Core Insights - Soul, a social platform, has submitted its IPO application to the Hong Kong Stock Exchange, marking its fourth attempt at going public [1][12] - The company's revenue is primarily derived from "emotional value services," accounting for approximately 90% of total income [2][13] Group 1: Business Model and Financial Performance - Soul's business model is centered around emotional value-driven virtual goods, targeting the Z generation through anonymous social interactions [3][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 the Z generation [3][4] - Revenue figures show steady growth, with 2022, 2023, and 2024 revenues reported at 1.667 billion, 1.846 billion, and 2.211 billion yuan respectively, reflecting a compound annual growth rate of over 15% [3][4] - For the first eight months of 2025, revenue reached 1.683 billion yuan, a year-on-year increase of 17.86% [3][4] Group 2: Revenue Structure and Profitability - Soul's revenue generation is primarily through emotional value services and advertising, with emotional value services contributing 91.1%, 90.3%, 89.1%, and 90.8% of total revenue from 2022 to the first eight months of 2025 [4][5] - The emotional value service revenue increased from 1.519 billion yuan in 2022 to 1.667 billion yuan in 2023, and further to 1.970 billion yuan in 2024 [4][5] - The company has a high gross margin, with 2024 gross margin at 83.7% and 81.5% for the first eight months of 2025 [5][6] Group 3: Marketing and User Growth Challenges - Soul's marketing expenses have been substantial, with sales and marketing costs of 844 million, 752 million, and 889 million yuan from 2022 to 2024, representing 50.6%, 40.7%, and 40.2% of revenue respectively [6][7] - The user growth appears to be stagnating, with monthly active users dropping from 29.4 million in 2022 to 26.2 million in 2023, and only recovering to 28 million in the first eight months of 2025 [7][17] Group 4: Shareholding and Funding - Since its inception, Soul has raised a total of 402 million USD (approximately 2.842 billion yuan) through seven funding rounds, with Tencent being the largest shareholder, holding 49.90% of the shares [8][19] - The IPO proceeds are intended for enhancing AI capabilities, expanding globally, and developing various content types [20] Group 5: Regulatory and Competitive Landscape - Soul's anonymous user mechanism has led to compliance challenges, with numerous complaints regarding fraud and false advertising [10][21] - The competitive landscape is intense, with established players like Momo and Tantan continuing to dominate the market, posing a threat to Soul's user base and revenue [21][22]

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].

本报讯(记者袁传玺)近日，新型社交平台Soul App(任意门科技)联合上海市公安局浦东分局反诈中心， 发起一场名为"不好！感觉要诈了！——你只是还没遇到适合你的骗局"的反诈主题群聊派对。此次活动 旨在深入贯彻落实关于打击治理电信诈骗工作的重要指示精神，充分发挥警企协同优势，切实提升青年 群体的防骗能力。 浦东反诈中心表示，打击电信网络诈骗是一项长期性、系统性工程。未来，警企双方将继续深化协作联 动机制，持续创新反诈宣传教育方式，共同营造清朗安全的网络空间。Soul App也将继续秉持"用户第 一"原则，持续投入AI技术研发，与警方和社会各界一道，为Z世代构建一个真实、温暖、安全的社交 家园。 这场"沉浸式"的深度群聊，通过真实的案例和犀利的心理分析，打破了传统说教的枯燥感，在Soul站内 引发了热烈反响，有效提升了青年用户的风险感知能力。 本次群聊派对的成功举办，是Soul App长期深耕生态安全的一个缩影。在此之前，Soul App正式发布 《2025年第三季度生态安全报告》及《2025年未成年人网络保护社会责任报告》。报告显示，通过持续 深化的警企合作与AI技术全面升级，Soul在反诈风控、未成年人保护 ...

