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 ...

（来源：蚌埠新闻网） 随着人工智能社交领域的快速发展，相关伦理治理的重要性日益凸显。近期，Soul App向港交所递交上 市申请，引发关注，关注点之一便是平台构建的系统化AI伦理治理体系。该体系不仅有效管控技术应 用风险，更展现出平台对社会责任的前瞻性担当，有效提升Soul上市进程中的价值潜能，为其持续稳健 提供制度性保障。 值得一提的是，Soul提出的"破壁"理念进一步体现了其推动虚拟与现实融合的治理思路。该平台通过技 术手段使AI虚拟人能够突破纯虚拟的局限，例如获得用户授权后，当系统感知到用户位于上海时，便 可结合当地场景信息提供建议或话题，从而增强AI交互的现实关联性。这一设计不仅提升了AI伴侣的 情感交互能力，也有助于用户平衡虚拟社交与现实生活，从根本上减轻对虚拟世界的依赖。 在AI技术日益同质化的行业背景下，Soul通过对社交行为的深入理解形成了差异化的伦理治理竞争力。 陶明认为："短期来看，技术差异会带来体验差异；但长期来看，体验差异的核心源于对社交认知的积 累与对社交行为范式的理解。"正因为Soul长期深耕社交领域，其对用户心理、社交规则具有更敏锐的 洞察，能够将伦理治理理念精准嵌入技术研发与产 ...

"社交是多边或双边关系，良好的社交体验源于双方出色的表达能力。" 陶明表示，Soul 在 AI 技术构建 上，一方面致力于增强用户的表达能力，促进人际社交关系，另一方面通过打造虚拟人、AI Agent生 态，为不善于主动打开自己、表达自我的用户，提供人机交互的社交新选择。这种技术探索，不仅丰富 了平台的社交场景，更让 AI 逐渐成为推动社交体验升级的核心力量，形成了从传统 AI 辅助社交连接 到生成式 AI 打造多元社交体验的清晰发展路径。 然而，AI技术的迅猛发展虽赋予其深刻改变社会互动的能力，但若缺乏伦理约束，可能导致隐私侵 犯、算法偏见等问题，侵蚀用户信任与社会公险。因此，Soul 始终保持着对 AI 伦理治理的高度警惕。 对此陶明强调："AI 技术的使用与 AI 伦理治理、安全治理，这两方面我们都要抓，且都要抓得住，只 有这样才能让业务更好地发展。"他表示， 自开展社交业务以来，Soul 便确立了两大安全底线 —— 用 户安全底线与内容安全底线，并围绕这两大底线，逐步构建起完善的社区行为规范与内容安全规范，这 些规范成为平台治理社区、保障社交环境健康的重要准则。 近日，Soul App已正式向港交所递 ...

Core Insights - Soul has submitted its IPO application to the Hong Kong Stock Exchange, focusing on the emotional economy of Generation Z and disclosing an AI ethics governance framework in its prospectus [1][6] - The platform's narrative centers around the emotional value of Generation Z, with over 78.7% of its daily active users belonging to this demographic [3][6] - Soul's financial performance is strong, reporting nearly 1 billion yuan in adjusted net profit within three years [3] Company Overview - Founded in 2015 by Zhang Lu, Soul aims to provide emotional value to users by emphasizing interest-based connections and non-real identity expressions [4] - The platform encourages users to interact through virtual identities rather than real photos, promoting a focus on shared interests and emotional understanding [4] - As of 2021, Soul had 9.1 million daily active users, with over 70% being post-90s generation, and has attracted significant investment from major firms including Tencent and MiHoYo [4] Market Context - The emotional economy in China is projected to reach approximately 24.25 trillion yuan by 2024, with an expected compound annual growth rate of 22.2% until 2030 [5] - The immersive emotional economy segment is anticipated to grow even faster, from about 291.7 billion yuan in 2024 to 1.191 trillion yuan by 2030 [5] User Engagement - As of August 2025, Soul is expected to have around 390 million registered users, with daily active users reaching 11 million in the first eight months of the year, 80% of whom are from Generation Z [6] - Users spend an average of over 50 minutes daily on the platform, and the average monthly revenue per paying user is 104.4 yuan, indicating a strong monetization potential [6] IPO Considerations - The market's interest in Soul's IPO is increasing, particularly regarding its AI ethics governance framework, which is seen as a crucial factor in building investor confidence [6]

