Core Insights - The online vocational training industry is rapidly growing, driven by technological advancements, policy support, and market demand [1][4] - The market size for online vocational training in China is projected to increase from 37.5 billion yuan in 2020 to 46.9 billion yuan in 2024, with a compound annual growth rate (CAGR) of 5.8% [4] - The online vocational certification exam market is expected to grow from 27.9 billion yuan in 2020 to 34.5 billion yuan in 2024, with a forecasted size of 35.5 billion yuan in 2025 [4] Industry Definition and Classification - Online vocational training refers to activities that provide skills, knowledge, and competencies related to job positions through internet platforms [3] - The main business models include B2C, B2B, B2B2C, freemium, and subscription models, with B2C being the most common [3] - The training content can be categorized into online vocational certification exams and online skill enhancement [3] Industry Development Status - The online vocational training industry is characterized by flexibility in time and location, diverse learning resources, and personalized learning driven by data [3] - The industry has transitioned from a phase of rapid growth to one led by major players, focusing on vertical specialization and model integration [5] Industry Value Chain - The upstream of the online vocational training industry includes course development, teacher recruitment, instructional design, and technology service providers [4] - The midstream consists of online vocational training platforms and service providers, while the downstream includes individual users, corporate clients, government agencies, and recruitment platforms [4] Competitive Landscape - Major players in the online vocational training industry include HiLearn, NetEase Cloud Classroom, Udemy, Coursera, and others [5] - HiLearn is a leading provider in the sector, offering a diverse product matrix to meet various training needs, with projected revenue of 232 million yuan in the first half of 2025 [6] - Cool Academy focuses on integrating training with business processes through popular office platforms, enhancing the learning experience [6] Industry Trends - The online vocational training industry is entering a new phase where traditional "course-selling" models are becoming less viable, emphasizing the need for digital transformation and innovation [5]

Core Viewpoint - Beijing Haixue Education Technology Co., Ltd. has submitted its main board listing application to the Hong Kong Stock Exchange, despite facing significant financial losses and a heavy reliance on its construction training business [1][2]. Financial Risks: Expanding Losses and Cash Flow Pressure - The company has shown a clear trend of "increasing revenue without increasing profit," with revenues growing from 400 million to 511 million yuan from 2022 to 2024, while net losses were 186 million, 175 million, and 90.7 million yuan respectively [2]. - In the first half of 2025, the net loss expanded by 125.7% year-on-year, with revenue declining by 5.3% to 232 million yuan, indicating worsening profitability [2]. - The company reported negative operating cash flow of 1.5 million yuan in the first half of 2025, raising concerns about its ability to sustain operations and fund business strategies [2]. - Accounting losses due to changes in the fair value of financial instruments have contributed significantly to the company's losses, reflecting a disconnect between investor expectations and actual profitability [2]. Business Structure: Overreliance on Construction Training - The company's revenue from construction-related vocational qualification exam courses accounted for nearly 60% of total revenue from 2022 to the first half of 2025 [3]. - This heavy reliance on the construction sector ties the company's performance to the cyclical nature of the real estate and construction industries, which are currently undergoing adjustments [3]. - Although the company is attempting to diversify into finance, law, and healthcare training, it acknowledges that returns from these new ventures may initially be lower than from existing construction-related courses [3]. - The online vocational training market in China is projected to grow from 46.9 billion yuan in 2024 to 60.2 billion yuan by 2029, with a modest compound annual growth rate of 5.1%, posing additional challenges for the company's expansion efforts [3]. Marketing Dependence: High Customer Acquisition Costs and Low Conversion Efficiency - The company's sales and marketing expenses have consistently exceeded 60% of total revenue from 2022 to the first half of 2025, with marketing costs reaching 1.47 billion yuan in the first half of 2025, accounting for 63.4% of total revenue [4]. - Customer acquisition costs have risen to 441.2 yuan in the first half of 2025, up from 414.8 yuan in 2022, yet the company has not seen a stable increase in paying users, with a decrease of 275,200 paying users in 2024 [4]. - In contrast to high marketing expenditures, the company's investment in research and development has been relatively limited, with R&D spending of 23.66 million yuan in 2024, lower than 24.53 million yuan in 2022, and only 4% of total revenue in the first half of 2025 [4]. Compliance Risks: Historical Issues and Ongoing Complaints - The company faces significant compliance risks, having been publicly criticized in 2020 for refund difficulties, which were highlighted by a major media outlet [5][6]. - Despite establishing a special task force and suspending operations of involved subsidiaries, issues have not been fully resolved, with over 8,000 complaints on a consumer complaint platform as of October 30, 2025, primarily related to false advertising, refund difficulties, and inducement to consume [6]. - The company has faced seven administrative penalties since 2016, including a fine of 200,000 yuan in July 2019 for misleading advertising practices [6]. - The company plans to use IPO proceeds for AI technology development, expanding service offerings, and network expansion, but the effectiveness of these investments in improving the business fundamentals remains uncertain [6].

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].

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責， 對其準確性或完整性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部 分內容而產生或依賴該等內容而引致的任何損失承擔任何責任。 Beijing Hiducation Technology Corporation Limited 北京嗨学网教育科技股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要 求而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向Beijing Hiducation Technology Corporation Limited（北京嗨學網教育科技股份有限公司） （「本公司」，連同其附屬公司統稱「本集團」）、本公司的獨家保薦人、整體協調人、顧問及包銷團成員表 示同意： 於本公司招股章程根據香港法例第32章公司（清盤及雜項條文）條例送呈香港公司註冊處處長登記前， 不會向香港公眾人士提出要約或邀 ...