Core Viewpoint - Miliang Technology Limited has submitted its listing application to the Hong Kong Stock Exchange, with Huatai International as its sole sponsor [1]. Company Overview - Miliang Technology is a leading online emotional social platform in China, focusing on helping users establish and maintain meaningful emotional connections [3]. - The company offers a diverse product portfolio, including domestic applications like Yidui and Tietie, as well as international applications such as HiFami, Chatta, and Seeta, catering to various social interaction needs [3]. Industry Insights - The revenue scale of China's online social industry is projected to reach RMB 63.2 billion by 2024, with a compound annual growth rate (CAGR) of 26.6% from 2020 to 2024, making it the largest online social market globally [3]. - The online emotional social market in China is expected to grow at a CAGR of 32.8% since 2020, reaching a market size of RMB 22.6 billion by 2024 [3]. - By June 30, 2025, the number of users on online emotional social platforms in China is estimated to reach approximately 280 million [3]. User Engagement Metrics - As of June 30, 2025, Miliang Technology reported an average of 9.9 million monthly active users and 2.1 million daily active users, with 1.2 million average monthly paying users [4]. - The flagship application Yidui achieved an average monthly usage duration of 8.0 hours and a seven-day retention rate of 72.1%, significantly higher than the industry averages of 3.2 hours and 53.3% [4]. - Yidui also recorded an average of 119.6 launches per month, far exceeding the industry average of 55.2 launches [4]. Financial Performance - Miliang Technology's revenue for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, were approximately RMB 1.052 billion, RMB 1.034 billion, RMB 2.373 billion, and RMB 1.917 billion, respectively [4][6]. - The company reported net profits of approximately RMB -13.03 million, RMB -16.81 million, RMB 145.63 million, and RMB 261.82 million for the same periods [4][6].