0000950170-24-047906 | 20-F | XBRL Viewer | Sunlands Technology Group

Less: Accumulated depreciation

¥ 974,401

¥ 973,626

(187,731)

(159,843)

Property and equipment, net

786,670

$ 110,800

813,783

Building

Leasehold And Buildings Improvements

^[1]

865,447

Electronic And Office Equipment

71,526

69,706

Basis of presentation and use of estimates

¥ 37,428

¥ 38,473

[1]

In 2017, the Group purchased two buildings in Wuhan (Building A and B) and one building in Guangzhou (Building C) with a total consideration of RMB480,271. In 2018, the Group purchased one building in Wuhan (Building D) and the cost of Building D was RMB385,176. To purchase these buildings, the Group obtained mortgage loans with the total amount of RMB321,540 from PRC banks in 2018 and 2021 (Note 12).

Significant Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities, disclosures of contingent assets and liabilities at the balance sheet dates and the reported amounts of revenues and expenses during the reporting periods. Significant estimates and assumptions reflected in the Group’s financial statements include, but are not limited to, revenue recognition and refund liabilities. Actual results could materially differ from those estimates.

Principles of consolidation

The consolidated financial statements include the financial statements of the Company and its subsidiaries, and VIEs and VIEs’ subsidiaries. All intercompany transactions and balances are eliminated upon consolidation.

The VIE arrangements

There are uncertainties as to whether applicable PRC laws and regulations prohibit foreign investors from providing telecommunications value-added services in the PRC. As a Cayman Islands corporation, the Company is deemed a foreign legal person under PRC laws. Accordingly, the Company’s wholly owned subsidiaries in the PRC, as foreign invested companies, may be deemed to be telecommunications value-added services providers in the PRC. To comply with these foreign ownership restrictions, the Company operates its online education services partially through the VIEs and their subsidiaries, in the PRC. The Company through its wholly owned subsidiaries ("WFOEs") located in the PRC entered into a series of contractual agreements with the VIEs and their shareholders. Through below contractual agreements, the Company has (1) the power to direct the activities that most significantly affect the economic performance of the VIEs, and (2) the right to receive the economic benefit of the VIEs that could potentially be significant to the VIEs. As a result, the shareholders of the VIEs lack the power to direct the activities of the VIEs that most significantly impact the entity's economic performance, the obligation to absorb the expected losses, and the right to receive the expected residual returns of the entity. Accordingly, the Company is considered as the primary beneficiary of the VIEs, and the Company has consolidated the financial results of the VIEs and their subsidiaries in its consolidated financial statements.

As of December 31, 2023, the Group’s VIE that is material to the Group’s business and operations is Beijing Sunlands.

Exclusive Technical Consultation and Service Agreement

Under the exclusive technical consultation and service agreement among WFOEs, and VIEs and the subsidiaries of VIEs, WFOEs have the exclusive right to provide, among other things, technical consultation and services to VIEs and VIEs’ subsidiaries, and VIEs and VIEs’ subsidiaries agree to accept all the consultation and services provided by WFOEs. Without WFOEs’ prior written consent, VIEs and VIEs’ subsidiaries are prohibited from engaging any third party to provide any services contemplated by this agreement. In addition, WFOEs have exclusive and proprietary ownership, rights and interests in any and all intellectual properties arising out of or created during the performance of this agreement. VIEs and VIEs’ subsidiaries agree to pay a quarterly service fee to WFOEs at an aggregate amount of a certain percentage ranging from 10% to 100% of VIEs and VIEs’ subsidiaries’ monthly revenue. Unless terminated by WFOEs, this agreement will remain effective until the dissolution of VIEs and VIEs’ subsidiaries. Without WFOEs’ prior written consent, VIEs and VIEs’ subsidiaries do not have the right to terminate this exclusive technical consultation and service agreement.

SIGNIFICANT ACCOUNTING POLICIES - continued

The VIE arrangements – continued

Business Operation Agreement

Under the business operation agreement each of VIEs, VIEs’ subsidiaries and the shareholders of VIEs confirmed and agreed that, without WFOEs’ prior written consent, it shall not make any transaction that has a material adverse effect on the assets, business, personnel, obligations, rights or operations of VIEs and VIEs’ subsidiaries, including but not limited to sale or purchase of any assets or rights exceeding RMB50, incurrence of any encumbrance on any of its assets, including intellectual property rights, in favor of a third party, amendment of its articles of association or business scope, or change of its normal operation procedures. VIEs, VIEs’ subsidiaries and the shareholders of VIEs shall accept and execute opinions and instructions of WFOEs in connection with the employee engagement and dismissal, daily operations and financial management systems. The shareholders of VIEs shall elect or appoint the candidates recommended by WFOEs as VIEs’ directors and supervisors, and procure the appointment of VIEs’ chairman of the board and senior management pursuant to WFOEs’ designation. The agreement also provides that if any of the agreements among WFOEs, VIEs and the VIEs’ subsidiaries is terminated, WFOEs are entitled to terminate all of the other agreements among themselves, VIEs and VIEs’ subsidiaries. This agreement will remain binding until dissolution of VIEs and all the VIEs’ subsidiaries.

Equity Interest Pledge Agreement

Pursuant to the equity interest pledge agreement among WFOEs, the shareholders of VIEs and the subsidiaries of VIEs, the shareholders of VIEs pledged all of their equity interests in VIEs to WFOEs as security for performance of the obligations of VIEs and their shareholders under the exclusive technical consultation and service agreements, the option agreement and the business operation agreement. The shareholders of VIEs shall instruct VIEs not to distribute any dividends and shall not approve any profit distribution plan. If any of the specified events of default occurs, WFOEs may exercise the right to enforce the pledges after giving a notice of default to the shareholders of VIEs. WFOEs may assign any and all of its rights and obligations under equity interest pledge agreement to their designee(s) at any time. The equity interest pledge agreement is binding on the shareholders of VIEs and their successors and shall be valid with respect to the shareholders of VIEs and each of their successors.

Option Agreement

Pursuant to the option agreement among WFOEs, VIEs and the shareholders of VIEs, each of the shareholders irrevocably granted WFOEs a right to purchase or designate a third party to purchase, equity interests in VIEs then held by each shareholder at once or at multiple times at any time in part or in whole at WFOEs’ sole and absolute discretion to the extent permitted by PRC laws. The shareholders of VIEs shall promptly surrender all considerations they received from the exercise of the options to WFOEs or the designated third party free of charge. Without WFOEs’ prior written consent, the shareholders of VIEs shall not, individually or collectively, make or procure VIEs to make any transaction or conduct that has a material adverse effect on the assets, liabilities, operations, equity and other legal rights of VIEs. Without WFOEs’ prior written consent, VIEs shall not enter into any contract exceeding RMB50, except the contracts in the ordinary course of the business. VIEs shall not be dissolved or liquidated without prior written consent by WFOEs. The shareholders of VIEs waive their rights of pre-emption in regard to the transfer of equity interest by any other shareholder of VIEs to WFOEs as instructed.

SIGNIFICANT ACCOUNTING POLICIES - continued

The VIE arrangements – continued

Powers of Attorney

Pursuant to the powers of attorney executed by the shareholders of VIEs, the shareholders of VIEs each irrevocably authorized WFOEs to act on their respective behalf as exclusive agent and attorney with respect to all rights of shareholders concerning all equity interests held by each of them in VIEs, including but not limited to propose to convene shareholder meetings, accept any notice with respect to the convening and proceeding of the shareholder meeting, attend shareholder meetings, sign the shareholders resolutions on behalf of, exercise all the shareholder’s rights according to laws and regulations and VIEs’ articles of association (including but not limited to voting rights and the sale, transfer, pledge, or dispose of all equity interests held in part or in whole), and designate and appoint on their respective behalf the president, directors, supervisors, Chief Executive Officer, Chief Financial Officer and other senior management members of VIEs.

Spousal Consent Letters

Pursuant to the spousal consent letters executed by the spouses of the general partners of entities as the shareholders of VIEs, the signing spouse confirmed and agreed that the equity interests of VIEs are the own property of their spouses and shall not constitute the jointly possessed property of the couples. The spouses also irrevocably waived any potential right or interest that may be granted by operation of applicable law in connection with the equity interests of VIEs held by their spouses.

As a result of the contractual arrangements above, WFOEs bear the economic risks and receive the economic benefits of the VIEs and are the primary beneficiary of the VIEs. Therefore, the Company has consolidated the financial results of the VIEs and their subsidiaries in its consolidated financial statements.

Risks in relation to VIE structure

The Company believes that the contractual arrangements with VIEs and their shareholders are in compliance with existing PRC laws and regulations and are legally enforceable. However, the contractual arrangements are subject to risks and uncertainties, including:

•

VIEs and their shareholders may have or develop interests that conflict with the Group’s interests, which may lead them to pursue opportunities in violation of the aforementioned contractual agreements. If the Group cannot resolve any conflicts of interest or disputes between the Group and the shareholders of VIEs, the Group would have to rely on legal proceedings, which could result in disruption of its business, and there is substantial uncertainty as to the outcome of any such legal proceedings.

•

VIEs and their shareholders could fail to obtain the proper operating licenses or fail to comply with other regulatory requirements. As a result, the PRC government could impose fines, new requirements or other penalties on the VIEs or the Group, mandate a change in ownership structure or operations for the VIEs or the Group, restrict the VIEs or the Group’s use of financing sources or otherwise restrict the VIEs or the Group’s ability to conduct business.

•

The PRC government may declare the aforementioned contractual arrangements invalid. They may modify the relevant regulations, have a different interpretation of such regulations, or otherwise determine that the Group or the VIEs have failed to comply with the legal obligations required to effectuate such contractual arrangements.

•

If the legal structure and contractual arrangements were found to be in violation of PRC laws and regulations, the PRC government may restrict or prohibit the Group’s business and operations in China.

The Group’s ability to conduct its business may be negatively affected if the PRC government were to carry out any of the aforementioned actions. As a result, the Group may not be able to consolidate VIEs and their subsidiaries in the consolidated financial statements as the Group may lose the ability to direct the activities that most significantly affect the economic performance of the VIEs and the Group may lose the ability to receive economic benefits from VIEs.

SIGNIFICANT ACCOUNTING POLICIES - continued

The VIE arrangements – continued

The following financial information of the VIEs and their subsidiaries as of December 31, 2022 and 2023 and for each of the three years in the period ended December 31, 2021, 2022 and 2023 was included in the accompanying consolidated financial statements after elimination of intercompany transactions and balances within the Company, its subsidiaries, the VIEs and VIEs' subsidiaries:


	As of December 31,
	2022		2023
	RMB		RMB
Cash, cash equivalents and restricted cash		152,215		113,834
Short-term investments		68,440		102,380
Prepaid expenses and other current assets		47,948		39,309
Total current assets		284,328		259,589
Property and equipment, net		220,249		212,242
Right-of-use assets		274,643		131,694
Total non-current assets		617,828		408,748
Total assets		902,156		668,337
Accrued expenses and other current liabilities		191,172		193,631
Deferred revenue, current		374,208		272,739
Lease liabilities, current		17,065		7,760
Total current liabilities		582,445		474,130
Deferred revenue, non-current		251,080		124,807
Lease liabilities, non-current		316,844		153,686
Total liabilities		1,152,554		753,910

As of December 31, 2022 and 2023, the VIEs and VIEs' subsidiaries accounted for an aggregate of 39.6% and 31.5% of the Group's consolidated total assets, respectively, and 43.4% and 40.9% of the Group's consolidated total liabilities, respectively.


	Years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net revenues		537,273			1,076,379			1,369,285
Net (loss)/income		(183,346	)		376,082			716,487
Net cash (used in)/generated from operating activities		(514,536	)		502,168			619,233
Net cash generated from/(used in) investing activities		177,164			(11,166	)		(28,038	)
Net cash generated from financing activities		—			—			—

There are no consolidated VIEs’ assets that are collateral for the VIEs’ obligations and which can only be used to settle the VIEs’ obligations. No creditor (or beneficial interest holders) of the VIEs have recourse to the general credit of the Company or any of its consolidated subsidiaries. No terms in any arrangements, considering both explicit arrangements and implicit variable interests, require the Company or its subsidiaries to provide financial support to the VIEs. However, if the VIEs ever needs financial support, the Company or its subsidiaries may, at its option and subject to statutory limits and restrictions, provide financial support to the VIEs through loans to the shareholders of the VIEs or entrustment loans to the VIEs.

Foreign currency translation and transactions

The Group’s reporting currency is the Renminbi (“RMB”). The functional currency of the subsidiaries incorporated outside the mainland China is the United States dollar (“US dollar” or “US$”). The functional currency of all the other subsidiaries, the VIEs and VIEs’ subsidiaries is the RMB.

Monetary assets and liabilities denominated in currencies other than the applicable functional currencies are translated into the functional currencies at the prevailing rates of exchange at the balance sheet date. Nonmonetary assets and liabilities are remeasured into the applicable functional currencies at historical exchange rates. Revenues and expenses are translated using the average rate of exchange in effect during the reporting period. Translation adjustments are reported and shown as a separate component of other comprehensive loss/income in the consolidated statements of changes in shareholders’ (deficit)/equity and the consolidated statements of comprehensive income.

SIGNIFICANT ACCOUNTING POLICIES - continued

Foreign currency translation and transactions – continued

Transactions in currencies other than the functional currencies during the year are converted into the applicable functional currencies at the applicable rates of exchange prevailing at the dates of the transactions. Transaction gains and losses are recorded in the consolidated statements of operations.

Convenience Translation

The Group’s business is primarily conducted in China and all of the revenues are denominated in Renminbi. However, periodic reports made to shareholders will include current period amounts translated into US dollars using the exchange rate as of balance sheet date, for the convenience of the readers. Translations of balances in the consolidated balance sheets, and the related consolidated statements of operations, shareholders’ deficit and cash flows from Renminbi into US dollars as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00 = RMB7.0999, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 29, 2023, or at any other rate.

Cash and cash equivalents

Cash and cash equivalents comprise cash at banks and on hand and term deposits, which have original maturities of three months or less when purchased and are subject to an insignificant risk of changes in value. The carrying value of cash equivalents approximates market value.

Restricted cash

Cash that is restricted as to withdrawal or for use or pledged as security is separately reported. The Group’s restricted cash mainly represents security deposits for an investment account.

Short-term investments

Short-term investments include investment products with variable interest rates, which are unsecured principal and no restriction on withdrawal. The Group elects the fair value option to record them at fair value in accordance with Accounting Standards Codification (“ASC”) 825 Financial Instruments. Changes in the fair value are recorded in the consolidated statements of operations.

Long-term investments

Equity method investments

Investee companies over which the Group has the ability to exercise significant influence, but does not have a controlling interest through investment in common shares or in-substance common shares, are accounted for using the equity method. Significant influence is generally considered to exist when the Group has an ownership interest in the voting stock of the investee between 20% and 50%. Other factors, such as representation on the investee’s board of directors, voting rights and the impact of commercial arrangements, are also considered in determining whether the equity method of accounting is appropriate. For certain investments in limited partnerships, where the Group holds less than a 20% equity or voting interest, the Group may also have significant influence.

Under the equity method of accounting, the Group initially records its investment at cost and subsequently recognizes the Group’s proportionate share of each equity investee’s net income or loss after the date of investment into earnings and adjusts the investment carrying amount accordingly.

The Group reviews its equity method investments for impairment whenever an event or circumstance indicates that any other-than-temporary impairment has occurred. The Group considers available quantitative and qualitative evidence in evaluating potential impairment of its equity method investments. An impairment charge is recorded when the carrying amount of the investment exceeds its fair value and this condition is determined to be other-than-temporary.

Equity securities with readily determinable fair values

Equity securities with readily determinable fair values are measured at fair value, and any changes in fair value are recognized in the consolidated statements of operations.

