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].

以下文章来源于投资界 ，作者杨文静 投资界 . 清科创业旗下创业与投资资讯平台 ，， 本文转载自投资界 值班编辑 ｜ 宝珠 视觉 | 顾芗 国庆长假，相亲火爆。 背后的庞大单身男女群体，还意外撑起了一个IPO——近日，在线情感社交平台"伊对"母公司米连科技 有限公司（简称"米连科技"）正式向港交所递交招股书，开启赴港上市。 伊对，这几年广告遍布互联网。时间回到2015年，任喆和校友朱晓朴嗅到相亲交友市场的前景，随即创 办米连科技，后来第一款产品伊对诞生。招股书显示，靠着交友刷礼物等各种付费，公司在2024年营收 超20亿元，令人惊讶。 任喆曾经在一次采访中回忆，上线语音直播后，每个月支出达到八九十万，资金即将告罄。即便如此， 他还是决定破釜沉舟，启用了成本更高的视频方案。 这一次，开始有用户付费了。一番尝试后，团队把付费门槛从20元缩减到2元。2018年，伊对月活用户 超100万，进入了投资人的视野。 这背后，年轻人的婚恋焦虑显而易见。 两位校友做红娘 要去IPO了 没想到，这个红娘IPO始于两位男士。 任喆2001年毕业于燕山大学，2004年拿下哈尔滨工业大学硕士学位，曾任职于IBM、德勤咨询、甲骨文 （中 ...

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].

9月29日，知名恋爱社交APP伊对的母公司米连科技正式递表港交所，米连科技是一家在线情感社交平台公司。公司旗下产品包括国内的伊对、 贴贴，在海外则有HiFami、Chatta及Seeta等。 目前，伊对以及贴贴是米连科技最主要的收入来源，公司的收入在这两年间增长迅速，也已实现盈利。公司背后的股东也是众星云集，其2020年的B轮融资 方中就包括小米、云九资本、顺为资本、光源资本、蓝驰创投等。 不过，伊对作为一款主打恋爱社交的APP，其背后也有着一些"难言之隐"——借"谈恋爱"为名的诈骗案例同样不少。 2024年业绩大爆发 据介绍，目前市场上大多数社交平台主要服务于善于社交的人群，却忽视了更广大一群不擅长于此但同样渴望高质量情感关系的用户。基于此，米连科技从 成立之初就专注于建立独特的主持人用户社群、开发以关系链数据为驱动的算法，并坚持以用户体验为中心的产品开发原则。 在这一背景下，米连科技旗下的伊对打出的广告口号就是"找对象？上伊对！"，精准切入了当前极为火热的恋爱社交领域。 经过多年发展，米连科技旗下APP整体取得了不错的成绩。招股书显示，截至2025年6月30日止的6个月，米连科技的平均月活跃用户达990万 ...

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].