Soul三闯港交所 已成Z世代“情价比”消费平台？

Core Viewpoint - Soul, an AI-driven immersive social platform, has submitted its IPO application to the Hong Kong Stock Exchange, marking its third attempt at going public, with a notable improvement in financial performance compared to previous attempts [1][6]. Financial Performance - For the first eight months of 2025, Soul reported revenue of 1.683 billion yuan, a year-on-year increase of 17.86%, and an adjusted net profit of 286 million yuan, up 73% from the previous year [1][2]. - Projected revenues for 2022, 2023, and 2024 are 1.667 billion yuan, 1.846 billion yuan, and 2.211 billion yuan respectively, with gross profits of 1.439 billion yuan, 1.578 billion yuan, and 1.851 billion yuan, reflecting gross margins of 86.3%, 85.5%, and 83.7% [1][2]. User Engagement - Soul has approximately 390 million registered users, with a daily active user (DAU) count of about 11 million in the first eight months of 2025, and an average usage time exceeding 50 minutes per day [2][6]. - The platform has a monthly user retention rate of 80% over three months, indicating strong user engagement [2]. Emotional Value and Consumer Behavior - A report indicates that 46.8% of youth view emotional value as a remedy for stress, with nearly 60% willing to pay for emotional value, reflecting a shift towards "emotional value consumption" [2][3]. - Soul's unique positioning focuses on AI-driven emotional value services, differentiating itself from traditional social platforms by emphasizing psychological resonance and emotional connections [3][6]. Revenue Model and User Monetization - AI-driven services, including virtual goods and membership privileges, account for over 90% of Soul's revenue in the first eight months of 2025, with an average revenue per paying user of 104.4 yuan [6]. - The platform's paid user conversion rate stands at 6.5%, demonstrating a strong willingness to pay for emotional value services [6]. Shareholder Structure and Strategic Support - Tencent holds a 49.9% stake in Soul, providing significant strategic support without direct involvement in daily operations, which may enhance investor confidence during the IPO process [7]. - Other shareholders include miHoYo, Genesis Capital, and 5Y Capital, contributing to a diverse ownership structure [7].