Fair value

Fair value is the price that would be received from selling an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. When determining the fair value measurements for assets and liabilities required or permitted to be recorded at fair value, the Group considers the principal or most advantageous market in which it would transact and it considers assumptions that market participants would use when pricing the asset or liability. Authoritative literature provides a fair value hierarchy which prioritizes the inputs to valuation techniques used to measure fair value into three broad levels. The level in the hierarchy within which the fair value measurement in its entirety falls is based upon the lowest level of input that is significant to the fair value measurement as follows:

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 2 applies to assets or liabilities for which there are inputs other than quoted prices included within Level 1 that are observable for the asset or liability such as quoted prices for similar assets or liabilities in active markets; quoted prices for identical assets or liabilities in markets with insufficient volume or infrequent transactions (less active markets); or model-derived valuations in which significant inputs are observable or can be derived principally from, or corroborated by, observable market data.

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Financial instruments

The Group’s financial instruments consist primarily of cash and cash equivalents, restricted cash, short-term investments, other current liabilities, long-term debt and equity securities with readily determinable fair values. The carrying amount of long-term debt approximates fair value as its interest rates are at the same level of current market yield for comparable debts. The Group carries its equity securities with readily determinable fair values at fair value. The carrying amounts of other financial instruments approximate their fair values due to short-term maturities.

Property and equipment, net

Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows:


Category		Estimated useful life
Buildings		36-40 years
Leasehold and buildings improvements		Shorter of lease term or expected useful life
Electronic and office equipment		3-5 years

Repair and maintenance costs are charged to expense as incurred, whereas the cost of renewals and betterment that extends the useful lives of property and equipment are capitalized as additions to the related assets. Retirements, sales and disposals of assets are recorded by removing the cost and accumulated depreciation from the asset and accumulated depreciation accounts with any resulting gain or loss reflected in the consolidated statements of operations.

Intangible assets, net

Intangible assets are amortized using the straight-line basis over the estimated useful lives as follows:


Category		Estimated useful life
Computer software		3 years
License		5 years

Impairment of long-lived assets

The Group reviews its long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may no longer be recoverable. When these events occur, the Group measures impairment by comparing the carrying value of the long-lived assets to the estimated undiscounted future cash flows expected to result from the use of the assets and their eventual disposition. If the sum of the expected undiscounted cash flow is less than the carrying amount of the assets, the Group would recognize an impairment loss based on the fair value of the assets. The Group did not record any impairment losses on its long-lived assets during the years ended December 31, 2021, 2022 and 2023.

Revenue recognition, Deferred Revenue and Cost of revenue

Revenue recognition

The Group follows five steps for its revenue recognition under ASC 606, Revenue from Contracts with Customers: (i) identify the contract(s) with a customer, (ii) identify the performance obligations in the contract, (iii) determine the transaction price, (iv) allocate the transaction price to the performance obligations in the contract, and (v) recognize revenue when (or as) the entity satisfies a performance obligation.

The Group’s revenue is reported net of discount, value added tax and related surcharges. The primary sources of the Group’s revenues are as follows:

Online education services

For online education services, the Group provides an integrated online education service package to students, including online live streaming audio-video interactive course content, recorded previous live audio-video course content, quiz banks, online chat rooms, and educational contents. The services and goods provided in the package are highly interdependent and interrelated in the context of the contract and are only considered accessory services to the online live streaming and recorded courses which are not distinct and are not sold standalone. Therefore, the Group's integrated online education services package is accounted for as a single performance obligation. The weighted average service period for interest, professional skills and professional certification preparation courses and degree- or diploma-oriented post-secondary courses was 5 months and 15 months, respectively, for the year ended December 31, 2023.

The transaction price of the integrated online education service package is determined by the contract amount net of any discount. Students are offered a full, unconditional refund within 24 hours upon enrollment and undelivered courses are eligible for refund during the entire service period, excluding registration fees. Refund liability represents the tuition fee collected by the Group which is expected to refund back to the customers as a result of the Group’s refund policy. Refund liabilities are estimated based on a historical refund ratio on a portfolio basis using the expected value method and current period experience factors, such as the anticipated cash refund that would occur in the normal course of business.

Revenues for online education services are recognized on a straight line basis over the service period from the registration day to the day on which the service period ends.

For certain online courses, the Group provided students the right to apply for refund or cash incentive if certain pre-agreed conditions are achieved. The Group estimated the variable consideration to be earned to the extent it was probable that a significant reversal of cumulative revenue recognized would not occur when the uncertainty associated with the variable consideration was resolved and recognized revenue over time from the registration day to the day on which the service period ended on a straight line basis. The Group's estimates of variable consideration and determination of whether to include estimated amounts in the transaction price were based largely on an assessment of the Group's anticipated performance and all information (historical, current and forecasted) that was reasonably available.

For certain online courses, the service period includes a regular period plus an extended period. The Group offers students an extended service period after the regular period if certain pre-agreed conditions are met. Based on historical passing rates and forecasted passing rates, the Group applies and categorizes the students by portfolio (1) eligible to extended period and (2) not eligible to extended period and estimates the portion of each portfolio. The Group recognizes the revenue on each portfolio over time from the registration day to the day on which the service is expected to end on a straight line basis.

SIGNIFICANT ACCOUNTING POLICIES - continued

Revenue recognition – continued

Online education services-continued

For certain online courses, the Group offers a bundled service including an integrated online education service package with insurance coverage for tuition refund. If certain refund conditions are met, students could claim the insurance equal to full or partial amount of the service fee. The Group identifies that the integrated online education service package and the insurance service are two separate performance obligations as students benefit from each service on its own and they are separately identifiable in the contract. The Group records revenue generated from online education services with insurance coverage on a gross basis as the Group is acting as the principal to fulfill all obligation and control all the services transferred to the students. The total service fee is allocated to each performance obligation based on selling prices, which are estimated based on the expected cost of satisfying each performance obligation plus an estimated margin. Revenues for integrated online education service and the insurance service are recognized over their respective service periods on a straight line basis from the registration day to the day on which the service period ends as the students simultaneously receives and consumes the benefits provided by these two performance obligations.

The Group's deferred costs represent the unamortized incremental sales commission relating to obtaining of customers contract, and the contract liability primarily consists of deferred revenue.

Student Financing

The Group offers an installment payment option to students, under which the students obtain loans, from accredited credit sources (“Loan Companies”) for the purpose of satisfying the student’s tuition payment due. The borrowing student is obligated to repay the loan principal in installments over periods ranging from 3 months to 12 months to the Loan Companies, while the Group agrees with the Loan Companies to bear the student’s interest expense and service fees. The Loan Companies remit the tuition to the Group for students to complete the registration. The interest expense and service fees are recorded as a reduction of the transaction price.

Other revenues

Other revenues primarily consist of commission revenue and sales of goods. The Group earns commission revenue by providing referral services to third party institutions. Commission revenue is recognized at a point in time when the referred students complete registration at the third party institutions, which is when the performance obligation of the Group is satisfied.

The Group also generates revenues from sales of goods, consisting primarily of books and learning materials. Revenues are recognized when control of the promised goods is transferred to the customer, in an amount that reflects the consideration the Group expects to be entitled to in exchange for the goods.

Deferred revenue

Revenues related to the Group’s online courses are recognized over time. Deferred revenue consists of tuition fees received from students for which services have not yet been provided to students.

Value added taxes (“VAT”)

The Group's services are subject to VAT at the rate of 6% for general-VAT-payer entities in accordance with tax rule, except that certain subsidiaries were subject to a simple VAT collection method at a rate of 3%.

Started in January 2020, in accordance with Announcement of the Ministry of Finance and the State Taxation Administration [2020] No.8, due to the Novel coronavirus (“COVID-19”) pandemic, the VAT on certain services was temporarily exempted. The exemption period ended on March 31, 2021. The VAT exemption is recorded as other income in the consolidated statements of operations for the year ended December 31 2021.

SIGNIFICANT ACCOUNTING POLICIES - continued

Cost of revenues

Cost of revenues consist of expenditures incurred in the generation of the Group’s revenue, including but not limited to salaries and benefits paid to teachers and mentors, cost of printed books and learning materials, service fees paid to educational institutions, cooperation costs, related rental expenses, server management costs, bandwidth costs, payment processing costs, insurance cost, depreciations for property and equipment and amortizations for intangible assets.

Value added taxes ("VAT")

Value added taxes (“VAT”)

Product development expenses

Product development expenses primarily consist of (i) salaries and benefits for innovation and development of course content, product and technology development personnel, and (ii) office rental, general expenses and depreciation and amortization expenses associated with the product development activities. The Group’s product development activities primarily consist of the development and enhancement of the Group’s educational content, applications and platforms. The Group has expensed all product development expenses when incurred.

Sales commission

The incremental sales commission relating to obtaining of the customer contract and expected to be recovered is accounted for as an incremental cost of obtaining a contract and is capitalized as deferred costs when incurred. The capitalized cost is amortized in the same manner as the revenue recognized and is included in “sales and marketing expenses” in the consolidated statements of operations.

Other sales commission incurred regardless of whether the contract was obtained is recognized as an expense when incurred.

Advertising expenditure

Advertising expenditure, mainly including search engine marketing and mobile marketing expenses, is expensed when incurred and is included in sales and marketing expenses in the consolidated statements of operations. Advertising expenses were RMB792,926, RMB484,442 and RMB556,088 for the years ended December 31, 2021, 2022 and 2023, respectively.

Sales and marketing expenses

Sales and marketing expenses primarily consist of (i) salaries and benefits for sales and marketing personnel, (ii) search engine marketing and mobile marketing expenses and other advertising expenses, (iii) office rental, general expenses and depreciation and amortization expenses associated with the sales and marketing activities.

Leases

The Group leases administrative office spaces and enrollment centers in different cities in the PRC under operating leases. The Group determines whether an arrangement constitutes a lease at inception. The Group has lease agreements with lease and non-lease components, which are generally accounted for separately. The allocation of the consideration between the lease and the non-lease components is based on the relative stand-alone prices of lease components included in the lease contracts. Operating lease right-of-use assets and liabilities are recognized at lease commencement date based on the present value of remaining lease payments over the lease terms. The Group uses the implicit rate when readily determinable, or its incremental borrowing rate based on the information available, at the commencement date in determining the present value of lease payments. Certain leases include renewal options and/or termination options. Renewal options are included in the lease term if the Group is reasonably certain to exercise those options while options to terminate the lease are only included in the lease term if the Group is reasonably certain not to exercise those options. Lease expense is recorded on a straight-line basis over the lease term.

For short-term leases, the Group records operating lease expense in its consolidated statements of operations on a straight-line basis over the lease term.

Government subsidies

For the government subsidies not subject to further performance obligations or future returns, the Group records the amounts as other income when received from local government authority. Government subsidies received and recorded as other income amounted to RMB30,501, RMB3,697 and RMB6,045 for the years ended December 31, 2021, 2022 and 2023, respectively.

Income taxes

Current income taxes are provided for in accordance with the laws of the relevant tax authorities. Deferred income taxes are recognized when temporary differences exist between the tax bases of assets and liabilities and their reported amounts in the financial statements. Net operating loss carry forwards and credits are applied using enacted statutory tax rates applicable to future years. Deferred tax assets are reduced by a valuation allowance when, in the opinion of management, it is more-likely-than-not that a portion of or all of the deferred tax assets will not be realized. The impact of an uncertain income tax position is recognized at the largest amount that is more-likely-than-not to be sustained upon audit by the relevant tax authority. An uncertain income tax position will not be recognized if it has less than a 50% likelihood of being sustained. Interest and penalties on income taxes will be classified as a component of the provisions for income taxes.

Comprehensive loss/income

Comprehensive income

Comprehensive income includes net income and foreign currency translation adjustments and is reported in the consolidated statements of comprehensive income. The Group presents the components of net income, the components of other comprehensive loss/income and total comprehensive income in two separate but consecutive statements.

Net loss/income per share

Net income per share

Basic net income per share is computed by dividing net income attributable to ordinary shareholders of the Company by the weighted average number of common shares outstanding during the year. Diluted net income per share reflects the potential dilution that could occur if securities or other contracts to issue common shares were exercised into common shares. To calculate the number of shares for diluted income per share, the effect of the share options is computed using the treasury stock method.

The effect of potential issuances of shares for the share options was anti-dilutive, and therefore basic and diluted income per share were the same for the years ended December 31, 2021, 2022 and 2023.

Share-based compensation

Share-based compensation with employees is measured based on the grant date fair value of the equity instrument. Share-based compensation expenses, net of forfeitures, are recognized over the requisite service period based on a straight-line basis with a corresponding impact reflected in additional paid-in capital.

Significant Risks and Uncertainties

Significant risks and uncertainties

Foreign currency risk

RMB is not a freely convertible currency. The State Administration for Foreign Exchange, under the authority of the People’s Bank of China, controls the conversion of RMB into foreign currencies. The value of RMB is subject to changes in central government policies and to international economic and political developments affecting supply and demand in the China Foreign Exchange Trading System market. The cash and cash equivalents of the Group included aggregate amounts of RMB248,617 and RMB202,457, which were denominated in RMB at December 31, 2022 and 2023, representing 33.0% and 26.5% of the cash and cash equivalents at December 31, 2022 and 2023, respectively.

Concentration of credit risk

Financial instruments that potentially expose the Group to significant concentration of credit risk primarily consist of cash and cash equivalents, restricted cash, short-term investments and receivables from third party payment agencies. The Group places its cash and cash equivalents, restricted cash and short-term investments in financial institutions with high credit ratings.

There are no revenues from customers which individually represent greater than 10% of the total net revenues for any year of the three years period ended December 31, 2023.

Recent accounting pronouncements adopted

Recently issued accounting pronouncements not yet adopted

In November 2023, FASB issued ASU 2023-07, Segment Reporting (Topic 280), Improvements to Reportable Segment Disclosures, which improves the disclosures about a public entity’s reportable segments and address requests from investors for additional, more detailed information about a reportable segment’s expenses. The standard shall be applied retrospectively to all prior periods presented in the financial statements. The standard is effective for fiscal years beginning after December 15, 2023. Early adoption is permitted. A public entity should apply the amendments in this update retrospectively to all prior periods presented in the financial statements. The Group is currently evaluating the impact of the amendments on its consolidated financial statements.

In December 2023, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2023-09, Income Taxes (Topic 740) - Improvements to Income Tax Disclosures. The ASU requires that an entity disclose specific categories in the effective tax rate reconciliation as well as provide additional information for reconciling items that meet a quantitative threshold. Further, the ASU requires certain disclosures of state versus federal income tax expense and taxes paid. The amendments in this ASU are required to be adopted for fiscal years beginning after December 15, 2024. Early adoption is permitted. Entities may apply the amendments prospectively or may elect retrospective application. The Group is currently evaluating the impact of the amendments on its consolidated financial statements.

Restricted Net Assets

12 Months Ended

Dec. 31, 2023

Restricted Net Assets [Abstract]

Restricted Net Assets

23.

RESTRICTED NET ASSETS

Relevant PRC statutory laws and regulations permit payments of dividends by the Group’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries.

In accordance with the Regulations on Enterprises with Foreign Investment of China and their articles of association, a foreign invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts, which is included in retained earnings accounts in equity section of the consolidated balance sheets. A wholly-owned foreign invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve reaches 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. If any PRC subsidiary incur debt on its own behalf in the future, the instruments governing the debt may restrict their ability to pay dividends or make other payments to the Group. Any limitation on the ability of the PRC subsidiaries to distribute dividends or other payments to their respective shareholders could materially and adversely limit the ability to grow, make investments or acquisitions that could be beneficial to pay dividends.

Additionally, in accordance with the Company Law of the PRC, a domestic enterprise is required to provide statutory common reserve at least 10% of its annual after-tax profit until such reserve reaches 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. The Group’s provision for the statutory common reserve is in compliance with the aforementioned requirement of the Company Law. A domestic enterprise is also required to provide for discretionary surplus reserve, at the discretion of the board of directors, from the profits determined in accordance with the enterprise’s PRC statutory accounts. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends.

Because the Group’s entities in the PRC can only be paid out of distributable profits reported in accordance with PRC accounting standards, the Group’s entities in the PRC are restricted from transferring a portion of their net assets to the Company. The restricted amounts include the paid-in capital and statutory reserves of the Group’s entities in the PRC. The aggregate amount of paid-in capital and statutory reserves, which is the amount of net assets of the Group’s entities in the PRC (mainland) not available for distribution, were RMB1,649,118 as of December 31, 2023.

