Soul再战港股：AI+社交，九成收入源于情绪价值服务

Core Insights - Soul has refiled for an IPO on the Hong Kong Stock Exchange after 32 months, shifting its narrative from "social metaverse" to the more popular "AI + immersive social" [2][4] - The company has reported its first profitable financial results, with an adjusted net profit of 286 million yuan in the first eight months of 2025, marking a significant turnaround from previous losses [4][6] - Despite the growth in user numbers and revenue, the average monthly revenue per paying user has shown signs of slowing growth, prompting a focus on AI for sustainable growth [6][7] Company Overview - Soul is recognized as a leading AI + immersive social platform in China, allowing users to express themselves through virtual avatars rather than relying on real identities [2][4] - The company was founded in 2015, and its app launched in 2016, quickly gaining traction with over 1.1 million daily active users by August 2025 [3] Financial Performance - In 2022, Soul had 29.4 million monthly active users, but only 5.7% were paying users, generating an average monthly revenue of 75.3 yuan per paying user, leading to a net loss of 49.48 million yuan [4][5] - By 2025, Soul's revenue reached 1.683 billion yuan, with a cumulative net profit of 985 million yuan since achieving profitability in 2023 [4][6] Revenue Composition - Nearly 90% of Soul's revenue comes from "emotional value services," which include virtual gifts and premium membership subscriptions, while about 10% is derived from advertising services [5] - The introduction of AI has been emphasized in the new prospectus, with the company developing its proprietary Soul X model to enhance user interactions and optimize revenue generation [5][6] AI Investment and Development - Soul has significantly increased its investment in AI, with technology and development expenses rising from 472 million yuan in 2022 to 407 million yuan in the first eight months of 2025, representing 24.2% of revenue [8][9] - The proportion of technical and development staff has increased from 20.7% to 44% of total employees, indicating a strong commitment to enhancing AI capabilities [8] Future Growth Strategies - The primary use of the funds raised will be to further develop AI capabilities, including GPU infrastructure and data analysis, as well as to explore international expansion [9]