Core Viewpoint - The online dating market in China is rapidly growing, and companies like Beijing Milian Technology Co., Ltd. are exploring financial services within this sector, raising questions about the viability of such business models [1][3]. Industry Overview - The online dating social market in China has experienced significant growth, with a compound annual growth rate (CAGR) of 32.8% since 2020, increasing its market share from 29.5% in 2020 to an expected 35.7% in 2024 [5]. - The market size is projected to reach 22.6 billion yuan by 2024, with approximately 280 million users by June 30, 2025 [5]. Company Insights - Beijing Milian Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange as of the end of September this year [3]. - The company operates popular apps such as "Yidui" and "Tietie," which focus on online dating and social networking [2]. - In the first half of 2025, the company 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 [6]. Performance Metrics - The "Yidui" app leads the industry with an average usage time of 8.0 hours per month and a seven-day retention rate of 72.1% [7]. - Financially, Milian Technology ranked first in revenue within the online dating social industry for the first half of 2025, achieving 1.917 billion yuan, an 85.9% increase year-on-year, and a net profit of 262 million yuan, a 490% increase [10]. - The company's revenue from 2022 to 2024 was 1.052 billion yuan, 1.034 billion yuan, and 2.373 billion yuan, with net profits of -13.028 million yuan, -16.806 million yuan, and 146 million yuan respectively [9]. Investment Background - Milian Technology has attracted investments from notable firms, including BlueRun Ventures and Xiaomi Group, with a valuation of approximately 276 million USD following its B-round financing in 2020 [13].