Sunlands Technology Group (STG): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico de la educación en línea, Sunlands Technology Group (STG) surge como una fuerza transformadora, revolucionando el aprendizaje a través de su innovadora plataforma digital. Al combinar perfectamente la tecnología de vanguardia con contenido educativo integral, STG ofrece a los alumnos flexibilidad, personalización y accesibilidad sin precedentes en diversos segmentos, desde estudiantes K-12 hasta profesionales que trabajan en la mejora de habilidades. Su lienzo de modelo de negocio meticulosamente elaborado revela un enfoque estratégico que aprovecha las tecnologías de aprendizaje adaptativo, las asociaciones sólidas y un modelo centrado en el cliente para ofrecer experiencias educativas de alto impacto en un mundo cada vez más digital.

Sunlands Technology Group (STG) - Modelo de negocios: asociaciones clave

Plataformas de educación en línea y proveedores de tecnología

Sunlands Technology Group colabora con los siguientes proveedores de tecnología de educación en línea:

Pareja	Detalles de la asociación	Enfoque tecnológico
Nube de alibaba	Soporte de infraestructura en la nube	Plataformas de aprendizaje con IA
Nube de tencent	Tecnología de aprendizaje digital	Soluciones educativas en línea

Universidades e instituciones educativas

Las asociaciones académicas estratégicas incluyen:

• Universidad Normal de Beijing
• Universidad de Tsinghua
• Universidad de Shanghai Jiao Tong

Socios de capacitación y reclutamiento

Socio corporativo	Tipo de asociación	Valor de colaboración anual
Baidu	Programa de capacitación profesional	¥ 12.5 millones
Huawei	Cursos de certificación en línea	¥ 8.3 millones

Proveedores de servicios en la nube e infraestructura

Asociaciones clave de infraestructura en la nube:

• Alibaba Cloud - Proveedor de infraestructura de la nube primaria
• Tencent Cloud - Servicios secundarios en la nube
• Amazon Web Services (AWS) - Soporte internacional de la nube

Agencias de marketing digital y publicidad

Agencia	Enfoque de marketing	Presupuesto anual de marketing
Grupo de marketing de rendimiento	Adquisición de estudiantes digitales	¥ 45 millones
Medios digitales de China	Campaña educativa en línea	¥ 32.7 millones

Sunlands Technology Group (STG) - Modelo de negocio: actividades clave

Desarrollo de contenido de educación profesional en línea y educación profesional

Sunlands Technology Group desarrolla contenido educativo integral en línea en múltiples disciplinas. A partir de 2023, la compañía produjo aproximadamente 50,000 horas de materiales de aprendizaje digital.

Tipo de contenido	Volumen	Cobertura
Cursos K-12	25,000 horas de aprendizaje	Matemáticas, ciencias, artes del lenguaje
Cursos profesionales	25,000 horas de aprendizaje	Negocio, tecnología, atención médica

Mantenimiento e innovación de la plataforma de aprendizaje digital

La compañía invirtió 98.2 millones de RMB en infraestructura tecnológica y desarrollo de plataformas en 2022.

• Tiempo de actividad de la plataforma: 99.95%
• Actualizaciones de la interfaz de usuario: trimestralmente
• Compatibilidad móvil: plataformas de iOS y Android

Servicios de reclutamiento e inscripción de estudiantes

Métrico	Datos 2022	2023 proyección
Inscripción total de estudiantes	487,300 estudiantes	530,000 estudiantes
Tasa de conversión	22.5%	25.3%

Gestión de infraestructura tecnológica

Sunlands opera 12 centros de datos principales con una capacidad informática total de 3.2 petabytes.

