Core Viewpoint - Soulgate Inc., the parent company of the AI+ immersive social platform Soul, has submitted its prospectus to the Hong Kong Stock Exchange for the third time, marking its fourth attempt to enter the capital market, amidst a competitive landscape with other social platforms like MiLian Technology also aiming for an IPO [1][4]. Financial Performance - Soul's total revenue for 2022, 2023, and 2024 is projected to be 1.667 billion, 1.846 billion, and 2.211 billion RMB respectively, with the first eight months of 2025 showing a revenue of 1.683 billion RMB, reflecting a year-on-year growth of 17.86% [6]. - The adjusted net profit transitioned from a loss in 2022 to a profit of 286 million RMB in 2023, with the first eight months of 2023 showing a net profit of 286 million RMB, a 73% increase year-on-year [6][7]. - Despite high gross margins above 80%, the company faces challenges as over 90% of its revenue comes from virtual gifts and membership services, indicating a lack of diversification in its revenue streams [6][8]. User Metrics - As of August 31, 2025, Soul is expected to have approximately 390 million registered users, with daily active users reaching 11 million, of which 78.7% belong to Generation Z [4][5]. - The monthly active users peaked at 29.4 million in 2022 but have since declined, indicating a potential stagnation in user growth [12][13]. Market Position and Competition - Soul ranks first among Chinese AI+ immersive social platforms in terms of average daily active users, user engagement, and 30-day retention rates for new installations [5]. - In comparison, MiLian Technology's platforms, targeting a different demographic, have shown higher revenue figures despite a smaller user base, highlighting Soul's weaker monetization per user [18][19]. Business Model and Risks - The company's business model heavily relies on emotional value services, which raises concerns about sustainability and profitability, especially given the increasing user complaints related to automatic renewals and inducements to recharge [8][11]. - Soul's marketing and sales expenses have been significant, accounting for over 50% of total revenue in previous years, which has pressured profit margins [14][16]. Future Plans - The upcoming IPO aims to raise funds for technology development, global market expansion, user growth, and brand building, alongside content creation initiatives [20].

Core Viewpoint - Soul, a social app aimed at alleviating loneliness among young people, is facing significant challenges as it attempts to go public for the fourth time, highlighting a shift from a "metaverse" narrative to an "AI + immersive social" focus amid ongoing user growth and financial losses [1][4]. Company Overview - Founded in 2015 in Shanghai, Soul differentiates itself from traditional social platforms by allowing users to create virtual identities (Avatars) and express themselves without revealing their real identities [3]. - The company employs a "soul test" during registration to match users with similar interests, fostering a unique social environment [3]. Financial Performance - Soul has reported continuous losses over six years, totaling over 3 billion yuan, despite increasing revenues from 71 million yuan in 2019 to 2.211 billion yuan in 2024 [8]. - The average monthly revenue per paying user reached 104.4 yuan, ranking first among AI + immersive social platforms in China [3][5]. - Revenue from emotional value services accounted for 90.8% of total income for the eight months ending August 31, 2025 [3]. User Metrics - Soul's monthly active users peaked at 31.6 million in 2021 but have since declined to 26.2 million by 2024 [7]. - The company has experienced fluctuating growth rates, with revenue growth slowing down significantly in recent years [8]. Strategic Shifts - Soul's narrative has shifted from focusing on the "metaverse" to emphasizing "AI," with the term "AI" appearing 210 times in the latest prospectus, compared to 23 mentions of "metaverse" in the previous one [4]. - The introduction of technologies like 3D Avatars and the Soul X model has expanded its social ecosystem, creating various interactive scenarios [4]. IPO Attempts - Soul has made four attempts to go public, initially targeting the U.S. market before shifting to Hong Kong, with the latest submission occurring in November 2025 [13][17]. - The company faced legal challenges and competitive pressures that have complicated its IPO journey, including a lawsuit from competitor Uki [15][16].

