Core Viewpoint - 米连科技, a leading online emotional social platform in China, has submitted its IPO application to the Hong Kong Stock Exchange, showcasing impressive financial growth while facing compliance and user complaint challenges [1][9]. Financial Performance - From 2022 to 2024, 米连科技's revenue is projected to grow from 1.052 billion RMB to 2.373 billion RMB, with a remarkable 129.5% increase in 2024 compared to 2023 [2]. - In the first half of 2025, the company achieved revenue of 1.917 billion RMB, indicating a potential milestone for the full year [2]. - 米连科技 transitioned from losses in 2022 and 2023 to a net profit of 146 million RMB in 2024, with further growth to 262 million RMB in the first half of 2025 [2]. User Engagement and Business Model - The flagship product, 伊对, employs a "host user-guided three-party video interaction model," addressing social interaction challenges in lower-tier cities [2]. - Key operational metrics show 伊对 leading the online emotional social industry in China, with monthly active users averaging 8.0 hours of usage, a 72.1% seven-day retention rate, and 119.6 monthly launches per user [3]. - Revenue is primarily derived from value-added services, particularly from users gifting virtual items during social interactions [3]. Market Potential - The global online emotional social market is expected to grow from 49.9 billion RMB in 2024 to 155.9 billion RMB by 2029, with China's market projected to reach 75.7 billion RMB [6]. Compliance and Operational Risks - 米连科技's business model has raised compliance concerns, particularly regarding the "host user-guided" mechanism, which may lead to consumer inducement risks [6][7]. - The company faces numerous complaints related to "induced consumption" and "false matchmaking," which could impact its reputation and user trust [7]. - Regulatory scrutiny in areas such as virtual gifting and user privacy may pose structural challenges to the company's operations [7][8]. Revenue Concentration - 米连科技's revenue is highly concentrated in its core products, 伊对 and 贴贴, indicating vulnerability to market competition and regulatory changes [8].

Core Viewpoint - The article discusses the upcoming IPO of MiLian Technology, the parent company of the online dating platform "Yidui," highlighting the growing market for online emotional social platforms in China, driven by the increasing number of single individuals and their marriage anxiety [4][21]. Company Overview - MiLian Technology was founded in 2015 by Ren Zhe and Zhu Xiaopu, focusing on mobile dating and social networking, with its flagship product "Yidui" targeting users around 30 years old in mainland China [6][11]. - The company has expanded its offerings to include multiple applications, achieving over 100 million monthly active users across its platforms [9][12]. Market Context - The online emotional social market in China is projected to reach 22.6 billion RMB in 2024, accounting for 45.2% of the global market share, with expectations to grow to 75.7 billion RMB by 2029 [22]. - The article notes that the single population in China is expected to reach 240 million by 2024, with a significant portion of this demographic being in the 20-40 age range, intensifying the demand for dating services [21][22]. Financial Performance - MiLian Technology's revenue is primarily derived from value-added services, with projected revenues of 10.52 billion RMB in 2022, 10.34 billion RMB in 2023, and 23.73 billion RMB in 2024 [14][15]. - The company reported a net profit of 146 million RMB in 2024 and 262 million RMB in the first half of 2025, marking its first profitable year after two years of losses [15][16]. User Engagement - As of the first half of 2025, Yidui had an average of 4.8 million monthly active users, with a retention rate of 72.1%, while its newer app "Tietie" had 1.7 million monthly active users with a 43% retention rate [11][12]. - The average monthly paying users reached 1.2 million by 2025, indicating a strong monetization strategy through virtual goods and subscription services [13][14]. Challenges and Risks - The company faces challenges related to online fraud and user complaints regarding misleading practices, which could pose risks to its reputation and operations [17]. - Despite its growth, the article highlights the potential for regulatory scrutiny and the need for effective measures to combat fraudulent activities on its platforms [17].

