炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：新消费主张/cici 10月28日，北京嗨学网教育科技股份有限公司（以下简称"嗨学网"）向港交所主板提交上市申请书，招 银国际为独家保荐人。2022年至2024年以及2025年上半年，嗨学网分别亏损1.86亿元、1.75亿元、9069 万元及1.58亿元，2025年上半年亏损规模已远超去年同期甚至远超去年全年水平。 虚假宣传、诱导学员贷款报课、退费难，嗨学网一次次被推上风口浪尖。早在2020年，嗨学网因退费难 问题被央视"3•15晚会"点名曝光，纵使到现在嗨学网退费难等问题并未彻底解决。截至2025年11月6 日，黑猫投诉 【下载黑猫投诉客户端】平台上关于"嗨学网"搜索词的投诉总量已超过8400条，主要涉 及退款难、诱导消费等问题。 三年半亏损超6亿、多数收入靠建筑培训暗藏风险 八成员工搞营销 嗨学网成立于2012年，是中国领先的在线职业能力培训服务提供商，主要面向成人用户提供职业资格考 试和技能提升培训。公司收入主要来自消费类服务（包括通过专有在线平台嗨学课堂及精进学堂提供的 服务），少部分来自企业 ...

蓝鲸新闻11月6日讯（记者 邵雨婷）近日，港交所官网显示，北京嗨学网教育科技股份有限公司（以下简称"嗨学网"）向港交所主板提交上市申 请书，独家保荐人为招银国际。 （图片来源：视觉中国） 作为在线职业培训头部企业，嗨学网虽拥有超80%的高毛利和三大品牌矩阵，却持续亏损且退费率攀升。目前，公司业务高度依赖建筑类课程， 新拓展领域回报有限，为此，公司转向AI技术布局，但经营现金流承压，资金链紧张。此次IPO，嗨学网拟募资用于AI研发、业务扩张及并购以 缓解困局。 高毛利下仍持续亏损，获客成本上涨退费率攀升 据招股书，嗨学网是在线职业能力培训服务提供商。"嗨学"品牌由纽交所上市的职业教育公司尚德机构孵化设立，2012年，该品牌从尚德机构拆 分独立。目前，公司拥有基石品牌"嗨学"、进阶品牌"精进"、企业服务品牌"数培通"为核心的三大产品矩阵。 根据弗若斯特沙利文报告，2024年按收入计，嗨学网是中国第四大在线职业能力培训服务提供商；该公司还是中国最大在线建筑职业能力培训服 务提供商以及第二大在线应急安全职业能力培训服务提供商。 招股书显示，2022年、2023年、2024年以及2025年上半年（以下简称"报告期"）， ...

作为国内在线职业培训领域的头部玩家，嗨学网赴港上市的动作备受市场关注。 这家成立于2012年的企业，2024年已跻身中国第四大在线职业能力培训服务提供商，还是中国最大在线 建筑职业能力培训服务提供商以及第二大在线应急安全职业能力培训服务提供商。 同时，嗨学网背后还有着强大的股东阵容，包括正心谷资本、好未来等。然而，翻阅其披露的上市招股 书不难发现，在行业领先地位的光环之下，公司正深陷营销依赖、纠纷频发与持续亏损的三重困境。 八成员工干营销 营销支出占比高 嗨学网于2012年正式成立，在短短十多年时间中，取得了令人瞩目的成绩：在线职业培训行业内跻身头 部，截至2025年上半年，嗨学网已累计服务了约430万名付费用户；服务超过130家企业及事业单位。 在业务模式上，据嗨学网介绍，其主要通过在主流电子商务及社交媒体平台上运用精准获客策略获得新 用户，并通过提供免费的入门学习素材及课程，将用户转化为付费用户。证券时报记者此前曾体验发 现，在电商网站花一定费用购买相关书籍后，嗨学网会提供免费录播视频供用户学习，进而会有自称嗨 学网"班主任"的人士联系用户，至于用户是否愿意花费更多费用参与进阶学习，则主要靠这些"班主 任 ...

