<SEC-DOCUMENT>0000950103-26-004385.txt : 20260319
<SEC-HEADER>0000950103-26-004385.hdr.sgml : 20260319
<ACCEPTANCE-DATETIME>20260319060724
ACCESSION NUMBER:		0000950103-26-004385
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20260319
FILED AS OF DATE:		20260319
DATE AS OF CHANGE:		20260319

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Sunlands Technology Group
		CENTRAL INDEX KEY:			0001723935
		STANDARD INDUSTRIAL CLASSIFICATION:	SERVICES-EDUCATIONAL SERVICES [8200]
		ORGANIZATION NAME:           	07 Trade & Services
		EIN:				000000000
		STATE OF INCORPORATION:			E9
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-38423
		FILM NUMBER:		26772255

	BUSINESS ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		BUILDING 4-6, CHAOLAI SCIENCE PARK
		STREET 2:		NO. 36 CHUANGYUAN RD, CHAOYANG DISTRICT
		CITY:			BEIJING
		PROVINCE COUNTRY:   	F4
		BUSINESS PHONE:		86 10 52413738

	MAIL ADDRESS:	
		ADDRESS IS A NON US LOCATION: 	YES
		STREET 1:		BUILDING 4-6, CHAOLAI SCIENCE PARK
		STREET 2:		NO. 36 CHUANGYUAN RD, CHAOYANG DISTRICT
		CITY:			BEIJING
		PROVINCE COUNTRY:   	F4

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Sunlands Online Education Group
		DATE OF NAME CHANGE:	20171129
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp243890_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>UNITED
STATES</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SECURITIES AND EXCHANGE COMMISSION</B></P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: 13pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>REPORT OF FOREIGN ISSUER<BR>
PURSUANT TO RULE 13a-16 OR 15d-16 OF<BR>
THE SECURITIES EXCHANGE ACT OF 1934</B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>For the month of March 2026</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Commission file number: 001-38423</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>SUNLANDS
TECHNOLOGY GROUP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Exact Name of Registrant as Specified in Its Charter)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Building&nbsp;6,&nbsp;Chaolai&nbsp;Science&nbsp;Park,&nbsp;No.&nbsp;36</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Chuangyuan Road, Chaoyang
District</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>Beijing, 100012, the
People&rsquo;s Republic of China</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>+86-10-52413738</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-size: 10pt"><B><BR>
</B></FONT>(Address of Principal Executive Offices)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Indicate by check mark whether the registrant files or will file annual
reports under cover Form 20-F or Form 40-F.&nbsp;&nbsp;&nbsp;&nbsp;Form 20-F&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9746;</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Form
40-F&nbsp;&nbsp;<FONT STYLE="font-family: Times New Roman, Times, Serif">&#9744;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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    <!-- Field: /Page --><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>EXHIBIT INDEX</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; background-color: white; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; width: 10%; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Exhibit No.</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 5%">&nbsp;</TD>
    <TD STYLE="vertical-align: top; width: 85%; border-bottom: Black 0.5pt solid"><FONT STYLE="font-family: Times New Roman, Times, Serif"><B>Description</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="dp243890_ex9901.htm">99.1</A></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif"><A HREF="dp243890_ex9901.htm">Press Release</A></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page --><P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">Signature</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-transform: uppercase; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">Pursuant to the requirements of the Securities
Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0.25in">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt"><B>Sunlands Technology Group</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="2">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date:</FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; vertical-align: top">March 19, 2026</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By:</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: Black 1pt solid; vertical-align: top"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Tongbo Liu</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 28%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 2%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Name:&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="width: 48%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Tongbo Liu</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Title:</FONT></TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Chief Executive Officer</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="margin-top: 0; margin-bottom: 0"></P>

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<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>dp243890_ex9901.htm
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="text-align: right; margin: 0"><B>Exhibit 99.1</B></P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="margin: 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><IMG SRC="image_001.jpg" ALT="Picture 4" STYLE="height: 51px; width: 162px"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Sunlands Technology Group Announces Unaudited</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Fourth Quarter and Full Year 2025 Financial
Results</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>BEIJING, March 19<FONT STYLE="background-color: white">,
