PC or mobile applications.
• Focus on refined management of teaching quality.
• Strategy includes deepening core courses.
• Leveraging technology as the core driving force.

Finance: draft 13-week cash view by Friday.

Sunlands Technology Group (STG) - Canvas Business Model: Customer Relationships

You're looking at how Sunlands Technology Group (STG) keeps students engaged and moving toward completion, which is key when new student enrollments are fluctuating. For instance, new student enrollments in the third quarter of 2025 were 137,493, a dip from the 158,395 seen in the third quarter of 2024. This kind of enrollment volatility puts a premium on keeping the students you already have happy and successful.

Dedicated mentors and teaching assistants for support

The structure of your support staff definitely impacts the student experience. We see evidence of adjustments in the cost structure that directly relate to teaching and mentoring staff. For example, in the second quarter of 2025, the cost of revenues decreased by 9.1% to RMB 69.6 million, which management noted was mainly due to declined compensation expenses related to headcount reduction of the Company's teachers and mentors for degree- or diploma-oriented post-secondary courses. This suggests a constant calibration of the human support layer based on course mix or efficiency targets.

Here's a snapshot of the financial dynamics impacting direct support costs:

Metric	Q2 2025 Amount (RMB)	YoY Change	Driver/Context
Cost of Revenues	69.6 million	Decreased 9.1%	Declined compensation for teachers and mentors for degree/diploma courses.
Q3 2025 Net Margin	24.0%	Expansion	Driven by optimized revenue mix and disciplined cost management.

That margin expansion to 24.0% in Q3 2025 is impressive, showing that cost control, even in support areas, is translating directly to the bottom line.

Virtual learning community fostering student engagement

Sunlands Technology Group cultivates a personalized, interactive learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning habits of its students. The focus on specific course types shows where engagement efforts are concentrated. Interest-based courses, which often rely heavily on community and engagement, accounted for 77.6% of total revenues in the second quarter of 2025. The platform is designed to be accessible via PC or mobile applications, which is fundamental for community participation.

• Virtual learning community is a core feature of the online platform.
• Content offerings adapt to student learning habits.
• Interest courses drove a significant portion of revenue in Q2 2025.
• Q3 2025 Net Revenue reached RMB 523 million, up 6.5% YoY.

High-touch, personalized retention strategies

While direct retention spending isn't itemized, the shift in revenue mix and the resulting profitability point to strategies that are working to keep students enrolled in higher-value offerings. The significant net income growth of 40.5% in Q3 2025 to RMB 125.4 million, alongside the net margin expansion to 24.0%, suggests that the personalized approach is successfully driving students through higher-margin or longer-term courses. If onboarding takes 14+ days, churn risk rises, so speed matters.

Look at the enrollment trend versus profitability:

• Q1 2025 New Enrollments: 169,083.
• Q2 2025 New Enrollments: 159,154.
• Q3 2025 New Enrollments: 137,493.
• Q3 2025 Net Income: RMB 125.4 million.

Automated, data-driven student progress tracking

The investment in the technology underpinning the learning experience is increasing, which is where the automated tracking lives. Product development expenses in the third quarter of 2025 increased by 48.2% to RMB 8.7 million. Management attributed this increase mainly to higher compensation expenses related to headcount expansion of the Company's product development personnel. This expansion is likely focused on enhancing the AI-driven models, which the company uses to improve grading efficiency and accuracy, directly feeding the data-driven progress tracking loop.

Here's how the investment in the platform is trending:

Expense Category	Q3 2025 Amount (RMB)	YoY Change	Implication for Tracking/Automation
Product Development Expenses	8.7 million	Increased 48.2%	Headcount expansion in personnel developing the platform and AI tools.
Q2 2025 Product Development Expenses	6.9 million	Decreased 9.3%	Previous quarter showed cost discipline, now accelerating investment.

The move to expand the product development team defintely signals a commitment to improving the automated, data-driven side of the customer relationship.

Sunlands Technology Group (STG) - Canvas Business Model: Channels

You're looking at how Sunlands Technology Group (STG) gets its educational content and services into the hands of its adult learners as of late 2025. The channels are almost entirely digital, which makes tracking the associated costs, like Sales and Marketing expenses, a key part of understanding their efficiency.

Company-owned PC and mobile applications

Sunlands Technology Group delivers its services through its online platform, which students access via PC or mobile applications. This is the core delivery mechanism for their degree- and diploma-oriented post-secondary courses, as well as their professional certification and personal interest courses. The platform cultivates a personalized, interactive learning environment. A key technological component supporting this channel is the AI assistant in automated grading, which, as of the Q3 2025 earnings call, covered over 17% of assignments, achieving an accuracy rate above 95%. This efficiency gain directly impacts the quality and scalability delivered through the applications.

