Core Insights - Miliang Technology has submitted its IPO application to the Hong Kong Stock Exchange, attracting market attention due to its unique three-party video dating model and rapid revenue growth [2][4] - The company's IPO journey reflects the challenges of balancing growth and compliance within the emotional social networking industry [2][24] Company Overview - Miliang Technology operates as an online emotional social platform, primarily focusing on matchmaking services through its flagship app "Yidui" and other products like "Tietie" and international apps [3][5] - The "Yidui" app generated approximately 1.5 billion RMB in revenue in the first half of the year, accounting for nearly 80% of the company's total revenue [5] Financial Performance - Miliang Technology has transitioned from a loss of 0.13 billion RMB in 2022 to a profit of 1.46 billion RMB in 2024, with a profit of 2.62 billion RMB reported in the first half of this year and a gross margin of 49.5% [5][22] - The company's revenue heavily relies on the "Yidui" app, raising concerns about business concentration and potential risks if regulatory issues arise [22][24] Business Model - The platform employs a differentiated model of "three-party video + host guidance," which helps users navigate social interactions and encourages spending through virtual gifts [5][12] - Hosts play a crucial role in driving user engagement and revenue, with a revenue-sharing model that sees Miliang Technology's share of host payments reaching 8.77 billion RMB, constituting 90.6% of operating costs [12][22] User Experience and Challenges - User registration on the "Yidui" app is simple, requiring only a phone number, which raises concerns about the authenticity of user information and potential scams [13][19] - Complaints regarding misleading practices and lack of stringent verification processes have surfaced, with over 1,063 complaints recorded on consumer platforms [19][22] Marketing and Costs - Miliang Technology's marketing expenses have increased significantly, from 368 million RMB in 2022 to 655 million RMB in 2024, with over 90% allocated to advertising on platforms like Douyin and Kuaishou [22][23] - The necessity of the IPO is questioned given the company's cash reserves of 9.81 billion RMB, which account for over 85% of total assets [22][24] Industry Context - The emotional social networking industry is characterized by a growing user base of 280 million, but also faces increasing regulatory scrutiny and user complaints [24]

Core Viewpoint - 米连科技 is preparing for an IPO on the Hong Kong Stock Exchange, highlighting its growth in the online emotional social platform sector and its significant revenue contributions from its flagship application, 伊对 [4][5]. Group 1: Company Overview - 米连科技 operates various online emotional social platforms, including 伊对, 贴贴, HiFami, Chatta, and Seeta, targeting diverse user demographics [5][10]. - As of the first half of 2025, 米连科技 reported an average of 9.9 million monthly active users and 2.1 million daily active users [5][10]. Group 2: Financial Performance - 米连科技's total revenue reached 1.917 billion RMB in the first half of 2025, with 伊对 contributing approximately 1.5 billion RMB, accounting for nearly 80% of the company's total revenue [7][11]. - The company experienced a loss of 0.17 billion RMB in 2023 but is projected to turn a profit of 1.46 billion RMB in 2024 and 2.62 billion RMB in the first half of 2025 [12]. Group 3: Revenue Model - 米连科技's revenue primarily comes from value-added services, including virtual goods, interactive features, and membership subscriptions, with a significant portion generated through user tips to "红娘" [8][11]. - The revenue-sharing model for hosts in the 伊对 and 贴贴 platforms ranges from 20% to 52%, incentivizing user engagement and interaction [8]. Group 4: User Engagement and Retention - 伊对 boasts a monthly active user engagement time of 8 hours and a 7-day retention rate of 72.1%, both leading metrics in the Chinese online emotional social industry [11]. - The company has over 180,000 host users who guide interactions in chat rooms, enhancing user experience and connection [6][8]. Group 5: Future Developments - 米连科技 plans to invest in AI companion applications to provide scalable, personalized emotional support to millions of users, aiming to create a new model of relationships [13].

