“AI+沉浸式社交”平台Soul闯关港交所 “情绪价值服务”收入占比超90%

Core Viewpoint - Soul is making a second attempt to go public on the Hong Kong Stock Exchange after three years, with Tencent as a strategic investor holding 49.9% of its shares, while also facing competition from MiHoYo, which holds 5.47% [1] Financial Performance - Soul's revenue is primarily derived from AI-driven emotional value services and advertising, with emotional value services accounting for 90.8% of total revenue in the first eight months of 2025 [2] - Revenue figures for Soul are projected as follows: 16.67 billion yuan in 2022, 18.46 billion yuan in 2023, and 22.11 billion yuan in 2024, indicating a compound annual growth rate of over 15% from 2022 to 2024 [2] - Soul recorded a revenue of 16.83 billion yuan in the first eight months of 2025, and has been profitable since 2023, with an adjusted profit of 3.61 billion yuan in 2023 [2] User Metrics - As of August 31, 2025, Soul has approximately 390 million registered users, with a daily active user count of 11 million and an average monthly active user interaction rate of 86% [3] - The average monthly revenue per paying user reached 104.4 yuan in the first eight months of 2025 [2] Market Position and Strategy - Soul's user base is predominantly composed of Generation Z, with 78.7% of users falling within this demographic, highlighting its appeal to younger audiences [1] - The platform aims to leverage AI technology to enhance user experience and engagement, focusing on algorithm optimization for better user matching [5] - The company plans to use the funds raised from the IPO to further develop AI capabilities, expand globally, and create various content types, including original IP and AI-generated content [6] Competitive Landscape - The social networking sector is characterized by intense competition, with Soul's unique positioning as a social platform targeting younger users and its focus on AI integration setting it apart from established players like Momo and Tantan [4][5] - Industry experts suggest that while social networking is a necessity, the competitive environment will always present challenges for platforms like Soul [4]