伊对出品方赴港上市，揭秘“在线红娘”的生意经；18万红娘，如何让“榜一大哥”刷出15亿营收

Core Insights - Miliang Technology has submitted its IPO application to the Hong Kong Stock Exchange, attracting market attention due to its unique three-party video dating model and rapid revenue growth [2][4] - The company's IPO journey reflects the challenges of balancing growth and compliance within the emotional social networking industry [2][24] Company Overview - Miliang Technology operates as an online emotional social platform, primarily focusing on matchmaking services through its flagship app "Yidui" and other products like "Tietie" and international apps [3][5] - The "Yidui" app generated approximately 1.5 billion RMB in revenue in the first half of the year, accounting for nearly 80% of the company's total revenue [5] Financial Performance - Miliang Technology has transitioned from a loss of 0.13 billion RMB in 2022 to a profit of 1.46 billion RMB in 2024, with a profit of 2.62 billion RMB reported in the first half of this year and a gross margin of 49.5% [5][22] - The company's revenue heavily relies on the "Yidui" app, raising concerns about business concentration and potential risks if regulatory issues arise [22][24] Business Model - The platform employs a differentiated model of "three-party video + host guidance," which helps users navigate social interactions and encourages spending through virtual gifts [5][12] - Hosts play a crucial role in driving user engagement and revenue, with a revenue-sharing model that sees Miliang Technology's share of host payments reaching 8.77 billion RMB, constituting 90.6% of operating costs [12][22] User Experience and Challenges - User registration on the "Yidui" app is simple, requiring only a phone number, which raises concerns about the authenticity of user information and potential scams [13][19] - Complaints regarding misleading practices and lack of stringent verification processes have surfaced, with over 1,063 complaints recorded on consumer platforms [19][22] Marketing and Costs - Miliang Technology's marketing expenses have increased significantly, from 368 million RMB in 2022 to 655 million RMB in 2024, with over 90% allocated to advertising on platforms like Douyin and Kuaishou [22][23] - The necessity of the IPO is questioned given the company's cash reserves of 9.81 billion RMB, which account for over 85% of total assets [22][24] Industry Context - The emotional social networking industry is characterized by a growing user base of 280 million, but also faces increasing regulatory scrutiny and user complaints [24]