（来源：电商行业） 张一鸣做社交，屡战屡败，屡败屡战。 出品 | 电商行业 作者 | 李响 Tech星球独家透露，抖音近期对App 内的"日常"板块进行了全面升级，通过新增创作入口、头像色环提 醒与限时日常发布功能，进一步强化平台的社交属性，持续推进其在社交赛道的布局。 具体来看，全新的创作入口被直接置于个人主页头像右下方，以醒目的"+"号作为视觉标识，这一设计 大幅降低了内容发布门槛，用户点击后可快速上传图文或视频，无需多步操作，在创作与互动的便捷性 上均有很大的提升。 同时，升级后的"日常"模块还新增了限时发布功能，用户可根据需求选择 24 小时、3 天或 7 天的展示 时长，既能满足"即时分享生活"的短期需求，也能适配"保留片段记忆" 的稍长期场景。 抖音全面升级社交功能 社交，一直是张一鸣心中放不下的执念。 过去这些年，抖音为了攻克这一领域，没少投入精力尝试，却始终难逃屡战屡败的宿命。 可即便如此，张一鸣却依旧没有动摇，而是继续将资源向社交赛道倾斜，一副不啃下这块"硬骨头"绝不 罢休的架势。 在此基础上，"日常"模块还新增了三项实用功能：一是聚合浏览，用户发布的所有 "日常" 内容会自动 整合，好友进 ...

Core Viewpoint - The rise of online dating apps targeting young users has led to significant growth in companies like Tinder, SUGO, and Momo, with MiLian Technology now seeking to enter the market through an IPO in Hong Kong [1][2]. Company Overview - MiLian Technology's main app, "Yidui," focuses on live-stream matchmaking, generating revenue through virtual gifts purchased by users, similar to live-stream tipping [2][5]. - The company projects revenues of 2.373 billion yuan and a net profit of 146 million yuan for 2024, representing over 100% year-on-year growth [2][12]. Market Position - MiLian Technology's revenue for 2024 is expected to be 2.373 billion yuan, which is significantly lower than competitors like Momo (10.563 billion yuan), Match (24.723 billion yuan), and Zhihui City Technology (5.092 billion yuan) [3][12]. - The "Yidui" app primarily targets users around 30 years old, utilizing relationship data for user matching, similar to existing dating app algorithms [3][4]. Business Model - Revenue is mainly derived from virtual gifts and membership subscriptions, with users able to send gifts to increase their appeal to potential matches and matchmakers [5][6]. - As of June 2025, user prepayments reached 104 million yuan, indicating strong user engagement [6]. Cost Structure - Revenue-sharing with matchmakers constitutes the largest expense for MiLian Technology, projected to reach 1.255 billion yuan in 2024, accounting for nearly 90% of operating costs [7][9]. - The company's gross margin for 2024 is estimated at 45.62%, which is 26 percentage points lower than Match's gross margin [9]. Marketing and Growth Strategy - Marketing expenses for MiLian Technology are expected to reach 655 million yuan in 2024, reflecting a year-on-year increase of over 100% [13]. - The company plans to use IPO proceeds to expand its market presence in Japan, South Korea, North America, Southeast Asia, the Middle East, and Latin America [14].

