海外消费 行 业 研 究 2025 年 12 月 14 日 投资评级：看好（维持） ——行业周报 行业走势图 数据来源：聚源 -29% -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 社会服务 沪深300 相关研究报告 《柬埔寨公布对中免签政策，蜜雪、 古茗进军早餐—行业周报》-2025.12.7 《论时尚消费如何穿越周期，美图推 出电商设计 Agent — 行业周报》 -2025.11.30 AI+社交：Soul 和伊对母公司递交招股书，关注全球 AI+情绪经济变现赛道 国内当红社交 APP Soul 的母公司 Soulgate 和伊对母公司米连科技拟赴港 IPO。Soul 专注 Z 世代群体，2025 年前 8 个月 Soul 实现收入 16.83 亿元，同比增长 17.8%； 实现经调整净利润 2.86 亿元，同比增长 73.1%，经调整净利率 17%。米连科技旗 下伊对 App 聚焦 30 岁左右的成熟群体，2025 年前 6 个月米连科技实现收入 19.2 亿元，同比增长 85.9%；实现经调整净利润 2.97 亿元，同比增长 285%，经调整净 《 ...

Core Viewpoint - Soulgate Inc., the parent company of the AI+ immersive social platform Soul, has submitted its prospectus to the Hong Kong Stock Exchange for the third time, marking its fourth attempt to enter the capital market, amidst a competitive landscape with other social platforms like MiLian Technology also aiming for an IPO [1][4]. Financial Performance - Soul's total revenue for 2022, 2023, and 2024 is projected to be 1.667 billion, 1.846 billion, and 2.211 billion RMB respectively, with the first eight months of 2025 showing a revenue of 1.683 billion RMB, reflecting a year-on-year growth of 17.86% [6]. - The adjusted net profit transitioned from a loss in 2022 to a profit of 286 million RMB in 2023, with the first eight months of 2023 showing a net profit of 286 million RMB, a 73% increase year-on-year [6][7]. - Despite high gross margins above 80%, the company faces challenges as over 90% of its revenue comes from virtual gifts and membership services, indicating a lack of diversification in its revenue streams [6][8]. User Metrics - As of August 31, 2025, Soul is expected to have approximately 390 million registered users, with daily active users reaching 11 million, of which 78.7% belong to Generation Z [4][5]. - The monthly active users peaked at 29.4 million in 2022 but have since declined, indicating a potential stagnation in user growth [12][13]. Market Position and Competition - Soul ranks first among Chinese AI+ immersive social platforms in terms of average daily active users, user engagement, and 30-day retention rates for new installations [5]. - In comparison, MiLian Technology's platforms, targeting a different demographic, have shown higher revenue figures despite a smaller user base, highlighting Soul's weaker monetization per user [18][19]. Business Model and Risks - The company's business model heavily relies on emotional value services, which raises concerns about sustainability and profitability, especially given the increasing user complaints related to automatic renewals and inducements to recharge [8][11]. - Soul's marketing and sales expenses have been significant, accounting for over 50% of total revenue in previous years, which has pressured profit margins [14][16]. Future Plans - The upcoming IPO aims to raise funds for technology development, global market expansion, user growth, and brand building, alongside content creation initiatives [20].

Core Viewpoint - Soulgate Inc. has submitted an IPO application to the Hong Kong Stock Exchange, with Tencent as a strategic investor holding 49.9% of the shares, but not participating in daily management and operations [2][3]. Company Overview - Soul is the first AI-driven immersive social networking platform in China where all users interact through avatars, aiming to create an emotional oasis based on interests and personalities rather than real identities [3]. - The funds raised from the IPO will be used for global expansion and enhancing AI capabilities [7]. Financial Performance - As of August 31, 2025, Soul had an average of 11 million daily active users, with 78.7% being Gen Z. Revenue from emotional value services accounted for 90.8% of total revenue [4]. - Total revenues for 2022, 2023, and 2024 were RMB 1.667 billion, RMB 1.846 billion, and RMB 2.211 billion, respectively. For the first eight months of 2025, total revenue was RMB 1.683 billion, a 17.86% increase from RMB 1.428 billion in the same period last year [4][5]. - Adjusted net losses were RMB 21.9 million in 2022, while adjusted net profits for 2023 and 2024 were RMB 361 million and RMB 337 million, respectively. For the first eight months of 2025, adjusted net profit was RMB 286 million, a 72.29% increase from RMB 166 million in the same period last year [4]. Strategic Partnerships - Tencent has been a strategic investor since May 2020, with multiple business relationships, including using WeChat Pay and advertising revenue, but Soul maintains a distinct business model focused on decentralized virtual social interactions [7]. Market Position and Competition - Soul has influenced the social networking landscape, with other products like SoulChill and Litmatch successfully entering overseas markets by adopting its model [8]. - In comparison, another company, Miliang Technology, has also submitted an IPO application and has shown strong financial performance, indicating a competitive landscape in the social networking sector [9][10]. Future Outlook - The IPO funds will support global expansion and technological upgrades, including AI development and content creation [7][16]. - The social networking industry is transitioning from rapid growth to a phase focused on sustainable profitability and clear differentiation, with successful IPOs signaling positive trends for the sector [17].