Core Viewpoint - Soul is attempting its fourth IPO, shifting its narrative from focusing on the single economy and metaverse to emphasizing the emotional value for Generation Z users, who make up over 78.7% of its daily active users [1][5]. Group 1: Company Overview - Soul was founded in 2015 by Zhang Lu, who aimed to create a platform that prioritizes emotional value over appearance, addressing a gap in the social app market dominated by familiar and appearance-based interactions [2][3]. - The platform allows users to interact through virtual identities, avoiding the use of real photos and locations, which caters to the Z generation's desire for a pressure-free social environment [3][4]. - As of 2021, Soul had reached 9.1 million daily active users, with over 70% being post-90s users, and introduced the concept of metaverse social interactions [3][6]. Group 2: Financial Performance - Soul reported a revenue of 1.846 billion yuan and a net profit of 361 million yuan in 2023, with projected revenues of 2.211 billion yuan and a net profit of 337 million yuan for 2024 [6]. - The company has accumulated nearly 1 billion yuan in net profit over three years, indicating strong financial performance [6]. - The primary revenue sources are "emotional value services" and advertising, with emotional value services accounting for 90.8% of the revenue in 2025 [5][6]. Group 3: Market Potential - The emotional economy in China is projected to grow from 24.25 trillion yuan in 2024 to 80.69 trillion yuan by 2030, with a compound annual growth rate of 22.2% [4]. - The immersive emotional economy segment is expected to expand from 291.7 billion yuan in 2024 to 1.191 trillion yuan by 2030, indicating a faster growth rate [4]. Group 4: User Engagement - As of August 2025, Soul had approximately 390 million registered users, with daily active users reaching 11 million in the first eight months of the year, 80% of whom are from Generation Z [5][6]. - Users spend an average of over 50 minutes daily on the platform, showcasing high engagement levels [5]. Group 5: Industry Significance - Soul's IPO represents a significant milestone for the emotional economy, as it introduces a quantifiable business model into mainstream capital market discussions [6].

Core Viewpoint - Soulgate Inc. is making a renewed attempt to go public with a more solid financial performance, moving away from its previous "burning cash for growth" strategy to a sustainable profit model driven by AI technology and user engagement [2][10] Financial Performance - For the first eight months of 2025, Soul achieved a revenue of 1.683 billion yuan, a year-on-year increase of 17.86%, and an adjusted net profit of 286 million yuan, marking a significant 73% increase [2] - The sales and marketing expenses have significantly decreased to 38.3%, down from an astonishing 124.8% in 2020, indicating a shift in operational strategy [4] User Engagement - As of August 2025, Soul maintains an average of 11 million daily active users, with an average usage time of 50 minutes, demonstrating strong user retention despite reduced marketing spending [5] - The platform has a high percentage of Gen Z users, accounting for 78.7%, which is crucial for its growth and profitability [5] Revenue Model - Soul's revenue model is heavily reliant on value-added services, contributing over 90% of its revenue, which is a departure from traditional advertising-based monetization [7] - The platform exhibits a low payment rate of 6.5%, but the average monthly contribution from paying users is 104.4 yuan, reflecting a 140% increase over five years, indicating a focus on deep service rather than just user acquisition [7] Technological Integration - The introduction of the self-developed Soul X model and AIBooster features has lowered the barriers for social interactions, enhancing user experience and emotional engagement [9] - AI technology acts as a "super connector," strengthening user emotional ties and supporting the platform's high pricing capabilities, creating a technology-driven business monetization loop [9] Challenges Ahead - Soul's revenue structure is highly concentrated, with over 90% of income dependent on value-added services, posing risks if user interest shifts or competition increases [10] - The company faces significant financial burdens due to ongoing investments in AI technology, with over 400 million yuan spent on R&D in the first eight months of 2025, raising concerns about sustainability if revenue growth does not keep pace with these costs [10]

