（图片来源：网络） 出品｜搜狐财经 作者｜冯圆圆 在线职业教育赛道再现上市冲刺者，近日嗨学网正式向港交所递交上市申请。这家在建筑、应急安全培训领域稳居头部的企业，手握430万付费用户，却深 陷持续亏损、业务集中、地产行业景气度不佳、核心客群锐减的多重困境，其资本市场闯关之路注定充满挑战。 行业寒冬下的用户流失 北京嗨学网教育科技股份有限公司（下称"嗨学网"）的成长轨迹，与中国建筑业的景气周期紧密相连。2010年成立之初，嗨学网抓住建筑业蓬勃发展与执业 资格强制化管理的双重机遇，通过一、二级建造师、造价工程师等核心课程迅速抢占市场，成为垂直赛道的"隐形冠军"。据弗若斯特沙利文报告，按2024年 收入计算，嗨学网是中国最大的在线建筑职业资格培训服务商。 与此同时，嗨学网的行业地位也为其发展埋下了一颗"隐雷"。据招股说明书数据，嗨学网建筑类课程收入占比长期超过60%，这种"一家独大"的业务结构在 行业上行期能实现快速增长，但在行业景气度不佳时却显得格外脆弱。 来源：北京嗨学网教育科技股份有限公司招股说明书） 2022年以来，中国建筑、地产行业遭遇多重压力：地产调控深化、项目开工率下降，企业资金链紧张、裁员以及从业者 ...

Core Viewpoint - Beijing Haixue Education Technology Co., Ltd. (referred to as "Haixue") has submitted its listing application to the Hong Kong Stock Exchange, but the company has faced significant financial losses and ongoing issues related to customer complaints and refund difficulties [1][7]. Financial Performance - Haixue reported losses of RMB 1.86 billion, RMB 1.75 billion, RMB 906.9 million, and RMB 1.58 billion for the years 2022 to 2024 and the first half of 2025, with the loss in the first half of 2025 exceeding both the same period last year and the total for the previous year [1][2]. - The company's revenue for the same periods was RMB 4.00 billion, RMB 4.72 billion, RMB 5.11 billion, and RMB 2.32 billion, showing a decline of 5.5% in the first half of 2025 compared to the previous year [2][5]. Business Model and Revenue Sources - Haixue primarily provides online vocational training services, with a significant portion of its revenue derived from construction-related vocational qualification courses, which accounted for 68.2%, 61.5%, 59.3%, and 59.8% of total revenue from 2022 to the first half of 2025 [4][5]. - The company has a high gross profit margin, with rates of 78.6%, 81.1%, 81.6%, and 85.8% for the same periods, but high marketing expenses have led to net losses [4][5]. Customer Complaints and Refund Issues - Haixue has been criticized for misleading advertising, inducing students to take loans for courses, and difficulties in obtaining refunds, with over 8,400 complaints filed on the Black Cat Complaints platform as of November 6, 2025 [1][7]. - The company's contract liabilities reached RMB 301 million by the first half of 2025, with a rising refund rate of 15.9%, indicating increasing customer dissatisfaction [12][7]. Employee Structure and Marketing Expenses - As of the first half of 2025, Haixue employed 1,258 full-time staff, with 80% (1,006 employees) dedicated to sales and marketing, reflecting a heavy reliance on marketing to drive revenue [4][5]. - Marketing expenses for the years 2022 to 2025 were RMB 2.85 billion, RMB 3.15 billion, RMB 3.30 billion, and RMB 1.47 billion, with corresponding sales expense ratios of 71.3%, 66.8%, 64.7%, and 63.4% [4].

