Sunlands Technology Group (STG): Business Model Canvas [Jan-2025 Mis à jour]

Dans le paysage dynamique de l'éducation en ligne, Sunlands Technology Group (STG) apparaît comme une force transformatrice, révolutionnant l'apprentissage à travers sa plate-forme numérique innovante. En mélangeant de manière transparente une technologie de pointe avec un contenu éducatif complet, STG offre aux apprenants une flexibilité, une personnalisation et une accessibilité sans précédent dans divers segments, des étudiants de la maternelle à la 12e année à des professionnels qui recherchent des compétences. Leur toile de modèle commercial méticuleusement conçu révèle une approche stratégique qui tire parti des technologies d'apprentissage adaptatives, des partenariats robustes et un modèle centré sur le client pour offrir des expériences éducatives à fort impact dans un monde de plus en plus numérique.

Sunlands Technology Group (STG) - Modèle commercial: partenariats clés

Plateformes d'éducation en ligne et fournisseurs de technologies

Sunlands Technology Group collabore avec les fournisseurs de technologies d'éducation en ligne suivants:

Partenaire	Détails du partenariat	Focus technologique
Nuage d'alibaba	Support d'infrastructure cloud	Plates-formes d'apprentissage alimentées par AI
Nuage de Tencent	Technologie d'apprentissage numérique	Solutions d'éducation en ligne

Universités et établissements d'enseignement

Les partenariats académiques stratégiques comprennent:

• Université normale de Pékin
• Université Tsinghua
• Université Shanghai Jiao Tong

Partners de formation et de recrutement d'entreprise

Partenaire	Type de partenariat	Valeur de collaboration annuelle
Baidu	Programme de formation professionnelle	12,5 millions de ¥
Huawei	Cours de certification en ligne	8,3 millions de ¥

Fournisseurs de services cloud et d'infrastructure

Partenariats clés de l'infrastructure cloud:

• Cloud Alibaba - Fournisseur d'infrastructures de cloud primaire
• Tencent Cloud - Services cloud secondaires
• Amazon Web Services (AWS) - Prise en charge du cloud international

Agences de marketing numérique et de publicité

Agence	Focus marketing	Budget marketing annuel
Groupe de marketing de performance	Acquisition d'étudiants numériques	45 millions de ¥
Médias numériques en Chine	Campagne d'éducation en ligne	32,7 millions de ¥

Sunlands Technology Group (STG) - Modèle d'entreprise: activités clés

K-12 en ligne et développement de contenu en éducation professionnelle

Sunlands Technology Group développe un contenu éducatif en ligne complet dans plusieurs disciplines. En 2023, la société a produit environ 50 000 heures de matériel d'apprentissage numérique.

Type de contenu	Volume	Couverture
Cours K-12	25 000 heures d'apprentissage	Mathématiques, sciences, arts du langage
Cours professionnels	25 000 heures d'apprentissage	Entreprise, technologie, soins de santé

Maintenance et innovation de la plate-forme d'apprentissage numérique

La société a investi 98,2 millions de RMB dans l'infrastructure technologique et le développement de plateformes en 2022.

• Temps de disponibilité de la plate-forme: 99,95%
• Mises à jour de l'interface utilisateur: trimestriel
• Compatibilité mobile: plates-formes iOS et Android

Services de recrutement et d'inscription aux étudiants

Métrique	2022 données	2023 projection
Inscription totale des étudiants	487 300 étudiants	530 000 étudiants
Taux de conversion	22.5%	25.3%

Gestion des infrastructures technologiques

Sunlands exploite 12 centres de données primaires avec une capacité informatique totale de 3,2 pétaoctets.