Core Viewpoint - The article discusses the upcoming IPO of "米连科技" (Milian Technology), a company that operates dating platforms, highlighting its financial performance and market potential despite challenges in its business model and external risks [4][5][16]. Financial Performance - Milian Technology projects a revenue of nearly 2.4 billion RMB in 2024, with a net profit of 146 million RMB, and expects to earn 260 million RMB in the first half of 2025 [5][14]. - The company reported a monthly active user count of 9.9 million for its app "伊对" (Yidui) and 1.7 million for "贴贴" (Tietie) as of mid-2025 [6][7]. - The gross profit margin is high, typically over 40%, reaching nearly 50% in the first half of the current year [15]. Market Potential - The online dating market in China is projected to reach 22.6 billion RMB in 2024, capturing 45.2% of the global market share, which is expected to exceed 150 billion RMB by 2029 [16]. Business Model - Milian Technology generates revenue through virtual gifts, subscription services, and advertising, with virtual gifts being the primary source [9]. - The platform allows users to engage in live interactions, where hosts (媒婆) facilitate discussions and receive tips from users, contributing to the revenue model [11][13]. Challenges and Risks - The company faces scrutiny regarding its business model, with concerns about potential exploitation of users through inducements to spend money on gifts [20][22]. - There have been multiple complaints related to fraud and misleading advertising associated with the platform, raising questions about its operational integrity [21][22]. - The founders hold a significant share of the company, indicating a potential lack of confidence from investors who have begun to exit prior to the IPO [19].

Core Viewpoint - The online emotional social platform, Miliang Technology, is reshaping the traditional dating business through technology and algorithms, as evidenced by its recent IPO filing with the Hong Kong Stock Exchange [1] Industry Overview - China has created the world's largest online emotional social market, with projected revenue of 63.2 billion yuan in 2024 and a compound annual growth rate (CAGR) of 26.6% from 2020 to 2024 [3] - The online emotional social market in China is expected to grow from a 29.5% market share in 2020 to 35.7% in 2024, with a market size of 22.6 billion yuan by 2024 [3] - By mid-2025, the number of users on Chinese online emotional social platforms is estimated to reach approximately 280 million, representing nearly 48% of the 580 million mobile internet users aged 16 to 45 [3] Company Overview - Miliang Technology's core business focuses on emotional social interactions, with products targeting both domestic and overseas markets [4] - The flagship product "Yidui," launched in 2017, targets users around 30 years old, while "Tietie," launched in 2022, focuses on users aged 18 to 30 [4] - In the first half of 2025, Miliang Technology 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] Performance Metrics - "Yidui" leads the industry with an average of 119.6 monthly launches per user, 8.0 hours of monthly usage, and a 72.1% seven-day retention rate, significantly outperforming the industry averages [4] - Miliang Technology's revenue for 2022, 2023, and 2024 was 1.052 billion yuan, 1.034 billion yuan, and 2.373 billion yuan, respectively, with profits of -13.03 million yuan, -16.81 million yuan, and 146 million yuan [5] - In the first half of 2025, the company achieved revenue of 1.917 billion yuan, a year-on-year increase of 85.9%, and a profit of 262 million yuan, a 490% increase [5] Investment Background - Miliang Technology has attracted multiple investors, including BlueRun Ventures and Xiaomi Group, with significant funding rounds since 2019 [6] - The company was valued at approximately 1.76 billion yuan after its A-round financing and reached about 2.76 billion USD (approximately 19.64 billion yuan) after its B-round financing [6] - The founders control approximately 63.15% of the company's shares through various holding companies and family trusts [6]

