从亏15亿到赚10亿，Soul变身AI社交再次冲击IPO

Core Viewpoint - Soulgate Inc., the parent company of the social platform Soul, has submitted an IPO application to the Hong Kong Stock Exchange, with Tencent as a strategic investor holding 49.9% of the shares. The company aims to overcome previous IPO failures and has demonstrated a turnaround in profitability [2][3]. Financial Performance - Soul's revenue for 2022, 2023, and 2024 is projected to be 1.667 billion, 1.846 billion, and 2.211 billion RMB, respectively, with a compound annual growth rate exceeding 15%. The adjusted net profit for the same years is expected to be -21.89 million, 361 million, and 337 million RMB, indicating a significant recovery [3][4]. - The total adjusted net profit for the first eight months of 2025 is projected to be 286 million RMB, with the total net profit for 2023-2025 expected to approach 1 billion RMB [3]. Revenue Breakdown - Soul's primary revenue sources are emotional value services (approximately 90% of total revenue) and advertising (around 10%). Emotional value services include user in-app purchases and subscription income, while advertising revenue has shown a growth rate of 64% from 140 million to 239 million RMB between 2022 and 2024 [4][5]. - Within emotional value services, virtual goods revenue significantly surpasses membership subscriptions, with the majority coming from user-to-user virtual gifts [6]. User Engagement Metrics - As of August 2025, Soul's monthly active users (MAU) are projected to be 28 million, with daily active users (DAU) reaching 11 million. The average revenue per paying user (ARPU) has increased from 75.3 RMB in 2022 to 104.4 RMB by August 2025, reflecting a 38.6% growth [8][9]. - The user engagement metrics indicate that while the number of paying users has remained relatively stable, the average income per paying user has risen, showcasing improved monetization strategies [9][10]. AI Integration - Soul has integrated AI into its platform, enhancing user interaction through features like AI virtual companions and recommendation systems. The AI Booster function has gained traction, with 4.6 million daily active users by August 2025, accounting for about 40% of total DAU [10][16]. - The AI capabilities are centered around a model called Soul X, which processes various data types and aims to enhance user emotional engagement and interaction efficiency [11][13]. Market Challenges - Despite the positive financial indicators, Soul faces challenges similar to those of Tinder, including stagnation in user growth and reliance on monetizing existing users rather than expanding the user base. The current paying rate stands at 6.5%, which is lower than Tinder's approximately 12% [19].