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of Property and Equipment Consisted

Property and equipment consisted of the following:


	As of December 31,
	2022			2023
	RMB			RMB
Buildings(1)		865,447			865,447
Leasehold and buildings improvement		69,706			71,526
Electronic and office equipment		38,473			37,428
Total cost		973,626			974,401
Less: Accumulated depreciation		(159,843	)		(187,731	)
Property and equipment, net		813,783			786,670

(1)

Other Non-Current Assets

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Non-Current Assets

OTHER NON-CURRENT ASSETS

Other non-current assets consisted of the following:


	As of December 31,
	2022		2023
	RMB		RMB
Employee loans(1)		29,908		28,215
Rental deposits(2)		2,774		3,932
Others		5,198		1,013
Total		37,880		33,160

(1)

In 2019, the Group approved an employee benefit program under which eligible employees can apply for loans from the Group at prevailing interest rates. Upon maturity, the loans can be repaid by cash or the Company's ordinary shares held by those employees based on prevailing market price at the settlement date.

(2)

The amount represented office and enrollment centers’ rental deposits under the lease contracts, which are not refundable within one year.

Long-Term Investments - Schedule of Long-Term Investments (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Equity Method Investments and Joint Ventures [Abstract]
Equity method investments	¥ 44,826		¥ 60,891
Equity securities with readily determinable fair values	16,528		12,622
Long-term investments	¥ 61,354	$ 8,642	¥ 73,513

Disposal of Subsidiaries - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Discontinued Operations and Disposal Groups [Abstract]
Consideration from disposition of subsidiary group	¥ 0		¥ 41	¥ 20,000
Gain on disposal of subsidiaries	¥ 43,715	$ 6,157	¥ 1,390	¥ 43,967

CONSOLIDATED STATEMENTS OF OPERATIONS
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

CNY (¥)

¥ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

CNY (¥)

¥ / shares

Dec. 31, 2021

CNY (¥)

¥ / shares

Income Statement [Abstract]

Net revenues

¥ 2,159,584

$ 304,171

¥ 2,323,101

¥ 2,507,817

Cost of revenues (including share-based compensation expenses of RMB101, RMB33 and nil for the years ended December 31, 2021, 2022 and 2023, respectively)

(265,528)

(37,399)

(348,150)

(376,189)

Gross profit

1,894,056

266,772

1,974,951

2,131,628

Operating expenses

Sales and marketing expenses (including share-based compensation expenses of RMB-14, RMB4,166 and nil for the years ended December 31, 2021, 2022 and 2023, respectively)

(1,142,154)

(160,869)

(1,129,508)

(1,748,436)

Product development expenses

(33,723)

(4,750)

(42,834)

(61,325)

General and administrative expenses (including share-based compensation expenses of RMB681, RMB2,982 and nil for the years ended December 31, 2021, 2022 and 2023, respectively)

(143,286)

(20,181)

(185,667)

(207,602)

Total operating expenses

(1,319,163)

(185,800)

(1,358,009)

(2,017,363)

Income from operations

574,893

80,972

616,942

114,265

Interest income

31,094

4,379

16,248

16,175

Interest expense

(7,657)

(1,078)

(10,059)

(10,929)

Other income, net

34,097

4,802

24,527

39,156

Impairment loss on long-term investments

(61)

(9)

(500)

(5,000)

Gain on disposal of subsidiaries

43,715

6,157

1,390

43,967

Income before income tax benefit/(expenses) and (loss)/gain from equity method investments

676,081

95,223

648,548

197,634

Income tax benefit/(expenses)

(25,166)

(3,545)

(11,992)

19,618

(Loss)/gain from equity method investments

(10,084)

(1,420)

6,453

(4,886)

Net income

640,831

90,258

643,009

212,366

Less: Net (loss)/income attributable to non-controlling interest

(950)

(6,690)

Net income attributable to Sunlands Technology Group

¥ 640,830

$ 90,258

¥ 643,959

¥ 219,056

Net income per share attributable to ordinary shareholders of Sunlands Technology Group:

Earnings Per Share, Basic | (per share)

¥ 92.88

$ 13.08

¥ 94.14

¥ 32.56

Earnings Per Share, Diluted | (per share)

¥ 92.88

$ 13.08

¥ 94.14

¥ 32.56

Weighted average shares used in calculating net income per ordinary share:

Weighted average shares used in calculating net income per ordinary share, Basic

^[1]

6,899,456

6,840,079

6,727,552

Weighted average shares used in calculating net income per ordinary share, Diluted

^[1]

6,899,456

6,840,079

6,727,552

[1]	Effective August 31, 2021, the ratio of American Depositary Shares (“ADSs”) to Class A ordinary shares changed from each 25 ADSs representing one Class A ordinary share to each 2 ADSs representing one Class A ordinary share.

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of Intangible Assets

The balance of intangible assets consisted of the following:


	As of December 31,
	2022			2023
	RMB			RMB
Computer software		7,094			7,963
License		780			780
Less: Accumulated amortization		(6,365	)		(7,768	)
Intangible assets, net		1,509			975

Summary of Amortization Expenses of Intangible Assets

The intangible assets amortization expenses for each of the following years are as follows:


	Amortization
	RMB
2024		563
2025		330
2026		82
Total		975

Financial Statement Schedule I - Condensed Financial Information of Parent Company Statements of Operations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Cost of revenues	¥ (265,528)	$ (37,399)	¥ (348,150)	¥ (376,189)
Gross profit	1,894,056	266,772	1,974,951	2,131,628
Operating expenses
Sales and marketing expenses	(1,142,154)	(160,869)	(1,129,508)	(1,748,436)
General and administrative expenses	(143,286)	(20,181)	(185,667)	(207,602)
Total operating expenses	(1,319,163)	(185,800)	(1,358,009)	(2,017,363)
Income from operations	574,893	80,972	616,942	114,265
Interest income	31,094	4,379	16,248	16,175
Other income/(expenses), net	34,097	4,802	24,527	39,156
Loss before income tax expenses	676,081		648,548	197,634
Income tax expenses	25,166	3,545	11,992	(19,618)
Net income	640,831	90,258	643,009	212,366
Parent Company
Cost of revenues	0	0	(33)	(101)
Gross profit	(0)	(0)	(33)	(101)
Operating expenses
Sales and marketing expenses	0	0	(4,166)	14
General and administrative expenses	(34,462)	(4,854)	(41,269)	(58,477)
Total operating expenses	(34,462)	(4,854)	(45,435)	(58,463)
Income from operations	(34,462)	(4,854)	(45,468)	(58,564)
Interest income	21,985	3,097	8,764	5,349
Other income/(expenses), net	2,883	406	(2,202)	8
Loss before income tax expenses	(9,594)	(1,351)	(38,906)	(53,207)
Income from investment in subsidiaries	650,424	91,609	682,865	272,263
Net income	¥ 640,830	$ 90,258	¥ 643,959	¥ 219,056

Significant Accounting Policies - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) PerformanceObligation $ / ¥	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2023 USD ($) $ / ¥
Significant Accounting Policies [Line Items]
Sale or purchase of assets or rights minimum amount	¥ 50
Option agreement maximum contract amount	¥ 50
Aggregate percentage of variable interest entity assets on Group's consolidated total assets	31.50%	39.60%		31.50%
Aggregate percentage of variable interest entity liabilities on Group's consolidated total liabilities	40.90%	43.40%		40.90%
Consolidated VIE assets	¥ 2,118,506	¥ 2,276,070		$ 298,384
Consolidated VIE creditor	¥ 1,842,957	2,655,921		$ 259,574
Currency exchange rate, Renminbi ("RMB") to U.S. dollar \| $ / ¥	7.0999			7.0999
Rate of VAT	6.00%
Rate of VAT, simple VAT collection method	3.00%
Advertising expenses	¥ 556,088	484,442	¥ 792,926
Cash and cash equivalents available for conversion to foreign currency	¥ 202,457	¥ 248,617
Percentage of cash and cash equivalents available for conversion to foreign currency	26.50%	33.00%		26.50%
Total Net Revenues \| Customer Concentration Risk \| Customer
Significant Accounting Policies [Line Items]
Revenues from customers individually representing portion of total net revenues	10.00%
Other Income
Significant Accounting Policies [Line Items]
Government subsidies	¥ 6,045	¥ 3,697	¥ 30,501
Degree- or Diploma-oriented Post-secondary Courses
Significant Accounting Policies [Line Items]
Weighted average service period	15 months
Professional Certification Preparation, Professional Skills and Interest Courses
Significant Accounting Policies [Line Items]
Weighted average service period	5 months
Online Education Service and Insurance Service [Member]
Significant Accounting Policies [Line Items]
Number of performance obligation \| PerformanceObligation	2
VIEs
Significant Accounting Policies [Line Items]
Consolidated VIE assets	¥ 668,337	902,156
Consolidated VIE creditor	753,910	¥ 1,152,554
VIEs \| Nonrecourse
Significant Accounting Policies [Line Items]
Consolidated VIE creditor	0
VIEs \| Assets Pledged as Collateral
Significant Accounting Policies [Line Items]
Consolidated VIE assets	¥ 0
Minimum
Significant Accounting Policies [Line Items]
Term of repayment of principal installments on which interest expense and service fees payable	3 months
Maximum
Significant Accounting Policies [Line Items]
Time for full refund of transaction price	24 hours
Term of repayment of principal installments on which interest expense and service fees payable	12 months
WFOE \| Minimum
Significant Accounting Policies [Line Items]
Ownership percentage by parent	10.00%			10.00%
WFOE \| Maximum
Significant Accounting Policies [Line Items]
Ownership percentage by parent	100.00%			100.00%

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

PROPERTY AND EQUIPMENT, NET

Property and equipment consisted of the following:


	As of December 31,
	2022			2023
	RMB			RMB
Buildings(1)		865,447			865,447
Leasehold and buildings improvement		69,706			71,526
Electronic and office equipment		38,473			37,428
Total cost		973,626			974,401
Less: Accumulated depreciation		(159,843	)		(187,731	)
Property and equipment, net		813,783			786,670

(1)

Depreciation expenses were RMB36,361, RMB45,371 and RMB29,125 for the years ended December 31, 2021, 2022 and 2023, respectively.

Short-Term Investments (Tables)

12 Months Ended

Dec. 31, 2023

Investments, Debt and Equity Securities [Abstract]

Schedule of Short-Term Investment

Short-term investments consisted of the following:


	As of December 31,
	2022		2023
	RMB		RMB
Variable rate financial instruments		70,542		142,084
Total		70,542		142,084

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY
¥ in Thousands, $ in Thousands

CNY (¥)

USD ($)

Class A Ordinary Shares

Class B Ordinary Shares

Class C Ordinary Shares

Ordinary Shares

Class A Ordinary Shares

CNY (¥)

Ordinary Shares

Class B Ordinary Shares

Ordinary Shares

Class C Ordinary Shares

CNY (¥)

Additional Paid-in Capital

CNY (¥)

Additional Paid-in Capital

USD ($)

Treasury Stock

CNY (¥)

Accumulated Other Comprehensive income/(loss)

CNY (¥)

Accumulated Other Comprehensive income/(loss)

USD ($)

Accumulated Deficit

CNY (¥)

Accumulated Deficit

USD ($)

Total Sunlands Technology Group Shareholders' Deficit

CNY (¥)

Total Sunlands Technology Group Shareholders' Deficit

USD ($)

Noncontrolling Interest

CNY (¥)

Noncontrolling Interest

USD ($)

Balances at Dec. 31, 2020

¥ (1,212,127)

¥ 1

¥ 2,367,168

¥ 96,490

¥ (3,675,129)

¥ (1,211,469)

¥ (658)

Balances (in shares) at Dec. 31, 2020 | shares

1,792,560

826,389

4,110,248

180,861

Net income/(loss) for the year

212,366

219,056

(6,690)

Conversion Class C Ordinary shares to Class A Ordinary shares (Note 13), shares | shares

107,318

(107,318)

Share repurchase

(3,623)

Share repurchase, shares | shares

(60,325)

Share-based compensation

768

Foreign currency translation adjustments

(13,958)

Disposal of a subsidiary

2,422

Balances at Dec. 31, 2021

(1,014,152)

¥ 1

2,364,313

82,532

(3,456,073)

(1,009,226)

(4,926)

Balances (in shares) at Dec. 31, 2021 | shares

1,839,553

826,389

4,002,930

241,186

Net income/(loss) for the year

643,009

643,959

(950)

Conversion Class C Ordinary shares to Class A Ordinary shares (Note 13), shares | shares

521,577

(521,577)

Share repurchase

(7,985)

¥ (117,432)

(7,985)

Share repurchase, shares | shares

(117,432)

Share-based compensation

7,181

Exercise of share option

10,047

Exercise of stock options, shares | shares

375,000

Dividend declared

^[1]

(63,816)

Foreign currency translation adjustments

45,353

Disposal of a subsidiary

512

Balances at Dec. 31, 2022

(379,851)

¥ 1

2,309,740

127,885

(2,812,114)

(374,487)

(5,364)

Balances (in shares) at Dec. 31, 2022 | shares

2,618,698

826,389

3,481,353

2,618,698

826,389

3,481,353

358,618

Net income/(loss) for the year

640,831

$ 90,258

640,830

Conversion Class C Ordinary shares to Class A Ordinary shares (Note 13), shares | shares

149,291

(149,291)

Share repurchase

(4,698)

Share repurchase, shares | shares

(65,466)

Dividend declared

(63,816)

Foreign currency translation adjustments

15,391

2,168

15,391

Disposal of a subsidiary

3,876

Balances at Dec. 31, 2023

¥ 275,549

$ 38,810

¥ 1

¥ 2,305,042

$ 324,658

¥ 143,276

$ 20,180

¥ (2,171,284)

$ (305,819)

¥ 277,036

$ 39,019

¥ (1,487)

$ (209)

Balances (in shares) at Dec. 31, 2023 | shares

2,702,523

826,389

3,332,062

2,702,523

826,389

3,332,062

424,084

[1]

In June 2022, the Company's board of directors declared a special cash dividend at the amount of US$1.36 per ordinary share, or US$0.68 per ADS to holders of the ordinary shares and ADSs as of June 30, 2022. The aggregate amount of such cash dividends was RMB63,816 and was fully paid by December 31, 2023.

Share Incentive Plan (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Summary of Option Activitiy and Changes

option activity during the year ended December 31, 2023.

         
        Weighted-
average

        Weighted-

         
        Weighted-

        remaining

        Aggregated

        average

         
        Number of

        average

        contractual

        intrinsic

        grant date

         Share options

        shares

        exercise price

        term(years)

        value

        fair value

Outstanding, December 31, 2022

31,550

560.95

4.81

—

271.90

Forfeited

—

—

—

—

—

Outstanding, December 31, 2023

31,550

560.95

3.81

—

271.90

Schedule of Share-based Compensation Expense Recognized

Total share-based compensation expense of share-based awards granted to employees, certain directors and management recognized for the years ended December 31, 2021, 2022 and 2023 were as follows:


	Years ended December 31,
	2021			2022		2023
	RMB			RMB		RMB
Cost of revenues		101			33		—
Sales and marketing expenses		(14	)		4,166		—
General and administrative expenses		681			2,982		—
		768			7,181		—

Ordinary Shares

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Ordinary Shares

13.

ORDINARY SHARES

On September 18, 2015, the Company authorized 1,000,000,000 shares of a par value of US$0.00005 (equivalent to RMB0.0003) per share and issued 1 ordinary share at par value at incorporation.

The ordinary shares of the Company are classified as Class A, Class B and Class C ordinary shares. Holders of Class A, Class B and Class C ordinary shares have the same rights except for voting and conversion rights. Each Class A ordinary share is entitled to one vote and is not convertible. Each Class B ordinary share is entitled to seven votes and is solely convertible into one Class A ordinary share, at any time by the holder thereof. Each Class C ordinary share is entitled to ten votes and is solely convertible into one Class A ordinary share, at any time by the holder thereof.

