Soul第四次冲击IPO，日活用户量居国内同行第一 花钱“买”人！3年推广花了近29亿元

Core Viewpoint - Soulgate Inc. (Soul) is seeking to go public on the Hong Kong Stock Exchange for the fourth time, having previously failed in its IPO attempts. The company has turned a profit recently due to non-operating income adjustments, but its user growth is stagnating and its paid conversion rates are below industry averages [1][2]. Group 1: Financial Performance - Soul has reported a cumulative marketing expenditure of nearly 2.9 billion yuan over the past three years, primarily on advertising, which has contributed to its recent profitability [1][2]. - The company has been in a loss position according to IFRS from 2022 to the first eight months of 2025, with adjusted net profits only turning positive due to non-operating income [2]. - Revenue from emotional value services increased from 1.52 billion yuan in 2022 to 1.97 billion yuan in 2024, with 1.528 billion yuan achieved in the first eight months of this year [3]. Group 2: User Metrics - As of August 31, the average daily active users (DAU) reached 11 million, with 78.7% being Generation Z users, making it the leader in the AI + immersive social platform sector in China [2]. - The monthly active users (MAU) stood at 28 million, not recovering to the peak of 29.4 million in 2022, indicating a shift from user growth to user engagement [2]. - The user engagement ratio (DAU/MAU) improved from 32% to nearly 40%, suggesting a focus on existing user retention rather than acquiring new users [2]. Group 3: Revenue Structure - The majority of Soul's revenue comes from in-app purchases and subscription services, with emotional value services accounting for over 90% of total revenue, while advertising contributes only about 10% [3]. - The average revenue per paying user increased from 75.3 yuan in 2022 to 104.4 yuan in the first eight months of 2025, with the paid conversion rate rising from 5.7% to 6.5% [3]. - Complaints regarding "induced payments" on platforms like Black Cat Complaints may affect user willingness to pay, posing a risk to revenue growth [3]. Group 4: Business Model and Challenges - Soul positions itself as an "AI + immersive social platform," but AI-related revenue accounted for only 2.97 billion yuan, or 17.7% of total revenue, in the first eight months of 2025 [4]. - The company's gross margin has consistently been above 80%, but there are signs of a declining trend [4]. - Soul has faced regulatory challenges, including being taken down for inadequate content review and issues related to personal information collection [4].