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Core Viewpoint - The online emotional social platform, Miliang Technology, is reshaping the traditional dating business through technology and algorithms, as evidenced by its recent IPO filing with the Hong Kong Stock Exchange [1] Industry Overview - China has created the world's largest online emotional social market, with projected revenue of 63.2 billion yuan in 2024 and a compound annual growth rate (CAGR) of 26.6% from 2020 to 2024 [3] - The online emotional social market in China is expected to grow from a 29.5% market share in 2020 to 35.7% in 2024, with a market size of 22.6 billion yuan by 2024 [3] - By mid-2025, the number of users on Chinese online emotional social platforms is estimated to reach approximately 280 million, representing nearly 48% of the 580 million mobile internet users aged 16 to 45 [3] Company Overview - Miliang Technology's core business focuses on emotional social interactions, with products targeting both domestic and overseas markets [4] - The flagship product "Yidui," launched in 2017, targets users around 30 years old, while "Tietie," launched in 2022, focuses on users aged 18 to 30 [4] - In the first half of 2025, Miliang Technology reported an average of 9.9 million monthly active users and 2.1 million daily active users, with 1.2 million monthly paying users [4] Performance Metrics - "Yidui" leads the industry with an average of 119.6 monthly launches per user, 8.0 hours of monthly usage, and a 72.1% seven-day retention rate, significantly outperforming the industry averages [4] - Miliang Technology's revenue for 2022, 2023, and 2024 was 1.052 billion yuan, 1.034 billion yuan, and 2.373 billion yuan, respectively, with profits of -13.03 million yuan, -16.81 million yuan, and 146 million yuan [5] - In the first half of 2025, the company achieved revenue of 1.917 billion yuan, a year-on-year increase of 85.9%, and a profit of 262 million yuan, a 490% increase [5] Investment Background - Miliang Technology has attracted multiple investors, including BlueRun Ventures and Xiaomi Group, with significant funding rounds since 2019 [6] - The company was valued at approximately 1.76 billion yuan after its A-round financing and reached about 2.76 billion USD (approximately 19.64 billion yuan) after its B-round financing [6] - The founders control approximately 63.15% of the company's shares through various holding companies and family trusts [6]