Core Viewpoint - Soulgate Inc. is making a renewed attempt to go public with a more solid financial performance, moving away from its previous "burning cash for growth" strategy to a sustainable profit model driven by AI technology and user engagement [2][10] Financial Performance - For the first eight months of 2025, Soul achieved a revenue of 1.683 billion yuan, a year-on-year increase of 17.86%, and an adjusted net profit of 286 million yuan, marking a significant 73% increase [2] - The sales and marketing expenses have significantly decreased to 38.3%, down from an astonishing 124.8% in 2020, indicating a shift in operational strategy [4] User Engagement - As of August 2025, Soul maintains an average of 11 million daily active users, with an average usage time of 50 minutes, demonstrating strong user retention despite reduced marketing spending [5] - The platform has a high percentage of Gen Z users, accounting for 78.7%, which is crucial for its growth and profitability [5] Revenue Model - Soul's revenue model is heavily reliant on value-added services, contributing over 90% of its revenue, which is a departure from traditional advertising-based monetization [7] - The platform exhibits a low payment rate of 6.5%, but the average monthly contribution from paying users is 104.4 yuan, reflecting a 140% increase over five years, indicating a focus on deep service rather than just user acquisition [7] Technological Integration - The introduction of the self-developed Soul X model and AIBooster features has lowered the barriers for social interactions, enhancing user experience and emotional engagement [9] - AI technology acts as a "super connector," strengthening user emotional ties and supporting the platform's high pricing capabilities, creating a technology-driven business monetization loop [9] Challenges Ahead - Soul's revenue structure is highly concentrated, with over 90% of income dependent on value-added services, posing risks if user interest shifts or competition increases [10] - The company faces significant financial burdens due to ongoing investments in AI technology, with over 400 million yuan spent on R&D in the first eight months of 2025, raising concerns about sustainability if revenue growth does not keep pace with these costs [10]