Core Insights - The online emotional social market in China is rapidly expanding at a compound annual growth rate of 23.8%, but the industry faces challenges in building genuine user trust while maintaining growth [1] - MiLian Technology has reported revenue of 1.917 billion yuan for the first half of 2025 and has submitted its prospectus for a listing on the Hong Kong Stock Exchange [1] - The company has established a dual protection system of "technical prevention + value guidance" to prioritize user safety over commercial interests, setting a new standard for fraud prevention in the emotional social industry [1] Group 1: Safety and Compliance - MiLian Technology's platform, iDui, has maintained a record of zero administrative penalties since its launch, highlighting its commitment to safety and compliance as essential for sustainable development in the emotional social sector [2] - The company has implemented a comprehensive safety protection system that combines AI-driven monitoring with human inspections, achieving real-time risk alerts and rapid response capabilities [2] - iDui publishes a monthly "Net Clean Monthly Report" to update its fraud speech database, continuously enhancing its fraud prevention capabilities [2] Group 2: Collaboration and Governance - MiLian Technology has established deep collaborations with local public security agencies, conducting innovative promotional activities such as "anti-fraud live broadcasts" and "anti-fraud Q&A," reaching over ten million users [3] - The platform has set up police workstations to facilitate quick responses to security incidents, extending safety measures to the regulatory front [3] - This collaborative governance model enhances the platform's safety capabilities and fosters an open, transparent governance ecosystem [3] Group 3: Long-term Strategy and Investment - In 2020, MiLian Technology secured strategic investment from the People's Daily Cultural Industry Fund, along with funding from Xiaomi Technology and Shunwei Capital, establishing a foundation for long-term growth [4] - The involvement of the People's Daily Cultural Industry Fund helps the platform navigate complex regulatory environments while prioritizing user safety and social value creation [5] - MiLian Technology's user engagement metrics are strong, with an average monthly usage time of 8.0 hours per active user and a 72.1% seven-day retention rate, leading the Chinese online emotional social industry [5]

Core Viewpoint - Miliang Technology Limited is entering the first round of inquiries for its IPO on the Hong Kong Stock Exchange, potentially becoming a leading stock in the online emotional social sector after a two-year lull in the market [1][2]. Industry Overview - The online emotional social market in China is rapidly expanding, driven by the shift towards online and video-based interactions due to high work pressures and marriage costs among young people [2]. - The market size is projected to reach 22.6 billion yuan in 2024, with approximately 280 million users, accounting for 45.2% of the global market share [2]. - The single population in China is 240 million, representing 17% of the total population, with around 300 million individuals aged 20-40 in the marriageable demographic, sustaining the demand for matchmaking services [2]. Company Performance - Miliang Technology reported a significant increase in monthly active users (MAU) and daily active users (DAU) for the first half of 2025, with MAU reaching 9.9 million and DAU at 2.1 million, alongside a revenue of 1.917 billion yuan, marking an 85.7% year-on-year growth [2][4]. - The company’s flagship product, "Yidui," launched in 2017, targets users around 30 years old, achieving an average MAU of 4.8 million and a seven-day retention rate of 72.1% by the first half of 2025 [3]. - The secondary product, "Tietie," launched in 2022, focuses on voice social interactions for users aged 18-30, with an average MAU of 1.7 million and a seven-day retention rate of 43.0% [3]. Financial Highlights - Miliang Technology's revenue from 2022 to 2024 was 1.052 billion yuan, 1.034 billion yuan, and 2.373 billion yuan, respectively, with profits turning positive in 2024 at 146 million yuan [4]. - The company achieved a profit of 262 million yuan in the first half of 2025, a 490% increase year-on-year, indicating a successful turnaround [4]. Compliance and Risk Management - Miliang Technology has maintained a "zero penalty" compliance record since the launch of Yidui in 2018, which is notable in a highly regulated industry [5][6]. - The company employs a "technology + police" mechanism for risk management, utilizing AI algorithms and human monitoring to detect and address fraudulent activities [5][6]. International Expansion - Miliang Technology views overseas markets as a second growth curve, operating products like HiFami, Chatta, and Seeta across Southeast Asia, the Middle East, North America, and South America [6]. - The company has 180,000 host users to enhance interaction and matching rates, but analysts express concerns about the challenges of adapting to diverse international regulations and market conditions [6].