• Almacenamiento en la nube: 2.7 petabytes
• Infraestructura del servidor: 680 servidores de alto rendimiento
• Ancho de banda de red: 480 Gbps

Mejora del algoritmo de aprendizaje adaptativo

Inversión de aprendizaje automático en 2022: 45.6 millones de RMB

Capacidad de algoritmo	Métrico de rendimiento
Precisión de personalización	87.3%
Optimización de la ruta de aprendizaje	92.1% de efectividad

Sunlands Technology Group (STG) - Modelo de negocio: recursos clave

Infraestructura de tecnología de aprendizaje electrónico avanzado

A partir de 2024, Sunlands Technology Group mantiene una infraestructura digital robusta con:

Componente de infraestructura	Presupuesto
Capacidad del servidor en la nube	387 terabytes
Ancho de banda de red	1.2 Gbps
Tiempo de actividad del servidor activo diario	99.97%

Biblioteca integral de contenido de curso digital

Detalles del repositorio de contenido:

• Total de cursos en línea: 4,287
• Categorías del curso: 27
• Idiomas de contenido: 3 (mandarín, inglés, técnico)

Sistema de gestión de aprendizaje patentado

Capacidades del sistema:

Característica LMS	Métricas de rendimiento
Capacidad de usuario concurrente	82,500 usuarios
Precisión del algoritmo de recomendación del curso	87.3%
Compatibilidad de la plataforma móvil	iOS, Android, Web

Diseñadores y expertos en tecnología de instrucción calificada

Composición de recursos humanos:

• Equipo de diseño de instrucción total: 214 profesionales
• Experiencia promedio del equipo: 6.4 años
• Expertos en tecnología: 93 especialistas

Capacidades de análisis de datos y personalización

Infraestructura de análisis:

Dimensión analítica	Capacidad
Velocidad de procesamiento de datos	3.2 millones de puntos de datos/segundo
Precisión del motor de personalización	91.6%
Iteraciones del modelo de aprendizaje automático	247 modelos activos

Sunlands Technology Group (STG) - Modelo de negocio: propuestas de valor

Soluciones de aprendizaje en línea flexibles y accesibles

Sunlands Technology Group ofrece plataformas de aprendizaje en línea con las siguientes métricas clave:

Métrica de plataforma	Valor
Ofertas totales de cursos en línea	1,200+ cursos
Usuarios activos mensuales promedio	480,000 usuarios
Plataformas de aprendizaje digital	3 plataformas integradas

Programas educativas asequibles para diversos estudiantes

Estructura de costos para programas educativos:

Categoría de programa	Rango de precios promedio
Cursos de certificación profesional	¥980 - ¥3,500
Programas de licenciatura	¥ 12,000 - ¥ 28,000 anualmente
Desarrollo de habilidades a corto plazo	¥450 - ¥1,200

Experiencias de aprendizaje personalizadas

• Tecnología de aprendizaje adaptativo impulsado por IA
• Cobertura del algoritmo de personalización: 92% por supuesto ofertas
• Personalización de la ruta de aprendizaje individual

Cursos de desarrollo profesional orientado a la carrera

Estadísticas del programa de desarrollo profesional:

Categoría	Número
Cursos profesionales totales	540 cursos
Programas de capacitación específicos de la industria	86 pistas especializadas
Tasa de éxito de la colocación profesional	67.3%

Oportunidades de aprendizaje convenientes y de ritmo

• Acceso de curso 24/7
• Compatibilidad de aprendizaje móvil: 98% de los cursos
• Tiempo promedio de finalización del curso: 6-8 semanas

Sunlands Technology Group (STG) - Modelo de negocios: relaciones con los clientes

Plataformas de atención al cliente en línea

Sunlands Technology Group opera un sistema integral de soporte en línea con las siguientes métricas clave:

Canal de soporte	Tiempo de respuesta	Interacciones anuales de usuario
Soporte de chat en vivo	Menos de 3 minutos	1,245,000 interacciones
Soporte por correo electrónico	Dentro de las 24 horas	876,500 boletos de soporte
Soporte de aplicaciones móviles	Asistencia en tiempo real	2,100,000 sesiones de soporte móvil

Sistemas de recomendación de aprendizaje personalizado

Características de la plataforma de aprendizaje personalizada de STG:

• Algoritmo de recomendación impulsado por IA que cubre el 98.7% de las rutas de aprendizaje de los usuarios
• Tasa de precisión del aprendizaje automático del 92.3% en sugerencias de contenido
• Promedio de 14.6 Recomendaciones de curso personalizadas por usuario mensualmente

