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].

Group 1 - The company, HiLearn, has submitted an application for listing on the Hong Kong Stock Exchange, with CMB International acting as the sole sponsor [1] - HiLearn is the fourth largest online vocational training service provider in China, leading in the fields of construction and emergency safety training [2] - The company's business covers various sectors including construction, emergency safety, finance and economics, law, and healthcare, offering customized training services [2] Group 2 - HiLearn operates three main product lines: "HiLearn," "JinJing," and "ShuPeiTong," serving both individual and corporate clients [2] - The customer acquisition strategy primarily utilizes mainstream e-commerce and social media platforms, providing free trials to convert users into paying customers [2] - The product system includes "HiLearn Classroom" (offering recorded, live, and AI learning tools) and "JinJing Academy" (focusing on efficient exam preparation and one-on-one teaching) [2] Group 3 - As of June 30, 2025, HiLearn has served approximately 4.3 million paying users and provided services to over 130 enterprises and public institutions [2]

Core Viewpoint - Beijing Haixue Education Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor [1] Group 1: Company Overview - According to a report by Frost & Sullivan, Haixue is the fourth largest online vocational training service provider in China by revenue for 2024, and the largest in online construction vocational training and the second largest in online emergency safety vocational training [3] - The company offers training services tailored to specific requirements in various fields, including construction, emergency safety, finance, law, and healthcare, and aims to create a one-stop service platform for career development and lifelong learning [3] - Haixue has developed a diversified product matrix centered around its core brands: Haixue, Jingjin, and Shupaitong, which allows it to meet the diverse online vocational training needs in China [3] Group 2: Business Model and Customer Acquisition - The company acquires customers through mainstream e-commerce and social platforms, providing initial learning materials and courses to convert users into paying customers [4] - Haixue offers two main product and service systems: Haixue Classroom, which provides recorded and live courses, and Jingjin Classroom, which focuses on efficient exam preparation with customized learning plans and one-on-one teaching [4] - As of June 30, 2025, Haixue has served approximately 4.3 million paying users and over 130 enterprises and institutions through its Shupaitong platform [4] Group 3: Financial Performance - The company reported revenues of approximately RMB 400 million, RMB 472 million, RMB 511 million, and RMB 232 million for the six months ending June 30 in 2022, 2023, 2024, and 2025, respectively [6][7] - The company experienced losses attributable to owners of approximately RMB 186 million, RMB 175 million, RMB 90 million, and RMB 158 million for the same periods [6][7] - The average marketing return on investment reached approximately 8.9 in 2024, indicating a leading position in the industry [4]