Core Viewpoint - The article discusses the recent IPO filing of MiLian Technology, the parent company of the dating app "Yidui," highlighting its rapid growth, profitability, and the challenges it faces, particularly regarding fraud cases associated with its platform [1][2][10]. Group 1: Company Overview - MiLian Technology operates several dating and social apps, including Yidui and Tietie in China, and HiFami, Chatta, and Seeta overseas [1]. - The company has seen significant revenue growth, with its main income sources being Yidui and Tietie, achieving profitability in recent years [2][10]. - MiLian Technology's flagship app, Yidui, launched in 2017, focuses on meaningful connections through real-time audio and video interactions, targeting users around 30 years old in China [8]. Group 2: User Engagement and Performance Metrics - As of the first half of 2025, Yidui reported an average of 9.9 million monthly active users, 2.1 million daily active users, and 1.2 million monthly paying users [8]. - Yidui's average monthly usage time per active user is 8.0 hours, with a 7-day retention rate of 72.1%, both significantly higher than industry averages [8]. - Tietie, launched in 2022, targets users aged 18 to 30 and reported an average of 1.7 million monthly active users with a 7-day retention rate of 43.0% [9]. Group 3: Financial Performance - MiLian Technology's revenue figures for 2022, 2023, 2024, and the first half of 2025 were 1.052 billion, 1.034 billion, 2.373 billion, and 1.917 billion RMB, respectively [11]. - The company recorded losses of 0.13 billion and 0.17 billion RMB in 2022 and 2023, but achieved profits of 1.46 billion and 2.62 billion RMB in 2024 and the first half of 2025 [11]. Group 4: Fraud Issues - Despite its success, Yidui has been associated with numerous fraud cases, where users have been scammed through the platform [3][17]. - Specific cases include individuals using false identities to establish relationships and subsequently defraud victims of significant amounts of money, with one case totaling over 114,000 RMB [18][20]. - In response to the rising fraud incidents, Yidui has implemented measures to enhance user safety and awareness, including a dedicated section for fraud prevention on its app [27].

Core Viewpoint - 米连科技有限公司 has submitted a listing application to the Hong Kong Stock Exchange, with Huatai International as the exclusive sponsor [1] Company Overview - 米连科技 is a leading online emotional social platform in China, focusing on helping users establish meaningful emotional connections [4] - The company offers a diverse product portfolio, including domestic applications like 伊对 and 贴贴, as well as international applications such as HiFami, Chatta, and Seeta, catering to various social interaction needs [4] User Metrics - As of the six months ending June 30, 2025, the company reported an average monthly active user count of 9.9 million, daily active users of 2.1 million, and monthly paying users of 1.2 million [4] - 伊对, launched in 2017, has an average monthly active user count of 4.8 million and a seven-day retention rate of 72.1% [7] - 贴贴, launched in 2022, has an average monthly active user count of 1.7 million and a seven-day retention rate of 43.0% [7] Revenue and Financial Performance - The company's revenues for the years 2022, 2023, 2024, and the six months ending June 30, 2025, were RMB 1,052.3 million, RMB 1,033.8 million, RMB 2,372.5 million, and RMB 1,916.6 million respectively [8] - Gross profits for the same periods were RMB 469.6 million, RMB 447.4 million, RMB 1,082.3 million, and RMB 949.4 million, with gross margins of 44.6%, 43.3%, 45.6%, and 49.5% respectively [8] - Adjusted net profits for the respective periods were RMB 39.5 million, RMB 42.5 million, RMB 212.4 million, and RMB 296.5 million [8] Future Plans - The funds raised from the listing will be used to penetrate more overseas markets, develop differentiated products for these markets, invest in R&D and technology teams, upgrade core technology infrastructure, enhance products, and optimize user experience [8] - A new social application targeting Mandarin-speaking young women in Southeast Asia, featuring AI audio interaction, is set to launch in September 2025 as part of the company's strategy to expand its overseas user base [4][8]

