©有界UnKnown原创 作者丨山茶 编辑｜钱江 腾讯再一次引爆了社交，这一次是以"AI"的名义。 社交的重要性不言而喻，甚至可以被称为互联网产业皇冠上的明珠，是当之无愧的战略高地。腾讯用其近30年的战绩反复说明了，谁占领这个高地，谁就 能在后续的竞争正不断进行降维打击。 所以从AI时代到来那天起，AI社交就一直让许多创业者趋之若鹜。 但有趣的是，在这之前，大家虽然做着很多"AI社交"的事情，但这些事情很少被冠以"AI社交"的名义，而是以一个更具体的名称来称呼，比如AI伴侣、AI 陪伴，或者虚拟恋人等等。 想来，其根本的原因在于，这些模式都并没有改变当前主流的社交方式，因此也难以担当起"AI社交"这杆大旗。 而现在，当一直稳坐国内社交头把交椅的腾讯下场，以AI的名义再次举起社交这杆大旗时，腾讯能定义什么是"AI社交"吗？ AI群聊≠AI社交 腾讯所谓AI社交，主要是指元宝APP最新内测的元宝派功能。 元宝派和普通群聊类似，但有两个核心区别： 其一是，除了可以聊天之外，元宝派还支持"一起看"电影、比赛或听歌，它类似一些陌生交友软件中的语音，或者视频房间，比传统群聊多了更多娱乐属 性。 因此，这样的场景并不是一个 ...

Core Viewpoint - The rise of online dating platforms among young people is driven by the need for efficient emotional matching and lower trial costs, but it also brings risks such as scams and safety concerns due to the anonymity of users [1][4][8]. Group 1: Online Dating Trends - Young people are increasingly using online platforms for emotional connections, with features like voice chat and live interactions becoming popular [2][3]. - The average age of first marriage in China is 29.38 years for men and 27.95 years for women, indicating a shift in dating dynamics and increased reliance on online platforms due to limited offline social circles [2][3]. - Users appreciate the ability to filter potential matches based on specific criteria, which empowers them to take a more active role in their dating lives [3]. Group 2: Risks and Challenges - The prevalence of scams, such as "pig butchering" schemes, highlights the risks associated with online dating, where users may be manipulated into financial loss [5][6]. - Some platforms have mechanisms that encourage users to engage in deceptive practices, such as sending automated messages under the guise of genuine interest, leading to a loss of trust [6][8]. - The lack of effective age verification and user identity checks exposes minors to potential dangers, raising concerns about their safety in online dating environments [7][9]. Group 3: Regulatory Recommendations - There is a call for stronger regulatory measures, including mandatory real-name verification and improved information auditing to protect users from fraud and enhance platform accountability [8][9]. - Platforms should be encouraged to provide value-driven interactions rather than profit-driven models that exploit users' emotional needs [8][9]. - A proposal exists to create public welfare-oriented dating platforms to mitigate the risks associated with commercialized dating services [9].

Core Insights - Kia America achieved total sales of 852,155 units in 2025, marking a 7 percent increase from 2024 and surpassing the 800,000 mark for the first time in company history [1][5] - This represents the third consecutive year of record sales for Kia, with retail sales through Kia dealers growing for eight consecutive years, increasing 5 percent year-over-year [1][5] - The brand's U.S. market share reached an all-time high, reflecting strong consumer demand for Kia's diverse model lineup [1][3] Sales Performance - Four models, including Carnival (+44 percent), Sportage (+13 percent), Telluride (+7 percent), and K4 (+1 percent), achieved their best-ever annual sales totals [2][5] - Sales of electrified models increased by 24 percent, while SUV sales rose by 5 percent, both setting new annual sales records [2][5] - The Sportage SUV delivered the best annual performance by a Kia model to date [2] Future Outlook - The company anticipates continued positive momentum into the New Year, supported by the launch of the second-generation Telluride and the new K4 hatchback in the first quarter [3] - Additional new products are expected to contribute to ongoing sales growth [3] Model-Specific Sales Data - Detailed sales figures for various models in 2025 include: - EV9: 15,051 units - EV6: 12,933 units - K4/Forte: 140,514 units - K5: 72,751 units - Soul: 50,133 units - Niro: 31,182 units [4][7] Awards and Recognition - The upcoming 2027 Kia Telluride was named among Newsweek Magazine's 2026 Most Anticipated New Vehicles [6] - The 2026 Kia Sorento received the highest safety rating from the Insurance Institute for Highway Safety, achieving the 2025 TOP SAFETY PICK+ designation [6]

