Soul第四次冲击上市，AI+社交带来金钱与挑战

Core Viewpoint - Soul is attempting its fourth IPO, transitioning its branding from "social metaverse" to "AI + immersive social platform," reflecting the changing trends in the Chinese internet landscape [1] Group 1: Company Overview - Soul's primary revenue source is AI-driven emotional value services, accounting for 90.8% of total revenue, with an average monthly revenue per paying user of RMB 104.4, ranking first among Chinese AI + immersive social platforms [1][4] - The company has seen significant revenue growth, from RMB 498 million in 2020 to RMB 2.211 billion in 2024, with a 17.86% increase in revenue year-over-year for the first eight months of 2025 [4] Group 2: User Engagement and Metrics - As of August 31, 2025, Soul has 11 million daily active users, with 78.7% being Gen Z, and an average monthly user retention rate of 80% [2] - Soul has approximately 389 million registered users, with users spending over 50 minutes daily on the platform and creating or participating in over 323 million interest-based active "experience" scenarios each month [2] Group 3: Financial Performance - Soul's adjusted net profit turned positive for the first time in 2023, with projected adjusted net profits of RMB 360 million and RMB 340 million for 2023 and 2024, respectively [7] - The company has maintained a stable number of paying users between 1.5 million and 1.8 million over the past four years, with an increase in average revenue per paying user (ARPPU) from RMB 43.5 in 2020 to RMB 104.4 [7][10] Group 4: Technology and Development - Soul's technology and development expenses rose from RMB 187 million in 2020 to RMB 546 million in 2022, with a significant portion of the workforce dedicated to technology development [6] - The company plans to continue investing in technology infrastructure, including GPU computing platforms and data analysis capabilities [6] Group 5: Market Position and Future Outlook - The AI + immersive emotional economy market in China is projected to grow from RMB 7 billion in 2024 to RMB 90 billion by 2030, with a compound annual growth rate of 52.8% [13] - Soul's unique positioning as an "AI + social first stock" offers a differentiated competitive opportunity in a shrinking stranger social market [10]