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].

9月29日，知名恋爱社交APP伊对的母公司米连科技正式递表港交所，米连科技是一家在线情感社交平台公司。公司旗下产品包括国内的伊对、 贴贴，在海外则有HiFami、Chatta及Seeta等。 目前，伊对以及贴贴是米连科技最主要的收入来源，公司的收入在这两年间增长迅速，也已实现盈利。公司背后的股东也是众星云集，其2020年的B轮融资 方中就包括小米、云九资本、顺为资本、光源资本、蓝驰创投等。 不过，伊对作为一款主打恋爱社交的APP，其背后也有着一些"难言之隐"——借"谈恋爱"为名的诈骗案例同样不少。 2024年业绩大爆发 据介绍，目前市场上大多数社交平台主要服务于善于社交的人群，却忽视了更广大一群不擅长于此但同样渴望高质量情感关系的用户。基于此，米连科技从 成立之初就专注于建立独特的主持人用户社群、开发以关系链数据为驱动的算法，并坚持以用户体验为中心的产品开发原则。 在这一背景下，米连科技旗下的伊对打出的广告口号就是"找对象？上伊对！"，精准切入了当前极为火热的恋爱社交领域。 经过多年发展，米连科技旗下APP整体取得了不错的成绩。招股书显示，截至2025年6月30日止的6个月，米连科技的平均月活跃用户达990万 ...

格隆汇9月29日丨据港交所9月29日披露，米连科技有限公司(以下简称"米连科技"或"公司")向港交所递 交上市申请，独家保荐人为华泰国际。 于2022年、2023年、2024年以及截至2024年及2025年6月30日止六个月，公司的收入分别为人民币 1,052.3百万元、人民币1,033.8百万元、人民币2,372.5百万元、人民币1,031.0百万元及人民币1,916.6百万 元；毛利分别为人民币469.6百万元、人民币447.4百万元、人民币1,082.3百万元、人民币465.3百万元及 人民币949.4百万元，同期的毛利率分别为44.6%、43.3%、45.6%、45.1%及49.5%；同期，公司的年度 / 期间经调整净利润(非国际财务报告准则计量)分别为人民币39.5百万元、人民币42.5百万元、人民币 212.4百万元、人民币77.1百万元及人民币296.5百万元。 此次融资所得款项拟将用作如下：将用于透过现有产品渗透更多海外市场及开发适合海外市场的差异化 产品；将用于进一步投资于扩大公司的研发及技术团队，升级公司的核心技术基础设施，增强公司的产 品及优化用户体验；将用于战略投资及收购；将用作营运资 ...

来源：新浪港股-好仓工作室 招股书解读 聚焦在线情感社交，创新模式谋发展 米连科技作为中国领先的在线情感社交平台公司，通过一系列应用产品满足用户多元化社交需求。其创 新的主持人用户引导三方互动模式、关系链数据驱动算法等，为用户提供真实、沉浸式社交体验，收入 几乎全部来自增值服务。这一模式虽为商业化奠定基础，但也面临业务模式和产品组合需持续优化的挑 战，有限运营历史或不足以充分评估公司前景。 营收增长显著，2024年近乎翻倍 时间收入（人民币百万元）2022年2023年2024年2024年上半年2025年上半年 合约安排关联交易，潜在风险需关注 米连科技订立合约安排，上市后将构成本公司持续关联交易，虽获联交所豁免部分规定，但关联交易可 能存在利益输送等潜在风险，需投资者持续关注。 财务挑战多，市场竞争合规压力大 市场竞争激烈：在线社交市场竞争激烈，米连科技面临来自中国及全球在线情感社交平台竞争， 竞争对手可能有更高品牌知名度等优势，若公司不能持续创新、满足用户需求，可能导致用户流 失，影响营收和市场份额。 业务模式待优化：公司业务模式和应用产品组合仍在演变，有限运营历史可能不足以充分评估公 司前景，若现有或潜在 ...

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].