Financial Results: First Quarter 2021

“We are encouraged by our operating and financial results data in the first quarter. Our net profit increased by 22.9% year-on-year in the first quarter of 2021 to 694.3 million RMB. We have seen the number of new registrations increase. ” 145,525. , an increase from year to year. 107.6% year-on-year, driven by our continued efforts to diversify product offerings, brand awareness, and student satisfaction, “said Hongbo Liu, CEO of Sunlands. The number has risen to 593.7 million. RMB of 14 accounts year to year up to 9%.

“As a result of Sunlands’ continued focus on expanding and refining its master’s courses, the gross account of these courses grew by 73.6% year on year. Limited time and need more personal guidance to attend courses, such as those offered by Sunlands, along with Sunlands’ continued investment in promoting brand awareness and optimizing the company’s course offering.

Financial Results for the first quarter of 2021

net income

In the first quarter of 2021, net profit increased by 22.9% to RMB 694.3 million (USD 106.0 million) from R5 billion 565.1 million in the first quarter of 2020. The increase was mainly determined by annual growth. In gross invoices for the second half of 2020.

Cost of income

Sales increased by 9.8% in the first quarter of 2021 to 106.4 million RMB (the US $ 16.2 million), compared to 96.9 million RMB in the first quarter of 2020. The increase was mainly driven by increased cost reimbursement.

Gross profit

Gross profit increased 25.6% in the first quarter of 2021 to RMB 587.9 million ($ 89.7 million) from RMB 468.2 million in the first quarter of 2020.

Operating expenses

In the first quarter of 2021, operating expenses were 666.6 million RMB ($ 101.8 million), an increase of 17.4% compared to 567.8 million RMB in the first quarter of 2020.

Sales and marketing expenses increased by 32.5% in the first quarter of 2021 to RMB 606.4 million (USD 92.6 million), compared to RMB 457.9 million in the first quarter of 2020. The increase is mainly due to due to increases in (i) our sales and marketing. . . personal; and (ii) branding and marketing costs, including various marketing activities to diversify marketing channels for students.

General and administrative expenses decreased by 52.2% in the first quarter of 2021 to 42.3 million RMB (the US $ 6.5 million), compared to 88.5 million RMB in the first quarter of 2020. The decrease is mainly a result of the decrease in cleaning costs.

Product development costs decreased by 16.3% in the first quarter of 2021 to RMB 17.9 million (the US $ 2.7 million) from RMB 21.4 million in the first quarter of 2020. The decrease is mainly due to a decrease in compensation for costs associated with our product and technology. development. team.

Different income

Other revenue decreased by 26.7% in the first quarter of 2021 to RMB 21.3 million (the US $ 3.2 million) from RMB 29.0 million in the first quarter of 2020. The decrease was mainly due to national aid with a COVID -19 disaster.

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