来源：新浪证券 出品：新浪财经上市公司研究院 作者：IPO再融资组/郑权 近日，在线情感社交APP伊对的母公司米连科技有限公司（下称"米连科技"）在港交所递交招股书，华 泰国际为独家保荐人。 靠着核心APP伊对480万名月活、18万红娘、行业收入排名第一等高粘性指标数据，米连科技近些年的 业绩迅速爆发。但关于伊对等app"诱导消费"、"虚假相亲"、"服务与宣传不符"、"用机器人聊天套取用 户充值"等公开投诉数不胜数，判决书披露的伊对平台上出现的诈骗案也是接二连三，米连科技的合规 风险不容忽视。 从财务角度分析，米连科技高度依赖增值服务，收入占比几乎100%。从对APP的依赖度看，伊对贡献 约80%收入，公司高度依赖单一产品。截至2025年6月30日，米连科技账面上的现金及现金等价物为 9.81亿元，占总资产的比例高达85%以上，可公司仍要在港股上市募资。 高度依赖单一产品 账面现金近10亿元占总资产的85%仍要募资 招股书显示，米连科技核心业务围绕情感社交展开，其应用产品涵盖国内外市场，国内包含"伊 对"及"贴贴"等主要应用，海外应用产品主要有"HiFami"、"Chatta及Seeta"等。 其中，米连科技 ...

这种真实，恰好吻合"找对象，上伊对"的广告词，暗示只要你诚心找对象，在伊对你就能很容易找到。 当相亲关联上了直播间"打赏"和"礼物"，一场精心设计的"爱情"游戏能撑起伊对的 IPO 吗？ 围观伊对视频相亲直播，你会看到女嘉宾倚在床头，头发卷曲杂扭在一起，一边嗑着瓜子，一边聊天， 另一个女嘉宾在昏暗的厨房里包饺子，有一搭没一搭地聊着，随时起身去拿东西，男嘉宾则举着手机， 背后是一片工地，他一根接着一根地抽烟，红娘提醒"抽烟避着点镜头"，但对方似乎并不在乎。 创始人任喆说，视频比文字、语音更真实。以围观的体验来说，这种粗粝不加修饰的真实，有点过于接 地气而不像是普通意义上的相亲，没有多余的打扮，没有掩饰和矜持，有的只是"所见即所得"的真实。 奔着找对象的人，在伊对上持续活跃，停留时间长，且花了不少钱，这些反映到了伊对的财报里。9月 29日，伊对的母公司米连科技向港交所递交招股书，显示伊对活跃用户月均使用时长8小时、7日留存率 72.1%，截至2025年6月30日的六个月里付费用户转化率16.5%。 不过，这也可能说明用户并不容易在上面找到真爱，而只是成了伊对"爱情买卖"生意中的一环，有男用 户在微博抱怨被欺骗，" ...

Core Viewpoint - The company, Milian Group, integrates anti-fraud efforts into its core business strategy, leveraging digital technology to enhance public safety and combat telecom fraud [1] Group 1: Deepening Government-Enterprise Collaboration - Milian Group actively collaborates with government agencies, including the Ministry of Public Security and various provincial anti-fraud centers, to establish a strategic cooperation mechanism [2] - Recent initiatives include a live broadcast event that attracted over 1.1 million viewers and participation in various anti-fraud promotional activities across multiple provinces [2] - These collaborations demonstrate the recognition of Milian Group's technological capabilities and social responsibility by government entities [2] Group 2: Innovative Promotion Matrix - The company employs an innovative approach to anti-fraud promotion, utilizing a combination of digital empowerment and immersive experiences [3] - Milian Group's online strategy includes targeted messaging through its app, while offline efforts involve interactive activities to enhance public awareness [3] - This dual approach effectively addresses the challenges of insufficient coverage and penetration in anti-fraud education [3] Group 3: Strengthening Technological Empowerment - Milian Group emphasizes the use of advanced digital technologies to enhance anti-fraud measures within its app [4] - Features include real-time monitoring of suspicious activities and the use of big data analytics to intercept potential fraud [5] - The development of a multi-modal large model aids in identifying specific fraud types, thereby improving user safety [5] Group 4: Practicing Technology for Good - The company's anti-fraud initiatives align with national goals, combining technological innovation with public education to enhance risk awareness [6] - Milian Group's efforts reflect the social responsibility of modern tech enterprises and contribute valuable insights for national governance [6] - Future plans include expanding the scope of government-enterprise collaboration and exploring new anti-fraud scenarios [6]

Core Insights - Yidui, a brand under Beijing Milian Technology Co., Ltd., was established in 2015 and is recognized as a national high-tech enterprise, focusing on mobile social networking through innovative integration of audio, video, live streaming, and online hosting [1][9] - The Yidui app incorporates traditional matchmaking elements, featuring a dedicated matchmaking section where enthusiastic users act as online hosts to facilitate interactions among singles [3][5] - Yidui actively organizes offline social events and utilizes various formats like love public classes and live wedding broadcasts to help young people build friendships and romantic relationships [3][5] Group 1 - Yidui hosted a youth matchmaking event titled "Mountains and Water as Matchmakers," creating a romantic platform for 80 quality single talents through an innovative "cultural tourism + social" model [5] - The event combined traditional culture with modern social interaction, featuring activities like fan painting and folk games to help participants break the ice naturally [5] - Four couples successfully matched during the event, concluding with a scenic boat ride in Guilin [5] Group 2 - Beyond promoting youth relationships, Yidui also embraces corporate social responsibility by participating in ecological initiatives [7] - The company launched a public welfare activity called "Every Heartbeat Counts as a Tree," encouraging users to engage in cloud tree planting to support desertification control [7] - This initiative reflects the company's commitment to ecological civilization and the harmonious coexistence of humans and nature [7] Group 3 - Yidui has received backing from state-owned enterprises and notable investment institutions, including People's Daily Cultural Industry Fund, Xiaomi, Yunjiu Capital, Shunwei Capital, and Guangyuan Capital [9] - This support indicates confidence in the long-term prospects of the audio-video social networking sector and strengthens the foundation for the brand's high-quality development [9] - The company aims to continue providing quality social services for youth, helping more individuals find love and happiness [9]

Group 1 - The core viewpoint of the articles emphasizes the importance of enhancing public awareness of financial risk prevention and fraud identification, particularly in the context of online social interactions and investment scams [1][3] - The collaboration between Miliang Group and the Fujian Anti-Fraud Center led to a successful live broadcast event aimed at educating the public on fraud prevention, attracting over 1.1 million viewers and nearly 5,000 participants in an online survey [1][3] - The live broadcast featured a police officer who provided insights into real fraud cases, warning the public to be cautious in online friendships and to enhance their awareness and judgment to avoid scams [1][3] Group 2 - Miliang Group prioritizes user safety by implementing a multi-layered fraud prevention system through its social platform, IDO, which utilizes smart algorithms for real-time monitoring and risk alerts [3] - The company has integrated fraud prevention into its strategic development, establishing a "technology + education" dual-driven mechanism to enhance platform security and contribute to a nationwide fraud prevention system [3][5] - Miliang Group aims to continue its commitment to social responsibility and technological innovation in the fraud prevention sector, fostering a safer online social environment for the public [5]