Group 1 - Soulgate Inc. is attempting its fourth IPO, having previously submitted applications in the US and Hong Kong, with a registered user base of nearly 400 million and annual revenue exceeding 2.2 billion [2][4][28] - The company has redefined its positioning from "social metaverse" to "AI + social," targeting Generation Z while leveraging the AI trend [4][28] - Soul's redemption liabilities have accumulated over 12.4 billion, raising concerns about cash flow if the IPO fails [4][28] Group 2 - Financial data shows that Soul's revenue for 2022, 2023, and 2024 is projected to be 1.667 billion, 1.846 billion, and 2.211 billion respectively, with operating profits turning positive in 2023 [7][31] - The company reported a revenue of 1.683 billion in the first eight months of 2025, a year-on-year increase of 15.15%, with operating profit at 239 million, up 14.2% [7][31] Group 3 - Approximately 90% of Soul's revenue comes from "emotional value services," primarily through the purchase of Soul coins or subscriptions, with virtual gifts accounting for about 60% of total revenue [9][33] - Advertising revenue growth has slowed, with a 9.3% increase in the first eight months of 2025 compared to a compound annual growth rate of 27% in the previous three years [9][33] Group 4 - Soul faces challenges similar to competitors like Tinder, with user growth slowing and a current paid user rate of 6.5%, which raises questions about potential growth ceilings [38] - The company has been involved in multiple compliance issues, including scams and inappropriate content, leading to regulatory scrutiny and user complaints [14][40][44] Group 5 - Soul has invested heavily in AI, launching features like dynamic image recognition and the Soul X model, which aims to enhance user engagement through personalized interactions [21][46] - The AI Booster feature, which provides users with chat suggestions, has seen daily active users reach 4.6 million, accounting for about 40% of total daily active users [21][46]

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]

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 ...

Core Viewpoint - Soul is attempting its fourth IPO, transitioning its branding from "social metaverse" to "AI + immersive social platform," reflecting the changing trends in the Chinese internet landscape [1] Group 1: Company Overview - Soul's primary revenue source is AI-driven emotional value services, accounting for 90.8% of total revenue, with an average monthly revenue per paying user of RMB 104.4, ranking first among Chinese AI + immersive social platforms [1][4] - The company has seen significant revenue growth, from RMB 498 million in 2020 to RMB 2.211 billion in 2024, with a 17.86% increase in revenue year-over-year for the first eight months of 2025 [4] Group 2: User Engagement and Metrics - As of August 31, 2025, Soul has 11 million daily active users, with 78.7% being Gen Z, and an average monthly user retention rate of 80% [2] - Soul has approximately 389 million registered users, with users spending over 50 minutes daily on the platform and creating or participating in over 323 million interest-based active "experience" scenarios each month [2] Group 3: Financial Performance - Soul's adjusted net profit turned positive for the first time in 2023, with projected adjusted net profits of RMB 360 million and RMB 340 million for 2023 and 2024, respectively [7] - The company has maintained a stable number of paying users between 1.5 million and 1.8 million over the past four years, with an increase in average revenue per paying user (ARPPU) from RMB 43.5 in 2020 to RMB 104.4 [7][10] Group 4: Technology and Development - Soul's technology and development expenses rose from RMB 187 million in 2020 to RMB 546 million in 2022, with a significant portion of the workforce dedicated to technology development [6] - The company plans to continue investing in technology infrastructure, including GPU computing platforms and data analysis capabilities [6] Group 5: Market Position and Future Outlook - The AI + immersive emotional economy market in China is projected to grow from RMB 7 billion in 2024 to RMB 90 billion by 2030, with a compound annual growth rate of 52.8% [13] - Soul's unique positioning as an "AI + social first stock" offers a differentiated competitive opportunity in a shrinking stranger social market [10]

