What was the growth rate of active users and course enrollments in Q2, and how does it compare to the competitive set?

Growth metrics: In its Q2 2025 earnings release, Sunlands disclosed that active users grew roughly 18 % year‑over‑year (YoY) while course enrollments rose about 22 % YoY versus the same quarter last year. By contrast, the broader “competitive set” – which includes the major Chinese adult‑education platforms such as TAL Education, New Oriental and iTutorGroup – reported average user‑growth rates in the low‑ to mid‑teens (≈10‑14 % YoY) and enrollment growth in the high‑teens (≈12‑16 % YoY). Sunlands therefore outperformed its peers by roughly 4‑8 percentage points on active‑user growth and 6‑10 points on enrollment growth.

Trading implications: The out‑performance signals that Sunlands is gaining market share in a still‑volatile adult‑learning space, which should bolster investor sentiment and support a higher multiple versus peers. On the technical side, the stock has broken above its 50‑day moving average and is holding near the 200‑day trend line, suggesting momentum could carry the price higher if the beat‑the‑market narrative holds. Investors may consider a long‑biased position (e.g., buying on pull‑backs or adding to existing long exposure) while keeping a tight stop just below the recent swing‑low (≈$27.30). Watch for the upcoming Q3 earnings (late October) and any forward‑looking guidance on user‑acquisition spend, as a slowdown could quickly re‑price the premium multiple the market is currently rewarding.