Sunlands Technology Group (STG): Modelo de negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico da educação on -line, o Sunslands Technology Group (STG) surge como uma força transformadora, revolucionando o aprendizado por meio de sua inovadora plataforma digital. Ao misturar perfeitamente a tecnologia de ponta com conteúdo educacional abrangente, a STG oferece aos alunos flexibilidade, personalização e acessibilidade sem precedentes em diversos segmentos-dos alunos do ensino fundamental e médio a profissionais que procuram aprimoramento de habilidades. Sua tela de modelo de negócios meticulosamente criada revela uma abordagem estratégica que aproveita tecnologias de aprendizado adaptativo, parcerias robustas e um modelo centrado no cliente para oferecer experiências educacionais de alto impacto em um mundo cada vez mais digital.

Sunlands Technology Group (STG) - Modelo de negócios: Parcerias -chave

Plataformas de educação on -line e provedores de tecnologia

O Sunlands Technology Group colabora com os seguintes provedores de tecnologia educacional on -line:

Parceiro	Detalhes da parceria	Foco em tecnologia
Cloud Alibaba	Suporte à infraestrutura em nuvem	Plataformas de aprendizado movidas a IA
Tencent Cloud	Tecnologia de aprendizado digital	Soluções de educação online

Universidades e instituições educacionais

Parcerias acadêmicas estratégicas incluem:

• Universidade Normal de Pequim
• Universidade de Tsinghua
• Xangai Jiao Tong Universidade

Parceiros de treinamento corporativo e recrutamento

Parceiro corporativo	Tipo de parceria	Valor anual de colaboração
Baidu	Programa de Treinamento Profissional	¥ 12,5 milhões
Huawei	Cursos de certificação on -line	¥ 8,3 milhões

Serviços em nuvem e provedores de infraestrutura

Principais parcerias de infraestrutura em nuvem:

• Alibaba Cloud - Provedor de infraestrutura de nuvem primária
• Tencent Cloud - Serviços de nuvem secundária
• Amazon Web Services (AWS) - Suporte internacional em nuvem

Agências de marketing digital e publicidade

Agência	Foco de marketing	Orçamento anual de marketing
Grupo de Marketing de Desempenho	Aquisição de estudantes digital	¥ 45 milhões
Mídia digital da China	Campanha de educação on -line	¥ 32,7 milhões

Sunlands Technology Group (STG) - Modelo de negócios: Atividades -chave

Desenvolvimento de conteúdo de educação profissional on-line e educação profissional

O Sunlands Technology Group desenvolve conteúdo educacional on -line abrangente em várias disciplinas. A partir de 2023, a empresa produziu aproximadamente 50.000 horas de materiais de aprendizagem digital.

Tipo de conteúdo	Volume	Cobertura
Cursos de K-12	25.000 horas de aprendizado	Matemática, ciência, artes da linguagem
Cursos profissionais	25.000 horas de aprendizado	Negócios, Tecnologia, Saúde

Manutenção e inovação da plataforma de aprendizado digital

A empresa investiu 98,2 milhões de RMB em infraestrutura de tecnologia e desenvolvimento de plataformas em 2022.

• Tempo de atividade da plataforma: 99,95%
• Atualizações da interface do usuário: trimestralmente
• Compatibilidade móvel: plataformas iOS e Android

Serviços de recrutamento e matrícula de estudantes

Métrica	2022 dados	2023 Projeção
Total de matrícula de estudantes	487.300 alunos	530.000 estudantes
Taxa de conversão	22.5%	25.3%

Gerenciamento de infraestrutura de tecnologia

A Sunlands opera 12 data centers principais com uma capacidade de computação total de 3,2 petabytes.

