Sunlands Technology Group, American Depositary Shares, American Depositary Shares, every two (2) ADSs representing one (1) - STG STOCK NEWS

Sunlands Technology Group (NYSE: STG), a leader in China's adult online education and personal interest learning markets, has announced its annual general meeting (AGM) for December 10, 2024. The AGM will be held both in-person in Beijing and virtually via telephone. No proposals or resolutions will be submitted for shareholder approval; instead, the AGM will serve as an open forum for shareholders and ADS holders to discuss company affairs with management.

The record date for determining shareholder eligibility to attend is set for November 8, 2024. Holders of the company's Class A, B, or C ordinary shares and ADS holders are welcome to attend. Shareholders can obtain the company's 2023 annual report on Form 20-F from Sunlands' website or by email request.

Sunlands offers online professional courses and educational content through a one-to-many live streaming platform, focusing on professional certification exam preparation, skill enhancement, and personal interest learning. The company utilizes a proprietary knowledge management system called Learning Outcome Trees for content organization.

Sunlands Technology Group (NYSE: STG) announced its unaudited financial results for Q2 2024, reporting net revenues of RMB492.2 million ($67.7 million), a 6.5% decrease YoY. Gross billings rose to RMB383.9 million ($52.8 million), a 8.4% increase YoY. Gross profit fell by 11% to RMB415.6 million ($57.2 million), while net income dropped by 52.7% to RMB82.3 million ($11.3 million).

New student enrollments increased to 168,296, compared to 154,209 in Q2 2023. Operating expenses grew by 9% to RMB338.9 million ($46.6 million), with sales and marketing expenses rising by 10.2% to RMB297.4 million ($40.9 million).

For the first six months of 2024, net revenues decreased by 7.1% to RMB1,015.5 million ($139.7 million), and net income fell by 44.9% to RMB195.0 million ($26.8 million). The company expects Q3 2024 net revenues to be between RMB490 million and RMB510 million.

Sunlands Technology Group (NYSE: STG), a leader in China's adult online education and personal interest learning markets, has announced it will report its second quarter 2024 unaudited financial results on Friday, August 16, 2024, before U.S. markets open. The company's management team will host a conference call at 7:00 a.m. ET (7:00 p.m. Beijing/Hong Kong time) on the same day to discuss the results. Participants are required to register online 30 minutes before the call to receive dial-in details. A live webcast and archive of the conference call will be available on Sunlands' Investor Relations website.

On May 31, 2024, Sunlands Technology Group (NYSE: STG), a prominent player in China's adult online education and personal interest learning markets, announced key changes to its board and audit committee. Mr. Yingda Song has been appointed as an independent director and audit committee member, succeeding Mr. Yifan Li, who resigned for personal reasons. Mr. Peng Ou, founder and chairman, expressed gratitude to Mr. Li for his contributions and welcomed Mr. Song's extensive experience and insights as the company continues to innovate in online education and personal interest learning.

Sunlands Technology Group (NYSE: STG) reported its unaudited financial results for Q1 2024. Net revenues declined 7.7% year-over-year to RMB523.2 million (US$72.5 million). Despite a decrease in gross profit by 10.6% to RMB446.1 million (US$61.8 million), the company managed to maintain profitability with a net income of RMB112.7 million (US$15.6 million) and a net income margin of 21.5%, down from 31.8% in Q1 2023.

Notably, new student enrollments increased by 22.8% to 175,758. Deferred revenue also saw a decline to RMB1,044.9 million (US$144.7 million). Operating expenses rose by 6.4% to RMB341.1 million (US$47.2 million).

As of March 31, 2024, Sunlands held RMB803.5 million (US$111.3 million) in cash and equivalents. The company's outlook for Q2 2024 expects net revenues between RMB480 million to RMB500 million, indicating a potential year-over-year decline of up to 8.8%.

Sunlands Technology Group, a leader in China's adult online education and personal interest learning market, will report its first quarter 2024 financial results on May 24, 2024. The earnings call is scheduled for 7:00 a.m. ET on the same day. Participants can join the call by registering online 30 minutes prior to the start time. A live webcast and archive of the call will be available on the Investor Relations section of Sunlands' website.