Core Viewpoint - Soul is positioning itself as an "AI + immersive social platform," shifting from its previous branding as a "social metaverse" and aiming for a stable revenue stream through AI-driven emotional value services [3][4]. User Data and Engagement - As of August 31, 2025, Soul has 11 million daily active users, with 78.7% being Generation Z. The average monthly active user interaction rate is 86%, with users sending approximately 75 peer-to-peer messages daily [7]. - Soul has accumulated around 389 million registered users, with users spending over 50 minutes daily on the platform and creating or participating in over 323 million interest-based active "experience" scenarios monthly [7]. Revenue Growth and Structure - Soul's revenue has grown from 498 million in 2020 to 2.211 billion in 2024, with a 17.86% increase in revenue from 1.428 billion in the same period last year to 1.683 billion in the first eight months of 2025 [9]. - The revenue structure primarily consists of emotional value services, accounting for 90.8% of total revenue, with an average revenue per paying user (ARPPU) of 104.4 yuan [5][10]. Financial Performance - Soul's adjusted net profit turned positive in 2023 after a net loss of 21 million in 2022, with adjusted net profits of 360 million and 340 million expected in 2023 and 2024, respectively [14]. - The company has maintained a stable number of paying users between 1.5 million and 1.8 million over the past four years, with a low paying ratio of 6.5% [17]. AI and Technology Investment - Soul's technology and development expenses have significantly increased, from 187 million in 2020 to 546 million in 2022, with 407 million spent in the first eight months of 2023, representing 24.2% of revenue [11][12]. - The company plans to continue investing in technology infrastructure, including GPU computing platforms and data analysis capabilities [12]. Market Potential - The emotional economy market for AI + immersive experiences in China is projected to reach 7 billion yuan in 2024, with an expected growth to 90 billion yuan by 2030, reflecting a compound annual growth rate of 52.8% [22].

Core Viewpoint - Soul is making a second attempt to go public on the Hong Kong Stock Exchange after three years, with Tencent as a strategic investor holding 49.9% of its shares, while also facing competition from MiHoYo, which holds 5.47% [1] Financial Performance - Soul's revenue is primarily derived from AI-driven emotional value services and advertising, with emotional value services accounting for 90.8% of total revenue in the first eight months of 2025 [2] - Revenue figures for Soul are projected as follows: 16.67 billion yuan in 2022, 18.46 billion yuan in 2023, and 22.11 billion yuan in 2024, indicating a compound annual growth rate of over 15% from 2022 to 2024 [2] - Soul recorded a revenue of 16.83 billion yuan in the first eight months of 2025, and has been profitable since 2023, with an adjusted profit of 3.61 billion yuan in 2023 [2] User Metrics - As of August 31, 2025, Soul has approximately 390 million registered users, with a daily active user count of 11 million and an average monthly active user interaction rate of 86% [3] - The average monthly revenue per paying user reached 104.4 yuan in the first eight months of 2025 [2] Market Position and Strategy - Soul's user base is predominantly composed of Generation Z, with 78.7% of users falling within this demographic, highlighting its appeal to younger audiences [1] - The platform aims to leverage AI technology to enhance user experience and engagement, focusing on algorithm optimization for better user matching [5] - The company plans to use the funds raised from the IPO to further develop AI capabilities, expand globally, and create various content types, including original IP and AI-generated content [6] Competitive Landscape - The social networking sector is characterized by intense competition, with Soul's unique positioning as a social platform targeting younger users and its focus on AI integration setting it apart from established players like Momo and Tantan [4][5] - Industry experts suggest that while social networking is a necessity, the competitive environment will always present challenges for platforms like Soul [4]

