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 filed its prospectus on the Hong Kong Stock Exchange, with Zhuhai International as the sole sponsor. The company is positioned as the fourth largest online vocational training service provider in China by revenue in 2024 according to a Frost & Sullivan report [1]. Financial Performance - Haixue's revenue primarily comes from construction-related vocational qualification examination courses, which accounted for 68.2%, 61.5%, 59.3%, and 59.8% of total revenue in 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [1]. - The company's revenues for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were RMB 400.0 million, RMB 472.2 million, RMB 510.5 million, and RMB 231.6 million, respectively [2]. - Net losses for the same periods were RMB 185.8 million, RMB 175.0 million, RMB 90.7 million, and RMB 158.3 million, with a cumulative net loss of RMB 609.8 million over the past three and a half years [1][2]. Shareholding Structure - The company has a single largest shareholder group, with concerted action agreements allowing them to exercise approximately 32.61% of the voting rights [3]. - Key shareholders include Liang, who controls about 29.91% of the voting rights, and other significant shareholders such as Zhang and various investment entities [4]. Regulatory and Market Challenges - Haixue has faced scrutiny, having been named in a CCTV "3.15" program in 2020 for issues related to refund difficulties, false promises, and misleading advertising [5].