Foros comunitarios y características de interacción entre pares

Métrica de la comunidad	Datos anuales
Miembros activos de la comunidad	345,000
Interacciones mensuales del foro	1,200,000 interacciones
Participantes del grupo de estudio de pares	87,500 usuarios

Rastreo de progreso regular y retroalimentación de rendimiento

Detalles del sistema de seguimiento de rendimiento:

• Monitoreo de rendimiento en tiempo real para el 98.2% de los estudiantes matriculados
• Frecuencia de generación de informes de rendimiento automatizado: semanal
• Cobertura de retroalimentación personalizada: 95.7% de los módulos de aprendizaje

Alumni Network y Servicios de orientación profesional

Métrico de servicio profesional	Datos anuales
Miembros de la red de ex alumnos activos	276,500
Interacciones de asistencia de colocación laboral	124,000 sesiones de orientación profesional
Conexiones de asociación corporativa	1.250 empresas asociadas

Sunlands Technology Group (STG) - Modelo de negocios: canales

Sitio web oficial y aplicación móvil

Sunlands Technology Group opera una plataforma digital primaria con 8.5 millones de usuarios en línea registrados a partir del cuarto trimestre de 2023. Las estadísticas de descarga de aplicaciones móviles muestran 3.2 millones de usuarios mensuales activos.

Métrica de plataforma	Datos cuantitativos
Total de usuarios registrados	8,500,000
Usuarios móviles activos mensuales	3,200,000
Sitio web Tráfico diario	425,000 visitantes únicos

Plataformas de redes sociales

STG mantiene la presencia activa en múltiples canales digitales:

• Cuenta oficial de WeChat: 1.7 millones de seguidores
• Weibo: 620,000 seguidores
• Douyin (Tiktok): 450,000 seguidores

Campañas de marketing digital

El gasto de marketing digital en 2023 alcanzó RMB 42.5 millones, dirigido a segmentos del mercado educativo en línea.

Canal de marketing	Gasto (RMB)
Marketing de motores de búsqueda	18,700,000
Publicidad en las redes sociales	12,300,000
Mostrar anuncios de red	11,500,000

Redes de referencia de socios educativos

STG colabora con 276 instituciones educativas y centros de capacitación en China.

Publicidad en línea y marketing de motores de búsqueda

Asignación de presupuesto de marketing de motores de búsqueda para 2024: RMB 22.3 millones, dirigido al 95% del tráfico de búsqueda de educación en línea.

• Anuncios de búsqueda de Baidu: 65% del presupuesto de marketing de búsqueda
• 360 anuncios de búsqueda: 20% del presupuesto de marketing de búsqueda
• Anuncios de búsqueda de Sogou: 15% del presupuesto de marketing de búsqueda

Sunlands Technology Group (STG) - Modelo de negocio: segmentos de clientes

Estudiantes K-12 que buscan educación complementaria

A partir de 2023, Sunlands Technology Group apunta a aproximadamente 70 millones de estudiantes K-12 en China. El desglose del segmento de mercado incluye:

Categoría de estudiante	Número estimado	Penetración del mercado
Estudiantes de primaria	41.3 millones	12.5%
Estudiantes de secundaria	23.7 millones	8.9%
Estudiantes de secundaria	15.2 millones	6.7%

Estudiantes universitarios y universitarios

Sunlands Technology Group atiende a aproximadamente 8.3 millones de estudiantes de educación superior en China.

• Estudiantes de pregrado: 6.2 millones
• Estudiantes de posgrado: 1.5 millones
• Estudiantes de educación para adultos: 600,000

Profesionales que trabajan en busca de mejoras de habilidades

Mercado objetivo de 180 millones de profesionales que trabajan en China:

Categoría profesional	Número de profesionales	Crecimiento potencial
Sector tecnológico	38.5 millones	15.3%
Sector financiero	22.7 millones	9.6%
Sector manufacturero	45.2 millones	7.8%

Candidatos de transición de carrera

Tamaño estimado del mercado de 12.5 millones de profesionales que buscan transiciones profesionales:

