年入22亿，灵魂社交神器要IPO了

Core Insights - Soul, a social networking app targeting Gen Z, has submitted its IPO application to the Hong Kong Stock Exchange for the fourth time since initiating its listing plans in 2021 [4][16] - The company reported a revenue of over 2.2 billion yuan in 2024, with an average monthly spending of 104.4 yuan per paying user, and 78.7% of its users belong to the Gen Z demographic [4][10] Company Background - Founded by Zhang Lu, Soul was launched in November 2016 as a "soul social" platform, focusing on emotional connections rather than traditional image-based social networking [5][9] - The app gained popularity by allowing users to interact through virtual avatars and emphasizing shared values over physical appearance [7][10] Financial Performance - Soul initially adopted a "burn money for growth" strategy, with marketing expenses reaching 289.1%, 124.9%, and 118% of total revenue from 2019 to 2021, leading to significant losses [10][18] - In 2023, the company shifted its strategy to focus on existing user value, resulting in an adjusted net profit of 361 million yuan, with profits of 337 million yuan and 286 million yuan reported for 2024 and the first eight months of 2025, respectively [10][18] Revenue Structure - The primary revenue source for Soul is "emotional value services," which includes virtual gifts and membership privileges, accounting for approximately 90% of total revenue [10][11] - Users can purchase "Soul coins" for various virtual items, with prices ranging from 1.6 yuan to 5,333 yuan for premium gifts [11] IPO Journey - Soul's IPO journey began in May 2021 with plans for a NASDAQ listing, initially valued at around 2 billion USD (approximately 130 billion yuan), but was halted due to regulatory pressures and competition-related lawsuits [15][16] - After multiple failed attempts to list, including a submission to the Hong Kong Stock Exchange in 2022 that became invalid due to outdated materials, the company has now reapplied with improved financials and a clearer AI strategy [16][18] Challenges Ahead - Despite recent profitability, Soul faces challenges such as a highly concentrated revenue structure, with 90.8% of income derived from emotional value services and only 9.1% from advertising [18] - User growth has plateaued, with monthly active users peaking at 29.4 million in 2022 and declining to 28 million by August 2023, alongside a shrinking Gen Z user base [18] - The platform also grapples with governance issues, including scams and inappropriate content, and faces potential debt risks related to financial liabilities amounting to 11 billion to 12.4 billion yuan [18][19]