2026</FONT></B>&nbsp;-- <FONT STYLE="background-color: white"><B>Sunlands Technology Group </B>(NYSE: STG) (&ldquo;Sunlands&rdquo; or
the &ldquo;Company&rdquo;), a leader in China</FONT>&rsquo;<FONT STYLE="background-color: white">s adult online education market and China</FONT>&rsquo;<FONT STYLE="background-color: white">s
adult personal interest learning market,</FONT> today announced its unaudited financial results for the fourth quarter and full year ended
December 31, 2025<FONT STYLE="background-color: white">.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Fourth Quarter 2025
Financial and Operational Snapshots</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Net revenues were RMB470.2 million (US$67.2 million), compared to RMB483.5
million in the fourth quarter of 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross billings (non-GAAP) were RMB305.7 million (US$43.7 million), compared
to RMB412.4 million in the fourth quarter of 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross profit was RMB408.1 million (US$58.4 million), compared to RMB401.8
million in the fourth quarter of 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Net income was RMB38.4 million (US$5.5 million), compared to RMB57.8 million
in the fourth quarter of 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Net
                                            income margin</FONT><SUP>1</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">was
                                            8.2% in the fourth quarter of 2025, compared to 12.0% in the fourth quarter of 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol; font-size: 10pt">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">New
                                            student enrollments</FONT><SUP>2</SUP> <FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">were
                                            114,058, compared to 172,200 in the fourth quarter of 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">As of December 31, 2025, the Company&rsquo;s deferred revenue balance was
RMB585.3 million (US$83.7 million), compared to RMB916.5 million as of December 31, 2024.</FONT></TD></TR></TABLE>


<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt; color: black"><SUP>1</SUP></FONT>
Net income margin is defined as net income as a percentage of net revenues.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt"><SUP>2</SUP></FONT>
New student enrollments for a given period refer to the total number of orders placed by students that newly enroll in at least one course
during that period, including those students that enroll and then terminate their enrollment with us, excluding orders of our low-price
courses, such as &ldquo;mini courses&rdquo; and &ldquo;RMB1 courses&rdquo;, which we offer in the form of recorded videos or short live
streaming, to strengthen our competitiveness and improve customer experience.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Full Year 2025 Financial
and Operational Snapshots</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Net revenues were RMB2,019.9 million (US$288.8 million), compared to RMB1,990.2
million in 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross billings (non-GAAP) were RMB1,467.4 million (US$209.8 million), compared
to RMB1,555.4 million in 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Gross profit was RMB1,755.5 million (US$251.0 million), compared to RMB1,672.6
million in 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Net income was RMB365.6 million (US$52.3 million), compared to RMB342.1 million
in 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">Net income margin was 18.1%, compared to 17.2% in 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; background-color: white"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0"></TD><TD STYLE="width: 0.25in"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD><FONT STYLE="font-family: Times New Roman, Times, Serif">New student enrollments were&nbsp;&nbsp;579,788, compared to 674,649 in 2024.</FONT></TD></TR></TABLE>

<P STYLE="margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;2025 was a year defined by discipline and
precision for Sunlands,&rdquo; said Tongbo Liu, Chief Executive Officer of Sunlands. &ldquo;We delivered our 19th consecutive quarter
of profitability, with solid operating income and positive operating cash flow for the full year. These results reflect the deliberate
choices we made throughout the year: becoming more selective in customer acquisition, strengthening delivery consistency, and improving
organizational efficiency.&nbsp;&nbsp;&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Looking ahead, we remain focused on the
parts of our business where learner value and operating quality can reinforce one another over time,&rdquo; Liu continued. &ldquo;Interest-based
learning, particularly among senior learners, is becoming an increasingly important growth driver, supported by strong engagement, high
repurchase rates, and a long runway for development. At the same time, we are advancing the practical application of AI across curriculum
design, service delivery, and user experience. As we enter 2026, we will continue to place greater emphasis on achieving high-quality
growth.&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&ldquo;Our 2025 financial performance embodies
disciplined growth, operational efficiency and prudent capital allocation. Profitability and gross margin improved steadily, backed by
healthy operating cash flow that bolsters our financial flexibility for strategic investments and navigating market uncertainties. We
optimized cost structures while increasing R&amp;D spending to build long-term technological capabilities, reflecting a shift from scale-focused
to quality-driven operations. With strong liquidity and a robust balance sheet at year-end, we enter 2026 with a proven operational foundation.