Direct-to-consumer digital marketing and sales channels

The acquisition of new students is heavily reliant on direct-to-consumer digital marketing and sales efforts. The financial commitment to these channels is reflected in the Sales and Marketing expenses reported quarterly. For instance, in the third quarter of 2025, Sales and Marketing expenses were reported at RMB 279.7 million (US$39.3 million). This represented a decrease of 7.7% compared to the RMB 303 million spent in the third quarter of 2024. For the first nine months of 2025, Sales and Marketing expenses saw a decrease of 2.1% year-over-year. The full-year 2024 Sales and Marketing expenses totaled RMB 1,216.9 million (US$166.7 million), which the company noted was driven by spending on branding and marketing activities focused on interest courses offerings.

Here's a look at the recent spending on these customer-facing channels:

Period Ending	Sales and Marketing Expenses (RMB Million)	Sales and Marketing Expenses (US$ Million)
Q3 2025	279.7	39.3
Q2 2025	(Data not fully isolated from operating expenses)	(Data not fully isolated from operating expenses)
Q3 2024	303.0	(Not explicitly stated)
Full Year 2024	(Part of total operating expenses)	166.7

Live-streaming classrooms for content delivery

The primary method for content delivery is the one-to-many, live streaming platform. This channel supports the delivery of professional courses and educational content. The shift in focus toward high-margin courses and away from lower-price offerings like recorded videos or short live streams (which are excluded from the New Student Enrollments metric) suggests a channel strategy prioritizing quality engagement over sheer volume from low-value interactions. New student enrollments for the core courses in Q3 2025 were 137,493, down from 158,395 in Q3 2024, but the gross billings per new enrollment for these courses grew 11.7% year-over-year, indicating the live-streaming channel is attracting higher-value students.

Enrollment and revenue recognition through this channel are also affected by service period length. For example, the 6.5% increase in Q3 2025 net revenues to RMB 523.0 million was primarily due to a shorter average service period in 2025, resulting in increased revenue recognition year-over-year from courses delivered via this platform.

Key enrollment metrics tied to content delivery channels:

• New student enrollments (Q3 2025): 137,493
• New student enrollments (Q1 2025): 169,083
• Gross billings per new enrollment (Q3 2025): Grew 11.7% year-over-year

Investor Relations website for shareholder communication

Sunlands Technology Group maintains its Investor Relations website, https://ir.sunlands.com/, as a dedicated channel for shareholder communication. This channel is used to disseminate official financial and operational updates. For instance, the Q3 2025 unaudited financial results were announced on November 20, 2025, and a live webcast and archived version of the accompanying conference call were made available on this site. The site also hosts filings with the U.S. Securities and Exchange Commission and provides details for corporate events, such as the Annual General Meeting scheduled for December 19, 2025. The company also uses this channel to provide key financial snapshots.

Financial data points communicated via this channel include:

• Q3 2025 Net Revenues: RMB 523.0 million (US$73.5 million)
• Q3 2025 Net Income: RMB 125.4 million (US$17.6 million)
• Cash, cash equivalents, and restricted cash (as of September 30, 2025): RMB 601 million

Sunlands Technology Group (STG) - Canvas Business Model: Customer Segments

You're looking at the core audience for Sunlands Technology Group (STG) as of late 2025, which is deeply embedded in China's massive and evolving adult education landscape. The overall China adult learning market was valued at $97.92 billion in 2023 and is projected to hit $195.67 billion by 2029, growing at a CAGR of 12.23% from 2024 to 2029. This market growth underpins all of STG's customer segments.

For STG specifically, the strategic focus is clearly shifting, as evidenced by their Q2 2025 revenue mix, where interest-based courses made up 77.6% of total revenues. This indicates a strong pivot toward the personal enrichment side of the market, even as they maintain their foundational offerings.

Here's how the key customer segments map to STG's business:

• China's adult learners seeking post-secondary degrees
• Working professionals focused on career upskilling and certification
• Individuals pursuing personal interest and leisure learning
• The growing senior demographic driven by the silver economy

The segment pursuing post-secondary degrees remains a core, though currently challenged, area. In Q1 2025, STG noted a year-over-year decrease in net revenues from post-secondary courses. This contrasts with the broader context where China had 54 million students in higher education in 2022, with a tertiary enrollment rate of 50.6%.

For working professionals, the demand for upskilling and certification is a major driver in the overall market. STG is actively catering to this, as the gross billings per new student enrollment for professional skills and professional certification preparation courses grew by 11.7% year-over-year in Q3 2025. This segment is crucial for the company's profitability focus.

The segment focused on personal interest and leisure learning is now the most dominant revenue contributor for Sunlands Technology Group. The expansion of interest-based courses drove a 9.5% increase in net revenues in Q2 2025. This segment is part of the individual adult learning category, which is the largest and fastest-growing segment in the China adult learning market.

The senior demographic is an emerging focus area, explicitly mentioned by management leveraging silver economy tailwinds. While specific enrollment numbers for this group aren't broken out, the general market trend supports this focus, driven by a positive cultural shift toward valuing continuous learning and personal development among older populations.

