Sunlands Technology Group (STG) 2026 Q1 法說會逐字稿

Ladies and gentlemen, thank you for standing by and welcome to Sunlands' first-quarter 2026 earnings conference call. (Operator Instructions) Today's conference call is being recorded.

各位女士、先生，感謝您撥冗等候，歡迎參加尚德機構2026年第一季度業績電話會議。（接線員指示）本次電話會議將被錄音。

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

現在我將把電話交給今天的主持人——尚德機構投資者關係代表葉玉華。請開始。

Hello, everyone, and thank you for joining Sunlands' first-quarter 2026 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 at ir.sunlands.com.

各位好，感謝您參加尚德機構2026年第一季度業績電話會議。公司財務及營運結果已於今日稍早透過新聞稿發布服務對外發布，並已上線公告。您可造訪我們的投資者關係網站 ir.sunlands.com 下載業績新聞稿並訂閱我們的發送名單。

Participants on today's call will be our CEO, Mr. Tongbo Liu; and our Financial Director, Mr. Hangyu Li. Management will be beginning with prepared remarks, followed by a question-and-answer session.

今天參與電話會議的有我們的執行長劉彤波先生，以及財務總監李航宇先生。管理層將先發表準備好的發言，隨後進入問答環節。

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.

在我把電話交給管理層之前，我想提醒各位注意尚德機構就本次電話會議所作的「安全港」聲明。除本文所載的歷史資訊外，本次電話會議中討論的某些事項屬於前瞻性陳述。這些陳述基於目前的趨勢、估計與預測，因此您不應對其過度依賴。

Forward-looking statements involve inherent risks and uncertainties. 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.

前瞻性陳述涉及固有風險與不確定性。多項重要因素可能導致實際結果與任何前瞻性陳述中所載內容存在重大差異。關於潛在風險與不確定性的更多資訊，請參閱公司向美國證券交易委員會提交的文件。

With that, I'll now turn the call over to our CEO, Tongbo Liu.

接下來，我將把電話交給我們的執行長劉彤波。

Okay. Thank you, Yuhua. Hello, everyone. Welcome to Sunlands' first-quarter 2026 earnings 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 operations basis, and all figures are denominated in RMB, unless explicitly specified otherwise.

好的。謝謝玉華。各位好，歡迎參加尚德機構2026年第一季度業績電話會議。在開始之前，我想提醒各位與會者，本次新聞稿中引用的財務資訊係以持續經營業務為基礎呈列，且除非另有明確說明，所有數據均以人民幣計價。

We opened 2026 with revenue of RMB440.7 million, and a net income of RMB76.8 million, marking our 20th consecutive profitable quarter. Net income margin reached 17.4%. Selling expenses declined 19.5% year over year, representing the largest single quarter reduction we have recorded in recent years and the third consecutive quarter of year-over-year decline. At the same time, R&D expenses rose 5.6% year over year, reflecting our continued investment in technology capacity enhancement.

我們以人民幣4.407億元的營收與人民幣7,680萬元的淨利潤開啟2026年，實現連續第20個季度盈利。淨利潤率達到17.4%。銷售費用同比下降19.5%，為近年來我們所記錄的單季最大降幅，亦為連續第三個季度同比下降。同時，研發費用同比上升5.6%，反映我們持續投入以提升技術能力。

The 9.6% year-over-year revenue decline reflected two concurrent dynamics: continued structural subsidies in degree- and diploma-oriented programs, and our ongoing recalibration of customer acquisition standards towards higher-quality learner cohorts. While these factors placed pressure on the top line of our profitability, reflecting the progress we have made in cost structure optimization, operating discipline, and technology-enabled efficiency.

營收同比下降9.6%反映了兩項同時發生的動態：面向學歷與文憑的項目仍存在結構性補貼，以及我們持續將獲客標準重新校準至更高品質的學員群體。儘管這些因素對營收端造成壓力，但我們仍保持盈利，體現了我們在成本結構優化、營運紀律以及技術賦能效率提升方面所取得的進展。

Let me now turn to the performance of our major cost categories. Degree- and diploma-oriented post-secondary programs contributed 17.9% of net revenues in the first quarter of 2026. We've continued to manage this segment in line with genuine learner demand while allocating resources with discipline. interest-based programs, professional skills, and professional certification preparation together contributed 67.9% of net revenues and remains important areas of focus as we continue to diversify our revenue mix. Within this broader category, senior interest-based learning remains one of the areas where we continue to see meaningful long-term opportunity.

