Core Viewpoint - The article discusses the rapid growth of MiLian Technology Co., Ltd. and its flagship app, "Yidui," which has become a popular choice for online dating and social interaction, achieving significant revenue and market share in the Chinese online emotional social market. Group 1: Company Performance - MiLian Technology's revenue from the Yidui app exceeded 1.5 billion yuan in the first half of this year, making it the leader in China's online emotional social market with a market share of 11.6% [2] - The company has attracted investments from various institutions, with its latest financing round valuing it at approximately 276 million USD (about 1.964 billion yuan) [2] - In the first half of this year, the average monthly active users reached 9.92 million, with a significant increase in revenue and net profit compared to the previous year [8][12] Group 2: Business Model - MiLian Technology's revenue primarily comes from value-added services, including virtual goods, interactive features, and membership subscriptions [9] - The company has a clear monetization model, with revenue projections showing a substantial increase from 1.052 billion yuan in 2022 to 2.373 billion yuan in 2024 [9] - The platform's unique approach involves live hosts (redniang) facilitating interactions, which enhances user engagement and retention [16] Group 3: User Engagement and Metrics - Yidui's average monthly active users are 4.8 million, with an average usage time of 8 hours per month, significantly higher than industry averages [16] - The app's user conversion rate for paid users is 16.5%, which is notably above the industry average of around 8% [20] - The platform has over 180,000 online hosts, contributing to a high level of user interaction and revenue generation [17] Group 4: Challenges and Complaints - MiLian Technology faces consumer complaints regarding "induced consumption" and "false advertising," which have raised concerns about its business practices [4][20] - The company has been linked to various fraud cases, including "pig-butchering" scams, highlighting the risks associated with its business model [24][25] - Despite implementing measures to detect fraudulent activities, the company acknowledges ongoing challenges in ensuring user safety and compliance with regulations [30] Group 5: Financial Overview - The company reported a net profit of 146 million yuan in 2024, following losses in the previous two years [11] - As of June 30, the company had cash reserves of 981 million yuan, with total liabilities of 1.077 billion yuan [35] - Marketing expenses accounted for a significant portion of revenue, indicating a focus on user acquisition and retention [33] Group 6: International Expansion - MiLian Technology is expanding into international markets, targeting regions such as Southeast Asia, the Middle East, and North America with new products [36] - The average monthly active users for overseas applications reached 3.5 million, with a paid user conversion rate of 7.5% [36] - The company plans to use funds from its IPO to enhance its marketing efforts in these new markets, although cultural and regulatory challenges remain [36]

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]

Core Viewpoint - 米连科技有限公司 is preparing for an IPO, focusing on its strong position in the online emotional social platform market, particularly with its flagship product "伊对" [5][30]. Group 1: Company Overview - 米连科技 was founded in 2015 and operates several social platforms, including "伊对," "贴贴," "HiFami," "Chatta," and "Seeta" [6][21]. - "伊对" is the leading product in the Chinese online emotional social market, generating revenue of 1.5 billion RMB and holding an 11.6% market share as of June 30, 2025 [8][9]. Group 2: Financial Performance - The company's revenue for 2022, 2023, and 2024 was 10.52 billion RMB, 10.34 billion RMB, and 23.73 billion RMB, respectively, with 2024 showing a doubling of revenue compared to previous years [8][30]. - In the first half of 2025, 米连科技 achieved revenue of 19.17 billion RMB, projecting a potential annual revenue of 40 billion RMB if the growth rate continues [9][30]. - The net profit for 2024 was 1.46 billion RMB, with a further increase to 2.62 billion RMB in the first half of 2025 [14][30]. Group 3: User Engagement and Product Features - "伊对" has a monthly active user (MAU) count of 4.8 million, with an average usage time of 8 hours per month and a user retention rate of 72.1% [11]. - "贴贴," targeting younger users, has an MAU of 1.7 million and a monthly paid user count of 200,000, with a conversion rate of 7.5% [13]. Group 4: Marketing and Cost Structure - Marketing expenses accounted for 35.0%, 28.9%, and 27.6% of revenue from 2022 to 2024, with advertising costs exceeding 95% of total marketing expenses [18][19]. - The revenue-sharing fees, primarily from virtual gifts, constitute over 70% of "伊对"'s revenue, with costs related to these fees exceeding 90% of total revenue in 2025 [14][30]. Group 5: Market Expansion and Future Outlook - 米连科技 is actively expanding its product offerings and exploring overseas markets, launching "HiFami," "Chatta," and "Seeta" to target various international demographics [24][27]. - The company aims to enhance its product differentiation and user experience while addressing compliance risks related to data security and content regulation [18][30].

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]

Core Viewpoint - The article discusses the upcoming IPO of "米连科技" (Milian Technology), a company that operates dating platforms, highlighting its financial performance and market potential despite challenges in its business model and external risks [4][5][16]. Financial Performance - Milian Technology projects a revenue of nearly 2.4 billion RMB in 2024, with a net profit of 146 million RMB, and expects to earn 260 million RMB in the first half of 2025 [5][14]. - The company reported a monthly active user count of 9.9 million for its app "伊对" (Yidui) and 1.7 million for "贴贴" (Tietie) as of mid-2025 [6][7]. - The gross profit margin is high, typically over 40%, reaching nearly 50% in the first half of the current year [15]. Market Potential - The online dating market in China is projected to reach 22.6 billion RMB in 2024, capturing 45.2% of the global market share, which is expected to exceed 150 billion RMB by 2029 [16]. Business Model - Milian Technology generates revenue through virtual gifts, subscription services, and advertising, with virtual gifts being the primary source [9]. - The platform allows users to engage in live interactions, where hosts (媒婆) facilitate discussions and receive tips from users, contributing to the revenue model [11][13]. Challenges and Risks - The company faces scrutiny regarding its business model, with concerns about potential exploitation of users through inducements to spend money on gifts [20][22]. - There have been multiple complaints related to fraud and misleading advertising associated with the platform, raising questions about its operational integrity [21][22]. - The founders hold a significant share of the company, indicating a potential lack of confidence from investors who have begun to exit prior to the IPO [19].

