Q3 2025 Sunlands Technology Group Earnings Call

November 20, 2025

I mean listen only mode.

Operator: I will now turn the call over to your host today, Yuhua, Sunlands IR Representative. Please go ahead.

Operator: At this time, all participants are in listen-only mode. Today's conference call is being recorded. I will now turn the call over to your host today, Yuhua, Sunlands IR representative. Please go ahead.

Today's conference call is being recorded.

I will now turn the call over to your host today you are suddenly IR representative. Please go ahead.

Hello, everyone and thank you for joining some uncertain quarter 'twenty 'twenty 25 earnings conference call the.

Yuhua Ye: Hello, everyone. Thank you for joining Sunlands Q3 2025 earnings conference call. The company's financial and operating results were issued in our press release via newswire services earlier today and are posted online. You could download the earnings press release and sign up for our distribution list by visiting our IR website. Participants on today's call will be our CEO, Mr. Tongbo Liu, and our financial representative, Mr. Hangyu Li. Management will begin with prepared remarks, and the call will conclude with a Q&A session. Before I hand it over to the management, I'd like to remind you of Sunlands safe harbor statement in relation to today's call. Except for the historical information contained herein, certain of the matters discussed in this conference call are forward-looking statements. These statements are based on current trends, estimates, and projections, and therefore you should not place undue reliance on them.

Yuhua Ye: Hello, everyone, and thank you for joining Sunlands' Q4 2025 earnings conference call. The company's financial and operating results were issued in our press release via newswire services earlier today, and are posted online. You could download the earnings press release and sign up for our distribution list by visiting our IR website. Participants on today's call will be our CEO, Mr. Tongbo Liu, and our financial representative, Mr. Hangyu Liu. Management will begin with three part remarks, and the call will conclude with a Q&A session. Before I hand it over to management, I'd like to remind you of Sunlands' safe harbor statement in relation to today's call. Except for the historical information contained herein, certain of the matters discussed in this conference call are forward-looking statements. These statements are based on current trends, estimates, and projections, and therefore you should not place undue reliance on them.

The company's financial and operating results were issued in our press release, the newswire services earlier today and are posted online.

You can download the earnings press release and sign up for our distribution list by visiting our IR website.

It depends on today's call will be our CEO, Mr. <unk> and our financial representative Mr. Haniya Lee measurement will begin with prepared remarks, and the call will conclude with a Q&A session.

Before I hand, it over to the management I'd like to remind you of some safe harbor statements in relation to today's call except for the historical information contained herein certain of the matters discussed in this conference call are forward looking statements.

These statements are based on current trends estimates and projections and therefore, you should not place undue reliance on them.

We're looking statements involve inherent risks and uncertainties a number of important factors could cause actual results to differ materially from those contained in any forward looking statement.

Yuhua Ye: Forward-looking statements involve inherent risks and uncertainties. A number of important factors could cause actual results to differ materially from those contained in any forward-looking statement. For more information about the potential risks and uncertainties, please refer to the company's filings with the Securities and Exchange Commission. With that, I'll now turn the call over to our CEO, Tongbo Liu.

For more information about the potential risks and uncertainties. Please refer to the company's filings with the Securities and Exchange Commission.

With that I'll now turn the call over to our CEO Tom Williams.

Thank you.

Hello, everyone welcome to <unk> third quarter two.

Tongbo Liu: Thank you, Yuhua. Hello, everyone. Welcome to Sunlands' Q3 2025 conference call. Prior to commencing, I would like to kindly remind all attendees that the financial information referenced in this release is presented on a continuing operating basis, and all figures are denominated in RMB unless explicitly specified otherwise. We are pleased to say that the company has now entered a phase of steady and healthy growth. Our performance in this quarter once again underscores the resilience of our business model, and the effective execution of our strategic roadmap. We delivered a net revenue of RMB 523 million, coupled with a pronounced acceleration of profitability as net income surged 40.5% year over year to RMB 125.4 million. This achievement validates the durability and scalability of our operations. Our strategic pivot towards high-margin, demand-driving corporate categories continues to yield tangible financial benefits.