Core Viewpoint - Beijing Haixue Education Technology Co., Ltd. (Haixue) has submitted its IPO application to the Hong Kong Stock Exchange, aiming to capitalize on its position in the construction vocational qualification training industry, despite ongoing financial losses and a fragmented reputation among users [1][2]. Group 1: Company Overview - Haixue was founded in 2010 and has become a leading institution in the construction vocational qualification training sector, competing with other major players like Youlu Education and Global Online School [3]. - The company has a total of 4.3 million registered users, with projected revenues of RMB 5.1 billion in 2024, ranking fourth in the industry [3][4]. - The primary revenue sources include training for various construction qualifications, which are expected to contribute 63.3% of total revenue in 2024 [3]. Group 2: Financial Performance - Haixue's revenues for 2022, 2023, and 2024 are projected to be RMB 4 billion, RMB 4.7 billion, and RMB 5.1 billion, respectively, with a high gross margin of 78.6%, 81.1%, and 81.6% during the same period [4][8]. - Despite high gross margins, the company has reported net losses of RMB 1.9 billion, RMB 1.8 billion, and RMB 0.9 billion from 2022 to 2024, with a significant increase in losses to RMB 1.6 billion in the first half of 2024 [9]. Group 3: Marketing and User Conversion - Haixue's marketing expenses are substantial, amounting to RMB 2.9 billion, RMB 3.2 billion, and RMB 3.3 billion from 2022 to 2024, representing 71.3%, 66.8%, and 64.7% of total revenue [9]. - The user conversion process involves a two-step funnel, where only 30.5% of registered users purchase low-priced courses, and just 3.5% of those convert to higher-priced offerings [10][12]. - The average cost of acquiring a customer has risen from RMB 301.6 in 2023 to RMB 428.7 in 2024, indicating increasing competition and marketing costs [9]. Group 4: Industry Context and Challenges - The construction vocational qualification training industry has been affected by a downturn in the real estate sector, leading to a projected revenue decline of 5.5% in the first half of 2025 [5]. - Despite challenges, the industry maintains a certain scale due to ongoing demand for training in municipal engineering and urban renewal projects [6][7]. - Regulatory scrutiny regarding "gray market" practices in the industry has intensified, impacting marketing strategies and necessitating compliance [15][16].

Group 1: Market Overview - The Hong Kong IPO market remains active in Q3 2025, with total fundraising reaching HKD 182.9 billion, 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 focus on vocational education as a key policy-supported sector continues to attract capital, with ongoing reforms in the education system and heightened expectations for vocational education in building a skills-based society and promoting industry-education integration [1] Group 2: Company Profile - HiLearn is the fourth largest online vocational training service provider in China, having served 4.3 million paying students, with a product matrix centered around three brands: "HiLearn," "Jingjin," and "Shupeitong," covering various professional fields [2] - Despite steady revenue growth, HiLearn 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, indicating significant profitability pressure [2] - 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, reflecting optimization in course content and operational efficiency [2] Group 3: Product and Service Offerings - HiLearn offers two main product categories: "HiLearn Classroom," which provides recorded and live courses along with AI learning tools, and "Jingjin Classroom," which focuses on efficient exam preparation with customized learning plans and one-on-one teaching [3] - The company heavily relies on individual users, with consumer service revenue accounting for 98.2% in the first half of 2025, while enterprise service revenue from the "Shupeitong" platform remains small at RMB 4.12 million, highlighting the challenge of expanding B2B services [4] Group 4: Financial Performance - The revenue structure shows a high dependency on consumer services, with the breakdown of revenue from "HiLearn Classroom" and "Jingjin Classroom" indicating a need for diversification [5] - The average marketing return on investment reached approximately 8.9 in 2024, positioning the company at a leading level in the industry [5] Group 5: AI Development - HiLearn has made progress in AI applications, establishing an independent AI innovation team in 2025 and completing over 30 AI applications for production processes, focusing on "assisting learning, teaching, and sales" [6] - AI tools have been successfully implemented, with features like note organization and personalized course recommendations, leading to significant user engagement [6] Group 6: Industry Trends and Challenges - The Chinese government has intensified vocational education reforms, shifting focus from expansion to quality improvement, with a significant increase in vocational undergraduate enrollment from 41,400 in 2021 to nearly 500,000 in 2025 [8] - The skills talent gap is projected to reach 30 million in key manufacturing sectors by 2025, indicating strong demand for vocational education [8] - HiLearn ranks fourth in the online vocational training market, with a leading position in construction training but remains heavily reliant on construction-related courses, which account for about 60% of revenue [10]

