Core Viewpoint - The company Miliang Technology, known for its dating app "Yidui," has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for international market expansion, product development, and operational needs [1][2]. Financial Performance - Miliang Technology has experienced significant revenue fluctuations, reporting losses in 2022 and 2023, but is projected to turn a profit in 2024 with a revenue of 1.917 billion yuan and a net profit of 262 million yuan [1][2]. - Revenue figures for the years 2022 to 2025 are as follows: 1.052 billion yuan (2022), 1.034 billion yuan (2023), 2.373 billion yuan (2024), and 1.917 billion yuan (2025) [2][3]. - The average daily active users (DAU) decreased from 2,183,369 in 2022 to 1,876,534 in 2023, while the average monthly paying users increased significantly from 451,663 in 2022 to 873,566 in 2024 [3]. Product and Market Analysis - Miliang Technology's primary revenue sources are its apps "Yidui" and "Tietie," with "Yidui" contributing over 75% of total revenue in the first half of 2025 [3][4]. - The company is focusing on international markets as a second growth avenue, with products available in Southeast Asia, the Middle East, North America, and South America, although profitability in these markets remains uncertain due to high operational and customer acquisition costs [4]. User Experience and Complaints - Users have reported issues with the "Yidui" app, including complaints about misleading advertising and inducement to spend money, with over 2,500 complaints logged on the Black Cat Complaints platform [5][6]. - The app's monetization strategy involves users purchasing virtual gifts (roses) to interact with others, leading to significant user dissatisfaction and allegations of deceptive practices [5][6][10].