Tongbo Liu: Thank you, Yuhua. Hello, everyone. Welcome to Sunlands' Q3 2025 Conference Call. Prior to commencing, I would like to kindly remind all attendees that the financial information referenced in this release is presented on a continuity operating basis, and all figures are denominated in RMB unless explicitly specified otherwise. We are pleased to say that the company has now entered a phase of steady and healthy growth. Our performance in this quarter once again underscores the resilience of our business model and the effective execution of our strategic roadmap. We delivered a net revenue of RMB 523 million, coupled with a pronounced acceleration of profitability as net income surged 40.5% year over year to RMB 125.4 million. This achievement validates the durability and the scalability of our operations.

Conference call.

Prior to commencing I would like to remind all attendees.

Financial information deliveries and as Randy is presented on a continuing operating basis.

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The entity RMB on is expected to be specified the other way.

We are thrilled to say that the company has now entered a phase of steady and the health of girls.

Our performers in this quarter once again underscores the resilience of our business model.

I know the effective execution of our strategic roadmap.

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Our strategic goal.

Probate towards high margin the amount of driving corporate categories continues to yield tangible financial benefits.

Tongbo Liu: Our strategic pivot towards high margin, demand-driven course categories continues to yield tangible financial benefits. The net margin expanded significantly to 24%, primarily attributable to the optimized revenue mix and disciplined cost management. Now, let's turn to the performance of our major course programs. Our legacy degree and the diploma programs continue to play a stable, supportive role, accounting for approximately 17% of total revenue. The strategic allocation of resources away from this segment has empowered us to aggressively capture growth in more dynamic markets. Moving to our non-degree offerings, including professional certification and interest-based courses, collectively accounted for approximately 73% of total revenue in Q3. In this sector, we continuously optimize our services and expand our offerings by launching new programs tailored to diverse user groups.

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Tongbo Liu: The net margin expanded significantly to 24%, primarily attributable to an optimized revenue mix and disciplined cost management. Now, let's turn to the performance of our major course programs. Our next-degree and diploma programs continue to play a stable, supportive role, accounting for approximately 15% of total revenue. The strategic allocation of resources away from this segment has empowered us to aggressively capture growth in more dynamic markets. Moving to our long-degree offerings, including professional certification and interest-based courses, collectively accounted for approximately 73% of total revenue in the third quarter. In this sector, we continuously optimize our services and expand our offerings by launching new programs tailored to diverse user groups. These initiatives aim to provide engaging and interactive experiences, improve learning outcomes, and ultimately create value for our users. Building on this momentum, we continue to deepen our presence in one of our most distinctive segments, senior learning.

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Our next day a degree under diploma programs continued to play a stable policy, where all accounting for approximately 15% of total revenue.

To strengthen the strategic allocation of our resources away from this settlement has empowered.

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Moving to our long degree offerings, including professional certification and the interest the best across this collectively accounted for approximately 73% of total revenue instead of culture.

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There's initiatives and to provide the engaging and interactive expenses.

Tongbo Liu: These initiatives aim to provide engaging and interactive experiences, improve learning outcomes, and ultimately create value for our users. Building on this momentum, we continue to deepen our presence in one of our most distinctive segments: senior learning. As the early mover in this space, we have established a strong foundation, particularly in arts education, where our curriculum breadth and pedagogical depth remain unmatched. As the market evolves and the competition intensifies, we have deliberately shifted from rapid scale to quality-driven growth, ensuring the long-term resilience of our business. In a recent feature by Beijing News, several of our senior learners shared their enthusiasm and renewed sense of vitality, reaffirming the social and emotional impact of our mission to make lifelong learning both enriching and transformative.

Improved learning outcomes and ultimately create value for our users.

Building on this momentum with continued deepening of our presence in one of our most of the <unk> segment.

They're learning and the R&M over in this space will have established a strong foundation, particularly in education.

Tongbo Liu: As an early mover in this space, we have established a strong foundation, particularly in arts education, where our curriculum breadth and pedagogical depth remain unmatched. Yet as the market evolves and the competition intensifies, we have deliberately shifted from rapid growth to quality-driving growth, ensuring the long-term resilience of our business. In a recent feature by Beijing News, several of our senior learners shared their enthusiasm and renewed sense of vitality, reaffirming the social and emotional impact of our mission to make lifelong learning both enriching and transformative. We have also successfully cultivated a vibrant private ecosystem for this cohort, which continues to demonstrate exceptional engagement. Our senior learners are not only embracing online learning as a lifestyle, but also forming vibrant social ecosystems through our platform. Courses have become gateways to renewed identity, connection, and well-being. To further enrich this experience, we actively pioneer innovative collaborations across industries.

