嗨学网拟赴港上市：连续四年亏损、加码AI布局寻求突破

Core Viewpoint - The company, HiLearn, is pursuing an IPO on the Hong Kong Stock Exchange despite facing multiple challenges, including continuous losses, a concentrated business structure, rising refund rates, and frequent user complaints. The integration of AI technology in online vocational training is seen as a potential breakthrough for the company and the industry [1]. Business Structure - HiLearn's revenue is heavily reliant on construction-related vocational qualification exams, accounting for 68.2%, 61.5%, 59.3%, and 59.8% of total revenue from 2022 to the first half of 2025 [3][6]. - The company serves approximately 4.3 million paying users and over 130 enterprises and institutions, with its product matrix including "HiLearn," "Jingjing," and "Shupeitong" [2]. Financial Performance - The company's revenue for 2022, 2023, 2024, and the first half of 2025 was approximately 400 million, 472 million, 511 million, and 232 million RMB, respectively, with gross profits of 315 million, 383 million, 416 million, and 199 million RMB [9]. - Despite a gross margin of around 78.6% to 85.8%, the company has reported significant losses, totaling approximately 610 million RMB over the same period [9]. User Complaints and Refund Rates - The refund rates for HiLearn's courses have been increasing, reaching 9.1%, 9.9%, 10.5%, and 15.9% from 2022 to the first half of 2025 [14][17]. - The company has faced numerous complaints regarding refund difficulties and service quality, with 8,414 complaints recorded on a consumer complaint platform [17][18]. AI Integration and Market Outlook - HiLearn plans to invest in AI technology to enhance operational efficiency and reduce customer acquisition costs, with the online vocational certification exam market projected to grow from 279 billion RMB in 2020 to 440 billion RMB by 2029 [19][20]. - The company has established an independent AI innovation team and aims to develop AI tools for educational support and marketing [20].