Core Viewpoint - The continuous decline in marriage and birth rates in China has led to a significant increase in the online emotional social market, with companies like MiLian Technology focusing on this sector through their applications [1][22]. Company Overview - MiLian Technology has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor [1]. - The company focuses on online emotional social networking, offering applications such as "Yidui" and "Tietie" [1][4]. Revenue Model - MiLian Technology's revenue primarily comes from value-added services, including user token purchases for virtual items and interactive features, rather than membership fees [7]. - The company has a single revenue stream heavily reliant on its two main applications, Yidui and Tietie, which may be affected by regulatory changes [6][12]. User Metrics - As of the first half of 2025, MiLian Technology reported an average of 9.9 million monthly active users and 1.2 million monthly paying users [4]. - The flagship application Yidui targets users around 30 years old, while Tietie is designed for users aged 18 to 30 [4][6]. Financial Performance - MiLian Technology's revenue for the years 2022, 2023, and 2024 was approximately RMB 1.052 billion, RMB 1.034 billion, and RMB 2.373 billion, respectively, with a net profit turning positive in 2024 [12]. - The gross margin fluctuated, with 2024 showing an increase to 45.6% and 2025's first half at 49.5% [12]. Market Landscape - The global online emotional social market is projected to grow from RMB 49.9 billion in 2024 to RMB 155.9 billion by 2029, with China holding a significant share [14]. - MiLian Technology faces intense competition from established players like Zhenai and Century Jiaran, which have larger user bases and more resources [18]. Management and Investment - MiLian Technology was founded in 2015 and has received investments from notable firms including Xiaomi and Shunwei Capital [20]. - The company aims to use the funds raised from the IPO for overseas market penetration and product development [21].