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We have also successfully cultivated a vibrant private ecosystem for this cohort.

Tongbo Liu: We have also successfully cultivated a vibrant private ecosystem for this cohort, which continues to demonstrate exceptional engagement. Our senior learners are not only embracing online learning as a lifestyle, but also forming vibrant social ecosystems through our platform. Courses have become gateways to renewed identity, connection, and wellbeing. To further enrich this experience, we actively pioneer innovative collaborations across industries. Last quarter, we partnered with a leading television channel to co-host a cultural initiative celebrating traditional arts. They organized an immersive learning journey that allowed senior learners to explore the origins and beauty of Chinese calligraphy. Our pipeline for the coming quarter remains robust, with a series of integrated learning lifelong initiatives already in motion. We are launching charity programs in rural schools, participating in senior expos, organizing calligraphy competition, and preparing for spring festival events.

Which continues to demonstrate exceptional engagement our suddenly on the nurse on not only embracing online and meetings as a lifestyle lifestyle, but also for me and Burberry social ecosystem through our plant called Cortes had to call in gateways to renewed at NTT connection.

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Tongbo Liu: Last quarter, we partnered with a leading television channel to co-host a cultural initiative celebrating traditional arts. They organized an immersive learning journey that allows senior learners to explore the origins and beauty of Chinese calligraphy. Our pipeline for the coming quarter remains robust, with the service of integrated learning, lifelong initiatives already in motion. We are launching charity programs in rural schools, participating in senior expos, organizing calligraphy competitions, and preparing for spring festival events. These activities are designed to help older users rediscover purpose, foster social connections, and shine in every aspect of their lives. This holistic approach not only amplifies the intrinsic value of our educational offerings, but also builds a powerful and sustainable competitive moat. Parallel to these offline initiatives, we are elevating the learning experiences through an AI-driven transformation of our platform.

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Tongbo Liu: These activities are designed to help older users rediscover purpose, foster social connections, and shine in every aspect of their lives. This holistic approach not only amplifies the intrinsic value of our education offerings, but also builds a powerful and sustainable competitive mode. Parallel to these offline initiatives, we are elevating the learning experiences through an AI-driven transformation of our platform. In response to learners' key needs, extending post-course engagement, preventing knowledge loss, ensuring 24-hour, 7 days personalized support, and bridging the gap to theory and practice, we have introduced two intelligent assistant models powered by large language models. The course intelligence assistant delivers round-the-clock reinforcement and precise explanations, while the AI agent enables seamless natural language interactions to translate knowledge into actionable insights. As we continue to advance in integration of AI across operations, the results have been encouraging.

This holistic approach not only active class intrinsic value of our educator offerings, but also appeals that are powerful and sustainable competitive moat.

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Funding post course engagement, preventing knowledge laws, ensuring intending for hours seven days plus a personal management support.

Tongbo Liu: In response to learners' key needs, extending post-course engagement, preventing knowledge loss, ensuring 24-hour, 7-day personalized support, and bridging the gap between theory and practice, we have introduced two intelligent assistance models powered by large language models. The course intelligence assistant delivers round-the-clock reinforcement and precise explanations, while the AI agent enables seamless, natural language interactions to transform knowledge into actionable insights. As we continue to advance in integration of AI across operations, the results have been encouraging. Our internal data shows that the AI assistant in automated grading now covers over 17% of assignments, increasing review efficiency by more than eight times, and achieving an accuracy rate above 95%. This has significantly reduced the repetitive workloads for instructors and enhanced the teaching quality. Looking ahead, the thought education sector is entering a new phase driven by high-quality growth.

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Tongbo Liu: Our internal data shows that AI-assisted automated grading now covers over 17% of assignments, increasing review efficiency by more than 8 times and achieving an accuracy rate above 95%. This has significantly reduced the repetitive workloads for instructors and enhanced the teaching quality. Looking ahead, the adult education sector is entering a new phase driven by high quality growth. For Sunlands, growth is no longer measured by solely scale, but by the balance of efficiency, innovation, and long-term value. We believe that healthy cash flow, organizational agility, and a learner-centered product mandate will remain the core pillar of Sunlands' competitiveness in this new stage. We extend our gratitude for your presence today and the continued support you provide. Thank you, and we look forward to your valuable engagement.

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Looking ahead the thoughts on patient sector is entering a new phase in by a high quality girls.

