米连科技赴港IPO：在线情感社交头牌业绩高增，难掩单品依赖与合规隐忧

Core Viewpoint - 米连科技 is preparing for an IPO to accelerate its global expansion and technology upgrades, with Huatai International as its sole sponsor [1] Group 1: Company Overview - 米连科技 is a leading online emotional social platform in China, offering a diverse range of applications including Yidui and Tietie domestically, and HiFami, Chatta, and Seeta internationally [1][2] - The company targets users primarily in their 30s in mainland China, with Yidui achieving an average monthly active user count of 4.8 million and a seven-day retention rate of 72.1% as of mid-2025 [2][3] - Tietie, launched in 2022, has an average monthly active user count of 1.7 million and a seven-day retention rate of 43.0% as of mid-2025 [2] Group 2: Market Insights - The online social industry in China is projected to reach a revenue of RMB 63.2 billion in 2024, with a compound annual growth rate (CAGR) of 26.6% from 2020 to 2024 [1] - The online emotional social market in China is expected to grow at a CAGR of 32.8%, reaching RMB 22.6 billion by 2024, increasing its market share from 29.5% in 2020 to 35.7% in 2024 [1] Group 3: Financial Performance - 米连科技 reported revenues of RMB 1.052 billion, RMB 1.034 billion, RMB 2.373 billion, and RMB 1.917 billion for the years 2022 to 2024 and the first half of 2025, respectively [3] - The company is projected to turn profitable in 2024, with profits of RMB 146 million and RMB 262 million for 2024 and the first half of 2025, respectively [3] Group 4: Competitive Position - 米连科技's Yidui ranks first in the Chinese online emotional social industry by revenue, with an average monthly usage time of 8.0 hours, significantly higher than the industry average of 3.2 hours [3] - The company has a total average monthly active user base of 9.9 million and an average daily active user count of 2.1 million as of mid-2025 [3] Group 5: Challenges and Risks - The company heavily relies on its core products, Yidui and Tietie, for revenue generation, which poses a risk due to the lack of product diversification [4] - 米连科技 faces compliance challenges and operational risks, including a high volume of complaints related to Yidui, primarily concerning "induced consumption" and "false advertising" [4] - The overseas market, seen as a second growth curve, has not yet achieved scale and faces uncertainties related to cultural differences and high customer acquisition costs [4]