接下來我談談我們主要成本類別的表現。2026年第一季度，面向學歷與文憑的高等教育後續教育項目貢獻了淨收入的17.9%。我們持續依據真實學員需求管理該業務板塊，同時以紀律性方式配置資源。興趣類課程、職業技能及職業資格考證培訓合計貢獻了淨收入的67.9%，並仍是我們在持續多元化收入結構過程中的重要聚焦領域。在這一更廣泛的類別中，中老年興趣學習仍是我們持續看到具備顯著長期機會的領域之一。

This quarter, we further deepened our catalog within the arts, adding new courses such as colored pencil and folk music in response to expressed learner demand. We are also exploring adjacent content directions through early stage pilots, including language learning, where we have seen initial learner interest. Beyond course content, we continue to extend the learning experience into more tangible scenarios. We launched a study tool designed around our existing course content, so that a learner who has spent a year studying Chinese painting with us can take a natural next step by visiting the landscapes, artists, and museums connected to that tradition. This allows us to deepen the learning journey and reinforce the investment learners have already made, rather than asking them to start from zero in an unrelated program.

本季度，我們進一步加深藝術類課程目錄，根據學員明確需求新增了彩色鉛筆、民樂等新課程。我們也透過早期試點探索相鄰內容方向，包括語言學習，我們已看到初步的學員興趣。除課程內容外，我們持續將學習體驗延伸至更具體可感的場景。我們推出了一款圍繞既有課程內容設計的學習工具，使得在我們這裡學習了一年中國畫的學員，可以順理成章地邁出下一步，去探訪與該傳統相關的山水、藝術家與博物館。這使我們能夠加深學習旅程並強化學員既有投入，而不是要求他們在一個不相關的項目中從零開始。

We also continue to partner with art galleries and cultural institutions to bring our learners into physical spaces where their coursework comes alive. Through curated visits, online category of paintings, students can see masterwork up close, meet practitioners, and gain clearer sense of where sustained practice can take them. Initial learner feedback has been constructive and generally positive. We believe this type of learning reinforcement is an effective lever for improving both completion and then repurchase. These initiatives remain at an early stage, with initial signals warranting continued observation and refinement. We are not simply building a course catalog, but gradually extending the learning experience into a more integrated and continuous journey for the new learners. Repurchase behavior within our core cohorts continues to provide encouraging indications that for the increasing share of learners, this evolving experience is gaining resonance.

我們也持續與畫廊及文化機構合作，將學員帶入實體空間，讓其課程內容「活」起來。透過策展式參訪、線上畫作類別內容，學生可以近距離觀賞大師作品、與從業者交流，並更清晰地理解持續練習能帶來的成長方向。學員的初步回饋具有建設性且整體偏正面。我們相信，這類學習強化是提升完課率以及後續復購的有效槓桿。這些舉措仍處於早期階段，初步訊號值得持續觀察與迭代。我們不僅是在建立課程目錄，更是在逐步將學習體驗延伸為對新學員而言更整合、更連續的旅程。我們核心學員群體的復購行為持續釋放令人鼓舞的訊號，顯示對越來越多的學員而言，這種演進中的體驗正在產生共鳴。

The most consequential operating development this quarter relates to the continued maturation of our AI capability, which we believe may have meaningful implications for long-term operating efficiency. A year ago, we described AI primarily a productivity tool. As adoption has broadened across the business, that framing has continued to evolve. In our customer acquisition workflow, our internally developed AI assistant has increasingly played a decision support role. It helps surface signals in live prospective interactions, including sentiment, hesitation, and decision friction, and provides tailored conversational guidance based on each agent's communication style and the conversational content. In parallel, our intelligent voice system has shortened the time to first contact window for new leads, a factor that has historically been associated with conversion efficiency. It has also enabled our human teams to focus more on high-value interactions that requires judgment and accuracy, which remain critical to enrollment outcomes.

本季度最具影響力的營運進展，與我們AI能力的持續成熟有關；我們認為這可能對長期營運效率帶來重要影響。一年前，我們主要將AI描述為一種生產力工具。隨著其在全公司範圍內的採用擴大，這一定位也在持續演進。在獲客工作流程中，我們內部開發的AI助理日益扮演決策支援角色。它能在與潛在客戶的即時互動中提取訊號，包括情緒、猶豫與決策摩擦，並基於每位坐席的溝通風格與對話內容提供量身定制的話術指引。與此同時，我們的智慧語音系統縮短了新線索的首次觸達時間窗口，而這一因素在歷史上與轉化效率相關。它也使我們的人員團隊能更專注於需要判斷力與準確性的高價值互動，而這些仍是影響報名結果的關鍵。

Looking ahead, we expect AI-driven capabilities to continue to be embedded more broadly across both acquisition and service workflows, supporting ongoing improvements in operating efficiency. We are also exploring how these capabilities can be extended into broader parts of the learner lifecycle to further improve overall service efficiency and experience. To close, this quarter reflects disciplined execution against the priorities we outlined at the start of the year. Revenue mix continues to evolve, profitability remains supported by operating discipline, and our technology capabilities continue to deepen. We believe the investments we are making today are strengthening the foundation for sustainable long-term development. As these initiatives continue to mature, we remain focused on disciplined execution and prudent risk resource allocation. That concludes Tongbo's prepared remarks.