On August 29, 2018, the Company’s Board of Directors approved a share repurchase program under which the Company was authorized to repurchase up to US$50,000 of its Class A ordinary shares in the form of ADSs over the following 12 months. On November 18, 2019, the Company’s Board of Directors approved the extension of the repurchase program to August 23, 2020. On December 6, 2021, the Company’s Board of Directors approved a share repurchase program under which the Company was authorized to repurchase up to US$15,000 of its Class A ordinary shares in the form of ADSs over the following 24 months. On December 1, 2023, the Company’s Board of Directors approved the extension of the repurchase program to December 5, 2025. In 2021, 2022 and 2023, the Company transferred RMB4,866, RMB6,742 and RMB4,750, respectively, to the designated account for share repurchase. 120,650 ADSs, 234,865 ADSs and 130,931 ADSs (equivalent to 60,325, 117,432 and 65,466 Class A ordinary shares, respectively) were repurchased during the years ended December 31, 2021, 2022 and 2023 at a total consideration of RMB3,623, RMB7,985 and RMB4,698, respectively. The repurchased shares were presented as treasury stock, using the par value method on the consolidated balance sheets as of December 31, 2022 and 2023.

During the years ended December 31, 2021, 2022 and 2023, 107,318, 521,577 and 149,291 Class C ordinary shares were converted into 107,318, 521,577 and 149,291 Class A ordinary shares, respectively.

Segment Reporting

12 Months Ended

Dec. 31, 2023

Segment Reporting [Abstract]

Segment Reporting

21.

SEGMENT REPORTING

The Group’s chief operating decision maker (“CODM”) has been identified as the Chief Executive Officer of the Group, who reviews financial information of operating segments when making decisions about allocating resources and assessing performance of the Group. An operating segment is a component of the Group that engages in business activities from which it may earn revenues and incur expenses, and is identified on the basis of the internal financial reports that are provided to and regularly reviewed by the Group’s CODM.

For the years ended December 31, 2021, 2022 and 2023, the Group’s CODM reviewed the financial information of the education business carried out by the Group on a consolidated basis. The Group has one operating segment, which is the provision of online education service. The Group operates solely in the PRC and all of the Group’s long-lived assets are located in the PRC.

The entire disclosure for reporting segments including data and tables. Reportable segments include those that meet any of the following quantitative thresholds a) it's reported revenue, including sales to external customers and intersegment sales or transfers is 10 percent or more of the combined revenue, internal and external, of all operating segments b) the absolute amount of its reported profit or loss is 10 percent or more of the greater, in absolute amount of 1) the combined reported profit of all operating segments that did not report a loss or 2) the combined reported loss of all operating segments that did report a loss c) its assets are 10 percent or more of the combined assets of all operating segments.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 15
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-15

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (d)
-Publisher FASB
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Revenues and Deferred Revenue - Schedule of Disaggregated Revenues (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Disaggregation Of Revenue [Line Items]
Total revenues	¥ 2,163,638		¥ 2,328,818	¥ 2,510,400
Less: sales tax and surcharges	(4,054)		(5,717)	(2,583)
Total net revenues	2,159,584	$ 304,171	2,323,101	2,507,817
Subtotal Online Educational Courses
Disaggregation Of Revenue [Line Items]
Total revenues	1,987,624		2,202,955	2,430,956
Degree- or Diploma-oriented Post-secondary Courses \| Subtotal Online Educational Courses
Disaggregation Of Revenue [Line Items]
Total revenues	535,061		1,087,413	1,636,256
Interest, Pofessional Skills and Professional Certification Preparation Courses \| Subtotal Online Educational Courses
Disaggregation Of Revenue [Line Items]
Total revenues	1,452,563		1,115,542	794,700
Other Revenue
Disaggregation Of Revenue [Line Items]
Total revenues	¥ 176,014		¥ 125,863	¥ 79,444

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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Amount, including tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value-added and excise.

Disaggregation of Revenue [Abstract]

Income Taxes - Additional Information (Details) ¥ / shares in Units, $ / shares in Units, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) ¥ / shares	Dec. 31, 2023 USD ($) $ / shares	Dec. 31, 2022 CNY (¥) ¥ / shares	Dec. 31, 2021 CNY (¥) ¥ / shares
Income Taxes [Line Items]
Statutory income tax rate	25.00%	25.00%	25.00%	25.00%
Income tax expenses	¥ 25,166,000	$ 3,545	¥ 11,992,000	¥ (19,618,000)
Income tax benefit/expenses if the tax holidays granted to Wuhan Shangde were not available	¥ 21,967		¥ 24,338	¥ 11,560
Basic \| (per share)	¥ 92.88	$ 13.08	¥ 94.14	¥ 32.56
Diluted \| (per share)	¥ 92.88	$ 13.08	¥ 94.14	¥ 32.56
Uncertain tax positions	¥ 0		¥ 0	¥ 0
Income tax rate outside the PRC	25.00%	25.00%
PRC available for distribution earnings	¥ 119,316,000
Wuhan Shangde Online Education Technology Co., Ltd. ("Wuhan Shangde")
Income Taxes [Line Items]
Basic \| ¥ / shares	¥ 93.34		¥ 92.34	¥ 31.36
Maximum
Income Taxes [Line Items]
Payment of dividends withholding tax, percentage	10.00%	10.00%
Minimum
Income Taxes [Line Items]
Payment of dividends withholding tax, percentage	5.00%	5.00%
Hong Kong
Income Taxes [Line Items]
Income tax expenses	¥ 0		¥ 0	¥ 0
Hong Kong \| For the First 2 Million Profits
Income Taxes [Line Items]
Statutory income tax rate	8.25%	8.25%
Hong Kong \| For the Remaining Profits
Income Taxes [Line Items]
Statutory income tax rate	16.50%	16.50%
China
Income Taxes [Line Items]
Statutory income tax rate	25.00%	25.00%
China \| subsidiaries and the Variable Interest Entities
Income Taxes [Line Items]
Statutory income tax rate	25.00%	25.00%
Expiration start date	Dec. 31, 2024	Dec. 31, 2024
Expiration end date	Dec. 31, 2029	Dec. 31, 2029
China \| 2021 \| Wuhan Shangde Online Education Technology Co., Ltd. ("Wuhan Shangde")
Income Taxes [Line Items]
Statutory income tax rate	15.00%	15.00%
Preferential tax rate description	Wuhan Shangde was qualified as “high and new technology enterprise strongly supported by the State” (“HNTE”) and was accordingly entitled to a preferential tax rate of 15% from calendar years 2021 through 2023 and expected to be subject to an EIT rate of 15% as long as it maintains its status as a HNTE.	Wuhan Shangde was qualified as “high and new technology enterprise strongly supported by the State” (“HNTE”) and was accordingly entitled to a preferential tax rate of 15% from calendar years 2021 through 2023 and expected to be subject to an EIT rate of 15% as long as it maintains its status as a HNTE.
Preferential tax rate	15.00%	15.00%
Preferential tax exemption approved start year	2021	2021
Preferential tax exemption approved end year	2023	2023

Revenues and Deferred Revenue

12 Months Ended

Dec. 31, 2023

Revenues and Deferred Revenue

11.

REVENUES AND DEFERRED REVENUE

For the years ended December 31, 2021, 2022 and 2023, all of the Group’s revenues were generated in the PRC, and the disaggregated revenues by types were as follows:


	Years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Disaggregation of revenues
Revenue by types:
Gross revenues:
Interest, professional skills and professional certification preparation courses		794,700			1,115,542			1,452,563
Degree- or diploma-oriented post-secondary courses		1,636,256			1,087,413			535,061
Subtotal Online educational courses		2,430,956			2,202,955			1,987,624
Others		79,444			125,863			176,014
Total revenues		2,510,400			2,328,818			2,163,638
Less: VAT related surcharges		(2,583	)		(5,717	)		(4,054	)
Total net revenues		2,507,817			2,323,101			2,159,584

The movements of the deferred revenue for the years ended December 31, 2022 and 2023 were as follows (1):


	As of December 31,
	2022			2023
	RMB			RMB
Beginning balance (current and non-current)		2,348,179			1,690,946
Additions		1,606,642			1,468,899
Deductions		(2,263,875	)		(2,045,922	)
Ending balance (current and non-current)		1,690,946			1,113,923
Deferred revenue, current		986,086			553,812
Deferred revenue, non-current		704,860			560,111

(1)

Amounts presented are inclusive of VAT (see VAT in Note 2).

Deferred revenue primarily consists of educational service fees received from customers for which the Group’s revenue recognition criteria have not been met. Deferred revenue balance will be recognized as revenue once the criteria for revenue recognition are met. The current portion of deferred revenue as of January 1, 2022 and January 1, 2023 were substantially all recognized as revenue during the years ended December 31, 2022 and 2023, respectively.

The Group’s remaining performance obligations, representing the amount of the transaction price for which service has not been provided, are included in the deferred revenue account on the consolidated financial statements and the related disclosures. As of December 31, 2023, the deferred revenue balance was RMB1,113,923, of which RMB553,812 and RMB65,867 will be recognized as revenue over the next 12 and 24 months, respectively, with the remainder of RMB494,244 recognized thereafter.

The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts.

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CONSOLIDATED STATEMENTS OF CASHFLOWS ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
CASH FLOWS FROM OPERATING ACTIVITIES
Net income	¥ 640,831	$ 90,258	¥ 643,009	¥ 212,366
Adjustments to reconcile net income to net cash generated from operating activities:
Share-based compensation			7,181	768
Depreciation and amortization	30,648	4,317	46,684	37,916
Non-cash lease expenses	23,652	3,331	26,878	55,171
Gain from early termination of operating leases (Note 17)	(27,176)	(3,828)
Loss(gain) on disposal of property, equipment and land use right	(104)	(15)	1,662	5,431
Loss/(gain) from equity method investments	10,084	1,420	(6,453)	4,886
Impairment loss on deferred costs	1,400	197
Loss/(gain) from fair value change of long-term investments	(1,948)	(274)	391
Impairment loss on long-term investments	61	9	500	5,000
Gain from disposal of subsidiaries	(43,715)	(6,157)	(1,390)	(43,967)
Changes in operating assets and liabilities:
Prepaid expenses and other current assets	(13,114)	(1,847)	77,751	(24,915)
Deferred costs	37,278	5,251	76,648	129,879
Right-of-use asset	142,347	20,049	60,814	71,371
Deferred tax assets	26,799	3,775	12,466	(26,249)
Other non-current assets	3,089	435	4,180	2,555
Accrued expenses and other current liabilities	35,107	4,945	(178,944)	(22,570)
Deferred revenue	(553,803)	(78,002)	(656,974)	(646,692)
Lease liabilities	(168,621)	(23,750)	(84,534)	(144,797)
Deferred tax liabilities	(2,242)	(316)	(15,798)	6,562
Other non-current liabilities	225	32	(4,927)	4,034
Net cash (used in)/generated from operating activities	140,798	19,830	9,144	(373,251)
CASH FLOWS FROM INVESTING ACTIVITIES
Payment for long-term investments	(1,958)	(276)	(13,107)	(638)
Proceeds received from disposal of long-term investments	5,920	834
Purchase of short-term investments	(773,250)	(108,910)	(1,244,636)	(1,833,650)
Proceeds from maturity of short-term investments	701,650	98,825	1,357,856	2,166,910
Proceeds from disposal of land use right				13,796
Acquisition of property and equipment	(5,763)	(812)	(3,243)	(13,682)
Acquisition of intangible assets	(595)	(84)		(2,854)
Proceeds from disposal of property and equipment	118	17	75
Disposal of subsidiaries, net of cash received	(317)	(45)	(886)	15,202
Loan to employees				(2,504)
Repayment of employee loans	2,377	335	123	101
Net cash generated from/(used in) investing activities	(71,818)	(10,116)	96,182	342,681
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from a bank loan				61,540
Payment for cash dividend	(31,254)	(4,402)	(32,562)
Share repurchase	(4,750)	(669)	(6,742)	(4,866)
Repayment made to acquire buildings				(61,540)
Proceeds from exercise of share options			10,047
Repayment of bank loans	(38,654)	(5,444)	(38,654)	(34,038)
Net cash used in financing activities	(74,658)	(10,515)	(67,911)	(38,904)
Effect of exchange rate changes	14,652	2,065	43,266	(14,513)
Net (decrease)/increase in cash, cash equivalents and restricted cash	8,974	1,264	80,681	(83,987)
Cash, cash equivalents and restricted cash at beginning of the year	757,404	106,678	676,723	760,710
Cash, cash equivalents and restricted cash at end of the year	766,378	107,942	757,404	676,723
Supplemental schedule of non-cash investing activities:
Payables for leasehold improvement and intangible assets	1,108	156	4,436	6,089
Supplemental disclosure of cash flow information:
Interest paid	7,780	1,096	10,193	10,264
Income tax paid	11,225	$ 1,581	13,615
Reconciliation of cash, cash equivalents and restricted cash:
Cash and cash equivalents	763,800		753,642	626,715
Restricted cash	2,578		3,762	50,008
Total cash, cash equivalents and restricted cash	¥ 766,378		¥ 757,404	¥ 676,723

Income Taxes - Schedule of Reconciliation of Effective Tax Rate and Statutory Income Tax Rate Applicable to PRC Operations (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Income Tax Disclosure [Abstract]
Income before income tax expenses	¥ 676,081		¥ 648,548	¥ 197,634
Income tax expenses computed at applicable tax rates of 25%	169,020		162,137	49,409
Non-deductible and super deduction expenses	(18,314)		(6,035)	(27,135)
Effect of tax holidays and tax rate difference	1,255		(6,514)	(263,431)
Change in valuation allowance	(126,795)		(137,596)	221,539
Income tax (benefit)/expenses	¥ 25,166	$ 3,545	¥ 11,992	¥ (19,618)

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

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Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Income Taxes - Schedule of Components of Deferred Income Tax (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Deferred tax assets
Accrued expenses	¥ 29,943	¥ 38,204
Advertising expenses carry-forwards		18,008
Net operating loss carry-forwards	471,933	614,232
Total deferred tax assets	501,876	670,444
Less: valuation allowance	(501,876)	(643,645)
Deferred tax assets, net		26,799
Deferred tax liabilities
Deferred costs	(3,742)	(5,984)
Total deferred tax liabilities	¥ (3,742)	¥ (5,984)

Financial Statement Schedule I - Condensed Financial Information of Parent Company Balance Sheets (Parenthetical) (Details)	Dec. 31, 2023 $ / shares shares	Dec. 31, 2022 $ / shares shares	Sep. 18, 2015 ¥ / shares shares	Sep. 18, 2015 $ / shares shares
Condensed Financial Statements Captions [Line Items]
Ordinary shares, par value \| (per share)			¥ 0.0003	$ 0.00005
Ordinary shares, shares authorized			1,000,000,000	1,000,000,000
Ordinary shares, shares issued			1	1
Class A Ordinary Shares
Condensed Financial Statements Captions [Line Items]
Ordinary shares, par value \| $ / shares	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	796,062,195	796,062,195
Ordinary shares, shares issued	3,131,807	2,982,516
Ordinary shares, shares outstanding	2,702,523	2,618,698
Class B Ordinary Shares
Condensed Financial Statements Captions [Line Items]
Ordinary shares, par value \| $ / shares	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	826,389	826,389
Ordinary shares, shares issued	826,389	826,389
Ordinary shares, shares outstanding	826,389	826,389
Class C Ordinary Shares
Condensed Financial Statements Captions [Line Items]
Ordinary shares, par value \| $ / shares	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	203,111,416	203,111,416
Ordinary shares, shares issued	3,332,062	3,481,353
Ordinary shares, shares outstanding	3,332,062	3,481,353
Parent Company \| Class A Ordinary Shares
Condensed Financial Statements Captions [Line Items]
Ordinary shares, par value \| $ / shares	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	796,062,195	796,062,195
Ordinary shares, shares issued	3,131,807	2,982,516
Ordinary shares, shares outstanding	2,702,523	2,618,698
Parent Company \| Class B Ordinary Shares
Condensed Financial Statements Captions [Line Items]
Ordinary shares, par value \| $ / shares	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	826,389	826,389
Ordinary shares, shares issued	826,389	826,389
Ordinary shares, shares outstanding	826,389	826,389
Parent Company \| Class C Ordinary Shares
Condensed Financial Statements Captions [Line Items]
Ordinary shares, par value \| $ / shares	$ 0.00005	$ 0.00005
Ordinary shares, shares authorized	203,111,416	203,111,416
Ordinary shares, shares issued	3,332,062	3,481,353
Ordinary shares, shares outstanding	3,332,062	3,481,353

Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net

INTANGIBLE ASSETS, NET

The balance of intangible assets consisted of the following:


	As of December 31,
	2022			2023
	RMB			RMB
Computer software		7,094			7,963
License		780			780
Less: Accumulated amortization		(6,365	)		(7,768	)
Intangible assets, net		1,509			975

Amortization expenses were RMB1,304, RMB1,313 and RMB1,523 for the years ended December 31, 2021, 2022 and 2023, respectively.

