Core Viewpoint - The article highlights the challenges faced by Haixue.com, a leading player in the online vocational training sector in China, as it prepares for its IPO in Hong Kong. Despite its strong market position, the company is grappling with high marketing dependency, frequent disputes, and ongoing losses [1]. Group 1: Company Overview - Established in 2012, Haixue.com has become the fourth largest online vocational training service provider in China by 2024, and it is the largest provider in the online construction vocational training sector [1]. - As of mid-2025, Haixue.com has served approximately 4.3 million paying users and over 130 enterprises and institutions [3]. Group 2: Marketing Strategy - The company employs a significant number of marketing personnel, with 80% of its 1,258 full-time employees dedicated to sales and marketing, while only 10.6% are instructors [2][3]. - Marketing expenses have been substantial, with figures for 2022 to 2025 showing costs of 285 million, 315 million, 330 million, and 147 million yuan, respectively, accounting for 71.3%, 66.8%, 64.7%, and 63.4% of revenue during those periods [4]. Group 3: Consumer Complaints - Haixue.com has faced numerous consumer complaints regarding misleading sales practices and difficulties in obtaining refunds, with reports of consumers being misled into paying for expensive courses under false pretenses [5][6]. - In 2023, there were 27 complaints on a consumer platform in Sichuan regarding refund issues, with many consumers claiming they were induced to pay without proper qualifications [7][8]. Group 4: Financial Performance - Despite high revenue growth, Haixue.com has not achieved profitability, reporting losses of 186 million, 175 million, and 90.69 million yuan from 2022 to 2024, with a continued loss of 158 million yuan in the first half of 2025 [9][10]. - The company’s revenue for 2022, 2023, 2024, and the first half of 2025 was 400 million, 472 million, 511 million, and 232 million yuan, respectively, with gross margins of 78.6%, 81.1%, 81.6%, and 85.8% [10][11].

Core Viewpoint - Qingdao Urban Construction Investment Group is facing significant debt risks due to its expanding debt scale and deteriorating profitability, leading to increased short-term repayment pressures [1][2][6] Debt Situation - As of the end of 2024, the total debt of Qingdao Urban Construction Group reached 2,616.17 billion, with a notable increase to 2,660.16 billion by the end of March 2025, indicating a clear trend of debt expansion [2] - Short-term debt due within one year amounted to 896.63 billion, accounting for 34.27% of total debt, highlighting concentrated repayment pressures [2][10] - The company has acknowledged that even with the successful issuance of 102 billion in bonds, it will still face concentrated repayment risks [6] Financial Performance - In 2024, the company reported revenues of 469.76 billion, a year-on-year increase of 6.28%, but net profit turned from a profit of 7.78 billion in 2023 to a loss of 2.89 billion, indicating a significant decline in profitability [1][7] - The first quarter of 2025 saw further deterioration, with revenues declining by 6.74% to 105.43 billion and a loss of 1.24 billion [7] - The company's operating expenses reached 105.27 billion in 2024, representing 22.41% of revenues, severely eroding profit margins [7] Investment Dependency - The company has increasingly relied on investment income, which was 23.14 billion in 2024, accounting for 4.93% of total revenue, and rose to 6.43% in the first quarter of 2025 [8] - Investment income has been declining, with figures of 39.14 billion in 2022, 26.53 billion in 2023, and 23.14 billion in 2024, raising concerns about the sustainability of this income source [8] Liquidity Issues - The cash coverage ratio for short-term debt dropped from 0.29 in 2022 to 0.18 in 2024, indicating a liquidity crisis [10] - The company experienced a net cash outflow of 22.66 billion in 2024, reflecting a continuous trend of cash outflows over the years [11] - Significant amounts of funds are tied up in long-term receivables, with other receivables reaching 336.65 billion by the end of 2024, further exacerbating liquidity pressures [11] Debt Management - The issuance of the 102 billion bond is intended solely for repaying maturing debt, revealing a "borrow new to repay old" strategy [3][6] - The company has a substantial amount of public welfare assets, totaling 11.64 billion, which have negligible liquidity due to their nature [11]