出品：新浪财经上市公司研究院 作者：君 11月27日，Soulgate Inc．（下称"Soul"或"公司"）时隔两年半，第三次向联交所主板提交上市申请，中信证券为独家保荐人。 上市三度折戟后，Soul已积累超124亿赎回负债，若对赌失败（如未如期上市），可能需一次性偿还巨款，直接导致资金链断裂甚至破产。报告期内，Soul 的经营业绩高速增长，但随着大幅削减营销投入，月活用户持续流失，高峰停留在4年前。 更令人担忧的是，Soul的高度匿名机制也成了软色情内容的温床，还衍生了安全风险。近年来，Soul反复成为"杀猪盘"等情感诈骗的重灾区。关于Soul的AI 虚拟伴侣，不少用户质疑其有"真人参与"以及诱导消费。截至目前，Soul在12315上的投诉量超2500条，在黑猫投诉 【下载黑猫投诉客户端】上的投诉量超 6000条，业务合规性堪忧。 上市三度折戟后再冲关 赎回负债已超120亿元 Soul于2015年在上海成立，定位为"解决年轻人孤独感的社交APP"。与微信、QQ等传统社交平台不同，Soul抛开用户的现实身份或外貌，通过让用户在虚拟 世界建立自我形象的投射即虚拟身份Avatar进行真实的自我表达。 根据新浪财 ...

每经AI快讯，12月8日，腾讯QQ官方微博宣布，经典版QQ回归。据介绍，PC端QQ支持双模式切换，用户可自定义消息列表 和聊天窗口的分合。 （文章来源：每日经济新闻） ...

Core Insights - Soul, a social platform targeting Gen Z, has submitted its IPO application to the Hong Kong Stock Exchange for the fourth time, with 2024 revenue projected to exceed 2.2 billion yuan and 78.7% of users being from the Z generation [4][19]. Company Background - Founded by Zhang Lu, Soul was created to address the lack of platforms for genuine emotional expression, distinguishing itself from existing photo-centric social apps [5][7]. - The platform's unique features include anonymous interactions and a focus on "soul communication," which quickly attracted users feeling constrained by traditional social media [7][9]. 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 a revenue increase from 70.7 million yuan in 2019 to 1.28 billion yuan in 2021 [9][10]. - In 2023, Soul shifted its strategy to focus on existing user value, achieving an adjusted net profit of 361 million yuan, with projected profits of 337 million yuan in 2024 and 286 million yuan in the first eight months of 2025 [9][12]. Revenue Model - The primary revenue source for Soul is "emotional value services," which account for approximately 90% of total revenue, including virtual gifts and membership privileges [9][10]. - The average monthly spending per paying user increased from 75.3 yuan in 2022 to 104.4 yuan by August 2025 [12]. IPO Journey - Soul's IPO attempts began in 2021 with a plan to list on NASDAQ, but faced setbacks due to regulatory pressures and legal issues, leading to a shift towards the Hong Kong market [14][17]. - After multiple failed attempts, the company is now better positioned for its fourth IPO attempt, having achieved profitability and developed a clearer AI strategy [17][19]. Challenges Ahead - Soul's revenue structure is heavily reliant on a single business model, with 90.8% of revenue coming from emotional value services, making it vulnerable to fluctuations in user spending [19]. - User growth has plateaued, with monthly active users declining from a peak of 29.4 million in 2022 to 28 million by August 2025 [19]. - The platform faces governance challenges, including issues related to scams and content moderation, as well as potential debt risks from financial obligations totaling between 11 billion to 12.4 billion yuan [19][21].

