Soul上市之路持续推进，近10亿净利答卷讲述“情绪经济”新故事

Core Insights - Soul has submitted its IPO application to the Hong Kong Stock Exchange, focusing on the emotional economy of Generation Z and disclosing an AI ethics governance framework in its prospectus [1][6] - The platform's narrative centers around the emotional value of Generation Z, with over 78.7% of its daily active users belonging to this demographic [3][6] - Soul's financial performance is strong, reporting nearly 1 billion yuan in adjusted net profit within three years [3] Company Overview - Founded in 2015 by Zhang Lu, Soul aims to provide emotional value to users by emphasizing interest-based connections and non-real identity expressions [4] - The platform encourages users to interact through virtual identities rather than real photos, promoting a focus on shared interests and emotional understanding [4] - As of 2021, Soul had 9.1 million daily active users, with over 70% being post-90s generation, and has attracted significant investment from major firms including Tencent and MiHoYo [4] Market Context - The emotional economy in China is projected to reach approximately 24.25 trillion yuan by 2024, with an expected compound annual growth rate of 22.2% until 2030 [5] - The immersive emotional economy segment is anticipated to grow even faster, from about 291.7 billion yuan in 2024 to 1.191 trillion yuan by 2030 [5] User Engagement - As of August 2025, Soul is expected to have around 390 million registered users, with daily active users reaching 11 million in the first eight months of the year, 80% of whom are from Generation Z [6] - Users spend an average of over 50 minutes daily on the platform, and the average monthly revenue per paying user is 104.4 yuan, indicating a strong monetization potential [6] IPO Considerations - The market's interest in Soul's IPO is increasing, particularly regarding its AI ethics governance framework, which is seen as a crucial factor in building investor confidence [6]