来源：猎云精选，文/韩文静 在经历美股撤回、港股折戟后，Soul再次向港交所发起冲击。 2016年，Soul App上线，与传统社交平台不同，Soul并不依赖现实身份或外貌，而是通过让用户在虚拟世界建立自我形象的投射进行真实的自我表达。 早期，Soul靠"匿名+兴趣匹配"建立差异化，打着灵魂社交的名号，在拥挤的社交赛道中创造了生存空间。 后来，随着资本对"元宇宙"概念的追捧，Soul在2021年将自身定位为年轻人的社交元宇宙。但时移世易，2024年后，"元宇宙"热度退潮，资本市场更关注可 落地的技术与清晰的变现路径。 11月27日晚，Soul正式向港交所主板递交上市申请。这是其自2021年以来的第四次IPO尝试，这一次，Soul不再高举"社交元宇宙"大旗，而是将"AI"作为核 心叙事—— 在最新招股书中，Soul将自己定位为"中国领先的AI+沉浸式社交平台"。公司基于用户的兴趣和个性，而非现实身份或外貌，依托先进的AI模型及算法，创 建了一个基于兴趣的，温暖的情绪绿洲。 当越来越多的年轻人愿意为情绪价值付费，Soul能否凭借这一轮的AI叙事，敲开资本市场的大门？ 从"灵魂社交"到"AI情绪价值" Soul的诞 ...

Group 1 - US private sector employment unexpectedly decreased by 32,000 in November, marking the largest decline since early 2023, raising concerns about a weakening labor market [4][21] - The ADP report indicated that there have been four declines in employment numbers over the past six months, contrasting with economists' median forecast of a 10,000 increase [6][21] - The upcoming Federal Reserve meeting may be influenced by this weak ADP report, as it is one of the few recent data points available due to the delay of the official employment report [6][21] Group 2 - US Treasury Secretary Yellen plans to push for reforms at the Federal Reserve, requiring regional Fed president candidates to have resided in their district for at least three years [8][23] - Yellen criticized the Fed for straying from its primary mission of monetary policy, suggesting that regional Fed presidents should come from their respective areas rather than being "flashy outsiders" [8][24] Group 3 - Meta Platforms has hired Apple's top design executive, Alan Dye, highlighting its commitment to entering the AI consumer device market [10][26] - Stephen Lemay, a long-time designer at Apple, will replace Dye in his role [10][26] Group 4 - Micron announced it will stop selling storage products to consumers to focus on meeting the surging demand for high-performance AI chips [12][28] - The decision reflects a broader trend where AI infrastructure growth is causing shortages in core input products, with companies committing billions to build large data centers [12][29] Group 5 - Copper prices surged to new highs, driven by a spike in orders for copper from London Metal Exchange warehouses, raising supply concerns amid fears of potential US tariffs [14][31] - LME copper prices rose by 3.4%, exceeding $11,500 per ton, as traders anticipate a depletion of global inventories due to increased demand [14][31] Group 6 - Goldman Sachs' macro trader compared the stock market's dynamics to a boxing match, with AI and stimulus measures as bullish drivers against high valuations and credit pressures as bearish forces [16][33] - The S&P 500 is on track for a third consecutive year of double-digit gains, with significant capital expenditures expected from major tech companies [16][33] - Factors supporting bullish sentiment include the end of quantitative tightening, ongoing deficit spending, and anticipated regulatory relaxations for the banking sector by 2026 [16][33]

Core Insights - Soul has refiled for an IPO on the Hong Kong Stock Exchange after 32 months, shifting its narrative from "social metaverse" to the more popular "AI + immersive social" [2][4] - The company has reported its first profitable financial results, with an adjusted net profit of 286 million yuan in the first eight months of 2025, marking a significant turnaround from previous losses [4][6] - Despite the growth in user numbers and revenue, the average monthly revenue per paying user has shown signs of slowing growth, prompting a focus on AI for sustainable growth [6][7] Company Overview - Soul is recognized as a leading AI + immersive social platform in China, allowing users to express themselves through virtual avatars rather than relying on real identities [2][4] - The company was founded in 2015, and its app launched in 2016, quickly gaining traction with over 1.1 million daily active users by August 2025 [3] Financial Performance - In 2022, Soul had 29.4 million monthly active users, but only 5.7% were paying users, generating an average monthly revenue of 75.3 yuan per paying user, leading to a net loss of 49.48 million yuan [4][5] - By 2025, Soul's revenue reached 1.683 billion yuan, with a cumulative net profit of 985 million yuan since achieving profitability in 2023 [4][6] Revenue Composition - Nearly 90% of Soul's revenue comes from "emotional value services," which include virtual gifts and premium membership subscriptions, while about 10% is derived from advertising services [5] - The introduction of AI has been emphasized in the new prospectus, with the company developing its proprietary Soul X model to enhance user interactions and optimize revenue generation [5][6] AI Investment and Development - Soul has significantly increased its investment in AI, with technology and development expenses rising from 472 million yuan in 2022 to 407 million yuan in the first eight months of 2025, representing 24.2% of revenue [8][9] - The proportion of technical and development staff has increased from 20.7% to 44% of total employees, indicating a strong commitment to enhancing AI capabilities [8] Future Growth Strategies - The primary use of the funds raised will be to further develop AI capabilities, including GPU infrastructure and data analysis, as well as to explore international expansion [9]