Core Viewpoint - Soul, a social platform focusing on "soulful socializing," has submitted its IPO application to the Hong Kong Stock Exchange for the fourth time, rebranding itself as the "AI + immersive emotional socialization first stock" [1] Group 1: Company Overview - Soul was founded in 2016 with the vision of creating a "spiritual habitat for young people," utilizing an algorithm to match users based on interests in an anonymous environment, quickly gaining over 10 million users within a year [2] - The company has undergone rapid financing phases, achieving a valuation of over $1 billion after a Series B round led by Tencent in 2019, which increased its stake to 49.9% by 2021 [2] - Revenue growth has been steady, with projected revenues of 16.67 billion, 18.46 billion, and 22.11 billion yuan from 2022 to 2024, reflecting a compound annual growth rate of over 15% [2] Group 2: Revenue Model - Soul primarily generates revenue through two channels: emotional value services and advertising services, with over 90% of revenue coming from emotional value services from 2022 to 2025 [3] - The company has a high gross margin, projected at 83.7% in 2024 and 81.5% in the first eight months of 2025, but its reliance on a single revenue source poses risks to its financial stability [3] - Marketing expenditures have been substantial, with sales and marketing costs of 8.44 billion, 7.52 billion, and 8.89 billion yuan from 2022 to 2024, accounting for approximately 40% of annual revenue [3] Group 3: Financial Performance - Soul has reported net losses of 5.08 billion, 1.29 billion, and 1.52 billion yuan from 2022 to 2024, with adjusted net profits showing variability [4] - The user growth has plateaued, with monthly active users (MAU) declining 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, indicating a significant challenge for long-term growth [5] Group 4: Compliance Challenges - The platform's anonymous mechanism, while attractive to users, has led to compliance issues, including fraud and false advertising, with over 6,070 complaints reported on the Black Cat Complaint platform [6] - Despite implementing an "AI pre-review + manual review" system, issues related to scams and high fees persist, posing risks to user retention and regulatory compliance [7] - Competitors are increasingly mimicking Soul's features, which may erode its market advantage, highlighting the need for the company to address its profitability and compliance challenges for sustainable growth [7]

凤凰网科技讯 12月7日，小红书在中国台湾地区App Store下载量激增，登上社交榜第一，总榜排名跃升 至第七。4日，台湾当局宣布对小红书实施为期一年限制使用令。截至2025年12月，小红书在台湾的用 户数已超过300万，相当于每八个台湾居民中就有一人在使用。 ...

2、上周五美股三大指数小幅收涨，SanDisk涨超7%，中概指数涨1.3%； 3、纽约期银创历史新高，逼近60美元整数位心理关口； 登录新浪财经APP 搜索【信披】查看更多考评等级 格隆汇12月8日｜国际要闻： 1、本周大事提醒(12月8日-14日)：美联储议息会议召开、国内将迎政策超级周； 4、美联储12月降息25个基点的概率为86.2%； 5、美银警告：美联储鸽派降息恐终结股市涨势； 6、花旗预计未来6至12个月铜价将涨至每吨1.3万美元； 7、重大转向！美国新版国家安全战略：将调整与中国的经济关系 以互惠平等为原则 重振美国经济自主 地位； 8、特朗普下令调查食品行业潜在价格操纵行为； 4、国家卫健委：美容院、养生馆等非医疗机构不得开展干细胞治疗活动； 5、证监会：强化信息披露监管 规范并购重组行为 加强投资者保护； 9、马斯克旗下社交平台X因违反欧盟内容法规被处以1.2亿欧元罚款； 10、OpenAI宣布"红色警报"，将于下周发布GPT-5.2应对谷歌Gemini 3竞争； 11、SpaceX估值超越OpenAI 成为美国最大非上市公司； 12、瑞银再次挥舞裁员大刀 拟在2027年前再削减万名职位； ...

当地时间12月5日，马斯克旗下的社交平台X（前身Twitter）因违背欧盟《数字服务法案（DSA）》要求，被欧盟委员会处以1.2亿欧元（折合人民币约9.9亿 元）罚款。美国方面对这一号称全球最严厉互联网法规的不满由来已久，此举或进一步加剧欧盟与美国在科技监管方面的紧张关系。 据报道，欧盟委员会负责技术监管事务的执行副主席亨娜·维尔库宁（Henna Virkkunen）表示，这是欧盟首次根据DSA开出罚单，旨在让X为侵犯用户权利 和逃避问责的行为买单。"用蓝色标志误导用户，隐藏广告信息，将研究人员拒之门外，在欧盟是不能被容忍的。" 1.2亿欧元不算小数目，但与欧盟此前对科技公司开出的罚单相比较为温和，甚至有观点认为该数目低于预期。原因在于，针对X的调查自2023年12月正式启 动，彼时有人推测，根据DSA，针对X的罚款或高达其全球收入的6%，而X 2024年的收入在25亿美元至27亿美元之间。 美国政府对DSA的不满情绪显而易见。总统特朗普曾多次抨击该法案，声称若不取消这些立法，美国将对相关国家出口商品加征高额关税，并限制美国芯片 的出口。在欧盟正式宣布处罚决定之前，美国副总统万斯就在X平台上声援X，"欧盟应该 ...