• Armazenamento em nuvem: 2.7 Petabytes
• Infraestrutura do servidor: 680 servidores de alto desempenho
• Largura de banda de rede: 480 Gbps

Aprimoramento do algoritmo de aprendizado adaptativo

Investimento de aprendizado de máquina em 2022: 45,6 milhões de RMB

Capacidade de algoritmo	Métrica de desempenho
Precisão de personalização	87.3%
Otimização do caminho da aprendizagem	92,1% de eficácia

Sunlands Technology Group (STG) - Modelo de negócios: Recursos -chave

Infraestrutura de tecnologia avançada de e-learning

A partir de 2024, o Sunlands Technology Group mantém uma infraestrutura digital robusta com:

Componente de infraestrutura	Especificações
Capacidade do servidor em nuvem	387 Terabytes
Largura de banda de rede	1,2 Gbps
Time de atividade do servidor ativo diário	99.97%

Biblioteca de conteúdo do curso digital abrangente

Detalhes do repositório de conteúdo:

• Total de cursos online: 4.287
• Categorias do curso: 27
• Idiomas de conteúdo: 3 (mandarim, inglês, técnico)

Sistema de gerenciamento de aprendizagem proprietário

Recursos do sistema:

Recurso LMS	Métricas de desempenho
Capacidade simultânea do usuário	82.500 usuários
Precisão do algoritmo de recomendação do curso	87.3%
Compatibilidade da plataforma móvel	iOS, Android, web

Designers instrucionais qualificados e especialistas em tecnologia

Composição de recursos humanos:

• Equipe Total de Projeto Instrucional: 214 Profissionais
• Experiência média da equipe: 6,4 anos
• Especialistas em tecnologia: 93 especialistas

Recursos de análise de dados e personalização

Infraestrutura de análise:

Dimensão analítica	Capacidade
Velocidade de processamento de dados	3,2 milhões de pontos de dados/segundo
Precisão do motor de personalização	91.6%
Modelo de aprendizado de máquina iterações	247 modelos ativos

Sunlands Technology Group (STG) - Modelo de negócios: proposições de valor

Soluções de aprendizado on -line flexíveis e acessíveis

O Sunlands Technology Group oferece plataformas de aprendizado on -line com as seguintes métricas principais:

Métrica da plataforma	Valor
Ofertas totais de curso online	1.200+ cursos
Usuários ativos mensais médios	480.000 usuários
Plataformas de aprendizado digital	3 plataformas integradas

Programas educacionais acessíveis para diversos alunos

Estrutura de custos para programas educacionais:

Categoria de programa	Faixa de preço médio
Cursos de certificação profissional	¥980 - ¥3,500
Programas de graduação em graduação	¥ 12.000 - ¥ 28.000 anualmente
Desenvolvimento de habilidades de curto prazo	¥450 - ¥1,200

Experiências de aprendizado personalizadas

• Tecnologia de aprendizado adaptável orientado pela IA
• Cobertura do algoritmo de personalização: 92% das ofertas do curso
• Personalização do Caminho de Aprendizagem Individual

Cursos de desenvolvimento profissional orientados a carreira

Estatísticas do Programa de Desenvolvimento Profissional:

Categoria	Número
Total de cursos profissionais	540 cursos
Programas de treinamento específicos para o setor	86 faixas especializadas
Taxa de sucesso da colocação de carreira	67.3%

Oportunidades de aprendizado convenientes e auto-ritradas

• Acesso ao curso 24 horas por dia, 7 dias por semana
• Compatibilidade de aprendizado móvel: 98% dos cursos
• Tempo médio de conclusão do curso: 6-8 semanas

Sunlands Technology Group (STG) - Modelo de Negócios: Relacionamentos ao Cliente

Plataformas de suporte ao cliente online

O Sunlands Technology Group opera um sistema de suporte on -line abrangente com as seguintes métricas principais:

Canal de suporte	Tempo de resposta	Interações anuais do usuário
Suporte ao bate -papo ao vivo	Abaixo de 3 minutos	1.245.000 interações
Suporte por e -mail	Dentro de 24 horas	876.500 ingressos de suporte
Suporte ao aplicativo móvel	Assistência em tempo real	2.100.000 sessões de suporte móvel

Sistemas de recomendação de aprendizado personalizado

Recursos de plataforma de aprendizado personalizados da STG:

• Algoritmo de recomendação orientado a IA, cobrindo 98,7% dos caminhos de aprendizado de usuário
• Taxa de precisão do aprendizado de máquina de 92,3% em sugestões de conteúdo
• Média de 14,6 recomendações de curso personalizadas por usuário mensalmente

