相亲市场会是好场景吗？ 随着助贷新规施行，金融机构纷纷披露了互联网贷款合作机构名单。 这其中，主流助贷平台几乎占据金融机构合作名单的半壁江山； 另外，一些鲜为人知开展金融业务的平台也浮出水面—— 禾金财经发现，一家名为"北京米连科技有限公司"的机构出现在小米消费金融的助贷业务合作机构中。 不过，禾金财经下载两款国内App后，未见相关信贷服务，或许两者通过其他形式开展助贷合作。 这家公司于今年9月底向港交所递交了IPO申请，这个细分领域会是开展金融的好场景吗？ 首先，中国在线情感社交市场近几年增长迅速，自2020年起以32.8%的复合年增长率扩张，占中国在线社交市场的份额由2020年的29.5% 提升至2024年的 35.7%。 公开介绍显示，米连科技是一家运营在线情感社交平台的科技公司。 产品包括视频直播相亲软件"伊对"及基于共同兴趣的语音社交"贴贴"，另外还包括海外应用产品HiFami、Chatta及Seeta等。 米连科技招股书显示，2025年上半年，其平均月活跃用户达990万，平均日活跃用户达210万，平均月付费用户达120万。 其中，伊对App月活跃用户月均使用时长8.0小时，七日留存率达72.1%， ...

Core Insights - Beijing Milian Technology Co., Ltd. (Milian Technology) has officially submitted its prospectus to the Hong Kong Stock Exchange, aiming for a main board listing, highlighting its emergence as a unicorn in the online emotional social industry in China [1] - As of the first half of 2025, Milian Technology reported total revenue of 1.917 billion yuan and a monthly active user (MAU) count of 9.9 million, with its core product, Yidui, leading the industry with 4.8 million MAUs and high user engagement metrics [1][3] Unique Business Model - Milian Technology has innovatively abandoned the popular "swipe left, swipe right" social model, opting instead for a "host" guided interaction mechanism that addresses the core pain points of online socializing, particularly for serious emotional connections [2] - The host plays multiple roles in a three-party video chat, significantly reducing the psychological barriers for users initiating conversations with strangers, thus enhancing the natural flow of online interactions [2] Targeting Lower-tier Markets - Milian Technology strategically focuses on lower-tier markets, tapping into a large but often overlooked user base with strong social needs but lacking confidence in online interactions [3] - The company employs a three-pronged approach to facilitate meaningful connections: host-guided interactions, data-driven algorithms, and user experience-centered product development [3] Diversification and Global Expansion - In addition to Yidui, Milian Technology has launched "Tietie," a voice social application targeting younger users, and several overseas products, thereby diversifying its offerings [6] - The company has expanded its business internationally, operating products like HiFami, Chatta, and Seeta across Southeast Asia, the Middle East, North America, and South America, with IPO funds allocated for further overseas penetration [6] Safety and Compliance Measures - Safety and compliance are critical for Milian Technology as it prepares for its IPO, especially given the prevalent risks of online fraud and content violations in the industry [7] - The company boasts a "zero penalty" record, reflecting its commitment to user complaint handling and internal risk control, while leveraging AI and big data for proactive platform monitoring [7][8] - Milian Technology is shifting its platform governance from reactive measures to proactive prevention and intervention strategies, aiming to balance user growth with platform safety [8]