作为国内在线职业培训领域的头部玩家，嗨学网赴港上市的动作备受市场关注。 这家成立于2012年的企业，2024年已跻身中国第四大在线职业能力培训服务提供商，还是中国最大在线建筑职业能力培训服务提供商以及第二大在线应急 安全职业能力培训服务提供商。 同时，嗨学网背后还有着强大的股东阵容，包括正心谷资本、好未来等。然而，翻阅其披露的上市招股书不难发现，在行业领先地位的光环之下，公司正 深陷营销依赖、纠纷频发与持续亏损的三重困境。 八成员工干营销营销支出占比高 嗨学网于2012年正式成立，在短短十多年时间中，取得了令人瞩目的成绩：在线职业培训行业内跻身头部，截至2025年上半年，嗨学网已累计服务了约 430万名付费用户；服务超过130家企业及事业单位。 在业务模式上，据嗨学网介绍，其主要通过在主流电子商务及社交媒体平台上运用精准获客策略获得新用户，并通过提供免费的入门学习素材及课程，将 用户转化为付费用户。证券时报记者此前曾体验发现，在电商网站花一定费用购买相关书籍后，嗨学网会提供免费录播视频供用户学习，进而会有自称嗨 学网"班主任"的人士联系用户，至于用户是否愿意花费更多费用参与进阶学习，则主要靠这些"班主任"的营 ...

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 - The company, HiLearn, has submitted its application for a mainboard listing on the Hong Kong Stock Exchange, aiming to capitalize on the growing online vocational training market while facing significant financial challenges and operational risks [1][15]. Company Overview - HiLearn, established in 2010, provides online vocational training services targeting both individual and corporate users, with courses in various fields including construction, emergency safety, finance, law, and healthcare [1]. - The company operates under three main brands: "HiLearn," "Jingjin," and "Shupeitong," covering basic training, advanced improvement, and corporate services [1]. Market Position - According to a report by Frost & Sullivan, HiLearn is the fourth largest online vocational training provider in China by revenue as of 2024, leading in construction vocational training and ranking second in emergency safety training [3]. - As of mid-2025, the company has approximately 4.3 million cumulative paid individual users and over 130 corporate clients [3]. Financial Performance - The company's revenue has shown stable growth, with figures of 400 million yuan, 472 million yuan, and 511 million yuan for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of 13.0% [4]. - Notably, the gross profit margin has increased from 78.6% in 2022 to 81.6% in 2024, and further to 85.8% in the first half of 2025, significantly above the industry average of 60%-70% [4]. Profitability Challenges - Despite high gross margins, the company has reported substantial losses, with attributable losses of approximately 186 million yuan, 175 million yuan, 90.69 million yuan, and 158 million yuan for the years 2022, 2023, 2024, and the first half of 2025 respectively [5]. - The high marketing and sales expenses, which exceeded 60% of revenue, are primarily driven by a heavy reliance on human marketing teams, with employee costs constituting about 60% of marketing expenses [5][6]. Customer Acquisition Costs - The cost of acquiring a single paid user has fluctuated, with figures of 414.8 yuan, 301.6 yuan, 428.7 yuan, and 441.2 yuan from 2022 to the first half of 2025 [6]. - The one-time nature of vocational training services leads to a high turnover of users post-qualification, necessitating continuous investment in acquiring new users [6]. Business Structure Risks - The company's revenue is heavily dependent on construction-related vocational qualification courses, which consistently account for around 60% of total revenue from 2022 to mid-2025 [7]. - The "Shupeitong" brand, aimed at corporate services, remains underdeveloped, generating only 4.12 million yuan in revenue in the first half of 2025, contrasting sharply with the 98.2% revenue share from individual users [7]. Policy Dependency - The company's focus on policy-driven sectors like construction and emergency safety has provided short-term benefits but limits long-term growth potential due to its concentrated business model [8]. AI Technology Initiatives - HiLearn is exploring AI technology applications, having developed over 30 AI agents since 2024, including tools like AI Study Assistant and AI Academic Assistant [9][10]. - The AI Study Assistant has reportedly been used over one million times, leading to a 32.3% decrease in human query responses in Q2 2025 [10]. Research and Development Concerns - R&D expenditures from 2022 to 2024 were 24.5 million yuan, 20 million yuan, and 23.7 million yuan, representing less than 5% of revenue, with a 23.3% year-on-year decline in the first half of 2025 [11]. User Experience Issues - The company's refund rate has increased from 9.1% in 2022 to 15.9% in the first half of 2025, with numerous complaints regarding refund difficulties and service discrepancies [12]. Legal Risks - HiLearn is involved in 905 legal cases, with nearly 90% of these cases being education training contract disputes, indicating significant legal exposure [13]. Industry Outlook - The online vocational certification exam market in China is projected to grow from 34.5 billion yuan in 2024 to 44 billion yuan by 2029, with the online vocational training market expected to reach 60.2 billion yuan by 2029, reflecting a compound annual growth rate of 5.1% [14]. Future Plans - The company plans to use the funds raised from its IPO to expand product services, sales networks, and advance AI technology development, with a strategic focus on infrastructure, data collection, and AI application development over the next five years [15].

