2025年是字节App工厂迎来收获的一年：豆包以过亿日活领跑AI应用赛道，红果短剧月活迈过2亿门槛，汽水音乐月活数据开始逼近网易云音乐，曾经 的"弃子"多闪重回社交榜榜首…… 然而，字节所构建的娱乐+AI城池并非固若金汤，后方大本营抖音反而可能成为最薄弱之处。 去年10月，OpenAI上线基于Sora 2视频模型的短视频应用Sora App，仅用五天下载量就突破百万，在媒体眼中，这款"AI版TikTok"有望成为下一代短视频 平台。虽然因为用户留存率一路走低，Sora App的爆发之势未能持续，但想必给字节敲响了一记警钟。 在国内，虽然豆包目前保持断层领先，但通过天量投放强势曝光的千问也不容小觑，AI视频玩法成了千问试图"弯道超车"的法宝之一。而可灵AI已经成熟 的创作者社区，更是孕育出"国产版Sora App"的天然土壤。 有了上面的背景，当我们在App Store发现了一款名为"随变"的新应用时，就一点也不感到惊讶了。虽然"随变"的定位是抖音旗下潮流玩法社区，但从AI形 象、AI合拍等核心玩法来看，字节无疑希望将其打造成为一款AI玩法激荡碰撞，吸引更多用户投身其中的AI视频社区。 对于字节而言，"随变"的 ...

文丨贝果树 编辑丨刘士武 其中，赛博小猫"光喵"是秘光中内置的AI助理，它拥有独立的心理模型，通过互动激发用户的"养育本能"。针对用户"渴望亲密接触"的需求，光喵会在聊天 中加入动作描写，在屏幕中创造身体的互动。同时，光喵也会在对话中直接展示自己的内心想法，消除用户对社交关系的猜忌。 内置AI助理"光喵" 光喵会对现实世界做出反应。通过摄像头，AI能对用户附近的周边产品进行识别并进行创作。打破虚拟与现实界限的同时，也肯定了用户的热爱，让AI参 与现实世界，成为用户的"在场伙伴"。 据了解，在秘光体中，AI的思维链是可视化的。与一般思维链中枯燥的技术名词不同的是，秘光将思维过程变成了一场"魔法体验"。AI的决策路径，在屏幕 上被动态地展示为从"灵光一闪"到"魔法完成"的施法过程。消除用户等待焦虑感的同时，也为用户带来了对AI工具的掌控感。 刚刚过去的2025年，是AI应用层爆发的一年，大量AI产品以"工具"或"陪聊"的形式服务用户。在这当中，AI社交赛道是很多用户和行业人士期待的技术落地 方向，填补人+AI+人赛道的空缺。 36氪近期接触到的「秘光」团队，则瞄准了这一空缺入场。 秘光的团队核心成员来自前商汤、腾 ...

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 Viewpoint - Soul App has submitted its third prospectus to the Hong Kong Stock Exchange, marking its fourth attempt to go public after previous rejections and withdrawals in the U.S. market [1][2] Group 1: Listing Attempts - Soul's journey to IPO has been tumultuous, with the company initially aiming for a NASDAQ listing in 2021 but pausing the process due to internal considerations and support from major shareholder Tencent [2] - Legal challenges, including a lawsuit from Uki over unfair competition, have also hindered Soul's listing efforts, resulting in a freeze of 26.93 million yuan shortly after the IPO application [2] - After two failed submissions to the Hong Kong Stock Exchange in 2022 and 2023, Soul is now making another attempt after more than two years [1][2] Group 2: Financial Performance - In 2023, Soul achieved a profitability turning point, projecting an adjusted net profit of 337 million yuan for 2024, with revenue for the first eight months of 2025 nearing the total revenue of 2022 at 1.683 billion yuan [3] - Revenue figures from 2020 to 2022 show a growth trajectory: 498 million yuan in 2020, 1.2812 billion yuan in 2021, and 1.6674 billion yuan in 2022, with gross margins increasing from 79.9% to 86.3% during the same period [3] - The majority of Soul's revenue comes from emotional value services, which account for over 90% of total revenue, while advertising and other business revenues contribute less than 10% [3][4] Group 3: User Engagement and Demographics - As of August 31, 2025, Soul has approximately 390 million registered users, with daily active users averaging 11 million, 78.7% of whom are from Generation Z [4] - Users spend an average of over 50 minutes daily on the platform, with an 86% engagement rate and a monthly retention rate of 80% [4] - The average monthly revenue per paying user is 104.4 yuan, indicating a stable but potentially stagnant user base in terms of growth [5] Group 4: Strategic Positioning and AI Integration - Soul has shifted its positioning over the years, evolving from "soul social" to "social metaverse for youth," and now to "AI + immersive social" [5][6] - The company emphasizes AI as a core competitive advantage, leveraging its self-developed emotional value model and AI recommendation systems to enhance user experience [5][6] - However, the high costs associated with AI development have risen significantly, from 187 million yuan in 2020 to a projected 546 million yuan in 2024, with 407 million yuan already spent in the first eight months of this year [6][7] Group 5: Regulatory and Compliance Challenges - The integration of AI into Soul's platform raises concerns regarding compliance and regulatory risks, particularly around content generation, copyright issues, and user data privacy [7] - The ongoing debate about the authenticity of AI interactions on the platform highlights the complexities and challenges faced by the company in navigating technological advancements and user expectations [7]

