Core Viewpoint - Miliang Technology Limited is entering the first round of inquiries for its IPO on the Hong Kong Stock Exchange, potentially becoming a leading stock in the online emotional social sector after a two-year lull in the market [1][2]. Industry Overview - The online emotional social market in China is rapidly expanding, driven by the shift towards online and video-based interactions due to high work pressures and marriage costs among young people [2]. - The market size is projected to reach 22.6 billion yuan in 2024, with approximately 280 million users, accounting for 45.2% of the global market share [2]. - The single population in China is 240 million, representing 17% of the total population, with around 300 million individuals aged 20-40 in the marriageable demographic, sustaining the demand for matchmaking services [2]. Company Performance - Miliang Technology reported a significant increase in monthly active users (MAU) and daily active users (DAU) for the first half of 2025, with MAU reaching 9.9 million and DAU at 2.1 million, alongside a revenue of 1.917 billion yuan, marking an 85.7% year-on-year growth [2][4]. - The company’s flagship product, "Yidui," launched in 2017, targets users around 30 years old, achieving an average MAU of 4.8 million and a seven-day retention rate of 72.1% by the first half of 2025 [3]. - The secondary product, "Tietie," launched in 2022, focuses on voice social interactions for users aged 18-30, with an average MAU of 1.7 million and a seven-day retention rate of 43.0% [3]. Financial Highlights - Miliang Technology's revenue from 2022 to 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 [4]. - The company achieved a profit of 262 million yuan in the first half of 2025, a 490% increase year-on-year, indicating a successful turnaround [4]. Compliance and Risk Management - Miliang Technology has maintained a "zero penalty" compliance record since the launch of Yidui in 2018, which is notable in a highly regulated industry [5][6]. - The company employs a "technology + police" mechanism for risk management, utilizing AI algorithms and human monitoring to detect and address fraudulent activities [5][6]. International Expansion - Miliang Technology views overseas markets as a second growth curve, operating products like HiFami, Chatta, and Seeta across Southeast Asia, the Middle East, North America, and South America [6]. - The company has 180,000 host users to enhance interaction and matching rates, but analysts express concerns about the challenges of adapting to diverse international regulations and market conditions [6].