INTANGIBLE ASSETS, NET - continued

The intangible assets amortization expenses for each of the following years are as follows:


	Amortization
	RMB
2024		563
2025		330
2026		82
Total		975

Financial Statement Schedule I - Condensed Financial Information of Parent Company Statements of Cash Flows (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Net cash (used in)/generated from operating activities	¥ 140,798	$ 19,830	¥ 9,144	¥ (373,251)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of short-term investments	(773,250)	(108,910)	(1,244,636)	(1,833,650)
Purchase of long-term investments	1,958	276	13,107	638
Proceeds from maturity of short-term investments	701,650	98,825	1,357,856	2,166,910
Loan to employees				(2,504)
Net cash generated from/(used in) investing activities	(71,818)	(10,116)	96,182	342,681
CASH FLOWS FROM FINANCING ACTIVITIES
Proceeds from Stock Options Exercised			10,047
Net cash used in financing activities	(74,658)	(10,515)	(67,911)	(38,904)
Effect of exchange rate changes	14,652	2,065	43,266	(14,513)
Net (decrease)/increase in cash, cash equivalents and restricted cash	8,974	1,264	80,681	(83,987)
Cash, cash equivalents and restricted cash at beginning of the year	757,404	106,678	676,723	760,710
Cash, cash equivalents and restricted cash at end of the year	766,378	107,942	757,404	676,723
Parent Company
Net cash (used in)/generated from operating activities	(66,321)	(9,341)	(53,792)	(37,609)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of long-term investments	(1,958)	(276)	(13,013)
Amounts due from subsidiaries	33,559	4,727	47,138	(69,529)
Loan to employees				(2,204)
Net cash generated from/(used in) investing activities	31,601	4,451	34,125	(71,733)
CASH FLOWS FROM FINANCING ACTIVITIES
Share repurchase	(4,750)	(669)	(6,742)	(4,866)
Proceeds from Stock Options Exercised			10,047
Payment for cash dividend	(31,254)	(4,402)	(32,562)
Net cash used in financing activities	(36,004)	(5,071)	(29,257)	(4,866)
Effect of exchange rate changes	58,530	8,244	45,245	(13,365)
Net (decrease)/increase in cash, cash equivalents and restricted cash	(12,194)	(1,717)	(3,679)	(127,573)
Cash, cash equivalents and restricted cash at beginning of the year	496,184	69,886	499,863	627,436
Cash, cash equivalents and restricted cash at end of the year	¥ 483,990	$ 68,169	¥ 496,184	¥ 499,863

Fair Value Measurement

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurement

14.

FAIR VALUE MEASUREMENT

Measured or disclosed at fair value on a recurring basis

The Group measures variable rate financial instruments and equity securities with readily determinable fair values at fair value on a recurring basis in accordance with ASC 820-10. Equity securities with readily determinable fair value classified within Level 1 are valued using quoted market prices currently available. Variable rate financial instruments classified within Level 2 are valued using directly or indirectly observable inputs in the market place.

As of December 31, 2022 and 2023, information about inputs for the fair value measurements of the Group’s assets that are measured at fair value on a recurring basis in periods subsequent to their initial recognition is as follows:


			Fair Value Measurement at Reporting Date Using
Description	Fair value as of December 31, 2022		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Short-term investments
Variable rate financial instruments		70,542		—		70,542		—
Long-term investments
Equity securities with readily determinable fair values		12,622		12,622		—		—
Total		83,164		12,622		70,542		—


			Fair Value Measurement at Reporting Date Using
Description	Fair value as of December 31, 2023		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Short-term investments
Variable rate financial instruments		142,084		—		142,084		—
Long-term investments
Equity securities with readily determinable fair values		16,528		16,528		—		—
Total		158,612		16,528		142,084		—

Measured or disclosed at fair value on a non-recurring basis

The Group measures long-term investments (excluding the equity securities with readily determinable fair values) at fair value on a nonrecurring basis whenever events or changes in circumstances indicate that the carrying value may no longer be recoverable. Refer to Note 8 for impairment on long-term investments.

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

Significant Accounting Policies - Summary of Estimated Useful Lives of Intangible Assets (Details)	Dec. 31, 2023
Computer Software
Finite Lived Intangible Assets [Line Items]
Estimated useful life	3 years
License
Finite Lived Intangible Assets [Line Items]
Estimated useful life	5 years

Long-Term Investments - Additional Information (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Schedule Of Equity Method Investments [Line Items]
(Loss)/gain from equity method investments	¥ (10,084)	$ (1,420)	¥ 6,453	¥ (4,886)
Impairment loss for its equity method investments	61		500	¥ 5,000
Gain (loss) on equity securities fair value	1,948		¥ (391)
Long-term Investments
Schedule Of Equity Method Investments [Line Items]
Investment commitment	¥ 0

Share Incentive Plan - Summary of Option Activity (Details) - Employee Stock Option - ¥ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares, Outstanding beginning balance	31,550
Number of shares, Granted	0
Number of shares, Outstanding ending balance	31,550	31,550
Weighted-average exercise price, Outstanding beginning balance	¥ 560.95
Weighted-average exercise price, Outstanding ending balance	¥ 560.95	¥ 560.95
Weighted-average remaining contractual term, Outstanding	3 years 9 months 21 days	4 years 9 months 21 days
Weighted average grant date fair value, Outstanding beginning balance	¥ 271.9
Weighted average grant date fair value, Outstanding ending balance	¥ 271.9	¥ 271.9

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
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Investments, Debt and Equity Securities [Abstract]

Short-Term Investments

12 Months Ended

Dec. 31, 2023

Short-Term Investments

SHORT-TERM INVESTMENTS

Short-term investments consisted of the following:


	As of December 31,
	2022		2023
	RMB		RMB
Variable rate financial instruments		70,542		142,084
Total		70,542		142,084

Variable rate instruments represent financial products with variable interest rates and unsecured principal but no restriction on withdrawal. The Group elects the fair value option to record them at fair value in accordance with ASC 825 Financial Instruments.

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Payables and Accruals [Abstract]

Schedule of Accrued Expenses and Other Liabilities

The components of accrued expenses and other liabilities are as follows:


	As of December 31,
	2022		2023
	RMB		RMB
Refund liability(1)		133,066		143,744
Salary and welfare payables		113,189		122,815
Accrued marketing expenses		28,762		41,729
Advanced deposits(2)		28,770		30,690
Other tax liabilities(3)		39,497		26,969
Accrued service fees(4)		13,176		15,888
Payables to educational institutions(5)		23,149		10,686
Payables for leasehold improvement and intangible assets		4,436		1,108
Dividend payable		31,254		—
Other payables		21,040		16,062
		436,339		409,691

(1)

Refund liability represented the tutoring fee collected by the Group which the Group estimates it will refund back to its customers as a result of its refund policy.

(2)

Advanced deposits primarily included down payments paid by prospective customers before contracts signing.

(3)

The balance represented accrued income tax payable and other tax liabilities in accordance with local tax laws.

(4)

The balance represented accrued expenses for outsourced service providers and other professional services.

(5)

The balance represented tuition fees collected from the students for their registrations with educational institutions.

Label	Element	Value
Restricted Cash and Cash Equivalents	us-gaap_RestrictedCashAndCashEquivalents	$ 363,000
Cash, Cash Equivalents, Restricted Cash, and Restricted Cash Equivalents	us-gaap_CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents	$ 107,942,000

Short-Term Investments - Schedule of Short-Term Investment (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)
Investments, Debt and Equity Securities [Abstract]
Variable-rate financial instruments	¥ 142,084		¥ 70,542
Total	¥ 142,084	$ 20,012	¥ 70,542

Other Non-Current Assets - Summary of Other Non-Current Assets (Details)
¥ in Thousands, $ in Thousands

Dec. 31, 2023

CNY (¥)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

CNY (¥)

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Employee loans

^[1]

¥ 28,215

¥ 29,908

Rental deposits

^[2]

3,932

2,774

Others

1,013

5,198

Total

¥ 33,160

$ 4,670

¥ 37,880

[1]	In 2019, the Group approved an employee benefit program under which eligible employees can apply for loans from the Group at prevailing interest rates. Upon maturity, the loans can be repaid by cash or the Company's ordinary shares held by those employees based on prevailing market price at the settlement date.
[2]	The amount represented office and enrollment centers’ rental deposits under the lease contracts, which are not refundable within one year.

Leases - Summary of Maturity Analysis of Annual Undiscounted Cash Flows for Lease Liabilities (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Leases [Abstract]
2024	¥ 18,790
2025	19,375
2026	19,898
2027	19,445
2028	20,121
2029 and thereafter	141,559
Total future lease payments	239,188
Less: Imputed interest	73,900
Total lease liability balance	¥ 165,288

Prepaid Expenses and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Summary of Prepaid Expenses and Other Current Assets

Prepaid expenses and other current assets consisted of the following:


	As of December 31,
	2022		2023
	RMB		RMB
Prepaid and input VAT		11,652		33,793
Inventory		14,153		14,240
Prepaid expenses(1)		25,153		13,394
Receivables from third-party payment agencies		16,271		12,984
Interest receivables		6,861		12,239
Deposits(2)		11,043		9,807
Other receivables		3,678		4,118
Prepaid marketing expenses		4,829		3,489
Staff advances		1,569		1,253
Others		3,063		3,701
Total		98,272		109,018

(1)

Represented the prepaid expenses for telecommunications, network, property management fee and software usage fee.

(2)

Represented rental deposits and deposits for search engine marketing activities which all being refundable within one year.

Fair Value Measurement (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Schedule of Asset Measured at Fair Value on Recurring Basis


			Fair Value Measurement at Reporting Date Using
Description	Fair value as of December 31, 2022		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Short-term investments
Variable rate financial instruments		70,542		—		70,542		—
Long-term investments
Equity securities with readily determinable fair values		12,622		12,622		—		—
Total		83,164		12,622		70,542		—


			Fair Value Measurement at Reporting Date Using
Description	Fair value as of December 31, 2023		Quoted Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
Short-term investments
Variable rate financial instruments		142,084		—		142,084		—
Long-term investments
Equity securities with readily determinable fair values		16,528		16,528		—		—
Total		158,612		16,528		142,084		—

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

20.

COMMITMENTS AND CONTINGENCIES

Contingencies

From time to time, the Group is subject to legal proceedings and claims incidental to the conduct of its business. The Group accrues the liability when the loss is probable and reasonably estimable.

Employee Defined Contribution Plan - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Retirement Benefits [Abstract]
Amounts expensed as incurred for employee defined contribution plan	¥ 90,470	¥ 114,662	¥ 167,257

Disposal of Subsidiaries

12 Months Ended

Dec. 31, 2023

Discontinued Operations and Disposal Groups [Abstract]

Disposal of Subsidiaries

15.

DISPOSAL OF SUBSIDIARIES

The Group disposed certain consolidated entities during each of the year ended December 31, 2021, 2022 and 2023. These transactions were not a strategic shift of the business and did not have a material impact on the Group’s business. As such, the disposals did not qualify as discontinued operations. The Group received disposal consideration of RMB20,000, RMB41 and nil in 2021, 2022 and 2023, respectively and recorded RMB43,967, RMB1,390 and RMB43,715 of gain from disposals of subsidiaries for the years ended December 31, 2021, 2022 and 2023, respectively.

Long-Term Debt

12 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Long-Term Debt

12.

LONG-TERM DEBT

On August 29 and November 21, 2018, the Group entered into two loan agreements with a PRC bank to obtain mortgage bank loans totaling to RMB260,000 for the purchase of Building A and Building D in Wuhan. The loans are secured by pledging Building A and Building D and will be repaid in equal installment every three months with maturity term of 8 years. The annual interest rate is 1.472% prior to April 15, 2021, 1.25% from April 16, 2021 to August 25, 2023 and 0.7% after August 25, 2023 on top of base rate of one-year interest rate released by the People's Bank of China.

In July 2021, the Group entered into another loan agreement with a PRC bank to obtain a mortgage bank loan amounting to RMB61,540 for the purchase of Building B in Wuhan. The loan is secured by pledging Building B and will be repaid in equal installment every three months with maturity term of 10 years. The annual interest rate is 1.05% prior to July 1, 2022 and 0.75% after July 1, 2022 on top of base rate of one-year interest rate released by the People's Bank of China.

The Group repaid RMB34,038, RMB38,654 and RMB38,654 for the principals of loans during the years ended December 31, 2021, 2022 and 2023, respectively.

Intangible Assets, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Intangible Assets, Net (Excluding Goodwill) [Abstract]
Amortization expenses	¥ 1,523	¥ 1,313	¥ 1,304

Prepaid Expenses and Other Current Assets

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Prepaid Expenses and Other Current Assets

PREPAID EXPENSES AND OTHER CURRENT ASSETS

Prepaid expenses and other current assets consisted of the following:


	As of December 31,
	2022		2023
	RMB		RMB
Prepaid and input VAT		11,652		33,793
Inventory		14,153		14,240
Prepaid expenses(1)		25,153		13,394
Receivables from third-party payment agencies		16,271		12,984
Interest receivables		6,861		12,239
Deposits(2)		11,043		9,807
Other receivables		3,678		4,118
Prepaid marketing expenses		4,829		3,489
Staff advances		1,569		1,253
Others		3,063		3,701
Total		98,272		109,018

(1)

Represented the prepaid expenses for telecommunications, network, property management fee and software usage fee.

(2)

Represented rental deposits and deposits for search engine marketing activities which all being refundable within one year.

Ordinary Shares - Additional Information (Details) ¥ / shares in Units, $ / shares in Units, ¥ in Thousands		12 Months Ended
	Sep. 18, 2015 Vote ¥ / shares shares	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares	Dec. 31, 2021 CNY (¥) shares	Dec. 31, 2019	Dec. 31, 2023 $ / shares	Dec. 31, 2022 $ / shares	Dec. 06, 2021 USD ($)	Aug. 29, 2018 USD ($)	Sep. 18, 2015 $ / shares shares
Ordinary Shares [Line Items]
Ordinary shares, shares authorized	1,000,000,000									1,000,000,000
Ordinary shares, par value \| (per share)	¥ 0.0003									$ 0.00005
Ordinary shares, shares issued	1									1
Transferred to designated agent account for share repurchase \| ¥		¥ 4,750	¥ 6,742	¥ 4,866
Class A Ordinary Shares
Ordinary Shares [Line Items]
Ordinary shares, shares authorized		796,062,195	796,062,195
Ordinary shares, par value \| $ / shares						$ 0.00005	$ 0.00005
Ordinary shares, shares issued		3,131,807	2,982,516
Common stock, voting right					Class A ordinary share is entitled to one vote
Number of vote each ordinary shares entitled \| Vote	1
Authorized amount under share repurchase program \| $								$ 15,000	$ 50,000
Number of shares repurchased		65,466	117,432	60,325
Stock repurchased during period, value \| ¥		¥ 4,698	¥ 7,985	¥ 3,623
Conversion of shares		149,291	521,577	107,318
Class B Ordinary Shares
Ordinary Shares [Line Items]
Ordinary shares, shares authorized		826,389	826,389
Ordinary shares, par value \| $ / shares						0.00005	0.00005
Ordinary shares, shares issued		826,389	826,389
Common stock, voting right					Class B ordinary share is entitled to seven votes
Number of vote each ordinary shares entitled \| Vote	7
Class of each ordinary shares convertible into class A ordinary shares	1									1
Class C Ordinary Shares
Ordinary Shares [Line Items]
Ordinary shares, shares authorized		203,111,416	203,111,416
Ordinary shares, par value \| $ / shares						$ 0.00005	$ 0.00005
Ordinary shares, shares issued		3,332,062	3,481,353
Common stock, voting right					Class C ordinary share is entitled to ten votes
Number of vote each ordinary shares entitled \| Vote	10
Class of each ordinary shares convertible into class A ordinary shares	1									1
Conversion of shares		149,291	521,577	107,318
American Depository Shares
Ordinary Shares [Line Items]
Number of shares repurchased		130,931	234,865	120,650

Accrued Expenses and Other Current Liabilities - Summary of Accrued Expenses and Other Liabilities (Details)
¥ in Thousands, $ in Thousands

Dec. 31, 2023

CNY (¥)

Dec. 31, 2023

USD ($)

Dec. 31, 2022

CNY (¥)

Payables and Accruals [Abstract]

Refund liability

^[1]

¥ 143,744

¥ 133,066

Salary and welfare payables

122,815

113,189

Accrued marketing expenses

41,729

28,762

Advanced deposits

^[2]

30,690

28,770

Other tax liabilities

^[3]

26,969

39,497

Accrued service fees

^[4]

15,888

13,176

Payables to educational institutions

^[5]

10,686

23,149

Payables for leasehold improvement and intangible assets

1,108

4,436

Dividend payable

31,254

Other payables

16,062

21,040

Total

¥ 409,691

$ 57,703

¥ 436,339

[1]	Refund liability represented the tutoring fee collected by the Group which the Group estimates it will refund back to its customers as a result of its refund policy.
[2]	Advanced deposits primarily included down payments paid by prospective customers before contracts signing.
[3]	The balance represented accrued income tax payable and other tax liabilities in accordance with local tax laws.
[4]	The balance represented accrued expenses for outsourced service providers and other professional services.
[5]	The balance represented tuition fees collected from the students for their registrations with educational institutions.

