作者/星空下的番茄 编辑/菠菜的星空 排版/星空下的蛋黄酥 #社交赛道 的角逐一直激烈。近日，凭借"灵魂社交"在Z世代中走红的平台#Soul，在时隔32个月后，再 次踏上了港股IPO征程。 与过往不同，Soul此次将故事的核心从"社交元宇宙"悄然换成了"AI+沉浸式社交"。最新数据显示，其 平台近八成用户为Z世代，日均使用时长超50分钟，展现出强大的用户粘性。 从"元宇宙"到"AI"，Soul不断更换资本市场"新衣"。这只专注"情绪价值"的"灵魂"，此次能敲开港交所 的大门吗？ 一、扭亏为盈，"情绪经济"蓝海市场 Soul成立于2015年，是目前中国领先的#AI+沉浸式社交平台，致力于与用户共同打造一个社交游乐场。 Soul作为一个AI驱动，基于兴趣的温暖的情绪绿洲，用户在Soul上可以获得情感满足，亦拥有属于自己 的社交货币和社交资产。 Soul的商业模型核心在于"情绪价值服务"。从《招股说明书》来看，该部分贡献了超过90%的收入。用 户通过购买Soul币（用于购买虚拟礼物或Avatar形象）或订阅"超级星人"会员（月费30元）来获取情感 满足。 这种模式呈现出"低付费率、高ARPPU（每名付费用户月均收入 ...

东四十条资本 . 聚焦股权投资行业人物、事件、数据、研究、政策解读，提供专业视角和深度洞见 | 创投圈有趣的灵魂 以下文章来源于东四十条资本 ，作者黎曼 将投中网设为"星标⭐"，第一时间收获最新推送 公司完成过7轮融资，背后明星资本云集。 作者丨 黎曼 来源丨 东四十条资本 在当代中国互联网的版图上，社交赛道无疑是最为拥挤和固化的疆域之一。 2016年，Soul App凭借一个在当时看来近乎"反潮流"的理念——"不看脸"的"灵魂社交"，硬是在微信、陌陌、探探等巨头 环伺的红海中，凿开了一道独特的缝隙。 随着业务的演进，如今的Soul已化身为国内领先的AI+沉浸式社交平台，其基于用户的兴趣和个性，并依托先进的AI模型及算 法，打造了一个AI驱动的、温暖的情绪绿洲。目前约3.9亿名注册用户。 在腾讯、米哈游、GGV等资本的押注下，Soul于2021年最后一轮融资后估值来到约20亿美元（以当时汇率估计，约129亿 元）。 近日，Soul带着更有说服力的业绩冲击港交所：2024年收入达到22亿元，2025年前8个月收入16.8亿元，同比增长 17.8%；经营利润从2023年开始转正，并仍在增长势头中。 她为年轻人打造 ...

Soul的创立源于创始人张璐的个人观察。据招股书信息，张璐毕业于中山大学英语文学专业，曾任职于尼尔森和欧洲咨询公司Innext China。她在一次日常 分享中感受到市场缺乏适合真实情绪表达的产品，于2015年创立任意门科技有限公司并投入开发。产品早期虽不稳定，但用户表现出的黏性坚定了其方向。 2016年底Soul正式上线，其核心规则包括不鼓励真实头像、强调基于兴趣和算法的匹配，口号为"三观比五官重要"。 公司的发展经历了多个阶段。2018年推出语音匹配功能后，月活跃用户突破1000万。此后，公司持续丰富其叙事，从"灵魂社交"延伸至"社交元宇宙"及当前 的"AI+沉浸式社交平台"。公司的收入主要来源于虚拟物品及会员特权等"AI驱动的情绪价值服务"，该部分在2025年前八个月贡献了超九成收入。 主打"灵魂社交"的社交平台Soul的运营主体Soulgate已正式向港交所递交上市申请。该公司由创始人张璐于2015年创立，其"不看脸"的陌生人社交模式在 2016年上线后，在微信、陌陌等产品主导的市场中开辟了差异化路径。 根据最新披露的招股书，Soul目前定位为国内领先的AI+沉浸式社交平台。截至2025年8月31日， ...

