Core Insights - 米连科技 is a unique unicorn in the Hong Kong stock market, focusing on emotional social networking, having been established in 2015 and launching video dating features in 2017 [1][2] - The company reported significant financial growth, with a revenue of 1.917 billion yuan in the first half of 2025, representing an 85.9% year-on-year increase, and a net profit of 262 million yuan, up 490% [1][2] Company Overview - Full Company Name: 米连科技有限公司 [2] - IPO Progress: Submitted listing application to the Hong Kong Stock Exchange on September 29, 2025 [2] - Main Business: Online emotional social networking platform [2] - Core Products: Domestic applications include 伊对 and 贴贴, while overseas applications include HiFami, Chatta, and Seeta [2] - Financial Performance: - 2025 H1: Revenue of 1.917 billion yuan, profit of 262 million yuan [2] - 2024: Revenue of 2.373 billion yuan, profit of 146 million yuan [2] - 2022-2023: Experienced losses [2] - User Metrics: As of June 30, 2025, average monthly active users reached 9.9 million, with 1.2 million average monthly paying users [2] Business Model and Revenue Generation - 米连科技 addresses user needs for dating and interest-based interactions, focusing on breaking the "social isolation" phenomenon [3][4] - The company primarily monetizes through paid features, with 1.2 million average paying users contributing to nearly 2 billion yuan in revenue for H1 2025 [4][5] - Users pay for features such as priority matching and precise filtering of social contacts based on interests and preferences [4][5] Market Trends and Competitive Landscape - The emotional social networking sector is experiencing rapid growth, with a projected market size of 22.6 billion yuan by 2024 and a compound annual growth rate of 32.8% from 2020 to 2024 [8][10] - The shift from traditional social networking to video-based interactions has positioned 米连科技 favorably within the market [6][7] - The company faces competition from platforms like 百合佳缘 and 探探, which cater to different user demographics and preferences [17][23] User Demographics and Behavior - The primary user base consists of urban professionals aged 30-45, accounting for 58% of users on the 伊对 platform [3][4] - Younger users (18-29 years) prioritize features like interest tagging and priority matching, with over 70% willing to pay for time-saving social interactions [12][13] Future Opportunities - The emotional social networking space still has room for new entrants, particularly in niche markets and emerging regions with low online social penetration [25] - Potential areas for growth include targeting specific demographics like the elderly or Gen Z interest communities, as well as leveraging advancements in AI and virtual social technologies [25]

Core Insights - The rise of internet dating has attracted significant capital investment, highlighting the growth potential in this sector [1] - MiLian Technology, the parent company of the dating platform Yidui, has leveraged strong capital support to enhance its development [1][2] - The company emphasizes user safety in emotional social scenarios, embedding security into its technological framework [1][2] Investment and Capital Support - MiLian Technology was established in 2015 and has received substantial backing from notable investors, including the People's Daily Cultural Industry Fund and Xiaomi Technology during its Series B funding round in 2020 [1] - This investment not only provided critical funding but also positioned Yidui within a "national capital" framework, reinforcing its compliance and brand development [1] Safety and Security Measures - The company has established long-term partnerships with anti-fraud organizations, enhancing public trust and collaborative efficiency in combating fraud [1] - Yidui employs advanced technologies such as big data monitoring and multi-modal models to create a comprehensive protection system against high-risk behaviors [2] - Monthly risk control reports are published to identify new scams and trends, with heightened measures during significant events like the Qixi Festival [2] Market Position and Growth - MiLian Technology has been recognized for its growth, being listed in Deloitte's "China High-Tech Growth 50" for three consecutive years and ranking 87th in the "Asia-Pacific 500" for 2024 [2] - The company maintains a focus on compliance while enhancing matching efficiency, creating a closed-loop system involving government, capital, and industry [2] - In a declining marriage rate environment, MiLian Technology aims to safeguard the emotional social safety of millions of young people through its technological initiatives [2]