We are well-positioned to seize core market opportunities and drive sustainable, high-quality growth ahead.&rdquo; said Mr. Hangyu Li,
Finance Director of Sunlands.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Financial Results for the fourth quarter of
2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Net Revenues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the fourth quarter of 2025, net revenues decreased
by 2.7% to RMB470.2 million (US$67.2 million) from RMB483.5 million in the fourth quarter of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cost of Revenues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of revenues decreased by 23.9% to RMB62.1
million (US$8.9 million) in the fourth quarter of 2025 from RMB81.7 million in the fourth quarter of 2024. The decrease was mainly due
to declined cost of revenues from sales of goods such as learning materials and books.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Gross Profit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gross profit increased by 1.6% to RMB408.1 million
(US$58.4 million) in the fourth quarter of 2025 from RMB401.8 million in the fourth quarter of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operating Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the fourth quarter of 2025, operating expenses
were RMB302.9 million (US$43.3 million), representing a 13.8% decrease from RMB351.3 million in the fourth quarter of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales and marketing expenses decreased by 19.0%
to RMB254.9 million (US$36.5 million) in the fourth quarter of 2025 from RMB314.8 million in the fourth quarter of 2024. The decrease
was mainly due to the decrease of compensation for sales personnel and the spending on branding and marketing activities focused on interest
courses offerings.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General and administrative expenses increased
by 25.9% to RMB40.2 million (US$5.8 million) in the fourth quarter of 2025 from RMB32.0 million in the fourth quarter of 2024.&nbsp;&nbsp;The
increase was mainly due to increased compensation expenses related to the Company&rsquo;s general and administrative personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Product development expenses increased by 71.3%
to RMB7.7 million (US$1.1 million) in the fourth quarter of 2025 from RMB4.5 million in the fourth quarter of 2024. The increase was mainly
due to increased outsourcing service fee for the Company&rsquo;s technology development.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Net Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income for the fourth quarter of 2025 was
RMB38.4 million (US$5.5 million), as compared to RMB57.8 million in the fourth quarter of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Basic and Diluted Net Income Per Share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic and diluted net income per share was RMB5.72
(US$0.82) in the fourth quarter of 2025.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cash, Cash Equivalents, Restricted Cash and
Short-term Investments</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2025, the Company had RMB576.8
million (US$82.5 million) of cash, cash equivalents and restricted cash and RMB235.9 million (US$33.7 million) of short-term investments,
as compared to RMB507.2 million of cash and cash equivalents and RMB276.0 million of short-term investments as of December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Deferred Revenue</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As of December 31, 2025, the Company had a deferred
revenue balance of RMB585.3 million (US$83.7 million), as compared to RMB916.5 million as of December 31, 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Share Repurchase</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">On December 6, 2021, the Company&rsquo;s board
of directors authorized a share repurchase program, under which the Company may repurchase up to US$15.0 million of Class A ordinary shares
in the form of ADSs over the next 24 months. On December 1, 2023, the Company&rsquo;s board of directors authorized to extend its share
repurchase program over the next twenty-four months. As of December 31, 2025, the Company had repurchased an aggregate of 815,399 ADSs
for approximately US$4.8 million under the share repurchase program.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Financial Results for the Year 2025</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Net Revenues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the year of 2025, net revenues increased by
1.5% to RMB2,019.9 million (US$288.8&nbsp;&nbsp;million) from RMB1,990.2 million in the first year of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Cost of Revenues</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Cost of revenues decreased by 16.7% to RMB264.4
million (US$37.8 million) in the year of 2025 from RMB317.6 million in the year of 2024. The decrease was mainly due to declined cost
of revenues from sales of goods such as learning materials and books, and declined cooperation costs.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Gross Profit</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Gross profit increased by 5.0% to RMB1,755.5 million
(US$251.0 million) from RMB1,672.6 million in the year of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Operating Expenses</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In the year of 2025, operating expenses were RMB1,311.0
million (US$187.5 million), representing a 4.6% decrease from RMB1,374.7 million in the year of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Sales and marketing expenses decreased by 6.5%
to RMB1,137.6 million (US$162.7 million) in the year of 2025 from RMB1,216.9 million in the year of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">General and administrative expenses increased
by 8.3% to RMB143.8 million (US$20.6 million) in the year of 2025 from RMB132.8 million in the year of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Product development expenses increased by 18.2%
to RMB29.6 million (US$4.2 million) in the year of 2025 from RMB25.0 million in the year of 2024. The increase was mainly due to increased
compensation expenses related to headcount expansion of the Company&rsquo;s product development personnel.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Net Income</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Net income for 2025 was RMB365.6 million (US$52.3
million), compared with RMB342.1 million in the year of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Basic and Diluted Net Income Per Share</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Basic and diluted net income per share was RMB54.28
(US$7.76) in the year of 2025, compared with RMB50.12 in the year of 2024.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>Outlook</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">For the first quarter
of 2026, Sunlands currently expects net revenues to be between RMB420 million to RMB440 million, which would represent a decrease of 9.8%
to 13.9% year-over-year. The above outlook is based on the current market conditions and reflects the Company&rsquo;s current and preliminary
estimates of market and operating conditions and customer demand, which are all subject to substantial uncertainty.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Exchange Rate</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Company&rsquo;s business is primarily conducted
in China and all revenues are denominated in Renminbi (&ldquo;RMB&rdquo;). This announcement contains currency conversions of RMB amounts
into U.S. dollars (&ldquo;US$&rdquo;) solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to US$
are made at a rate of RMB6.9931 to US$1.00, the effective noon buying rate for December 31, 2025 as set forth in the H.10 statistical
release of the Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted, realized
or settled into US$ at that rate on December 31, 2025, or at any other rate.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><U>Conference Call and Webcast</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">Sunlands&rsquo;
management team will host a conference call at 6:30 AM U.S. Eastern Time, (6:30 PM Beijing/Hong Kong&nbsp;time) on March 19, 2026, following
the quarterly results announcement.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">For
participants who wish to join the call, please access the link provided below to complete online registration 15 minutes prior to the
scheduled call start time. Upon registration, participants will receive details for the conference call, including dial-in numbers, a
personal PIN and an e-mail with detailed instructions to join the conference call.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">Registration
Link:</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">https://register-conf.media-server.com/register/BI88fc6ed315134f59b4b04e27482ea94a</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="background-color: white">Additionally,
a live webcast and archive of the conference call will be available on the Investor Relations section of Sunlands&rsquo; website at https://ir.sunlands.com/.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><U>About Sunlands</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Sunlands Technology Group
(NYSE: STG) (&ldquo;Sunlands&rdquo; or the &ldquo;Company&rdquo;), formerly known as Sunlands Online Education Group, is a leader in China&rsquo;s
adult online education market and China&rsquo;s adult personal interest learning market. With a one to many live streaming platform, Sunlands