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！ 来源：产业资本 "让天下没有孤独的人"也是一门好生意！ 近日，Soul向港交所主板递交的招股书显示，这家依靠AI+成功扭亏的老牌社交平台，近三年净利润高 达近10亿元。 带这份历史最新好的成绩单，Soul开启了它的第四次IPO之旅，也是第三次港股上市申请。 据了解，作为社交平台的Soul，其核心定位是基于用户兴趣与个性（而非现实身份或外貌），通过AI生 成的Avatar（虚拟形象）实现虚拟互动，为用户提供情绪价值服务（包括虚拟物品、会员特权等）及广 告服务。 招股书显示，2025 年 1-8 月Soul 的月活用户数量为2800万，虽不及 2021年3160万的巅峰水平；但每名 付费用户的月均付费额则由2022年的75元上涨至104元，上涨了近四成。 这意味着，凭借这一虚拟的情绪价值提供，以"灵魂交友"之名的Soul（中文译作"灵魂"），正在 深"薅"付费用户的钱包。 四闯IPO关 在付费用户更愿意掏钱的支撑下，Soul的第四次IPO之旅似乎要平坦一些。 不过，Soul的上市路坎坷又崎岖。2021年5月，其先是冲击美股，计划在纳斯达克上 ...

Core Insights - Soul APP has been awarded the "Annual Outstanding Unicorn Enterprise" by the Golden Award of Gelonghui, highlighting its growth potential and commercial explosiveness [1][2] Group 1: Market Position and User Engagement - Soul APP effectively addresses the deep social needs of Generation Z, creating a high-engagement digital community that is difficult to replicate [3] - As of August 2025, Soul's daily active users reached 11 million, with Generation Z comprising 78.7% of this user base. Users spend an average of over 50 minutes daily on the app, sending approximately 75 private messages each day, and achieving an 80% retention rate over three months [3][4] Group 2: AI Integration and Business Model - Soul has strategically integrated AI technology into its platform, positioning itself as an "AI + immersive social platform" in its 2025 IPO prospectus, marking a significant transition from concept to practice [5] - The company's revenue has grown from 498 million yuan in 2020 to 2.211 billion yuan in 2024, with adjusted net profits of 360 million yuan and 340 million yuan in 2023 and 2024, respectively. The average revenue per paying user (ARPPU) increased from 43.5 yuan to 104.4 yuan, demonstrating strong monetization potential [6][7] Group 3: Future Market Potential - The recognition from the Golden Award reflects not only Soul's growth but also the potential of the immersive emotional economy market in China, which is expected to grow from approximately 7 billion yuan in 2024 to 90 billion yuan by 2030 [8]

Core Viewpoint - Soul has submitted its IPO application to the Hong Kong Stock Exchange for the fourth time since its attempt to go public in the US in 2021, showing improved financial performance with a revenue of 1.68 billion yuan in the first eight months of 2025, a year-on-year increase of 17.8% [1] Financial Performance - Revenue for the first eight months of 2025 reached 1.68 billion yuan, reflecting a 17.8% year-on-year growth [1] - Operating profit turned positive in 2023 and has continued to grow, with customer acquisition costs significantly reduced, leading to a decrease in sales expenses from 1.5 billion yuan in 2021 to 890 million yuan in 2024 [1] - Monthly active users (MAUs) are projected to slightly increase from 26.2 million in 2023 to 28 million in 2025, while daily active users (DAUs) are expected to rise from 9.4 million in 2023 to 11 million in 2025 [2] Business Model and Strategy - Soul positions itself as a leading AI and immersive social platform, focusing on user interests and personalities rather than physical appearance, creating a unique emotional oasis for users [3][4] - The company plans to allocate funds raised from the IPO towards expanding into XR, virtual spaces, and AI-driven technologies related to the metaverse [3][4] - The revenue structure remains highly concentrated, with virtual goods and membership services accounting for over 90% of total income, while advertising revenue is less than 10% [7] User Engagement and Challenges - The average revenue per paying user has increased by approximately 140% to 104.4 yuan, with daily active users spending over 50 minutes on the platform [7] - Despite the positive financial indicators, the user payment rate remains low, peaking at only 6.5% in 2025, which is significantly lower than competitors [7] - The user base has declined from a peak of 31.6 million MAUs in 2021 to around 26.2 million in 2023, with only a slight recovery expected in 2025 [7] Emotional Value and Market Positioning - Soul's core business revolves around capturing the "emotional value" of young users, addressing the demand for anonymous communication and emotional resonance [8] - The platform's shift towards monetizing social opportunities and efficiency has raised concerns about straying from its original mission of "soul over appearance," potentially altering community dynamics [8] - The introduction of virtual companions has highlighted the challenges of balancing user expectations and trust within the emotional consumption space [8]