Core Insights - Soulgate, the operator of the social platform Soul, has officially submitted its listing application to the Hong Kong Stock Exchange, aiming to capitalize on its unique "soul social" model that emphasizes emotional expression over physical appearance [1][3] Group 1: Company Overview - Soul is positioned as a leading AI and immersive social platform in China, with approximately 390 million registered users and an average of 11 million daily active users as of August 31, 2025, with nearly 80% of users being Generation Z [3] - The company reported a revenue of 1.683 billion yuan for the first eight months of 2025, reflecting a year-on-year growth of 17.8% [3] - Soul achieved adjusted net profit for the first time in 2023, with an adjusted net profit of 286 million yuan in the first eight months of 2025, representing a significant increase of 73% year-on-year [3] Group 2: Business Model and Revenue Sources - The company's revenue primarily comes from "AI-driven emotional value services," including virtual goods and membership privileges, which contributed over 90% of total revenue in the first eight months of 2025 [4] - Soul's development has evolved from "soul social" to "social metaverse" and currently to "AI+ immersive social platform," indicating a strategic expansion of its service offerings [4] Group 3: Historical Context and Shareholding - This is not Soul's first attempt to enter the capital market; the company previously planned to go public in the U.S. in 2021 with an estimated valuation of $2 billion but paused the listing process [4] - The company has made two previous attempts to list on the Hong Kong Stock Exchange in 2022 and 2023, both of which were unsuccessful due to application material issues [4] - Tencent is the largest external shareholder with a 49.9% stake, while founder Zhang Lu holds 32% of the shares and possesses 65% of the voting rights [4]

Core Insights - Keeper, an AI startup, has launched a dating platform with a controversial "50,000 USD plan" for couples who successfully match and marry through the service [3][10] - The platform aims to leverage advanced AI algorithms to improve matchmaking quality, contrasting with traditional dating services that focus on quantity [11][12] - Despite its innovative approach, Keeper's success rate for establishing long-term relationships is only 10%, indicating room for improvement in its AI matching capabilities [10][15] Company Overview - Keeper was founded in 2022 and has attracted 1.5 million registered users, with 300,000 accounts created [4] - The CEO, Jake Kozloski, was motivated to create Keeper due to personal experiences with his parents' marriage, believing that AI can help individuals find compatible partners [7] Business Model - The "50,000 USD plan" is structured as a success fee, only payable if the relationship meets specific criteria, such as co-parenting or maintaining a stable relationship for 18 months [12][14] - Users must complete detailed profiles and questionnaires, and only paid users can access all recommended matches, highlighting a tiered service model [9][10] Market Context - The dating industry is facing challenges, with traditional platforms experiencing declining user engagement and interest [18][21] - Keeper's use of AI is seen as a potential turning point in the industry, aiming to reduce ineffective matches and enhance user experience [18][21] Competitive Landscape - Other platforms like Soul, Tantan, and Momo are also integrating AI to improve user interactions and reduce awkwardness in conversations [21] - Keeper's model, while controversial, offers a streamlined service for users seeking long-term relationships, differentiating it from platforms that cater to a broader social interaction [21]

Core Viewpoint - Soul has submitted its IPO application to the Hong Kong Stock Exchange for the fourth time since its attempt to go public in the US in 2021, showing improved financial performance with a revenue of 1.68 billion yuan in the first eight months of 2025, a year-on-year increase of 17.8% [1] Financial Performance - Revenue for the first eight months of 2025 reached 1.68 billion yuan, reflecting a 17.8% year-on-year growth [1] - Operating profit turned positive in 2023 and has continued to grow, with customer acquisition costs significantly reduced, leading to a decrease in sales expenses from 1.5 billion yuan in 2021 to 890 million yuan in 2024 [1] - Monthly active users (MAUs) are projected to slightly increase from 26.2 million in 2023 to 28 million in 2025, while daily active users (DAUs) are expected to rise from 9.4 million in 2023 to 11 million in 2025 [2] Business Model and Strategy - Soul positions itself as a leading AI and immersive social platform, focusing on user interests and personalities rather than physical appearance, creating a unique emotional oasis for users [3][4] - The company plans to allocate funds raised from the IPO towards expanding into XR, virtual spaces, and AI-driven technologies related to the metaverse [3][4] - The revenue structure remains highly concentrated, with virtual goods and membership services accounting for over 90% of total income, while advertising revenue is less than 10% [7] User Engagement and Challenges - The average revenue per paying user has increased by approximately 140% to 104.4 yuan, with daily active users spending over 50 minutes on the platform [7] - Despite the positive financial indicators, the user payment rate remains low, peaking at only 6.5% in 2025, which is significantly lower than competitors [7] - The user base has declined from a peak of 31.6 million MAUs in 2021 to around 26.2 million in 2023, with only a slight recovery expected in 2025 [7] Emotional Value and Market Positioning - Soul's core business revolves around capturing the "emotional value" of young users, addressing the demand for anonymous communication and emotional resonance [8] - The platform's shift towards monetizing social opportunities and efficiency has raised concerns about straying from its original mission of "soul over appearance," potentially altering community dynamics [8] - The introduction of virtual companions has highlighted the challenges of balancing user expectations and trust within the emotional consumption space [8]