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]

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]

Core Insights - The traditional matchmaking model is being replaced by algorithm-driven platforms, with MiLian Technology aiming to become the first publicly listed company in the online emotional social sector in Hong Kong [1][4] - The online emotional social market in China is projected to exceed 22.6 billion yuan by 2024, with a user base of approximately 280 million, leading globally [1][2] Company Overview - MiLian Technology has achieved a monthly active user count of 9.9 million and a seven-day retention rate of 72.1%, positioning itself among the top tier in the industry [1][2] - The company's revenue figures for 2022, 2023, 2024, and the first half of 2025 are reported as 1.052 billion yuan, 1.034 billion yuan, 2.373 billion yuan, and 1.917 billion yuan respectively [2] Market Trends - The shift towards "video dating" is reshaping the marriage and dating landscape in China, with MiLian Technology capitalizing on this trend through its core product, "YiDui," which emphasizes real-time interaction and AI facial recognition [2] - The industry is expected to expand significantly by 2029, with MiLian Technology poised to capture a larger market share due to its first-mover advantage [2] Compliance and Safety - MiLian Technology has maintained a "zero penalty" compliance record since its launch in 2018, distinguishing itself in an industry often plagued by regulatory issues [3] - The company employs a dual approach of technology and law enforcement collaboration to ensure user safety, including a comprehensive risk management system and partnerships with police departments [3] Strategic Positioning - Embracing regulatory compliance is viewed as a long-term competitive advantage, enhancing brand credibility and user trust in a highly competitive online dating market [4] - MiLian Technology's successful IPO could set a precedent for sustainable profitability and serve as a model for balancing safety and growth in the online emotional social sector [4]

Core Viewpoint - The online emotional social market in China is rapidly evolving, with significant growth potential as traditional matchmaking methods are being replaced by algorithm-driven platforms [1][2]. Market 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 [5]. - The online emotional social market's share of the overall online social market in China is expected to increase from 29.5% in 2020 to 35.7% in 2024, with a market size of 22.6 billion yuan by 2024 [5]. Company Profile - MiLian Technology focuses on emotional social networking, offering products like "Yidui" for users around 30 and "Tietie" for users aged 18-30, with a unique three-party video interaction model [6]. - The company also operates internationally with products like HiFami, Chatta, and Seeta targeting diverse user groups in Southeast Asia, the Middle East, North America, and South America [6]. User Engagement - As of the first half of 2025, MiLian 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 [6]. - The flagship product "Yidui" leads the industry with an average of 119.6 app launches per month and an average usage time of 8.0 hours, significantly higher than industry averages [6]. Financial Performance - MiLian 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 turning positive in 2024 at 146 million yuan [8]. - In the first half of 2025, the company achieved revenue of 1.917 billion yuan, marking an 85.9% year-on-year increase, with profits reaching 262 million yuan, a 490% increase [9]. Investment Background - MiLian Technology has attracted significant investment, including a series of funding rounds from various investors, with a valuation of approximately 2.76 billion USD (about 19.64 billion yuan) after the B round in 2020 [10]. - The founders control approximately 63.15% of the company's shares through a series of holding companies and family trusts [10].

Core Insights - The online emotional social market in China is projected to reach 22.6 billion yuan in 2024, with a user base of approximately 280 million, making it the largest single market globally [1] - The shift in online dating from "matching relationships" to "companionship growth" reflects a deeper social need for diverse emotional connections [1] - Despite a decline in marriage registrations, the user base for online emotional social platforms continues to grow, indicating a rising interest in internet-based dating solutions [2] Industry Trends - The number of marriage registrations in China dropped to 7.68 million in 2023, nearly halving from 13.47 million in 2013, highlighting a decreasing willingness among young people to marry [2] - The average monthly active users for MiLian Technology increased from under 2 million to nearly 10 million over the past five years, showcasing significant growth in user engagement [2] - The platform "Yidui" has an average monthly usage time of 8.0 hours and a seven-day retention rate of 72.1%, indicating strong user commitment to online emotional social services [2] Regulatory and Compliance - MiLian Technology has maintained a "zero penalty" record since its inception, which is rare in an industry facing increasing regulatory scrutiny [3] - The company prioritizes user safety through a dual approach of technological prevention and value guidance, aiming to create a trustworthy social environment [3][4] - MiLian Technology actively collaborates with law enforcement agencies to combat fraud, participating in initiatives like "anti-fraud live broadcasts" and establishing police workstations on its platform [5] Technological Innovations - The "Yidui" platform utilizes video dating and real-time interaction, enhancing user matching efficiency and safety through algorithms and AI recognition [4] - Monthly risk control analysis reports are published to track new fraud methods, with increased monitoring during key periods like Valentine's Day and the Spring Festival [4] - The proactive approach to regulation and transparency distinguishes MiLian Technology from competitors who typically focus solely on profit [5]