Soul IPO申请递交港交所，ARPPU六年增长140%

Core Insights - Soul App has submitted its fourth application for a mainboard listing on the Hong Kong Stock Exchange, supported by stable profitability and improved financial performance, which strengthens its foundation for entering the capital market [1][6] - Key concerns for investors include the sustainability of high user willingness to pay (ARPPU) and the robustness of its user ecosystem characterized by high engagement and interaction [1][3] Financial Performance - Soul reported an annual profit of 300 million, achieving self-sustainability within two years, with strong financial data being its main strength for the IPO [3] - User engagement metrics are impressive, with an average daily usage time exceeding 50 minutes, a three-month retention rate of 80%, and an average of 75 private messages sent per user daily [3] Revenue Model - Over 90% of Soul's revenue comes from "emotional value services," primarily through value-added services [4] - The monetization strategy involves a "low-threshold lead-in + high-premium monetization" approach, with users spending on virtual gifts, rare avatars, and premium memberships [4] - The average revenue per paying user (ARPPU) reached 104.4 yuan, a 140% increase from 43.5 yuan in 2020, indicating strong user spending behavior [4] Role of AI - AI plays a crucial role in enhancing user experience, with Soul's self-developed Soul X model acting as a "social brain" that personalizes interactions and assists users in engaging more effectively [4] - Users utilizing the AI Booster feature experienced a 32% increase in interaction frequency and an 18 percentage point rise in conversion rates to paying users [4] Strategic Importance of IPO - The IPO represents a significant milestone in Soul's development, transitioning from a focus on user growth to demonstrating profitability and the viability of its business model [6] - Soul's journey offers valuable insights into the commercial logic of new-generation social products, serving as a reference case for investors [6]