Core Viewpoint - The article discusses the booming online dating market in China, highlighted by the IPO of MiLian Technology, the parent company of the dating app "Yidui," which reflects the growing marriage anxiety among young people in the country [4][18]. Company Overview - MiLian Technology was founded in 2015 by Ren Zhe and Zhu Xiaopu, who initially attempted to create a travel community app before pivoting to the dating market [5][6]. - The flagship product "Yidui" targets users around 30 years old in mainland China, while another app "Tietie" focuses on younger users aged 18 to 30 [10][12]. User Engagement and Financial Performance - As of the first half of 2025, Yidui had an average of 480,000 monthly active users, with an average usage time of 8 hours per month and a 72.1% retention rate [10]. - Tietie, launched in 2022, had 170,000 monthly active users with a 43.0% retention rate [10]. - MiLian Technology reported revenues of 1.052 billion RMB in 2022, 1.033 billion RMB in 2023, and projected revenues of 2.373 billion RMB in 2024, with a significant increase to 1.917 billion RMB in the first half of 2025 [13][14]. Market Context - The online dating market in China is projected to reach 22.6 billion RMB in 2024, capturing 45.2% of the global market share, with expectations to grow to 75.7 billion RMB by 2029 [18]. - The article notes that there are approximately 240 million single individuals in China, with a significant portion of the population feeling marriage pressure, particularly during holidays like the National Day [17][18]. Challenges and Risks - Despite the impressive growth, MiLian Technology faces challenges such as potential fraud and user complaints regarding misleading practices, which could pose risks to its reputation and operations [14][16].

Core Insights - The online dating platform "Yidui," operated by Milian Technology Co., Ltd., has submitted its IPO application to the Hong Kong Stock Exchange, capitalizing on the growing demand for matchmaking services among single individuals in China [4][19]. Company Overview - Milian Technology was founded in 2015 by Ren Zhe and Zhu Xiaopu, who identified the potential in the matchmaking market and launched the Yidui app, which incorporates a "matchmaker" model tailored to Chinese cultural practices [6][8]. - The company has expanded its offerings to include multiple applications, with a total of over 100 million monthly active users across its platforms [10][12]. Financial Performance - Milian Technology's revenue is projected to exceed 2 billion yuan in 2024, with significant growth from 1.052 billion yuan in 2022 and 1.034 billion yuan in 2023 [12][14]. - The company reported a net profit of 146 million yuan in 2024, following two years of losses, and expects to achieve a profit of 262 million yuan in the first half of 2025 [13][14]. User Engagement - Yidui has an average of 4.8 million monthly active users, with users spending an average of 8 hours per month on the platform and a retention rate of 72.1% [9][11]. - The platform's monetization strategy relies heavily on value-added services, with an average of 1.2 million paying users expected by 2025 [11][12]. Market Context - The online emotional social market in China is projected to reach 22.6 billion yuan in 2024, capturing 45.2% of the global market share, with expectations to grow to 75.7 billion yuan by 2029 [19]. - The increasing number of singles in China, projected to reach 240 million by 2024, highlights the growing demand for matchmaking services [16][19].

Core Viewpoint - 米连科技, a leading online emotional social platform in China, has submitted its prospectus to the Hong Kong Stock Exchange, revealing impressive growth but also facing controversies regarding its unique business model [1][2]. Company Overview - 米连科技 operates multiple applications, including 伊对 and 贴贴, targeting different demographics in both domestic and international markets. 伊对, launched in 2017, focuses on users around 30 years old, while 贴贴, launched in 2022, targets users aged 18 to 30 with interest-based voice socializing [2][4]. Market Position - 米连科技 holds a leading position in China's online emotional social market, with an average of 9.9 million monthly active users and 1.2 million monthly paying users as of June 30, 2023. 伊对 has a significantly higher average usage frequency compared to its competitors [4][5]. Financial Performance - The company's revenue has doubled from 1.052 billion RMB in 2022 to 2.372 billion RMB in 2024, with a notable net profit of 145.6 million RMB in 2024, marking a turnaround from previous losses [10][11]. Business Model - 米连科技's revenue primarily comes from virtual gifts, subscription services, and advertising. The virtual gifts segment is the main source of income, allowing users to express emotions through gifting during social interactions [6][7]. User Engagement Strategy - The company employs a unique three-party interactive model led by hosts to enhance user engagement and create more consumption scenarios. This model aims to assist users who lack confidence in online interactions [7][8]. Market Potential - The global online emotional social market is projected to grow from 191 billion RMB in 2020 to 499 billion RMB in 2024, with China expected to capture 45.2% of this market share [8]. Controversies and Challenges - 米连科技 faces significant scrutiny regarding its business practices, particularly concerning 伊对's operational model, which has been accused of inducing consumer spending and ethical risks. Complaints have been filed regarding misleading practices and hidden charges [13][15][20].

