Core Viewpoint - Beijing Haixue Education Technology Co., Ltd. has submitted its listing application to the Hong Kong Stock Exchange, with CMB International as the sole sponsor [1] Group 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, and the largest in online construction vocational training and the second largest in online emergency safety vocational training [3] - The company offers training services tailored to specific requirements in various fields, including construction, emergency safety, finance, law, and healthcare, and aims to create a one-stop service platform for career development and lifelong learning [3] - Haixue has developed a diversified product matrix centered around its core brands: Haixue, Jingjin, and Shupaitong, which allows it to meet the diverse online vocational training needs in China [3] Group 2: Business Model and Customer Acquisition - The company acquires customers through mainstream e-commerce and social platforms, providing initial learning materials and courses to convert users into paying customers [4] - Haixue offers two main product and service systems: Haixue Classroom, which provides recorded and live courses, and Jingjin Classroom, which focuses on efficient exam preparation with customized learning plans and one-on-one teaching [4] - As of June 30, 2025, Haixue has served approximately 4.3 million paying users and over 130 enterprises and institutions through its Shupaitong platform [4] Group 3: Financial Performance - The company reported revenues of approximately RMB 400 million, RMB 472 million, RMB 511 million, and RMB 232 million for the six months ending June 30 in 2022, 2023, 2024, and 2025, respectively [6][7] - The company experienced losses attributable to owners of approximately RMB 186 million, RMB 175 million, RMB 90 million, and RMB 158 million for the same periods [6][7] - The average marketing return on investment reached approximately 8.9 in 2024, indicating a leading position in the industry [4]

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].