欧盟委员会对马斯克旗下社交网络X开出1.2亿欧元（约合1.4亿美元）罚单，这是《数字服务法案》 (DSA)生效以来的首例处罚，标志着欧美在科技监管和言论自由问题上的分歧进一步加深。 她补充称，这一先例将有助于加快未来的调查进程，"耗时较长是因为我们的团队希望确保拥有坚实的 法律基础。" 欧盟委员会确认，此次处罚基于"比例原则"而非X平台的收入规模。这一决定令市场意外，因为委员会 此前曾暗示可能以马斯克整个私营商业帝国的收入作为罚款基数。 SpaceX是马斯克私营业务中规模最大的部分，预计2025年收入达155亿美元。相比之下，根据eMarketer 数据，X平台今年广告收入预计约为23亿美元。根据DSA规定，欧盟可对未能打击非法内容和虚假信息 或违反透明度规则的在线平台处以最高达其全球年收入6%的罚款。 欧盟数字事务专员Henna Virkkunen在周五的记者会上表示： "这与审查无关，这关乎透明度。" 平台需在90天内完成整改 欧盟认定X平台的付费蓝标认证误导用户，阻碍研究人员获取数据，且未能正确建立广告信息库。这一 罚款金额低于市场预期，且未基于马斯克庞大商业帝国的总收入计算，后者涵盖航天、基础设施和神 ...

Core Viewpoint - Soulgate, the parent company of the social platform Soul, has restarted its IPO process for the fourth time, submitting its application to the Hong Kong Stock Exchange on November 27, 2023, after previous attempts faced setbacks due to various issues [1][5]. Financial Performance - Soul's revenue has shown a consistent growth trend, with projected revenues of RMB 16.67 billion, RMB 18.46 billion, and RMB 22.11 billion for the years 2022, 2023, and 2024 respectively, reflecting a compound annual growth rate of over 15% [6]. - The adjusted net profit for Soul turned positive in 2023, with a reported RMB 2.86 billion for the first eight months of the year, marking a 73% year-on-year increase [6][11]. User Metrics - As of August 31, 2025, Soul has accumulated 389 million registered users, with 78.7% being Generation Z. The average daily active users for the first eight months of this year stood at 11 million [3]. - The monthly active users (MAU) decreased slightly from 29.4 million in 2022 to 26.2 million in 2023, but user engagement, measured by daily active users (DAU) to MAU ratio, increased from 0.32 to 0.39 [10][11]. Business Model - Soul's primary revenue sources are emotional value services and advertising services, with emotional value services accounting for approximately 90% of total revenue. The revenue from emotional value services is projected to grow from RMB 15.19 billion in 2022 to RMB 19.69 billion in 2024 [9]. - Advertising revenue constitutes about 10% of total revenue, with a significant portion coming from Tencent, which contributed 9.9% of Soul's advertising revenue in 2024 [9][11]. Compliance and Risks - Soul faces multiple compliance risks related to algorithms, content publishing, ecological governance, user information protection, and cybersecurity reviews. The company has been previously flagged by regulatory authorities for issues related to user data collection [12][13]. - Reports of fraud incidents involving users on the Soul platform have raised concerns about the platform's safety and governance, prompting the company to invest in AI-based fraud prevention systems [14].

Group 1 - The core point of the news highlights the significant developments in various companies and industries, including the challenges faced by New Oriental and the financial strategies of LeEco [1][2][3][4][5][6][7][8][9][10][11][12][13][14][15][16][17][18][19][20][21][22][23][24]. Group 2 - New Oriental employees expressed grievances about excessive working hours, claiming a "996 single rest" routine, which contradicts their labor contracts [1][2]. - LeEco announced plans to invest 1.8 billion yuan in stock purchases despite having a debt of 238 billion yuan, clarifying that the investment aims to enhance capital operation returns [3][4]. - Xiaomi's president, Lu Weibing, reported that the company's advancements in AI models and applications have exceeded expectations [5]. - The Hong Kong government is providing financial relief to residents affected by a recent fire, including tax reductions and fee waivers [6]. - The new national standard for food delivery platforms aims to address issues like "ghost deliveries" and enhance merchant management [7]. - ByteDance refuted rumors regarding management changes and clarified that there are no new policies regarding employee management [15]. - Apple is set to open its sixth retail store in Beijing, emphasizing sustainable design practices [8]. - Meta has hired a top design executive from Apple, indicating its commitment to advancing in AI consumer devices [9].