嗨学网赴港上市背后：身陷营销依赖、纠纷缠身与盈利困局｜港股大看台之IPO观察

Core Insights - The company, Haixue.com, is a leading player in the online vocational training sector in China, having achieved significant growth since its establishment in 2012, and is set to become the fourth largest online vocational training service provider in China by 2024 [1] - Despite its market position, the company faces challenges including heavy reliance on marketing, frequent disputes, and ongoing losses [1] Group 1: Business Model and Marketing Strategy - Haixue.com has served approximately 4.3 million paying users and over 130 enterprises and institutions by utilizing precise customer acquisition strategies on major e-commerce and social media platforms [2] - The company employs a large marketing team, with 80% of its 1,258 employees dedicated to sales and marketing, while only 10.6% are instructors [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 2: Consumer Complaints and Legal Issues - Haixue.com has been associated with negative labels such as "false promises" and "difficulties in refunds," with numerous consumer complaints regarding misleading sales practices and unclear refund conditions [4][5] - In 2023, there were 27 complaints on the Sichuan government platform regarding refund issues, with many consumers claiming they were misled into paying fees [5] Group 3: Financial Performance and Challenges - The company has shown revenue growth, with figures of 400 million, 472 million, 511 million, and 232 million yuan for the years 2022 to 2025, alongside high gross margins of 78.6%, 81.1%, 81.6%, and 85.8% [6] - Despite revenue growth, Haixue.com has not achieved profitability, reporting losses of 186 million, 175 million, 90.69 million, and 158 million yuan for the same periods [6][7] - Employee costs have also risen, with figures of 171 million, 192 million, 213 million, and 92 million yuan, constituting 60% to 64.5% of sales and marketing expenses [7] Group 4: Future Outlook - The company's future profitability is contingent on various factors, including expansion, competition, customer preferences, and regulatory environment, indicating potential for continued losses if costs cannot be controlled [8]