Revenues and Deferred Revenue - Additional Information (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Disaggregation of Revenue [Abstract]
Deferred revenue	¥ 1,113,923	¥ 1,690,946	¥ 2,348,179

Long-Term Investments (Tables)

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Schedule of Long-Term Investments


	As of December 31,
	2022		2023
	RMB		RMB
Equity method investments		60,891		44,826
Equity securities with readily determinable fair values		12,622		16,528
Total		73,513		61,354

Condensed Financial Information Of Parent Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Condensed Financial Information of Parent Company

ADDITIONAL INFORMATION—FINANCIAL STATEMENT SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

BALANCE SHEETS

(Amounts in thousands, except for share and per share data)


	As of December 31,
	2022			2023			2023
	RMB			RMB			US$
ASSETS
Current assets
Cash and cash equivalents		496,184			483,990			68,169
Prepaid expenses and other current assets		8,805			12,045			1,697
Amounts due from subsidiaries		1,383,654			1,350,095			190,157
Total current assets		1,888,643			1,846,130			260,023
Non-current assets
Long-term investments		12,622			16,528			2,328
Other non-current assets		25,424			26,106			3,677
Total non-current assets		38,046			42,634			6,005
TOTAL ASSETS		1,926,689			1,888,764			266,028

LIABILITIES AND SHAREHOLDERS’ DEFICIT
LIABILITIES
Current liabilities
Accrued expenses and other current liabilities		46,709			8,400			1,185
Total current liabilities		46,709			8,400			1,185
Non-current liabilities
Deficits of investments in subsidiaries, VIEs and VIEs' subsidiaries		2,254,467			1,603,328			225,824
Total non-current liabilities		2,254,467			1,603,328			225,824
TOTAL LIABILITIES		2,301,176			1,611,728			227,009

SHAREHOLDERS’ (DEFICIT)/EQUITY
Class A ordinary shares (par value of US$0.00005, 796,062,195 shares authorized; 2,982,516 and 3,131,807 shares issued as of December 31, 2022 and 2023, respectively; 2,618,698 and 2,702,523 shares outstanding as of December 31, 2022 and 2023, respectively)		1			1			—
Class B ordinary shares (par value of US$0.00005, 826,389 shares authorized; 826,389 and 826,389 shares issued and outstanding as of December 31, 2022 and 2023, respectively)		—			—			—
Class C ordinary shares (par value of US$0.00005, 203,111,416 shares authorized; 3,481,353 and 3,332,062 shares issued and outstanding as of December 31, 2022 and 2023, respectively)		1			1			—
Treasury stock		—			—			—
Additional paid-in capital		2,309,740			2,305,042			324,658
Accumulated other comprehensive income		127,885			143,276			20,180
Accumulated deficit		(2,812,114	)		(2,171,284	)		(305,819	)
TOTAL SHAREHOLDERS’ (DEFICIT)/EQUITY		(374,487	)		277,036			39,019
TOTAL LIABILITIES AND SHAREHOLDERS’ (DEFICIT)/EQUITY		1,926,689			1,888,764			266,028

ADDITIONAL INFORMATION—FINANCIAL STATEMENT SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENTS OF OPERATIONS

(Amounts in thousands)


	Years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
Cost of revenues		(101	)		(33	)		—			—
Gross profit		(101	)		(33	)		—			—
Operating expenses
Sales and marketing expenses		14			(4,166	)		—			—
General and administrative expenses		(58,477	)		(41,269	)		(34,462	)		(4,854	)
Total operating expenses		(58,463	)		(45,435	)		(34,462	)		(4,854	)
Loss from operations		(58,564	)		(45,468	)		(34,462	)		(4,854	)
Interest income		5,349			8,764			21,985			3,097
Other income/(expenses), net		8			(2,202	)		2,883			406
Loss before income tax expenses		(53,207	)		(38,906	)		(9,594	)		(1,351	)
Income tax expenses		—			—			—			—
Income from investment in subsidiaries		272,263			682,865			650,424			91,609
Net income		219,056			643,959			640,830			90,258

ADDITIONAL INFORMATION—FINANCIAL STATEMENT SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENTS OF COMPREHENSIVE (LOSS)/INCOME

(Amounts in thousands)


	Years ended December 31,
	2021			2022		2023
	RMB			RMB		RMB		US$
Net income		219,056			643,959		640,830		90,258
Other comprehensive (loss)/income, net of tax effect of nil:
Change in cumulative foreign currency translation adjustments		(13,958	)		45,353		15,391		2,168
Total comprehensive income		205,098			689,312		656,221		92,426

ADDITIONAL INFORMATION—FINANCIAL STATEMENT SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

STATEMENTS OF CASH FLOWS

(Amounts in thousands)


	Years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB			US$
Net cash used in operating activities		(37,609	)		(53,792	)		(66,321	)		(9,341	)
CASH FLOWS FROM INVESTING ACTIVITIES
Purchase of long-term investments		—			(13,013	)		(1,958	)		(276	)
Amounts due from subsidiaries		(69,529	)		47,138			33,559			4,727
Loan to employees		(2,204	)		—			—			—
Net cash (used in)/generated from investing activities		(71,733	)		34,125			31,601			4,451
CASH FLOWS FROM FINANCING ACTIVITIES
Share repurchase		(4,866	)		(6,742	)		(4,750	)		(669	)
Proceeds from exercise of share options		—			10,047			—			—
Payment for cash dividend		—			(32,562	)		(31,254	)		(4,402	)
Net cash used in financing activities		(4,866	)		(29,257	)		(36,004	)		(5,071	)
Effect of exchange rate changes		(13,365	)		45,245			58,530			8,244
Net decrease in cash and cash equivalents		(127,573	)		(3,679	)		(12,194	)		(1,717	)
Cash and cash equivalents at beginning of the year		627,436			499,863			496,184			69,886
Cash and cash equivalents at end of the year		499,863			496,184			483,990			68,169

ADDITIONAL INFORMATION—FINANCIAL STATEMENT SCHEDULE I

CONDENSED FINANCIAL INFORMATION OF PARENT COMPANY

NOTES TO FINANCIAL STATEMENTS

(Amounts in thousands, except for share and per share data)

BASIS FOR PREPARATION

The condensed financial information of Sunlands Technology Group has been prepared using the same accounting policies as set out in the accompanying consolidated financial statements except that the equity method has been used to account for investments in its subsidiaries, the VIEs and VIEs' subsidiaries.

INVESTMENTS IN SUBSIDIARIES AND VIES AND VIES' SUBSIDIARIES

The Company, its subsidiaries, the VIEs and the VIEs’ subsidiaries were included in the consolidated financial statements where the inter-company balances and transactions were eliminated upon consolidation. For purpose of the Company’s stand-alone financial statements, its investments in subsidiaries, the VIEs and the VIEs’ subsidiaries were reported using the equity method of accounting. The Company’s share of loss/income from its subsidiaries, the VIEs and the VIEs’ subsidiaries were reported as equity in earnings of its subsidiaries, the VIEs and the VIEs’ subsidiaries in the condensed statements of operations.

CONVENIENCE TRANSLATION

The Group’s business is primarily conducted in China and all of the revenues are denominated in RMB. However, periodic reports made to shareholders will include current period amounts translated into US dollars using the exchange rate as of balance sheet date, for the convenience of the readers. Translations of balances in the balance sheet, and the related statement of operations and cash flows from Renminbi (“RMB”) into US dollars as of and for the year ended December 31, 2023 are solely for the convenience of the readers and were calculated at the rate of US$1.00=RMB7.0999, representing the noon buying rate set forth in the H.10 statistical release of the U.S. Federal Reserve Board on December 29, 2023. No representation is made that the RMB amounts could have been, or could be, converted, realized or settled into US$ at that rate on December 29, 2023, or at any other rate.

Share Incentive Plan - Additional Information (Details) - USD ($)	12 Months Ended
	Dec. 31, 2023	Aug. 24, 2018	Oct. 31, 2017
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Unrecognized share-based compensation expenses	$ 0
Employee Stock Option
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares granted	0
2017 Share Incentive Plan \| Additional Ordinary Share
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares approved for grant		345,503	483,846
Common Stock, Capital Shares Reserved for Future Issuance		829,349

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Significant Accounting Policies

CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS' (DEFICIT)/EQUITY (Parenthetical) ¥ in Thousands		12 Months Ended
	Jun. 30, 2022 $ / shares	Dec. 31, 2023 CNY (¥)
Dividend declared \| ¥		¥ 63,816
Dividend paid \| ¥		¥ 63,816
Ordinary Shares
Dividend declared per share \| $ / shares	$ 1.36
ADS
Dividend declared per share \| $ / shares	$ 0.68

Significant Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

SIGNIFICANT ACCOUNTING POLICIES

Basis of presentation and use of estimates

The accompanying consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”).

Principles of consolidation

The VIE arrangements

As of December 31, 2023, the Group’s VIE that is material to the Group’s business and operations is Beijing Sunlands.

Exclusive Technical Consultation and Service Agreement

SIGNIFICANT ACCOUNTING POLICIES - continued

The VIE arrangements – continued

Business Operation Agreement

Equity Interest Pledge Agreement

Option Agreement

SIGNIFICANT ACCOUNTING POLICIES - continued

The VIE arrangements – continued

Powers of Attorney

Spousal Consent Letters

Risks in relation to VIE structure

•

SIGNIFICANT ACCOUNTING POLICIES - continued

The VIE arrangements – continued


	As of December 31,
	2022		2023
	RMB		RMB
Cash, cash equivalents and restricted cash		152,215		113,834
Short-term investments		68,440		102,380
Prepaid expenses and other current assets		47,948		39,309
Total current assets		284,328		259,589
Property and equipment, net		220,249		212,242
Right-of-use assets		274,643		131,694
Total non-current assets		617,828		408,748
Total assets		902,156		668,337
Accrued expenses and other current liabilities		191,172		193,631
Deferred revenue, current		374,208		272,739
Lease liabilities, current		17,065		7,760
Total current liabilities		582,445		474,130
Deferred revenue, non-current		251,080		124,807
Lease liabilities, non-current		316,844		153,686
Total liabilities		1,152,554		753,910


	Years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net revenues		537,273			1,076,379			1,369,285
Net (loss)/income		(183,346	)		376,082			716,487
Net cash (used in)/generated from operating activities		(514,536	)		502,168			619,233
Net cash generated from/(used in) investing activities		177,164			(11,166	)		(28,038	)
Net cash generated from financing activities		—			—			—

Foreign currency translation and transactions

SIGNIFICANT ACCOUNTING POLICIES - continued

Foreign currency translation and transactions – continued

Convenience Translation

Cash and cash equivalents

Restricted cash

Cash that is restricted as to withdrawal or for use or pledged as security is separately reported. The Group’s restricted cash mainly represents security deposits for an investment account.

Short-term investments

SIGNIFICANT ACCOUNTING POLICIES - continued

Long-term investments

Equity method investments

Equity securities with readily determinable fair values

Equity securities with readily determinable fair values are measured at fair value, and any changes in fair value are recognized in the consolidated statements of operations.

SIGNIFICANT ACCOUNTING POLICIES - continued

Fair value

Level 1

Level 1 applies to assets or liabilities for which there are quoted prices in active markets for identical assets or liabilities.

Level 2

Level 3

Level 3 applies to assets or liabilities for which there are unobservable inputs to the valuation methodology that are significant to the measurement of the fair value of the assets or liabilities.

Financial instruments

Property and equipment, net

Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows:


Category		Estimated useful life
Buildings		36-40 years
Leasehold and buildings improvements		Shorter of lease term or expected useful life
Electronic and office equipment		3-5 years

Intangible assets, net

Intangible assets are amortized using the straight-line basis over the estimated useful lives as follows:


Category		Estimated useful life
Computer software		3 years
License		5 years

SIGNIFICANT ACCOUNTING POLICIES - continued

Impairment of long-lived assets

Revenue recognition

The Group’s revenue is reported net of discount, value added tax and related surcharges. The primary sources of the Group’s revenues are as follows:

Online education services

Revenues for online education services are recognized on a straight line basis over the service period from the registration day to the day on which the service period ends.

SIGNIFICANT ACCOUNTING POLICIES - continued

Revenue recognition – continued

Online education services-continued

The Group's deferred costs represent the unamortized incremental sales commission relating to obtaining of customers contract, and the contract liability primarily consists of deferred revenue.

Student Financing

Other revenues

Deferred revenue

Revenues related to the Group’s online courses are recognized over time. Deferred revenue consists of tuition fees received from students for which services have not yet been provided to students.

Value added taxes (“VAT”)

SIGNIFICANT ACCOUNTING POLICIES - continued

Cost of revenues

Product development expenses

Sales commission

Other sales commission incurred regardless of whether the contract was obtained is recognized as an expense when incurred.

Advertising expenditure

Sales and marketing expenses

Leases

For short-term leases, the Group records operating lease expense in its consolidated statements of operations on a straight-line basis over the lease term.

SIGNIFICANT ACCOUNTING POLICIES - continued

Government subsidies

Income taxes

Comprehensive income

Net income per share

Share-based compensation

Significant risks and uncertainties

Foreign currency risk

Concentration of credit risk

There are no revenues from customers which individually represent greater than 10% of the total net revenues for any year of the three years period ended December 31, 2023.

SIGNIFICANT ACCOUNTING POLICIES - continued

Recently issued accounting pronouncements not yet adopted

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Statement of Comprehensive Income [Abstract]
Net income	¥ 640,831	$ 90,258	¥ 643,009	¥ 212,366
Other comprehensive income, net of tax effect of nil:
Change in cumulative foreign currency translation adjustments	15,391	2,168	45,353	(13,958)
Total comprehensive income	656,222	92,426	688,362	198,408
Less: comprehensive (loss)/income attributable to non-controlling interest	1	(0)	(950)	(6,690)
Comprehensive income attributable to Sunlands Technology Group	¥ 656,221	$ 92,426	¥ 689,312	¥ 205,098

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income (loss) and other comprehensive income (loss), attributable to noncontrolling interests. Excludes changes in equity resulting from investments by owners and distributions to owners.

Amount after tax of increase (decrease) in equity from transactions and other events and circumstances from net income and other comprehensive income. Excludes changes in equity resulting from investments by owners and distributions to owners.

