第四次IPO，Soul不谈元宇宙了

Core Insights - Momo's subsidiary, Tantan, has been sold for $760 million, while Soul and Miliang Technology are preparing for IPOs in Hong Kong, marking a significant shift in the Chinese social networking landscape over the past decade [1] Group 1: Company Performance - Soul's monthly active users reached 26.2 million by the end of 2024, which is more than three times that of Miliang Technology [3][29] - Despite having a larger user base, Soul's revenue for 2024 is projected at 2.211 billion yuan, nearly on par with Miliang Technology's 2.373 billion yuan [5][4] - Soul's gross margin for 2024 is expected to be 83.7%, significantly higher than Miliang Technology's by over 38 percentage points [27] Group 2: Business Model and Revenue Generation - Soul's primary revenue source comes from user purchases of virtual items and subscription fees, referred to as "emotional value service fees" [12][13] - Revenue from C-end user recharges (emotional value business) for 2022 to 2024 is reported as 1.519 billion yuan, 1.667 billion yuan, and 1.969 billion yuan, respectively, accounting for 80-90% of total revenue [15] - The paid user ratio for Soul is only 6.3% in 2024, which is lower than Miliang Technology's by over 5 percentage points [30] Group 3: Strategic Shifts and Market Positioning - Soul has shifted its branding from a "social metaverse" to an "AI + immersive social platform," reflecting a broader trend in the market [8][12] - The company plans to utilize the funds raised from the IPO to enhance its AI, GPU, and data analysis capabilities [22] - Soul's approach to user matching combines interest-based algorithms with geographical factors, aiming to create a more private and engaging user experience [27][21] Group 4: Challenges and Financial Health - Despite a strong user base, Soul reported a net loss of 149 million yuan in 2024, primarily due to financial liabilities from redeemable shares issued as part of a listing agreement [28] - The company's sales and marketing expenses for 2024 are projected at 889 million yuan, accounting for 40.2% of its revenue, which is a reduction of over 10% compared to 2022 [32] - Soul's ongoing challenge is to improve monetization efficiency while maintaining its core positioning in the market [33]