Core Insights - Soul has submitted its IPO application to the Hong Kong Stock Exchange, focusing on the emotional economy of Generation Z and disclosing an AI ethics governance framework in its prospectus [1][6] - The platform's narrative centers around the emotional value of Generation Z, with over 78.7% of its daily active users belonging to this demographic [3][6] - Soul's financial performance is strong, reporting nearly 1 billion yuan in adjusted net profit within three years [3] Company Overview - Founded in 2015 by Zhang Lu, Soul aims to provide emotional value to users by emphasizing interest-based connections and non-real identity expressions [4] - The platform encourages users to interact through virtual identities rather than real photos, promoting a focus on shared interests and emotional understanding [4] - As of 2021, Soul had 9.1 million daily active users, with over 70% being post-90s generation, and has attracted significant investment from major firms including Tencent and MiHoYo [4] Market Context - The emotional economy in China is projected to reach approximately 24.25 trillion yuan by 2024, with an expected compound annual growth rate of 22.2% until 2030 [5] - The immersive emotional economy segment is anticipated to grow even faster, from about 291.7 billion yuan in 2024 to 1.191 trillion yuan by 2030 [5] User Engagement - As of August 2025, Soul is expected to have around 390 million registered users, with daily active users reaching 11 million in the first eight months of the year, 80% of whom are from Generation Z [6] - Users spend an average of over 50 minutes daily on the platform, and the average monthly revenue per paying user is 104.4 yuan, indicating a strong monetization potential [6] IPO Considerations - The market's interest in Soul's IPO is increasing, particularly regarding its AI ethics governance framework, which is seen as a crucial factor in building investor confidence [6]

Core Viewpoint - Soul is attempting its fourth IPO, shifting its narrative from focusing on the single economy and metaverse to emphasizing the emotional value for Generation Z users, who make up over 78.7% of its daily active users [1][5]. Group 1: Company Overview - Soul was founded in 2015 by Zhang Lu, who aimed to create a platform that prioritizes emotional value over appearance, addressing a gap in the social app market dominated by familiar and appearance-based interactions [2][3]. - The platform allows users to interact through virtual identities, avoiding the use of real photos and locations, which caters to the Z generation's desire for a pressure-free social environment [3][4]. - As of 2021, Soul had reached 9.1 million daily active users, with over 70% being post-90s users, and introduced the concept of metaverse social interactions [3][6]. Group 2: Financial Performance - Soul reported a revenue of 1.846 billion yuan and a net profit of 361 million yuan in 2023, with projected revenues of 2.211 billion yuan and a net profit of 337 million yuan for 2024 [6]. - The company has accumulated nearly 1 billion yuan in net profit over three years, indicating strong financial performance [6]. - The primary revenue sources are "emotional value services" and advertising, with emotional value services accounting for 90.8% of the revenue in 2025 [5][6]. Group 3: Market Potential - The emotional economy in China is projected to grow from 24.25 trillion yuan in 2024 to 80.69 trillion yuan by 2030, with a compound annual growth rate of 22.2% [4]. - The immersive emotional economy segment is expected to expand from 291.7 billion yuan in 2024 to 1.191 trillion yuan by 2030, indicating a faster growth rate [4]. Group 4: User Engagement - As of August 2025, Soul had approximately 390 million registered users, with daily active users reaching 11 million in the first eight months of the year, 80% of whom are from Generation Z [5][6]. - Users spend an average of over 50 minutes daily on the platform, showcasing high engagement levels [5]. Group 5: Industry Significance - Soul's IPO represents a significant milestone for the emotional economy, as it introduces a quantifiable business model into mainstream capital market discussions [6].

Core Viewpoint - Soulgate Inc. is making a renewed attempt to go public with a more solid financial performance, moving away from its previous "burning cash for growth" strategy to a sustainable profit model driven by AI technology and user engagement [2][10] Financial Performance - For the first eight months of 2025, Soul achieved a revenue of 1.683 billion yuan, a year-on-year increase of 17.86%, and an adjusted net profit of 286 million yuan, marking a significant 73% increase [2] - The sales and marketing expenses have significantly decreased to 38.3%, down from an astonishing 124.8% in 2020, indicating a shift in operational strategy [4] User Engagement - As of August 2025, Soul maintains an average of 11 million daily active users, with an average usage time of 50 minutes, demonstrating strong user retention despite reduced marketing spending [5] - The platform has a high percentage of Gen Z users, accounting for 78.7%, which is crucial for its growth and profitability [5] Revenue Model - Soul's revenue model is heavily reliant on value-added services, contributing over 90% of its revenue, which is a departure from traditional advertising-based monetization [7] - The platform exhibits a low payment rate of 6.5%, but the average monthly contribution from paying users is 104.4 yuan, reflecting a 140% increase over five years, indicating a focus on deep service rather than just user acquisition [7] Technological Integration - The introduction of the self-developed Soul X model and AIBooster features has lowered the barriers for social interactions, enhancing user experience and emotional engagement [9] - AI technology acts as a "super connector," strengthening user emotional ties and supporting the platform's high pricing capabilities, creating a technology-driven business monetization loop [9] Challenges Ahead - Soul's revenue structure is highly concentrated, with over 90% of income dependent on value-added services, posing risks if user interest shifts or competition increases [10] - The company faces significant financial burdens due to ongoing investments in AI technology, with over 400 million yuan spent on R&D in the first eight months of 2025, raising concerns about sustainability if revenue growth does not keep pace with these costs [10]

Core Insights - The bathing industry is rapidly expanding, with a significant increase in transaction orders and average transaction amounts for new stores, indicating a strong growth trajectory [1][9] - The trend of "bathing+" is reshaping the industry, integrating various services such as dining, entertainment, and accommodation to enhance customer experience [3][5] Industry Expansion - Since 2025, the national bathing service transaction order volume has increased by over 30%, with a 60% year-on-year growth in average transaction amounts for new stores from January to September this year [1][9] - The integration of services like self-service dining and entertainment areas is attracting a diverse customer base, including families and young people [3][4] Market Trends - The rise of the "emotional economy" and O2O (online-to-offline) services is driving the transformation of bathing spaces into "emotional healing spaces," with market sizes exceeding 2 trillion and 3 trillion yuan respectively [4] - Popular combinations in the industry include "bathing + self-service dining," "bathing + hourly rooms/accommodation," and "bathing + KTV/entertainment" [5] Challenges of Homogenization - The industry faces increasing homogenization, with many new bathing centers offering similar features, leading to a sense of familiarity among consumers [6][7] - The competitive landscape is intensifying, with operators needing to differentiate themselves through unique offerings and experiences [7][8] Structural Opportunities - Despite the competitive pressures, there are still structural opportunities in the market, particularly for innovative concepts targeting younger demographics and community health [10][12] - The potential for light-asset operations and partnerships with traditional owners is highlighted as a strategy to mitigate risks while entering the market [10][12] Future Directions - Experts suggest that the bathing industry will evolve towards health-oriented, intelligent, and diversified services, moving from a focus on cleanliness to comprehensive leisure experiences [5][10] - The emphasis on local culture and unique dining experiences is seen as a key differentiator for future success in the industry [8][12]

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]