Core Viewpoint - Haitong International initiated coverage on Zhihu (02390) with an "Outperform" rating, highlighting its unique positioning in the Q&A community and the potential of AI applications [1][2] Financial Performance - Zhihu's total revenue for Q3 2025 is projected to be approximately 659 million yuan, with a non-GAAP operating loss narrowing by 16.3% year-on-year, indicating improved operational efficiency and quality [1] - The company reported a slight loss in Q3 due to proactive optimization efforts aimed at eliminating inefficiencies and solidifying sustainable long-term operations [1] - As of the end of Q3, Zhihu's cash and cash equivalents, along with short-term investments, totaled 4.58 billion yuan, indicating a strong cash reserve [1] AI Application and Growth - Zhihu's AI product, Zhihu Zhidao, has seen a significant increase in usage, with penetration rates exceeding 15%, nearly quadrupling from the same period last year [1] - Future upgrades for Zhihu Zhidao will enhance AI capabilities across various scenarios, including search, content creation, and consumption, further increasing AI penetration within the community [1] Market Position and Revenue Forecast - Haitong International believes Zhihu's high engagement and trust in the "professional discussion" space will continue to attract high-value users and brand budgets [2] - The firm forecasts Zhihu's total revenue for Q4 2025 and the fiscal year 2025 to be 640 million yuan and 2.75 billion yuan, respectively, with a target price of 14.8 HKD based on a price-to-sales ratio of 1.2 times for FY 2025 [2]

据Economic Times报道，在和Zerodha联合创始人尼基尔·卡马斯（Nikhil Kamath）的对话中，特斯拉首 席执行官埃隆·马斯克（Elon Musk）再次明确表示，想要把社交平台X打造成中国以外的"微信升级版 （WeChat++）"，使其兼具信息发布与金融支付等多种功能。 此次交流发生在播客节目"People by WTF"中，马斯克详细阐述了他的核心目标，即把X转变为一个功能 高度集成的"超级应用（Superapp）"。他直言自己十分欣赏拥有一个统一平台的概念，用户在这个平台 上能够随心所欲地开展各类活动。 马斯克以中国的微信为例进行说明："中国的微信就是这样一个统一平台的典范。用户可以在上面交换 信息、发布信息，还能进行转账。在中国，微信已经深度融入人们的生活，几乎不可或缺。它展现出了 极高的实用性。然而，在中国以外的地方，并没有真正意义上类似微信的应用。所以，我认为X的理念 有点像是微信的升级版。" ...

来源：环球网 【环球网科技综合报道】12月2日消息，据Economic Times报道，在和Zerodha联合创始人尼基尔·卡马斯 （Nikhil Kamath）的对话中，特斯拉首席执行官埃隆·马斯克（Elon Musk）再次明确表示，想要把社交 平台X打造成中国以外的"微信升级版（WeChat++）"，使其兼具信息发布与金融支付等多种功能。 此次交流发生在播客节目"People by WTF"中，马斯克详细阐述了他的核心目标，即把X转变为一个功能 高度集成的"超级应用（Superapp）"。他直言自己十分欣赏拥有一个统一平台的概念，用户在这个平台 上能够随心所欲地开展各类活动。 马斯克以中国的微信为例进行说明："中国的微信就是这样一个统一平台的典范。用户可以在上面交换 信息、发布信息，还能进行转账。在中国，微信已经深度融入人们的生活，几乎不可或缺。它展现出了 极高的实用性。然而，在中国以外的地方，并没有真正意义上类似微信的应用。所以，我认为X的理念 有点像是微信的升级版。"（青山） ...