证券时报记者观察到，在嗨学网官网上，公司长期招募课程代销机构，代销机构仅需有5人以上团队、 三四线固定办公场地以及相关销售经验即可。同时，招股书显示，嗨学网会通过与电商平台及社交平台 的推广伙伴合作，一般直接分派或与第三方推广伙伴合作而分派这些产品，以具有吸引力的价格触达潜 在用户。 同时，嗨学网背后还有着强大的股东阵容，包括正心谷资本、好未来等。然而，翻阅其披露的上市招股 书不难发现，在行业领先地位的光环之下，公司正深陷营销依赖、纠纷频发与持续亏损的三重困境。 八成员工干营销 营销支出占比高 嗨学网于2012年正式成立，在短短十多年时间中，取得了令人瞩目的成绩：在线职业培训行业内跻身头 部，截至2025年上半年，嗨学网已累计服务了约430万名付费用户；服务超过130家企业及事业单位。 在业务模式上，据嗨学网介绍，其主要通过在主流电子商务及社交媒体平台上运用精准获客策略获得新 用户，并通过提供免费的入门学习素材及课程，将用户转化为付费用户。证券时报记者此前曾体验发 现，在电商网站花一定费用购买相关书籍后，嗨学网会提供免费录播视频供用户学习，进而会有自称嗨 学网"班主任"的人士联系用户，至于用户是否愿意花费更多 ...

曾因退费难等问题被央视"3·15"晚会曝光的嗨学网正在冲刺港股IPO。10月28日，北京嗨学网教育科技股份有限公 司（以下简称"嗨学网"）向港交所主板提交上市申请书，独家保荐人为招银国际，开启资本市场闯关之路。 嗨学网聚焦在线职业能力培训，凭借在建筑职业能力培训、在线应急安全职业能力培训等领域的服务在市场占有 一席之地。然而，在冲刺上市的背后，公司却面临着业绩持续亏损、业务结构集中、退费率攀升、用户投诉频发 等多重挑战。 与此同时，随着AI技术在在线职业培训领域的渗透加深，嗨学网及行业内企业纷纷加码AI布局寻求突破。这场技 术变革能否帮助嗨学网破解发展困局，并助其在资本市场闯关成功，备受市场关注。 公司业务结构集中，六成收入来自建筑相关职业资格考试 北京嗨学网教育科技股份有限公司成立于2012年，注册资本4109万元，法定代表人为梁热。 招股书显示，根据弗若斯特沙利文报告，2024年按收入计，嗨学网是中国第四大在线职业能力培训服务提供商。 根据相同报告，2024年按收入计，该公司还是中国最大在线建筑职业能力培训服务提供商以及第二大在线应急安 全职业能力培训服务提供商。该公司的产品涵盖建筑施工、应急安全、财会经 ...

