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） ...

Core Viewpoint - Soulgate Inc. is leveraging AI technology as the core engine for rapid development in the immersive emotional economy, positioning itself as a leading AI-driven social platform in China [2][5]. Company Overview - Founded in 2015, Soul is an AI + immersive social platform that creates a warm emotional oasis based on user interests and personalities, utilizing advanced AI models and algorithms [3]. - Soul is the first AI + immersive social network platform in China where all users interact through virtual identities (avatars) [3]. User Engagement - As of August 31, 2025, Soul has approximately 390 million registered users, with daily active users reaching 11 million, 78.7% of whom are Gen Z [5]. - Users spend over 50 minutes daily on the platform, with an average monthly active user interaction rate of 86.0%, sending about 75 point-to-point messages per day [5]. - The platform sees over 323 million active "experience" scenarios created or participated in by users each month, with a three-month average user retention rate of 80% [5]. Financial Performance - Soul's revenue for 2022, 2023, and 2024 is projected at 1.667 billion, 1.846 billion, and 2.211 billion yuan, respectively, with a compound annual growth rate exceeding 15% [6]. - In the first eight months of this year, revenue grew by 17.8% year-on-year to 1.683 billion yuan, with AI-driven emotional value services accounting for over 90% of total revenue [6]. - The average revenue per paying user (ARPPU) is 104.4 yuan, indicating strong willingness to pay for emotional value services [6]. - Soul has achieved stable profitability since 2023, with an adjusted net profit of 337 million yuan projected for 2024, and an adjusted net profit of 286 million yuan in the first eight months of this year, reflecting a 73% year-on-year growth [6]. Investment and Funding - Soul has received investments from notable institutions including Tencent, miHoYo, and several venture capital firms, with Tencent holding a 49.9% stake as a strategic investor [6]. IPO Plans - Soul plans to use the net proceeds from its IPO primarily for further development of AI capabilities, GPU capabilities, data analytics, talent retention, global platform expansion, user base growth, content development, and general corporate purposes [7].

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]

Group 1 - The retail sector is showing active performance, with several companies in A-shares and Hong Kong stocks experiencing significant gains, indicating a positive market sentiment [1] - The Ministry of Industry and Information Technology, along with other governmental bodies, has issued a plan to enhance the adaptability of supply and demand in consumer goods, aiming to stimulate consumption [2][3] Group 2 - The plan outlines goals for 2027, including the optimization of the consumer goods supply structure, the formation of three trillion-level consumption fields, and ten hundred-billion-level consumption hotspots [5] - By 2030, a high-quality development pattern characterized by positive interaction between supply and consumption is expected to be established, with a steady increase in consumption's contribution to economic growth [5] - The plan emphasizes the expansion of diverse interest consumption supplies, particularly in areas such as pet-related products, anime, and trendy toys, reflecting a shift in consumer preferences towards emotional and experiential purchases [5] - The emotional economy in China is projected to grow significantly, with the market size expected to reach approximately 23 trillion yuan in 2024 and exceed 45 trillion yuan by 2029, highlighting the importance of emotional consumption in driving market growth [6] - The pet economy is anticipated to reach a scale of 701.3 billion yuan in 2024, with a year-on-year growth of 18.3%, and is expected to grow to 1.15 trillion yuan by 2028 [6] - The trendy toy industry in China is valued at around 60 billion yuan in 2023, with projections to reach 110.1 billion yuan by 2026, indicating a robust annual growth rate of over 20% [7] - The ongoing policy support and rapid market demand expansion in sectors like pet economy and trendy toys are expected to accelerate growth, presenting new opportunities for retail companies [7]

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]

Core Insights - The concept of "emotional value" is becoming a key driver in consumer behavior, with individuals increasingly willing to pay for small yet certain feelings of happiness [3][28] - The "emotional economy" market in China is projected to reach approximately 2.31 trillion yuan in 2024, with expectations to exceed 4.5 trillion yuan by 2029 [3] Consumer Behavior Trends - Young consumers are shifting their perspective on shopping from chasing popular products to selecting items that resonate with their specific emotions and needs [3][24] - The rise of cross-border e-commerce platforms like Amazon Global Store has made it easier for consumers to explore niche and interesting products from around the world [3][14] E-commerce Insights - Amazon Global Store has become a crucial platform for consumers to engage in "self-care" shopping, allowing them to curate their living spaces with carefully chosen items [6][19] - The platform offers a vast selection of over 30,000 international brands, facilitating the exploration of diverse lifestyles and products [10][19] Logistics and Pricing - Amazon Global Store has simplified the purchasing process by providing transparent pricing, including taxes and shipping costs, which enhances consumer decision-making [14][17] - The platform's logistics capabilities have improved, with average delivery times reduced by over two days compared to the previous year, making the shopping experience more efficient [17][19] Market Performance - Sales data indicates a significant increase in demand for niche and personalized products, with items like WoodWick candles and Polaroid cameras experiencing sales growth of over 20 times and 25% respectively in the first half of the year [25][28] - The Black Friday shopping season on Amazon Global Store has evolved into an important ritual for young consumers, representing a way to secure happiness for the upcoming year [28]

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]

Group 1: Trend of Trendy Toys - The younger generation's "love for play" is reshaping market dynamics, with trendy toys, "Guzi," and AI toys becoming popular among Generation Z due to their emotional value and interactive experiences [1][2] - The trendy toy market has shown strong growth, with a compound annual growth rate (CAGR) of 34% from 2015 to 2022, and is expected to exceed 76 billion yuan in 2024 [1][10] - Generation Z, with a disposable income exceeding 3,500 yuan per month, is a significant consumer group, seeking artistic and unique products while enhancing their sense of belonging through second-hand community trading [1][17] Group 2: Guzi Market Growth - "Guzi," referring to merchandise derived from anime and games, is gaining popularity among young consumers, with the market expected to grow by 41% year-on-year to reach 168.9 billion yuan in 2024 [2][23] - The low price range of Guzi products (10 to 30 yuan) makes them accessible, turning them into "social currency" among teenagers [2][23] - The rapid increase in offline Guzi stores has significantly boosted foot traffic in shopping malls, exemplified by a tenfold increase in a Wuhan mall after introducing Guzi stores [2][31] Group 3: AI Toys Integration - The integration of AI technology into toys is becoming more prevalent, with AI-driven toys expected to account for over 15% of the global toy market by 2025 [6][35] - AI toys, such as Sony's AIBO and Robosen's transforming robots, are gaining popularity, with some products experiencing resale prices exceeding their original prices [6][41] - Chinese companies are actively entering the AI toy market, with products featuring built-in large models for interactive experiences, expanding market boundaries [2][6] Group 4: Cultural Export and Global Appeal - The new wave of toys not only meets the emotional needs of domestic youth but also serves as a significant vehicle for Chinese culture to go global, with brands like Pop Mart achieving explosive growth in overseas markets [3][6] - In 2024, revenue from Pop Mart's Hong Kong, Macau, and overseas businesses is expected to grow by 375% year-on-year, highlighting the global appeal of Chinese trendy toy culture [3][6] Group 5: Investment Opportunities - The trendy toy, Guzi, and AI toy sectors are benefiting from multiple driving forces, maintaining high growth rates and promising future development prospects [6][8] - Recommended companies for investment include Pop Mart, Blok, and Guangbo Co., with a focus on AI toy companies like Shifeng Culture and TCL Electronics [6][8]

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]