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 ...

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]