Core Viewpoint - Soul is making a second attempt to go public on the Hong Kong Stock Exchange after three years, with Tencent as a strategic investor holding 49.9% of its shares, while also facing competition from MiHoYo, which holds 5.47% [1] Financial Performance - Soul's revenue is primarily derived from AI-driven emotional value services and advertising, with emotional value services accounting for 90.8% of total revenue in the first eight months of 2025 [2] - Revenue figures for Soul are projected as follows: 16.67 billion yuan in 2022, 18.46 billion yuan in 2023, and 22.11 billion yuan in 2024, indicating a compound annual growth rate of over 15% from 2022 to 2024 [2] - Soul recorded a revenue of 16.83 billion yuan in the first eight months of 2025, and has been profitable since 2023, with an adjusted profit of 3.61 billion yuan in 2023 [2] User Metrics - As of August 31, 2025, Soul has approximately 390 million registered users, with a daily active user count of 11 million and an average monthly active user interaction rate of 86% [3] - The average monthly revenue per paying user reached 104.4 yuan in the first eight months of 2025 [2] Market Position and Strategy - Soul's user base is predominantly composed of Generation Z, with 78.7% of users falling within this demographic, highlighting its appeal to younger audiences [1] - The platform aims to leverage AI technology to enhance user experience and engagement, focusing on algorithm optimization for better user matching [5] - The company plans to use the funds raised from the IPO to further develop AI capabilities, expand globally, and create various content types, including original IP and AI-generated content [6] Competitive Landscape - The social networking sector is characterized by intense competition, with Soul's unique positioning as a social platform targeting younger users and its focus on AI integration setting it apart from established players like Momo and Tantan [4][5] - Industry experts suggest that while social networking is a necessity, the competitive environment will always present challenges for platforms like Soul [4]

Core Viewpoint - The article emphasizes the importance of a company's competitive advantages, referred to as "moats," in ensuring long-term profitability and investment safety, rather than merely focusing on stock prices [3][28]. Summary by Sections Concept of Moats - A moat is defined as a barrier that protects a company's profits from competitors, making it difficult for them to erode its market position [3][4]. - The essence of a moat is that it allows a company to provide products or services that others cannot replicate easily or at a high cost [4]. Types of Moats 1. **Brand** - Strong brands lead to customer willingness to pay a premium and foster long-term repurchase behavior [6]. - Examples include Moutai and Apple, where brand loyalty creates a "default choice" for consumers [6][7]. 2. **Patents** - Patents provide exclusive rights to produce a product, allowing for high profits during their effective period [8]. - The sustainability of a moat through patents depends on a company's ability to continuously innovate and secure new patents [9]. 3. **Scale and Cost Advantages** - Scale advantages arise when a company can reduce costs to levels that competitors cannot match, as seen with Fuyao Glass [10][12]. - Large-scale operations allow for better pricing power and efficiency, creating a self-reinforcing cycle of growth [12][14]. 4. **High Switching Costs** - High switching costs lock customers into a company's products or services, making it difficult for them to change suppliers [15][16]. - Examples include software systems and financial services where the cost and effort to switch are significant [16]. 5. **Network Effects** - Network effects enhance a product's value as more users join, creating a strong competitive advantage [17][18]. - Platforms like WeChat and Douyin illustrate how user growth leads to increased value and user retention [18][20]. 6. **Talent Attraction** - The ability to attract top talent is a crucial moat, as it leads to better products and innovation [21][22]. - Companies like Apple and Tencent benefit from having the best talent, which in turn enhances their competitive position [22]. Maintenance of Moats - Moats require ongoing maintenance and investment to remain effective; neglecting them can lead to erosion of competitive advantages [24][25]. - Companies that continuously invest in R&D and brand integrity, like Moutai and Apple, are examples of effective moat maintenance [24][25]. Investment Perspective - Investors should focus on companies with wide moats as they provide inherent safety margins due to their ability to maintain profitability over time [26][27]. - The article concludes that identifying companies with strong moats is essential for long-term investment success, as these companies are more likely to sustain high profits [28][29].

