高毛利惊现高亏损！嗨学网冲刺IPO，营销“烧钱黑洞”何解？

Core Viewpoint - Beijing Haixue Education Technology Co., Ltd. (Haixue) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its position in the construction vocational qualification training industry, despite ongoing financial losses and a fragmented reputation among users [1][2]. Group 1: Company Overview - Haixue was founded in 2010 and has become a leading institution in the construction vocational qualification training sector, competing with other major players like Youlu Education and Global Online School [3]. - The company has a total of 4.3 million registered users, with projected revenues of RMB 5.1 billion in 2024, ranking fourth in the industry [3][4]. - The primary revenue sources include training for various construction qualifications, which are expected to contribute 63.3% of total revenue in 2024 [3]. Group 2: Financial Performance - Haixue's revenues for 2022, 2023, and 2024 are projected to be RMB 4 billion, RMB 4.7 billion, and RMB 5.1 billion, respectively, with a high gross margin of 78.6%, 81.1%, and 81.6% during the same period [4][8]. - Despite high gross margins, the company has reported net losses of RMB 1.9 billion, RMB 1.8 billion, and RMB 0.9 billion from 2022 to 2024, with a significant increase in losses to RMB 1.6 billion in the first half of 2024 [9]. Group 3: Marketing and User Conversion - Haixue's marketing expenses are substantial, amounting to RMB 2.9 billion, RMB 3.2 billion, and RMB 3.3 billion from 2022 to 2024, representing 71.3%, 66.8%, and 64.7% of total revenue [9]. - The user conversion process involves a two-step funnel, where only 30.5% of registered users purchase low-priced courses, and just 3.5% of those convert to higher-priced offerings [10][12]. - The average cost of acquiring a customer has risen from RMB 301.6 in 2023 to RMB 428.7 in 2024, indicating increasing competition and marketing costs [9]. Group 4: Industry Context and Challenges - The construction vocational qualification training industry has been affected by a downturn in the real estate sector, leading to a projected revenue decline of 5.5% in the first half of 2025 [5]. - Despite challenges, the industry maintains a certain scale due to ongoing demand for training in municipal engineering and urban renewal projects [6][7]. - Regulatory scrutiny regarding "gray market" practices in the industry has intensified, impacting marketing strategies and necessitating compliance [15][16].