Soul建立了规模庞大且高活跃、高黏性的年轻用户生态，平台累计注册用户约3.9亿，2025年前八个月 日均活跃用户（DAU）约1，100万，用户日均使用时长超50分钟，人均每日发出点对点私信交流约75 条，月均三个月用户留存率达80%。根据弗若斯特沙利文报告，截至2025年前八个月，该公司日均活跃 用户（DAU）、日人均启动次数（20.1次），及新安装用户30日留存率（23%）均在中国AI+沉浸式社 交平台中排名第一。 AI技术是Soul App在沉浸式情绪经济领域快速发展的核心引擎。公司自研原生情绪价值第一大模型Soul X极大地提升了用户体验与社区活跃度。用户的高参与度推动模型和算法持续优化，及AI应用的智能 化，加速平台数字社会的繁荣和用户体验提升，拓宽AI赋能下情绪经济商业化的潜在市场空间，赋能 广告及IP生态等业务增长，形成了独特的"用户–AI–平台"飞轮体系，实现商业化复利效应。 Soul此次申请上市，其他股东包括米哈游、Genesis Capital等。根据文件，公司发售所得款项将用于AI 能力研发、全球范围拓展、用户群扩大、各类内容开发，以及用作营运资金及一般企业用途。 本报讯 （记者梁傲男） ...

AI技术是Soul在沉浸式情绪经济领域快速发展的核心引擎。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据IPO早知道消息，Soulgate Inc.（以下简称"Soul"）于2025年11月27日向港交所递交招股说明书，拟主板挂牌 上市，中信证券担任独家保荐人。 成立至今，Soul已获得腾讯、米哈游、元生资本、五源资本、魔量资本、纪源资本、简鸣资本、DST旗下Apoletto Asia Ltd、雯科创投、光源创新基金等知名机构的投资。其中，腾讯作为战略投资者持有Soul 49.9%的股份，但不 参与日常管理及业务运营。 成立于2015年的Soul作为一家AI+沉浸式社交平台，基于用户的兴趣和个性，并依托先进的AI模型及算法，打造了 一个AI驱动的、温暖的情绪绿洲。弗若斯特沙利文报告显示， Soul是国内首个所有用户均以虚拟身份（avatars） 进行互动的AI+沉浸式社交网络平台。 另外需要指出的一点是， AI技术是Soul在沉浸式情绪经济领域快速发展的核心引擎 ——Soul自研原生情绪价值第 一大模型Soul X极大地提升了用户体验与社区活跃度。用户的高参与度 ...

Core Viewpoint - Soul App, an AI-driven immersive social platform, has submitted its IPO application to the Hong Kong Stock Exchange, with Tencent as a strategic investor holding 49.9% of shares [1] Group 1: User Engagement and Demographics - Over 78.7% of Soul's daily active users (DAU) are from Generation Z, indicating a strong focus on younger demographics [1] - The platform has approximately 390 million registered users, with a DAU of about 11 million in the first eight months of 2025 [2] - Users spend over 50 minutes daily on the platform, sending around 75 peer-to-peer messages each day, showcasing high engagement levels [2] Group 2: Financial Performance - The company reported revenues of 1.667 billion RMB in 2022, projected to grow to 1.846 billion RMB in 2023 and 2.211 billion RMB in 2024, with a compound annual growth rate (CAGR) exceeding 15% from 2022 to 2024 [2] - Adjusted profits for 2024 and the first eight months of 2025 are expected to be 337 million RMB and 286 million RMB, respectively, with gross margins of 83.7% and 81.5% [2] - The AI-driven emotional value services account for over 90% of revenue in the first eight months of 2025, reflecting strong user willingness to pay [2] Group 3: Technological Innovation - Soul's proprietary AI model, SoulX, significantly enhances user experience and community engagement, driving continuous optimization of algorithms and AI applications [3] - The platform's unique "user-AI-platform" flywheel system fosters commercial growth and expands the potential market for AI-enabled emotional economy [3] Group 4: Use of IPO Proceeds - Proceeds from the IPO will be allocated to AI capability development, global expansion, user base growth, content development, and general corporate purposes [3]

