Core Insights - Soul App has submitted its main board listing application to the Hong Kong Stock Exchange, emphasizing its focus on "emotional value" for Generation Z [1] - The platform boasts that 78.7% of its daily active users belong to Generation Z, and it has achieved sustained profitability since 2023 [1][3] - The upcoming IPO is seen as a critical moment for Soul to gain recognition in the capital market through its unique positioning [1] User Demographics and Financial Performance - Over 78.7% of Soul's daily active users are from Generation Z, who engage in self-expression and interaction through virtual identities, seeking immersive satisfaction [3] - The company has reported nearly 1 billion yuan in adjusted net profit within three years of operation [3] - By 2021, Soul reached 9.1 million daily active users, with over 70% being post-90s users [4] Unique Business Model and Market Positioning - Soul's business model disrupts traditional social networking by not encouraging real avatars and instead promoting virtual identities, focusing on interests rather than appearances [4] - The platform's core philosophy is to prioritize understanding over recognition, addressing the emotional needs of users [4] - Soul has attracted significant investments from major stakeholders, including Tencent, which holds a 49.9% stake, making it the largest institutional shareholder [4] Future Outlook and Competitive Advantage - The progression of Soul's IPO signifies a shift towards validating its ability to meet deep emotional needs and realizing its value [6] - The company's unique understanding of "emotional value" will be crucial in transforming into a sustainable competitive advantage and ensuring long-term profitability in a highly competitive social networking landscape [6]

Core Viewpoint - Soulgate Inc., the parent company of Soul, has submitted its fourth application for a mainboard listing on the Hong Kong Stock Exchange after three previous unsuccessful attempts, aiming to leverage AI-driven emotional social networking to regain investor interest while showcasing profitable financial data [1][10]. Financial Performance - Soul reported revenues of 16.67 billion in 2022, increasing to 19.82 billion in 2023, and projected to reach 22.11 billion in 2024, reflecting a compound annual growth rate of approximately 15.2% [5]. - The adjusted net profit for 2023 is 3.61 billion, with projections of 3.37 billion for 2024 and 2.86 billion for the first eight months of 2025 [1][7]. - Despite these figures, the company has accumulated losses exceeding 8.22 billion over three years, with net losses of 5.08 billion, 1.29 billion, 1.49 billion, and 0.36 billion for the years 2022, 2023, 2024, and the first eight months of 2025, respectively [7][8]. Revenue Structure - Soul's revenue is heavily reliant on emotional value services, which accounted for over 90% of total income from 2022 to 2025, while advertising and other business revenues contributed less than 10% [8][11]. - The company faces challenges due to its single revenue structure, which could be impacted by regulatory changes affecting live streaming and virtual consumption [8][10]. Market Position - Soul has seen a decline in user growth, with average monthly active users (MAU) dropping to 26.2 million in 2024, a decrease of 17.09% from its peak in 2021 [9]. - The competitive landscape is intensifying, with platforms like Douyin, Kuaishou, and Xiaohongshu encroaching on its user base, making it difficult for Soul to replicate the connection efficiency of WeChat or the content moat of Bilibili [9]. Debt Pressure - The company is under significant pressure from a convertible redeemable preferred stock liability of 12.4 billion, stemming from agreements made during previous funding rounds, which could trigger a liquidity crisis if the IPO fails [10][13]. - This debt pressure is a driving force behind Soul's repeated attempts to go public, as it seeks to maintain valuation and secure a listing window [10][12]. Strategic Shift - Soul has pivoted towards an AI+social strategy, introducing its self-developed model "Soul X" for user matching and content generation, although these AI functionalities have yet to generate independent revenue streams [10][11]. - The AI strategy is currently more focused on enhancing user experience rather than serving as a direct revenue generator, raising concerns about its effectiveness in improving user payment willingness or reducing customer acquisition costs [11][12]. IPO Journey - Soul's IPO journey has been fraught with challenges, having attempted to list in the U.S. in 2021 before shifting focus to Hong Kong, where it has faced multiple setbacks due to external market conditions and internal operational issues [12][13]. - The upcoming IPO attempt will be scrutinized closely by the Hong Kong Stock Exchange, particularly regarding how the company addresses previous concerns about its business model and debt obligations [13].

Core Insights - The article highlights the importance of overseas social media platforms for companies expanding into international markets, with Qingdao as a key player in this sector [1] - Qingdao Tiandao Yixin Technology Co., Ltd. is recognized as a leading company in the overseas social media management field, leveraging its comprehensive advantages [1][6] Company Overview - Qingdao Tiandao Yixin Technology Co., Ltd. focuses on digital operation and management of overseas social media platforms, offering a one-stop solution from account management to advertising [6] - The company serves over 500 clients, with 30% being companies with annual revenues exceeding 100 million yuan [6] Main Products and Services - The company provides three main service areas: 1. Full account management services, achieving an average monthly follower growth rate of 12% and a 40% increase in interaction rates [6] 2. Precision advertising system utilizing AI algorithms, resulting in a 35% reduction in advertising conversion costs and over 5 million exposures per campaign [6] 3. Cross-cultural content creation center, producing short videos with an average of 800,000 views on TikTok, with some videos exceeding 10 million views [7] Technical Advantages and Industry Recognition - The technical team comprises over 60% of the workforce, with core members from leading internet companies and overseas marketing [9] - The proprietary "GlobalLink" data platform processes over 100,000 social media data points in real-time, achieving a response time of less than 0.3 seconds [9] - The company has been recognized as one of the "Top 100 Digital Marketing Companies in China" for three consecutive years [10] Client Cases and Market Feedback - A renewable energy company increased its LinkedIn followers by 300% and improved content interaction rates from 1.2% to 5.8% within six months [10] - A cross-border e-commerce company achieved a monthly GMV of 8 million yuan, with 70% of orders from new users, highlighting the effectiveness of Tiandao Yixin's TikTok strategy [10] Service Assurance System - The company operates a "7×24 hours" response mechanism, with an average issue resolution time of less than 2 hours [10] - The service process is certified by ISO 9001, maintaining a customer satisfaction rate of over 95% for five consecutive years [10] Industry Position and Development Prospects - As a leader in the overseas social media management sector in Qingdao, the company has established significant barriers in technology, service, and resources [11] - The market for its services is projected to grow at an annual rate of 25% as Chinese companies accelerate their international expansion [11] - The company plans to invest 120 million yuan in technology research and development over the next three years to strengthen its position in emerging fields like AI marketing and metaverse social [11]