Core Viewpoint - Soulgate Inc. has submitted an IPO application to the Hong Kong Stock Exchange, with Tencent as a strategic investor holding 49.9% of the shares, but not participating in daily management and operations [2][3]. Company Overview - Soul is the first AI-driven immersive social networking platform in China where all users interact through avatars, aiming to create an emotional oasis based on interests and personalities rather than real identities [3]. - The funds raised from the IPO will be used for global expansion and enhancing AI capabilities [7]. Financial Performance - As of August 31, 2025, Soul had an average of 11 million daily active users, with 78.7% being Gen Z. Revenue from emotional value services accounted for 90.8% of total revenue [4]. - Total revenues for 2022, 2023, and 2024 were RMB 1.667 billion, RMB 1.846 billion, and RMB 2.211 billion, respectively. For the first eight months of 2025, total revenue was RMB 1.683 billion, a 17.86% increase from RMB 1.428 billion in the same period last year [4][5]. - Adjusted net losses were RMB 21.9 million in 2022, while adjusted net profits for 2023 and 2024 were RMB 361 million and RMB 337 million, respectively. For the first eight months of 2025, adjusted net profit was RMB 286 million, a 72.29% increase from RMB 166 million in the same period last year [4]. Strategic Partnerships - Tencent has been a strategic investor since May 2020, with multiple business relationships, including using WeChat Pay and advertising revenue, but Soul maintains a distinct business model focused on decentralized virtual social interactions [7]. Market Position and Competition - Soul has influenced the social networking landscape, with other products like SoulChill and Litmatch successfully entering overseas markets by adopting its model [8]. - In comparison, another company, Miliang Technology, has also submitted an IPO application and has shown strong financial performance, indicating a competitive landscape in the social networking sector [9][10]. Future Outlook - The IPO funds will support global expansion and technological upgrades, including AI development and content creation [7][16]. - The social networking industry is transitioning from rapid growth to a phase focused on sustainable profitability and clear differentiation, with successful IPOs signaling positive trends for the sector [17].

Investment Rating - The investment rating for the company is "Buy" and is maintained [5]. Core Views - The company reported a total revenue of 938 million yuan for the first three quarters of 2025, representing a year-on-year increase of 10.03%. The net profit attributable to the parent company reached 31 million yuan, a significant increase of 1155.49% year-on-year. The net profit after deducting non-recurring items was 17 million yuan, up 361.55% year-on-year. However, in Q3 2025, the company experienced a revenue decline of 2.38% year-on-year, with a net loss attributable to the parent company of 22 million yuan and a net loss after deducting non-recurring items of 33 million yuan [3][4][9]. Summary by Sections Financial Performance - For the first three quarters of 2025, the company achieved a revenue of 938 million yuan, with a year-on-year growth of 10.03%. The net profit attributable to the parent company was 31 million yuan, reflecting a year-on-year increase of 1155.49%. The net profit after deducting non-recurring items was 17 million yuan, up 361.55% year-on-year. In Q3 2025, the company reported a revenue of 305 million yuan, down 2.38% year-on-year, with a net loss of 22 million yuan and a net loss after deducting non-recurring items of 33 million yuan [3][4][9]. Key Events - The termination of the contract for "Three Kingdoms: Strategy Edition" has negatively impacted profits. In the first three quarters of 2025, this game accounted for 50.12% of revenue and 61.20% of gross profit. The contract was terminated in September 2025, leading to a goodwill impairment provision of 47.5084 million yuan in Q3 2025, which pressured the company's profit [9]. Future Prospects - The company is focusing on new game launches to drive future performance. The independent game "Huo Xia Chuan" received a significant update at the end of August, and a new action game based on "True Three Kingdoms Warriors 8" is in the review stage. Additionally, the game "Magic Bobo" has obtained a license and is expected to launch soon [9]. AI Strategy - The company is actively advancing its AI strategy, showcasing the AI virtual character "Qiu Yu" at the Qingdao Copyright Expo. The company aims to integrate AI capabilities into social products and has established collaborations across various sectors to enhance the commercial value of its IP [9]. Earnings Forecast - The company is projected to achieve net profits of 70 million yuan and 150 million yuan for 2025 and 2026, respectively, with corresponding earnings per share (EPS) of 0.15 yuan and 0.30 yuan [9].