Core Insights - Momo's subsidiary, Tantan, has been sold for $760 million, while Soul and Miliang Technology are preparing for IPOs in Hong Kong, marking a significant shift in the Chinese social networking landscape over the past decade [1] Group 1: Company Performance - Soul's monthly active users reached 26.2 million by the end of 2024, which is more than three times that of Miliang Technology [3][29] - Despite having a larger user base, Soul's revenue for 2024 is projected at 2.211 billion yuan, nearly on par with Miliang Technology's 2.373 billion yuan [5][4] - Soul's gross margin for 2024 is expected to be 83.7%, significantly higher than Miliang Technology's by over 38 percentage points [27] Group 2: Business Model and Revenue Generation - Soul's primary revenue source comes from user purchases of virtual items and subscription fees, referred to as "emotional value service fees" [12][13] - Revenue from C-end user recharges (emotional value business) for 2022 to 2024 is reported as 1.519 billion yuan, 1.667 billion yuan, and 1.969 billion yuan, respectively, accounting for 80-90% of total revenue [15] - The paid user ratio for Soul is only 6.3% in 2024, which is lower than Miliang Technology's by over 5 percentage points [30] Group 3: Strategic Shifts and Market Positioning - Soul has shifted its branding from a "social metaverse" to an "AI + immersive social platform," reflecting a broader trend in the market [8][12] - The company plans to utilize the funds raised from the IPO to enhance its AI, GPU, and data analysis capabilities [22] - Soul's approach to user matching combines interest-based algorithms with geographical factors, aiming to create a more private and engaging user experience [27][21] Group 4: Challenges and Financial Health - Despite a strong user base, Soul reported a net loss of 149 million yuan in 2024, primarily due to financial liabilities from redeemable shares issued as part of a listing agreement [28] - The company's sales and marketing expenses for 2024 are projected at 889 million yuan, accounting for 40.2% of its revenue, which is a reduction of over 10% compared to 2022 [32] - Soul's ongoing challenge is to improve monetization efficiency while maintaining its core positioning in the market [33]

Core Viewpoint - The online dating market in China is rapidly growing, and companies like Beijing Milian Technology Co., Ltd. are exploring financial services within this sector, raising questions about the viability of such business models [1][3]. Industry Overview - The online dating social market in China has experienced significant growth, with a compound annual growth rate (CAGR) of 32.8% since 2020, increasing its market share from 29.5% in 2020 to an expected 35.7% in 2024 [5]. - The market size is projected to reach 22.6 billion yuan by 2024, with approximately 280 million users by June 30, 2025 [5]. Company Insights - Beijing Milian Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange as of the end of September this year [3]. - The company operates popular apps such as "Yidui" and "Tietie," which focus on online dating and social networking [2]. - In the first half of 2025, the company 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 [6]. Performance Metrics - The "Yidui" app leads the industry with an average usage time of 8.0 hours per month and a seven-day retention rate of 72.1% [7]. - Financially, Milian Technology ranked first in revenue within the online dating social industry for the first half of 2025, achieving 1.917 billion yuan, an 85.9% increase year-on-year, and a net profit of 262 million yuan, a 490% increase [10]. - The company's revenue from 2022 to 2024 was 1.052 billion yuan, 1.034 billion yuan, and 2.373 billion yuan, with net profits of -13.028 million yuan, -16.806 million yuan, and 146 million yuan respectively [9]. Investment Background - Milian Technology has attracted investments from notable firms, including BlueRun Ventures and Xiaomi Group, with a valuation of approximately 276 million USD following its B-round financing in 2020 [13].

