被“3·15”曝光的嗨学网勇闯IPO：亏损加剧、营销费用高企、重度依赖建筑业培训

Core Viewpoint - Beijing HiLearn Education Technology Co., Ltd. (HiLearn) is preparing for an IPO on the Hong Kong Stock Exchange despite facing significant financial challenges, including continuous losses exceeding 600 million yuan over the past three and a half years, with a net loss of 158 million yuan in the first half of 2025, indicating an expanding trend in losses [1][3][4]. Financial Performance - HiLearn's revenue for 2022, 2023, 2024, and the first half of 2025 was 400 million yuan, 472 million yuan, 511 million yuan, and 232 million yuan respectively, showing a growth trend [3][10]. - Despite revenue growth, HiLearn reported net losses of 186 million yuan, 175 million yuan, 90.7 million yuan, and 158 million yuan for the same periods, leading to a cumulative net loss of over 600 million yuan [3][10]. - The company is currently in a "burning money for growth" phase, with losses primarily attributed to financial instrument losses and upfront investments for business expansion [3][4]. Operational Challenges - HiLearn's marketing expenses and employee costs are significant operational challenges, with marketing expenditures rising from 285 million yuan in 2022 to 147 million yuan in the first half of 2025, consistently accounting for over 60% of revenue [8][9]. - Employee costs have accumulated to approximately 668 million yuan over the past three and a half years, maintaining a 60% share of sales and marketing expenses [8][9]. Business Dependency - The company heavily relies on construction-related vocational training, which accounted for approximately 60% of total revenue, exposing it to risks associated with the real estate market downturn [1][11]. - HiLearn acknowledges that its focus on construction training may limit growth potential, especially as it attempts to diversify into other sectors like finance and healthcare [11][12]. Future Strategies - The funds raised from the IPO are intended for expanding existing products and services, as well as enhancing sales channels, indicating a continued focus on rapid business expansion [6][14]. - The company plans to invest in AI technology development, although its R&D spending has not shown significant growth compared to previous years [12][13]. Market Position and Risks - HiLearn's aggressive marketing and expansion strategies have led to customer service issues, including complaints about refund difficulties and aggressive sales tactics, which may affect investor confidence and future valuations [9][14]. - The reliance on a single business model and marketing-driven expansion poses risks, necessitating a fundamental restructuring of its business model to reduce marketing dependency and enhance product offerings [14].