Core Viewpoint - Elon Musk aims to transform the platform X (formerly Twitter) into a "WeChat++" that integrates information sharing and financial payments, inspired by the success of WeChat in China [2][4][11]. Group 1: User Engagement and Market Potential - WeChat has over 1.3 billion global monthly active users as of 2025, showcasing its immense success and user engagement [1]. - The platform X currently has over 500 million global monthly active users, indicating a significant user base that could be leveraged for growth [11]. Group 2: Strategic Moves and Financial Aspects - Musk's acquisition of Twitter for $44 billion in 2022 and the subsequent merger with his AI startup xAI, which valued the combined entity at $80 billion, highlights a strategic financial maneuver [8][10]. - The platform has faced challenges with a single revenue model and stagnant growth, prompting Musk to explore various functionalities to enhance monetization [8][10]. Group 3: Competitive Landscape and User Sentiment - There is skepticism among users regarding Musk's ambitions, with comments reflecting doubts about whether the model will resonate with international users as it does in China [14][16]. - Users express a preference for multifunctional applications that combine messaging and payment capabilities, similar to WeChat's offerings [14].

马斯克明确表示，其核心目标是将 X 转变为多功能 "超级应用（superapp）"。他指出，中国用户在日常 生活中高度依赖微信，这款应用将信息交流与转账功能无缝结合，但在海外市场暂无同类产品。因此， 他将 X 的发展方向定义为 "微信升级版"，以填补这一全球市场空白。 "我非常认同'统一应用、网站或平台'的理念，用户能在上面完成所有想做的事。要知道，中国的微信 就是这样的产品，" 马斯克说道，"你可以在微信上发消息、发布资讯、转账。在中国，人们的生活几 乎离不开微信，它的实用性极强，但在海外却没有真正能与之匹敌的产品。所以，我认为 X 的定位就 是打造一个升级版微信。" 来源：环球市场播报 在近期《WTF 人物访谈》播客节目中，特斯拉首席执行官埃隆・马斯克与印度零佣金券商 Zerodha 联 合创始人尼希尔・卡马特对话时，重申了其雄心计划：将社交平台 X 打造成中国境外的 "微信升级版 （WeChat++）"，一个整合信息传播与金融支付功能的一站式平台。 他表示，收购推特的目的是建立高效的 "资金数据库" 与金融交易结算中心。作为该布局的一部分，X 于今年 1 月与维萨（Visa）达成合作协议，计划在年内推出 ...

Core Viewpoint - Soul, the anonymous virtual social platform founded by Zhang Lu in 2016, has submitted its prospectus for an IPO in Hong Kong after previous attempts in the U.S. and Hong Kong failed. The company claims to have turned a profit in 2023 after incurring approximately 1.5 billion yuan in adjusted net losses from 2020 to 2022, with a projected maximum adjusted net profit of 360 million yuan in 2025 [1][2][12]. Group 1: Financial Performance - Soul's revenue projections for 2022 to 2025 are 1.67 billion, 1.85 billion, 2.21 billion, and 1.68 billion yuan, with over 90% of revenue coming from "emotional value services" and only 10% from advertising [8]. - Despite a high gross margin of 81.5% for "emotional value services," Soul's net profit margin has been declining due to high sales and marketing expenses, which accounted for 40% to 50% of total revenue from 2022 to 2025 [9][11]. - The company has accumulated significant financial liabilities, with redeemable shares and obligations reaching 11 billion, 11.66 billion, 12.27 billion, and 12.4 billion yuan from 2022 to 2025, impacting net profit due to high financial costs [14]. Group 2: User Engagement and Challenges - Soul's monthly active users peaked in 2022, with a projected decline to 28 million by August 2025, down from 29.4 million in 2022 and 31.6 million in 2021 [10][9]. - The average revenue per paying user increased from 75.3 yuan in 2022 to 104.4 yuan by August 2025, but user complaints regarding automatic renewals and refund difficulties have surged, with over 5,600 complaints reported [15][16]. - The platform has faced scrutiny for its governance, with issues related to scams and inappropriate content leading to regulatory challenges, including a previous suspension in 2019 due to violations [21][22].