11月27日，零售概念表现活跃。A股市场，茂业商业（600828.SH）、海欣食品（002702.SZ）、广百股份（002187.SZ）涨停，东百集团（600693.SH）、百 大集团（600865.SH）、博士眼镜（300622.SZ）、新华百货（600785.SH）、合百集团（000417.SZ）跟涨。港股方面，泡泡玛特（09992.HK）早盘涨超 4%。 消息面上，工业和信息化部等联合印发《关于增强消费品供需适配性进一步促进消费的实施方案》（以下简称《方案》）。 | 发文机关： 工业和信息化部 国家发展改革委 商务部 文化和旅游部 中国人民银行 市场监管总局 | | | --- | --- | | 标 题： 工业和信息化部 国家发展改革委 商务部 文化和旅游部 中国人民银行 市场监管总局印发《关于增强消费品供需适配性进一步促进消费的实施方案》的通知 | | | 发文字号： 工信部联消费 〔2025〕252号 | | | 成文日期: 2025-11-25 | 发布日期: 2025-11-26 | | 发布机构:消费品工业司 | 分 类:政策法规,产业政策 | 《方案》要求，到2027年，消费品供给结构明显 ...

Core Insights - Experience-based consumption is becoming a significant trend among young consumers in Beijing, characterized by immersive, participatory, and emotionally resonant experiences [1][5][11] - Emotional consumption, defined as spending driven by emotional needs and psychological comfort, is increasingly accepted and recognized, particularly among younger demographics [2][4][11] Consumption Trends - There is a notable shift in consumer demand from material utility to spiritual satisfaction, with consumers focusing more on the emotional experiences gained during consumption [4][11] - Emotional consumption encompasses a wide range of products and experiences, including seemingly "useless" items that provide emotional comfort [2][4] Experience-based Consumption - Experience-based consumption is a prominent mode of emotional consumption, where consumers are willing to invest more time and money [5][11] - Activities such as attending live performances, participating in DIY workshops, and collecting unique items are examples of how young consumers engage in experience-based consumption [6][8] Social and Emotional Dynamics - Emotional consumption serves as a means for young people to achieve self-pleasure, capture small moments of happiness, and maintain social connections [8][11] - The rise of social media platforms has amplified the sharing of emotional experiences, creating a new form of social currency among young consumers [8][9] Market Impact - The growing trend of emotional consumption is reshaping the commercial landscape, prompting businesses to focus on the emotional and cultural value of their offerings [11][14] - The integration of emotional value into consumer experiences is driving innovation in service delivery and creating new employment opportunities [14][15] Future Outlook - As the Z generation becomes the main consumer force, spending on emotional experiences is expected to continue growing, reflecting a broader societal shift towards valuing emotional fulfillment [11][12] - The expansion of experience-based consumption is likely to enhance the vibrancy of urban commercial spaces, transforming them into venues that cater to emotional needs [14][15]

