Core Insights - Miliang Technology submitted its prospectus to the Hong Kong Stock Exchange on September 29, with Huatai International as the sole sponsor [2] - The company's main product, the Idou APP, launched in 2017, generated 1.5 billion yuan in revenue in the first half of 2025, accounting for nearly 80% of total revenue [2][5] - The revenue-sharing model has faced criticism for being perceived as a way to profit from live streaming under the guise of matchmaking, leading to numerous user complaints [2][11] Company Overview - Miliang Technology was founded in 2015 by Ren Zhe and co-founder Zhu Xiaopu, both alumni of Yanshan University [2][3] - The company has a history of successful fundraising, including multiple rounds from notable investors such as Xiaomi Group and BlueRun Ventures [3][4] Product Performance - As of the first half of 2025, Miliang Technology had an average of 9.9 million monthly active users, with 1.2 million being paying users [4] - The Idou APP achieved a monthly average usage time of 8.0 hours and a seven-day retention rate of 72.1%, outperforming industry averages [4][5] Revenue Model - The unique three-party interaction model, led by experienced host users, has been pivotal in driving user engagement and revenue [6][9] - In the first half of 2025, Miliang Technology's revenue reached 1.917 billion yuan, with revenue-sharing fees amounting to 876 million yuan, representing 90.6% of operating costs [9] Financial Growth - Miliang Technology's revenue grew from 1.034 billion yuan in 2023 to 2.373 billion yuan in 2024, a year-on-year increase of 129.5%, with a further 85.9% growth in the first half of 2025 [10] - The company reported a profit of 262 million yuan in the first half of 2025, following a profitable year in 2024 [10] User Complaints - Despite rapid revenue growth, user complaints regarding the Idou APP's revenue-sharing model have increased, with allegations of inducing users to pay for chats without genuine matchmaking outcomes [11][13]

Core Viewpoint - The parent company of the online dating app "Yidui," Milian Technology Co., Ltd., has submitted an IPO prospectus to the Hong Kong Stock Exchange, highlighting its rapid growth but also significant compliance risks associated with its business model [1][11]. Group 1: Business Performance - Milian Technology's core business revolves around emotional social networking, with its main products including "Yidui" and "Tietie" in China, and "HiFami," "Chatta," and "Seeta" overseas [2]. - As of June 2025, "Yidui" has an average of 4.8 million monthly active users and a seven-day retention rate of 72.1%, significantly higher than the industry average [2]. - "Yidui" generated approximately 1.5 billion RMB in revenue, holding an 11.6% market share, making it the top player in China's online emotional social networking sector [3][4]. Group 2: Financial Overview - For the first half of 2025, "Yidui" contributed 79% to Milian Technology's total revenue of 1.917 billion RMB, indicating a heavy reliance on a single product [4]. - As of mid-2025, the company reported cash and cash equivalents of 981 million RMB, accounting for over 85% of its total assets, despite seeking additional capital through the IPO [5]. Group 3: Compliance and Ethical Risks - Milian Technology faces significant compliance challenges, with numerous complaints regarding "induced consumption," "false matchmaking," and "service discrepancies" [1][8]. - The company's business model heavily relies on "matchmakers," with over 180,000 active users, who earn a revenue share of 20% to 52% from user gifts, leading to high operational costs [6]. - The revenue-sharing fees constitute about 90% of the company's total costs, raising concerns about the sustainability of its business model [6]. Group 4: Market Challenges - The online dating sector is characterized by low-frequency engagement, making it difficult for companies to achieve repeat business, which poses a challenge for long-term growth [10]. - The regulatory environment is tightening, with scrutiny on content management and consumer protection, which could impact Milian Technology's IPO prospects [11][12].

Core Insights - The article discusses the unique business model of the dating platform "Yidui," which combines live streaming and virtual gifting to create a monetized matchmaking experience [1][2][3] - The platform's advertising slogan emphasizes the ease of finding a partner, but user experiences suggest that many may not find genuine connections, instead becoming part of a transactional system [2][10] User Engagement and Financial Performance - Yidui reports an average monthly user engagement time of 8 hours and a 72.1% retention rate over seven days, indicating strong user activity [2] - The company has seen significant revenue growth, with 2022 revenues at 1.052 billion RMB, projected to reach 2.373 billion RMB in 2024, reflecting a year-on-year growth rate of 129.5% [6] - The number of monthly active users has reached 9.9 million, with a growth rate of 45.8%, highlighting the platform's increasing popularity [7] Revenue Model - The primary revenue source for Yidui comes from virtual gifts, with a single rose costing approximately 0.1 to 0.15 RMB, and various interactions requiring multiple roses [4][5] - The platform's business model relies heavily on "matchmakers" or "hongniangs," who encourage users to spend on gifts, thus creating a revenue-sharing system that benefits both the platform and the matchmakers [8][9] Market Dynamics and User Behavior - The dating market is characterized by a skewed structure where lower-income male users are more willing to pay for matchmaking services, which Yidui capitalizes on [3] - Users often report feeling exploited, with some spending large sums on virtual gifts without achieving meaningful connections, leading to complaints of scams and deceptive practices [12][13] Challenges and Risks - The platform faces challenges related to user retention and the potential for fraudulent activities, as the lack of stringent user verification allows for scams to proliferate [11][13] - Despite efforts to combat fraud, the business model's reliance on virtual gifting may inadvertently encourage exploitative behaviors among users [12][14]

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]