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)(2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483443/250-10-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
-Section 65
-Paragraph 1
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480175/815-40-65-1

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 250
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 8
-Publisher FASB
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Financial Statement Schedule I - Additional Information (Details)	Dec. 31, 2023 $ / ¥
Condensed Financial Information Disclosure [Abstract]
Currency exchange rate, Renminbi ("RMB") to U.S. dollar	7.0999

Financial Statement Schedule I - Condensed Financial Information of Parent Company Balance Sheets (Details) ¥ in Thousands, $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Dec. 31, 2020 CNY (¥)
ASSETS
Cash, cash equivalents and restricted cash	¥ 763,800	$ 107,579	¥ 753,642	¥ 626,715
Prepaid expenses and other current assets	109,018	15,355	98,272
Total current assets	1,031,754	145,319	969,104
Non-current assets
Long-term investments	61,354	8,642	73,513
Other non-current assets	33,160	4,670	37,880
Total non-current assets	1,086,752	153,065	1,306,966
TOTAL ASSETS	2,118,506	298,384	2,276,070
Current liabilities
Accrued expenses and other current liabilities	409,691	57,703	436,339
Total current liabilities	1,010,176	142,279	1,478,144
Non-current liabilities
Other non-current liabilities	6,994	985	6,770
Total non-current liabilities	832,781	117,295	1,177,777
TOTAL LIABILITIES	1,842,957	259,574	2,655,921
SHAREHOLDERS' (DEFICIT)/EQUITY
Additional paid-in capital	2,305,042	324,658	2,309,740
Accumulated other comprehensive income	143,276	20,180	127,885
Accumulated deficit	(2,171,284)	(305,819)	(2,812,114)
TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY	275,549	38,810	(379,851)	(1,014,152)	¥ (1,212,127)
TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT)/EQUITY	2,118,506	298,384	2,276,070
Class A Ordinary Shares
SHAREHOLDERS' (DEFICIT)/EQUITY
Ordinary shares	1	0	1
Treasury stock \| ¥	(4,698)		(7,985)	¥ (3,623)
Class B Ordinary Shares
SHAREHOLDERS' (DEFICIT)/EQUITY
Ordinary shares	0	0	0
Class C Ordinary Shares
SHAREHOLDERS' (DEFICIT)/EQUITY
Ordinary shares	1	0	1
Parent Company
ASSETS
Cash, cash equivalents and restricted cash	483,990	68,169	496,184
Prepaid expenses and other current assets	12,045	1,697	8,805
Amounts due from subsidiaries	1,350,095	190,157	1,383,654
Total current assets	1,846,130	260,023	1,888,643
Non-current assets
Long-term investments	16,528	2,328	12,622
Other non-current assets	26,106	3,677	25,424
Total non-current assets	42,634	6,005	38,046
TOTAL ASSETS	1,888,764	266,028	1,926,689
Current liabilities
Accrued expenses and other current liabilities	8,400	1,185	46,709
Total current liabilities	8,400	1,185	46,709
Non-current liabilities
Deficits of investments in subsidiaries, VIEs and VIEs' subsidiaries	1,603,328	225,824	2,254,467
Total non-current liabilities	1,603,328	225,824	2,254,467
TOTAL LIABILITIES	1,611,728	227,009	2,301,176
SHAREHOLDERS' (DEFICIT)/EQUITY
Treasury stock \| $		0
Additional paid-in capital	2,305,042	324,658	2,309,740
Accumulated other comprehensive income	143,276	20,180	127,885
Accumulated deficit	(2,171,284)	(305,819)	(2,812,114)
TOTAL SHAREHOLDERS' (DEFICIT)/EQUITY	277,036	39,019	(374,487)
TOTAL LIABILITIES AND SHAREHOLDERS' (DEFICIT)/EQUITY	1,888,764	266,028	1,926,689
Parent Company \| Class A Ordinary Shares
SHAREHOLDERS' (DEFICIT)/EQUITY
Ordinary shares	1	0	1
Parent Company \| Class B Ordinary Shares
SHAREHOLDERS' (DEFICIT)/EQUITY
Ordinary shares	0	0	0
Parent Company \| Class C Ordinary Shares
SHAREHOLDERS' (DEFICIT)/EQUITY
Ordinary shares	¥ 1	$ 0	¥ 1

Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

17.

LEASES

Operating leases

The Group's leases consist of operating leases for office spaces in different cities in the PRC. For leases with terms greater than 12 months, the Group records the related asset and lease liability at the present value of lease payments over the term. As of December 31, 2023, the Group did not have additional operating leases that have not yet commenced. As of December 31, 2023, the Group had no long-term leases that were classified as a financing lease. Short-term lease cost for the year ended December 31, 2023 was immaterial.

For the years ended December 31, 2022 and 2023, no variable lease cost was recognized in the consolidated financial statements of the Group.


	Years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases		74,038			22,608			26,704
Non-cash changes in right-of-use assets from new lease obligations and lease modification:
Operating leases		4,339			380			3,630
Weighted average remaining lease term
Operating leases	12.3 years			12.6 years			11.3 years
Weighted average discount rate
Operating leases		7.6	%		6.8	%		7.0	%

Certain leases for office space were partially terminated in 2023 before the expiration of the lease term for cost saving. The relevant carrying amount of the right-of-use assets totaling RMB131,726 and the corresponding carrying amount of operating lease liabilities totaling RMB158,902 were derecognized upon the effectiveness of the early termination. RMB27,176 gain from early termination of operating lease was recognized in the statements of operations for the year ended December 31, 2023.

The following is a maturity analysis of the annual undiscounted cash flows for lease liabilities as of December 31, 2023:


	RMB
2024		18,790
2025		19,375
2026		19,898
2027		19,445
2028		20,121
2029 and thereafter		141,559
Total future lease payments		239,188
Less: Imputed interest		73,900
Total lease liability balance		165,288

Payments under operating leases are expensed on the straight-line basis over the periods of their respective leases. The terms of the leases do not contain rent escalation or contingent rents. For the years ended December 31, 2021, 2022 and 2023, the total rental expenses for all operating leases amounted to RMB68,292, RMB30,503 and RMB407, respectively, and recorded in cost of revenues, selling expenses, research and development expenses and general and administrative expenses on the consolidated statements of operations.

Financial Statement Schedule I - Condensed Financial Information of Parent Company Consolidated Statements of Comprehensive (Loss) / Income (Details) ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Net income	¥ 640,831	$ 90,258	¥ 643,009	¥ 212,366
Other comprehensive (loss)/income, net of tax effect of nil:
Change in cumulative foreign currency translation adjustments	15,391	2,168	45,353	(13,958)
Total comprehensive income	656,222	92,426	688,362	198,408
Parent Company
Net income	640,830	90,258	643,959	219,056
Other comprehensive (loss)/income, net of tax effect of nil:
Change in cumulative foreign currency translation adjustments	15,391	2,168	45,353	(13,958)
Total comprehensive income	¥ 656,221	$ 92,426	¥ 689,312	¥ 205,098

The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

18.

INCOME TAXES

Cayman Islands

Under current law of Cayman Islands, the Company is not subject to income or capital gains taxes. In addition, dividends payments are not subject to tax withholding in the Cayman Islands.

Hong Kong

The Company’s subsidiaries, Sunlands HK, Cheerwins Online Education HK Limited and FireSky Investment HK Limited are located in Hong Kong and are subject to a two-tiered income tax rate for taxable income earned in Hong Kong with effect from April 1, 2018. The first HK$2 million of profits earned by HK entity will be taxed at 8.25%, while the remaining profits will continue to be taxed at the existing 16.5% tax rate. In addition, to avoid abuse of the two-tiered income tax rate regime, each group of connected entities can nominate only one entity to benefit from the two-tiered income tax rate. No provision for Hong Kong profits tax has been made in the consolidated financial statements as it has no assessable income for the years ended December 31, 2021, 2022 and 2023.

China

The Group’s subsidiaries, VIEs and VIEs’ subsidiaries incorporated in the PRC are generally subject to a corporate income tax rate of 25%.

The Enterprise Income Tax Law (the “EIT Law”) of the PRC, effective since January 1, 2008, applies a uniform 25% enterprise income tax rate to all resident enterprises in China, including foreign invested enterprises.

Wuhan Shangde was qualified as “high and new technology enterprise strongly supported by the State” (“HNTE”) and was accordingly entitled to a preferential tax rate of 15% from calendar years 2021 through 2023 and expected to be subject to an EIT rate of 15% as long as it maintains its status as a HNTE.

The reconciliation of the effective tax rate and the statutory income tax rate applicable to PRC operations was as follows:


	Years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Income before income tax expenses		197,634			648,548			676,081
Income tax expenses computed at applicable tax rates of 25%		49,409			162,137			169,020
Non-deductible and super deduction expenses		(27,135	)		(6,035	)		(18,314	)
Effect of tax holidays and tax rate difference		(263,431	)		(6,514	)		1,255
Change in valuation allowance		221,539			(137,596	)		(126,795	)
Income tax (benefit)/expenses		(19,618	)		11,992			25,166

If the tax holidays granted to Wuhan Shangde were not available, the Group’s income tax benefit would have been RMB11,560 for the year ended December 31, 2021, and income tax expenses would have been RMB24,338 and RMB21,967 for the years ended December 31, 2022 and 2023, respectively. The basic and diluted net income per ordinary share attributable to the Group would have been RMB31.36, RMB92.34 and RMB93.34, respectively, for the years ended December 31, 2021, 2022 and 2023.

18.

INCOME TAXES - continued

China - continued

Deferred taxes reflect the tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. The components of deferred taxes are as follows:


	As of December 31,
	2022			2023
	RMB			RMB
Deferred tax assets
Accrued expenses		38,204			29,943
Advertising expenses carry-forwards		18,008			—
Net operating loss carry-forwards		614,232			471,933
Total deferred tax assets		670,444			501,876
Less: valuation allowance		(643,645	)		(501,876	)
Deferred tax assets, net		26,799			—
Deferred tax liabilities
Deferred costs		(5,984	)		(3,742	)
Total deferred tax liabilities		(5,984	)		(3,742	)

As of December 31, 2023, the Company’ subsidiaries, the VIEs and VIEs’ subsidiaries registered in the PRC have total net operating loss carry forwards of RMB1,972,325, which would expire on various dates through December 31, 2024 to December 31, 2029.

The authoritative guidance requires that the Group recognizes the impact of a tax position in the financial statements if that position is more likely than not of being sustained upon audit by the tax authority, based on the technical merits of the position. Under PRC laws and regulations, arrangements and transactions among related parties may be subject to examination by the PRC tax authorities. If the PRC tax authorities determine that the contractual arrangements among related companies do not represent a price under normal commercial terms, they may make adjustments to the companies’ income and expenses. A transfer pricing adjustment could result in additional tax liabilities. The Group did not have any significant unrecognized uncertain tax positions as of and for the years ended December 31, 2021, 2022 and 2023.

In addition, uncertainties exist with respect to how the current income tax law in the PRC applies to the Group’s overall operations, and more specifically, with regard to tax residency status. The New EIT Law includes a provision specifying that legal entities organized outside of the PRC will be considered residents for Chinese income tax purposes if the place of effective management or control is within the PRC. The implementation rules to the New EIT Law provide that non-resident legal entities will be considered PRC residents if substantial and overall management and control over the manufacturing and business operations, personnel, accounting and properties, occurs within the PRC. Despite the present uncertainties resulting from the limited PRC tax guidance on the issue, the Group does not believe that the legal entities organized outside of the PRC within the Group should be treated as residents for EIT law purposes. If the PRC tax authorities subsequently determine that the Company and its subsidiaries registered outside the PRC should be deemed resident enterprises, the Company and its subsidiaries registered outside the PRC will be subject to the PRC income taxes, at a rate of 25%.

If the Company were to be non-resident for PRC tax purpose, dividends paid to it out of profits earned after January 1, 2008 would be subject to a withholding tax. In the case of dividends paid by PRC subsidiaries, the withholding tax would be 10%. A lower withholding income tax rate of 5% is applied if the Foreign Invested Enterprise, or the FIE’s immediate holding company is registered in Hong Kong or other jurisdictions that have a tax treaty arrangement with China, subject to a qualification review at the time of the distribution.

The Chinese tax authorities clarified that distributions made out of earnings prior to but distributed after January 1, 2008 will not be subject to withholding tax. The aggregate undistributed earnings of the Company's subsidiaries located in the PRC that are available for distribution are RMB119,316 as of December 31, 2023. Upon distribution of such earnings, the Company will be subject to PRC taxes, the amount of which is impractical to estimate. The Company did not record any withholding tax on any of the aforementioned undistributed earnings because it intends to permanently reinvest all earnings in China and the Company's subsidiaries located in the PRC do not intend to declare dividends to the Company.

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

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-Paragraph 17
-Subparagraph (b)
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Summary Financial Information of VIEs and their Subsidiaries

Restricted Net Assets - Additional Information (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥)
Restricted Net Assets [Abstract]
Required minimum percentage of after-tax-profit allocated to general reserve	10.00%
Threshold percentage of general reserve of the registered capital	50.00%
Required minimum percentage of after-tax-profit allocated to statutory common reserve	10.00%
Threshold percentage of statutory common reserve of the registered capital, used as criteria of allocation requirement	50.00%
Amount of restricted paid-in-capital and statutory reserves	¥ 1,649,118

Income Taxes - Schedule of Reconciliation of Effective Tax Rate and Statutory Income Tax Rate Applicable to PRC Operations (Parenthetical) (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Statutory income tax rate	25.00%	25.00%	25.00%

Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]


	As of December 31,
	2022		2023
	RMB		RMB
Cash, cash equivalents and restricted cash		152,215		113,834
Short-term investments		68,440		102,380
Prepaid expenses and other current assets		47,948		39,309
Total current assets		284,328		259,589
Property and equipment, net		220,249		212,242
Right-of-use assets		274,643		131,694
Total non-current assets		617,828		408,748
Total assets		902,156		668,337
Accrued expenses and other current liabilities		191,172		193,631
Deferred revenue, current		374,208		272,739
Lease liabilities, current		17,065		7,760
Total current liabilities		582,445		474,130
Deferred revenue, non-current		251,080		124,807
Lease liabilities, non-current		316,844		153,686
Total liabilities		1,152,554		753,910


	Years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net revenues		537,273			1,076,379			1,369,285
Net (loss)/income		(183,346	)		376,082			716,487
Net cash (used in)/generated from operating activities		(514,536	)		502,168			619,233
Net cash generated from/(used in) investing activities		177,164			(11,166	)		(28,038	)
Net cash generated from financing activities		—			—			—

Summary of Estimated Useful Lives of Property and Equipment

Property and equipment are stated at cost and are depreciated using the straight-line method over the estimated useful lives of the assets, as follows:


Category		Estimated useful life
Buildings		36-40 years
Leasehold and buildings improvements		Shorter of lease term or expected useful life
Electronic and office equipment		3-5 years

Summary of Estimated Useful Lives of Intangible Assets

Intangible assets are amortized using the straight-line basis over the estimated useful lives as follows:


Category		Estimated useful life
Computer software		3 years
License		5 years

Deferred Costs (Tables)

12 Months Ended

Dec. 31, 2023

Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Schedule of Movement of Deferred Costs

The movements of deferred costs for the years ended December 31, 2022 and 2023 are as follows:


	As of December 31,
	2022			2023
	RMB			RMB
Beginning balances (current and non-current)		198,373			121,725
Additions		19,940			22,813
Amortizations		(96,454	)		(59,957	)
Accumulated impairments		(134	)		(1,534	)
Ending balances (current and non-current)		121,725			83,047
Deferred costs, current		42,886			14,274
Deferred costs, non-current		78,839			68,773

CONSOLIDATED STATEMENTS OF OPERATIONS (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Allocated share based compensation expense (reversal)		¥ 7,181	¥ 768
Cost of Revenues
Allocated share based compensation expense (reversal)	¥ 0	33	101
Selling and Marketing Expense
Allocated share based compensation expense (reversal)	0	4,166	(14)
General and Administrative Expense
Allocated share based compensation expense (reversal)	¥ 0	¥ 2,982	¥ 681

Employee Defined Contribution Plan

12 Months Ended

Dec. 31, 2023

Retirement Benefits [Abstract]

Employee Defined Contribution Plan

22.

