四闯IPO，Soul赚得到年轻人“情绪价值”的钱吗？

Core Viewpoint - Soul has submitted its IPO application to the Hong Kong Stock Exchange for the fourth time since its attempt to go public in the US in 2021, showing improved financial performance with a revenue of 1.68 billion yuan in the first eight months of 2025, a year-on-year increase of 17.8% [1] Financial Performance - Revenue for the first eight months of 2025 reached 1.68 billion yuan, reflecting a 17.8% year-on-year growth [1] - Operating profit turned positive in 2023 and has continued to grow, with customer acquisition costs significantly reduced, leading to a decrease in sales expenses from 1.5 billion yuan in 2021 to 890 million yuan in 2024 [1] - Monthly active users (MAUs) are projected to slightly increase from 26.2 million in 2023 to 28 million in 2025, while daily active users (DAUs) are expected to rise from 9.4 million in 2023 to 11 million in 2025 [2] Business Model and Strategy - Soul positions itself as a leading AI and immersive social platform, focusing on user interests and personalities rather than physical appearance, creating a unique emotional oasis for users [3][4] - The company plans to allocate funds raised from the IPO towards expanding into XR, virtual spaces, and AI-driven technologies related to the metaverse [3][4] - The revenue structure remains highly concentrated, with virtual goods and membership services accounting for over 90% of total income, while advertising revenue is less than 10% [7] User Engagement and Challenges - The average revenue per paying user has increased by approximately 140% to 104.4 yuan, with daily active users spending over 50 minutes on the platform [7] - Despite the positive financial indicators, the user payment rate remains low, peaking at only 6.5% in 2025, which is significantly lower than competitors [7] - The user base has declined from a peak of 31.6 million MAUs in 2021 to around 26.2 million in 2023, with only a slight recovery expected in 2025 [7] Emotional Value and Market Positioning - Soul's core business revolves around capturing the "emotional value" of young users, addressing the demand for anonymous communication and emotional resonance [8] - The platform's shift towards monetizing social opportunities and efficiency has raised concerns about straying from its original mission of "soul over appearance," potentially altering community dynamics [8] - The introduction of virtual companions has highlighted the challenges of balancing user expectations and trust within the emotional consumption space [8]