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Consolidated balance sheets

In millions of CNY, except per-share amounts
Q4 FY2025
As of Dec 31, 2025
Q4 FY2024
As of Dec 31, 2024
Q4 FY2023
As of Dec 31, 2023
Q4 FY2022
As of Dec 31, 2022
Q4 FY2021
As of Dec 31, 2021
Q4 FY2020
As of Dec 31, 2020
Q4 FY2019
As of Dec 31, 2019
Q4 FY2018
As of Dec 31, 2018
ASSETS
Current assets
Cash and cash equivalents
Restricted cash
Short-term investments
Prepaid expenses and other current assets
Deferred costs, current
Total current assets
Non-current assets
Property and equipment, net
Intangible assets, net
Right-of-use assets
Deferred costs, non-current
Long-term investments (including available-for-sale investments of RMB189,422 and RMB193,148 as of December 31, 2024 and 2025, respectively)
Deferred tax assets
Other non-current assets
Total non-current assets
TOTAL ASSETS
LIABILITIES AND SHAREHOLDERS' EQUITY
Current liabilities
Accrued expenses and other current liabilities (including accrued expenses and other current liabilities of the consolidated VIEs without recourse to Sunlands Technology Group of RMB228,825 and RMB102,424 as of December 31, 2024 and 2025, respectively)
Deferred revenue, current (including deferred revenue, current of the consolidated VIEs without recourse to Sunlands Technology Group of RMB281,776 and RMB92,472 as of December 31, 2024 and 2025, respectively)
Lease liabilities, current (including lease liabilities, current of the consolidated VIEs without recourse to Sunlands Technology Group of RMB7,780 and RMB354 as of December 31, 2024 and 2025, respectively)
Long-term debt, current portion
Total current liabilities
Non-current liabilities
Deferred revenue, non-current (including deferred revenue, non-current of the consolidated VIEs without recourse to Sunlands Technology Group of RMB107,441 and RMB8,917 as of December 31, 2024 and 2025, respectively)
Lease liabilities, non-current (including lease liabilities, non-current of the consolidated VIEs without recourse to Sunlands Technology Group of RMB133,994 and RMB1,085 as of December 31, 2024 and 2025, respectively)
Deferred tax liabilities
Other non-current liabilities (including other non-current liabilities of the consolidated VIEs without recourse to Sunlands Technology Group of RMB1,415 and RMB100 as of December 31, 2024 and 2025, respectively)
Long-term debt, non-current portion
Total non-current liabilities
TOTAL LIABILITIES
SHAREHOLDERS' EQUITY
Ordinary shares
Class A Ordinary Shares
Class B Ordinary Shares
Class C Ordinary Shares
Treasury stock
Additional paid-in capital
Accumulated other comprehensive income
Statutory reserves
Accumulated deficit
Total Sunlands Technology Group shareholders' equity
Non-controlling interest
TOTAL SHAREHOLDERS' EQUITY
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY

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