炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 出品：新浪财经上市公司研究院 作者：新消费主张/cici 10月28日，北京嗨学网教育科技股份有限公司（以下简称"嗨学网"）向港交所主板提交上市申请书，招 银国际为独家保荐人。2022年至2024年以及2025年上半年，嗨学网分别亏损1.86亿元、1.75亿元、9069 万元及1.58亿元，2025年上半年亏损规模已远超去年同期甚至远超去年全年水平。 虚假宣传、诱导学员贷款报课、退费难，嗨学网一次次被推上风口浪尖。早在2020年，嗨学网因退费难 问题被央视"3•15晚会"点名曝光，纵使到现在嗨学网退费难等问题并未彻底解决。截至2025年11月6 日，黑猫投诉 【下载黑猫投诉客户端】平台上关于"嗨学网"搜索词的投诉总量已超过8400条，主要涉 及退款难、诱导消费等问题。 三年半亏损超6亿、多数收入靠建筑培训暗藏风险 八成员工搞营销 嗨学网成立于2012年，是中国领先的在线职业能力培训服务提供商，主要面向成人用户提供职业资格考 试和技能提升培训。公司收入主要来自消费类服务（包括通过专有在线平台嗨学课堂及精进学堂提供的 服务），少部分来自企业 ...

曾因退费难等问题被央视"3·15"晚会曝光的嗨学网正在冲刺港股IPO。10月28日，北京嗨学网教育科技股份有限公 司（以下简称"嗨学网"）向港交所主板提交上市申请书，独家保荐人为招银国际，开启资本市场闯关之路。 嗨学网聚焦在线职业能力培训，凭借在建筑职业能力培训、在线应急安全职业能力培训等领域的服务在市场占有 一席之地。然而，在冲刺上市的背后，公司却面临着业绩持续亏损、业务结构集中、退费率攀升、用户投诉频发 等多重挑战。 与此同时，随着AI技术在在线职业培训领域的渗透加深，嗨学网及行业内企业纷纷加码AI布局寻求突破。这场技 术变革能否帮助嗨学网破解发展困局，并助其在资本市场闯关成功，备受市场关注。 公司业务结构集中，六成收入来自建筑相关职业资格考试 北京嗨学网教育科技股份有限公司成立于2012年，注册资本4109万元，法定代表人为梁热。 招股书显示，根据弗若斯特沙利文报告，2024年按收入计，嗨学网是中国第四大在线职业能力培训服务提供商。 根据相同报告，2024年按收入计，该公司还是中国最大在线建筑职业能力培训服务提供商以及第二大在线应急安 全职业能力培训服务提供商。该公司的产品涵盖建筑施工、应急安全、财会经 ...

2025年第三季度，香港IPO市场延续活跃态势。前三季度累计募资总额达港币1,829亿元，较2024年同期 大幅增长约230%;IPO数量达67宗，同比增加约50%，反映出投资者信心回暖与资本市场活力的持续提 升。 在此背景下，职业教育作为政策重点扶持的领域之一，持续受到资本关注。2025年正值"十四五"收官 与"十五五"谋划的关键节点，教育体系改革不断深化，职业教育在构建技能型社会、推动产教融合等方 面被赋予更高期待。 尽管公司营收保持稳健增长，但仍未摆脱亏损状态。2022年至2024年，公司收入分别为4亿元、4.72亿 元和5.11亿元人民币，2025年上半年实现收入2.32亿元。同期，公司拥有人应占亏损分别为1.86亿元、 1.75亿元、9069万元，而2025年上半年亏损扩大至1.58亿元，显示盈利压力依然显著。 值得肯定的是，公司毛利率呈现稳步提升趋势，从2022年的78.6%升至2024年的81.6%，并在2025年上 半年进一步提升至85.8%，反映出其在课程内容与运营效率方面的优化成效。 公司根据学员对于教学和服务的个别需求差异，开设"嗨学课堂"和"精进学堂"两大类产品及服务体 系。"嗨学课堂 ...

Core Insights - The Hong Kong IPO market remains active, with total fundraising reaching HKD 182.9 billion in the first three quarters of 2025, 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 company, HiLearn Education Technology Co., Ltd. (嗨学网), has submitted its listing application to the Hong Kong Stock Exchange, marking another significant IPO case in the vocational education sector [1] Company Overview - HiLearn is the fourth largest online vocational training service provider in China, having served 4.3 million paid learners [2] - The company operates under three main brands: "HiLearn," "Jingjin," and "Shupeitong," covering various vocational fields such as construction, emergency safety, finance, law, and healthcare [2] - Despite steady revenue growth, the company 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 [2] Financial Performance - 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, indicating operational efficiency and content optimization [2] - The revenue structure is heavily reliant on consumer services, with 98.2% of revenue coming from individual users in the first half of 2025 [4] - The company has served over 130 enterprises and institutions but generated only RMB 4.12 million from its enterprise service brand "Shupeitong," indicating a need for growth in the B2B segment [4] Product and Service Offerings - HiLearn offers two main product categories: "HiLearn Classroom" for recorded and live courses, and "Jingjin Classroom" focused on efficient exam preparation with personalized learning plans [3] - The company has made strides in AI applications, launching over 30 AI smart agents to enhance learning and teaching processes, with significant user engagement reported [6] Market Trends and Opportunities - The vocational education sector is experiencing growth due to government policies aimed at improving quality and expanding access, with vocational undergraduate enrollment increasing from 41,400 in 2021 to nearly 500,000 in 2025 [8] - The demand for skilled talent is projected to grow, with a predicted talent gap of 30 million in key manufacturing sectors by 2025 [8] Competitive Landscape - HiLearn ranks fourth in China's online vocational training market and holds the top position in construction vocational training [10] - The company’s revenue structure is still heavily dependent on construction-related qualification courses, which accounted for around 60% of revenue from 2022 to the first half of 2025 [10] - The company faces challenges in diversifying its course offerings and expanding into non-construction fields to ensure sustainable growth [10]

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 - Beijing HiLearn Education Technology Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to capitalize on its position as a leading provider of online vocational training services in China [1] Group 1: Company Overview - HiLearn is the fourth largest online vocational training service provider in China by revenue for 2024, and the largest in online construction vocational training [1] - The company offers tailored training services in various fields, including construction, emergency safety, finance, law, and healthcare [1] - As of June 30, 2025, HiLearn has served approximately 4.3 million paying users and over 130 enterprises and institutions [1] Group 2: Financial Performance - The company reported revenues of approximately RMB 400 million, RMB 472.18 million, RMB 511.54 million, and RMB 232.06 million for the years 2022, 2023, 2024, and the first half of 2025, respectively [2][3] - The net losses for the same periods were approximately RMB 186 million, RMB 175 million, RMB 90.69 million, and RMB 158 million, totaling a cumulative net loss of about RMB 610 million [2][3] - Major expenses in sales and marketing were RMB 285 million, RMB 315 million, RMB 330 million, and RMB 147 million, representing 71.3%, 66.8%, 64.7%, and 63.4% of revenue for the respective periods [4] Group 3: Business Strategy and Challenges - The company employs targeted customer acquisition strategies through mainstream e-commerce and social media platforms, converting users through free introductory materials [2] - HiLearn faces challenges in marketing returns as it expands into finance, law, and healthcare sectors, which may yield lower initial returns compared to established sectors like construction [4] - The company has implemented standardized content creation and AI measures to improve efficiency, but there are concerns about rising costs due to instructor turnover and the need for specialized knowledge in new course categories [4]

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]