Core Insights - Xiaohongshu has decided to suspend the trial operation of its membership product "Xiaohong Card" starting January 1, 2026, indicating a strategic retreat from its local lifestyle business [1][5][21] - The Xiaohong Card, launched in September during the third Xiaohongshu Street Life Festival, aimed to provide a "selected card for food, drink, and entertainment" but faced challenges in user engagement and merchant satisfaction [2][3][10] Product Performance - The Xiaohong Card was introduced in three cities: Shanghai, Hangzhou, and Guangzhou, partnering with thousands of selected stores but lacked significant subsidies, leading to limited user appeal [2][3] - Users reported that the card's benefits were minimal, with discounts not competitive enough compared to other platforms, resulting in low usage after initial interest [8][9][10] Merchant Feedback - Merchants involved in the Xiaohong Card program expressed disappointment, noting that the initiative did not drive significant customer traffic or sales, leading to a lack of enthusiasm for the program [10][12] - Many merchants were unaware of the card's operational issues and were not incentivized to promote it due to insufficient customer flow and high operational costs [19][20] Strategic Implications - The suspension of the Xiaohong Card reflects Xiaohongshu's recognition of the challenges in transitioning from a community-driven platform to a transactional model in the local lifestyle sector [5][13][21] - Despite the setback, Xiaohongshu plans to continue exploring opportunities in the local lifestyle market, emphasizing the importance of community engagement and user experience in future initiatives [21][25][26] Market Context - The local lifestyle service market in China is projected to grow significantly, with estimates suggesting a market size of 35.3 trillion yuan by 2025, highlighting the competitive landscape that Xiaohongshu is navigating [25] - Competitors like Meituan and Douyin have established strong footholds in the local lifestyle sector, making it imperative for Xiaohongshu to leverage its community strengths to differentiate itself [20][26]

哈喽大家好，今天老张带大家聊聊。Soul第四次冲港股了，账面盈利亮眼，可这钱全靠180万用户硬 砸，它的孤独生意藏着不少门道。 情绪容器的胜利 Soul又递招股书了！11月27日官宣冲港股，这已经是它第四次冲击IPO，比我追更的职场剧还执着。你 以为是资本宠儿？别急，反转马上就来。 这波操作在2023年让ARPU值暴涨21.8%，却把付费用户从170万跌到150万，直到2025年才勉强回稳。 就像饭馆为了赚大户的钱，把菜价抬太高，普通客人全跑了。 腾讯和米哈游这对游戏圈冤家，都看透了这点，双双持股，腾讯直接拿了49.9%。说白了，他们赌的就 是"情绪能卖钱"，这生意比卖游戏皮肤还稳。但光有情绪不够，赚钱的路子越来越拧巴。 账面美得冒泡：2025年营收16.83亿，年增17.8%，调整后净利率直接飙到17%。但翻到用户页，画风秒 变——月活2800万，没回到疫情时3000万+的峰值，还比2022年少了140万。 合着这钱不是靠人多赚的，全靠180万付费用户硬撑。这波操作，像极了小饭馆全靠几个老主顾包场续 命。为啥有人愿意为它花钱？社恐姑娘林蕾的故事特典型。 这就是Soul的魔力：把社交变成"安全区"。现在独居青 ...

Group 1 - Jefferies has lowered the target price for the online gaming platform Roblox from $115 to $100 [1] - Jefferies has raised the target price for Reddit from $300 to $325 [1]

Group 1 - The core viewpoint of the article is that the Taiwanese authorities' decision to temporarily ban the social media platform Xiaohongshu for one year is seen as an act against the interests of the Taiwanese people, particularly the youth, and reflects a broader trend of restricting access to platforms popular among them [1][2] - The spokesperson for the State Council Taiwan Affairs Office criticized the ban, stating that it is a political maneuver aimed at suppressing the flow of information and interaction between Taiwanese youth and their counterparts in mainland China [1][2] - Xiaohongshu is described as a "lifestyle interest community" that is well-received by Taiwanese users, who utilize the platform to understand the realities of mainland China and engage in friendly interactions, which undermines the Taiwanese authorities' narrative [1] Group 2 - The spokesperson also accused the Taiwanese authorities of using the pretext of "anti-fraud" measures to infringe upon democratic freedoms and the rights of the Taiwanese people, particularly the youth, to access information and use social media platforms [2] - The ban on Xiaohongshu has faced significant opposition within Taiwan, with various media and public figures criticizing the government's actions as politically motivated and detrimental to the livelihoods of those who rely on the platform [2] - The upcoming Cross-Strait Entrepreneurs Summit, scheduled for December 16-17 in Nanjing, will focus on topics such as innovation and cooperation in the context of the 14th Five-Year Plan, with around 800 participants expected [2][3] Group 3 - Fujian Province has recently announced a new set of policy measures aimed at supporting Taiwanese enterprises and businesspeople, which includes 12 specific initiatives to enhance tax services and promote trade and cultural exchanges [3] - These measures are designed to address the needs of Taiwanese businesses and are expected to accelerate the integration of development between Fujian and Taiwan [3]

