Soul再闯港交所，3.9亿用户撑起AI社交新故事

Core Insights - Soulgate, the operator of the social platform Soul, has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on its unique "soul social" model that emphasizes emotional expression over physical appearance [1][3] Group 1: Company Overview - Soul is positioned as a leading AI and immersive social platform in China, with approximately 390 million registered users and an average of 11 million daily active users as of August 31, 2025, with nearly 80% of users being Generation Z [3] - The company reported a revenue of 1.683 billion yuan for the first eight months of 2025, reflecting a year-on-year growth of 17.8% [3] - Soul achieved adjusted net profit for the first time in 2023, with an adjusted net profit of 286 million yuan in the first eight months of 2025, representing a significant increase of 73% year-on-year [3] Group 2: Business Model and Revenue Sources - The company's revenue primarily comes from "AI-driven emotional value services," including virtual goods and membership privileges, which contributed over 90% of total revenue in the first eight months of 2025 [4] - Soul's development has evolved from "soul social" to "social metaverse" and currently to "AI+ immersive social platform," indicating a strategic expansion of its service offerings [4] Group 3: Historical Context and Shareholding - This is not Soul's first attempt to enter the capital market; the company previously planned to go public in the U.S. in 2021 with an estimated valuation of $2 billion but paused the listing process [4] - The company has made two previous attempts to list on the Hong Kong Stock Exchange in 2022 and 2023, both of which were unsuccessful due to application material issues [4] - Tencent is the largest external shareholder with a 49.9% stake, while founder Zhang Lu holds 32% of the shares and possesses 65% of the voting rights [4]