Core Insights - Miliang Technology aims to become the "first online emotional social stock" with a rare "zero penalty" record, attempting to enhance its IPO pricing ahead of its upcoming public offering [1] - The company reported a revenue of 2.37 billion and a profit of 260 million for the first half of 2025, contrasting with significant penalties faced by competitors in the industry [1] - The platform's claimed "sense of security" raises questions about its verifiability as a trust asset versus a crafted capital filter [1] Group 1: Compliance and Governance - Miliang Technology attributes its "zero penalty" status to a "semi-acquaintance" mechanism, where real-name registered matchmakers have control over live sessions and content moderation [1] - The company has implemented a dual-track model of "technology + manpower" for governance, including 24/7 monitoring and monthly updates to a fraud speech database [1] - Despite these measures, industry observers caution that the platform's role as both referee and player complicates the reproducibility of its evaluation standards [1] Group 2: Market Dynamics - The online emotional social market in China is projected to reach 22.6 billion in 2024, with "Yidui" holding the largest market share, relying heavily on a single product for over 70% of its revenue [2] - Miliang Technology focuses on "lower-tier markets," with over 60% of users from third and fourth-tier cities, where older users are more willing to pay for "efficient matching" due to higher time costs and lower discernment abilities [2] Group 3: International Expansion Challenges - Miliang Technology's overseas revenue accounted for only 4.7% of total revenue in the first half of 2025, despite launching products like HiFami and Chatta in Southeast Asia, the Middle East, and Latin America [3] - The company acknowledges the challenges of local compliance but has not provided specific budgets or personnel allocations for these efforts [3] - Cultural differences regarding privacy, gender interaction, and religious boundaries may hinder the transferability of the domestic "matchmaker control" model to international markets [3]

Core Viewpoint - The article discusses the rapid growth of MiLian Technology Co., Ltd. and its flagship app, "Yidui," which has become a popular choice for online dating and social interaction, achieving significant revenue and market share in the Chinese online emotional social market. Group 1: Company Performance - MiLian Technology's revenue from the Yidui app exceeded 1.5 billion yuan in the first half of this year, making it the leader in China's online emotional social market with a market share of 11.6% [2] - The company has attracted investments from various institutions, with its latest financing round valuing it at approximately 276 million USD (about 1.964 billion yuan) [2] - In the first half of this year, the average monthly active users reached 9.92 million, with a significant increase in revenue and net profit compared to the previous year [8][12] Group 2: Business Model - MiLian Technology's revenue primarily comes from value-added services, including virtual goods, interactive features, and membership subscriptions [9] - The company has a clear monetization model, with revenue projections showing a substantial increase from 1.052 billion yuan in 2022 to 2.373 billion yuan in 2024 [9] - The platform's unique approach involves live hosts (redniang) facilitating interactions, which enhances user engagement and retention [16] Group 3: User Engagement and Metrics - Yidui's average monthly active users are 4.8 million, with an average usage time of 8 hours per month, significantly higher than industry averages [16] - The app's user conversion rate for paid users is 16.5%, which is notably above the industry average of around 8% [20] - The platform has over 180,000 online hosts, contributing to a high level of user interaction and revenue generation [17] Group 4: Challenges and Complaints - MiLian Technology faces consumer complaints regarding "induced consumption" and "false advertising," which have raised concerns about its business practices [4][20] - The company has been linked to various fraud cases, including "pig-butchering" scams, highlighting the risks associated with its business model [24][25] - Despite implementing measures to detect fraudulent activities, the company acknowledges ongoing challenges in ensuring user safety and compliance with regulations [30] Group 5: Financial Overview - The company reported a net profit of 146 million yuan in 2024, following losses in the previous two years [11] - As of June 30, the company had cash reserves of 981 million yuan, with total liabilities of 1.077 billion yuan [35] - Marketing expenses accounted for a significant portion of revenue, indicating a focus on user acquisition and retention [33] Group 6: International Expansion - MiLian Technology is expanding into international markets, targeting regions such as Southeast Asia, the Middle East, and North America with new products [36] - The average monthly active users for overseas applications reached 3.5 million, with a paid user conversion rate of 7.5% [36] - The company plans to use funds from its IPO to enhance its marketing efforts in these new markets, although cultural and regulatory challenges remain [36]

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].