• Stockage en nuage: 2.7 Petaoctets
• Infrastructure du serveur: 680 serveurs de haute performance
• Bande passante du réseau: 480 Gbps

Amélioration de l'algorithme d'apprentissage adaptatif

Investissement d'apprentissage automatique en 2022: 45,6 millions de RMB

Capacité d'algorithme	Métrique de performance
Précision de la personnalisation	87.3%
Optimisation du chemin d'apprentissage	92,1% d'efficacité

Sunlands Technology Group (STG) - Modèle d'entreprise: Ressources clés

Infrastructure technologique en ligne avancée

En 2024, Sunlands Technology Group entretient une infrastructure numérique robuste avec:

Composant d'infrastructure	Caractéristiques
Capacité du serveur cloud	387 téraoctets
Bande passante du réseau	1,2 Gbps
Time de disponibilité du serveur actif quotidien	99.97%

Bibliothèque de contenu de cours numérique complète

Détails du référentiel de contenu:

• Total des cours en ligne: 4 287
• Catégories de cours: 27
• Langues de contenu: 3 (mandarin, anglais, technique)

Système de gestion de l'apprentissage propriétaire

Capacités du système:

Fonction LMS	Métriques de performance
Capacité utilisateur simultanée	82 500 utilisateurs
Précision de l'algorithme de recommandation de cours	87.3%
Compatibilité de la plate-forme mobile	iOS, Android, Web

Concepteurs pédagogiques qualifiés et experts en technologie

Composition des ressources humaines:

• Équipe totale de conception pédagogique: 214 professionnels
• Expérience moyenne de l'équipe: 6,4 ans
• Experts en technologie: 93 spécialistes

Capacités d'analyse des données et de personnalisation

Infrastructure analytique:

Dimension d'analyse	Capacité
Vitesse de traitement des données	3,2 millions de points de données / seconde
Précision du moteur de personnalisation	91.6%
Itérations du modèle d'apprentissage automatique	247 modèles actifs

Sunlands Technology Group (STG) - Modèle d'entreprise: propositions de valeur

Solutions d'apprentissage en ligne flexibles et accessibles

Sunlands Technology Group propose des plateformes d'apprentissage en ligne avec les mesures clés suivantes:

Métrique de la plate-forme	Valeur
Offres totales de cours en ligne	1 200+ cours
Utilisateurs actifs mensuels moyens	480 000 utilisateurs
Plateformes d'apprentissage numérique	3 plateformes intégrées

Programmes éducatifs abordables pour divers apprenants

Structure des coûts pour les programmes éducatifs:

Catégorie de programme	Fourchette de prix moyenne
Cours de certification professionnelle	¥980 - ¥3,500
Programmes d'études de premier cycle	12 000 ¥ - 28 000 ¥ par an
Développement de compétences à court terme	¥450 - ¥1,200

Expériences d'apprentissage personnalisées

• Technologie d'apprentissage adaptative dirigée par l'IA
• Couverture de l'algorithme de personnalisation: 92% des offres bien sûr
• Personnalisation du chemin d'apprentissage individuel

Cours de développement professionnel axé sur la carrière

Statistiques du programme de développement professionnel:

Catégorie	Nombre
Cours professionnels totaux	540 cours
Programmes de formation spécifiques à l'industrie	86 pistes spécialisées
Taux de réussite du placement de carrière	67.3%

Opportunités d'apprentissage pratique et auto-rythmée

• Accès 24/7
• Compatibilité d'apprentissage mobile: 98% des cours
• Temps d'achèvement moyen: 6-8 semaines

Sunlands Technology Group (STG) - Modèle d'entreprise: relations clients

Plateformes de support client en ligne

Sunlands Technology Group exploite un système de soutien en ligne complet avec les mesures clés suivantes:

Canal de support	Temps de réponse	Interactions utilisateur annuelles
Support de chat en direct	Moins de 3 minutes	1 245 000 interactions
Assistance par e-mail	Dans les 24 heures	876 500 billets de support
Prise en charge de l'application mobile	Assistance en temps réel	2 100 000 séances de support mobile

Systèmes de recommandation d'apprentissage personnalisés

Caractéristiques de la plate-forme d'apprentissage personnalisées de STG:

• Algorithme de recommandation basé sur l'IA couvrant 98,7% des chemins d'apprentissage des utilisateurs
• Taux de précision d'apprentissage automatique de 92,3% dans les suggestions de contenu
• Moyenne de 14,6 recommandations de cours personnalisées par utilisateur mensuel