Core Viewpoint - The article discusses the upcoming IPO of MiLian Technology, the parent company of the online dating platform "Yidui," highlighting the growing market for online emotional social platforms in China, driven by the increasing number of single individuals and their marriage anxiety [4][21]. Company Overview - MiLian Technology was founded in 2015 by Ren Zhe and Zhu Xiaopu, focusing on mobile dating and social networking, with its flagship product "Yidui" targeting users around 30 years old in mainland China [6][11]. - The company has expanded its offerings to include multiple applications, achieving over 100 million monthly active users across its platforms [9][12]. Market Context - The online emotional social market in China is projected to reach 22.6 billion RMB in 2024, accounting for 45.2% of the global market share, with expectations to grow to 75.7 billion RMB by 2029 [22]. - The article notes that the single population in China is expected to reach 240 million by 2024, with a significant portion of this demographic being in the 20-40 age range, intensifying the demand for dating services [21][22]. Financial Performance - MiLian Technology's revenue is primarily derived from value-added services, with projected revenues of 10.52 billion RMB in 2022, 10.34 billion RMB in 2023, and 23.73 billion RMB in 2024 [14][15]. - The company reported a net profit of 146 million RMB in 2024 and 262 million RMB in the first half of 2025, marking its first profitable year after two years of losses [15][16]. User Engagement - As of the first half of 2025, Yidui had an average of 4.8 million monthly active users, with a retention rate of 72.1%, while its newer app "Tietie" had 1.7 million monthly active users with a 43% retention rate [11][12]. - The average monthly paying users reached 1.2 million by 2025, indicating a strong monetization strategy through virtual goods and subscription services [13][14]. Challenges and Risks - The company faces challenges related to online fraud and user complaints regarding misleading practices, which could pose risks to its reputation and operations [17]. - Despite its growth, the article highlights the potential for regulatory scrutiny and the need for effective measures to combat fraudulent activities on its platforms [17].

Core Insights - The article discusses the innovative AI social platform Pengu, developed by the startup Born, which aims to enhance human emotional connections through a unique "co-parenting" model that combines AI, virtual nurturing, and real social interactions [2][3][5]. Group 1: Company Overview - Born, originally named Slay, transitioned from a social platform focused on "anonymous praise" to an AI-driven companion model in 2023, addressing the social anxiety prevalent among Generation Z [15][16]. - As of September 2025, Pengu has attracted over 15 million users globally, achieving high ratings and recognition as a leading AI character application [3][16]. Group 2: Product Features - Pengu employs a "dual co-parenting" mechanism, requiring two real users to jointly nurture an AI pet, fostering communication and emotional connections between users [5][6]. - The AI technology allows for deep customization of each Pengu's personality, interests, and traits, enabling it to serve various roles such as a confidant, a nurturing child, or an engaging playmate [6][7]. Group 3: User Engagement - The platform offers diverse interactive features, including a home interface displaying the AI pet's status, a wardrobe for customization, and mini-games that enhance user engagement and emotional bonding [7][9][11]. - Users can complete daily tasks to earn experience points, which unlock advanced features and foster a sense of responsibility and connection [11][13]. Group 4: Business Model - Pengu operates on a "freemium + subscription" model, with free users facing limitations and ads, while subscription options provide an ad-free experience and additional features [13][14]. - Subscription pricing includes options for individual and dual users, with annual plans priced at approximately $59.99 and $69.99, respectively [13]. Group 5: Funding and Future Plans - In September 2025, Born secured $15 million in Series A funding led by Accel, with participation from Tencent, bringing total funding to over $25 million [24][25]. - The company plans to expand its product ecosystem with a new AI social product aimed at the 16-21 age group, potentially integrating with platforms like TikTok to enhance cultural relevance [17][24].

Core Insights - The online dating platform "Yidui," operated by Milian Technology Co., Ltd., has submitted its IPO application to the Hong Kong Stock Exchange, capitalizing on the growing demand for matchmaking services among single individuals in China [4][19]. Company Overview - Milian Technology was founded in 2015 by Ren Zhe and Zhu Xiaopu, who identified the potential in the matchmaking market and launched the Yidui app, which incorporates a "matchmaker" model tailored to Chinese cultural practices [6][8]. - The company has expanded its offerings to include multiple applications, with a total of over 100 million monthly active users across its platforms [10][12]. Financial Performance - Milian Technology's revenue is projected to exceed 2 billion yuan in 2024, with significant growth from 1.052 billion yuan in 2022 and 1.034 billion yuan in 2023 [12][14]. - The company reported a net profit of 146 million yuan in 2024, following two years of losses, and expects to achieve a profit of 262 million yuan in the first half of 2025 [13][14]. User Engagement - Yidui has an average of 4.8 million monthly active users, with users spending an average of 8 hours per month on the platform and a retention rate of 72.1% [9][11]. - The platform's monetization strategy relies heavily on value-added services, with an average of 1.2 million paying users expected by 2025 [11][12]. Market Context - The online emotional social market in China is projected to reach 22.6 billion yuan in 2024, capturing 45.2% of the global market share, with expectations to grow to 75.7 billion yuan by 2029 [19]. - The increasing number of singles in China, projected to reach 240 million by 2024, highlights the growing demand for matchmaking services [16][19].

