嗨学网赴港上市背后：身陷营销依赖、纠纷缠身与盈利困局

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] Marketing and Operational Structure - A significant portion of the workforce, approximately 80%, is dedicated to sales and marketing, with only 10.6% being instructors and 4.5% in research and development [2][3] - The company has incurred substantial marketing expenses, with figures for 2022 to 2025 showing costs of 285 million, 315 million, 330 million, and 147 million yuan, respectively, which represent 71.3%, 66.8%, 64.7%, and 63.4% of revenue during those periods [3] Consumer Complaints and Legal Issues - The company has been associated with negative consumer feedback, including allegations of misleading sales practices and difficulties in obtaining refunds, with numerous complaints reported on social media and consumer platforms [4][5] - Many consumers have claimed they were misled into paying for courses under false pretenses, leading to challenges in obtaining refunds due to stringent conditions outlined in service agreements [6] Financial Performance - Despite high revenue growth, with figures of 400 million, 472 million, 511 million, and 232 million yuan for the years 2022 to 2025, the company has not achieved profitability, reporting losses of 186 million, 175 million, 90.69 million, and 158 million yuan in the same periods [7] - The company's high gross margins, which were 78.6%, 81.1%, 81.6%, and 85.8% respectively, are overshadowed by significant marketing expenditures that erode profit margins [7][8] - Employee costs have also risen in tandem with revenue, with figures reaching 171 million, 192 million, 213 million, and 92 million yuan, representing 60% to 64.5% of marketing expenses during the same periods [8]