Core Viewpoint - 米连科技 is set to go public in Hong Kong, marking a significant event in the online social interaction sector after a two-year hiatus for similar IPOs in mainland China. The company has turned a profit through a strategy focused on lower-tier markets, but faces challenges due to concentrated revenue streams and underdeveloped overseas operations [2][10]. Market Overview - The online emotional social market in China is projected to reach a scale of 226 billion yuan by 2024, with approximately 280 million users, accounting for 45% of the global total. The marriageable population aged 20 to 40 is around 300 million, with a single population ratio of 17% [2][3]. Company Profile - 米连科技 was founded in 2017, with its flagship app "伊对" transforming offline matchmaking into a video live-streaming format. The model addresses the "ice-breaking" challenge by facilitating real-time interactions among users [3][10]. - In 2022, the company launched a voice product "贴贴," targeting users aged 18 to 30, creating a dual-platform approach with both video and audio offerings [3]. Financial Performance - The company has been operating at a slight profit or loss in 2022 and 2023, but is expected to achieve its first full-year profit in 2024, driven by improved operational efficiency and cost dilution as scale increases. The revenue structure remains concentrated, with "伊对" contributing over 70% of total revenue, while "贴贴" is gradually increasing its share [3][4]. - As of June 2025, the company reported a monthly active user (MAU) count of 9.9 million, with a daily active user (DAU) count of 2.1 million and a monthly paying user count of 1.2 million, resulting in a paying rate of approximately 12% [4]. User Engagement Metrics - "伊对" has an average MAU of 4.8 million, with an average usage time of 8 hours per month and a seven-day retention rate of 72.1%, significantly higher than the industry average of around 50%. The voice product "贴贴" has a MAU of 1.7 million and a seven-day retention rate of 43% [4][10]. Regulatory Compliance - 米连科技 has not faced any administrative penalties since the launch of "伊对" in 2018, a notable achievement in the marriage and social networking industry. The company employs a 24/7 monitoring system combining AI and human oversight to mitigate risks [6][10]. International Expansion - The company has launched products like HiFami, Chatta, and Seeta in Southeast Asia, the Middle East, North America, and South America. However, overseas revenue contribution remains low at 4.7% in the first half of 2025, indicating that these markets are still in the exploratory phase [8][10]. - Industry experts highlight challenges such as cultural differences and compliance issues in international markets, questioning the replicability of domestic success abroad [9]. Future Outlook - 米连科技's future growth will depend on diversifying its revenue structure and the replicability of its overseas expansion efforts. The ongoing inquiry for its IPO in Hong Kong raises questions about how the market will value this "zero-penalty" company, with more operational data needed for clarity [10].