Core Viewpoint - Soul, a social platform targeting emotional connections, is preparing for its fourth IPO attempt, backed by Tencent's significant investment but facing substantial debt risks and user growth challenges [6][7][60]. Group 1: Company Overview - Soul was founded in 2016, focusing on "soul matching" through interest graphs and personality tests, diverging from traditional social media by not emphasizing appearance or real-life identities [15][20]. - The platform has attracted approximately 3.9 billion registered users, with Tencent holding a 49.9% stake, providing strategic support [7][20]. - Soul's business model includes virtual avatars, membership privileges, and virtual gifts, generating over 80% gross margins [22][25]. Group 2: Financial Performance - In the first eight months of 2025, Soul's "emotional value services" accounted for 90.8% of its revenue, with an average monthly contribution of 104.4 yuan per paying user [25][31]. - The company turned a profit in 2023, earning 361 million yuan, and is projected to earn 337 million yuan in 2024 [31]. Group 3: User Engagement and Challenges - Despite its revenue growth, Soul's monthly active users have stagnated at around 28 million, down from a peak of 29.4 million in 2022 [34][36]. - The platform's paying user rate is only 6.5%, indicating a challenge in converting users to paying customers [35][38]. - User complaints about content safety and negative experiences have increased, highlighting potential risks to user retention and platform reputation [43][59]. Group 4: IPO and Debt Pressure - Soul's IPO attempt is complicated by a significant redeemable debt of 12.4 billion yuan, which poses a repayment risk if the company fails to go public [60][62]. - The company is shifting its narrative from a "social metaverse" to an "AI + immersive social platform" to attract investor interest and justify its R&D expenditures [63][64]. Group 5: Industry Implications - Soul's journey reflects broader trends in the emotional economy and the challenges of monetizing emotional connections in a competitive social media landscape [70][76]. - The platform's evolution raises questions about the sustainability of its business model and the balance between user experience and commercial pressures [74][76].

Core Viewpoint - Soulgate, the parent company of the social platform Soul, has restarted its IPO process for the fourth time, submitting its application to the Hong Kong Stock Exchange on November 27, 2023, after previous attempts faced setbacks due to various issues [1][5]. Financial Performance - Soul's revenue has shown a consistent growth trend, with projected revenues of RMB 16.67 billion, RMB 18.46 billion, and RMB 22.11 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of over 15% [6]. - The adjusted net profit for Soul turned positive in 2023, with a reported RMB 2.86 billion for the first eight months of the year, marking a 73% year-on-year increase [6][11]. User Metrics - As of August 31, 2025, Soul has accumulated 389 million registered users, with 78.7% being Generation Z. The average daily active users for the first eight months of this year stood at 11 million [3]. - The monthly active users (MAU) decreased slightly from 29.4 million in 2022 to 26.2 million in 2023, but user engagement, measured by daily active users (DAU) to MAU ratio, increased from 0.32 to 0.39 [10][11]. Business Model - Soul's primary revenue sources are emotional value services and advertising services, with emotional value services accounting for approximately 90% of total revenue. The revenue from emotional value services is projected to grow from RMB 15.19 billion in 2022 to RMB 19.69 billion in 2024 [9]. - Advertising revenue constitutes about 10% of total revenue, with a significant portion coming from Tencent, which contributed 9.9% of Soul's advertising revenue in 2024 [9][11]. Compliance and Risks - Soul faces multiple compliance risks related to algorithms, content publishing, ecological governance, user information protection, and cybersecurity reviews. The company has been previously flagged by regulatory authorities for issues related to user data collection [12][13]. - Reports of fraud incidents involving users on the Soul platform have raised concerns about the platform's safety and governance, prompting the company to invest in AI-based fraud prevention systems [14].

