Sunlands Technology Group announced its unaudited financial results for the third quarter ended September 30, 2024, reporting net revenues of RMB491.3 million. This represents a 6.4% decrease from RMB524.6 million in the third quarter of 2023, primarily due to a decline in gross billings from post-secondary courses.
Despite the revenue dip, net income for the quarter reached RMB89.3 million, marking an 8.6% sequential increase from the previous quarter. The company maintained a strong cash flow, achieving its fifth consecutive quarter of positive cash flow from operating activities, which strengthens its ability to withstand uncertainty.
For the fourth quarter of 2024, Sunlands expects net revenues to be between RMB450 million and RMB470 million, indicating a projected year-over-year decrease of 13.2% to 16.9%. The company's strategic realignment towards high-return areas and optimization of its cost structure are intended to drive sustainable profitability growth.
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