Core Viewpoint - Miliang Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for technological upgrades and global expansion in the context of a 22.6 billion yuan market and 280 million users in the "love digital economy" sector [1] Group 1: Company Performance - Miliang Technology's app "Yidui" has achieved an average monthly active user engagement of 8.0 hours and a 72.1% seven-day retention rate, leading the online emotional social industry in China [1] - The company reported a revenue of 19.17 billion yuan for the first half of 2025, representing an 85.9% year-on-year growth, with over 70% of revenue coming from "Yidui" [2] Group 2: Growth Sustainability - Analysts express concerns about the sustainability of Miliang's rapid growth, as revenue heavily relies on the single product "Yidui," and new products like "Tietie" show relatively low retention rates [2] - The company has undergone multiple rounds of financing since 2019, which have alleviated early R&D pressures and injected strategic resources to support its "matchmaker" model [2] Group 3: Global Expansion - Miliang Technology plans to launch new products like HiFami, Chatta, and Seeta in 2024, targeting Southeast Asia, the Middle East, North America, and South America, with a focus on replicating its domestic "matchmaker model" [3] - Currently, overseas business accounts for less than 10% of total monthly active users, and revenue contribution remains limited, making progress difficult to assess [3] Group 4: Compliance and Safety Investments - The company has not faced penalties from regulatory authorities since the launch of its main product "Yidui," which is notable in a highly regulated industry [4] - Miliang employs a "technology + police" mechanism to combat risks, utilizing AI algorithms and human monitoring for 24/7 surveillance, and has taken significant actions against fraudulent accounts [4] - Industry experts question the sustainability of Miliang's substantial investments in compliance and risk management, given the high incidence of fraud in the online dating sector [4]

Core Insights - Miliang Technology Co., Ltd. has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, focusing on its online emotional social platform operations [1] - The flagship product, "Yidui," targets users around 30 years old in mainland China and has generated significant revenue, contributing nearly 80% of the company's total income [2][3] - The company reported total revenue of 1.917 billion RMB for the first half of 2025, with a user base of 9.9 million monthly active users [4][5] Revenue and User Metrics - As of the first half of 2025, Miliang Technology's total revenue reached 1.917 billion RMB, with "Yidui" alone generating 1.5 billion RMB [2][4] - The average monthly active users reached 9.9 million, with 2.1 million daily active users and 1.2 million monthly paying users [4] - The average usage time for "Yidui" users is 8.0 hours per month, with a seven-day retention rate of 72.1%, both leading in the online emotional social industry in China [4] Cost Structure and Profitability - The company's operating costs primarily consist of revenue-sharing fees, which accounted for 56.7%, 54.4%, and 50.5% of total revenue in 2023, 2024, and the first half of 2025, respectively [3] - Miliang Technology reported a loss of 0.17 billion RMB in 2023 but is projected to achieve profits of 0.146 billion RMB and 0.262 billion RMB in 2024 and the first half of 2025 [5] - Sales and marketing expenses increased significantly from 298 million RMB in 2023 to 654 million RMB in 2024 due to heightened advertising efforts [5] Product and Service Offerings - Miliang Technology operates several applications, including "Tietie," "HiFami," "Chatta," and "Seeta," targeting various demographics across different regions [4] - The revenue model is primarily based on value-added services, including virtual goods, interactive features, and membership subscriptions [3] - The company is developing AI companion applications to provide scalable, personalized emotional support to users [5] Leadership and Compensation - The founders, Ren Zhe and Zhu Xiaopu, have seen their compensation increase significantly from 5.49 million RMB in 2022 to over 6.4 million RMB in 2024 [6] - Ren Zhe serves as the Chairman and CEO, while Zhu Xiaopu is the COO, both having extensive backgrounds in technology and management [6] Funding and Valuation - Miliang Technology has completed four rounds of financing, with notable investors including Xiaomi and BlueRun Ventures, achieving a valuation of approximately 276 million USD (about 1.967 billion RMB) after the B round in 2020 [7]

Core Viewpoint - 米连科技有限公司 has submitted its prospectus to the Hong Kong Stock Exchange, aiming to become the "first stock in online emotional social networking" [1] Group 1: Company Performance - 米连科技's platform, 伊对, achieved an average monthly usage time of 8.0 hours per active user and a 7-day retention rate of 72.1% as of June 30, 2025, ranking first in China's online emotional social networking industry [1] - The company has maintained a "zero penalty" compliance record since its launch in 2018, which has garnered attention and praise from the industry and capital markets [3] Group 2: Safety and Compliance Measures - 米连科技 has invested significantly in risk control and ecological governance, implementing user identity verification mechanisms and establishing user integrity archives to protect user rights [3] - The company actively conducts anti-fraud campaigns on its platforms and social media to educate users about recognizing telecom network fraud, contributing to the fight against such crimes [4] Group 3: Collaboration with Authorities - 米连科技 has established a high-efficiency police-enterprise collaboration mechanism, including a green channel for cooperation with law enforcement, enhancing its risk control and prevention capabilities [4] - The platform has partnered with various public security agencies to conduct innovative anti-fraud activities, reaching over ten million users [4] Group 4: Industry Recognition - 米连科技 has received multiple awards for its contributions to self-regulation and public welfare in the internet industry, including recognition from the China Internet Association and local government bodies [5] - Analysts believe that the company's "zero penalty" record serves as a model for balancing safety and development in the industry, potentially leading to a "golden age" of standardized development in online emotional social networking if it successfully goes public [5]

