（图片来源：网络） 出品｜搜狐财经 作者｜冯圆圆 在线职业教育赛道再现上市冲刺者，近日嗨学网正式向港交所递交上市申请。这家在建筑、应急安全培训领域稳居头部的企业，手握430万付费用户，却深 陷持续亏损、业务集中、地产行业景气度不佳、核心客群锐减的多重困境，其资本市场闯关之路注定充满挑战。 行业寒冬下的用户流失 北京嗨学网教育科技股份有限公司（下称"嗨学网"）的成长轨迹，与中国建筑业的景气周期紧密相连。2010年成立之初，嗨学网抓住建筑业蓬勃发展与执业 资格强制化管理的双重机遇，通过一、二级建造师、造价工程师等核心课程迅速抢占市场，成为垂直赛道的"隐形冠军"。据弗若斯特沙利文报告，按2024年 收入计算，嗨学网是中国最大的在线建筑职业资格培训服务商。 与此同时，嗨学网的行业地位也为其发展埋下了一颗"隐雷"。据招股说明书数据，嗨学网建筑类课程收入占比长期超过60%，这种"一家独大"的业务结构在 行业上行期能实现快速增长，但在行业景气度不佳时却显得格外脆弱。 来源：北京嗨学网教育科技股份有限公司招股说明书） 2022年以来，中国建筑、地产行业遭遇多重压力：地产调控深化、项目开工率下降，企业资金链紧张、裁员以及从业者 ...

Group 1: Market Overview - The Hong Kong IPO market remains active in Q3 2025, with total fundraising reaching HKD 182.9 billion, a significant increase of approximately 230% compared to the same period in 2024, and the number of IPOs rising by about 50% to 67 [1] - The focus on vocational education as a key policy-supported sector continues to attract capital, with ongoing reforms in the education system and heightened expectations for vocational education in building a skills-based society and promoting industry-education integration [1] Group 2: Company Profile - HiLearn is the fourth largest online vocational training service provider in China, having served 4.3 million paying students, with a product matrix centered around three brands: "HiLearn," "Jingjin," and "Shupeitong," covering various professional fields [2] - Despite steady revenue growth, HiLearn remains in a loss-making position, with revenues of RMB 400 million, RMB 472 million, and RMB 511 million from 2022 to 2024, and a loss of RMB 1.58 billion in the first half of 2025, indicating significant profitability pressure [2] - The company's gross margin has shown a steady improvement, increasing from 78.6% in 2022 to 85.8% in the first half of 2025, reflecting optimization in course content and operational efficiency [2] Group 3: Product and Service Offerings - HiLearn offers two main product categories: "HiLearn Classroom," which provides recorded and live courses along with AI learning tools, and "Jingjin Classroom," which focuses on efficient exam preparation with customized learning plans and one-on-one teaching [3] - The company heavily relies on individual users, with consumer service revenue accounting for 98.2% in the first half of 2025, while enterprise service revenue from the "Shupeitong" platform remains small at RMB 4.12 million, highlighting the challenge of expanding B2B services [4] Group 4: Financial Performance - The revenue structure shows a high dependency on consumer services, with the breakdown of revenue from "HiLearn Classroom" and "Jingjin Classroom" indicating a need for diversification [5] - The average marketing return on investment reached approximately 8.9 in 2024, positioning the company at a leading level in the industry [5] Group 5: AI Development - HiLearn has made progress in AI applications, establishing an independent AI innovation team in 2025 and completing over 30 AI applications for production processes, focusing on "assisting learning, teaching, and sales" [6] - AI tools have been successfully implemented, with features like note organization and personalized course recommendations, leading to significant user engagement [6] Group 6: Industry Trends and Challenges - The Chinese government has intensified vocational education reforms, shifting focus from expansion to quality improvement, with a significant increase in vocational undergraduate enrollment from 41,400 in 2021 to nearly 500,000 in 2025 [8] - The skills talent gap is projected to reach 30 million in key manufacturing sectors by 2025, indicating strong demand for vocational education [8] - HiLearn ranks fourth in the online vocational training market, with a leading position in construction training but remains heavily reliant on construction-related courses, which account for about 60% of revenue [10]

Group 1 - The core point of the news is the acquisition announcement of *ST Huaron, which has drawn attention in the capital market due to its ongoing struggles and the involvement of Lin Moshun as the new controlling party [1] - The new controlling party, Hainan Bocheng, plans to acquire 25% of *ST Huaron's shares from Zhejiang Hengshun Investment Co., Ltd., which is valued at approximately 325 million yuan based on the company's market capitalization of about 1.3 billion yuan [1] - Prior to the acquisition announcement, *ST Huaron's stock price experienced a notable increase, reaching a limit-up of 5.07% on August 4, indicating potential market speculation [1] Group 2 - Lin Moshun is not a newcomer to the capital market, with his related enterprises including Xiamen Beifan Zhisheng Investment Partnership and Shanghai Bocheng Information Technology Co., Ltd. [1] - The company has faced significant financial challenges, with cumulative losses exceeding 28 million yuan from 2021 to 2024, and a continuous decline in net profit for nine consecutive years, totaling over 60 million yuan [2][3] - For the first half of the current year, *ST Huaron is expected to report a net profit loss ranging from 2.7 million to 4 million yuan, attributed to intense competition in the traditional mold industry and ongoing losses from its subsidiary, Hangzhou Huaron Beiruan Technology Co., Ltd. [3]

Group 1: National Policy Support - The government has emphasized the importance of flexible employment through multiple meetings and policies, with a focus on stabilizing employment as a priority [3][4] - The central government has allocated 66.74 billion yuan in employment support funds for 2025, which includes measures to reduce unemployment and work injury insurance rates [3] - The State Council has extended certain employment support policies until the end of 2025, including measures to support flexible employment and improve social security for flexible workers [3][4] Group 2: Market Outlook - As of the end of 2024, the number of flexible workers in China is expected to reach approximately 240 million, accounting for about 33% of the total workforce [6] - The new flexible employment group is projected to be around 80 million, representing about 21% of all employed individuals, with expectations for continued growth in this sector [6] - The flexible employment market is characterized by expanding scale, technology-driven job innovation, diversified market demand, and increasing policy support [6][7] Group 3: Role of Education Institutions - Tenfang Ronghai plays a crucial role in the flexible employment market by providing high-quality talent through innovative online vocational education [8][9] - The institution designs courses aligned with emerging professions such as AI art designers and video editors, ensuring that the curriculum meets industry demands [8] - Tenfang Ronghai offers flexible learning options and continuous support for lifelong learning, contributing to the development of skilled professionals in the flexible employment sector [9][10]