“灵魂社交”Soul再冲IPO，曾被指“杀猪盘”重灾区，腾讯是第一大外部股东

Core Insights - Soul, a platform aimed at creating a "soul social" space, is preparing for its fourth IPO attempt after achieving profitability for two consecutive years, with a focus on "emotional value services" as its main revenue source [2][3][5] Financial Performance - In 2022, Soul reported an adjusted net loss of 0.22 billion RMB, but turned profitable in 2023 with an adjusted net profit of 0.361 billion RMB, and is projected to earn 0.337 billion RMB in 2024 [6][7] - Revenue from 2022 to 2024 showed a compound annual growth rate of over 15%, with figures of 1.667 billion RMB, 1.846 billion RMB, and 2.211 billion RMB respectively [8] - For the first eight months of 2025, Soul achieved a revenue of 1.683 billion RMB, confirming its self-sustaining capability [7][8] Revenue Composition - Soul's primary revenue comes from "emotional value services," which account for over 90% of total income, while advertising services contribute around 10% [10] - The "emotional value services" include virtual goods and privileges, with users paying for virtual currency "Soul coins" to purchase items like customized avatars and virtual gifts [11][12] - Virtual gifts and tools generated approximately 60% of total revenue from 2022 to the first eight months of 2025, with significant contributions from recommendation privileges and AI-related income [15] User Engagement - As of August 2025, Soul had 3.9 million registered users, with daily active users reaching 11 million, predominantly from Generation Z, averaging over 50 minutes of usage per day [4][26] - The percentage of paying users increased from 5.7% in 2022 to 6.5% in the first eight months of 2025, with the average revenue per paying user (ARPPU) rising to 104.4 RMB, the highest in the industry [16] Challenges and Risks - Soul faces challenges related to user quality and safety, with reports of scams and inappropriate content linked to its anonymous platform [17][19] - The company has implemented measures to enhance content moderation and user safety, including the development of anti-fraud models [18][22] AI Integration - Soul is leveraging AI technology, particularly through its self-developed model "Soul X," to enhance user interaction and content creation [22][23] - The AI features aim to improve user engagement by facilitating conversations and matching users based on interests [25][26] - The market for AI and immersive emotional economy is projected to grow significantly, with an estimated size of 7.1 billion RMB in 2024, expected to reach 100 billion RMB by 2030 [25]