Core Insights - The era of rapid growth driven by traffic dividends in the e-commerce sector has ended, transitioning to a phase where efficiency and consumer engagement are paramount [5][6][48] - The focus has shifted from sheer volume to understanding consumer emotions and experiences, marking a transition from a "goods society" to a "service society" [4][48] Group 1: E-commerce Growth Trends - The online retail growth rate for physical goods has significantly slowed, nearing zero growth, indicating a shift from high-speed expansion to stock competition [10][11] - The proportion of online retail sales of physical goods in total retail sales has peaked and is now declining, reflecting a maturing consumer market [13][11] - In contrast, express delivery volumes are experiencing rapid growth, highlighting a new normal characterized by fragmented consumption and high return rates [15][19] Group 2: Changing Competitive Landscape - The competition has shifted from long-distance e-commerce to instant retail, with major players like Alibaba, Meituan, and JD.com investing heavily in "30-minute delivery" models [4][26] - AI technology is being deeply integrated to enhance efficiency across the supply chain, marking the entry of e-commerce into a "computational power era" [4][40] - The new competitive logic emphasizes understanding consumer scenarios and needs rather than merely focusing on product distribution [40][46] Group 3: Consumer Behavior and Preferences - Consumers are increasingly engaging in high-frequency, low-value purchases, leading to a rise in order volumes despite lower individual transaction values [19][20] - The rise of the "emotional economy" indicates a shift towards service consumption, with emotional value and experiences becoming key drivers of consumer behavior [48][49] - The growth of non-physical consumption, such as emotional healing and digital services, is outpacing traditional physical goods sales [49][50] Group 4: Strategic Adjustments by Platforms - E-commerce platforms are evolving their strategies to integrate both online and offline services, focusing on creating seamless consumer experiences [40][46] - Companies are adopting a multi-platform approach, leveraging different channels for distinct roles, such as content-driven engagement and direct sales [24][37] - The competition is increasingly about defining user life scenarios and providing tailored solutions rather than just selling products [40][46] Group 5: Future Outlook - The future of e-commerce lies in the ability to adapt to changing consumer needs and preferences, moving towards a more mature and segmented consumption society [48][56] - Platforms must navigate the complexities of integrating services into their offerings while maintaining quality and consumer trust [46][56] - The emphasis on emotional value and personalized experiences will shape the next phase of growth in the retail landscape [48][50]

在"情绪价值"成为消费关键词的当下，人们开始为"微小而确定"的幸福感买单。 艾媒咨询数据显示，2024年中国"情绪经济"市场规模已达约2.31万亿元，预计2029年将突破4.5万亿元。 但比数字更值得注意的是，人们开始重新回答一个看似简单的问题：我们为什么要买东西？ 相比追逐爆款，越来越多的年轻人开始把消费视为 "挑选生活"的过程。不是因为某个产品火了，而是 因为它能在某个具体的时刻回应自己具体的情绪、状态和需求。 也正因此，人们不再局限于既有的消费模板。在国内商品选择不断丰富的同时，越来越多的消费者开始 从全球范围寻找那些更加细分、有趣、好用且契合自我内在世界的好物。随着亚马逊海外购等跨境进口 电商的普及，这种探索变得更轻松、更高频。不必跨时区联络代购，无需费心计算复杂税费，也不用在 真假难辨的渠道间反复犹豫——海淘成为了一种日常。 而作为海淘消费的关键节点，"黑五"恰好为这种"悦己"式的精准采购提供了一扇清晰的窗口。人们借此 机会，从全球精选那些能融入日常、呼应情绪的好物，一步步搭建起更贴合自我，也更令人安心的生活 细节。 全球搜寻 属于自己的生活方式 3年前在美国读书时，小李收到了朋友送的WoodWic ...

