嗨学网的财务状况呈现明显的"增收不增利"特点。2022年至2024年，公司营收从4亿元增长至5.11亿 元，但同期净亏损分别为1.86亿元、1.75亿元和9070万元。 更为严峻的是，2025年上半年亏损同比扩大125.7%，营收同比下降5.3%至2.32亿元，显示出盈利状况正 在恶化。 公司的现金流同样不容乐观。2025年上半年，嗨学网产生负经营现金流150万元。其在招股书中承认， 若持续出现负经营现金流，维持运营及为业务策略提供资金的能力可能受到不利影响。 估值上升带来的金融工具公允价值变动，是嗨学网亏损的重要原因之一。这种会计性亏损虽然不直接影 响现金，但反映了投资者预期与公司实际盈利能力之间的脱节。 来源：新浪证券 北京嗨学网教育科技股份有限公司于2025年10月28日正式向港交所递交主板上市申请。这家成立于2010 年的在线职业能力培训服务提供商，在2024年位居中国在线职业能力培训服务市场第四位，并且是中国 最大的在线建筑职业能力培训服务提供商。 然而，靓丽排名背后却是持续扩大的亏损。2022年至2025年上半年，嗨学网累计净利润亏损超6亿元， 其中2025年上半年净亏损就达1.58亿元，超过20 ...

Core Viewpoint - Beijing Haixue Education Technology Co., Ltd. (Haixue) has submitted its listing application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor [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. It is also the largest provider of online construction vocational training and the second largest for online emergency safety vocational training [3][4]. - The company's offerings cover various fields including construction, emergency safety, finance, law, and healthcare, providing tailored training services and solutions [3][4]. Business Model and Strategy - Haixue has developed a diversified product matrix centered around its flagship brand Haixue, advanced brand Jingjin, and corporate service brand Shupeitong, enabling it to meet diverse online vocational training needs in China [4]. - The company utilizes mainstream e-commerce and social platforms to acquire targeted customer groups, guiding them to register and create Haixue accounts. Initial offerings include learning materials and courses to enhance customer understanding and convert users into paying customers [4]. User Engagement and Efficiency - As of June 30, 2025, Haixue has served approximately 4.3 million paying users and over 130 enterprises and institutions through its Shupeitong platform, providing comprehensive and efficient talent development solutions [5]. - The average marketing return on investment reached approximately 8.9 in 2024, indicating industry-leading performance [5]. Financial Performance - The company's revenue for the six months ending June 30 for the years 2022 to 2025 was approximately 400 million, 472 million, 511 million, and 232 million RMB, respectively. The corresponding losses attributable to owners were approximately 186 million, 175 million, 90.7 million, and 158 million RMB [6][7].