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Tongbo Liu: For Sunlands, growth is no longer measured by solid skills, but by the balance of efficiency, innovation, and long-term value. We believe that healthy cash flow, organizational agility, and a learner-centered product mindset will remain the core pillar of Sunlands' competitiveness in this new stage. We extend our gratitude for your presence today, and the continued support you provide. Thank you, and we look forward to your valuable engagement. With that, I will turn the call over to our financial director, Hangyu, to run through our financials.

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Let's turn to our gratitude for your presence today and they continue to support that you provide them to you and we look forward to to your valuable.

Valuable engagement.

Is that I will turn the call over tower climb ash appears to have them to run through our financials.

Tongbo Liu: With that, I will turn the call over to our Financial Director, Helen Liu, to run through our financials.

Thank you two more hello, everyone. The third quarter results reflect the company's full course.

Helen Liu: Thank you, Tongbo. Hello, everyone. The Q3 results reflect the company's focus on profitable growth and operational excellence. Net revenues for the quarter increased by 6.5% year-over-year to RMB 523 million, primarily fueled by the strong performance of our interest-based courses. A key highlight was the substantial growth in profitability. Gross profit rose 13.1% to RMB 462.7 million, outpacing revenue growth. This, together with a 5.5% reduction in total operating expenses, drove net income to RMB 125.4 million, with the net margin reaching 24%. The company's balance sheet remains robust, with ample cash and cash equivalents and short-term investments. We have also maintained our streak of generating positive net cash from operating activities, underscoring the health of our core business.

Hangyu Li: Thank you, Tongbo Liu. Hello, everyone. The third-quarter results reflect the company's focus on profitable growth and operational excellence. Net revenues for the quarter increased by 6.5% year over year to $523 million, primarily fueled by the strong performance of our interest-based courses. A key highlight was the substantial growth in profitability. Gross profit rose 13.1% to $462.7 million, outpacing revenue growth. This, together with a 5.5% reduction in total operating expenses, drove net income to $125.4 million, with the net margin reaching 24%. The company's balance sheet remains robust, with ample cash and cash equivalents, and short-term investments. We have also maintained our streak of generating positive net cash from operating activities, underscoring the health of our core business.

Fit for growth and operational excellence.

Revenues for the quarter increased by 6.5% a year over year to 500 on the 23 billion.

Primarily fueled by the strong performance of our interest based courses.

A key highlight was the substantial growth in profitability.

Gross profit rose, 13.1% to $462.7 million.

Pacing revenue growth this together with a five 5% reduction in total operating expenses drove nice income to $125 4 million.

With the not margin reaching 24%.

The company's balance sheet remains robust with ample cash and cash equivalents and short term investments.

We have also maintained our streak of January to positive net cash from operating activities.

Underscoring the half of our Coke business.

In the first quarter of countries and define the gross billing per new student enrolment for interest professional skus on the professional certification puppies and causes grew.

Hangyu Li: In the third quarter of 2025, the gross billings per new student enrollment for interest, professional skills, and professional certification participation courses grew 11.7% year over year, reflecting steady user acquisition momentum despite a more selective marketing approach. This growth indicated that we were attracting more committed users and achieving better monetization from each new cohort. The combination of enrollment growth and improved unit economics demonstrates the effectiveness of our refined strategy, focusing more merely on skill but on sustainable, high-quality growth. Looking ahead, we are uniquely positioned at the confluence of demographic tailwinds and technological innovation. Our leadership in serving the civil economy, backed by a profitable and scalable model, sets the stage for continued value creation for our users and shareholders alike. We extend our sincere gratitude to our team and our shareholders for their continued support.

Helen Liu: In Q3 2025, the gross billings per new student enrollment for interest, professional skills, and professional certification participation courses grew 11.7% year-over-year, reflecting steady user acquisition momentum despite a more selective marketing approach. This growth indicated that we were attracting more committed users and achieving better monetization from each new cohort. The combination of enrollment growth and improved unit economics demonstrates the effectiveness of our refined strategy, focusing not merely on scale but on sustainable high quality growth. Looking ahead, we are uniquely positioned at the confluence of demographic tailwinds and technological innovation. Our leadership in serving the silver economy, backed by a profitable and scalable model, sets the stage for continued value creation for our users and shareholders alike. We extend our sincere gratitude to our team and our shareholders for their continued support.

Grew 11, 7% year over year.

Reflecting steady user acquisition momentum despite our most selective marketing approach.

This growth indicated.

We were attracting more committed users on achieving batter.

