Core Insights - Soul's upcoming IPO in 2025 is a significant event in the capital market, driven by its strategic backing from Tencent and a strong user base of 78.7% Gen Z users [1] - The platform has demonstrated its value in the "emotional economy" with a business model that emphasizes emotional value services, accounting for 90.8% of its revenue [1][3] User Engagement and Retention - As of August 31, 2025, Soul has 389 million registered users and 11 million daily active users, with impressive user loyalty metrics: 80% three-month retention rate, over 50 minutes of daily usage, 75 messages sent per user per day, and 20.1 daily launches [3][4] - The platform has created a "virtual social space" that allows users to connect based on interests and values, moving away from traditional social media's identity labels [3][4] Revenue Growth and Business Model - Soul's revenue compound annual growth rate (CAGR) exceeds 15% from 2022 to 2024, with revenue reaching 1.683 billion yuan in the first eight months of 2025, a 17.8% year-on-year increase [4][8] - The platform's business model combines low-entry barriers with high-margin monetization strategies, including virtual goods and subscription services, leading to a monthly average revenue per paying user (ARPPU) of 104.4 yuan, a 140% increase since 2020 [8][9] Technological Integration - Soul's proprietary AI model, SoulX, enhances user experience by accurately understanding emotions and matching social needs, improving interaction efficiency by 32% and increasing conversion rates by 18% [6][7] - The platform's AI-driven content creation tools enable users to produce high-quality content, resulting in over 10 million new original pieces monthly [7] Market Position and Future Outlook - Soul's successful transition from continuous losses to stable profitability, with adjusted profits of 361 million yuan in 2023 and 337 million yuan in 2024, showcases its effective monetization strategy [8][9] - The stable shareholder structure, with Tencent holding 49.9%, supports Soul's commercialization efforts and strategic continuity [9][10] - The upcoming IPO funds will be allocated to AI development, GPU infrastructure, global expansion, and content creation, indicating a clear strategic direction for future growth [10] Industry Impact - Soul's IPO represents a maturation of the emotional economy in China, highlighting the shift from mere user acquisition to creating irreplaceable emotional value for users [11][12] - The platform sets a new value benchmark in the social media sector, demonstrating the commercial potential of emotional connections and the feasibility of integrating AI into traditional industries [11][12]

Core Insights - The release of "Zootopia 2" has generated significant revenue of 3.1 billion in the Chinese market within 14 days, also boosting the popularity of related IP merchandise, particularly pixel art beads known as "pin beads" [1][2] - The pin bead trend has evolved from a niche hobby to a mainstream emotional outlet for young adults, with a projected market size nearing 1 billion by 2026 [2][10] Group 1: Market Dynamics - The average price for pin bead DIY experiences is around 50 yuan per hour, revitalizing approximately 18,000 DIY craft studios across the country [2][11] - Online platforms like Taobao and Pinduoduo report monthly sales exceeding 10,000 for pin bead kits, with some stores linked to "Zootopia" IP selling up to 500,000 units [2][11] - The popularity of pin beads has led to a surge in social media engagement, with over 520 million discussions on Xiaohongshu and 5.9 billion views on Douyin [17][19] Group 2: Consumer Behavior - Pin beads serve as a therapeutic activity for many, allowing individuals to express creativity and relieve stress in a fast-paced urban environment [20][24] - The low entry barrier and high satisfaction from creating pin bead art make it an appealing hobby for adults, akin to a simplified version of cross-stitching [25][24] Group 3: Economic Potential - The pin bead market has shown a clear path to profitability, with high margins on experience services and a strong demand for materials and custom designs [29][36] - The integration of celebrity endorsements has significantly expanded the market, transitioning pin beads from a niche interest to a viable business opportunity [26][29] Group 4: Challenges and Future Outlook - The pin bead industry faces challenges related to IP rights, as many designs infringe on copyright, limiting the potential for large-scale commercialization [39][41] - Without proper licensing, the industry may struggle to evolve beyond small-scale operations, relying on fleeting trends rather than sustainable growth [43]