Core Viewpoint - Soulgate Inc., the parent company of the social platform Soul, has submitted an IPO application to the Hong Kong Stock Exchange, with Tencent as a strategic investor holding 49.9% of the shares. The company aims to overcome previous IPO failures and has demonstrated a turnaround in profitability [2][3]. Financial Performance - Soul's revenue for 2022, 2023, and 2024 is projected to be 1.667 billion, 1.846 billion, and 2.211 billion RMB, respectively, with a compound annual growth rate exceeding 15%. The adjusted net profit for the same years is expected to be -21.89 million, 361 million, and 337 million RMB, indicating a significant recovery [3][4]. - The total adjusted net profit for the first eight months of 2025 is projected to be 286 million RMB, with the total net profit for 2023-2025 expected to approach 1 billion RMB [3]. Revenue Breakdown - Soul's primary revenue sources are emotional value services (approximately 90% of total revenue) and advertising (around 10%). Emotional value services include user in-app purchases and subscription income, while advertising revenue has shown a growth rate of 64% from 140 million to 239 million RMB between 2022 and 2024 [4][5]. - Within emotional value services, virtual goods revenue significantly surpasses membership subscriptions, with the majority coming from user-to-user virtual gifts [6]. User Engagement Metrics - As of August 2025, Soul's monthly active users (MAU) are projected to be 28 million, with daily active users (DAU) reaching 11 million. The average revenue per paying user (ARPU) has increased from 75.3 RMB in 2022 to 104.4 RMB by August 2025, reflecting a 38.6% growth [8][9]. - The user engagement metrics indicate that while the number of paying users has remained relatively stable, the average income per paying user has risen, showcasing improved monetization strategies [9][10]. AI Integration - Soul has integrated AI into its platform, enhancing user interaction through features like AI virtual companions and recommendation systems. The AI Booster function has gained traction, with 4.6 million daily active users by August 2025, accounting for about 40% of total DAU [10][16]. - The AI capabilities are centered around a model called Soul X, which processes various data types and aims to enhance user emotional engagement and interaction efficiency [11][13]. Market Challenges - Despite the positive financial indicators, Soul faces challenges similar to those of Tinder, including stagnation in user growth and reliance on monetizing existing users rather than expanding the user base. The current paying rate stands at 6.5%, which is lower than Tinder's approximately 12% [19].

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 - Soulgate Inc., the parent company of the social platform Soul, has submitted an IPO application to the Hong Kong Stock Exchange, with Tencent as a strategic investor holding 49.9% of the shares. The company aims to leverage its AI capabilities to drive growth and profitability after previous unsuccessful IPO attempts [6][29]. Financial Performance - Soul's revenue is projected to grow from 16.67 billion RMB in 2022 to 22.11 billion RMB in 2024, representing a compound annual growth rate (CAGR) of over 15%. The adjusted net profit is expected to turn from a loss of 21.89 million RMB in 2022 to a profit of 33.7 million RMB in 2024 [6][7][11]. - The total adjusted net profit for 2023-2025 is estimated to approach 1 billion RMB, indicating a significant turnaround in financial performance [7]. Revenue Breakdown - The primary revenue sources for Soul are emotional value services, accounting for approximately 90% of total revenue, and advertising services, which contribute around 10%. Emotional value services revenue is expected to grow from 15.18 billion RMB in 2022 to 19.69 billion RMB in 2024, while advertising revenue is projected to increase from 1.48 billion RMB to 2.39 billion RMB, a growth of 64% [10][11][12]. User Engagement and Monetization - Soul's user engagement metrics show that while the monthly active users (MAU) have not exceeded the peak of 29.4 million in 2022, the daily active users (DAU) have increased significantly, leading to a rise in user stickiness from approximately 33% in 2022 to nearly 40% [15][26]. - The average revenue per paying user (ARPU) has increased from 75.3 RMB in 2022 to 104.4 RMB by August 2025, reflecting a 38.6% growth in less than three years [15][26]. AI Integration - The integration of AI into Soul's platform, particularly through the Soul X model, has transformed core functionalities such as recommendations and 1v1 chat, enhancing user experience and engagement [17][20]. - The AI Booster feature, which allows users to generate responses and content suggestions, has seen daily active users reach 4.6 million, accounting for about 40% of total DAU by August 2025 [24][25]. Market Position and Challenges - Despite the positive financial indicators and user engagement metrics, Soul faces challenges similar to those of Tinder, including stagnation in user base growth and a reliance on monetizing existing users. The current paying user penetration rate stands at 6.5%, which is lower than Tinder's approximately 12% [29].