Group 1: Bitcoin and Financial Markets - JPMorgan analysts predict Bitcoin price may rise to $165,000 by year-end, stating it is undervalued compared to gold based on volatility-adjusted metrics [2] - The current market capitalization of Bitcoin is approximately $2.3 trillion, which would need to increase by about 42% to match the $6 trillion private investment in gold [2] Group 2: Oil and Commodity Prices - On October 2, international oil prices fell, with WTI crude oil settling at $60.48 per barrel, down $1.3 (2.10%), and Brent crude at $64.11 per barrel, down $1.24 (1.90%) [3] - COMEX gold futures also declined, dropping $29.4 (0.75%) to $3,868.1 per ounce [3] Group 3: Corporate Developments - DualEntry, an AI-driven ERP software company, secured $90 million in Series A funding, achieving a valuation of $415 million [2] - OpenAI responded to Elon Musk's lawsuit regarding alleged harassment, requesting the court to dismiss the case related to trade secrets [4] - Meta launched community features on Threads, targeting popular interest areas such as NBA/WNBA, television, and K-pop [6][7] - Ryanair's CEO warned that a French air traffic control strike could affect 100,000 passengers, resulting in an estimated loss of £20 million for the airline [7] - CME Group announced plans to offer 24/7 cryptocurrency futures and options trading starting in 2026 [8] - Amazon introduced a new private label brand, "Amazon Grocery," aimed at competing with Walmart and Costco, featuring over 1,000 grocery items priced under $5 [11] Group 4: Regulatory Environment - The U.S. government shutdown has led to a suspension of IPO processing by several financial regulatory agencies, with over 90% of SEC employees on leave [10]

长期以来，Reddit被视作社交版的搜索引擎，用户常常在查询关键词后加上"reddit"以寻找实用建议和使 用指南。但随着AI聊天机器人的兴起，传统搜索资源面临潜在的"替代威胁"。 为应对挑战，Reddit已与OpenAI和谷歌(GOOG.US,GOOGL.US)达成价值数十亿美元的数据授权协议， 允许其内容被用于训练AI模型。此外，公司还推出了自研的AI搜索与广告工具，以进一步拓展商业化 路径。 Reddit(RDDT.US)股价走低，延续前一交易日5%的跌势。截至发稿，该股跌超9%，报209.16美元。最新 数据显示，其内容在人工智能聊天机器人ChatGPT中的引用量在9月中旬急剧下滑，令投资者担忧其在 AI时代的地位。 据AI搜索引擎追踪平台Promptwatch的数据，周二ChatGPT仅在2%的回答中引用了Reddit的内容，远低 于上月的9.7%。在9月初的高峰期，这一比例一度超过14%。尽管如此，Reddit仍然是ChatGPT最常引用 的社交平台，9月平均引用占比为4.3%。相比之下，排名第二的LinkedIn在ChatGPT回答中的引用率仅 为0.4%。 ...

长期以来，Reddit被视作社交版的搜索引擎，用户常常在查询关键词后加上"reddit"以寻找实用建议和使 用指南。但随着AI聊天机器人的兴起，传统搜索资源面临潜在的"替代威胁"。 为应对挑战，Reddit已与OpenAI和谷歌(GOOG.US,GOOGL.US)达成价值数十亿美元的数据授权协议， 允许其内容被用于训练AI模型。此外，公司还推出了自研的AI搜索与广告工具，以进一步拓展商业化 路径。 智通财经APP获悉，Reddit(RDDT.US)股价走低，延续前一交易日5%的跌势。截至发稿，该股跌超 9%，报209.16美元。最新数据显示，其内容在人工智能聊天机器人ChatGPT中的引用量在9月中旬急剧 下滑，令投资者担忧其在AI时代的地位。 据AI搜索引擎追踪平台Promptwatch的数据，周二ChatGPT仅在2%的回答中引用了Reddit的内容，远低 于上月的9.7%。在9月初的高峰期，这一比例一度超过14%。尽管如此，Reddit仍然是ChatGPT最常引用 的社交平台，9月平均引用占比为4.3%。相比之下，排名第二的LinkedIn在ChatGPT回答中的引用率仅 为0.4%。 ...