Core Insights - The launch of Sora 2 and its accompanying app marks a significant shift in the AI industry, transitioning from a "tool era" to a "social ecosystem era" [1][9] - Sora 2 addresses previous issues in AI video generation, achieving high-quality video output with improved audio-visual synchronization and realistic physical simulations [2][22] - The Sora app introduces innovative social features, allowing users to create digital avatars and remix videos easily, similar to TikTok [4][29] Technical Breakthroughs - Sora 2 has made substantial advancements in audio-visual synchronization, reducing discrepancies to within 3 frames and generating contextually appropriate background sounds [2][22] - The model accurately simulates physical laws, significantly improving the realism of dynamic scenes, with a 72% reduction in simulation errors compared to its predecessor [3][22] - Multi-camera transitions are now seamless, maintaining continuity in character appearance and environmental details across different shots [3][22] Social Revolution - The app's "Cameo" feature allows users to create high-fidelity digital avatars by recording a short video, which can then be integrated into various AI-generated scenarios [4][29] - The "Remix" function enables users to input text prompts to create new video content from existing clips, democratizing content creation for those without editing skills [5][29] - Privacy measures are in place to protect users' digital avatars, requiring explicit consent for their use in videos [5][29] Commercial Potential - The global AI video market is projected to grow from $615 million in 2024 to over $2.563 billion by 2032, with a compound annual growth rate (CAGR) of 20% from 2025 to 2032 [6][12] - Sora's user-generated content (UGC) model allows creators to monetize their videos through ad revenue and subscriptions, fostering a vibrant creator economy [6][12] - The platform's IP revenue-sharing model revitalizes dormant intellectual properties, allowing creators to leverage established characters for new content [7][12] Infrastructure and Scalability - The computational demands of Sora 2 are significant, requiring thousands of NVIDIA H100 GPUs for training and operation, leading to a massive expansion in computational infrastructure [8][22] - OpenAI has initiated a $1 trillion investment plan to enhance its computational capabilities, partnering with major tech firms to secure necessary resources [8][22] Conclusion - The introduction of Sora 2 and its app signifies a pivotal moment in the AI landscape, transforming how users interact with AI-generated content and creating new avenues for creativity and monetization [9][12] - As major tech companies like Google and Meta begin to explore similar AI social products, a new ecosystem centered around AI-generated content is anticipated to emerge [9][12]

Core Insights - The article discusses the launch of Sora, an AI-driven short video social application by OpenAI, which has gained significant attention and popularity since its release on September 30, 2025 [2][3][20] - Sora is positioned as an "AI version of TikTok," integrating AI-generated content with social sharing features, allowing users to create videos without direct involvement [3][11][20] Group 1: Application Features - Sora allows users to generate 10-second videos by simply inputting a text description, leveraging the capabilities of the Sora 2 model, which is noted for its advancements in video quality and multi-modal integration [9][11] - The application includes a unique "Cameos" feature, enabling users to create AI-generated videos that replicate their likeness, facilitating social interactions without physical presence [8][11] - Users must enter an invitation code to access Sora, promoting a viral growth model through social sharing of invite codes [6][20] Group 2: User Experience and Feedback - Sora has received mixed reviews, with a current average rating of 2.8 stars on the App Store, indicating some dissatisfaction among users [13] - Users have reported issues with content moderation, including false positives in content violations, which have affected their experience [17][18] - The application is still in the testing phase and is currently free, allowing users to explore its features without financial barriers [20] Group 3: Industry Implications - The launch of Sora reflects a growing trend of integrating AI technologies into social media platforms, potentially reshaping user engagement and content creation [2][20] - There are ongoing concerns regarding copyright infringement, as users can generate content featuring popular media characters, prompting calls for stricter content control measures [18][19] - The combination of AI video generation and social networking is seen as a new frontier in the digital landscape, despite challenges related to compliance and content regulation [20]