Gelonghui, May 24 | Suntech Institution (STG.US) announced the unaudited financial report for the first quarter of 2024. The report shows that net revenue for the first quarter of 2024 was RMB 523.2 million, a year-on-year decrease of 7.7%. The gross profit for the first quarter was RMB 446.1 million, down 10.6% year on year. Net profit for the first quarter of 2024 was RMB 112.7 million, and net profit for the same period last year was RMB 180.1 million. Under non-US GAAP, basic and diluted net income per share was RMB 16.44. The number of new students reached 175,758. The number of new students added in the same period last year was 143,179, an increase of 22.75% over the previous year. As of March 31, 2024, the company had RMB 803.5 million in cash, cash equivalents and restricted cash, and RMB 179.7 million in short-term investments.

Looking ahead to the second quarter, the company expects net revenue of RMB 480 million to RMB 500 million, down 5.0% to 8.8% from the same period last year.

Mr. Hangyu Li, financial director of Suntech, commented: “During the first quarter, we continued to work to improve operational efficiency and optimize our cost structure. Since the fourth quarter of 2021, our net profit margin has remained above 20%. We also achieved a net cash inflow from operating activities for the third consecutive quarter, providing a solid financial foundation for the long-term growth of our business. This shows the resilience and adaptability of our business model. In the future, we will continue to optimize our product portfolio while maintaining efficient operations. These strategic initiatives will enable us to seize emerging opportunities, strengthen our leadership in the industry, and continue to create value for our shareholders.”