offers various degree- or diploma-oriented post-secondary courses as well as professional certification preparation, professional skills
and interest courses. Students can access the Company<FONT STYLE="background-color: white">&rsquo;</FONT>s services either through PC
or mobile applications. The Company<FONT STYLE="background-color: white">&rsquo;</FONT>s online platform cultivates a personalized, interactive
learning environment by featuring a virtual learning community and a vast library of educational content offerings that adapt to the learning
habits of its students. Sunlands offers a unique approach to education research and development that organizes subject content into Learning
Outcome Trees, the Company<FONT STYLE="background-color: white">&rsquo;</FONT>s proprietary knowledge management system. Sunlands has
a deep understanding of the educational needs of its prospective students and offers solutions that help them achieve their goals.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><U>About Non-GAAP
Financial Measures</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We use gross billings,
EBITDA, <FONT STYLE="background-color: white">non-GAAP operating cost</FONT> and <FONT STYLE="background-color: white">expenses, non-GAAP
income from operations</FONT> and <FONT STYLE="background-color: white">non-GAAP net income per share, </FONT>each a non-GAAP financial
measure, in evaluating our operating results and for financial and operational decision-making purposes.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">We define gross billings
for a specific period as the total amount of cash received for the sale of course packages, net of the total amount of refunds paid in
such period. Our management uses gross billings as a performance measurement because we generally bill our students for the entire course
tuition at the time of sale of our course packages and recognize revenue proportionally over a period. EBITDA is defined as net income
excluding depreciation and amortization, interest expense, interest income, and income tax expenses. Adjusted EBITDA is defined as net
income excluding depreciation and amortization, interest expense, interest income, income tax expenses and impairment loss on long-lived
assets. We believe that gross billings, EBITDA and adjusted EBITDA provide valuable insight into the sales of our course packages and
the performance of our business.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><FONT STYLE="font-size: 10pt">These
non-GAAP financial measures should not be considered in isolation from, or as a substitute for, their most directly comparable financial
measures prepared in accordance with GAAP. A reconciliation of the historical non-GAAP financial measures to their respective most directly
comparable GAAP measure has been provided in the tables included below. Investors are encouraged to review the reconciliation of the historical
non-GAAP financial measures to their respective most directly comparable GAAP financial measures. As gross billings, EBITDA, adjusted
EBITDA, <FONT STYLE="background-color: white">operating cost and expenses excluding share-based compensation expenses, general and administrative
expenses excluding share-based compensation expenses, </FONT>s<FONT STYLE="background-color: white">ales and marketing expenses excluding
share-based compensation expenses, </FONT>product development expenses <FONT STYLE="background-color: white">excluding share-based compensation
expenses</FONT>, income from operations excluding share-based compensation expenses<FONT STYLE="background-color: white">, and basic and
diluted net income per share excluding share-based compensation expenses</FONT></FONT><FONT STYLE="background-color: white">&nbsp;</FONT><FONT STYLE="font-size: 10pt">have
material limitations as an analytical metric and may not be calculated in the same manner by all companies, it may not be comparable to
other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider gross billings,
EBITDA and adjusted EBITDA as a substitute for, or superior to, their respective most directly comparable financial measures prepared
in accordance with GAAP. We encourage investors and others to review our financial information in its entirety and not rely on a single
financial measure.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B><U>Safe Harbor Statement</U></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="color: windowtext">This press release
contains forward-looking statements made under the &ldquo;safe harbor&rdquo; provisions of Section 21E of the Securities Exchange Act
of 1934, as amended, and the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified
by terminology such as &ldquo;will,&rdquo; &ldquo;expects,&rdquo; &ldquo;anticipates,&rdquo; &ldquo;future,&rdquo; &ldquo;intends,&rdquo;
&ldquo;plans,&rdquo; &ldquo;believes,&rdquo; &ldquo;estimates,&rdquo; &ldquo;confident&rdquo; and similar statements. Sunlands may also
make written or oral forward-looking statements in its reports filed with or furnished to the U.S. Securities and Exchange Commission,
in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors
or employees to third parties. Any statements that are not historical facts, including statements about Sunlands' beliefs and expectations,
are forward-looking statements that involve factors, risks and uncertainties that could cause actual results to differ materially from
those in the forward-looking statements. Such factors and risks include, but not limited to the following: Sunlands</FONT><FONT STYLE="background-color: white">&rsquo;</FONT>
<FONT STYLE="color: windowtext">goals and strategies; its expectations regarding demand for and market acceptance of its brand and services;
its ability to retain and increase student enrollments; its ability to offer new courses and educational content; its ability to improve
teaching quality and students&rsquo; learning results; its ability to improve sales and marketing efficiency and effectiveness; its ability
to engage, train and retain new faculty members; its future business development, results of operations and financial condition; its ability
to maintain and improve technology infrastructure necessary to operate its business; competition in the online education industry in China;
relevant government policies and regulations relating to Sunlands&rsquo; corporate structure, business and industry; and general economic
and business condition in China. Further information regarding these and other risks, uncertainties or factors is included in Sunlands</FONT><FONT STYLE="background-color: white">&rsquo;</FONT>
<FONT STYLE="color: windowtext">filings with the U.S. Securities and Exchange Commission. All information provided in this press release
is current as of the date of the press release, and Sunlands does not undertake any obligation to update such information, except as required
under applicable law.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white"><B>For investor and media
enquiries, please contact:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Sunlands Technology
Group&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Investor Relations&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">Email: sl-ir@sunlands.com</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">SOURCE: Sunlands Technology
Group</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify; background-color: white">&nbsp;</P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SUNLANDS TECHNOLOGY
GROUP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Amounts in thousands,
except for share and per share data, or otherwise noted)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; padding-left: 9pt; text-indent: -9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">As of December 31,</FONT></TD>
    <TD STYLE="padding-left: 9pt; text-indent: -9pt; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; padding-left: 9pt; text-align: center; text-underline-color: black; text-indent: -9pt"><FONT STYLE="font-size: 10pt">As of December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 63%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 2%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 2%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 2%; text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 8%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">US$</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">ASSETS</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Current assets</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">507,229 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">575,740</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">82,330</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Restricted cash</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,023</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">146</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Short-term investments</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">276,029 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">235,937</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">33,739</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: bottom; text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Prepaid expenses and other current assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">96,916 </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">82,566</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">11,807</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Deferred