Core Viewpoint - 米连科技 is preparing for an IPO to accelerate its global expansion and technology upgrades, with Huatai International as its sole sponsor [1] Group 1: Company Overview - 米连科技 is a leading online emotional social platform in China, offering a diverse range of applications including Yidui and Tietie domestically, and HiFami, Chatta, and Seeta internationally [1][2] - The company targets users primarily in their 30s in mainland China, with Yidui achieving an average monthly active user count of 4.8 million and a seven-day retention rate of 72.1% as of mid-2025 [2][3] - Tietie, launched in 2022, has an average monthly active user count of 1.7 million and a seven-day retention rate of 43.0% as of mid-2025 [2] Group 2: Market Insights - The online social industry in China is projected to reach a revenue of RMB 63.2 billion in 2024, with a compound annual growth rate (CAGR) of 26.6% from 2020 to 2024 [1] - The online emotional social market in China is expected to grow at a CAGR of 32.8%, reaching RMB 22.6 billion by 2024, increasing its market share from 29.5% in 2020 to 35.7% in 2024 [1] Group 3: Financial Performance - 米连科技 reported revenues of RMB 1.052 billion, RMB 1.034 billion, RMB 2.373 billion, and RMB 1.917 billion for the years 2022 to 2024 and the first half of 2025, respectively [3] - The company is projected to turn profitable in 2024, with profits of RMB 146 million and RMB 262 million for 2024 and the first half of 2025, respectively [3] Group 4: Competitive Position - 米连科技's Yidui ranks first in the Chinese online emotional social industry by revenue, with an average monthly usage time of 8.0 hours, significantly higher than the industry average of 3.2 hours [3] - The company has a total average monthly active user base of 9.9 million and an average daily active user count of 2.1 million as of mid-2025 [3] Group 5: Challenges and Risks - The company heavily relies on its core products, Yidui and Tietie, for revenue generation, which poses a risk due to the lack of product diversification [4] - 米连科技 faces compliance challenges and operational risks, including a high volume of complaints related to Yidui, primarily concerning "induced consumption" and "false advertising" [4] - The overseas market, seen as a second growth curve, has not yet achieved scale and faces uncertainties related to cultural differences and high customer acquisition costs [4]

在情感社交领域，安全与信任已不再是可选项，而是行业可持续发展的生命线。从"杀猪盘"的精准围猎 到虚假人设的情感欺诈，层出不穷的乱象不仅损害用户权益，更在不断侵蚀整个行业的公信力。 在这一普遍性困境中，米连科技旗下伊对平台"自上线以来始终保持零行政处罚"的记录，引起广泛关 注。 "安全合规不仅是底线，更是生命线。"米连科技安全负责人表示，"在虚拟社交场景中，用户安全感直 接决定了平台的可持续发展能力。"这份来之不易的零处罚记录，背后是米连科技长期坚持安全第一战 略的成果。 据悉，米连科技创新性地构建了技术防控+社会共治的双轮驱动模式。在技术层面，平台建立了覆盖全 链路的安全防护体系，通过AI智能识别与人工巡查相结合的"7×24"小时监测机制，实现了对潜在风险 的实时预警和快速处置。值得关注的是，平台每月定期发布《净网月报》，动态更新诈骗话术库，持续 提升平台的反诈能力。 在社会共治方面，米连科技开创了多个行业先例。平台与多地公安机关建立深度合作，联合开展"反诈 直播""反诈问答"等创新宣传活动，累计覆盖用户超千万。值得一提的是，伊对还设立警务工作站常驻 平台，实现了警情联动、快速处置的创新模式，将安全防线真正延 ...