在播客节目"People by WTF"中，马斯克透露其核心目标是将社交平台 X 转变为一个集多功能于一体的"超级应用（Superapp）"。 在推进功能转型的同时，马斯克的商业版图也在进行资本层面的整合。继收购 Twitter 并更名为 X 后，马斯克旗下的人工智能公司 xAI 于 2025 年 3 月以 330 亿美元的全股票交易形式收购了 X。这一举措不仅巩固了其对平台的控制权，也为后续 AI 技术在社交与金融场景中的深度落地铺平了道路。 马斯克指出，中国用户的生活高度依赖微信，该应用完美融合了信息交换与资金流转，但在中国之外尚无同类产品。 因此，他将 X 的发展方向定义为"微信升级版（WeChat++）"，旨在填补这一全球市场空白。 马斯克坦言，他对"X"这一符号的情有独钟源于其早期的金融梦想。早在 PayPal 时期，他就曾计划利用 X.com域名构建金融交易平台。2022 年以 440 亿美 元（IT之家注：现汇率约合 3114.6 亿元人民币）收购 Twitter，正是为了重启这一计划。 马斯克表示，收购 Twitter 是为了建立一个高效的"资金数据库"和金融交易结算中心。作为布局的一部分，X ...

Core Viewpoint - Soulgate Inc. (Soul) is seeking to go public for the fourth time, having submitted its prospectus to the Hong Kong Stock Exchange, with recent financial performance showing a reliance on non-operating income adjustments to achieve profitability [1][2]. Financial Performance - Soul has reported significant losses in recent years, with adjusted net profits primarily driven by non-operating income rather than core business operations [2]. - The company incurred a net loss of approximately 508.5 million RMB in 2022, with projected losses of 129.3 million RMB in 2023 and 149.4 million RMB in 2024 [2]. - Advertising and promotional expenses have totaled nearly 2.9 billion RMB over the past three years, indicating high investment in marketing [3]. User Metrics - As of August 31, the company reported an average daily active user count of 11 million, with 78.7% being Gen Z users, maintaining the top position in the domestic AI+ immersive social platform market [5]. - Monthly active users (MAU) reached 28 million, though this figure has not returned to the peak of 29.4 million in 2022 [5]. - User engagement metrics have improved, with the DAU/MAU ratio increasing from 32% to nearly 40%, suggesting a shift from user acquisition to user retention [5]. Revenue Streams - Soul's revenue is heavily concentrated, with emotional value services accounting for over 90% of total revenue, while advertising contributes only about 10% [6]. - Emotional value service revenue is projected to grow from 1.52 billion RMB in 2022 to 1.97 billion RMB in 2024, with advertising revenue expected to rise from 140 million RMB to 230 million RMB in the same period [6]. - The average revenue per paying user has increased from 75.3 RMB in 2022 to 104.4 RMB in the first eight months of 2025, with a payment conversion rate rising from 5.7% to 6.5% [6]. Business Model and Challenges - Soul's positioning as an "AI+ immersive social platform" has led to AI-related revenue of 297 million RMB, constituting only 17.7% of total revenue [7]. - The company's gross margin has been declining, with figures of 86.3% in 2022, 85.5% in 2023, and projected 81.5% in the first eight months of 2025 [7]. - The company has faced regulatory challenges, including being taken offline due to content review issues and being subject to rectification for personal information collection practices [7].

Core Viewpoint - Soulgate Inc., the parent company of the social platform Soul, has submitted an IPO application to the Hong Kong Stock Exchange, with Tencent as a strategic investor holding 49.9% of the shares. The company aims to overcome previous IPO failures and has demonstrated a turnaround in profitability [2][3]. Financial Performance - Soul's revenue for 2022, 2023, and 2024 is projected to be 1.667 billion, 1.846 billion, and 2.211 billion RMB, respectively, with a compound annual growth rate exceeding 15%. The adjusted net profit for the same years is expected to be -21.89 million, 361 million, and 337 million RMB, indicating a significant recovery [3][4]. - The total adjusted net profit for the first eight months of 2025 is projected to be 286 million RMB, with the total net profit for 2023-2025 expected to approach 1 billion RMB [3]. Revenue Breakdown - Soul's primary revenue sources are emotional value services (approximately 90% of total revenue) and advertising (around 10%). Emotional value services include user in-app purchases and subscription income, while advertising revenue has shown a growth rate of 64% from 140 million to 239 million RMB between 2022 and 2024 [4][5]. - Within emotional value services, virtual goods revenue significantly surpasses membership subscriptions, with the majority coming from user-to-user virtual gifts [6]. User Engagement Metrics - As of August 2025, Soul's monthly active users (MAU) are projected to be 28 million, with daily active users (DAU) reaching 11 million. The average revenue per paying user (ARPU) has increased from 75.3 RMB in 2022 to 104.4 RMB by August 2025, reflecting a 38.6% growth [8][9]. - The user engagement metrics indicate that while the number of paying users has remained relatively stable, the average income per paying user has risen, showcasing improved monetization strategies [9][10]. AI Integration - Soul has integrated AI into its platform, enhancing user interaction through features like AI virtual companions and recommendation systems. The AI Booster function has gained traction, with 4.6 million daily active users by August 2025, accounting for about 40% of total DAU [10][16]. - The AI capabilities are centered around a model called Soul X, which processes various data types and aims to enhance user emotional engagement and interaction efficiency [11][13]. Market Challenges - Despite the positive financial indicators, Soul faces challenges similar to those of Tinder, including stagnation in user growth and reliance on monetizing existing users rather than expanding the user base. The current paying rate stands at 6.5%, which is lower than Tinder's approximately 12% [19].