costs, current</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">4,139 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">22,125</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">3,164</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Total current assets</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">884,313 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">917,391</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">131,186</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Non-current assets</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Property and equipment, net</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">758,215 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">662,178</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">94,690</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Intangible assets, net</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">723 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">250</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Right-of-use assets</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">110,154 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">99,111</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">14,173</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Deferred costs, non-current</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">56,657 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">10,643</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,522</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Long-term investments</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">260,083 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">318,791</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">45,587</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Deferred tax assets</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">24,699 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">19,104</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">2,732</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Other non-current assets</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">26,319 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">19,750</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">2,824</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Total non-current assets</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,236,850 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,129,827</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">161,564</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">TOTAL ASSETS</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">2,121,163 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">2,047,218</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">292,750</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">LIABILITIES</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Current liabilities</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Accrued expenses and other current liabilities </FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">404,865 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">366,011</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">52,342</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Deferred revenue, current</FONT></TD>
    <TD STYLE="text-indent: 9pt; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">382,047 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">384,334</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">54,959</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Lease liabilities, current portion</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">8,317 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">9,104</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,302</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Long-term debt, current portion</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">6,154 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">-</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Total current liabilities</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">801,383 </FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">759,449</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">108,603</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SUNLANDS TECHNOLOGY
GROUP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNAUDITED CONDENSED
CONSOLIDATED BALANCE SHEETS-continued</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Amounts in thousands,
except for share and per share data, or otherwise noted)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">As of December 31,</FONT></TD>
    <TD STYLE="text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; padding-left: 9pt; text-align: center; text-underline-color: black; text-indent: -9pt"><FONT STYLE="font-size: 10pt">As of December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 64%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 2%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 13%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 2%; text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 9%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 2%; border-top: Black 1pt solid; text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 8%; border-top: Black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">US$</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Non-current liabilities</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Deferred revenue, non-current</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">534,463&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">200,960&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">28,737&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Lease liabilities, non-current portion</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">137,040&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">129,564&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">18,527&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Deferred tax liabilities</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">5,724&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">5,786&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">827&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Other non-current liabilities </FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">7,309&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">7,392&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,057&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Long-term debt, non-current portion</FONT></TD>
    <TD STYLE="padding-left: 20.5pt; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">35,386&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Total non-current liabilities</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">719,922&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">343,702&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">49,148&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">TOTAL LIABILITIES</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,521,305&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,103,151&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">157,751&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">SHAREHOLDERS&rsquo; EQUITY</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Class A ordinary shares (par value of US$0.00005, 796,062,195 shares</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 0.25in; text-underline-color: black"><FONT STYLE="font-size: 10pt">authorized; 3,131,807 and 3,131,807 shares issued as of December 31, 2024</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.25in; text-underline-color: black"><FONT STYLE="font-size: 10pt">and December 31, 2025, respectively; 2,600,779 and 2,538,047 shares</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: 9pt; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 0.25in; text-underline-color: black"><FONT STYLE="font-size: 10pt">outstanding as of December 31, 2024 and December 31, 2025, respectively)</FONT></TD>
    <TD STYLE="padding-left: 10pt; text-indent: 9pt; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Class B ordinary shares (par value of US$0.00005, 826,389 shares</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 0.25in; text-underline-color: black"><FONT STYLE="font-size: 10pt">authorized; 826,389 and 826,389 shares issued and outstanding</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.25in; text-underline-color: black"><FONT STYLE="font-size: 10pt">as of December 31, 2024 and December 31, 2025, respectively)</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Class C ordinary shares (par value of US$0.00005, 203,111,416 shares</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 0.25in; text-underline-color: black"><FONT STYLE="font-size: 10pt">authorized; 3,332,062 and 3,332,062 shares issued and outstanding</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 0.25in; text-underline-color: black"><FONT STYLE="font-size: 10pt">as of December 31, 2024 and December 31, 2025, respectively)</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Treasury stock</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Statutory reserves </FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">11,083&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">22,440&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">3,209&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Accumulated