Core Insights - Miliang Technology submitted its prospectus to the Hong Kong Stock Exchange on September 29, with Huatai International as the sole sponsor [2] - The company's main product, the Idou APP, launched in 2017, generated 1.5 billion yuan in revenue in the first half of 2025, accounting for nearly 80% of total revenue [2][5] - The revenue-sharing model has faced criticism for being perceived as a way to profit from live streaming under the guise of matchmaking, leading to numerous user complaints [2][11] Company Overview - Miliang Technology was founded in 2015 by Ren Zhe and co-founder Zhu Xiaopu, both alumni of Yanshan University [2][3] - The company has a history of successful fundraising, including multiple rounds from notable investors such as Xiaomi Group and BlueRun Ventures [3][4] Product Performance - As of the first half of 2025, Miliang Technology had an average of 9.9 million monthly active users, with 1.2 million being paying users [4] - The Idou APP achieved a monthly average usage time of 8.0 hours and a seven-day retention rate of 72.1%, outperforming industry averages [4][5] Revenue Model - The unique three-party interaction model, led by experienced host users, has been pivotal in driving user engagement and revenue [6][9] - In the first half of 2025, Miliang Technology's revenue reached 1.917 billion yuan, with revenue-sharing fees amounting to 876 million yuan, representing 90.6% of operating costs [9] Financial Growth - Miliang Technology's revenue grew from 1.034 billion yuan in 2023 to 2.373 billion yuan in 2024, a year-on-year increase of 129.5%, with a further 85.9% growth in the first half of 2025 [10] - The company reported a profit of 262 million yuan in the first half of 2025, following a profitable year in 2024 [10] User Complaints - Despite rapid revenue growth, user complaints regarding the Idou APP's revenue-sharing model have increased, with allegations of inducing users to pay for chats without genuine matchmaking outcomes [11][13]

Core Viewpoint - Miliang Technology has submitted its IPO application to the Hong Kong Stock Exchange, aiming to raise funds for global market expansion amid rapid growth in the online emotional social market, particularly in China [1][2]. Financial Performance - Miliang Technology's revenue has doubled in recent years, with a significant increase from 10.52 billion RMB in 2022 to an expected 23.73 billion RMB in 2024, representing a year-on-year growth of 129% [2][3]. - The company reported a net loss of 1.3 billion RMB in 2022 and 1.68 billion RMB in 2023, but turned profitable in 2024 with a net profit of 1.46 billion RMB, further increasing to 2.62 billion RMB in the first half of 2025 [3]. Market Position - Miliang Technology's core product "Yidui" generated 15 billion RMB in revenue in the first half of this year, accounting for 78.25% of total revenue, highlighting the company's reliance on a single product [4]. - The online emotional social market in China is projected to grow at a compound annual growth rate of 32.8%, reaching a market size of 22.6 billion RMB by 2024 [2]. User Engagement and Business Model - The company employs a "host-guided three-party interaction model" for its products, which has led to high user engagement, with "Yidui" users averaging 8 hours of usage per month and a 72.1% retention rate [8]. - As of mid-2025, Miliang Technology's overseas applications have an average of 3.5 million monthly active users, with a 7.5% conversion rate for paying users [6]. Controversies and Challenges - The "matchmaker" model has faced criticism for potentially inducing consumer spending, with over 2,000 complaints related to "induced consumption" and "false advertising" reported [10][12]. - Miliang Technology's R&D expenses have increased, but the R&D expense ratio has decreased from 8.2% in 2022 to 4.3% in the first half of 2025, raising concerns about the company's long-term competitiveness [12][13].

Core Insights - The traditional matchmaking model is being replaced by algorithm-driven platforms, with MiLian Technology aiming to become the first publicly listed company in the online emotional social sector in Hong Kong [1][4] - The online emotional social market in China is projected to exceed 22.6 billion yuan by 2024, with a user base of approximately 280 million, leading globally [1][2] Company Overview - MiLian Technology has achieved a monthly active user count of 9.9 million and a seven-day retention rate of 72.1%, positioning itself among the top tier in the industry [1][2] - The company's revenue figures for 2022, 2023, 2024, and the first half of 2025 are reported as 1.052 billion yuan, 1.034 billion yuan, 2.373 billion yuan, and 1.917 billion yuan respectively [2] Market Trends - The shift towards "video dating" is reshaping the marriage and dating landscape in China, with MiLian Technology capitalizing on this trend through its core product, "YiDui," which emphasizes real-time interaction and AI facial recognition [2] - The industry is expected to expand significantly by 2029, with MiLian Technology poised to capture a larger market share due to its first-mover advantage [2] Compliance and Safety - MiLian Technology has maintained a "zero penalty" compliance record since its launch in 2018, distinguishing itself in an industry often plagued by regulatory issues [3] - The company employs a dual approach of technology and law enforcement collaboration to ensure user safety, including a comprehensive risk management system and partnerships with police departments [3] Strategic Positioning - Embracing regulatory compliance is viewed as a long-term competitive advantage, enhancing brand credibility and user trust in a highly competitive online dating market [4] - MiLian Technology's successful IPO could set a precedent for sustainable profitability and serve as a model for balancing safety and growth in the online emotional social sector [4]