Core Viewpoint - The article discusses the recent IPO filing of MiLian Technology, the parent company of the dating app "Yidui," highlighting its rapid growth, profitability, and the challenges it faces, particularly regarding fraud cases associated with its platform [1][2][10]. Group 1: Company Overview - MiLian Technology operates several dating and social apps, including Yidui and Tietie in China, and HiFami, Chatta, and Seeta overseas [1]. - The company has seen significant revenue growth, with its main income sources being Yidui and Tietie, achieving profitability in recent years [2][10]. - MiLian Technology's flagship app, Yidui, launched in 2017, focuses on meaningful connections through real-time audio and video interactions, targeting users around 30 years old in China [8]. Group 2: User Engagement and Performance Metrics - As of the first half of 2025, Yidui reported an average of 9.9 million monthly active users, 2.1 million daily active users, and 1.2 million monthly paying users [8]. - Yidui's average monthly usage time per active user is 8.0 hours, with a 7-day retention rate of 72.1%, both significantly higher than industry averages [8]. - Tietie, launched in 2022, targets users aged 18 to 30 and reported an average of 1.7 million monthly active users with a 7-day retention rate of 43.0% [9]. Group 3: Financial Performance - MiLian Technology's revenue figures for 2022, 2023, 2024, and the first half of 2025 were 1.052 billion, 1.034 billion, 2.373 billion, and 1.917 billion RMB, respectively [11]. - The company recorded losses of 0.13 billion and 0.17 billion RMB in 2022 and 2023, but achieved profits of 1.46 billion and 2.62 billion RMB in 2024 and the first half of 2025 [11]. Group 4: Fraud Issues - Despite its success, Yidui has been associated with numerous fraud cases, where users have been scammed through the platform [3][17]. - Specific cases include individuals using false identities to establish relationships and subsequently defraud victims of significant amounts of money, with one case totaling over 114,000 RMB [18][20]. - In response to the rising fraud incidents, Yidui has implemented measures to enhance user safety and awareness, including a dedicated section for fraud prevention on its app [27].

Core Viewpoint - 米连科技有限公司 has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor [1] Company Overview - 米连科技 is a leading online emotional social platform in China, focusing on helping users establish meaningful emotional connections [4] - The company offers a diverse product portfolio, including domestic applications like 伊对 and 贴贴, as well as international applications such as HiFami, Chatta, and Seeta, catering to various social interaction needs [4] User Metrics - As of the six months ending June 30, 2025, the company reported an average monthly active user count of 9.9 million, daily active users of 2.1 million, and monthly paying users of 1.2 million [4] - 伊对, launched in 2017, has an average monthly active user count of 4.8 million and a seven-day retention rate of 72.1% [7] - 贴贴, launched in 2022, has an average monthly active user count of 1.7 million and a seven-day retention rate of 43.0% [7] Revenue and Financial Performance - The company's revenues for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were RMB 1,052.3 million, RMB 1,033.8 million, RMB 2,372.5 million, and RMB 1,916.6 million respectively [8] - Gross profits for the same periods were RMB 469.6 million, RMB 447.4 million, RMB 1,082.3 million, and RMB 949.4 million, with gross margins of 44.6%, 43.3%, 45.6%, and 49.5% respectively [8] - Adjusted net profits for the respective periods were RMB 39.5 million, RMB 42.5 million, RMB 212.4 million, and RMB 296.5 million [8] Future Plans - The funds raised from the listing will be used to penetrate more overseas markets, develop differentiated products for these markets, invest in R&D and technology teams, upgrade core technology infrastructure, enhance products, and optimize user experience [8] - A new social application targeting Mandarin-speaking young women in Southeast Asia, featuring AI audio interaction, is set to launch in September 2025 as part of the company's strategy to expand its overseas user base [4][8]

