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]

海外消费 行 业 研 究 2025 年 12 月 14 日 投资评级：看好（维持） ——行业周报 行业走势图 数据来源：聚源 -29% -19% -10% 0% 10% 19% 29% 2024-12 2025-04 2025-08 社会服务 沪深300 相关研究报告 《柬埔寨公布对中免签政策，蜜雪、 古茗进军早餐—行业周报》-2025.12.7 《论时尚消费如何穿越周期，美图推 出电商设计 Agent — 行业周报》 -2025.11.30 AI+社交：Soul 和伊对母公司递交招股书，关注全球 AI+情绪经济变现赛道 国内当红社交 APP Soul 的母公司 Soulgate 和伊对母公司米连科技拟赴港 IPO。Soul 专注 Z 世代群体，2025 年前 8 个月 Soul 实现收入 16.83 亿元，同比增长 17.8%； 实现经调整净利润 2.86 亿元，同比增长 73.1%，经调整净利率 17%。米连科技旗 下伊对 App 聚焦 30 岁左右的成熟群体，2025 年前 6 个月米连科技实现收入 19.2 亿元，同比增长 85.9%；实现经调整净利润 2.97 亿元，同比增长 285%，经调整净 《 ...

出品 | 36氪未来消费（微信ID：lslb168） 离你更近的消费创投一线。 整理 | 肖思佳 Busy Money "宁康瑞珠"完成超亿元A轮融资 36氪获悉，据舟渡资本消息，"宁康瑞珠"宣布完成超亿元人民币A轮融资。本轮融资由龙磐投资领投，峰瑞资本、阳光融汇资本跟投，舟渡资本担任独家 财务顾问。本轮融资将大幅加速拓展公司的技术平台，推进临床研究，布局差异化优势管线。 安澜动力完 成 千万元天使+轮融资 近日，安澜动力完成千万元天使+轮融资，这也是公司在半年内完成的第二轮融资。投资方：香港X科技基金（HKX）、清水湾二期基金、韧行投资。资 金用途：将重点用于产品功能样机的迭代研发与测试，团队人才完善。 安澜动力是一家专注于休闲船艇电动化与智能化研发的公司，致力于通过融合电动动力、网联和智能交互与创新设计，为亲水用户提供更省心、更便利、 更安全且环保的新一代电动智能摩托艇产品。在电动化方面，公司基于自主构建的船体三电耦合匹配平台，依托中国成熟的"三电"供应链，开发动力系 统解决方案。 江六筒宠物鲜食获2000万天使轮融资 近日，江六筒宠物鲜食完成2000万元天使轮融资。本轮融资将主要用于产品研发升级、产能扩 ...

近期，香港证监会、港交所联名致函IPO保荐人，称旨在表达监管层对近期所递交的新上市申请中所观 察到的质量下滑，以及某些不合规行为的监管关切。 据了解，信函提及的不合标准的情况包括所提供的上市文件品质差劣，审查不足，如涉及业务模式的描 述不够清晰、过度使用宣传用语。 实操层面，保荐机构"过度包装"发行人业务的现象并不鲜见。 例如冲刺港股IPO的深圳市华曦达科技股份有限公司（下称"华曦达"）便打出"AI Home"概念，但核心 产品就是电视盒。 华曦达在港股招股书中称其业务解决方案可让用户借助云技术、物联网及AI技术的应用，利用数字视 讯设备、网络通信设备及系统平台轻松掌控居家环境。 事实上，华曦达的核心产品就是电视盒。 信风注意到，华曦达在2023年北交所上市申报材料中曾坦承"公司的销售收入主要以Android TV智能电 视终端的收入为主。" Android TV智能电视终端属于电视盒的细分类型。 随着港股IPO项目数目的增多，上市申请文件质量问题逐渐暴露。 例如在天润科技冲刺上市过程中，北交所原本要求天润科技及其保荐机构开源证券补充募投项目租赁产 房落实情况，包括协议签订时间、租赁价格及费用等。 但是开源证 ...

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]

Core Points - Shanghai Zhuoyue Ruixin Digital Technology Co., Ltd. officially listed on the Hong Kong Stock Exchange on December 8, 2023, with stock code 02687.HK, and closed at HKD 126.40, an increase of 87.26% [1] - The company focuses on providing digital solutions for higher education, including the development, delivery, and operation of digital educational content and teaching scenarios [1] Company Summary - Zhuoyue Ruixin is headquartered in Xuhui District, Shanghai, and launched the "Wisdom Tree" brand in 2013, focusing on digital education content for universities [1] - With this listing, the total number of listed companies in Xuhui District has increased to 69 [1] - The company issued 6.67 million H-shares at an issue price of HKD 67.50, raising approximately HKD 450 million, with a net fundraising amount of about HKD 394 million [1] Fund Utilization - 36.7% of the net proceeds will be allocated to research and development, particularly in AI models and knowledge graph integration for personalized learning systems [1] - 31.8% will enhance customer service by expanding 29 branches nationwide to improve local support for universities [1] - 21.5% will be used to establish a knowledge graph center and set up two development centers in key cities to improve content production efficiency [1] - 10% will supplement working capital to support daily operations and strategic acquisitions [1] Industry Context - At least 15 Shanghai companies, including Zhuoyue Ruixin, have listed on the Hong Kong Stock Exchange this year, indicating a robust pipeline for future listings [2] - There are 23 Shanghai enterprises currently in the "processing" status for listing, covering various sectors such as automotive, new consumption, biomedicine, and hard technology [2]

