无忌 腾讯科技特约编译 李海伦 编辑 就像好莱坞2013年的科幻电影《Her》的场景，目前，AI正在进入人类最私密的情感领域。一个以"虚拟 伴侣"为象征的情感时代，正在现实发生。从美国到日本再到欧洲等地，已有人选择与AI建立深度情感 关系，这种人机之间的畸恋或许反映了现代人的交际困境，也带来了深刻的哲学反思与争议。 根据相关调查显示，日本22%的中学女生表现出"虚构浪漫"倾向，而在每周使用AI的人群中，聊天机器 人比母亲或好友更常被选择为情感倾诉对象。这些现象背后，折射出的不仅是技术的渗透，更是现代社 会中传统亲密关系的断裂与重构。当人们在现实中难以获得理解与陪伴时，虚拟伴侣填补了这片情感空 白。 或许，一个关于"虚拟伴侣"的时代，已经悄然到来。 他们向AI求婚了 美国的克里斯·史密斯 （Chri s Smith ） 最初只是使用AI的语音功能寻求音乐混音建议，但随着时间推 移，他发现自己对AI伴侣Sol产生了情感依赖。他按照提示调整AI的个性，使其具备调情特质，并逐渐 将日常交流几乎全部投入其中。 当他得知Sol的记忆即将达到上限而可能被重置时，强烈的失去感促使他在情感高峰期向AI求婚。史密 斯坦言，这是他 ...

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 ...

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 - xAI, led by Elon Musk, has launched two AI virtual companion characters on the Grok iOS app, aiming to create engaging and interactive experiences for users, particularly targeting the anime culture and the concept of "Waifus" [1][12]. Group 1: Product Development and Recruitment - xAI is hiring for a "Full Stack Engineer - Waifus" position, offering a salary of up to $440,000, excluding stock options and benefits, to develop AI characters [1][4]. - The role involves enhancing Grok's real-time virtual image system and contributing to audio processing and interactive gameplay research [4][6]. - Ideal candidates should be proficient in Python and Rust, familiar with low-latency systems, and able to work with key protocols like WebSocket and WebRTC [4][6]. Group 2: User Engagement and Market Response - The introduction of AI companions has generated significant buzz on social media, with users humorously discussing the potential benefits of virtual companions during long journeys, such as to Mars [6][10]. - Grok has quickly risen to the top of the App Store's free applications chart in Japan, indicating strong user interest and engagement [10][11]. - Users have reported that Grok is more intelligent and entertaining compared to other AI tools, leading to a preference for this application [10]. Group 3: Features and User Interaction - Users will soon be able to create their own digital companions, customizing aspects like voice, appearance, and personality [15]. - The character Ani is designed to engage users in a gamified manner, with a flirty and emotional interaction style, appealing particularly to a male audience [17][19]. - The app's content has raised concerns regarding its appropriateness for younger users, as it includes elements that may be considered adult-themed [24].