Core Viewpoint - Miliang Technology has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for global market expansion amid rapid growth in the online emotional social market, particularly in China [1][2]. Financial Performance - Miliang Technology's revenue has doubled in recent years, with a significant increase from 10.52 billion RMB in 2022 to an expected 23.73 billion RMB in 2024, representing a year-on-year growth of 129% [2][3]. - The company reported a net loss of 1.3 billion RMB in 2022 and 1.68 billion RMB in 2023, but turned profitable in 2024 with a net profit of 1.46 billion RMB, further increasing to 2.62 billion RMB in the first half of 2025 [3]. Market Position - Miliang Technology's core product "Yidui" generated 15 billion RMB in revenue in the first half of this year, accounting for 78.25% of total revenue, highlighting the company's reliance on a single product [4]. - The online emotional social market in China is projected to grow at a compound annual growth rate of 32.8%, reaching a market size of 22.6 billion RMB by 2024 [2]. User Engagement and Business Model - The company employs a "host-guided three-party interaction model" for its products, which has led to high user engagement, with "Yidui" users averaging 8 hours of usage per month and a 72.1% retention rate [8]. - As of mid-2025, Miliang Technology's overseas applications have an average of 3.5 million monthly active users, with a 7.5% conversion rate for paying users [6]. Controversies and Challenges - The "matchmaker" model has faced criticism for potentially inducing consumer spending, with over 2,000 complaints related to "induced consumption" and "false advertising" reported [10][12]. - Miliang Technology's R&D expenses have increased, but the R&D expense ratio has decreased from 8.2% in 2022 to 4.3% in the first half of 2025, raising concerns about the company's long-term competitiveness [12][13].