米连科技冲刺港股：半年营收19亿，线上交友被投诉诱导消费

Core Insights - Miliang Technology submitted its prospectus to the Hong Kong Stock Exchange on September 29, with Huatai International as the sole sponsor [2] - The company's main product, the Idou APP, launched in 2017, generated 1.5 billion yuan in revenue in the first half of 2025, accounting for nearly 80% of total revenue [2][5] - The revenue-sharing model has faced criticism for being perceived as a way to profit from live streaming under the guise of matchmaking, leading to numerous user complaints [2][11] Company Overview - Miliang Technology was founded in 2015 by Ren Zhe and co-founder Zhu Xiaopu, both alumni of Yanshan University [2][3] - The company has a history of successful fundraising, including multiple rounds from notable investors such as Xiaomi Group and BlueRun Ventures [3][4] Product Performance - As of the first half of 2025, Miliang Technology had an average of 9.9 million monthly active users, with 1.2 million being paying users [4] - The Idou APP achieved a monthly average usage time of 8.0 hours and a seven-day retention rate of 72.1%, outperforming industry averages [4][5] Revenue Model - The unique three-party interaction model, led by experienced host users, has been pivotal in driving user engagement and revenue [6][9] - In the first half of 2025, Miliang Technology's revenue reached 1.917 billion yuan, with revenue-sharing fees amounting to 876 million yuan, representing 90.6% of operating costs [9] Financial Growth - Miliang Technology's revenue grew from 1.034 billion yuan in 2023 to 2.373 billion yuan in 2024, a year-on-year increase of 129.5%, with a further 85.9% growth in the first half of 2025 [10] - The company reported a profit of 262 million yuan in the first half of 2025, following a profitable year in 2024 [10] User Complaints - Despite rapid revenue growth, user complaints regarding the Idou APP's revenue-sharing model have increased, with allegations of inducing users to pay for chats without genuine matchmaking outcomes [11][13]