嗨学网IPO闯关：毛利率85%却三年累亏4.5亿，付费用户骤减至33万成最大隐忧？

Core Viewpoint - The company, Haixue Network, has submitted its IPO application to the Hong Kong Stock Exchange, facing significant challenges due to continuous losses, a concentrated business model, and a declining core customer base in a struggling real estate market [2][3]. Industry Overview - Haixue Network's growth is closely tied to the construction industry's economic cycle, having capitalized on the booming construction sector and mandatory professional qualifications since its establishment in 2010 [3]. - The company has become the largest online provider of construction vocational qualification training in China, according to a report by Frost & Sullivan [3]. User Base and Revenue Challenges - The construction and real estate sectors have faced multiple pressures since 2022, leading to a decrease in the number of construction professionals and a decline in their willingness to pay for training [4]. - The number of paid users on Haixue Network's core platforms has dropped significantly, from 1.0456 million in 2023 to 0.7704 million in 2024, representing a 26.3% decrease [4][5]. - Revenue from construction courses fell to 138 million RMB in the first half of 2025, a decline of over 10% year-on-year, indicating a weakening revenue base [5]. Profitability Issues - Despite a high gross margin that increased from 78.6% in 2022 to 85.8% in the first half of 2025, the company has not achieved profitability, with cumulative losses exceeding 451 million RMB from 2022 to 2024 [7][9]. - Marketing expenses have consistently consumed over 60% of revenue, leading to high customer acquisition costs that have risen from 414.8 RMB in 2022 to 441.2 RMB in the first half of 2025 [9][10]. Future Growth Prospects - Haixue Network's revenue growth has plateaued, with an increase in average transaction value masking underlying issues; average transaction value rose from 256.5 RMB in 2022 to 281 RMB in the first half of 2025 [12]. - The company plans to invest in AI technology to reduce reliance on human resources and optimize cost structures, with early indications showing a 32.3% decrease in manual query responses due to AI implementation [13]. - Additionally, Haixue Network aims to diversify its course offerings into healthcare, senior economy, and new energy sectors to reduce dependence on construction-related courses, although success in these new areas remains uncertain [13].