01 "御弟哥哥，留在我这女儿国行不行？" "你说四大皆空，却紧闭双眼，要是你睁开眼睛看看我，我不相信你两眼空空。" "我睁眼看你又能咋滴....." 前段时间我在长春动植物园夜场，经历了上面这一幕。 从全国各地赶来长春的"女王们"，顶着零下七八度的寒冬，只为上台和唐僧演对手戏的那五六分钟。 你很难想象，在一个以"动植物"为招牌的东北老牌公园里，镇场子的不是东北虎，不是梅花鹿，而是一个"高僧"和一个"猴子"。 趁着唐僧和"女王们"飙戏的间隙，我和人群中两位年轻人闲聊了几句，"昨天才下过雪，为什么这么冷的天，你还要来看御弟哥哥？" 其中一位抿嘴笑了笑，说来"磕CP"，另一位很含蓄，"来见活的唐僧，始于颜值，陷于才华。" 后来我找景区工作人员打听，才知道闫东扮演的"唐僧"和王铁柱扮演的"雪饼猴"现在是长春动植物园的两大顶流，抖音粉丝都超过300万。 如果把视线从东北的"戏精唐僧"拉回南方，你会发现"调戏"NPC这事被深圳欢乐谷玩到了另一个Level。 在小红书上搜索深圳欢乐谷，弹出来的不是打卡攻略，而是"男模""集邮"等字眼。 在这里跟男模比心、摸头杀只能算入门；借位亲吻、十指相扣转圈圈、手摸腹肌公主抱，才是解锁 ...

Core Insights - "Emotional value" is becoming a key driver in the 2025 consumer market, reflecting a complex interplay between economic cycles and collective psychology [3][25] - The rise of LABUBU as a cultural icon signifies a shift in consumer behavior, where emotional resonance surpasses practical functionality [25][30] - The emotional consumption market in China is projected to exceed 2 trillion yuan in 2025, indicating significant growth potential [4][22] Group 1: Emotional Consumption Trends - The emotional consumption market has been growing at an annual compound rate of 12% since 2013, with expectations to reach over 2 trillion yuan by 2025 [22][41] - Companies like IKEA are adapting their strategies to incorporate emotional value into product development, moving beyond mere market trends to capture the emotional temperature of consumers [4][26] - The success of LABUBU illustrates the emergence of "social currency," where products serve as symbols of identity and belonging among affluent consumers [28][41] Group 2: LABUBU's Market Impact - LABUBU, a key IP from Pop Mart, has seen its popularity soar, with a peak auction price of 1.08 million yuan for a unique sculpture, highlighting its status as a luxury item [6][28] - In the first half of 2025, Pop Mart's revenue reached 13.88 billion yuan, a year-on-year increase of 204.4%, largely driven by LABUBU's success [7][28] - The LABUBU series generated 4.81 billion yuan in revenue, accounting for 34.7% of Pop Mart's total revenue, showcasing its significant contribution to the company's growth [7][28] Group 3: Cultural and Global Resonance - LABUBU represents a successful case of Chinese cultural creativity going global, employing a "borderless aesthetic" that resonates with diverse consumer bases [29] - The brand has faced challenges with counterfeit products, leading to significant enforcement actions against piracy, indicating its high demand and cultural significance [29] - LABUBU's design and marketing strategies effectively engage with global consumers, creating a cultural phenomenon that transcends traditional toy markets [29][30] Group 4: Emotional Value in Consumer Behavior - The interplay between "belonging" and "existence" is crucial in emotional consumption, with products often serving dual roles in providing security and individual expression [19][39] - The rise of characters like LABUBU and the capybara reflects a collective yearning for emotional stability and personal identity in a rapidly changing social landscape [20][39] - Emotional consumption is not a new phenomenon; historical examples like Hello Kitty and Jellycat illustrate its enduring relevance across different economic contexts [11][32]