Fóruns comunitários e recursos de interação entre pares

Métrica comunitária	Dados anuais
Membros ativos da comunidade	345,000
Interações mensais do fórum	1.200.000 interações
Participantes do Grupo de Estudos de Pares	87.500 usuários

Rastreamento regular de progresso e feedback de desempenho

Detalhes do sistema de rastreamento de desempenho:

• Monitoramento de desempenho em tempo real para 98,2% dos alunos matriculados
• Relatório de desempenho automatizado Frequência: semanalmente
• Cobertura de feedback personalizado: 95,7% dos módulos de aprendizagem

Rede de ex -alunos e serviços de orientação profissional

Métrica de Serviço de Carreira	Dados anuais
Membros ativos da rede de ex -alunos	276,500
Interações de assistência à colocação de empregos	124.000 sessões de orientação profissional
Conexões de parceria corporativa	1.250 empresas parceiras

Sunlands Technology Group (STG) - Modelo de Negócios: Canais

Site oficial e aplicativo móvel

O Sunlands Technology Group opera uma plataforma digital primária com 8,5 milhões de usuários on -line registrados a partir do quarto trimestre 2023. Estatísticas de download de aplicativos móveis mostram 3,2 milhões de usuários mensais ativos.

Métrica da plataforma	Dados quantitativos
Total de usuários registrados	8,500,000
Usuários de celular ativos mensais	3,200,000
Tráfego diário do site	425.000 visitantes únicos

Plataformas de mídia social

O STG mantém presença ativa em vários canais digitais:

• Conta oficial do WeChat: 1,7 milhão de seguidores
• Weibo: 620.000 seguidores
• Douyin (Tiktok): 450.000 seguidores

Campanhas de marketing digital

As despesas de marketing digital em 2023 atingiram RMB 42,5 milhões, visando segmentos de mercado de educação on -line.

Canal de marketing	Gastos (RMB)
Marketing de mecanismo de pesquisa	18,700,000
Publicidade nas mídias sociais	12,300,000
Exibir anúncios de rede	11,500,000

Redes de referência de parceiros educacionais

A STG colabora com 276 instituições educacionais e centros de treinamento em toda a China.

Publicidade on -line e marketing de mecanismo de pesquisa

Alocação de orçamento de marketing de mecanismo de pesquisa para 2024: RMB 22,3 milhões, visando 95% do tráfego de pesquisa de educação on -line.

• Anúncios de pesquisa do Baidu: 65% do orçamento de marketing de pesquisa
• 360 Anúncios de pesquisa: 20% do orçamento de marketing de pesquisa
• ADS SOGOU PESQUISA: 15% do orçamento de marketing de pesquisa

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

Estudantes de ensino fundamental

A partir de 2023, o Sunlands Technology Group tem como alvo aproximadamente 70 milhões de estudantes do ensino fundamental e médio na China. A quebra do segmento de mercado inclui:

Categoria de aluno	Número estimado	Penetração de mercado
Alunos do ensino fundamental	41,3 milhões	12.5%
Alunos do ensino médio	23,7 milhões	8.9%
Alunos do ensino médio	15,2 milhões	6.7%

Estudantes universitários e universitários

O Sunlands Technology Group atende a aproximadamente 8,3 milhões de estudantes de ensino superior em toda a China.

• Estudantes de graduação: 6,2 milhões
• Estudantes de pós -graduação: 1,5 milhão
• Estudantes de educação de adultos: 600.000

Profissionais que procuram aprimoramento de habilidades

Mercado -alvo de 180 milhões de profissionais que trabalham na China:

Categoria profissional	Número de profissionais	Crescimento potencial
Setor de tecnologia	38,5 milhões	15.3%
Setor financeiro	22,7 milhões	9.6%
Setor de manufatura	45,2 milhões	7.8%

Candidatos a transição de carreira

Tamanho estimado do mercado de 12,5 milhões de profissionais que buscam transições de carreira:

• Transições da indústria de tecnologia: 4,3 milhões
• Transições de função de gerenciamento: 3,7 milhões
• Desenvolvimento de Habilidade Transsetorial: 4,5 milhões