Core Viewpoint - Soul is making its fourth attempt to go public through an IPO on the Hong Kong Stock Exchange, with CITIC Securities as its sole sponsor, after previous attempts in the US and Hong Kong failed [1][2]. Group 1: Company Background - Soul focuses on providing "emotional value" services, distinguishing itself from other social platforms by allowing users to express themselves through avatars rather than relying on real identities or appearances [2]. - The company has attracted significant investment from notable backers, including Tencent, which holds a 49.9% stake and 25.7% voting rights, while the founder, Zhang Lu, owns 32% with 65% voting rights [2]. Group 2: User Engagement and Metrics - As of August 31, 2025, Soul is projected to have 11 million daily active users, with 78.7% belonging to Generation Z, making it the leading AI + immersive social platform in China [2]. - The average monthly user interaction rate is 86%, with users sending approximately 75 peer-to-peer messages daily [2]. Group 3: Financial Performance - Soul's revenue from 2022 to 2025 is projected to grow from 1.667 billion RMB in 2022 to 2.211 billion RMB in 2024, while the company has incurred losses of 508 million RMB in 2022, 129 million RMB in 2023, and 149 million RMB in 2024 [3][4]. - The adjusted net profit (non-IFRS) is expected to improve from a loss of 22 million RMB in 2022 to a profit of 2.86 million RMB in 2025 [3]. Group 4: Strategic Focus and Future Plans - The latest IPO prospectus emphasizes AI, with the term appearing 266 times, indicating a strategic pivot towards AI capabilities and immersive social experiences [5]. - The funds raised from the IPO are intended for AI development, global expansion, user base growth, and content creation [5]. - Soul has shifted its branding to align with the AI narrative, moving away from its previous focus on the metaverse as interest in that area wanes [5]. Group 5: Market Outlook - The acceptance of Soul's "AI + immersive social" narrative in the Hong Kong market remains uncertain and will be determined over time [6].

Core Viewpoint - Soulgate Inc. has submitted an IPO application to the Hong Kong Stock Exchange, with Tencent as a strategic investor holding 49.9% of the shares, but not participating in daily management and operations [2][3]. Company Overview - Soul is the first AI-driven immersive social networking platform in China where all users interact through avatars, aiming to create an emotional oasis based on interests and personalities rather than real identities [3]. - The funds raised from the IPO will be used for global expansion and enhancing AI capabilities [7]. Financial Performance - As of August 31, 2025, Soul had an average of 11 million daily active users, with 78.7% being Gen Z. Revenue from emotional value services accounted for 90.8% of total revenue [4]. - Total revenues for 2022, 2023, and 2024 were RMB 1.667 billion, RMB 1.846 billion, and RMB 2.211 billion, respectively. For the first eight months of 2025, total revenue was RMB 1.683 billion, a 17.86% increase from RMB 1.428 billion in the same period last year [4][5]. - Adjusted net losses were RMB 21.9 million in 2022, while adjusted net profits for 2023 and 2024 were RMB 361 million and RMB 337 million, respectively. For the first eight months of 2025, adjusted net profit was RMB 286 million, a 72.29% increase from RMB 166 million in the same period last year [4]. Strategic Partnerships - Tencent has been a strategic investor since May 2020, with multiple business relationships, including using WeChat Pay and advertising revenue, but Soul maintains a distinct business model focused on decentralized virtual social interactions [7]. Market Position and Competition - Soul has influenced the social networking landscape, with other products like SoulChill and Litmatch successfully entering overseas markets by adopting its model [8]. - In comparison, another company, Miliang Technology, has also submitted an IPO application and has shown strong financial performance, indicating a competitive landscape in the social networking sector [9][10]. Future Outlook - The IPO funds will support global expansion and technological upgrades, including AI development and content creation [7][16]. - The social networking industry is transitioning from rapid growth to a phase focused on sustainable profitability and clear differentiation, with successful IPOs signaling positive trends for the sector [17].

