Soul启动港股上市进程，高占比Z世代用户夯实“情绪经济”叙事

Core Insights - Soul App has submitted its main board listing application to the Hong Kong Stock Exchange, emphasizing its focus on "emotional value" for Generation Z [1] - The platform boasts that 78.7% of its daily active users belong to Generation Z, and it has achieved sustained profitability since 2023 [1][3] - The upcoming IPO is seen as a critical moment for Soul to gain recognition in the capital market through its unique positioning [1] User Demographics and Financial Performance - Over 78.7% of Soul's daily active users are from Generation Z, who engage in self-expression and interaction through virtual identities, seeking immersive satisfaction [3] - The company has reported nearly 1 billion yuan in adjusted net profit within three years of operation [3] - By 2021, Soul reached 9.1 million daily active users, with over 70% being post-90s users [4] Unique Business Model and Market Positioning - Soul's business model disrupts traditional social networking by not encouraging real avatars and instead promoting virtual identities, focusing on interests rather than appearances [4] - The platform's core philosophy is to prioritize understanding over recognition, addressing the emotional needs of users [4] - Soul has attracted significant investments from major stakeholders, including Tencent, which holds a 49.9% stake, making it the largest institutional shareholder [4] Future Outlook and Competitive Advantage - The progression of Soul's IPO signifies a shift towards validating its ability to meet deep emotional needs and realizing its value [6] - The company's unique understanding of "emotional value" will be crucial in transforming into a sustainable competitive advantage and ensuring long-term profitability in a highly competitive social networking landscape [6]