EMPLOYEE DEFINED CONTRIBUTION PLAN

Full time employees of the Group in the PRC participate in a government mandated defined contribution plan, pursuant to which certain pension benefits, medical care, employee housing fund and other welfare benefits are provided to employees. Chinese labor regulations require that the PRC subsidiaries of the Group make contributions to the government for these benefits based on certain percentages of the employees’ salaries. The Group has no legal obligation for the benefits beyond the contributions made. The total amounts for such employee benefits, which were expensed as incurred, were RMB167,257, RMB114,662 and RMB90,470, for the years ended December 31, 2021, 2022 and 2023, respectively.

Long-Term Investments

12 Months Ended

Dec. 31, 2023

Equity Method Investments and Joint Ventures [Abstract]

Long-Term Investments

LONG-TERM INVESTMENTS


	As of December 31,
	2022		2023
	RMB		RMB
Equity method investments		60,891		44,826
Equity securities with readily determinable fair values		12,622		16,528
Total		73,513		61,354

The Group made investments in several limited partnerships and private companies, and accounted for these investments under the equity method because the Group has the ability to exercise significant influence but does not have control over the investees. The Group reviewed the investments for impairment whenever an event or circumstance indicates that an other-than-temporary impairment has occurred. The Group recorded its shares of loss of RMB4,886, gain of RMB6,453 and loss of RMB10,084 in these investments for the years ended December 31, 2021, 2022 and 2023, respectively. The Group recorded RMB5,000, RMB500, and RMB61 impairment loss for its equity method investments for the years ended December 31, 2021, 2022, and 2023, respectively.

Starting from 2022, the Group made investments in several listed companies and accounted for these investments under equity securities with readily determinable fair values. The Group recognized loss of RMB391 and income of RMB1,948 due to the fair value changes for the years ended December 31, 2022 and 2023, respectively, and such fair value changes were recorded in other income, net in the consolidated statements of operations.

The Group has no investment commitment as of December 31, 2023.

Property and Equipment, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Property, Plant and Equipment [Abstract]
Depreciation expenses	¥ 29,125	¥ 45,371	¥ 36,361

Property and Equipment, Net - Summary of Property and Equipment Consisted (Parenthetical) (Details)
¥ in Thousands

12 Months Ended

Dec. 31, 2018

CNY (¥)

Building

Dec. 31, 2017

CNY (¥)

Building

Dec. 31, 2023

CNY (¥)

Dec. 31, 2022

CNY (¥)

Dec. 31, 2021

CNY (¥)

Cost of property and equipment

¥ 974,401

¥ 973,626

Mortgage Loan

Amount of loan obtained to purchase buildings

¥ 321,540

Building

Buildings purchased under consideration

¥ 385,176

¥ 480,271

Cost of property and equipment

^[1]

¥ 865,447

Wuhan

Number of buildings purchased | Building

Guangzhou

Number of buildings purchased | Building

[1]

Fair Value Measurement - Schedule of Assets Measured at Fair Value on Recurring Basis (Details) - Fair Value, Recurring - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	¥ 158,612	¥ 83,164
Quoted Prices in Active Market for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	16,528	12,622
Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	142,084	70,542
Short-term Investments \| Variable-Rate Financial Instruments
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	142,084	70,542
Short-term Investments \| Variable-Rate Financial Instruments \| Significant Other Observable Inputs (Level 2)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	142,084	70,542
Long-term Investments \| Equity Securities
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	16,528	12,622
Long-term Investments \| Equity Securities \| Quoted Prices in Active Market for Identical Assets (Level 1)
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items]
Investments	¥ 16,528	¥ 12,622

Long-Term Debt - Additional Information (Details) ¥ in Thousands	1 Months Ended	12 Months Ended
	Jul. 31, 2021 CNY (¥)	Dec. 31, 2023 CNY (¥)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)	Aug. 25, 2023	Jun. 30, 2022	Apr. 14, 2021	Nov. 21, 2018 CNY (¥) Loan	Aug. 29, 2018 CNY (¥) Loan
Debt Instrument [Line Items]
Debt instrument, term	10 years	8 years
Mortgage Bank Loan
Debt Instrument [Line Items]
Debt instrument, face amount				¥ 321,540
Mortgage Bank Loan \| PRC Bank
Debt Instrument [Line Items]
Debt instrument number of loan agreement \| Loan								2	2
Debt instrument, face amount	¥ 61,540							¥ 260,000	¥ 260,000
Debt instrument periodic payment description	The loan is secured by pledging Building B and will be repaid in equal installment every three months with maturity term of 10 years.	The loans are secured by pledging Building A and Building D and will be repaid in equal installment every three months with maturity term of 8 years.
Debt instrument, interest rate		0.70%	0.75%		1.25%	1.05%	1.472%
Repayment of secured loans		¥ 38,654	¥ 38,654	¥ 34,038

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Schedule of Other Non-Current Assets

Other non-current assets consisted of the following:


	As of December 31,
	2022		2023
	RMB		RMB
Employee loans(1)		29,908		28,215
Rental deposits(2)		2,774		3,932
Others		5,198		1,013
Total		37,880		33,160

(1)

The amount represented office and enrollment centers’ rental deposits under the lease contracts, which are not refundable within one year.

Organization and Basis of Presentation

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Basis of Presentation

1. ORGANIZATION AND BASIS OF PRESENTATION

Sunlands Technology Group (the “Company” or “Sunlands Technology”) was incorporated under the laws of the Cayman Islands on September 18, 2015. The Company, its subsidiaries, the consolidated variable interest entities (“VIEs”) and VIEs’ subsidiaries (collectively the “Group”) are primarily engaged in providing online education services in the People’s Republic of China (“PRC”).

As of December 31, 2023, details of the Company’s significant subsidiaries, VIE and VIE’s subsidiary were as follows:


Name (1)	Date of establishment/ acquisition	Place of establishment	Percentage of direct or indirect economic ownership	Principal activities
Subsidiaries:
Sunlands Online Education HK Limited ("Sunlands HK")	October 6, 2015	HongKong	100%	Investment holding
Wuhan Studyvip Online Education Co., Limited ("Wuhan Zhibo")	August 2, 2017	PRC	100%	Provision of technical consultation and services
Wuhan Zhidao Online Education Technology Co., Ltd. ("Wuhan Shangde")	June 25, 2019	PRC	100%	Provision of education services

Variable interest entity ("VIE"):
Beijing Yuanchilaxiang Education Technology Co., Ltd. ("Beijing Sunlands")	September 27, 2013	PRC	N/A*	Provision of education services

VIE’s subsidiary:
Guangzhou Shangzhi Side Technology Co., Ltd. (2)	September 28, 2017	PRC	N/A*	Provision of education services

* These entities are consolidated by the Company pursuant to the contractual agreements disclosed below.

(1)

The English names are for identification purpose only.

(2)

Guangzhou Shangzhi Side Technology Co., Ltd. was formerly known as Guangzhou Shangzhi Side Education Technology Co., Ltd.. The entity's name was changed in 2023.

Share Incentive Plan

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share Incentive Plan

16.

SHARE INCENTIVE PLAN

2017 Share Incentive Plan

In October 2017, the shareholders of the Company approved the 2017 Share Incentive Plan (the “2017 ESOP”) under which the Company can grant a maximum of 483,846 ordinary shares. On August 24, 2018, the Company further approved an additional 345,503 ordinary shares for issuance, and therefore, 829,349 ordinary shares were reserved for issuance under the 2017 ESOP.

Options

There were no option activity during the year ended December 31, 2023.

         
        Weighted-
average

        Weighted-

         
        Weighted-

        remaining

        Aggregated

        average

         
        Number of

        average

        contractual

        intrinsic

        grant date

         Share options

        shares

        exercise price

        term(years)

        value

        fair value

Outstanding, December 31, 2022

31,550

560.95

4.81

—

271.90

Forfeited

—

—

—

—

—

Outstanding, December 31, 2023

31,550

560.95

3.81

—

271.90

Total share-based compensation expense of share-based awards granted to employees, certain directors and management recognized for the years ended December 31, 2021, 2022 and 2023 were as follows:


	Years ended December 31,
	2021			2022		2023
	RMB			RMB		RMB
Cost of revenues		101			33		—
Sales and marketing expenses		(14	)		4,166		—
General and administrative expenses		681			2,982		—
		768			7,181		—

As of December 31, 2023, there were no unrecognized share-based compensation expenses related to share options.

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	Sunlands Technology Group
Entity Central Index Key	0001723935
Current Fiscal Year End Date	--12-31
Entity Well-known Seasoned Issuer	No
Entity Current Reporting Status	Yes
Entity Filer Category	Non-accelerated Filer
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Registration Statement	false
ICFR Auditor Attestation Flag	false
Document Accounting Standard	U.S. GAAP
Entity File Number	001-38423
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Building 6, Chaolai Science Park
Entity Address, Address Line Two	No. 36 Chuangyuan Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100012
Document Financial Statement Error Correction [Flag]	false
Auditor Firm ID	1113
Auditor Name	Deloitte Touche Tohmatsu Certified Public Accountants LLP
Auditor Location	Beijing, the People's Republic of China
Class A Ordinary Shares
Entity Common Stock, Shares Outstanding	2,702,523
Title of 12(b) Security	Class A ordinary shares, par value US$0.00005 per share
Security Exchange Name	NYSE
No Trading Symbol Flag	true
Class B Ordinary Shares
Entity Common Stock, Shares Outstanding	826,389
Class C Ordinary Shares
Entity Common Stock, Shares Outstanding	3,332,062
American Depositary Shares
Entity Common Stock, Shares Outstanding	5,200
Title of 12(b) Security	American depositary shares, each two ADSs represent one Class A ordinary share*
Trading Symbol	STG
Security Exchange Name	NYSE
Business Contact
Contact Personnel Name	Tongbo Liu
Entity Address, Address Line One	Building 6, Chaolai Science Park
Entity Address, Address Line Two	No. 36 Chuangyuan Road
Entity Address, Address Line Three	Chaoyang District
Entity Address, City or Town	Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100012
City Area Code	10
Local Phone Number	52413738
Contact Personnel Email Address	liutongbo@sunlands.com

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Schedule of Reconciliation of Effective Tax Rate and Statutory Income Tax Rate Applicable to PRC Operations

The reconciliation of the effective tax rate and the statutory income tax rate applicable to PRC operations was as follows:


	Years ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Income before income tax expenses		197,634			648,548			676,081
Income tax expenses computed at applicable tax rates of 25%		49,409			162,137			169,020
Non-deductible and super deduction expenses		(27,135	)		(6,035	)		(18,314	)
Effect of tax holidays and tax rate difference		(263,431	)		(6,514	)		1,255
Change in valuation allowance		221,539			(137,596	)		(126,795	)
Income tax (benefit)/expenses		(19,618	)		11,992			25,166

Schedule of Components of Deferred Income Tax

The components of deferred taxes are as follows:


	As of December 31,
	2022			2023
	RMB			RMB
Deferred tax assets
Accrued expenses		38,204			29,943
Advertising expenses carry-forwards		18,008			—
Net operating loss carry-forwards		614,232			471,933
Total deferred tax assets		670,444			501,876
Less: valuation allowance		(643,645	)		(501,876	)
Deferred tax assets, net		26,799			—
Deferred tax liabilities
Deferred costs		(5,984	)		(3,742	)
Total deferred tax liabilities		(5,984	)		(3,742	)

Net Income Per Share - Additional Information (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Stock Option
Antidilutive Securities Excluded From Computation Of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	31,550	31,550	31,931

Leases - Summary of Operating Leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Leases [Abstract]
Cash paid for amounts included in the measurement of lease liabilities, Operating cash flows from operating leases	¥ 26,704	¥ 22,608	¥ 74,038
Non-cash changes in right-of-use assets from new lease obligations and lease modification: Operating leases	¥ 3,630	¥ 380	¥ 4,339
Operating leases, Weighted average remaining lease term	11 years 3 months 18 days	12 years 7 months 6 days	12 years 3 months 18 days
Operating leases, Weighted average discount rate	7.00%	6.80%	7.60%

Revenues and Deferred Revenue - Additional Information (Details1) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2024-01-01
Disaggregation Of Revenue [Line Items]
Recognized revenue of remaining performance obligation	¥ 553,812
Revenue, remaining performance obligation, expected timing of satisfaction, period	12 years
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2025-01-01
Disaggregation Of Revenue [Line Items]
Recognized revenue of remaining performance obligation	¥ 65,867
Revenue, remaining performance obligation, expected timing of satisfaction, period	24 months
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date: 2026-01-01
Disaggregation Of Revenue [Line Items]
Recognized revenue of remaining performance obligation	¥ 494,244
Revenue, remaining performance obligation, expected timing of satisfaction, period

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

Schedule of Calculation of Net (Loss) / Income Per Share

Share Incentive Plan - Schedule of Share-based Compensation Expense Recognized (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Allocated share based compensation expense (reversal)		¥ 7,181	¥ 768
Cost of Revenues
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Allocated share based compensation expense (reversal)	¥ 0	33	101
Selling and Marketing Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Allocated share based compensation expense (reversal)	0	4,166	(14)
General and Administrative Expense
Employee Service Share Based Compensation Allocation Of Recognized Period Costs [Line Items]
Allocated share based compensation expense (reversal)	¥ 0	¥ 2,982	¥ 681

Net Income Per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]


	As of December 31,
	2021		2022		2023
	RMB		RMB		RMB
Numerator:
Net income attributable to Sunlands Technology Group used in basic and diluted net income per share:
Net income attributable to ordinary shareholders		219,056		643,959		640,830
Denominator:
Weighted average ordinary shares outstanding used in computing basic and diluted net income per share		6,727,552		6,840,079		6,899,456
Net income per share
Basic and diluted		32.56		94.14		92.88

Leases - Additional Information (Details) $ in Thousands	12 Months Ended
Leases - Additional Information (Details) $ in Thousands	Dec. 31, 2023 CNY (¥)	Dec. 31, 2023 USD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2021 CNY (¥)
Leases [Abstract]
Operating lease, lease not yet commenced, description	As of December 31, 2023, the Group did not have additional operating leases that have not yet commenced.	As of December 31, 2023, the Group did not have additional operating leases that have not yet commenced.
Finance lease, description	As of December 31, 2023, the Group had no long-term leases that were classified as a financing lease.	As of December 31, 2023, the Group had no long-term leases that were classified as a financing lease.
Carrying amount of right-of-use assets	¥ 131,726,000
Operating lease liabilities	165,288,000
Carrying amount of operating lease liabilities	158,902,000
Gain from early termination of operating lease	27,176,000	$ 3,828
Variable lease cost	0		¥ 0
Total operating lease expense	¥ 407,000		¥ 30,503,000	¥ 68,292,000

Net Income Per Share - Schedule of Calculation of Net Loss Per Share (Details)
¥ / shares in Units, $ / shares in Units, ¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2023

CNY (¥)

¥ / shares

Dec. 31, 2023

USD ($)

$ / shares

Dec. 31, 2022

CNY (¥)

¥ / shares

Dec. 31, 2021

CNY (¥)

¥ / shares

Net income attributable to Sunlands Technology Group used in basic and diluted net income per share:

Net income attributable to ordinary shareholders

¥ 640,830

$ 90,258

¥ 643,959

¥ 219,056

Denominator:

Weighted average ordinary shares outstanding used in computing basic net (loss)/income per share

^[1]

6,899,456

6,840,079

6,727,552

Weighted average ordinary shares outstanding used in computing diluted net (loss)/income per share

^[1]

6,899,456

6,840,079

6,727,552

Net income per share

Basic | (per share)

¥ 92.88

$ 13.08

¥ 94.14

¥ 32.56

Diluted | (per share)

¥ 92.88

$ 13.08

¥ 94.14

¥ 32.56

[1]	Effective August 31, 2021, the ratio of American Depositary Shares (“ADSs”) to Class A ordinary shares changed from each 25 ADSs representing one Class A ordinary share to each 2 ADSs representing one Class A ordinary share.

The amount of net income (loss) for the period per each share of common stock or unit outstanding during the reporting period.

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The portion of profit or loss for the period, net of income taxes, which is attributable to the parent.

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