Group 1 - Soulgate Inc. is attempting its fourth IPO, having previously submitted applications in the US and Hong Kong, with a registered user base of nearly 400 million and annual revenue exceeding 2.2 billion [2][4][28] - The company has redefined its positioning from "social metaverse" to "AI + social," targeting Generation Z while leveraging the AI trend [4][28] - Soul's redemption liabilities have accumulated over 12.4 billion, raising concerns about cash flow if the IPO fails [4][28] Group 2 - Financial data shows that Soul's revenue for 2022, 2023, and 2024 is projected to be 1.667 billion, 1.846 billion, and 2.211 billion respectively, with operating profits turning positive in 2023 [7][31] - The company reported a revenue of 1.683 billion in the first eight months of 2025, a year-on-year increase of 15.15%, with operating profit at 239 million, up 14.2% [7][31] Group 3 - Approximately 90% of Soul's revenue comes from "emotional value services," primarily through the purchase of Soul coins or subscriptions, with virtual gifts accounting for about 60% of total revenue [9][33] - Advertising revenue growth has slowed, with a 9.3% increase in the first eight months of 2025 compared to a compound annual growth rate of 27% in the previous three years [9][33] Group 4 - Soul faces challenges similar to competitors like Tinder, with user growth slowing and a current paid user rate of 6.5%, which raises questions about potential growth ceilings [38] - The company has been involved in multiple compliance issues, including scams and inappropriate content, leading to regulatory scrutiny and user complaints [14][40][44] Group 5 - Soul has invested heavily in AI, launching features like dynamic image recognition and the Soul X model, which aims to enhance user engagement through personalized interactions [21][46] - The AI Booster feature, which provides users with chat suggestions, has seen daily active users reach 4.6 million, accounting for about 40% of total daily active users [21][46]

Core Viewpoint - Soulgate Inc., the parent company of Soul, has submitted its fourth application for a mainboard listing on the Hong Kong Stock Exchange after three previous unsuccessful attempts, aiming to leverage AI-driven emotional social networking to regain investor interest while showcasing profitable financial data [1][10]. Financial Performance - Soul reported revenues of 16.67 billion in 2022, increasing to 19.82 billion in 2023, and projected to reach 22.11 billion in 2024, reflecting a compound annual growth rate of approximately 15.2% [5]. - The adjusted net profit for 2023 is 3.61 billion, with projections of 3.37 billion for 2024 and 2.86 billion for the first eight months of 2025 [1][7]. - Despite these figures, the company has accumulated losses exceeding 8.22 billion over three years, with net losses of 5.08 billion, 1.29 billion, 1.49 billion, and 0.36 billion for the years 2022, 2023, 2024, and the first eight months of 2025, respectively [7][8]. Revenue Structure - Soul's revenue is heavily reliant on emotional value services, which accounted for over 90% of total income from 2022 to 2025, while advertising and other business revenues contributed less than 10% [8][11]. - The company faces challenges due to its single revenue structure, which could be impacted by regulatory changes affecting live streaming and virtual consumption [8][10]. Market Position - Soul has seen a decline in user growth, with average monthly active users (MAU) dropping to 26.2 million in 2024, a decrease of 17.09% from its peak in 2021 [9]. - The competitive landscape is intensifying, with platforms like Douyin, Kuaishou, and Xiaohongshu encroaching on its user base, making it difficult for Soul to replicate the connection efficiency of WeChat or the content moat of Bilibili [9]. Debt Pressure - The company is under significant pressure from a convertible redeemable preferred stock liability of 12.4 billion, stemming from agreements made during previous funding rounds, which could trigger a liquidity crisis if the IPO fails [10][13]. - This debt pressure is a driving force behind Soul's repeated attempts to go public, as it seeks to maintain valuation and secure a listing window [10][12]. Strategic Shift - Soul has pivoted towards an AI+social strategy, introducing its self-developed model "Soul X" for user matching and content generation, although these AI functionalities have yet to generate independent revenue streams [10][11]. - The AI strategy is currently more focused on enhancing user experience rather than serving as a direct revenue generator, raising concerns about its effectiveness in improving user payment willingness or reducing customer acquisition costs [11][12]. IPO Journey - Soul's IPO journey has been fraught with challenges, having attempted to list in the U.S. in 2021 before shifting focus to Hong Kong, where it has faced multiple setbacks due to external market conditions and internal operational issues [12][13]. - The upcoming IPO attempt will be scrutinized closely by the Hong Kong Stock Exchange, particularly regarding how the company addresses previous concerns about its business model and debt obligations [13].

