Soul递交港交所申请:AI+情绪经济为核,Z世代用户成关键支撑

Core Viewpoint - Social platform Soul has submitted its main board listing application to the Hong Kong Stock Exchange, positioning itself as a unique player in the stranger social networking sector with its "soul matching" feature, which is popular among young users [1] Group 1: Business Model and Revenue - Soul redefines itself as an "AI + immersive social platform," with "AI + emotional economy" as the core of its business narrative, tapping into the significant potential of the emotional economy market, projected to reach 4.5 trillion yuan by 2029 [3] - The company's revenue is categorized into emotional value services, advertising, and other income, with AI-driven emotional value services being the primary revenue source, accounting for over 90% of total revenue in the first eight months of 2025 [3] - Revenue growth from 2022 to 2024 shows an increase from 1.667 billion yuan to 2.211 billion yuan, while emotional value service revenue rose from 1.518 billion yuan in 2022 to 1.969 billion yuan in 2024 [3] Group 2: AI Technology and User Engagement - AI technology plays a crucial role in Soul's operations, with its proprietary model Soul X providing deep immersive interactions and emotional experiences, enhancing user matching efficiency through interest graphs and AI algorithms [4] - The integration of AI capabilities, including AI filters and AI music composition, aims to improve monetization efficiency and enhance user interaction experiences [4] Group 3: Financial Performance and Compliance - Soul has demonstrated financial growth and profitability, achieving over 15% compound annual growth from 2022 to 2024, with adjusted profits of 361 million yuan in 2023 and projected adjusted profits of 337 million yuan in 2024 and 286 million yuan in the first eight months of 2025 [4] - In response to increasing regulatory scrutiny, Soul has proactively disclosed governance plans addressing algorithmic bias and data security risks in its prospectus, indicating a commitment to ethical practices [5] Group 4: Future Plans and Market Position - The funds raised from the IPO will be allocated to AI capability development, global expansion, user base growth, and content development, signaling a strong commitment to the commercialization of the emotional economy and long-term growth in the AI social networking sector [5]