Group 1 - Trump announced a 100% tariff on movies produced outside the U.S. [2] - "Yidui" parent company, Miliang Technology, plans to go public in Hong Kong with a net profit exceeding 200 million yuan in the first half of the year, but faces complaints regarding "induced consumption" [3] - Wuhan's new housing policy increases housing provident fund loan limits to 1.5 million yuan for dual contributors and 1.2 million yuan for single contributors, aiming to boost housing demand [4] Group 2 - Meta is facing an antitrust lawsuit alleging that its Instagram Shopping plan stole ideas from a now-defunct startup [5][6] - Alibaba is reportedly negotiating to purchase a 70 billion HKD office building in Hong Kong, which is part of its strategy to expand its real estate footprint [7] - Huatai Securities reports that the petrochemical industry is expected to see a recovery in growth due to new policies aimed at enhancing high-end supply and regulating capacity [8] Group 3 - Poland's defense budget is set to increase to 200 billion zloty (approximately 54.9 billion USD) by 2026, representing 4.8% of GDP, focusing on airspace security [9] - iFlytek has completed optimization of algorithms on Ascend computing power, ensuring robust support for its ongoing model iterations [10] - Pop Mart's new "Starry People" blind box sold out quickly, with resale prices reaching up to 1188 yuan for a set, indicating strong market demand [11][12] Group 4 - Evergrande Property reported a net profit of approximately 491 million yuan in the first half of 2025, a slight decline of 0.6% year-on-year [13] - Seres has completed payment for a 10% stake in Shenzhen Yingwang Intelligent Technology from Huawei, totaling 11.5 billion yuan [14][15]

Core Insights - Momo, once a leading dating app, is now losing popularity among younger users, with Soul and Qianshou becoming the preferred platforms for the new generation [1][12]. Group 1: Company Performance - Momo's parent company, Zhiyuan Group, reported a total revenue of 2.62 billion yuan in Q2, a year-on-year decrease of 2.6%, marking 22 consecutive quarters of revenue decline since Q4 2020 [3]. - The number of paying users on Momo plummeted from 7.2 million to 3.5 million year-on-year, indicating a significant loss of user engagement [3]. - Another dating app under Zhiyuan, Tantan, saw its monthly active users drop from 12.9 million to 10.2 million, with paying users reduced to 700,000, a 30% decline [3]. Group 2: User Demographics and Trends - Momo's user base has shifted significantly, with nearly 50% of its users being men aged 41 and above, while only 16% are under 24 [11][14]. - The platform's appeal has diminished for younger users, who report a poor social experience due to the prevalence of chatbots and marketing accounts [12][14]. - The original user base of Momo, which was primarily younger, has aged, leading to a demographic shift towards middle-aged users who are now more engaged with the platform [12][14]. Group 3: Market Position and Competition - Momo's initial success was driven by its location-based social features, which catered to the needs of young singles during the smartphone boom [5][7]. - However, the app's reliance on superficial criteria like appearance has become outdated, as younger users now prefer connecting over shared interests and emotional value [5][12]. - Competitors like Soul have capitalized on these changing preferences, attracting younger users away from Momo [12][14]. Group 4: Future Outlook - Momo may need to pivot its focus towards catering to middle-aged users, who have a higher willingness to pay and less complex social interaction needs [14]. - The changing demographic landscape presents both challenges and opportunities for Momo, as it adapts to the evolving social needs of its user base [14].