嗨学网赴港IPO，聚焦在线职业能力培训，三年半亏损超6亿

Core Insights - The article discusses the IPO of Beijing Haixue Education Technology Co., Ltd. (referred to as "Haixue"), which is focused on online vocational training and aims to leverage AI technology in its services [1][17]. Company Overview - Haixue offers online training courses related to various professional qualifications in fields such as construction, emergency safety, accounting, law, and healthcare [1][4]. - The company has a product matrix consisting of three main brands: "Haixue," "Jingjin," and "Shupaitong," catering to different segments of the market [4]. Market Potential - The adult education market is divided into two main categories: working professionals and senior citizens, with a significant potential market size of 396 million individuals aged 25 to 44 by 2024 [1]. - The online vocational training market in China is projected to reach RMB 469 billion by 2024, with a compound annual growth rate (CAGR) of 5.1% expected until 2029 [13]. Financial Performance - Haixue's revenue has shown growth, with figures of approximately RMB 400 million in 2022, RMB 472 million in 2023, and projected revenues of RMB 510 million in 2024 [11][12]. - Despite revenue growth, the company has faced net losses, totaling over RMB 600 million in three and a half years, primarily due to investments in sales, marketing, and technology [11][12]. Revenue Breakdown - Over 60% of Haixue's revenue comes from construction-related courses, with a notable increase in revenue from emergency safety courses, rising from 13.3% to 21.6% during the reporting period [7][8]. - The refund rate for courses has been increasing, reaching 15.9% in the first half of 2025, which may impact future revenue [9]. Competitive Landscape - Haixue is the fourth largest online vocational training provider in China, holding a market share of 1.1%, and is the largest in the online construction training sector [16]. - The online vocational training market is competitive and fragmented, with several key players including Gaodun, Global Online School, and Zhongda Online School [13][16]. IPO Details - The IPO aims to raise funds for strategic investments in AI technology, expanding product offerings, and enhancing sales networks [19]. - The management team has extensive experience in investment, technology, and consulting, which may contribute to the company's future growth [18][19].