Soul App递交上市申请：AI 驱动情绪社交，抢占先发优势

Core Viewpoint - Soul App, backed by Tencent, aims to leverage its AI first-mover advantage to achieve a valuation premium in its upcoming Hong Kong IPO [1][2] Group 1: AI and Business Model - Soulgate's core competitive edge lies in "emotional empowerment," which aligns with the brand's essence, "Soul" [2] - The self-developed large model, Soul X, utilizes vast user interaction data from public social scenarios to enhance user experience through real-time emotional understanding [4] - Soul has achieved profitability, a rarity among AI companies, indicating a sustainable business model despite the high costs associated with AI development [4] Group 2: User Engagement and Financial Performance - As of 2025, Soul's daily active users (DAU) are approximately 11 million, with over 90% of revenue generated from AI-driven emotional value services [9] - The platform's revenue for 2024 is projected to be RMB 22.11 billion, a 19.7% increase from RMB 18.46 billion in 2023, with adjusted profits of RMB 3.37 billion and RMB 2.86 billion for 2024 and the first eight months of 2025, respectively [5][6] - The user interaction drives AI model iteration, creating a "user – AI – platform" flywheel effect that enhances commercial opportunities [9] Group 3: Market Position and Future Outlook - Soul's IPO application coincides with a favorable market window, allowing the company to assert its early commitment to generative AI before the current industry trend [6] - The company is positioned to attract Gen Z users seeking emotional empowerment, potentially leading to a new valuation premium [10]