嗨学网IPO：三年半亏超6亿、八成员工做营销 诱导消费后协议退款难上半年合约负债超3亿、退费率增至15.9%

Core Viewpoint - Beijing Haixue Education Technology Co., Ltd. (referred to as "Haixue") has submitted its listing application to the Hong Kong Stock Exchange, but the company has faced significant financial losses and ongoing issues related to customer complaints and refund difficulties [1][7]. Financial Performance - Haixue reported losses of RMB 1.86 billion, RMB 1.75 billion, RMB 906.9 million, and RMB 1.58 billion for the years 2022 to 2024 and the first half of 2025, with the loss in the first half of 2025 exceeding both the same period last year and the total for the previous year [1][2]. - The company's revenue for the same periods was RMB 4.00 billion, RMB 4.72 billion, RMB 5.11 billion, and RMB 2.32 billion, showing a decline of 5.5% in the first half of 2025 compared to the previous year [2][5]. Business Model and Revenue Sources - Haixue primarily provides online vocational training services, with a significant portion of its revenue derived from construction-related vocational qualification courses, which accounted for 68.2%, 61.5%, 59.3%, and 59.8% of total revenue from 2022 to the first half of 2025 [4][5]. - The company has a high gross profit margin, with rates of 78.6%, 81.1%, 81.6%, and 85.8% for the same periods, but high marketing expenses have led to net losses [4][5]. Customer Complaints and Refund Issues - Haixue has been criticized for misleading advertising, inducing students to take loans for courses, and difficulties in obtaining refunds, with over 8,400 complaints filed on the Black Cat Complaints platform as of November 6, 2025 [1][7]. - The company's contract liabilities reached RMB 301 million by the first half of 2025, with a rising refund rate of 15.9%, indicating increasing customer dissatisfaction [12][7]. Employee Structure and Marketing Expenses - As of the first half of 2025, Haixue employed 1,258 full-time staff, with 80% (1,006 employees) dedicated to sales and marketing, reflecting a heavy reliance on marketing to drive revenue [4][5]. - Marketing expenses for the years 2022 to 2025 were RMB 2.85 billion, RMB 3.15 billion, RMB 3.30 billion, and RMB 1.47 billion, with corresponding sales expense ratios of 71.3%, 66.8%, 64.7%, and 63.4% [4].