Monday to radiation from each new cohort.

The combination of enrolment growth and improved unit economics demonstrate the effectiveness of our refined strategy.

Focusing more merely an SKU buck on sustainable high quality growth.

Looking ahead, well uniquely positioned under the confluence of demographic.

The wins and the technological innovation.

Our leadership in serving the seafood economy backed by profitable on a scalable model set the stage for continued value creation for our users on the shareholders alike.

We intend on where things here gratitude.

To our team and our shareholders for their continued support.

Now, let me walk you through some of our key financial results for the first quarter of 2025.

Helen Liu: Let me walk you through some of our key financial results for Q3 2025. All comparisons are year-over-year, and all numbers are in RMB unless otherwise noted. In Q3 2025, net revenues increased by 6.5% to RMB 523 million from RMB 491.3 million in Q3 2024. The increase was primarily due to shorter average service period in 2025, resulting in increased revenue recognition year-over-year. Cost of revenues decreased by 26.5% to RMB 60.3 million in Q3 2025 from RMB 82.1 million in Q3 2024. The decrease was mainly due to declined cost of revenues from sales of goods such as learning materials and the books.

Hangyu Li: Now, let me walk you through some of our key financial results for the third quarter of 2025. All comparisons are year over year, and all numbers are in RMB unless otherwise noted. In the third quarter of 2025, net revenues increased by 6.5% to RMB 523 million, from RMB 491.3 million in the third quarter of 2024. The increase was primarily due to a shorter average service period in 2025, resulting in increased revenue recognition year over year. Cost of revenues decreased by 26.5% to RMB 60.3 million in the third quarter of 2025, from RMB 82.1 million in the third quarter of 2024. The decrease was mainly due to declined cost of revenues from sales of goods such as learning materials and books. Gross profit increased by 13.1% to RMB 462.7 million in the third quarter of 2025, from RMB 409.2 million in the third quarter of 2024.

All comparisons are year over year, and one numbers I E. R M b unless otherwise noted.

In the first quarter of 2025 net revenues increased by six 5% to 500 under 23 million from 491 point is 30 minutes in the first quarter of 2024.

The increase was primarily due to short term average service period.

2025, resulting in increased revenue recognition and year over year.

Cost of revenues decreased by 26, 5% to $60.3 million in the third quarter of 2025.

From 82 1 million in the first quarter of 2024.

The decrease was mainly due to declined cost of revenues from sales of goods such as learning mature it was on the books.

Gross profit increased by 13.1% to 462.7 million in the third quarter of 2025.

Helen Liu: Gross profit increased by 13.1% to RMB 462.7 million in Q3 2025 from RMB 409.2 million in Q3 2024. Sales and marketing expenses decreased by 7.7% to RMB 279.7 million in Q3 2025 from RMB 303 million in Q3 2024. General and administrative expenses increased by 4.3% to RMB 36 million in Q3 2025 from RMB 34.5 million in Q3 2024. Product development expenses increased by 48.2% to RMB 8.7 million in Q3 2025 from RMB 5.8 million in Q3 2024.

From 400 to under $9 2 million in the first quarter of 2024.

Sales and marketing expenses decreased by seven 7% to 279 7 million in the third quarter of 2025.

Hangyu Li: Sales and marketing expenses decreased by 7.7% to $279.7 million in Q3 2025, from $303 million in Q3 2024. General and administrative expenses increased by 4.3% to $36 million in Q3 2025, from $34.5 million in Q3 2024. Product development expenses increased by 48.2% to $8.7 million in Q3 2025, from $5.8 million in Q3 2024. The increase was mainly due to increased compensation expenses related to high-cost expansion of the company's product development personnel. Net income for Q3 2025 was $125.4 million, as compared to $89.3 million in Q3 2024. Basic and diluted net income per share was $18.64 in Q3 2025.

From 300 under 3 million in the first quarter of 2024.

General and administrative expenses increased by four point of 3%.

236 million in the first quarter of 2025.

From 34 5 million in the first quarter of 2024.

Product development expenses increased by eight 2% to eight point to seven minute in the first quarter of 2025.

From 5.8 million in the third quarter of 2024.

The increase was mainly due to increased compensation expenses related to Hyatt com expansion of the company's product development personnel.

