From GlobeNewswire:

Sunlands Technology Group reported unaudited financial results for the fourth quarter and full year ended December 31, 2023. In Q4 2023, net revenues were RMB541.7 million, gross billings were RMB415.5 million, gross profit was RMB468.0 million, and net income was RMB155.2 million. New student enrollments reached 164,654. For the full year 2023, net revenues were RMB2,159.6 million, gross billings were RMB1,504.6 million, gross profit was RMB1,894.1 million, and net income was RMB640.8 million with 616,341 new student enrollments. CEO Tongbo Liu expressed pride in the company’s financial standing and operational excellence, citing revenue growth and innovation to adapt to market dynamics as key factors contributing to success. CFO Hangyu Li highlighted a focus on operational efficiencies and cost optimization. In Q4 2023, net revenues decreased by 6.4%, cost of revenues decreased by 2.0%, and gross profit decreased by 7.0%. Operating expenses increased by 3.8%, with sales and marketing expenses rising by 12.2%. Net income for Q4 2023 was RMB155.2 million. As of December 31, 2023, the company had RMB766.4 million of cash and cash equivalents, and a deferred revenue balance of RMB1,113.9 million. The company’s board authorized a share repurchase program, with approximately 496,586 ADSs repurchased as of March 19, 2024.



Read more at GlobeNewswire:: Sunlands Technology Group Announces Unaudited Fourth