转自：中国经营报 中经记者 李昆昆 李正豪 北京报道 近日，AI+沉浸式社交平台Soul 向港交所主板递交上市申请，中信证券为此次IPO的独家保荐人。腾讯 作为战略投资者（不参与日常管理及业务运营）持股49.9%，Soul其他股东包括米哈游、Genesis Capital、5Y Capital等。此次IPO募集所得资金计划用于研发AI能力、拓展全球用户以及开发内容生态。 《中国经营报》记者注意到，这已经是Soul第三次闯关港股、第四次冲击IPO，2021年冲刺纳斯达克无 果，2022年、2023年先后两次递表港股最终未有实质进展而致申请失效。此番再度闯关港股，最大的不 同点在于，Soul带来了一份较为亮眼的成绩单，2025年1～8月，Soul实现营收16.83亿元、同比增长 17.86%，经调整净利润达到2.86亿元、同比大增73%，似乎走过了"野蛮增长"的阶段，进入自我造血的 良性循环。 Soul App联合上海市青少年研究中心发布《2025Z世代情绪消费报告》显示，46.8%的青年认为情绪价 值"是缓解压力焦虑的良药"，43.1%的青年认为情绪价值"让我觉得被需要、被看见"，32.8%的青年认为 情绪价值 ...

前不久，"情绪消费"成为一种新的消费方式登上平台热搜。从虚拟情感陪伴服务到线下解压类创意产 品，情绪消费形式不断丰富，情绪经济成为消费新风口。但是，也有不少市民向《为民热线》节目反 映，情绪消费中存在商品粗制滥造、服务背后套路深的问题。情绪消费，要怎么避坑？又该如何健康有 序发展？马上通过今天的《消费维权课堂》了解一下。 情绪经济成新消费增长点 林同学说："我不断收到保险、买房、健身各种骚扰电话，而且因为自己就读英语专业，不断有留学机 构和教培机构精准找到我。但这些信息我只和"陪聊员"说起过，现在很担心对方用AI合成的声音诈骗爸 妈。" 林同学找到群主想要维权，却被群主踢出群聊，再也联系不到对方。对此，吴卫表示陪聊、树洞等情绪 服务的行业门槛低、服务良莠不齐，部分从业者缺乏专业心理资质，消费者在选择此类消费时应注意三 个方面 省消保委：相关问题有待规范治理 为快乐买单，是很多年轻人的消费态度。11月30日，长沙五一商圈的一家潮玩店里，挑选买单的消费者 络绎不绝。"00后"的王女士与朋友们在此收获不少。 据上海市青少年研究中心发布的《2025 Z世代双十一消费行为报告》，今年Z世代（泛指"95后""00 后"） ...

Core Insights - The release of "Zootopia 2" has sparked an unprecedented consumer frenzy, with related searches on Taobao and Tmall increasing over 1000% compared to the previous month [1][2] - The film's merchandise sales have seen a remarkable surge, with toy and collectible sales rising over 600% month-on-month, primarily driven by young consumers [1][2] Group 1: Merchandise and Sales Trends - Over 20,000 related merchandise items are currently available on Taobao, covering various categories such as trendy toys, gold jewelry, clothing, and digital accessories [2] - The core segment of this consumer trend is the collectible blind boxes, particularly those that resonate emotionally with the film's narrative, such as the "Perfect Partners" series by 52TOYS [2][4] - High-priced gold jewelry items, such as a carrot-shaped pendant priced over 3000 yuan, have broken the norm of low-priced animation merchandise, attracting a significant number of young customers [4][5] Group 2: Emotional and Cultural Impact - The phenomenon of "emotional economy" is evident in cultural consumption, where consumers are purchasing not just products but the emotional experiences and stories associated with them [5] - The connection to characters like "Judy" and "Nick" serves as a form of "emotional currency" for young consumers, allowing them to express themselves and seek recognition [5] - Taobao and Tmall's efficient commercial ecosystem has enabled brands to capture and convert emerging consumer emotions into tangible commercial value, marking a new narrative in emotional and consumer engagement [5]