Core Viewpoint - The online emotional social market in China is rapidly evolving, with significant growth potential as traditional matchmaking methods are being replaced by algorithm-driven platforms [1][2]. Market Overview - China has created the world's largest online emotional social market, with projected revenue of 63.2 billion yuan in 2024 and a compound annual growth rate (CAGR) of 26.6% from 2020 to 2024 [5]. - The online emotional social market's share of the overall online social market in China is expected to increase from 29.5% in 2020 to 35.7% in 2024, with a market size of 22.6 billion yuan by 2024 [5]. Company Profile - MiLian Technology focuses on emotional social networking, offering products like "Yidui" for users around 30 and "Tietie" for users aged 18-30, with a unique three-party video interaction model [6]. - The company also operates internationally with products like HiFami, Chatta, and Seeta targeting diverse user groups in Southeast Asia, the Middle East, North America, and South America [6]. User Engagement - As of the first half of 2025, MiLian Technology reported an average of 9.9 million monthly active users and 2.1 million daily active users, with 1.2 million monthly paying users [6]. - The flagship product "Yidui" leads the industry with an average of 119.6 app launches per month and an average usage time of 8.0 hours, significantly higher than industry averages [6]. Financial Performance - MiLian Technology's revenue for 2022, 2023, and 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 [8]. - In the first half of 2025, the company achieved revenue of 1.917 billion yuan, marking an 85.9% year-on-year increase, with profits reaching 262 million yuan, a 490% increase [9]. Investment Background - MiLian Technology has attracted significant investment, including a series of funding rounds from various investors, with a valuation of approximately 2.76 billion USD (about 19.64 billion yuan) after the B round in 2020 [10]. - The founders control approximately 63.15% of the company's shares through a series of holding companies and family trusts [10].

Core Viewpoint - The article discusses the booming online dating market in China, highlighted by the IPO of MiLian Technology, the parent company of the dating app "Yidui," which reflects the growing marriage anxiety among young people in the country [4][18]. Company Overview - MiLian Technology was founded in 2015 by Ren Zhe and Zhu Xiaopu, who initially attempted to create a travel community app before pivoting to the dating market [5][6]. - The flagship product "Yidui" targets users around 30 years old in mainland China, while another app "Tietie" focuses on younger users aged 18 to 30 [10][12]. User Engagement and Financial Performance - As of the first half of 2025, Yidui had an average of 480,000 monthly active users, with an average usage time of 8 hours per month and a 72.1% retention rate [10]. - Tietie, launched in 2022, had 170,000 monthly active users with a 43.0% retention rate [10]. - MiLian Technology reported revenues of 1.052 billion RMB in 2022, 1.033 billion RMB in 2023, and projected revenues of 2.373 billion RMB in 2024, with a significant increase to 1.917 billion RMB in the first half of 2025 [13][14]. Market Context - The online dating market in China is projected to reach 22.6 billion RMB in 2024, capturing 45.2% of the global market share, with expectations to grow to 75.7 billion RMB by 2029 [18]. - The article notes that there are approximately 240 million single individuals in China, with a significant portion of the population feeling marriage pressure, particularly during holidays like the National Day [17][18]. Challenges and Risks - Despite the impressive growth, MiLian Technology faces challenges such as potential fraud and user complaints regarding misleading practices, which could pose risks to its reputation and operations [14][16].

Core Viewpoint - The parent company of the popular dating app "Yidui," Milian Technology, has officially submitted its listing application to the Hong Kong Stock Exchange, highlighting its rapid revenue growth and profitability in recent years [1][6]. Company Overview - Milian Technology operates an online emotional social platform with products including Yidui and Tietie in China, and HiFami, Chatta, and Seeta overseas [1]. - The company has a strong backing from notable investors, including Xiaomi and several venture capital firms, which participated in its funding rounds [1][8]. User Engagement and Performance Metrics - As of the six months ending June 30, 2025, Milian Technology reported an average of 9.9 million monthly active users and 2.1 million daily active users for its apps [4]. - Yidui achieved a monthly average usage time of 8.0 hours and a 7-day retention rate of 72.1%, significantly outperforming industry averages [4]. - Tietie, launched in 2022, has an average of 1.7 million monthly active users and a 7-day retention rate of 43.0% [5]. Financial Performance - Milian Technology's revenue has shown significant growth, with a projected increase of over 100% in 2024. The revenues for 2022, 2023, 2024, and the first half of 2025 were reported as 1.052 billion, 1.034 billion, 2.373 billion, and 1.917 billion RMB, respectively [6][7]. - The company recorded losses of 13 million RMB in 2022 and 17 million RMB in 2023, but turned profitable with earnings of 146 million RMB in 2024 and 262 million RMB in the first half of 2025 [6][7]. Market Position - Yidui is positioned as the leading application in China's online emotional social industry, both in terms of user engagement and revenue [4][6]. - The app targets users around the age of 30, focusing on meaningful connections through real-time audio and video interactions [4]. Challenges and Issues - Despite its success, Yidui has faced challenges with fraud cases linked to its platform, prompting the company to enhance its anti-fraud measures and user safety initiatives [2][11][18]. - The company has implemented a comprehensive anti-fraud campaign, utilizing both online and offline strategies to educate users about potential scams [18].