Core Insights - The article discusses the IPO of Beijing Haixue Education Technology Co., Ltd. (referred to as "Haixue"), which is focused on online vocational training and aims to leverage AI technology in its services [1][17]. Company Overview - Haixue offers online training courses related to various professional qualifications in fields such as construction, emergency safety, accounting, law, and healthcare [1][4]. - The company has a product matrix consisting of three main brands: "Haixue," "Jingjin," and "Shupaitong," catering to different segments of the market [4]. Market Potential - The adult education market is divided into two main categories: working professionals and senior citizens, with a significant potential market size of 396 million individuals aged 25 to 44 by 2024 [1]. - The online vocational training market in China is projected to reach RMB 469 billion by 2024, with a compound annual growth rate (CAGR) of 5.1% expected until 2029 [13]. Financial Performance - Haixue's revenue has shown growth, with figures of approximately RMB 400 million in 2022, RMB 472 million in 2023, and projected revenues of RMB 510 million in 2024 [11][12]. - Despite revenue growth, the company has faced net losses, totaling over RMB 600 million in three and a half years, primarily due to investments in sales, marketing, and technology [11][12]. Revenue Breakdown - Over 60% of Haixue's revenue comes from construction-related courses, with a notable increase in revenue from emergency safety courses, rising from 13.3% to 21.6% during the reporting period [7][8]. - The refund rate for courses has been increasing, reaching 15.9% in the first half of 2025, which may impact future revenue [9]. Competitive Landscape - Haixue is the fourth largest online vocational training provider in China, holding a market share of 1.1%, and is the largest in the online construction training sector [16]. - The online vocational training market is competitive and fragmented, with several key players including Gaodun, Global Online School, and Zhongda Online School [13][16]. IPO Details - The IPO aims to raise funds for strategic investments in AI technology, expanding product offerings, and enhancing sales networks [19]. - The management team has extensive experience in investment, technology, and consulting, which may contribute to the company's future growth [18][19].

Core Viewpoint - The article discusses the IPO submission of HiXue Network, highlighting its position as the largest online construction vocational training service provider in China, while also noting its ongoing financial losses and reliance on construction-related courses for revenue generation [1][4]. Company Overview - HiXue Network was founded in 2010 and officially established in 2012, focusing on online vocational training services across various fields, including construction, emergency safety, finance, law, and healthcare [4]. - The company is recognized as the largest online construction vocational training provider and the second-largest in emergency safety training in China, according to a report by Frost & Sullivan [4]. Financial Performance - HiXue Network reported revenues of 400 million, 472 million, 511 million, and 232 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with a year-on-year decrease of 5.48% in the first half of 2025 [5]. - The net losses for the same periods were -186 million, -175 million, -90.69 million, and -158 million yuan, with cumulative losses exceeding 600 million yuan [5][6]. Revenue Sources - Approximately 60% of HiXue Network's revenue comes from construction-related vocational qualification examination courses, with specific revenue contributions of 68.2%, 61.5%, 59.3%, and 59.8% over the reporting period [5]. Marketing and Sales Expenses - The company has significant and increasing sales and marketing expenses, which were 285 million, 315 million, 330 million, and 147 million yuan, representing over 60% of total revenue during the reporting period [7]. User Base and Services - As of June 30, 2025, HiXue Network has served approximately 4.3 million paying users and over 130 enterprises and institutions through its training content system [5]. - The company offers two main product lines: "HiXue Classroom," which includes recorded and live courses, and "Jingjin Academy," focusing on efficient exam preparation with personalized learning plans [4]. Future Plans - The funds raised from the IPO are intended for strategic investments in AI technology, expanding existing products and services, enhancing sales channels, and acquiring quality institutions in niche sectors [10].