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 Insights - Soul is attempting to leverage AI to create an emotional network, while the capital market scrutinizes its robustness and revenue potential [1] - The company has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, aiming to capitalize on the growing AI social market [3] Company Overview - Soul, established in 2016, has developed a unique social platform focused on emotional connections rather than traditional metrics like appearance [4] - As of August 31, 2025, Soul has approximately 390 million registered users, with daily active users averaging 11 million, 78.7% of whom are from Generation Z [5] Financial Performance - Soul's revenue grew from 1.667 billion to 2.211 billion yuan from 2022 to 2024, with a compound annual growth rate exceeding 15% [5] - In the first eight months of 2025, revenue increased by 17.8% year-on-year to 1.683 billion yuan, maintaining a double-digit growth trend [6] - The adjusted net profit for 2024 was 337 million yuan, with a significant increase of 73% to 286 million yuan in the first eight months of 2025 [6] Business Model - Soul's revenue model is primarily based on "emotional value services," with over 90% of total revenue coming from AI-driven services [6] - The average revenue per paying user (ARPPU) is 104.4 yuan (approximately 14.3 USD), indicating strong user willingness to pay for emotional value services [12] Market Context - The global AI social market is projected to reach 58 billion USD by 2025, with China being a key player in AI emotional computing [3] - Despite the demand for AI social platforms, the industry faces challenges, including user retention and the need for differentiation in a crowded market [10][11] Challenges and Industry Dynamics - The industry has seen several notable projects fail, highlighting the difficulty in retaining users long-term [11] - Soul's 30-day retention rate for new users is 23%, the highest among Chinese AI social platforms, but still reflects challenges in maintaining user engagement [11] - The AI social sector is experiencing a consolidation phase, with only 10% of applications generating nearly 89% of industry revenue [10] Regulatory and Ethical Considerations - The company is aware of the regulatory landscape and plans to invest in safety mechanisms to address content governance challenges [16] - As AI social platforms navigate innovation and compliance, Soul's ability to balance growth, profitability, and regulatory acceptance will be crucial for its IPO success [17]

2025年11月，App Store的榜单上出现了一个令人意外的名字：字节跳动旗下的社交应用"多闪"，在沉寂许久后，它不仅重返大众视野，更是登顶社交 应用榜首，在免费总榜中也跻身前列。 多闪并非一款横空出世的新品，而是一个几乎被市场遗忘的"旧将"。它的这次回归，并非偶然的运气，而是字节这座超级流量工厂经过精密计算与战略 调整后，对其社交生态进行的一次关键补位。 六年前，多闪的初次亮相承载着字节跳动在社交领域的宏大野心。作为其首款独立社交产品，它从诞生之初就被置于聚光灯下，使命明确——挑战当时如 日中天的微信。然而，这场备受瞩目的"首战"并未成功，多闪在经历短暂的高光时刻后迅速沉寂，经历数次产品转型但终究未能掀起波澜，甚至一度传 出过停止研发的消息。 在市场风头全都被AI产品抢去的2025年，多闪却悄无声息重新杀回社交舞台的中央。多闪重新被"委以重任"，背后不仅是字节的社交实验终于找准了适 合自己的方向，也潜藏着及在AI时代重构社交版图的野心。 在App Store免费总榜上，在年初的骤起骤落之后，多闪一直在百名之外起起伏伏，直到11月连续三个版本更新才终于一跃而起，直接升至10名之内， 与豆包、红果短剧、汽水 ...