而另一边，挚文集团的财务数据则反映出明显的增长压力。其总营收已连续三年下滑，从2022年的127亿元、2023年的120亿元，降至2024年的 105.63亿元。 这种收缩趋势在核心产品的付费用户数据中体现得更为严峻。根据12月10日公布的2025年第三季度财报，陌陌的付费用户仅为370万，与去年同期 相比近乎腰斩；探探的付费用户也同比下滑22.2%，降至70万。两大核心产品的用户付费意愿与规模正呈现出显著、加速的收缩态势。 针对上述情况，《BUG》栏目致电挚文集团投资者关系部门进行了解，但多次拨打均无人接听；同时向其官方发送采访函，截至发稿尚未收到回 应。 总裁王力一年多套现近6000万元 挚文集团于2011年成立，2014年12月11日在美国纳斯达克交易所挂牌上市（NASDAQ: MOMO），拥有陌陌、探探等多款手机应用，以及电影制 作发行、节目制作等多元业务。 公开信息显示，王力为挚文集团创始合伙人，现任挚文集团（原陌陌）执行董事兼总裁。2011年7月加入陌陌担任运营总监，2014年6月升任首席运 营官，2017年4月兼任联席总裁 ，2018年升任集团总裁，2020年11月起接替唐岩出任首席执行官，20 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 文|《BUG》栏目 闫妍 日前，陌陌母公司挚文集团（Nasdaq：MOMO）递交给美国SEC的文件显示，挚文集团执行董事、总 裁王力近期持续减持公司股权。据统计，连续四个交易日内王力共计套现了约2250万元。 而另一边，挚文集团的财务数据则反映出明显的增长压力。其总营收已连续三年下滑，从2022年的127 亿元、2023年的120亿元，降至2024年的105.63亿元。 这种收缩趋势在核心产品的付费用户数据中体现得更为严峻。根据12月10日公布的2025年第三季度财 报，陌陌的付费用户仅为370万，与去年同期相比近乎腰斩；探探的付费用户也同比下滑22.2%，降至 70万。两大核心产品的用户付费意愿与规模正呈现出显著、加速的收缩态势。 针对上述情况，《BUG》栏目致电挚文集团投资者关系部门进行了解，但多次拨打均无人接听；同时 向其官方发送采访函，截至发稿尚未收到回应。 总裁王力一年多套现近6000万元 挚文集团于2011年成立，2014年12月11日在美国纳斯达克交易所挂牌上市（NASDAQ： MOMO），拥 有陌陌、探探等多款手机应用， ...

中国经济网编者按：长江商报报道指出，近日，社交平台Soul APP正式向港交所主板递交上市申 请。据悉，这已是其第四次IPO。公司三年间累计烧掉近23亿元广告费，"烧钱换增长"的模式难以为 继，用户规模增长陷入瓶颈。 据大众新闻·风口财经报道，Soul年入20亿的"情绪生意"背后，5600条用户投诉指向自动续费与无法 退款。 新浪财经上市公司研究院报道称，令人担忧的是，Soul的高度匿名机制也成了软色情内容的温床， 还衍生了安全风险。近年来，Soul反复成为"杀猪盘"等情感诈骗的重灾区。 中国经济网记者就上述问题采访Soul，未获回复。 长江商报：Soul四闯IPO 三年烧23亿广告费 据长江商报12月8日报道《Soul四闯IPO三年烧23亿广告费投诉达6070起匿名机制成双刃剑》，Soul 的故事始于2016年，创始人张璐怀揣"打造年轻人的心灵栖息地"的愿景，推出了这款以"灵魂匹配"为核 心的社交APP。 区别于微信、QQ的熟人社交赛道，Soul主打陌生人社交，通过算法精准匹配用户兴趣标签，让用 户在无需展示真实头像与姓名的匿名环境中自由交流，迅速击中Z世代的社交痛点。上线仅一年，其用 户规模便突破千万，成 ...