Core Insights - The article highlights the significant revenue growth of Miliang Technology, projecting a nearly doubling of revenue in 2024 compared to 2023, driven by product market expansion and increased user willingness to pay [2] - The company operates primarily in the online emotional social networking sector, utilizing innovative interaction models and data-driven algorithms to enhance user experience [1] Revenue Growth - Miliang Technology's revenue for 2022, 2023, 2024, and the first half of 2025 is projected to be 1.0523 billion RMB, 1.0338 billion RMB, 2.3725 billion RMB, 1.0310 billion RMB, and 1.9166 billion RMB respectively, indicating a 129.5% growth from 2023 to 2024 [2] - The company recorded annual losses of 13 million RMB and 16.8 million RMB in 2022 and 2023, but is expected to achieve profits of 145.6 million RMB and 261.8 million RMB in 2024 and the first half of 2025, respectively [2] Profitability Metrics - Gross margins for the years 2022 to 2025 are 44.6%, 43.3%, 45.6%, and 49.5%, showing a steady increase in product profitability [3] - Adjusted net profit margins rose from 3.7% in 2022 to 15.5% in the first half of 2025, indicating significant improvement in profitability [3] Revenue Concentration - The majority of Miliang Technology's revenue is derived from core products such as Yidui and Tietie, which poses a risk if these products are adversely affected by market competition or regulatory changes [4] Related Party Transactions - The company has established contractual arrangements that will result in ongoing related party transactions post-IPO, which may carry potential risks such as profit transfer [5] Market Competition and Compliance - The online social networking market is highly competitive, with Miliang Technology facing challenges from both domestic and international platforms [6] - The company must navigate various legal and regulatory requirements across different jurisdictions, including data security and privacy laws [6] User Engagement and Retention - Yidui has shown strong performance in user engagement metrics, ranking highly in monthly active user duration and retention rates within the industry [7] Customer and Supplier Dynamics - Miliang Technology's customer base is widely distributed, with the top five customers contributing less than 1% of total revenue, reducing customer concentration risk [12] - However, supplier concentration is a concern, with the top five suppliers accounting for a significant portion of total procurement, which may expose the company to supply chain risks [12] Management and Talent Retention - The management team has extensive experience in the online social networking industry, but the company faces challenges in attracting and retaining key talent in a competitive market [10]

Core Viewpoint - 米连科技有限公司 is set to go public on the Hong Kong Stock Exchange, with its flagship product "伊对" leading the online emotional social industry in China based on revenue and user engagement metrics [3][4]. Group 1: Company Overview - 米连科技 was established in 2015 and launched its first mobile application "伊对" in 2017, followed by "贴贴" in 2022 and several overseas products in 2024 [3]. - The company focuses on creating meaningful connections through real-time audio and video social interactions, targeting users around 30 years old in mainland China for "伊对" and 18-30 years old for "贴贴" [3]. Group 2: User Engagement Metrics - In the first half of this year, 米连科技 reported an average of 9.9 million monthly active users and 2.1 million daily active users, with 1.2 million monthly paying users [4]. - "伊对" achieved an average monthly usage time 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]. - The app also recorded an average of 119.6 launches per month, far exceeding the industry average of 55.2 launches [4]. Group 3: Financial Performance - 米连科技's revenue from 2022 to 2024 was reported as 1.052 billion, 1.034 billion, and 2.373 billion respectively, with a significant increase of 85.9% in the first half of this year, reaching 1.917 billion compared to 1.031 billion in the same period last year [4]. - The adjusted net profit for the same period increased over 285% to 297 million from 77 million in 2024 [5]. Group 4: Investment and Future Plans - 米连科技 has attracted investments from notable firms such as 蓝驰创投, XVC, and 小米, and has conducted a share buyback in 2024 [5]. - The funds raised from the IPO will be primarily used for expanding into overseas markets, developing differentiated products, enhancing R&D capabilities, and general corporate purposes [5].