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].