Core Viewpoint - Soul, a social platform focusing on "soulful socializing," has submitted its IPO application to the Hong Kong Stock Exchange for the fourth time, rebranding itself as the "AI + immersive emotional socialization first stock" [1] Group 1: Company Overview - Soul was founded in 2016 with the vision of creating a "spiritual habitat for young people," utilizing an algorithm to match users based on interests in an anonymous environment, quickly gaining over 10 million users within a year [2] - The company has undergone rapid financing phases, achieving a valuation of over $1 billion after a Series B round led by Tencent in 2019, which increased its stake to 49.9% by 2021 [2] - Revenue growth has been steady, with projected revenues of 16.67 billion, 18.46 billion, and 22.11 billion yuan from 2022 to 2024, reflecting a compound annual growth rate of over 15% [2] Group 2: Revenue Model - Soul primarily generates revenue through two channels: emotional value services and advertising services, with over 90% of revenue coming from emotional value services from 2022 to 2025 [3] - The company has a high gross margin, projected at 83.7% in 2024 and 81.5% in the first eight months of 2025, but its reliance on a single revenue source poses risks to its financial stability [3] - Marketing expenditures have been substantial, with sales and marketing costs of 8.44 billion, 7.52 billion, and 8.89 billion yuan from 2022 to 2024, accounting for approximately 40% of annual revenue [3] Group 3: Financial Performance - Soul has reported net losses of 5.08 billion, 1.29 billion, and 1.52 billion yuan from 2022 to 2024, with adjusted net profits showing variability [4] - The user growth has plateaued, with monthly active users (MAU) declining from 29.4 million in 2022 to 26.2 million in 2023, and only recovering to 28 million in the first eight months of 2025, indicating a significant challenge for long-term growth [5] Group 4: Compliance Challenges - The platform's anonymous mechanism, while attractive to users, has led to compliance issues, including fraud and false advertising, with over 6,070 complaints reported on the Black Cat Complaint platform [6] - Despite implementing an "AI pre-review + manual review" system, issues related to scams and high fees persist, posing risks to user retention and regulatory compliance [7] - Competitors are increasingly mimicking Soul's features, which may erode its market advantage, highlighting the need for the company to address its profitability and compliance challenges for sustainable growth [7]

Core Insights - Soul, a social platform focused on connecting strangers, has submitted its IPO application for the fourth time, showcasing strong financial performance with projected revenue of 1.683 billion RMB for 2025, a year-on-year growth of 17.8%, and an adjusted net profit of 286 million RMB with a net profit margin of 17.0% [2][3] - User growth has been stable, with an average monthly active user count of around 28 million as of August 31, 2025, which is below the peak of over 30 million during the pandemic and lower than 29.4 million in 2022. Revenue growth has primarily come from an increase in the average revenue per user (ARPU), which rose nearly 40% from 75.3 RMB to 104.4 RMB [2][3] - The platform's user engagement is supported by Tencent, which holds a 49.9% stake in Soul, indicating strong backing from major industry players [2][3] Financial Performance - As of August 31, 2025, Soul's revenue is projected to reach 1.683 billion RMB, with a 17.8% year-on-year increase, and an adjusted net profit of 286 million RMB, resulting in a net profit margin of 17.0% [2] - The ARPU has increased from 75.3 RMB to 104.4 RMB, reflecting a growth of nearly 40% [2] - The number of paying users has seen a slight increase, with an average of 1.8 million paying users in 2023, a 9% increase from 2022 [2] User Engagement and Retention - Soul's 30-day user retention rate stands at 23%, with an average daily launch frequency of 20.1 times, outperforming several competing platforms [7] - The platform's revenue model is heavily reliant on user spending, with 58.4% of income derived from virtual gifts and items [9] - The top 10% of users account for 82.3% of total recharge amounts, indicating a concentration of spending among a small user base [12] Market Position and Strategy - Soul aims to address the emotional needs of users feeling lonely, suggesting that demand for its services may remain stable despite economic fluctuations [3] - The introduction of AI features, such as AI-assisted chatting and AI companions, aligns with current technological trends and aims to enhance user experience [14][15] - The platform's unique matching system, which includes personality tests and user attributes, differentiates it from competitors by focusing on deeper connections rather than superficial interactions [4][5] Challenges and Opportunities - Soul faces challenges related to user retention as some users transition away from online socializing due to life changes, such as entering the workforce or forming stable relationships [7] - The platform's reliance on a small percentage of high-spending users raises concerns about sustainability and the potential impact of user churn [12][13] - The integration of AI technology presents both opportunities for enhanced user engagement and challenges in maintaining the authenticity of interactions [16][17]