deficit</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,840,285)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,486,011)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(212,497)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Additional paid-in capital</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">2,294,381&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">2,287,553&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">327,116&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Accumulated other comprehensive income</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">136,164&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">121,570&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">17,384&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Total Sunlands Technology Group shareholders&rsquo; equity</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">601,345&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">945,554&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">135,212&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Non-controlling interest</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,487)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,487)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(213)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">TOTAL SHAREHOLDERS&rsquo; EQUITY</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">599,858&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">944,067&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">134,999&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">TOTAL LIABILITIES AND SHAREHOLDERS&rsquo; EQUITY</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">2,121,163&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">2,047,218&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">292,750&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SUNLANDS TECHNOLOGY
GROUP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Amounts in thousands,
except for share and per share data, or otherwise noted)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">For the Three Months Ended December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 61%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 2%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 2%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">US$</FONT></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Net revenues</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">483,477&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">470,192&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">67,237&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Cost of revenues</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(81,687)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(62,133)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(8,885)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Gross profit</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">401,790&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">408,059&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">58,352&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Operating expenses</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(314,847)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(254,935)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(36,455)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Product development expenses</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(4,492)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(7,694)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,100)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black; text-indent: 9pt"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(31,956)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(40,231)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(5,753)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Total operating expenses</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(351,295)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(302,860)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(43,308)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Income from operations</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">50,495&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">105,199&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">15,044&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Interest income</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">11,149&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">5,040&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">721&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Interest expense</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(758)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(58)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(8)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Other income, net</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">7,058&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">7,941&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,136&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Impairment loss on long-lived assets</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(67,931)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(9,714)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Income before income tax expenses&nbsp;</P></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: Black 1pt solid; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black; text-indent: 9pt"><FONT STYLE="font-size: 10pt">and loss from equity method investments</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">67,944&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">50,191&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">7,179&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Income tax expenses</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(8,275)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(11,613)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,661)</FONT></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Loss from equity method investments</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,863)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(204)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(29)</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Net income</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">57,806&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">38,374&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">5,489&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Less: Net loss attributable to non-controlling interest</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-</FONT></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Net income attributable to Sunlands Technology Group</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">57,806</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">38,374</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">5,489</FONT></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Net income per share attributable to ordinary shareholders of</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Sunlands Technology Group:</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Basic and diluted</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">8.55</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">5.72</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">0.82</FONT></TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black"><FONT STYLE="font-size: 10pt">Weighted average shares used in calculating net income</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="text-align: justify; text-underline-color: black; text-indent: 9pt"><FONT STYLE="font-size: 10pt">per ordinary share:</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="background-color: rgb(213,234,234)">
    <TD STYLE="text-align: justify; text-underline-color: black; text-indent: 9pt"><FONT STYLE="font-size: 10pt">Basic and diluted</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">6,761,323</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">6,704,595</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">6,704,595</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SUNLANDS TECHNOLOGY
GROUP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Amounts in thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">For the Three Months Ended December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 61%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 2%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 1%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 2%; text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">US$</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Net income</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;57,806&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">38,374&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;5,489&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Other comprehensive income/(loss), net of tax effect of nil:</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Change in cumulative foreign currency translation adjustments</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">24,246&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;(11,127)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;(1,591)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Unrealized (loss)/gain on available-for-sale investments,&nbsp;</P></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">net of tax effect of nil</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;(24,083)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">3,041&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">435&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Total comprehensive income</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">57,969&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">30,288&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;4,333&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Less: comprehensive income attributable