Helen Liu: The increase was mainly due to increased compensation expenses related to headcount expansion of the company's product development personnel. Net income for Q3 2025 was CNY 125.4 million as compared to CNY 89.3 million in Q3 2024. Basic and diluted net income per share was CNY 18.64 in Q3 2025. As of 30 December 2025, the company had CNY 601 million of cash equivalents, and restricted cash, and CNY 176.5 million of short-term investments, as compared to CNY 507.2 million of cash equivalents, and CNY 276 million of short-term investments as of 31 December 2024.

Nice income for the third quarter of 2025.

125 4 million as.

As compared to.

18, nine Paul just three minutes in the third quarter of 2024.

Basic and diluted 19 income per share was <unk> 18 point.

Four in the third quarter of 2025.

As of December the 30th 2025.

Hangyu Li: As of 30 December 2025, the company had $601 million of cash equivalents and restricted cash, and $176.5 million of short-term investments, as compared to $507.2 million of cash equivalents and $276 million of short-term investments as of 31 December 2024. As of 30 September 2025, the company had a deferred revenue balance of $695.5 million, as compared to $916.5 million as of 31 December 2024. Now for our outlook. For Q4 2025, Sunlands currently expects net revenues to be between $440 million to 460 million, which would represent a decrease of 4.9% to 9% year over year. The above outlook is based on the current market conditions and reflects the company's current and preliminary estimates of market operating conditions and customer demand, which are all subject to change. With that, I'd like to open up the call to the questions. Operator?

The company had 601 million of cash cash equivalents and restricted cash and $176 5 million of short term investments.

As compared to 500 under $7 2 million of cash.

Equivalents and 276 million of short term investments.

As of December 31st 2024.

As of December the third tier.

Ts.

Helen Liu: As of September 30, 2025, the company had a deferred revenue balance of CNY 695.5 million as compared to CNY 916.5 million as of 31 December 2024. Now for our outlook. For Q1 2025, Sunlands currently expects net revenues to be between CNY 440 million to 460 million, which would represent a decrease of 4.9% to 9% year-over-year. The above outlook is based on the current market conditions and reflects the company's current and preliminary estimates of market operating conditions and customer demand, which are all subject to change. With that, I'd like to open up the call to the questions. Operator?

As of September the 30th 2025.

The company had a deferred revenue balance of 600 on the 95 5 million.

As compared to $916 5 million as of December 31st 2024.

On enough of our outlook for the first quarter of 2025.

Frontline's cognitively, it's packs nine revenues to be between 440 million to 200 400 under $50 million.

Which would represent a decrease of four 9% to 9% year over year.

The above outlook is based on the current market conditions.

And that reflects the company's current and preliminary estimates of market operating conditions and customer demand.

Oh subtract two tent.

With that I'd like to open up the call to the questions. Please.

Peter.

Thank you Tom.

I'll ask a question you will need to press star one and one on your telephone and wait for your name to be announced.

Operator: Thank you. To ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. For the benefit of all participants on today's call, if you wish to ask your question to management in Chinese, please immediately repeat your question in English. Thank you. Please stand by while we compile the Q&A roster. Once again, if you would like to ask a question, you will need to press star one and one on your telephone and wait for your name to be announced. To withdraw your question, please press star one and one again. Once again, that's star one and one for any questions. At this time, we are showing no questions coming through, so this would conclude the question and answer session.

To withdraw your question. Please press star one and one again.

Well the benefits of all participants on today's call. If you wish to ask a question to management in Chinese. Please immediately repeat your question in English.

Can you please standby, while we compile the Q&A roster.

And once again, if you would like to ask a question you will need to press star one and one on your telephone and wait for your name to be announced until withdraw. Your question. Please press star one on one again.

And once again Thats star, one and one for any questions.

At this time, we are showing no questions coming through so this would conclude the question and answer session and at this time I would like to turn the conference back over to you who are for any closing remarks.

Operator: At this time, I would like to turn the conference back over to Yuhua for any closing remarks.

Once again, thank you everyone for joining today's call and we look forward to speaking with you again soon good day.

Yuhua Ye: Once again, thank you everyone for joining today's call. We look forward to speaking with you again soon. Good day and good night.

Yuhua Ye: Once again, thank you, everyone, for joining today's call. We look forward to speaking with you again soon. Good day, and good night.

And Tonight.

This concludes the conference call and you May now disconnect. Your line. Thank you.

Operator: This concludes the conference call, and you may now disconnect your line. Thank you.

Okay.

Q3 2025 Sunlands Technology Group Earnings Call

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