新华社北京12月10日电（记者尚昊、李寒芳）针对民进党当局宣布"暂定封禁"大陆社交平台小红书一 年，国务院台办发言人陈斌华10日在例行新闻发布会上答记者问表示，从封锁大陆购物平台、影音平 台，再到封禁大陆社交平台，民进党已经成了名副其实和老百姓作对的"民禁挡"，凡是台湾民众常用的 就非禁不可，凡是台湾青年爱用的就非挡不可。多行不义必自毙，民进党当局恣意妄为，必将自食恶 果。其倒行逆施阻挡不了台湾民众特别是青年了解大陆、与大陆同胞相交相知的民意潮流。 日前，民进党当局以"被检测出多项资安指标不合格""诈骗多"等为由，对小红书"暂定封禁"一年。陈斌 华在回答记者有关提问时作上述表示。 他说，众所周知，小红书是定位为"生活兴趣社区"的社交平台，以丰富多元的生活化内容、贴近青年兴 趣的社区氛围、便捷的互动方式，深受台湾民众特别是青年的喜欢。他们借由小红书了解大陆真实情 况，与大陆网友亲切、友善互动，这让民进党当局刻意制造的"信息茧房"和对大陆的污蔑抹黑塌了房、 破了功。民进党当局因此如芒在背，恼羞成怒。其封禁理由中的所谓"资安"，暴露的正是他们内心的恐 惧和"不安"。 至于所谓"反诈"，陈斌华表示，民进党当局名为"反 ...

新浪科技讯 12月10日下午消息，豆瓣即将推出一项全新的地点签到与主题集章功能"我的签到足迹"。 今日，该功能的试玩版"我的冬日漫游集章册"活动率先上线，产品1.0版本计划于2026年1月份正式上 线。 新浪科技讯 12月10日下午消息，豆瓣即将推出一项全新的地点签到与主题集章功能"我的签到足迹"。 今日，该功能的试玩版"我的冬日漫游集章册"活动率先上线，产品1.0版本计划于2026年1月份正式上 线。 据介绍，"我的签到足迹"是一个基于设备位置信息的地点签到和主题集章功能，用户到达某个地点后可 以发起签到，并在已领取的主题集章册中为该地点盖章。首批已上线包括全国的公园和博物馆，约 6 万 多条地点数据，2026 年 1 月正式产品上线时将新增包括全国的美术馆、天文馆、科技馆、动物园、植 物园、文物古迹、景区景点等约 5 万多个地点。 豆瓣方面表示，该产品整体将围绕文化、科普、旅游与休闲娱乐相关的地点来构建，更希望该产品聚焦 在文化体验与个人兴趣探索，而不是泛生活消费。后续会陆续上线的地点类型还包括剧场、音乐厅、电 影院、书店、体育场馆等，但不考虑收录购物类、餐饮类、休闲服务等相关场所，且目前暂不支持用户 自 ...

Core Viewpoint - The Taiwanese government's ban on the social media platform Xiaohongshu is seen as a political maneuver against the interests of the Taiwanese youth and public, reflecting the ruling party's fear of losing control over information and communication with mainland China [1][2]. Group 1: Ban on Xiaohongshu - The Taiwanese authorities have banned Xiaohongshu citing multiple security concerns and fraud issues, which has been criticized as a tactic to suppress democratic freedoms and the public's right to information [1][2]. - Xiaohongshu has over 3 million users in Taiwan, with 70% being post-90s generation, indicating its popularity among the youth [1]. - The ban is perceived as an attempt to maintain an "information bubble" and prevent Taiwanese citizens from engaging with mainland Chinese perspectives [1]. Group 2: Political Implications - The spokesperson from the State Council Taiwan Affairs Office criticized the ban as a reflection of the ruling party's antagonism towards the public, labeling it as "民禁挡" (blocking the people's access) [1][2]. - Reports indicate that the number of fraud cases on Facebook in Taiwan far exceeds those attributed to Xiaohongshu, suggesting that the government's anti-fraud rationale is inconsistent and politically motivated [2]. - The ban has faced widespread opposition within Taiwan, with various sectors condemning the government's actions as politically motivated rather than genuinely concerned about public safety [2]. Group 3: Cross-Strait Relations - The spokesperson noted that the communication mechanism between the Association for Relations Across the Taiwan Straits and the Taiwan Strait Exchange Foundation has been stalled due to the Taiwanese government's refusal to acknowledge the "1992 Consensus" [3]. - There is an expressed desire for Taiwanese citizens to share in the opportunities presented by the development of the mainland's internet, highlighting a potential for increased mutual understanding between the two sides [3].