Core Viewpoint - The article discusses the potential of the marriage and dating platform "Yidui" under its parent company, Milian Technology, as it prepares for an IPO in Hong Kong, highlighting its impressive revenue growth and high gross margins in the context of the growing single population in China. Group 1: Financial Performance - Milian Technology's revenue is projected to exceed 2 billion yuan in 2024, with a gross margin of 49.5% in the first half of 2025 [1][4] - The company reported a revenue of 1.034 billion yuan in 2023, with a year-on-year growth of 129.5% expected for 2024 [4] - The adjusted net profit margin is expected to rise from 3.7% in 2022 to 15.5% in 2025 [2] Group 2: Market Potential - By 2024, China's single population is expected to reach 240 million, accounting for 17% of the total population, with a suitable age group of 300 million people aged 20-40 [3] - The dating market has a high payment rate, with Milian Technology's revenue heavily reliant on its main product, "Yidui," which contributed over 75% of total revenue in the first half of 2025 [11] Group 3: Business Model - The revenue model primarily relies on value-added services, including virtual gifts, membership subscriptions, and advertising, which accounted for 99.9% of the company's revenue in 2024 [13][14] - The "matchmaker" model enhances user engagement, with users needing to pay for one-on-one text or video chats, thus increasing the frequency of payments [19][20] Group 4: Competitive Landscape - Tencent's stronghold in social networking is noted as a significant factor in the competitive landscape, with its market capitalization at 5.8 trillion HKD as of October 2025 [6] - The article compares Milian Technology's potential valuation with that of Momo, which has a market value of approximately 12 billion USD, highlighting the challenges in monetizing stranger social interactions [31][34] Group 5: Future Considerations - The article raises concerns about potential risks associated with the business model, including consumer inducement and fraud, which could impact the company's performance [24][42] - Regulatory changes and public sentiment regarding the commercialization of dating services may influence the company's future growth and valuation [29][43]

Core Insights - Beijing Milian Technology Co., Ltd. (Milian Technology) has officially submitted its prospectus to the Hong Kong Stock Exchange, aiming for a main board listing, highlighting its emergence as a unicorn in the online emotional social industry in China [1] - As of the first half of 2025, Milian Technology reported total revenue of 1.917 billion yuan and a monthly active user (MAU) count of 9.9 million, with its core product, Yidui, leading the industry with 4.8 million MAUs and high user engagement metrics [1][3] Unique Business Model - Milian Technology has innovatively abandoned the popular "swipe left, swipe right" social model, opting instead for a "host" guided interaction mechanism that addresses the core pain points of online socializing, particularly for serious emotional connections [2] - The host plays multiple roles in a three-party video chat, significantly reducing the psychological barriers for users initiating conversations with strangers, thus enhancing the natural flow of online interactions [2] Targeting Lower-tier Markets - Milian Technology strategically focuses on lower-tier markets, tapping into a large but often overlooked user base with strong social needs but lacking confidence in online interactions [3] - The company employs a three-pronged approach to facilitate meaningful connections: host-guided interactions, data-driven algorithms, and user experience-centered product development [3] Diversification and Global Expansion - In addition to Yidui, Milian Technology has launched "Tietie," a voice social application targeting younger users, and several overseas products, thereby diversifying its offerings [6] - The company has expanded its business internationally, operating products like HiFami, Chatta, and Seeta across Southeast Asia, the Middle East, North America, and South America, with IPO funds allocated for further overseas penetration [6] Safety and Compliance Measures - Safety and compliance are critical for Milian Technology as it prepares for its IPO, especially given the prevalent risks of online fraud and content violations in the industry [7] - The company boasts a "zero penalty" record, reflecting its commitment to user complaint handling and internal risk control, while leveraging AI and big data for proactive platform monitoring [7][8] - Milian Technology is shifting its platform governance from reactive measures to proactive prevention and intervention strategies, aiming to balance user growth with platform safety [8]

Core Viewpoint - The article discusses the rise of "Yidui," a video-based dating community that targets the lower-tier cities in China, highlighting its unique business model that combines social interaction with virtual gifting, leading to significant revenue growth for its parent company, Milian Technology [7][11][36]. Group 1: Company Overview - Yidui was launched in 2017 as a video dating community, focusing on the social needs of middle-aged and young individuals in third and fourth-tier cities [7][8]. - The platform has a unique role of "online matchmaker," where hosts (matchmakers) facilitate interactions between users, creating a lively and engaging environment [8][16]. - Milian Technology, the parent company of Yidui, has submitted an IPO application to the Hong Kong Stock Exchange, with projected revenues exceeding 2 billion RMB in 2024 [11][13]. Group 2: Business Model - The revenue model heavily relies on virtual gifts and tips from users, with matchmakers earning income based on the gifts received during live sessions [10][36]. - The platform's income structure shows that over 70% of revenue comes from virtual gifts, with a significant portion also derived from membership subscriptions and advertising [36]. - The average monthly active user spends about 8 hours on the platform, with a retention rate of 72.1%, indicating strong user engagement [50]. Group 3: Financial Performance - Milian Technology's revenue has shown substantial growth, with figures of 1.052 billion RMB in 2022, 1.033 billion RMB in 2023, and a projected 2.373 billion RMB in 2024 [45]. - In the first half of 2025, the company reported revenues of 1.917 billion RMB, marking an 85.9% increase from the previous year [45]. - The adjusted net profit surged from 0.77 billion RMB to 2.97 billion RMB, reflecting a year-on-year growth of over 285% [45]. Group 4: Market Context - The number of single individuals in China has reached 240 million, representing nearly one-fifth of the population aged 15 and above, creating a substantial market for online dating services [47]. - The online marriage service market is projected to grow to 10.75 billion RMB by 2025, with a notable increase in the online matchmaking and emotional social sectors [49]. - The shift from traditional matchmaking to algorithm-driven and live-streamed interactions signifies a transformation in how relationships are formed and monetized [50][55].