to non-controlling interest&nbsp;</P></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in; text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Comprehensive income attributable to Sunlands Technology Group</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">57,969&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">30,288&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;4,333&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SUNLANDS TECHNOLOGY
GROUP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>RECONCILIATION OF GAAP
AND NON-GAAP RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Amounts in thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">For the Three Months Ended December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 61%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 2%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="width: 1%; border-top: Black 1pt solid; text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 18%; border-top: Black 1pt solid; border-bottom: Black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Net revenues</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;483,477&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;470,192&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Less: other revenues</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;(81,373)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(67,887)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Add: tax and surcharges</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;21,694&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;16,961&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Add: ending deferred revenue</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;916,510&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;585,294&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Add: ending refund liability</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;112,342&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;64,393&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Less: beginning deferred revenue</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;(920,593)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp; (695,459)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Less: beginning refund liability</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;(119,618)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;(67,828)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Gross billings (non-GAAP)</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;412,439</FONT>&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;305,666&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Net income</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;57,806&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;38,374&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Add: income tax expenses</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;8,275&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">11,613&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Add: depreciation and amortization</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;7,319&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">7,170&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Add: interest expense</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;758&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">58&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Less: interest income</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;(11,149)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;(5,040)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">EBITDA (non-GAAP)</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;63,009</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">52,175&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Add: Impairment loss on long-lived assets</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;67,931&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Adjusted EBITDA (non-GAAP)</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;63,009</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">120,106&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 6pt"><P STYLE="font: 10pt Arial, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SUNLANDS TECHNOLOGY
GROUP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF OPERATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Amounts in thousands,
except for share and per share data, or otherwise noted)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">For the Years Ended December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 61%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 2%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 2%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 10%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">US$</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Net revenues</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,990,204&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">2,019,881&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">288,839&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Cost of revenues </FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;(317,570)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(264,424)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(37,812)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Gross profit</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,672,634&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,755,457&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">251,027&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Operating expenses</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Sales and marketing expenses</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,216,912)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,137,631)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(162,679)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Product development expenses</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(25,008)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(29,553)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(4,226)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">General and administrative expenses</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(132,809)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(143,796)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(20,563)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Total operating expenses</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,374,729)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,310,980)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(187,468)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Income from operations</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">297,905&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">444,477&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">63,559&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Interest income</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">38,824&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">23,643&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">3,381&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Interest expense</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(5,293)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(852)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(122)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Other income, net</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">26,296&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">30,121&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">4,307&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Loss on disposal of subsidiaries</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(838)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Impairment loss on long-lived assets&nbsp;</P></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(67,931)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(9,714)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Income before income tax expenses&nbsp;</P></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">and loss from equity method investments</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">356,894&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">429,458&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">61,411&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Income tax expenses</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,300)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(59,297)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;&nbsp;(8,479)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Loss from equity method investments</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(13,512)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(4,530)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;(648)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Net