Investment Rating - Investment rating: Positive (maintained) [1] Core Insights - The report highlights the rapid growth of the emotional economy market, with China's market expected to reach RMB 24.253 trillion in 2024 and grow at a CAGR of 22.2% until 2030, while the global market is projected to reach RMB 14.7 trillion in 2024, with a CAGR of 20.9% [38][43] - The report emphasizes the strong performance of the leading companies in the African hygiene products market, particularly LeShuShi, which has seen significant revenue and profit growth due to cost optimization and market expansion [45][46] - The report discusses the emergence of AI-driven social platforms, such as Soul and MiLian Technology, which are capitalizing on the emotional economy by offering unique user experiences and demonstrating strong financial performance [21][27] Summary by Sections Emotional Economy - The emotional economy is shifting consumer demand from material goods to experiences and emotional fulfillment, with consumers willing to pay for platforms and products that provide joy and stress relief [38] - The emotional economy market in China is expected to grow significantly, with a projected market size of RMB 24.253 trillion by 2024 and a CAGR of 22.2% from 2024 to 2030 [38][41] AI-Driven Social Platforms - Soul, a leading social app targeting Gen Z, reported a revenue of RMB 16.83 billion in the first eight months of 2025, a 17.8% increase year-on-year, with an adjusted net profit of RMB 2.86 billion, reflecting a 73.1% growth [21][23] - MiLian Technology, focusing on a more mature demographic, achieved a revenue of RMB 19.2 billion in the first half of 2025, marking an 85.9% year-on-year increase, with an adjusted net profit of RMB 2.97 billion, up 285% [27][33] African Hygiene Products Market - LeShuShi is the market leader in Africa's hygiene products sector, holding a 20.3% market share in baby diapers and a 15.6% share in sanitary napkins by volume [45] - The company's revenue grew from USD 320 million in 2022 to USD 454 million in 2024, with a CAGR of 19.2%, and its adjusted net profit increased from USD 1.839 million to USD 9.767 million during the same period, achieving a CAGR of 130.5% [45][46] - LeShuShi's product range includes over 340 SKUs, with a focus on multi-brand strategies to cater to various consumer segments [51]

Core Insights - Soul, a social platform, has submitted its IPO application to the Hong Kong Stock Exchange, marking its fourth attempt at going public [1][12] - The company's revenue is primarily derived from "emotional value services," accounting for approximately 90% of total income [2][13] Group 1: Business Model and Financial Performance - Soul's business model is centered around emotional value-driven virtual goods, targeting the Z generation through anonymous social interactions [3][4] - As of August 31, 2025, Soul has approximately 390 million registered users, with daily active users averaging 11 million, 78.7% of whom are from the Z generation [3][4] - Revenue figures show steady growth, with 2022, 2023, and 2024 revenues reported at 1.667 billion, 1.846 billion, and 2.211 billion yuan respectively, reflecting a compound annual growth rate of over 15% [3][4] - For the first eight months of 2025, revenue reached 1.683 billion yuan, a year-on-year increase of 17.86% [3][4] Group 2: Revenue Structure and Profitability - Soul's revenue generation is primarily through emotional value services and advertising, with emotional value services contributing 91.1%, 90.3%, 89.1%, and 90.8% of total revenue from 2022 to the first eight months of 2025 [4][5] - The emotional value service revenue increased from 1.519 billion yuan in 2022 to 1.667 billion yuan in 2023, and further to 1.970 billion yuan in 2024 [4][5] - The company has a high gross margin, with 2024 gross margin at 83.7% and 81.5% for the first eight months of 2025 [5][6] Group 3: Marketing and User Growth Challenges - Soul's marketing expenses have been substantial, with sales and marketing costs of 844 million, 752 million, and 889 million yuan from 2022 to 2024, representing 50.6%, 40.7%, and 40.2% of revenue respectively [6][7] - The user growth appears to be stagnating, with monthly active users dropping from 29.4 million in 2022 to 26.2 million in 2023, and only recovering to 28 million in the first eight months of 2025 [7][17] Group 4: Shareholding and Funding - Since its inception, Soul has raised a total of 402 million USD (approximately 2.842 billion yuan) through seven funding rounds, with Tencent being the largest shareholder, holding 49.90% of the shares [8][19] - The IPO proceeds are intended for enhancing AI capabilities, expanding globally, and developing various content types [20] Group 5: Regulatory and Competitive Landscape - Soul's anonymous user mechanism has led to compliance challenges, with numerous complaints regarding fraud and false advertising [10][21] - The competitive landscape is intense, with established players like Momo and Tantan continuing to dominate the market, posing a threat to Soul's user base and revenue [21][22]