Core Insights - Soul, a social platform founded by Zhang Lu in 2015, has submitted its IPO application to the Hong Kong Stock Exchange, marking its attempt to go public after previous unsuccessful attempts [1][5][6] - The platform, which focuses on "soulful socializing" without relying on user contacts or emphasizing appearance, has seen significant growth in its user base, particularly among Generation Z [3][6] - Despite its growth, Soul faces challenges in a competitive market that has shifted away from the once-thriving stranger socialization sector, which is now experiencing a deep reshuffle [1][5] Company Overview - Soul was founded by Zhang Lu, who previously worked in consulting and identified a gap in the market for a social product focused on emotional expression [2][3] - The platform launched in 2016 with a mission to eliminate loneliness, utilizing interest tests and algorithmic matching for user interactions [3] - Soul's user base has grown to approximately 390 million registered users, with daily active users reaching 11 million, 78.7% of whom are from Generation Z [6] Financial Performance - Soul's revenue has shown a steady increase, with figures of 16.67 billion RMB in 2022, 18.46 billion RMB in 2023, and projected 22.11 billion RMB in 2024 [6][7] - The company achieved profitability in 2023, with an adjusted net profit of 3.37 billion RMB projected for 2024, and 2.86 billion RMB for the first eight months of 2023, reflecting a 73% year-on-year growth [6][7] - The primary revenue source is from "AI-driven emotional value services," including virtual goods and membership privileges, contributing over 90% of total revenue [7][8] Market Position and Challenges - Soul's major shareholders include Tencent, which holds a 49.9% stake, and other notable investors like miHoYo and various venture capital firms [9] - The platform's unique selling proposition of "soul matching" has been criticized for fostering environments conducive to scams and inappropriate content, leading to past regulatory scrutiny [9] - The broader social media landscape remains competitive, with various companies attempting to capture market share in the stranger socialization space, which has seen declining user engagement in established platforms [10][13]

Core Viewpoint - The article discusses the upcoming IPO of the social platform Soul, highlighting its journey, financial performance, and the challenges it faces in the competitive landscape of social networking [2][8][10]. Company Background - Soul was founded in 2015 by Zhang Lu, who aimed to create a platform for emotional expression and social interaction among strangers, differentiating itself from traditional social media [3][4]. - The platform gained significant attention in 2018 with the introduction of a voice matching feature, leading to a peak of over 10 million monthly active users [7]. Financial Performance - Soul reported revenues of 1.67 billion RMB in 2022, projected to grow to 2.21 billion RMB in 2024, with a 17.8% year-on-year increase in the first eight months of 2023 [8][9]. - The company achieved profitability in 2023, with an adjusted net profit of 2.86 billion RMB in the first eight months, marking a 73% increase [8][9]. User Demographics - As of August 31, 2025, Soul expects to have approximately 390 million registered users, with 78.7% belonging to Generation Z [8][10]. - The average revenue per paying user (ARPU) reached 104.4 RMB, indicating a strong monetization strategy focused on virtual goods and membership privileges [9][10]. Market Challenges - The social networking space is undergoing significant changes, with Soul facing competition from established players and new entrants, as well as challenges related to user trust and content moderation [11][12]. - The platform has been criticized for issues related to anonymity, leading to concerns about scams and inappropriate content, which have affected its reputation [11][12]. Industry Trends - The article notes a resurgence of interest in social networking among major tech companies, with new AI-driven social applications emerging to cater to the emotional needs of users [12][13]. - The landscape of social interaction is shifting, with younger users gravitating towards platforms that offer more immersive and less traditional forms of engagement [13][14].

Core Viewpoint - Douyin and Kuaishou are enhancing their social features to compete with WeChat Moments, indicating a shift from stranger social interactions to familiar social connections in the short video platform space [1][5][12] Group 1: Product Features and Updates - Douyin has introduced several upgrades to its daily features, including a new creation entry and time-limited visibility options, making its product positioning more similar to WeChat Moments [1] - Kuaishou has also reintroduced its "Say" feature, which resembles WeChat's Moments, after a brief hiatus for updates [2] - The new features in Douyin allow users to set display times for their posts, similar to WeChat's three-day visibility option [1] Group 2: Market Dynamics and User Behavior - The social aspect of these platforms is seen as a crucial element for user retention and engagement, as social products serve as a glue in the complex ecosystem of internet businesses [2][3] - There is a growing recognition that the appeal of stranger social interactions is diminishing, prompting platforms to focus on familiar social scenarios [5] - User concerns about privacy and public perception when engaging with content on these platforms may hinder the transition from content consumption to social interaction [7][10] Group 3: Competitive Landscape - WeChat has a significant advantage in the social space due to its established user base and core communication features, which may pose challenges for Douyin and Kuaishou in gaining traction in social functionalities [7][10] - Despite the challenges, Douyin and Kuaishou are unlikely to abandon their exploration of social features, as success in this area could open new growth opportunities [12]