Core Insights - The release of "Zootopia 2" has sparked an unprecedented consumer frenzy, with related searches on Taobao and Tmall skyrocketing over 1000% post-release [1][2] - The film's merchandise, including toys and jewelry, has seen a significant sales increase, with toy sales up over 600% and over 20,000 related products available on Taobao [2][4] Group 1: Consumer Behavior - The surge in searches for "Zootopia" merchandise indicates a strong consumer interest, particularly among younger demographics, who are driving the sales [1][2] - Emotional connection to characters like Judy and Nick has led to a "sentiment-driven consumption" trend, where consumers seek to bring the film's warmth into their lives through merchandise [2][4] Group 2: Merchandise Performance - The merchandise related to "Zootopia 2" has achieved a rare "synchronous surge" in sales, with products like 52TOYS' blind boxes and Disney's toys becoming top sellers immediately after the film's release [1][2] - High-value items, such as gold jewelry themed around the film, have broken the norm of low-priced merchandise, with sales exceeding one million on Tmall for brands like Chow Tai Fook and Lao Feng Xiang [4] Group 3: Market Dynamics - The successful launch of merchandise is attributed to brands' strategic planning based on data insights from Taobao, allowing for effective supply-demand matching [1][4] - The phenomenon reflects the "emotional economy" in cultural consumption, where consumers are purchasing not just products but the stories and emotional experiences associated with them [4]

Group 1 - The core viewpoint of the article highlights the coexistence of essential and emotional consumption in the fragrance market, particularly in China, where the penetration rate is only about 5%, compared to over 40% in Western countries, indicating significant growth potential in this sector [4][5] - The fragrance market is experiencing a "lipstick effect" during economic downturns, leading traditional beauty brands to enter the fragrance space, recognizing its potential as a product that combines necessity and emotional appeal [4] - The characteristics of fragrance consumption vary by product type, with essential items like car air fresheners being more functional and price-sensitive, while products like perfumes and scented candles are more emotional and require consumer education [5] Group 2 - Offline stores face challenges such as low brand recognition and price competitiveness, but they offer unique emotional value through real-life experiences that online shopping cannot provide [7] - Successful offline operations require careful site selection and strong operational management, as demonstrated by a case where a store achieved high sales despite being in a less trafficked area due to effective service and product quality [8][10] - Strategies for offline stores include enhancing store ambiance, product offerings, and customer service to create memorable experiences and emotional connections with customers [10][14] Group 3 - A balanced product structure that includes both essential and emotional fragrance products, along with personalized customization options, can improve customer conversion rates and sales [13] - Strengthening service details and providing emotional value can enhance customer loyalty and retention, as seen in a store that focuses on personalized follow-up and customer engagement [14] - Expanding both C-end private domain maintenance and B-end business development through partnerships and event collaborations can further drive sales and brand recognition [15]

Core Insights - The article emphasizes that despite the prevailing narrative of economic hardship, certain industries are thriving and generating substantial profits, particularly in the context of Japan's "lost 30 years" and its implications for China [3][4]. Group 1: Economic Trends - The concept of a "low-desire society" does not equate to a lack of opportunities, as consumer behavior is shifting towards different spending patterns [4]. - The article identifies "consumption upgrading" and "demand migration" as significant business opportunities in the current economic landscape [5]. Group 2: Key Industries - The second-hand economy is booming, with examples like Japan's "Daikokuya" and China's "Hongbulin" and "Panghu" seeing significant revenue increases as consumers opt for second-hand luxury goods [6][7]. - The pet economy is on the rise, with brands like "Inaba" in Japan and "Guobao" in China experiencing strong sales growth, reflecting a shift in spending towards pet care products [12][13][14]. - The adult care market is expanding, with Japan's "Unicharm" leading the adult diaper segment, which has surpassed $10 billion in market size [17][18]. - Health food and beverage sectors are thriving due to changing demographics and rising health consciousness, with brands like "Oriental Tree Leaf" and "Jianchun" gaining traction in China [21]. - The beauty economy remains robust, with products like collagen supplements and home beauty devices seeing high sales, indicating a persistent consumer desire for self-improvement [23][24][26]. - Outdoor leisure activities are gaining popularity, with brands like "Kailas" and "Camel" in China experiencing rapid sales growth as consumers seek outdoor experiences [29][31]. - The "lazy economy" is emerging, with increased demand for convenience foods and smart home appliances, as consumers prioritize time-saving solutions over traditional cooking [39][40][42]. Group 3: Market Opportunities - The article suggests that the current economic climate presents opportunities for those willing to invest in counter-cyclical sectors, highlighting the importance of recognizing and seizing these opportunities [44].