Core Viewpoint - The parent company of the online dating app "Yidui," Milian Technology Co., Ltd., has submitted an IPO prospectus to the Hong Kong Stock Exchange, highlighting its rapid growth but also significant compliance risks associated with its business model [1][11]. Group 1: Business Performance - Milian Technology's core business revolves around emotional social networking, with its main products including "Yidui" and "Tietie" in China, and "HiFami," "Chatta," and "Seeta" overseas [2]. - As of June 2025, "Yidui" has an average of 4.8 million monthly active users and a seven-day retention rate of 72.1%, significantly higher than the industry average [2]. - "Yidui" generated approximately 1.5 billion RMB in revenue, holding an 11.6% market share, making it the top player in China's online emotional social networking sector [3][4]. Group 2: Financial Overview - For the first half of 2025, "Yidui" contributed 79% to Milian Technology's total revenue of 1.917 billion RMB, indicating a heavy reliance on a single product [4]. - As of mid-2025, the company reported cash and cash equivalents of 981 million RMB, accounting for over 85% of its total assets, despite seeking additional capital through the IPO [5]. Group 3: Compliance and Ethical Risks - Milian Technology faces significant compliance challenges, with numerous complaints regarding "induced consumption," "false matchmaking," and "service discrepancies" [1][8]. - The company's business model heavily relies on "matchmakers," with over 180,000 active users, who earn a revenue share of 20% to 52% from user gifts, leading to high operational costs [6]. - The revenue-sharing fees constitute about 90% of the company's total costs, raising concerns about the sustainability of its business model [6]. Group 4: Market Challenges - The online dating sector is characterized by low-frequency engagement, making it difficult for companies to achieve repeat business, which poses a challenge for long-term growth [10]. - The regulatory environment is tightening, with scrutiny on content management and consumer protection, which could impact Milian Technology's IPO prospects [11][12].

Core Insights - The online emotional social market in China is projected to reach 22.6 billion yuan in 2024, with a user base of approximately 280 million, making it the largest single market globally [1] - The shift in online dating from "matching relationships" to "companionship growth" reflects a deeper social need for diverse emotional connections [1] - Despite a decline in marriage registrations, the user base for online emotional social platforms continues to grow, indicating a rising interest in internet-based dating solutions [2] Industry Trends - The number of marriage registrations in China dropped to 7.68 million in 2023, nearly halving from 13.47 million in 2013, highlighting a decreasing willingness among young people to marry [2] - The average monthly active users for MiLian Technology increased from under 2 million to nearly 10 million over the past five years, showcasing significant growth in user engagement [2] - The platform "Yidui" has an average monthly usage time of 8.0 hours and a seven-day retention rate of 72.1%, indicating strong user commitment to online emotional social services [2] Regulatory and Compliance - MiLian Technology has maintained a "zero penalty" record since its inception, which is rare in an industry facing increasing regulatory scrutiny [3] - The company prioritizes user safety through a dual approach of technological prevention and value guidance, aiming to create a trustworthy social environment [3][4] - MiLian Technology actively collaborates with law enforcement agencies to combat fraud, participating in initiatives like "anti-fraud live broadcasts" and establishing police workstations on its platform [5] Technological Innovations - The "Yidui" platform utilizes video dating and real-time interaction, enhancing user matching efficiency and safety through algorithms and AI recognition [4] - Monthly risk control analysis reports are published to track new fraud methods, with increased monitoring during key periods like Valentine's Day and the Spring Festival [4] - The proactive approach to regulation and transparency distinguishes MiLian Technology from competitors who typically focus solely on profit [5]