Core Viewpoint - 米连科技有限公司 is set to go public on the Hong Kong Stock Exchange, with its flagship product "伊对" leading the online emotional social industry in China based on revenue and user engagement metrics [3][4]. Group 1: Company Overview - 米连科技 was established in 2015 and launched its first mobile application "伊对" in 2017, followed by "贴贴" in 2022 and several overseas products in 2024 [3]. - The company focuses on creating meaningful connections through real-time audio and video social interactions, targeting users around 30 years old in mainland China for "伊对" and 18-30 years old for "贴贴" [3]. Group 2: User Engagement Metrics - In the first half of this year, 米连科技 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]. - "伊对" achieved an average monthly usage time of 8.0 hours and a seven-day retention rate of 72.1%, significantly higher than the industry averages of 3.2 hours and 53.3% [4]. - The app also recorded an average of 119.6 launches per month, far exceeding the industry average of 55.2 launches [4]. Group 3: Financial Performance - 米连科技's revenue from 2022 to 2024 was reported as 1.052 billion, 1.034 billion, and 2.373 billion respectively, with a significant increase of 85.9% in the first half of this year, reaching 1.917 billion compared to 1.031 billion in the same period last year [4]. - The adjusted net profit for the same period increased over 285% to 297 million from 77 million in 2024 [5]. Group 4: Investment and Future Plans - 米连科技 has attracted investments from notable firms such as 蓝驰创投, XVC, and 小米, and has conducted a share buyback in 2024 [5]. - The funds raised from the IPO will be primarily used for expanding into overseas markets, developing differentiated products, enhancing R&D capabilities, and general corporate purposes [5].

Core Insights - Miliang Technology is a leading online emotional social platform in China, focusing on helping users establish and maintain meaningful emotional connections [3] - The company offers a diverse product portfolio, including domestic applications like Yidui and Tietie, as well as international applications such as HiFami, Chatta, and Seeta, catering to various social interaction needs [3] - The online social industry in China is projected to reach a revenue of RMB 63.2 billion by 2024, with a compound annual growth rate (CAGR) of 26.6% from 2020 to 2024, making it the largest online social market globally [3] - The online emotional social market in China is expected to grow at a CAGR of 32.8% since 2020, reaching RMB 22.6 billion by 2024, with approximately 280 million users by June 30, 2025 [3] Company Performance - As of June 30, 2025, Miliang Technology reported an average of 9.9 million monthly active users and 2.1 million daily active users, with 1.2 million average monthly paying users [4] - The flagship application Yidui achieved an average monthly usage time of 8.0 hours and a seven-day retention rate of 72.1%, significantly higher than the industry averages of 3.2 hours and 53.3% [4] - Yidui also recorded an average of 119.6 launches per month per active user, far exceeding the industry average of 55.2 launches [4] - For the six months ending June 30, 2025, Miliang Technology's revenue was approximately RMB 1.917 billion, with a profit of RMB 262 million, marking a significant improvement from previous years [4][6] Financial Overview - The company reported revenues of approximately RMB 1.052 billion, RMB 1.033 billion, RMB 2.373 billion, and RMB 1.917 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [6] - Operating profit margins improved significantly, with operating profits of RMB 14.3 million, RMB 34 million, RMB 240 million, and RMB 375 million for the respective periods [6] - The company experienced a turnaround in profitability, moving from losses in 2022 and 2023 to profits in 2024 and the first half of 2025 [4][6]

Core Viewpoint - Miliang Technology Limited has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1]. Company Overview - Miliang Technology is a leading online emotional social platform in China, focusing on helping users establish and maintain meaningful emotional connections [3]. - The company offers a diverse product portfolio, including domestic applications like Yidui and Tietie, as well as international applications such as HiFami, Chatta, and Seeta, catering to various social interaction needs [3]. Industry Insights - The revenue scale of China's online social industry is projected to reach RMB 63.2 billion by 2024, with a compound annual growth rate (CAGR) of 26.6% from 2020 to 2024, making it the largest online social market globally [3]. - The online emotional social market in China is expected to grow at a CAGR of 32.8% since 2020, reaching a market size of RMB 22.6 billion by 2024 [3]. - By June 30, 2025, the number of users on online emotional social platforms in China is estimated to reach approximately 280 million [3]. User Engagement Metrics - As of June 30, 2025, Miliang Technology reported an average of 9.9 million monthly active users and 2.1 million daily active users, with 1.2 million average monthly paying users [4]. - The flagship application Yidui achieved an average monthly usage duration of 8.0 hours and a seven-day retention rate of 72.1%, significantly higher than the industry averages of 3.2 hours and 53.3% [4]. - Yidui also recorded an average of 119.6 launches per month, far exceeding the industry average of 55.2 launches [4]. Financial Performance - Miliang Technology's revenue for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, were approximately RMB 1.052 billion, RMB 1.034 billion, RMB 2.373 billion, and RMB 1.917 billion, respectively [4][6]. - The company reported net profits of approximately RMB -13.03 million, RMB -16.81 million, RMB 145.63 million, and RMB 261.82 million for the same periods [4][6].