嗨学网赴港上市 三大难题待解

Core Viewpoint - The company, Haixue.com, is a leading player in the online vocational training sector in China, facing significant challenges including high marketing dependency, frequent disputes, and ongoing losses despite its market position and revenue growth [1][6]. Group 1: Company Overview - Established in 2012, Haixue.com has become the fourth largest online vocational training service provider in China by 2024, and the largest in online construction vocational training [1]. - The company has a strong shareholder base, including Zhengxin Valley Capital and TAL Education Group [1]. Group 2: Marketing Strategy - Approximately 80% of Haixue.com's employees are in sales and marketing, with only 10.6% being instructors and 4.5% in research and development [2]. - The company employs a strategy of acquiring new users through targeted marketing on e-commerce and social media platforms, offering free introductory materials to convert users into paying customers [2][3]. - Marketing expenses have been substantial, with figures of 285 million, 315 million, 330 million, and 147 million yuan for the years 2022 to 2025, representing 71.3%, 66.8%, 64.7%, and 63.4% of revenue respectively [3]. Group 3: Consumer Complaints - Haixue.com has faced numerous consumer complaints regarding misleading sales practices and difficulties in obtaining refunds, with many users feeling misled by promises of guaranteed exam success [4][5]. - In 2023, there were 27 complaints on the Sichuan government platform regarding refund issues, highlighting the challenges consumers face in navigating the company's refund policies [5]. Group 4: Financial Performance - Despite high revenue growth, Haixue.com has not achieved profitability, reporting losses of 186 million, 175 million, 90.69 million, and 158 million yuan for the years 2022 to 2025 [6][7]. - Revenue figures for the same period were 400 million, 472 million, 511 million, and 232 million yuan, with gross margins remaining high at 78.6%, 81.1%, 81.6%, and 85.8% [6]. - Employee costs have also risen significantly, accounting for 60% to 64.5% of marketing expenses during the same period, indicating a direct correlation between revenue growth and increased staffing costs [7].