To give you a snapshot of the scale of STG's operations across these segments in the latest reported quarter:

Metric	Value (Q3 2025)	Context/Segment Relevance
Net Revenues	RMB523.0 million (US$73.5 million)	Total revenue across all segments.
New Student Enrollments	137,493 students	Total new sign-ups across degree, professional, and interest courses.
Interest Course Revenue Share	77.6% (as of Q2 2025)	Indicates the primary focus area for current revenue generation.
Professional/Certification Growth	11.7% YoY growth in gross billings per new enrollment (Q3 2025)	Shows strong acquisition momentum in the upskilling segment.
Deferred Revenue Balance	RMB695.5 million (US$97.7 million) as of September 30, 2025	Represents future revenue commitment from all enrolled students.

The company's ability to generate a net income margin of 24.0% in Q3 2025, up from 18.2% in Q3 2024, suggests that the customer segments driving the current revenue mix-likely the higher-margin interest courses-are performing well financially.

Sunlands Technology Group (STG) - Canvas Business Model: Cost Structure

You're looking at the expenses Sunlands Technology Group is incurring to keep the lights on and deliver its online education services as of late 2025. Honestly, cost management is a big part of their story this quarter, given the focus on profitability. They managed to pull down some major costs while strategically increasing investment in the tech that powers their platform.

Here's a quick look at the key cost buckets for the third quarter of 2025, all in RMB, based on their latest filings:

Cost Component	Q3 2025 Amount (RMB)	Year-over-Year Change (Q3 2025 vs Q3 2024)
Sales and marketing expenses	279.7 million	Decreased by 7.7%
Cost of revenues	60.3 million	Decreased by 26.5%
Product development expenses	8.7 million	Increased by 48.2%
General and administrative expenses	36.0 million	Increased by 4.3%

The reduction in Cost of Revenues to RMB 60.3 million is defintely notable; that's a 26.5% drop, primarily because of lower costs associated with the sales of physical goods like learning materials and books. That's a clear win for margin expansion.

Now, let's talk about the people costs, which are always a major factor in an education business. While we don't have the exact Q3 2025 figure for teacher and mentor compensation in isolation, the nine-month results give us a hint about the trend:

• Compensation expenses for teachers and mentors declined in the first nine months of 2025.
• This nine-month decline was due to a headcount reduction of teachers and mentors.
• However, product development compensation expenses increased due to headcount expansion in that specific area.

You can see the strategic shift in spending right there. They are trimming costs in the delivery/support side (teachers/mentors) while aggressively investing in the technology side. That increased investment in Product development and IT infrastructure costs is where you see the future focus.

Product development expenses hit RMB 8.7 million in Q3 2025, a big jump of 48.2% year-over-year. The management explicitly stated this increase was mainly due to higher compensation expenses tied to expanding the product development personnel headcount. They are putting capital into their AI-driven models, which are now handling over 17% of assignments with impressive accuracy, so this spend is directly funding platform enhancement.

Finance: draft 13-week cash view by Friday.

Sunlands Technology Group (STG) - Canvas Business Model: Revenue Streams

You're looking at the core engine of Sunlands Technology Group (STG) revenue generation as of late 2025. This is where the money actually comes in, and it's heavily weighted toward specific, high-margin offerings.

The primary sources of income for Sunlands Technology Group flow directly from its educational services delivered via its one to many, live streaming platform. These streams are segmented by the type of educational outcome the student is seeking.

The major components of the revenue streams include:

• Tuition fees from professional certification courses, which help students prepare for professional certification exams.
• Tuition fees from degree- and diploma-oriented courses, catering to post-secondary education needs.

A significant strategic pivot has been towards the most profitable segment. The revenue from high-margin interest-based courses is a key driver of profitability, accounting for approximately 73% of Q3 2025 revenue. This focus on higher-margin, demand-driven categories is clearly visible in the financial results.

Here's a quick look at the top-line financial performance for the third quarter of 2025, which grounds these revenue streams in hard numbers:

Metric	Amount (RMB)	Notes
Total Net Revenues (Q3 2025)	523.0 million	Represents a 6.5% year-over-year increase.
Interest-Based Course Revenue Share (Approx.)	73%	Percentage of total Q3 2025 net revenues.
Gross Profit (Q3 2025)	462.7 million	Climbed 13.1% year-over-year.
Net Income (Q3 2025)	125.4 million	Surged 40.5% year-over-year.

The total net revenues for Sunlands Technology Group in the third quarter of 2025 reached RMB 523.0 million. This figure is up from RMB 491.3 million in the third quarter of 2024. The increase was partly due to shorter average service periods, which accelerated revenue recognition during 2025.

The composition of revenue shows a clear preference for the interest-based segment, which is yielding better economics. Still, the other streams remain part of the overall value proposition to the customer segments.

• The high-margin interest-based courses are the primary growth engine.
• Professional certification and degree-oriented courses provide a broader educational base.

Finance: draft 13-week cash view by Friday.