嗨学网港股IPO三重风险：亏损加剧、投诉缠身、过度依赖建筑培训

Core Viewpoint - Beijing Haixue Education Technology Co., Ltd. has submitted its main board listing application to the Hong Kong Stock Exchange, despite facing significant financial losses and a heavy reliance on its construction training business [1][2]. Financial Risks: Expanding Losses and Cash Flow Pressure - The company has shown a clear trend of "increasing revenue without increasing profit," with revenues growing from 400 million to 511 million yuan from 2022 to 2024, while net losses were 186 million, 175 million, and 90.7 million yuan respectively [2]. - In the first half of 2025, the net loss expanded by 125.7% year-on-year, with revenue declining by 5.3% to 232 million yuan, indicating worsening profitability [2]. - The company reported negative operating cash flow of 1.5 million yuan in the first half of 2025, raising concerns about its ability to sustain operations and fund business strategies [2]. - Accounting losses due to changes in the fair value of financial instruments have contributed significantly to the company's losses, reflecting a disconnect between investor expectations and actual profitability [2]. Business Structure: Overreliance on Construction Training - The company's revenue from construction-related vocational qualification exam courses accounted for nearly 60% of total revenue from 2022 to the first half of 2025 [3]. - This heavy reliance on the construction sector ties the company's performance to the cyclical nature of the real estate and construction industries, which are currently undergoing adjustments [3]. - Although the company is attempting to diversify into finance, law, and healthcare training, it acknowledges that returns from these new ventures may initially be lower than from existing construction-related courses [3]. - The online vocational training market in China is projected to grow from 46.9 billion yuan in 2024 to 60.2 billion yuan by 2029, with a modest compound annual growth rate of 5.1%, posing additional challenges for the company's expansion efforts [3]. Marketing Dependence: High Customer Acquisition Costs and Low Conversion Efficiency - The company's sales and marketing expenses have consistently exceeded 60% of total revenue from 2022 to the first half of 2025, with marketing costs reaching 1.47 billion yuan in the first half of 2025, accounting for 63.4% of total revenue [4]. - Customer acquisition costs have risen to 441.2 yuan in the first half of 2025, up from 414.8 yuan in 2022, yet the company has not seen a stable increase in paying users, with a decrease of 275,200 paying users in 2024 [4]. - In contrast to high marketing expenditures, the company's investment in research and development has been relatively limited, with R&D spending of 23.66 million yuan in 2024, lower than 24.53 million yuan in 2022, and only 4% of total revenue in the first half of 2025 [4]. Compliance Risks: Historical Issues and Ongoing Complaints - The company faces significant compliance risks, having been publicly criticized in 2020 for refund difficulties, which were highlighted by a major media outlet [5][6]. - Despite establishing a special task force and suspending operations of involved subsidiaries, issues have not been fully resolved, with over 8,000 complaints on a consumer complaint platform as of October 30, 2025, primarily related to false advertising, refund difficulties, and inducement to consume [6]. - The company has faced seven administrative penalties since 2016, including a fine of 200,000 yuan in July 2019 for misleading advertising practices [6]. - The company plans to use IPO proceeds for AI technology development, expanding service offerings, and network expansion, but the effectiveness of these investments in improving the business fundamentals remains uncertain [6].