• Transiciones de la industria tecnológica: 4.3 millones
• Transiciones de rol de gestión: 3.7 millones
• Desarrollo de habilidades intersectoriales: 4.5 millones

Participantes del programa de capacitación corporativa

Mercado de capacitación corporativa en China valorado en 87.5 mil millones de RMB en 2023:

Tamaño de la empresa	Presupuesto de capacitación	Número de participantes
Grandes empresas	42.3 mil millones de RMB	2.1 millones
Empresas medianas	28.7 mil millones de RMB	1.5 millones
Pequeñas empresas	16.5 mil millones de RMB	850,000

Sunlands Technology Group (STG) - Modelo de negocio: Estructura de costos

Mantenimiento de la infraestructura tecnológica

Costos de mantenimiento de infraestructura de tecnología anual para Sunlands Technology Group en 2023: $ 4.2 millones.

Componente de infraestructura	Costo anual
Hosting de servidor en la nube	$ 1.5 millones
Sistemas de seguridad de red	$850,000
Soluciones de almacenamiento de datos	$750,000
Infraestructura de soporte técnico	$ 1.1 millones

Desarrollo de contenido y diseño curricular

Gastos anuales totales en el desarrollo del contenido: $ 3.7 millones.

• Creación de contenido del curso: $ 2.1 millones
• Salarios del equipo de diseño curricular: $ 1.2 millones
• Consulta de expertos externos: $ 400,000

Gastos de marketing y adquisición de estudiantes

Gastos de marketing para 2023: $ 6.5 millones.

Canal de marketing	Asignación
Publicidad digital	$ 3.2 millones
Campañas de redes sociales	$ 1.5 millones
Programas de referencia	$850,000
Participación de la Feria Educativa	$950,000

Salarios y capacitación de los empleados

Gastos totales relacionados con el personal: $ 22.6 millones anuales.

• Salarios base: $ 18.3 millones
• Desarrollo y capacitación profesional: $ 2.5 millones
• Beneficios para empleados: $ 1.8 millones

Desarrollo de la plataforma y mejora continua

Inversión anual en desarrollo de plataformas: $ 5.1 millones.

Área de desarrollo	Inversión
Ingeniería de software	$ 2.8 millones
Mejora de la experiencia del usuario	$ 1.3 millones
Desarrollo de plataforma móvil	$ 1 millón

Sunlands Technology Group (STG) - Modelo de negocio: flujos de ingresos

Tarifas de suscripción al curso

Sunlands Technology Group generó 1,172.4 millones de RMB a partir de servicios de educación en línea en 2022. Las tarifas de suscripción para cursos en línea representaron una parte significativa de este ingreso.

Nivel de suscripción	Precio mensual (RMB)	Suscriptores anuales estimados
Curso básico en línea	99	78,500
Ruta de aprendizaje premium	299	42,300
Paquete de aprendizaje empresarial	599	15,700

Compras de cursos individuales

Las compras de cursos individuales contribuyeron con aproximadamente 315,6 millones de RMB a los ingresos de STG en 2022.

• Precio promedio del curso individual: 189 RMB
• Total de cursos únicos ofrecidos: 2,340
• Compras de cursos individuales estimados: 1,670,000

Contratos del programa de capacitación empresarial

Los contratos de capacitación empresarial generaron 453.8 millones de RMB para Sunlands Technology Group en 2022.

Tipo de contrato	Valor de contrato promedio (RMB)	Número de contratos
Paquete de pequeñas empresas	75,000	2,100
Paquete de empresas medianas	250,000	1,200
Paquete de gran empresa	750,000	380

Ingresos del programa de certificación

Los programas de certificación generaron 216.5 millones de RMB en 2022.

• Número de programas de certificación: 87
• Costo de certificación promedio: 2,490 RMB
• Participantes de la certificación total: 86,950

Asociaciones de contenido de aprendizaje patrocinado

Las asociaciones de contenido de aprendizaje patrocinado contribuyeron con 87.3 millones de RMB a los ingresos de STG en 2022.

Categoría de asociación	Valor de asociación promedio (RMB)	Número de asociaciones
Sector tecnológico	1,250,000	42
Sector financiero	980,000	35
Sector de la salud	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.