Forums communautaires et fonctionnalités d'interaction par les pairs

Métrique communautaire	Données annuelles
Membres de la communauté active	345,000
Interactions mensuelles du forum	1 200 000 interactions
Participants du groupe d'étude par les pairs	87 500 utilisateurs

Suivi des progrès réguliers et rétroaction des performances

Détails du système de suivi des performances:

• Surveillance des performances en temps réel pour 98,2% des étudiants inscrits
• Fréquence de génération de rapports de performances automatisées: hebdomadaire
• Couverture de rétroaction personnalisée: 95,7% des modules d'apprentissage

Réseau des anciens et services d'orientation de carrière

Métrique du service de carrière	Données annuelles
Membres actifs du réseau des anciens élèves	276,500
Interactions d'aide au placement des emplois	124 000 séances d'orientation en carrière
Connexions de partenariat d'entreprise	1 250 entreprises en partenariat

Sunlands Technology Group (STG) - Modèle d'entreprise: canaux

Site Web officiel et application mobile

Sunlands Technology Group exploite une plate-forme numérique principale avec 8,5 millions d'utilisateurs en ligne enregistrés au quatrième trimestre 2023. Les statistiques de téléchargement des applications mobiles affichent 3,2 millions d'utilisateurs mensuels actifs.

Métrique de la plate-forme	Données quantitatives
Total des utilisateurs enregistrés	8,500,000
Utilisateurs mobiles actifs mensuels	3,200,000
Trafic quotidien du site Web	425 000 visiteurs uniques

Plateformes de médias sociaux

STG maintient une présence active sur plusieurs canaux numériques:

• Compte officiel de WeChat: 1,7 million de followers
• Weibo: 620 000 abonnés
• Douyin (Tiktok): 450 000 abonnés

Campagnes de marketing numérique

Les dépenses de marketing numérique en 2023 ont atteint 42,5 millions de RMB, ciblant les segments du marché de l'éducation en ligne.

Canal de marketing	Dépenses (RMB)
Marketing des moteurs de recherche	18,700,000
Publicité sur les réseaux sociaux	12,300,000
Afficher les annonces du réseau	11,500,000

Réseaux de référence du partenaire éducatif

STG collabore avec 276 établissements d'enseignement et centres de formation à travers la Chine.

Publicité en ligne et marketing de moteur de recherche

Attribution du budget marketing des moteurs de recherche pour 2024: RMB 22,3 millions, ciblant 95% du trafic de recherche en ligne.

• Baidu Search Ads: 65% du budget marketing de la recherche
• 360 annonces de recherche: 20% du budget marketing de recherche
• SOGOU RECHERCHE ANS: 15% du budget marketing de la recherche

Sunlands Technology Group (STG) - Modèle d'entreprise: segments de clientèle

Les étudiants de la maternelle à la 12e année recherchent une formation supplémentaire

En 2023, Sunlands Technology Group cible environ 70 millions d'étudiants K-12 en Chine. La répartition du segment du marché comprend:

Catégorie des étudiants	Nombre estimé	Pénétration du marché
Élèves du primaire	41,3 millions	12.5%
Collégiens	23,7 millions	8.9%
Lycéens	15,2 millions	6.7%

Étudiants universitaires et universitaires

Sunlands Technology Group dessert environ 8,3 millions d'étudiants d'enseignement supérieur à travers la Chine.

• Étudiants de premier cycle: 6,2 millions
• Étudiants de troisième cycle: 1,5 million
• Étudiants en éducation adulte: 600 000

Professionnels de travail à la recherche d'amélioration des compétences

Marché cible de 180 millions de professionnels en Chine:

Catégorie professionnelle	Nombre de professionnels	Croissance potentielle
Secteur technologique	38,5 millions	15.3%
Secteur financier	22,7 millions	9.6%
Secteur manufacturier	45,2 millions	7.8%

Candidats à la transition de carrière

Taille estimée du marché de 12,5 millions de professionnels à la recherche de transitions de carrière:

• Transitions de l'industrie technologique: 4,3 millions
• Transitions de rôle de gestion: 3,7 millions
• Développement des compétences inter-secteur: 4,5 millions

Participants du programme de formation d'entreprise

Marché de la formation des entreprises en Chine d'une valeur de 87,5 milliards de RMB en 2023:

Taille de l'entreprise	Budget de formation	Nombre de participants
Grandes entreprises	42,3 milliards de RMB	2,1 millions
Entreprises moyennes	28,7 milliards de RMB	1,5 million
Petites entreprises	16,5 milliards de RMB	850,000

Sunlands Technology Group (STG) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coûts de maintenance des infrastructures technologiques annuelles pour Sunlands Technology Group en 2023: 4,2 millions de dollars.

Composant d'infrastructure	Coût annuel
Hébergement de serveurs cloud	1,5 million de dollars
Systèmes de sécurité du réseau	$850,000
Solutions de stockage de données	$750,000
Infrastructure de support technique	1,1 million de dollars

Développement du contenu et conception de programmes

Dépenses annuelles totales pour le développement de contenu: 3,7 millions de dollars.

• Création de contenu du cours: 2,1 millions de dollars
• Salaires de l'équipe de conception du curriculum: 1,2 million de dollars
• Consultation d'experts externe: 400 000 $

Frais de marketing et d'acquisition des étudiants

Dépenses de marketing pour 2023: 6,5 millions de dollars.

Canal de marketing	Allocation
Publicité numérique	3,2 millions de dollars
Campagnes de médias sociaux	1,5 million de dollars
Programmes de référence	$850,000
Participation équitable	$950,000

Salaires et formation des employés

Total des dépenses liées au personnel: 22,6 millions de dollars par an.

• Salaires de base: 18,3 millions de dollars
• Développement professionnel et formation: 2,5 millions de dollars
• Avantages sociaux: 1,8 million de dollars

Développement de plate-forme et amélioration continue

Investissement annuel dans le développement de la plate-forme: 5,1 millions de dollars.

Zone de développement	Investissement
Génie logiciel	2,8 millions de dollars
Amélioration de l'expérience utilisateur	1,3 million de dollars
Développement de plate-forme mobile	1 million de dollars

Sunlands Technology Group (STG) - Modèle d'entreprise: Strots de revenus

Frais d'abonnement de cours

Sunlands Technology Group a généré 1 172,4 millions de RMB des services d'éducation en ligne en 2022. Les frais d'abonnement pour les cours en ligne représentaient une partie importante de ces revenus.

Niveau d'abonnement	Prix ​​mensuel (RMB)	Abonnés annuels estimés
Cours de base en ligne	99	78,500
Path d'apprentissage premium	299	42,300
Bundle d'apprentissage en entreprise	599	15,700

Achats de cours individuels

Les achats de cours individuels ont contribué environ 315,6 millions de RMB aux revenus de STG en 2022.

• Prix ​​moyen du cours individuel: 189 RMB
• Cours uniques totaux offerts: 2 340
• Achats de cours individuels estimés: 1 670 000

Contrats du programme de formation à l'entreprise

Les contrats de formation en entreprise ont généré 453,8 millions de RMB pour Sunlands Technology Group en 2022.

Type de contrat	Valeur du contrat moyen (RMB)	Nombre de contrats
Small Enterprise Package	75,000	2,100
Package d'entreprise moyenne	250,000	1,200
Package de grande entreprise	750,000	380

Revenus du programme de certification

Les programmes de certification ont généré 216,5 millions de RMB en 2022.

• Nombre de programmes de certification: 87
• Coût de certification moyen: 2 490 RMB
• Participants de certification totaux: 86,950

Partenariats de contenu d'apprentissage parrainé

Les partenariats de contenu d'apprentissage parrainé ont contribué 87,3 millions de RMB aux revenus de STG en 2022.

Catégorie de partenariat	Valeur du partenariat moyen (RMB)	Nombre de partenariats
Secteur technologique	1,250,000	42
Secteur financier	980,000	35
Secteur de la santé	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.