展望未來，我們預期 AI 驅動的能力將持續更廣泛地嵌入於獲客與服務工作流程之中，支持營運效率的持續提升。我們也在探索如何將這些能力延伸至學員生命週期更廣泛的環節，以進一步提升整體服務效率與體驗。最後，本季度反映了我們對年初所提出優先事項的紀律性執行。收入結構持續演進，獲利能力仍受營運紀律支撐，而我們的技術能力也持續深化。我們相信，當下所進行的投資正在強化可持續長期發展的基礎。隨著這些舉措持續成熟，我們仍將專注於紀律性執行與審慎的風險資源配置。以上為 Tongbo 的事先準備發言。

I will now turn the call over to our Finance Director, Hangyu. Hangyu, please.

接下來我將把電話會議交給我們的財務總監 Hangyu。Hangyu，請。

Thank you, Tongbo. Hello, everyone. I'm pleased to share our financial results for the first quarter of 2026. This quarter, our numbers demonstrate the rewards of our strategic persistence. As Tongbo discussed, we have deliberately prioritized revenue quality and learner cohort health over raw top-line scale. This disciplined execution has translated into a linear cost structure, healthy margins, and a resilient balance sheet. Our focus on precision has led to a significant milestone in cost management, with selling expenses declining by 19.5% year over year. This marks the largest single-quarter reduction we have recorded in recent years and our third consecutive quarter of year-over-year decline. While we prudently manage overhead, we continued to expand our technological edge. Our product development expenses rose by 5.6% year-over-year, reflecting our commitment to embedding AI deep into our operations.

謝謝你，Tongbo。各位好。我很高興分享我們 2026 年第一季度的財務業績。本季度，我們的數據展現了堅持既定策略所帶來的回報。如 Tongbo 所述，我們有意將收入品質與學員群體（cohort）健康度置於單純追求營收規模之上。這種紀律性執行轉化為線性的成本結構、健康的利潤率以及具韌性的資產負債表。我們對精準的聚焦也使成本管理達成一項重要里程碑：銷售費用同比下降 19.5%。這是我們近年來錄得的最大單季降幅，也是連續第三個季度實現同比下降。在審慎管理管理費用的同時，我們仍持續擴大技術優勢。我們的產品研發費用同比上升 5.6%，反映出我們致力於將 AI 深度嵌入營運之中。

This scaling of our AI capability is already serving as a primary operational catalyst to enhance delivery, automate engagement, and offset structural costs. These strategic trade-offs have directly enforced our profit quality and bottom-line resilience. Despite 9.6% year-over-year decline in net revenues, our profitability remains strong. We maintained a solid gross margin of 86.5%, while our net income margin expanded to 17.4%. Securing this execution is our resilient balance sheet position. Our robust liquidity profile provides us with the strategic flexibility required to fully absorb macroeconomic variations while aggressively compounding capital into our priority growth initiatives. Let me walk you through some of our key financial results for the first quarter of 2026. All comparisons are year over year, and all figures are in RMB unless otherwise noted.

我們 AI 能力的擴展已成為主要的營運催化劑，用於提升交付、實現互動自動化，並抵消結構性成本。這些策略性的取捨直接強化了我們的利潤品質與底線韌性。儘管淨營收同比下降 9.6%，我們的獲利能力仍然強勁。我們維持了 86.5% 的穩健毛利率，同時淨利率擴大至 17.4%。支撐這一執行成果的是我們具韌性的資產負債表。我們充裕的流動性狀況為我們提供了所需的策略彈性，使我們能夠充分吸收宏觀經濟波動，同時將資本積極複利投入至優先成長舉措。接下來我將帶各位回顧 2026 年第一季度的若干關鍵財務結果。除非另有說明，所有比較均為同比，且所有金額均以人民幣計。

In the first quarter of 2026, net revenues decreased by 9.6% to RMB440.7 million from RMB487.6 million in the fourth quarter of 2025. Cost of revenues decreased by 17.7% to RMB59.5 million from RMB72.3 million in the fourth quarter of 2025. Many due to a decline in costs related to learning materials, books, and service fees paid to educational institutions. Gross profit was RMB381.1 million, compared to RMB415.3 million in the fourth quarter of 2025.