income</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">342,082&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;365,631&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">52,284&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Less: Net loss attributable to non-controlling interest</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Net income attributable to Sunlands Technology Group</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">342,082&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">&nbsp;365,631&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: black 1pt solid; border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">52,284</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Net income per share attributable to ordinary shareholders of</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Sunlands Technology Group:</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Basic and diluted</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">50.12&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">54.28&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">7.76&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Weighted average shares used in calculating net income </FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">per ordinary share:</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Basic and diluted</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">6,824,824&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">6,736,373&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">6,736,373&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SUNLANDS TECHNOLOGY
GROUP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>UNAUDITED CONDENSED
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Amounts in thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">For the Years Ended December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 61%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 2%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 1%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="width: 2%; text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 11%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">US$</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Net income</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">342,082&nbsp;</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">365,631&nbsp;</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">52,284&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Other comprehensive income/(loss), net of tax effect of nil:</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Change in cumulative foreign currency translation adjustments</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">16,971&nbsp;</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(26,279)</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(3,758)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-indent: 9pt; text-underline-color: black"><FONT STYLE="font-size: 10pt">Unrealized (loss)/gain on available-for-sale investments, net of tax effect of nil</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(24,083)</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">11,685&nbsp;</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,671&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Total comprehensive income</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">334,970&nbsp;</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">351,037&nbsp;</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">50,197&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD>
    <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.25in; text-indent: -0.25in">Less: comprehensive income attributable
to non-controlling interest&nbsp;</P></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="padding-left: 0.25in; text-indent: -0.25in; text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Comprehensive income attributable to Sunlands Technology Group</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">334,970&nbsp;</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">351,037&nbsp;</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">50,197&nbsp;</FONT></TD></TR>
  </TABLE>

<P STYLE="margin: 0">&nbsp;</P>

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    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>SUNLANDS TECHNOLOGY
GROUP</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>RECONCILIATION OF GAAP
AND NON-GAAP RESULTS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white"><B>(Amounts in thousands)</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center; background-color: white">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-underline-color: black">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: Black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">For the Years Ended December 31,</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 61%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 2%; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="width: 18%; border-bottom: Black 1pt solid; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2024</FONT></TD>
    <TD STYLE="width: 1%; text-align: center; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 18%; text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">2025</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: center; text-underline-color: black"><FONT STYLE="font-size: 10pt">RMB</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Net revenues</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,990,204&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">2,019,881&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Less: other revenues</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(287,179)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(248,650)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Add: tax and surcharges</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">77,734&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">75,322&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Add: ending deferred revenue</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">916,510&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">585,294&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Add: deferred revenue in connection with disposal of subsidiaries</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">3,423&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt">Add: ending refund liability</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">112,342&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">64,393&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Less: beginning deferred revenue</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(1,113,923)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(916,510)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Less: beginning refund liability</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(143,744)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(112,342)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Gross billings (non-GAAP)</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,555,367&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,467,388&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="background-color: White; text-align: right; text-underline-color: black">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Net income</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">342,082&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">365,631&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Add: income tax expenses</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">1,300&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">59,297&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Add: depreciation and amortization</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">29,467&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">28,792&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Add: interest expense</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">5,293&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">852&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Less: interest income</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(38,824)</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">(23,643)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">EBITDA (non-GAAP)</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">339,318&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-top: Black 1pt solid; border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">430,929&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: rgb(213,234,234)">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Add: Impairment loss on long-lived assets</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">-&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 1pt solid; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">67,931&nbsp;</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: White">
    <TD STYLE="text-underline-color: black"><FONT STYLE="font-size: 10pt; color: windowtext">Adjusted EBITDA (non-GAAP)</FONT></TD>
    <TD STYLE="text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">339,318&nbsp;</FONT></TD>
    <TD STYLE="text-align: right; text-underline-color: black">&nbsp;</TD>
    <TD STYLE="border-bottom: black 2.5pt double; text-align: right; text-underline-color: black"><FONT STYLE="font-size: 10pt">498,860&nbsp;</FONT></TD></TR>
  </TABLE>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