Core Insights - Miliang Technology aims to become the "first online emotional social stock" with a rare "zero penalty" record, attempting to enhance its IPO pricing ahead of its upcoming public offering [1] - The company reported a revenue of 2.37 billion and a profit of 260 million for the first half of 2025, contrasting with significant penalties faced by competitors in the industry [1] - The platform's claimed "sense of security" raises questions about its verifiability as a trust asset versus a crafted capital filter [1] Group 1: Compliance and Governance - Miliang Technology attributes its "zero penalty" status to a "semi-acquaintance" mechanism, where real-name registered matchmakers have control over live sessions and content moderation [1] - The company has implemented a dual-track model of "technology + manpower" for governance, including 24/7 monitoring and monthly updates to a fraud speech database [1] - Despite these measures, industry observers caution that the platform's role as both referee and player complicates the reproducibility of its evaluation standards [1] Group 2: Market Dynamics - The online emotional social market in China is projected to reach 22.6 billion in 2024, with "Yidui" holding the largest market share, relying heavily on a single product for over 70% of its revenue [2] - Miliang Technology focuses on "lower-tier markets," with over 60% of users from third and fourth-tier cities, where older users are more willing to pay for "efficient matching" due to higher time costs and lower discernment abilities [2] Group 3: International Expansion Challenges - Miliang Technology's overseas revenue accounted for only 4.7% of total revenue in the first half of 2025, despite launching products like HiFami and Chatta in Southeast Asia, the Middle East, and Latin America [3] - The company acknowledges the challenges of local compliance but has not provided specific budgets or personnel allocations for these efforts [3] - Cultural differences regarding privacy, gender interaction, and religious boundaries may hinder the transferability of the domestic "matchmaker control" model to international markets [3]

Core Viewpoint - The article discusses the rapid growth of MiLian Technology Co., Ltd. and its flagship app, "Yidui," which has become a popular choice for online dating and social interaction, achieving significant revenue and market share in the Chinese online emotional social market. Group 1: Company Performance - MiLian Technology's revenue from the Yidui app exceeded 1.5 billion yuan in the first half of this year, making it the leader in China's online emotional social market with a market share of 11.6% [2] - The company has attracted investments from various institutions, with its latest financing round valuing it at approximately 276 million USD (about 1.964 billion yuan) [2] - In the first half of this year, the average monthly active users reached 9.92 million, with a significant increase in revenue and net profit compared to the previous year [8][12] Group 2: Business Model - MiLian Technology's revenue primarily comes from value-added services, including virtual goods, interactive features, and membership subscriptions [9] - The company has a clear monetization model, with revenue projections showing a substantial increase from 1.052 billion yuan in 2022 to 2.373 billion yuan in 2024 [9] - The platform's unique approach involves live hosts (redniang) facilitating interactions, which enhances user engagement and retention [16] Group 3: User Engagement and Metrics - Yidui's average monthly active users are 4.8 million, with an average usage time of 8 hours per month, significantly higher than industry averages [16] - The app's user conversion rate for paid users is 16.5%, which is notably above the industry average of around 8% [20] - The platform has over 180,000 online hosts, contributing to a high level of user interaction and revenue generation [17] Group 4: Challenges and Complaints - MiLian Technology faces consumer complaints regarding "induced consumption" and "false advertising," which have raised concerns about its business practices [4][20] - The company has been linked to various fraud cases, including "pig-butchering" scams, highlighting the risks associated with its business model [24][25] - Despite implementing measures to detect fraudulent activities, the company acknowledges ongoing challenges in ensuring user safety and compliance with regulations [30] Group 5: Financial Overview - The company reported a net profit of 146 million yuan in 2024, following losses in the previous two years [11] - As of June 30, the company had cash reserves of 981 million yuan, with total liabilities of 1.077 billion yuan [35] - Marketing expenses accounted for a significant portion of revenue, indicating a focus on user acquisition and retention [33] Group 6: International Expansion - MiLian Technology is expanding into international markets, targeting regions such as Southeast Asia, the Middle East, and North America with new products [36] - The average monthly active users for overseas applications reached 3.5 million, with a paid user conversion rate of 7.5% [36] - The company plans to use funds from its IPO to enhance its marketing efforts in these new markets, although cultural and regulatory challenges remain [36]