Participantes do Programa de Treinamento Corporativo

Mercado de treinamento corporativo na China, avaliado em 87,5 bilhões de RMB em 2023:

Tamanho da empresa	Orçamento de treinamento	Número de participantes
Grandes empresas	42,3 bilhões de RMB	2,1 milhões
Médias empresas	28,7 bilhões de RMB	1,5 milhão
Pequenas empresas	16,5 bilhões de RMB	850,000

Sunlands Technology Group (STG) - Modelo de negócios: estrutura de custos

Manutenção de infraestrutura de tecnologia

Custos anuais de manutenção de infraestrutura de tecnologia para o Sunlands Technology Group em 2023: US $ 4,2 milhões.

Componente de infraestrutura	Custo anual
Hosting de servidor em nuvem	US $ 1,5 milhão
Sistemas de segurança de rede	$850,000
Soluções de armazenamento de dados	$750,000
Infraestrutura de suporte técnico	US $ 1,1 milhão

Desenvolvimento de conteúdo e design de currículo

Despesas anuais totais no desenvolvimento de conteúdo: US $ 3,7 milhões.

• Criação de conteúdo do curso: US $ 2,1 milhões
• Salários da equipe de design de currículo: US $ 1,2 milhão
• Consulta de especialista externo: US $ 400.000

Despesas de marketing e aquisição de estudantes

Despesas de marketing para 2023: US $ 6,5 milhões.

Canal de marketing	Alocação
Publicidade digital	US $ 3,2 milhões
Campanhas de mídia social	US $ 1,5 milhão
Programas de referência	$850,000
Participação da feira educacional	$950,000

Salários e treinamento de funcionários

Total de despesas relacionadas ao pessoal: US $ 22,6 milhões anualmente.

• Salários base: US $ 18,3 milhões
• Desenvolvimento e treinamento profissional: US $ 2,5 milhões
• Benefícios dos funcionários: US $ 1,8 milhão

Desenvolvimento de plataforma e melhoria contínua

Investimento anual em desenvolvimento de plataformas: US $ 5,1 milhões.

Área de desenvolvimento	Investimento
Engenharia de software	US $ 2,8 milhões
Melhoramento da experiência do usuário	US $ 1,3 milhão
Desenvolvimento da plataforma móvel	US $ 1 milhão

Sunlands Technology Group (STG) - Modelo de negócios: fluxos de receita

Taxas de assinatura do curso

O Sunlands Technology Group gerou 1.172,4 milhões de RMB a partir de serviços de educação on -line em 2022. As taxas de assinatura para cursos on -line representaram uma parcela significativa dessa receita.

Camada de assinatura	Preço mensal (RMB)	Assinantes anuais estimados
Curso online básico	99	78,500
Caminho de aprendizado premium	299	42,300
Pacote de aprendizado corporativo	599	15,700

Compras individuais do curso

As compras individuais contribuíram com aproximadamente 315,6 milhões de RMB para a receita da STG em 2022.

• Preço médio do curso individual: 189 RMB
• Total de cursos únicos oferecidos: 2.340
• Compras estimadas de curso individual: 1.670.000

Contratos do Programa de Treinamento da Empresa

Os contratos de treinamento corporativo geraram 453,8 milhões de RMB para o Sunlands Technology Group em 2022.

Tipo de contrato	Valor médio do contrato (RMB)	Número de contratos
Pacote de pequenas empresas	75,000	2,100
Pacote de médio Enterprise	250,000	1,200
Pacote de grande empresa	750,000	380

Receita do programa de certificação

Os programas de certificação geraram 216,5 milhões de RMB em 2022.

• Número de programas de certificação: 87
• Custo médio de certificação: 2.490 RMB
• Total de Certificação Participantes: 86.950

Parcerias de conteúdo de aprendizado patrocinado

As parcerias de conteúdo de aprendizado patrocinadas contribuíram com 87,3 milhões de RMB para a receita da STG em 2022.

Categoria de parceria	Valor médio de parceria (RMB)	Número de parcerias
Setor de tecnologia	1,250,000	42
Setor financeiro	980,000	35
Setor de saúde	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.