相亲市场会是好场景吗？ 随着助贷新规施行，金融机构纷纷披露了互联网贷款合作机构名单。 这其中，主流助贷平台几乎占据金融机构合作名单的半壁江山； 另外，一些鲜为人知开展金融业务的平台也浮出水面—— 禾金财经发现，一家名为"北京米连科技有限公司"的机构出现在小米消费金融的助贷业务合作机构中。 不过，禾金财经下载两款国内App后，未见相关信贷服务，或许两者通过其他形式开展助贷合作。 这家公司于今年9月底向港交所递交了IPO申请，这个细分领域会是开展金融的好场景吗？ 首先，中国在线情感社交市场近几年增长迅速，自2020年起以32.8%的复合年增长率扩张，占中国在线社交市场的份额由2020年的29.5% 提升至2024年的 35.7%。 公开介绍显示，米连科技是一家运营在线情感社交平台的科技公司。 产品包括视频直播相亲软件"伊对"及基于共同兴趣的语音社交"贴贴"，另外还包括海外应用产品HiFami、Chatta及Seeta等。 米连科技招股书显示，2025年上半年，其平均月活跃用户达990万，平均日活跃用户达210万，平均月付费用户达120万。 其中，伊对App月活跃用户月均使用时长8.0小时，七日留存率达72.1%， ...

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 - 米连科技 is set to go public in Hong Kong, marking a significant event in the online social interaction sector after a two-year hiatus for similar IPOs in mainland China. The company has turned a profit through a strategy focused on lower-tier markets, but faces challenges due to concentrated revenue streams and underdeveloped overseas operations [2][10]. Market Overview - The online emotional social market in China is projected to reach a scale of 226 billion yuan by 2024, with approximately 280 million users, accounting for 45% of the global total. The marriageable population aged 20 to 40 is around 300 million, with a single population ratio of 17% [2][3]. Company Profile - 米连科技 was founded in 2017, with its flagship app "伊对" transforming offline matchmaking into a video live-streaming format. The model addresses the "ice-breaking" challenge by facilitating real-time interactions among users [3][10]. - In 2022, the company launched a voice product "贴贴," targeting users aged 18 to 30, creating a dual-platform approach with both video and audio offerings [3]. Financial Performance - The company has been operating at a slight profit or loss in 2022 and 2023, but is expected to achieve its first full-year profit in 2024, driven by improved operational efficiency and cost dilution as scale increases. The revenue structure remains concentrated, with "伊对" contributing over 70% of total revenue, while "贴贴" is gradually increasing its share [3][4]. - As of June 2025, the company reported a monthly active user (MAU) count of 9.9 million, with a daily active user (DAU) count of 2.1 million and a monthly paying user count of 1.2 million, resulting in a paying rate of approximately 12% [4]. User Engagement Metrics - "伊对" has an average MAU of 4.8 million, with an average usage time of 8 hours per month and a seven-day retention rate of 72.1%, significantly higher than the industry average of around 50%. The voice product "贴贴" has a MAU of 1.7 million and a seven-day retention rate of 43% [4][10]. Regulatory Compliance - 米连科技 has not faced any administrative penalties since the launch of "伊对" in 2018, a notable achievement in the marriage and social networking industry. The company employs a 24/7 monitoring system combining AI and human oversight to mitigate risks [6][10]. International Expansion - The company has launched products like HiFami, Chatta, and Seeta in Southeast Asia, the Middle East, North America, and South America. However, overseas revenue contribution remains low at 4.7% in the first half of 2025, indicating that these markets are still in the exploratory phase [8][10]. - Industry experts highlight challenges such as cultural differences and compliance issues in international markets, questioning the replicability of domestic success abroad [9]. Future Outlook - 米连科技's future growth will depend on diversifying its revenue structure and the replicability of its overseas expansion efforts. The ongoing inquiry for its IPO in Hong Kong raises questions about how the market will value this "zero-penalty" company, with more operational data needed for clarity [10].

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 company Miliang Technology, known for its dating app "Yidui," has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for international market expansion, product development, and operational needs [1][2]. Financial Performance - Miliang Technology has experienced significant revenue fluctuations, reporting losses in 2022 and 2023, but is projected to turn a profit in 2024 with a revenue of 1.917 billion yuan and a net profit of 262 million yuan [1][2]. - Revenue figures for the years 2022 to 2025 are as follows: 1.052 billion yuan (2022), 1.034 billion yuan (2023), 2.373 billion yuan (2024), and 1.917 billion yuan (2025) [2][3]. - The average daily active users (DAU) decreased from 2,183,369 in 2022 to 1,876,534 in 2023, while the average monthly paying users increased significantly from 451,663 in 2022 to 873,566 in 2024 [3]. Product and Market Analysis - Miliang Technology's primary revenue sources are its apps "Yidui" and "Tietie," with "Yidui" contributing over 75% of total revenue in the first half of 2025 [3][4]. - The company is focusing on international markets as a second growth avenue, with products available in Southeast Asia, the Middle East, North America, and South America, although profitability in these markets remains uncertain due to high operational and customer acquisition costs [4]. User Experience and Complaints - Users have reported issues with the "Yidui" app, including complaints about misleading advertising and inducement to spend money, with over 2,500 complaints logged on the Black Cat Complaints platform [5][6]. - The app's monetization strategy involves users purchasing virtual gifts (roses) to interact with others, leading to significant user dissatisfaction and allegations of deceptive practices [5][6][10].