Core Insights - Momo, once a leading dating app, is now losing popularity among younger users, with Soul and Qianshou becoming the preferred platforms for the new generation [1][12]. Group 1: Company Performance - Momo's parent company, Zhiyuan Group, reported a total revenue of 2.62 billion yuan in Q2, a year-on-year decrease of 2.6%, marking 22 consecutive quarters of revenue decline since Q4 2020 [3]. - The number of paying users on Momo plummeted from 7.2 million to 3.5 million year-on-year, indicating a significant loss of user engagement [3]. - Another dating app under Zhiyuan, Tantan, saw its monthly active users drop from 12.9 million to 10.2 million, with paying users reduced to 700,000, a 30% decline [3]. Group 2: User Demographics and Trends - Momo's user base has shifted significantly, with nearly 50% of its users being men aged 41 and above, while only 16% are under 24 [11][14]. - The platform's appeal has diminished for younger users, who report a poor social experience due to the prevalence of chatbots and marketing accounts [12][14]. - The original user base of Momo, which was primarily younger, has aged, leading to a demographic shift towards middle-aged users who are now more engaged with the platform [12][14]. Group 3: Market Position and Competition - Momo's initial success was driven by its location-based social features, which catered to the needs of young singles during the smartphone boom [5][7]. - However, the app's reliance on superficial criteria like appearance has become outdated, as younger users now prefer connecting over shared interests and emotional value [5][12]. - Competitors like Soul have capitalized on these changing preferences, attracting younger users away from Momo [12][14]. Group 4: Future Outlook - Momo may need to pivot its focus towards catering to middle-aged users, who have a higher willingness to pay and less complex social interaction needs [14]. - The changing demographic landscape presents both challenges and opportunities for Momo, as it adapts to the evolving social needs of its user base [14].

Core Insights - 米连科技 is a unique unicorn in the Hong Kong stock market, focusing on emotional social networking, having been established in 2015 and launching video dating features in 2017 [1][2] - The company reported significant financial growth, with a revenue of 1.917 billion yuan in the first half of 2025, representing an 85.9% year-on-year increase, and a net profit of 262 million yuan, up 490% [1][2] Company Overview - Full Company Name: 米连科技有限公司 [2] - IPO Progress: Submitted listing application to the Hong Kong Stock Exchange on September 29, 2025 [2] - Main Business: Online emotional social networking platform [2] - Core Products: Domestic applications include 伊对 and 贴贴, while overseas applications include HiFami, Chatta, and Seeta [2] - Financial Performance: - 2025 H1: Revenue of 1.917 billion yuan, profit of 262 million yuan [2] - 2024: Revenue of 2.373 billion yuan, profit of 146 million yuan [2] - 2022-2023: Experienced losses [2] - User Metrics: As of June 30, 2025, average monthly active users reached 9.9 million, with 1.2 million average monthly paying users [2] Business Model and Revenue Generation - 米连科技 addresses user needs for dating and interest-based interactions, focusing on breaking the "social isolation" phenomenon [3][4] - The company primarily monetizes through paid features, with 1.2 million average paying users contributing to nearly 2 billion yuan in revenue for H1 2025 [4][5] - Users pay for features such as priority matching and precise filtering of social contacts based on interests and preferences [4][5] Market Trends and Competitive Landscape - The emotional social networking sector is experiencing rapid growth, with a projected market size of 22.6 billion yuan by 2024 and a compound annual growth rate of 32.8% from 2020 to 2024 [8][10] - The shift from traditional social networking to video-based interactions has positioned 米连科技 favorably within the market [6][7] - The company faces competition from platforms like 百合佳缘 and 探探, which cater to different user demographics and preferences [17][23] User Demographics and Behavior - The primary user base consists of urban professionals aged 30-45, accounting for 58% of users on the 伊对 platform [3][4] - Younger users (18-29 years) prioritize features like interest tagging and priority matching, with over 70% willing to pay for time-saving social interactions [12][13] Future Opportunities - The emotional social networking space still has room for new entrants, particularly in niche markets and emerging regions with low online social penetration [25] - Potential areas for growth include targeting specific demographics like the elderly or Gen Z interest communities, as well as leveraging advancements in AI and virtual social technologies [25]