Core Viewpoint - Soulgate Inc., the parent company of the AI+ immersive social platform Soul, has submitted its prospectus to the Hong Kong Stock Exchange for the third time, marking its fourth attempt to enter the capital market, amidst a competitive landscape with other social platforms like MiLian Technology also aiming for an IPO [1][4]. Financial Performance - Soul's total revenue for 2022, 2023, and 2024 is projected to be 1.667 billion, 1.846 billion, and 2.211 billion RMB respectively, with the first eight months of 2025 showing a revenue of 1.683 billion RMB, reflecting a year-on-year growth of 17.86% [6]. - The adjusted net profit transitioned from a loss in 2022 to a profit of 286 million RMB in 2023, with the first eight months of 2023 showing a net profit of 286 million RMB, a 73% increase year-on-year [6][7]. - Despite high gross margins above 80%, the company faces challenges as over 90% of its revenue comes from virtual gifts and membership services, indicating a lack of diversification in its revenue streams [6][8]. User Metrics - As of August 31, 2025, Soul is expected to have approximately 390 million registered users, with daily active users reaching 11 million, of which 78.7% belong to Generation Z [4][5]. - The monthly active users peaked at 29.4 million in 2022 but have since declined, indicating a potential stagnation in user growth [12][13]. Market Position and Competition - Soul ranks first among Chinese AI+ immersive social platforms in terms of average daily active users, user engagement, and 30-day retention rates for new installations [5]. - In comparison, MiLian Technology's platforms, targeting a different demographic, have shown higher revenue figures despite a smaller user base, highlighting Soul's weaker monetization per user [18][19]. Business Model and Risks - The company's business model heavily relies on emotional value services, which raises concerns about sustainability and profitability, especially given the increasing user complaints related to automatic renewals and inducements to recharge [8][11]. - Soul's marketing and sales expenses have been significant, accounting for over 50% of total revenue in previous years, which has pressured profit margins [14][16]. Future Plans - The upcoming IPO aims to raise funds for technology development, global market expansion, user growth, and brand building, alongside content creation initiatives [20].

Core Viewpoint - Soul, a social app aimed at alleviating loneliness among young people, is facing significant challenges as it attempts to go public for the fourth time, highlighting a shift from a "metaverse" narrative to an "AI + immersive social" focus amid ongoing user growth and financial losses [1][4]. Company Overview - Founded in 2015 in Shanghai, Soul differentiates itself from traditional social platforms by allowing users to create virtual identities (Avatars) and express themselves without revealing their real identities [3]. - The company employs a "soul test" during registration to match users with similar interests, fostering a unique social environment [3]. Financial Performance - Soul has reported continuous losses over six years, totaling over 3 billion yuan, despite increasing revenues from 71 million yuan in 2019 to 2.211 billion yuan in 2024 [8]. - The average monthly revenue per paying user reached 104.4 yuan, ranking first among AI + immersive social platforms in China [3][5]. - Revenue from emotional value services accounted for 90.8% of total income for the eight months ending August 31, 2025 [3]. User Metrics - Soul's monthly active users peaked at 31.6 million in 2021 but have since declined to 26.2 million by 2024 [7]. - The company has experienced fluctuating growth rates, with revenue growth slowing down significantly in recent years [8]. Strategic Shifts - Soul's narrative has shifted from focusing on the "metaverse" to emphasizing "AI," with the term "AI" appearing 210 times in the latest prospectus, compared to 23 mentions of "metaverse" in the previous one [4]. - The introduction of technologies like 3D Avatars and the Soul X model has expanded its social ecosystem, creating various interactive scenarios [4]. IPO Attempts - Soul has made four attempts to go public, initially targeting the U.S. market before shifting to Hong Kong, with the latest submission occurring in November 2025 [13][17]. - The company faced legal challenges and competitive pressures that have complicated its IPO journey, including a lawsuit from competitor Uki [15][16].