E-commerce and New Retail - Alibaba Group donated 20 million HKD following a fire in Hong Kong, while ByteDance and Didi contributed 10 million HKD each. Pinduoduo also donated 10 million HKD and launched a public welfare section for firefighting supplies [1] - Alibaba's Q2 revenue for FY2026 reached 247.8 billion CNY, a 5% year-on-year increase, with cloud revenue growing 34% and AI-related products seeing triple-digit growth for nine consecutive quarters [2] - JD Industrial has received approval for an IPO on the Hong Kong Stock Exchange, with projected revenues of 14.135 billion CNY in 2022, increasing to 20.4 billion CNY in 2024 [3] Logistics and Supply Chain - Jitu Express launched its first industrial-grade automated sorting system in Thailand, improving sorting efficiency by over 100% and achieving a sorting accuracy of over 99% [4] Life Services - Meituan reported a Q3 loss of 14.1 billion CNY in its core local business segment due to irrational competition in the food delivery industry, with expectations of continued losses in Q4 [5][6] - Didi's Q3 order volume reached 4.685 billion, a 13.8% year-on-year increase, with a net profit of 1.5 billion CNY [7] - Taobao Flash Sale announced the cancellation of late fee deductions, expanding to 60 cities, aiming to enhance rider protection and user experience [8] Innovation and Investment - Ruiyun Cold Chain completed nearly 100 million CNY in A+ round financing, focusing on digital capabilities and international expansion [9] - Soul App submitted a listing application to the Hong Kong Stock Exchange, reporting a revenue CAGR of over 15% from 2022 to 2024 and achieving stable profitability since 2023 [10][11]

一周IPO动态，覆盖港股、美股、A股。 本文为IPO早知道原创 作者｜C叔 微信公众号｜ipozaozhidao 量化派 港股｜挂牌上市 据IPO早知道消息，量化派控股有限公司（以下简称"量化派"）于2025年11月27日正式以"2685"为 股票代码在港交所主板挂牌上市。 作为一家专注于中国消费领域的线上市场运营商，量化派持续深耕电商、汽车零售 O2O 等高频消费 场景，逐步构建起"用户—商品/服务—消费场景"的高效整合体系，为业务伙伴带来持续增长与协同 效应。 依托在消费领域的多年深耕，量化派沉淀了深厚的行业认知，并持续扩大用户与业务伙伴的覆盖范 围。截至 2025 年 5 月 31 日，量化派已连接超6,030万注册终端客户及2,646家业务伙伴，平台规 模稳步增长。 在业务规模不断扩大的同时，量化派的技术体系也持续深化——量化派自主研发的 "量星球" AI 技术 平台将运营、算法、营销等五大系统深度整合，为业务伙伴提供模块化、全链路的数字化解决方案， 助力提升获客效率、转化效果及整体运营能力。 在智能技术方面，量化派已构建起成熟的用户画像与分析体系，累计取得 9 项专利及 58 项软件著 作权，技术团 ...

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]

Group 1: Fund and Investment Trends - In November, a total of 9 new dividend-themed funds were established, with a combined issuance scale of 6.615 billion yuan, marking a new monthly high for the year [1] - The number of newly established index-enhanced funds has surged to 160 this year, representing a year-on-year increase of over 416% [1] - Seven new AI-themed ETFs were launched on November 21, with rapid approval and issuance processes, highlighting the growing interest in AI investments [1] Group 2: Banking and Deposit Products - Major state-owned banks and some joint-stock banks have recently withdrawn long-term deposit products, focusing on shorter-term offerings [2] - This withdrawal includes significant banks such as ICBC, ABC, and BOC, indicating a shift in the banking landscape [2] Group 3: Technology and AI Developments - Alibaba has launched its first self-developed AI glasses, with multiple tech companies entering the AI glasses market, suggesting rapid industry growth [3] - The world's largest compressed air energy storage project has entered the main equipment installation phase, showcasing advancements in energy technology [3] Group 4: Corporate Financial Performance - Alibaba reported Q3 revenue of 247.8 billion yuan (35 billion USD), a 5% year-on-year increase, but adjusted EBITDA fell by 78% to 9 billion yuan [4] - HP announced plans to lay off 4,000 to 6,000 employees, approximately 10% of its workforce, to streamline operations and enhance productivity through AI [4] Group 5: Market Movements and IPOs - Avita Technology has submitted an IPO application to the Hong Kong Stock Exchange, projecting significant revenue growth from 5.645 billion yuan in 2023 to 15.195 billion yuan in 2024 [5] - Soul App has also filed for an IPO, with Tencent as a strategic investor, reporting a compound annual growth rate of over 15% in revenue from 2022 to 2024 [5] Group 6: Stock Market and Investment Changes - The National Integrated Circuit Fund reduced its stake in Saiwei Electronics, decreasing its holding from 5.88% to 4.999986% [7] - Tianfu Communication has achieved mass production capabilities for high-speed optical engines, indicating growth in the optical technology sector [7]