Core Viewpoint - 米连科技, a leading online emotional social platform in China, has submitted its IPO application to the Hong Kong Stock Exchange, showcasing impressive financial performance and a unique business model, but faces challenges related to revenue concentration and compliance issues [1][9]. Financial Performance - From 2022 to 2024, 米连科技's revenue is projected to grow from 1.052 billion RMB to 2.373 billion RMB, with a remarkable growth rate of 129.5% from 2023 to 2024 [2]. - In the first half of 2025, the company achieved revenue of 1.917 billion RMB, indicating a potential milestone for the full year [2]. - 米连科技 transitioned from losses in 2022 and 2023 to a net profit of 146 million RMB in 2024, with further growth to 262 million RMB in the first half of 2025 [2]. User Engagement and Business Model - The flagship product, 伊对, employs a "host user-guided three-party video interaction model," addressing social interaction challenges in lower-tier cities [2]. - Key operational metrics show 伊对 leading the online emotional social industry in China, with monthly active users averaging 8.0 hours of usage, a 72.1% seven-day retention rate, and 119.6 monthly activations [3]. - Revenue is primarily derived from value-added services, particularly from users gifting virtual items during social interactions [3]. Market Potential - The global online emotional social market is expected to grow from 49.9 billion RMB in 2024 to 155.9 billion RMB by 2029, with the Chinese market projected to reach 75.7 billion RMB [6]. Compliance and Operational Risks - 米连科技's business model has raised compliance concerns, particularly regarding the "host user-guided" mechanism, which may lead to consumer inducement risks [7]. - The company faces numerous complaints related to "induced consumption" and "false matchmaking," which could impact its reputation and user trust [7]. - Regulatory scrutiny in areas such as virtual gifting and user privacy may pose structural challenges to the company's operations [8]. Revenue Concentration - 米连科技's revenue is highly concentrated in its core products, 伊对 and 贴贴, which may expose the company to significant risks if market conditions change [8].

Core Viewpoint - 米连科技, a leading online emotional social platform in China, has submitted its IPO application to the Hong Kong Stock Exchange, showcasing impressive financial growth while facing compliance and user complaint challenges [1][9]. Financial Performance - From 2022 to 2024, 米连科技's revenue is projected to grow from 1.052 billion RMB to 2.373 billion RMB, with a remarkable 129.5% increase in 2024 compared to 2023 [2]. - In the first half of 2025, the company achieved revenue of 1.917 billion RMB, indicating a potential milestone for the full year [2]. - 米连科技 transitioned from losses in 2022 and 2023 to a net profit of 146 million RMB in 2024, with further growth to 262 million RMB in the first half of 2025 [2]. User Engagement and Business Model - The flagship product, 伊对, employs a "host user-guided three-party video interaction model," addressing social interaction challenges in lower-tier cities [2]. - Key operational metrics show 伊对 leading the online emotional social industry in China, with monthly active users averaging 8.0 hours of usage, a 72.1% seven-day retention rate, and 119.6 monthly launches per user [3]. - Revenue is primarily derived from value-added services, particularly from users gifting virtual items during social interactions [3]. Market Potential - The global online emotional social market is expected to grow from 49.9 billion RMB in 2024 to 155.9 billion RMB by 2029, with China's market projected to reach 75.7 billion RMB [6]. Compliance and Operational Risks - 米连科技's business model has raised compliance concerns, particularly regarding the "host user-guided" mechanism, which may lead to consumer inducement risks [6][7]. - The company faces numerous complaints related to "induced consumption" and "false matchmaking," which could impact its reputation and user trust [7]. - Regulatory scrutiny in areas such as virtual gifting and user privacy may pose structural challenges to the company's operations [7][8]. Revenue Concentration - 米连科技's revenue is highly concentrated in its core products, 伊对 and 贴贴, indicating vulnerability to market competition and regulatory changes [8].

Core Viewpoint - 米连科技, a leading online emotional social platform in China, has submitted its prospectus to the Hong Kong Stock Exchange, revealing impressive growth but also facing controversies regarding its unique business model [1][2]. Company Overview - 米连科技 operates multiple applications, including 伊对 and 贴贴, targeting different demographics in both domestic and international markets. 伊对, launched in 2017, focuses on users around 30 years old, while 贴贴, launched in 2022, targets users aged 18 to 30 with interest-based voice socializing [2][4]. Market Position - 米连科技 holds a leading position in China's online emotional social market, with an average of 9.9 million monthly active users and 1.2 million monthly paying users as of June 30, 2023. 伊对 has a significantly higher average usage frequency compared to its competitors [4][5]. Financial Performance - The company's revenue has doubled from 1.052 billion RMB in 2022 to 2.372 billion RMB in 2024, with a notable net profit of 145.6 million RMB in 2024, marking a turnaround from previous losses [10][11]. Business Model - 米连科技's revenue primarily comes from virtual gifts, subscription services, and advertising. The virtual gifts segment is the main source of income, allowing users to express emotions through gifting during social interactions [6][7]. User Engagement Strategy - The company employs a unique three-party interactive model led by hosts to enhance user engagement and create more consumption scenarios. This model aims to assist users who lack confidence in online interactions [7][8]. Market Potential - The global online emotional social market is projected to grow from 191 billion RMB in 2020 to 499 billion RMB in 2024, with China expected to capture 45.2% of this market share [8]. Controversies and Challenges - 米连科技 faces significant scrutiny regarding its business practices, particularly concerning 伊对's operational model, which has been accused of inducing consumer spending and ethical risks. Complaints have been filed regarding misleading practices and hidden charges [13][15][20].