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米连科技递表港交所 为国内领先的在线情感社交平台
Zhi Tong Cai Jing·2025-09-29 02:06

Core Insights - Miliang Technology is a leading online emotional social platform in China, focusing on helping users establish and maintain meaningful emotional connections [3] - The company offers a diverse product portfolio, including domestic applications like Yidui and Tietie, as well as international applications such as HiFami, Chatta, and Seeta, catering to various social interaction needs [3] - The online social industry in China is projected to reach a revenue of RMB 63.2 billion by 2024, with a compound annual growth rate (CAGR) of 26.6% from 2020 to 2024, making it the largest online social market globally [3] - The online emotional social market in China is expected to grow at a CAGR of 32.8% since 2020, reaching RMB 22.6 billion by 2024, with approximately 280 million users by June 30, 2025 [3] Company Performance - As of June 30, 2025, Miliang Technology reported an average of 9.9 million monthly active users and 2.1 million daily active users, with 1.2 million average monthly paying users [4] - The flagship application Yidui achieved an average monthly usage time of 8.0 hours and a seven-day retention rate of 72.1%, significantly higher than the industry averages of 3.2 hours and 53.3% [4] - Yidui also recorded an average of 119.6 launches per month per active user, far exceeding the industry average of 55.2 launches [4] - For the six months ending June 30, 2025, Miliang Technology's revenue was approximately RMB 1.917 billion, with a profit of RMB 262 million, marking a significant improvement from previous years [4][6] Financial Overview - The company reported revenues of approximately RMB 1.052 billion, RMB 1.033 billion, RMB 2.373 billion, and RMB 1.917 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [6] - Operating profit margins improved significantly, with operating profits of RMB 14.3 million, RMB 34 million, RMB 240 million, and RMB 375 million for the respective periods [6] - The company experienced a turnaround in profitability, moving from losses in 2022 and 2023 to profits in 2024 and the first half of 2025 [4][6]