Core Viewpoint - The well-known dating platform, Yidui, under the parent company Miliang Technology, has officially submitted its IPO application to the Hong Kong Stock Exchange, showcasing significant revenue growth and profitability, while also facing challenges related to fraud cases associated with its services [1][4]. Company Overview - Miliang Technology operates several social applications, including Yidui and Tietie in China, and HiFami, Chatta, and Seeta overseas [1]. - The company has achieved rapid revenue growth in recent years, with a notable increase in active users and profitability [3][4]. User Engagement and Performance 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 monthly paying users [3]. - Yidui leads the Chinese online dating sector with an average monthly usage time of 8.0 hours and a 72.1% seven-day retention rate, significantly outperforming industry averages [3][4]. Financial Performance - Miliang 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 CNY respectively, with a revenue increase of over 100% expected in 2024 [4]. - The company recorded losses of 13 million and 17 million CNY in 2022 and 2023, but turned profitable with earnings of 146 million and 262 million CNY in 2024 and the first half of 2025 [4]. Shareholder Background - Miliang Technology has prominent investors, including Xiaomi and several venture capital firms, with a history of multiple funding rounds since its inception in 2015 [5][7]. Fraud Issues - Despite its success, Yidui has been associated with numerous fraud cases, where users have been scammed through the platform [8][9]. - The company has acknowledged the issue and is actively implementing measures to combat fraud, including a dedicated anti-fraud knowledge section within the app and various awareness campaigns [10].

Core Viewpoint - The well-known dating platform iDui, under the parent company MiLian Technology, has officially submitted its listing application to the Hong Kong Stock Exchange, showcasing significant revenue growth while facing challenges related to fraud cases associated with its services [1][7]. Group 1: Company Overview - MiLian Technology operates several online emotional social platforms, including iDui and TieTie, with a focus on providing high-quality emotional connections for users who may struggle with social interactions [2][3]. - The company has achieved profitability and rapid revenue growth, with a reported revenue of 10.52 billion yuan in 2022, 10.34 billion yuan in 2023, 23.73 billion yuan in 2024, and 19.17 billion yuan in the first half of 2025 [4]. Group 2: User Engagement and Performance Metrics - As of June 30, 2025, iDui reported an average of 9.9 million monthly active users, 2.1 million daily active users, and 1.2 million monthly paying users, indicating strong user engagement [2]. - iDui leads the Chinese online emotional social industry with an average monthly usage time of 8.0 hours and a 7-day retention rate of 72.1%, significantly outperforming industry averages [3]. Group 3: Fraud Issues and Company Response - Despite its success, iDui has been associated with numerous fraud cases, where users have been scammed under the guise of romantic relationships, with reported fraud amounts reaching over 114,000 yuan in some instances [7][8]. - In response to the rising fraud incidents, iDui has implemented measures to enhance user awareness and safety, including a dedicated anti-fraud knowledge section within the app and targeted promotional campaigns during key dates [8].

Core Insights - 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] - The online social industry in China is projected to reach a revenue of 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 RMB 22.6 billion by 2024, with approximately 280 million users by June 30, 2025 [3] Company Performance - 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 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] - Yidui also recorded an average of 119.6 launches per month per active user, far exceeding the industry average of 55.2 launches [4] - For the six months ending June 30, 2025, Miliang Technology's revenue was approximately RMB 1.917 billion, with a profit of RMB 262 million, marking a significant improvement from previous years [4][6] Financial Overview - The company reported revenues of approximately RMB 1.052 billion, RMB 1.033 billion, RMB 2.373 billion, and RMB 1.917 billion for the fiscal years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [6] - Operating profit margins improved significantly, with operating profits of RMB 14.3 million, RMB 34 million, RMB 240 million, and RMB 375 million for the respective periods [6] - The company experienced a turnaround in profitability, moving from losses in 2022 and 2023 to profits in 2024 and the first half of 2025 [4][6]