Core Insights - The Morketing Summit 2025 will focus on the new ecosystem of marketing in China, discussing trends and transformations from 2025 to 2026 [2][3] - Key topics include brand building, channel innovation, AI-driven marketing growth, and podcast marketing, with participation from nearly 40 companies [2] Group 1: Marketing Trends - The discussions at the summit will shift from traditional advertising techniques to the broader changes in the marketing ecosystem, including consumer behavior and technological advancements [2] - Five major trends have been identified that will influence brand strategies and marketing decisions in 2025-2026 [2] Group 2: Emotional Economy - The concept of the emotional economy emphasizes that consumers are increasingly motivated by emotional connections rather than just product functionality [42][43] - Brands like McDonald's leverage emotional assets that resonate across generations, highlighting the importance of creating a sense of belonging and happiness for consumers [43] Group 3: Human-Centric Marketing - Human-centric marketing focuses on understanding users as individuals with emotions and motivations, rather than just data points [44] - This approach is driven by the decline in effectiveness of traditional marketing methods, necessitating brands to create content that resonates personally with consumers [44] Group 4: Content as Core Asset - In the fragmented media landscape, engaging content is essential for capturing consumer attention and driving brand loyalty [45] - Brands should develop a content strategy that includes basic product information, professional educational content, and value-driven narratives to connect with consumers [45][46] Group 5: All-Scene Marketing - The concept of "all-scene" marketing recognizes that consumer interactions occur across multiple touchpoints, necessitating a cohesive brand presence in various contexts [47][48] - Brands must ensure consistent experiences across different platforms and touchpoints to enhance consumer engagement and loyalty [49] Group 6: AI in Marketing - AI is a significant focus, with its potential to enhance marketing decision-making, content generation, and consumer engagement [50] - The summit will explore how AI can transform marketing strategies, improve efficiency, and create personalized consumer experiences [50][51]

今天分享的是：2025潮玩、谷子、AI玩具，拥抱年轻人爱玩之心-中国银河 报告共计：14页 潮玩、谷子与AI玩具：Z世代消费新浪潮席卷而来 【关于我们】 在当代消费图景中，年轻一代的"爱玩之心"正悄然重塑市场格局。潮玩、谷子与AI玩具作为新兴赛道，凭借其独特的情感价值 与互动体验，迅速成为Z世代追捧的对象。这一现象不仅反映了消费偏好的代际变迁，更揭示出情绪经济在轻工业领域的深远影 响。随着年轻人日益愿意为兴趣与情感买单，玩具不再只是儿童的专属，而是演变为连接社群、表达个性的重要媒介。 潮玩市场近年来展现出强劲的增长势头。以泡泡玛特为代表的品牌，通过IP运营与盲盒模式成功撬动消费者收藏欲望，复购率 持续攀升。数据显示，中国潮玩市场规模从2015年至2022年复合增长率高达34%，2024年预计突破760亿元。Z世代作为消费主 力，其月可支配收入超过3500元，消费力不容小觑。他们不仅追求产品的艺术性与独特性，还通过二手社群交易增强归属感与 认同感。与此同时，潮玩品牌加速线下布局，一线城市门店密集，而下沉市场仍具广阔空间，未来增长潜力显著。 "谷子"作为动漫、游戏衍生产品的统称，亦在年轻群体中掀起热潮。从徽章、海 ...

Core Insights - The emotional economy in China is projected to reach 2.3 trillion yuan in 2024 and exceed 4.5 trillion yuan by 2029, indicating a significant growth in consumer spending focused on emotional value rather than practicality [1] - Over 40.1% of young consumers prioritize "emotional value and interest" when shopping, surpassing practicality (22.3%) and cost-effectiveness (18.7%) [1] Group 1: Market Trends - The popularity of "small shops" selling non-essential items, such as toys and collectibles, is increasing in urban shopping complexes, with these stores attracting foot traffic comparable to popular dining establishments [3][6] - The trend of emotional consumption is evident, as consumers often purchase items for their emotional benefits rather than their utility, with many shoppers admitting to buying collectibles to relieve stress [2][6] Group 2: Consumer Behavior - Young consumers are increasingly engaging in shopping as a social activity, often visiting stores with friends to unwind and relieve stress, highlighting the importance of the shopping experience itself [2][6] - The demographic for collectible toys is expanding beyond just younger generations, with older consumers also participating in this market, driven by celebrity endorsements and a broader appeal [6] Group 3: Retail Strategy - Retailers are leveraging the emotional value of products to enhance customer experience and extend the time spent in shopping complexes, creating a consumption loop that benefits both small shops and essential retailers [8] - The integration of "small shops" into larger retail environments is seen as a strategy to diversify offerings and attract a wider audience, ultimately benefiting overall sales and foot traffic [8]