2026 年第一季度，淨營收由 2025 年第四季度的人民幣 487.6 百萬元下降 9.6% 至人民幣 440.7 百萬元。營收成本由 2025 年第四季度的人民幣 72.3 百萬元下降 17.7% 至人民幣 59.5 百萬元，主要由於與學習資料、書籍以及支付給教育機構的服務費相關成本下降。毛利為人民幣 381.1 百萬元，而 2025 年第四季度為人民幣 415.3 百萬元。

Gross profit margin expanded to 86.5%, up from 85.2% in the prior year period. Total operating expenses were RMB284.3 million, a 16.7% decrease from RMB341.1 million in the first quarter of 2025. Sales and marketing expenses decreased by 19.5% to RMB241.9 million from RMB300.4 million in the fourth quarter of 2025, primarily due to optimized compensation for sales personnel and more targeted branding and marketing activities.

毛利率擴大至 86.5%，高於上年同期的 85.2%。總營運費用為人民幣 284.3 百萬元，較 2025 年第一季度的人民幣 341.1 百萬元下降 16.7%。銷售及行銷費用由 2025 年第四季度的人民幣 300.4 百萬元下降 19.5% 至人民幣 241.9 百萬元，主要由於優化銷售人員薪酬，以及更具針對性的品牌與行銷活動。

General and administrative expenses increased by 4.1% to RMB35.9 million from RMB34.5 million in the fourth quarter of 2025. Product development expenses rose by 5.6% to RMB6.6 million from RMB6.2 million in the fourth quarter of 2025. Net income for the first quarter of 2026 reached RMB76.9 million compared to RMB75.2 million in the fourth quarter of 2025. Basic and diluted net income per share was RMB11.48 in the first quarter of 2026.

一般及行政費用由 2025 年第四季度的人民幣 34.5 百萬元上升 4.1% 至人民幣 35.9 百萬元。產品研發費用由 2025 年第四季度的人民幣 6.2 百萬元上升 5.6% 至人民幣 6.6 百萬元。2026 年第一季度淨利達人民幣 76.9 百萬元，而 2025 年第四季度為人民幣 75.2 百萬元。2026 年第一季度基本及攤薄每股淨利為人民幣 11.48 元。

As of March 31, 2026, the company held RMB547.2 million of cash equivalents, and restricted cash, alongside RMB236 million of short-term investments, compared to RMB576.8 million of cash and cash equivalents and RMB235.9 million of short-term investments as of December 31, 2025. As of March 31, 2026, the company maintained a deferred revenue balance of RMB500.5 million compared to RMB585.3 million as of December 31, 2025.

截至 2026 年 3 月 31 日，公司持有現金等價物及受限制現金人民幣 547.2 百萬元，並持有短期投資人民幣 236.0 百萬元；相比之下，截至 2025 年 12 月 31 日，公司持有現金及現金等價物人民幣 576.8 百萬元，短期投資人民幣 235.9 百萬元。截至 2026 年 3 月 31 日，公司遞延收入餘額為人民幣 500.5 百萬元，而截至 2025 年 12 月 31 日為人民幣 585.3 百萬元。

Turning to our outlook, for the second quarter of 2026, we expect net revenues to be between RMB410 million to RMB430 million, representing a decrease of 20.2% to 23.9% year over year. This outlook is based on our current market dynamics and reflects our preliminary assessment of micro conditions and the learner demand patterns, which remain subject to substantial uncertainty. This concludes our prepared remarks. We'll now open the call for questions. Operator, please go ahead.

關於展望，對於 2026 年第二季度，我們預期淨營收將介於人民幣 410 百萬元至人民幣 430 百萬元之間，同比下降 20.2% 至 23.9%。該展望基於我們目前的市場動態，並反映我們對微觀環境與學員需求模式的初步評估；上述因素仍存在較大不確定性。以上為我們的事先準備發言。接下來我們將開放提問。接線員，請開始。

(Operator Instructions) At this time, we are showing no further questions.

（接線員指示）目前我們顯示沒有更多問題。

I will conclude our Q&A session and I will now turn the conference back to Yuhua for any closing remarks.

我將結束問答環節，現在把電話會議交回給 Yuhua 進行任何結語。

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

再次感謝各位參加今天的電話會議。我們期待不久後再次與各位交流。祝各位日安與晚安。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝各位參與。您現在可以掛線。