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 - The article discusses the IPO submission of HiXue Network, highlighting its position as the largest online construction vocational training service provider in China, while also noting its ongoing financial losses and reliance on construction-related courses for revenue generation [1][4]. Company Overview - HiXue Network was founded in 2010 and officially established in 2012, focusing on online vocational training services across various fields, including construction, emergency safety, finance, law, and healthcare [4]. - The company is recognized as the largest online construction vocational training provider and the second-largest in emergency safety training in China, according to a report by Frost & Sullivan [4]. Financial Performance - HiXue Network reported revenues of 400 million, 472 million, 511 million, and 232 million yuan for the years 2022, 2023, 2024, and the first half of 2025, respectively, with a year-on-year decrease of 5.48% in the first half of 2025 [5]. - The net losses for the same periods were -186 million, -175 million, -90.69 million, and -158 million yuan, with cumulative losses exceeding 600 million yuan [5][6]. Revenue Sources - Approximately 60% of HiXue Network's revenue comes from construction-related vocational qualification examination courses, with specific revenue contributions of 68.2%, 61.5%, 59.3%, and 59.8% over the reporting period [5]. Marketing and Sales Expenses - The company has significant and increasing sales and marketing expenses, which were 285 million, 315 million, 330 million, and 147 million yuan, representing over 60% of total revenue during the reporting period [7]. User Base and Services - As of June 30, 2025, HiXue Network has served approximately 4.3 million paying users and over 130 enterprises and institutions through its training content system [5]. - The company offers two main product lines: "HiXue Classroom," which includes recorded and live courses, and "Jingjin Academy," focusing on efficient exam preparation with personalized learning plans [4]. Future Plans - The funds raised from the IPO are intended for strategic investments in AI technology, expanding existing products and services, enhancing sales channels, and acquiring quality institutions in niche sectors [10].

Core Viewpoint - Beijing HiLearn Education Technology Co., Ltd. (HiLearn) is preparing for an IPO on the Hong Kong Stock Exchange despite facing significant financial challenges, including continuous losses exceeding 600 million yuan over the past three and a half years, with a net loss of 158 million yuan in the first half of 2025, indicating an expanding trend in losses [1][3][4]. Financial Performance - HiLearn's revenue for 2022, 2023, 2024, and the first half of 2025 was 400 million yuan, 472 million yuan, 511 million yuan, and 232 million yuan respectively, showing a growth trend [3][10]. - Despite revenue growth, HiLearn reported net losses of 186 million yuan, 175 million yuan, 90.7 million yuan, and 158 million yuan for the same periods, leading to a cumulative net loss of over 600 million yuan [3][10]. - The company is currently in a "burning money for growth" phase, with losses primarily attributed to financial instrument losses and upfront investments for business expansion [3][4]. Operational Challenges - HiLearn's marketing expenses and employee costs are significant operational challenges, with marketing expenditures rising from 285 million yuan in 2022 to 147 million yuan in the first half of 2025, consistently accounting for over 60% of revenue [8][9]. - Employee costs have accumulated to approximately 668 million yuan over the past three and a half years, maintaining a 60% share of sales and marketing expenses [8][9]. Business Dependency - The company heavily relies on construction-related vocational training, which accounted for approximately 60% of total revenue, exposing it to risks associated with the real estate market downturn [1][11]. - HiLearn acknowledges that its focus on construction training may limit growth potential, especially as it attempts to diversify into other sectors like finance and healthcare [11][12]. Future Strategies - The funds raised from the IPO are intended for expanding existing products and services, as well as enhancing sales channels, indicating a continued focus on rapid business expansion [6][14]. - The company plans to invest in AI technology development, although its R&D spending has not shown significant growth compared to previous years [12][13]. Market Position and Risks - HiLearn's aggressive marketing and expansion strategies have led to customer service issues, including complaints about refund difficulties and aggressive sales tactics, which may affect investor confidence and future valuations [9][14]. - The reliance on a single business model and marketing-driven expansion poses risks, necessitating a fundamental restructuring of its business model to reduce marketing dependency and enhance product offerings [14].

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]

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]