Core Viewpoint - Soulgate Inc. (Soul) is seeking to go public for the fourth time, having submitted an application for a mainboard listing on the Hong Kong Stock Exchange, with Tencent holding a 49.9% stake in the company and Soul achieving stable profitability starting in 2023 [2][4]. Company Overview - Soul operates as an AI+ immersive social networking platform where all users interact through virtual identities (avatars), providing a unique online social experience [3]. - The company was founded in 2015 and launched its mobile application in 2016, registering in the Cayman Islands in 2017 [3]. - Soul has undergone seven rounds of financing since its inception, raising over $310 million, with significant investments from Tencent and other major stakeholders [3][4]. Financial Performance - Soul achieved a revenue of 1.667 billion yuan in 2022, 1.846 billion yuan in 2023, and is projected to reach 2.211 billion yuan in 2024, with a compound annual growth rate exceeding 15% [6]. - In the first eight months of 2025, Soul reported a revenue of 1.683 billion yuan, marking a 17.86% increase compared to the same period in 2024 [6]. - The company reported adjusted net profits of 361 million yuan in 2023 and 337 million yuan in 2024, with an adjusted net profit of 286 million yuan in the first eight months of 2025, reflecting a 72.3% increase year-on-year [7]. User Engagement - As of August 31, 2025, Soul had approximately 390 million registered users, with an average of 11 million daily active users, 78.7% of whom are from Generation Z [6]. - Users spend over 50 minutes daily on the platform, with an 86% monthly active user interaction rate and an 80% retention rate over three months [6]. - Soul monetizes through emotional value services and advertising, with users purchasing virtual goods and services, while advertising remains a smaller portion of revenue [6].

Core Insights - Soul, a social platform founded by Zhang Lu in 2015, has submitted its IPO application to the Hong Kong Stock Exchange, marking its attempt to go public after previous unsuccessful attempts [1][5][6] - The platform, which focuses on "soulful socializing" without relying on user contacts or emphasizing appearance, has seen significant growth in its user base, particularly among Generation Z [3][6] - Despite its growth, Soul faces challenges in a competitive market that has shifted away from the once-thriving stranger socialization sector, which is now experiencing a deep reshuffle [1][5] Company Overview - Soul was founded by Zhang Lu, who previously worked in consulting and identified a gap in the market for a social product focused on emotional expression [2][3] - The platform launched in 2016 with a mission to eliminate loneliness, utilizing interest tests and algorithmic matching for user interactions [3] - Soul's user base has grown to approximately 390 million registered users, with daily active users reaching 11 million, 78.7% of whom are from Generation Z [6] Financial Performance - Soul's revenue has shown a steady increase, with figures of 16.67 billion RMB in 2022, 18.46 billion RMB in 2023, and projected 22.11 billion RMB in 2024 [6][7] - The company achieved profitability in 2023, with an adjusted net profit of 3.37 billion RMB projected for 2024, and 2.86 billion RMB for the first eight months of 2023, reflecting a 73% year-on-year growth [6][7] - The primary revenue source is from "AI-driven emotional value services," including virtual goods and membership privileges, contributing over 90% of total revenue [7][8] Market Position and Challenges - Soul's major shareholders include Tencent, which holds a 49.9% stake, and other notable investors like miHoYo and various venture capital firms [9] - The platform's unique selling proposition of "soul matching" has been criticized for fostering environments conducive to scams and inappropriate content, leading to past regulatory scrutiny [9] - The broader social media landscape remains competitive, with various companies attempting to capture market share in the stranger socialization space, which has seen declining user engagement in established platforms [10][13]