AI社交平台Soul再战港交所，“沉浸式情绪经济”故事好讲吗？

Core Viewpoint - Soul App has submitted its IPO application to the Hong Kong Stock Exchange, with Tencent as a strategic investor holding 49.9% of the shares, and CITIC Securities acting as the sole sponsor for the IPO [2] Financial Performance - Soul's projected revenues for 2022, 2023, and 2024 are 1.667 billion, 1.846 billion, and 2.211 billion RMB respectively, with a compound annual growth rate (CAGR) exceeding 15% from 2022 to 2024 [2] - The company has recorded stable profitability since 2023, with adjusted profits of 337 million RMB for 2024 and 286 million RMB for the first eight months of 2025, and gross margins of 83.7% and 81.5% respectively [2] - The net cash generated from operating activities for 2024 is projected to be 421 million RMB [2] User Engagement and Market Position - Over 78.7% of Soul's daily active users (DAU) are from Generation Z, with approximately 39 million registered users and an average DAU of about 11 million in the first eight months of 2025 [3] - Users spend over 50 minutes daily on the platform, sending an average of 75 peer-to-peer messages each day, with a three-month user retention rate of 80% [3] - Soul ranks first among AI-driven immersive social platforms in China for DAU, daily average launches (20.1 times), and 30-day retention rate for new users (23%) [3] Business Model and Revenue Sources - The primary revenue source for Soul is AI-driven emotional value services, including virtual goods and membership privileges, which accounted for over 90% of revenue in the first eight months of 2025 [3] - The average revenue per paying user (ARPPU) is 104.4 RMB, indicating a strong willingness to pay for emotional value services [3] Company History and IPO Journey - Soul was established in 2015 and completed its D+ round of financing in 2021, with a steady financing rhythm and rapid valuation increase [4] - The company has raised over 310 million USD in total funding, with significant investments from Tencent and other notable investors [5] - Soul's IPO journey has faced challenges, including a halted NASDAQ listing in 2021 and a failed Hong Kong listing attempt in 2022, but it has now formally submitted its application to the Hong Kong Stock Exchange [6]