Core Viewpoint - Soul, a social platform focusing on connecting strangers, is preparing for a new IPO attempt after achieving profitability in 2023, shifting its focus from the metaverse to AI-enhanced social interactions to attract younger users [1][2][4]. Group 1: Company Background and Growth - Soul was founded in 2016, targeting the online social needs of the younger generation by allowing anonymous interactions without real images or location data [2]. - The platform quickly gained popularity, reaching over 10 million monthly active users within two years, and saw a revenue increase of six times from 2019 to 2020, with projected revenue of 22.11 billion by 2024 [2][4]. - As of the first eight months of 2025, Soul achieved a revenue of 16.83 billion, marking a 17.8% year-on-year growth, and an adjusted net profit of 2.86 billion, up 73% [6][8]. Group 2: Challenges and Financial Pressure - Soul's IPO journey has faced multiple setbacks, including a failed attempt in 2022 due to unmet market expectations and a significant financial liability of 12.4 billion due to a bet agreement with investors [4][5]. - The company incurred a net loss of 1.5 billion from 2020 to 2022, primarily due to heavy investments in the metaverse [5][6]. Group 3: Business Model and Revenue Sources - Soul's core business revolves around emotional value services, contributing 90.8% of its revenue, while advertising accounts for only 9.1% [8]. - The platform's user engagement is high, with daily usage exceeding 50 minutes and an 80% retention rate over three months, but it faces challenges in user growth and dependency on a small percentage of paying users [8][9]. Group 4: Market Trends and Future Prospects - The emotional economy is projected to reach 27 trillion by 2025, with over 90% of young people recognizing emotional value and 60% willing to pay for it, indicating a growing market for Soul [11]. - Soul's strategy includes leveraging AI to enhance user interactions and address content governance issues, with plans to invest in AI capabilities and global expansion if the IPO is successful [12][14][15].