Core Viewpoint - 米连科技, a leading online emotional social platform in China, has submitted its prospectus to the Hong Kong Stock Exchange, revealing impressive growth but also facing controversies regarding its unique business model [1][2]. Company Overview - 米连科技 operates multiple applications, including 伊对 and 贴贴, targeting different demographics in both domestic and international markets. 伊对, launched in 2017, focuses on users around 30 years old, while 贴贴, launched in 2022, targets users aged 18 to 30 with interest-based voice socializing [2][4]. Market Position - 米连科技 holds a leading position in China's online emotional social market, with an average of 9.9 million monthly active users and 1.2 million monthly paying users as of June 30, 2023. 伊对 has a significantly higher average usage frequency compared to its competitors [4][5]. Financial Performance - The company's revenue has doubled from 1.052 billion RMB in 2022 to 2.372 billion RMB in 2024, with a notable net profit of 145.6 million RMB in 2024, marking a turnaround from previous losses [10][11]. Business Model - 米连科技's revenue primarily comes from virtual gifts, subscription services, and advertising. The virtual gifts segment is the main source of income, allowing users to express emotions through gifting during social interactions [6][7]. User Engagement Strategy - The company employs a unique three-party interactive model led by hosts to enhance user engagement and create more consumption scenarios. This model aims to assist users who lack confidence in online interactions [7][8]. Market Potential - The global online emotional social market is projected to grow from 191 billion RMB in 2020 to 499 billion RMB in 2024, with China expected to capture 45.2% of this market share [8]. Controversies and Challenges - 米连科技 faces significant scrutiny regarding its business practices, particularly concerning 伊对's operational model, which has been accused of inducing consumer spending and ethical risks. Complaints have been filed regarding misleading practices and hidden charges [13][15][20].

格隆汇9月29日丨据港交所9月29日披露，米连科技有限公司(以下简称"米连科技"或"公司")向港交所递 交上市申请，独家保荐人为华泰国际。 于2022年、2023年、2024年以及截至2024年及2025年6月30日止六个月，公司的收入分别为人民币 1,052.3百万元、人民币1,033.8百万元、人民币2,372.5百万元、人民币1,031.0百万元及人民币1,916.6百万 元；毛利分别为人民币469.6百万元、人民币447.4百万元、人民币1,082.3百万元、人民币465.3百万元及 人民币949.4百万元，同期的毛利率分别为44.6%、43.3%、45.6%、45.1%及49.5%；同期，公司的年度 / 期间经调整净利润(非国际财务报告准则计量)分别为人民币39.5百万元、人民币42.5百万元、人民币 212.4百万元、人民币77.1百万元及人民币296.5百万元。 此次融资所得款项拟将用作如下：将用于透过现有产品渗透更多海外市场及开发适合海外市场的差异化 产品；将用于进一步投资于扩大公司的研发及技术团队，升级公司的核心技术基础设施，增强公司的产 品及优化用户体验；将用于战略投资及收购；将用作营运资 ...

Core Viewpoint - 米连科技有限公司 is set to go public on the Hong Kong Stock Exchange, with its flagship product "伊对" leading the online emotional social industry in China based on revenue and user engagement metrics [3][4]. Group 1: Company Overview - 米连科技 was established in 2015 and launched its first mobile application "伊对" in 2017, followed by "贴贴" in 2022 and several overseas products in 2024 [3]. - The company focuses on creating meaningful connections through real-time audio and video social interactions, targeting users around 30 years old in mainland China for "伊对" and 18-30 years old for "贴贴" [3]. Group 2: User Engagement Metrics - In the first half of this year, 米连科技 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]. - "伊对" 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]. - The app also recorded an average of 119.6 launches per month, far exceeding the industry average of 55.2 launches [4]. Group 3: Financial Performance - 米连科技's revenue from 2022 to 2024 was reported as 1.052 billion, 1.034 billion, and 2.373 billion respectively, with a significant increase of 85.9% in the first half of this year, reaching 1.917 billion compared to 1.031 billion in the same period last year [4]. - The adjusted net profit for the same period increased over 285% to 297 million from 77 million in 2024 [5]. Group 4: Investment and Future Plans - 米连科技 has attracted investments from notable firms such as 蓝驰创投, XVC, and 小米, and has conducted a share buyback in 2024 [5]. - The funds raised from the IPO will be primarily used for expanding into overseas markets, developing differentiated products, enhancing R&D capabilities, and general corporate purposes [5].

据港交所9月29日披露，米连科技有限公司(简称：米连科技)向港交所主板提交上市申请书，华泰国际为其独家保荐人。 招股书显示，米连科技是中国领先的在线情感社交平台公司。公司深刻理解大众用户在建立有意义的情感连接时所面临的不同需求， 致力打造一个能帮助大众用户建立连接并维系深层次情感关系的平台。 为满足用户多元化的社交互动需求，米连科技全面的应用产品组合包括伊对及贴贴等主要国内应用产品，以及HiFami、Chatta及Seeta 等海外应用产品，为用户提供多元化社交体验，涵盖促进有意义的连接、便于共同兴趣交流，确保能包容不同用户群体并与之契合。 行业方面，根据灼识咨询的资料，2024年中国在线社交行业的收入规模达人民币632亿元，2020年至2024年的复合年增长率为26.6%， 是全球最大的在线社交市场。中国在线情感社交市场规模自2020年起以32.8%的复合年增长率扩张，2024年市场规模达人民币226亿 元，是全球最大的在线情感社交市场。截至2025年6月30日，中国在线情感社交平台用户数约达2.8亿名。 米连科技在打造活跃且参与度极高的社群上取得的成功，截至2025年6月30日止六个月，米连科技的平均月活 ...