Core Insights - Soul, a social networking app targeting Gen Z, has submitted its IPO application to the Hong Kong Stock Exchange for the fourth time since initiating its listing plans in 2021 [4][16] - The company reported a revenue of over 2.2 billion yuan in 2024, with an average monthly spending of 104.4 yuan per paying user, and 78.7% of its users belong to the Gen Z demographic [4][10] Company Background - Founded by Zhang Lu, Soul was launched in November 2016 as a "soul social" platform, focusing on emotional connections rather than traditional image-based social networking [5][9] - The app gained popularity by allowing users to interact through virtual avatars and emphasizing shared values over physical appearance [7][10] Financial Performance - Soul initially adopted a "burn money for growth" strategy, with marketing expenses reaching 289.1%, 124.9%, and 118% of total revenue from 2019 to 2021, leading to significant losses [10][18] - In 2023, the company shifted its strategy to focus on existing user value, resulting in an adjusted net profit of 361 million yuan, with profits of 337 million yuan and 286 million yuan reported for 2024 and the first eight months of 2025, respectively [10][18] Revenue Structure - The primary revenue source for Soul is "emotional value services," which includes virtual gifts and membership privileges, accounting for approximately 90% of total revenue [10][11] - Users can purchase "Soul coins" for various virtual items, with prices ranging from 1.6 yuan to 5,333 yuan for premium gifts [11] IPO Journey - Soul's IPO journey began in May 2021 with plans for a NASDAQ listing, initially valued at around 2 billion USD (approximately 130 billion yuan), but was halted due to regulatory pressures and competition-related lawsuits [15][16] - After multiple failed attempts to list, including a submission to the Hong Kong Stock Exchange in 2022 that became invalid due to outdated materials, the company has now reapplied with improved financials and a clearer AI strategy [16][18] Challenges Ahead - Despite recent profitability, Soul faces challenges such as a highly concentrated revenue structure, with 90.8% of income derived from emotional value services and only 9.1% from advertising [18] - User growth has plateaued, with monthly active users peaking at 29.4 million in 2022 and declining to 28 million by August 2023, alongside a shrinking Gen Z user base [18] - The platform also grapples with governance issues, including scams and inappropriate content, and faces potential debt risks related to financial liabilities amounting to 11 billion to 12.4 billion yuan [18][19]

（来源：蚌埠新闻网） 盈利模式拆解：90%收入靠"卖情绪"，ARPPU六年涨140% 很多人好奇，年轻人在Soul上到底花什么钱？翻开收入构成表，答案很清晰：90%以上的收入来自"情 绪价值服务"，也就是我们常说的增值服务。 这套变现体系的关键在于"低门槛引流+高溢价变现"的路径。基础层，你花几块钱买个虚拟礼物送给聊 得来的朋友，体验"为情绪买单"的快感；进阶层，稀有Avatar虚拟形象、专属身份徽章这些道具，价格 从几十到上千元不等，满足用户的个性化和炫耀需求；顶层则是30元/月的"超级星人"会员，提供访客 记录、优先匹配等特权。 这种模式造就了Soul独特的付费特征：付费用户够"能打"。2025年前8个月，它的月活用户2800万，付 费用户180万——ARPPU（每名付费用户月均收入）达到104.4元，比2020年的43.5元涨了140%，甚至 超过了不少游戏的付费水平。 AI在这里扮演了"催化剂"的角色。Soul自研的Soul X大模型就像个"社交脑"，能记住你喜欢的聊天风 格、关注的兴趣话题，甚至能帮社恐用户生成有趣的开场白。数据显示，用了AIBooster功能的用户， 互动频率提升了32%，付费转化 ...

在Soul 上市申请获港交所受理之际，平台在反诈领域取得的成效也引发市场关注。Soul IPO相关文 件显示，其通过AI技术升级与多维治理体系构建，在用户保护、内容治理等层面取得进展。这些成果 为Soul 上市进程中平台稳健运营打下坚实基础，展现出平台对生态安全治理的高度重视。 报告详尽披露了Q3季度平台在生态安全领域所取得的进展，全面展示了 Soul 围绕"技术+制度+教 育"三维治理体系的创新实践与显著成效。这标志着 Soul 在用户信息保护、反欺诈、未成年人守护、网 络暴力治理及社区共治等关键领域的持续投入和能力升级。 AI风控全面升级，筑牢社交安全屏障。在Q3季度，Soul持续深化AI前沿技术的应用，构建全方 位、高智能的安全防护体系，通过不断完善技术手段，平台在前端拦截和中端处置能力上实现提升。 •Soul持续保持与监管部门及公安机关的紧密合作，积极参与到打击违法有害信息的行动中。Q3季 度，平台向全国推送各类违法有害线索100余个，调证协查80余次，并参与其他警企合作工作3次，以实 际行动帮助构建起坚实的安全防线。 违规与低质内容治理，打造清朗社区画风。为切实保障用户在广场和群聊中的交流体验，So ...

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]