Core Viewpoint - Miliang Technology Co., Ltd. has submitted an IPO application to the Hong Kong Stock Exchange, aiming to raise funds for technological upgrades and global expansion in the context of a 22.6 billion yuan market and 280 million users in the "love digital economy" sector [1] Group 1: Company Performance - Miliang Technology's app "Yidui" has achieved an average monthly active user engagement of 8.0 hours and a 72.1% seven-day retention rate, leading the online emotional social industry in China [1] - The company reported a revenue of 19.17 billion yuan for the first half of 2025, representing an 85.9% year-on-year growth, with over 70% of revenue coming from "Yidui" [2] Group 2: Growth Sustainability - Analysts express concerns about the sustainability of Miliang's rapid growth, as revenue heavily relies on the single product "Yidui," and new products like "Tietie" show relatively low retention rates [2] - The company has undergone multiple rounds of financing since 2019, which have alleviated early R&D pressures and injected strategic resources to support its "matchmaker" model [2] Group 3: Global Expansion - Miliang Technology plans to launch new products like HiFami, Chatta, and Seeta in 2024, targeting Southeast Asia, the Middle East, North America, and South America, with a focus on replicating its domestic "matchmaker model" [3] - Currently, overseas business accounts for less than 10% of total monthly active users, and revenue contribution remains limited, making progress difficult to assess [3] Group 4: Compliance and Safety Investments - The company has not faced penalties from regulatory authorities since the launch of its main product "Yidui," which is notable in a highly regulated industry [4] - Miliang employs a "technology + police" mechanism to combat risks, utilizing AI algorithms and human monitoring for 24/7 surveillance, and has taken significant actions against fraudulent accounts [4] - Industry experts question the sustainability of Miliang's substantial investments in compliance and risk management, given the high incidence of fraud in the online dating sector [4]

Core Insights - Miliang Technology Co., Ltd. has submitted an application for a mainboard listing on the Hong Kong Stock Exchange, focusing on its online emotional social platform operations [1] - The flagship product, "Yidui," targets users around 30 years old in mainland China and has generated significant revenue, contributing nearly 80% of the company's total income [2][3] - The company reported total revenue of 1.917 billion RMB for the first half of 2025, with a user base of 9.9 million monthly active users [4][5] Revenue and User Metrics - As of the first half of 2025, Miliang Technology's total revenue reached 1.917 billion RMB, with "Yidui" alone generating 1.5 billion RMB [2][4] - The average monthly active users reached 9.9 million, with 2.1 million daily active users and 1.2 million monthly paying users [4] - The average usage time for "Yidui" users is 8.0 hours per month, with a seven-day retention rate of 72.1%, both leading in the online emotional social industry in China [4] Cost Structure and Profitability - The company's operating costs primarily consist of revenue-sharing fees, which accounted for 56.7%, 54.4%, and 50.5% of total revenue in 2023, 2024, and the first half of 2025, respectively [3] - Miliang Technology reported a loss of 0.17 billion RMB in 2023 but is projected to achieve profits of 0.146 billion RMB and 0.262 billion RMB in 2024 and the first half of 2025 [5] - Sales and marketing expenses increased significantly from 298 million RMB in 2023 to 654 million RMB in 2024 due to heightened advertising efforts [5] Product and Service Offerings - Miliang Technology operates several applications, including "Tietie," "HiFami," "Chatta," and "Seeta," targeting various demographics across different regions [4] - The revenue model is primarily based on value-added services, including virtual goods, interactive features, and membership subscriptions [3] - The company is developing AI companion applications to provide scalable, personalized emotional support to users [5] Leadership and Compensation - The founders, Ren Zhe and Zhu Xiaopu, have seen their compensation increase significantly from 5.49 million RMB in 2022 to over 6.4 million RMB in 2024 [6] - Ren Zhe serves as the Chairman and CEO, while Zhu Xiaopu is the COO, both having extensive backgrounds in technology and management [6] Funding and Valuation - Miliang Technology has completed four rounds of financing, with notable investors including Xiaomi and BlueRun Ventures, achieving a valuation of approximately 276 million USD (about 1.967 billion RMB) after the B round in 2020 [7]