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].

Core Viewpoint - Soul's recent ecological safety report for 2025 highlights its advancements in fraud prevention and content safety, aiming to assure investors and users of its systematic capability to maintain a healthy ecosystem during its IPO process [1][9] Group 1: AI Integration in Governance - In 2025, Soul plans to deeply integrate AI into its governance cycle, deploying seven self-developed AI models to create a comprehensive safety shield [3] - The "Image/Text Anti-Fraud Model" can understand deep semantics and potential intentions, identifying not only surface-level violations but also the underlying logic of fraudulent activities [3][6] - Soul has developed a unique "Pig Butchering Posting Recognition Model" to target emotional manipulation and persona deception, allowing for early interception of fraud attempts [3][5] Group 2: Combatting False Traffic - Soul upgraded its governance matrix to address issues of "fake personas" and "image theft," achieving an average daily interception of 50,000 false content pieces through AI image path analysis and device anomaly detection [3][7] - This "circuit breaker" mechanism effectively disrupts the breeding ground for fraudulent activities, ensuring that users encounter content that reflects real life [3][7] Group 3: Collaborative Efforts with Law Enforcement - In 2025, Soul deepened its collaboration with law enforcement agencies, including the Pudong Anti-Fraud Center, by submitting over 100 illegal activity leads and assisting in investigations more than 30 times [4][8] - The company is building a closed-loop system of "in-platform interception + external crackdown" to create a safety network that leaves no room for wrongdoers [4] Group 4: Impact on User Ecosystem - The introduction of the "AI Anti-Fraud Plan" includes six recognition models and an AI reminder system to enhance user awareness and create a dual defense against fraud [5] - The number of individuals involved in fraudulent activities has decreased by approximately 20% compared to 2024, showcasing the effectiveness of the AI models in combating various forms of fraud [6]

Core Viewpoint - Soul App is actively exploring a "social metaverse" tailored for young users, focusing on user safety within an open interaction environment, particularly through anti-fraud initiatives [1][9]. Group 1: Anti-Fraud Initiatives - Soul App collaborated with the Pudong Public Security Bureau's Anti-Fraud Center to launch an interactive anti-fraud chat party aimed at integrating fraud prevention knowledge into daily social interactions for young users [1][3]. - The event reached over 11,000 users, with a peak online participation of 1,200, demonstrating a successful engagement and positive feedback from participants [3]. - The Pudong police acknowledged the effectiveness of this initiative in combining anti-fraud messaging with social interaction, enhancing young users' ability to identify risks [3]. Group 2: User Safety and Governance - Soul App is committed to user safety through institutional development and technological upgrades, as evidenced by its Q3 2025 ecological safety report and the minor protection responsibility report [2][4]. - The platform enforces strict registration rules for users under 18 and employs AI models to enhance identity verification, achieving a 99% contribution rate in identifying users impersonating adults [4]. - During peak periods, the platform has addressed over 50 instances of harmful content and established a psychological support mechanism in collaboration with authoritative medical institutions [4]. Group 3: Technological Enhancements - Soul App has improved its anti-fraud risk management system, with an 80% reduction in false positives and over 90% coverage in identifying fraudulent images [5]. - The platform's automated content moderation has intercepted 4.39 million instances of violations in Q3, with an average of over 5,600 daily blocked violations [5]. - Soul has also provided over 100 leads on illegal activities to law enforcement, facilitating necessary technical and informational support for public safety [5]. Group 4: Overall Security Strategy - The evolving nature of social interactions necessitates that safety is not just a management responsibility but a foundational element for stable social ecosystems [9]. - Through collaboration with law enforcement, technological advancements, and strict policy enforcement, Soul App is enhancing the security of its social metaverse, ensuring a trustworthy environment for user engagement [9].

Group 1 - The "Annual Outstanding Unicorn Enterprises" award recognizes high-growth entrepreneurial companies with significant commercial potential [4] - Unicorn companies are seen as leaders in industry transformation and pioneers of new business models, representing important development directions for new productive forces [4] - The evaluation criteria focus on capital recognition and valuation growth, market expansion and monetization capabilities, industry influence, and ecological contributions [4] Group 2 - The "Golden Grid Award" aims to create a valuable reference list of listed companies and unicorns in the investment community, covering all listed companies on major exchanges including Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [4] - Six companies, including Quwan Technology, Soul App, Xiaoetong, Xinghaitu, Zhipu, and Zhuimi, were awarded the "Annual Outstanding Unicorn Enterprises" title [1][4]

Core Viewpoint - Soul App has successfully carved a niche in the crowded social media landscape of China by focusing on "soul socializing" that emphasizes emotional connection over physical appearance, leveraging AI technology to create a unique user experience [5][10]. Company Overview - Founded by Zhang Lu in 2015, Soul App addresses the need for genuine emotional expression among young people, particularly the Z generation, who feel constrained by traditional social media platforms [8][10]. - As of August 2025, Soul has approximately 390 million registered users and 11 million daily active users, primarily from the Z generation [10]. Financial Performance - Soul's revenue for the first eight months of 2025 reached 1.683 billion yuan, marking a year-on-year growth of 17.8% [6][12]. - The company achieved adjusted net profit in 2023 and continued to be profitable in 2024 and the first eight months of 2025, with an adjusted net profit of 286 million yuan, a significant increase of 73% year-on-year [12]. Investment and Valuation - Soul has completed seven rounds of financing, with notable investments from Tencent and MiHoYo, leading to a valuation of approximately 2 billion USD (about 12.9 billion yuan) after the last round in 2021 [6][13]. - Tencent's investment in 2020 was a turning point, providing not only capital but also strategic resources and potential traffic [14]. Market Position and Trends - Soul operates in a mature market characterized by a shift towards "emotional economy," where approximately 90% of its revenue comes from AI-driven emotional value services, including virtual goods and memberships [18]. - The rise of AI technology has led to increased interest in AI companionship, with various startups exploring similar paths to Soul's "AI + emotional social" model [19][20].

Core Insights - The report highlights a shift in the social lives of young people, moving from grand existential questions to focusing on everyday actions and relationships, emphasizing equality and mutual support in a chaotic world [1][3]. Group 1: Social Trends - Young people are moving beyond traditional dichotomies of "involution" and "lying flat," seeking to be free, sincere, and interesting ordinary individuals, with a focus on building "life partnerships" [3][30]. - The report identifies ten key themes that encapsulate the social attitudes and practices of this generation, including Soulmanyships, AI精神股东, and 普通人的英雄主义, which collectively illustrate their pursuit of a meaningful and authentic life [3][30]. Group 2: Relationship Dynamics - The concept of "Soulmanyships" reflects a trend where young people define relationships based on specific needs and contexts, leading to a modular and lightweight approach to social connections [6][30]. - Young individuals are increasingly using a "social problem-solving" approach, applying formulas and strategies to navigate interpersonal interactions, particularly in romantic contexts [10][30]. Group 3: Family and AI Relationships - There is a trend of "re-parenting" where young people are actively reshaping their relationships with their parents, fostering mutual understanding and support [13][30]. - AI has transitioned from being a mere efficiency tool to a "spiritual partner," with a significant percentage of young people seeking deeper self-understanding through AI interactions [15][30]. Group 4: Self-Care and Mental Health - Young people are redefining self-love, treating themselves with kindness and care, which is reflected in the popularity of self-affirming practices on social media [18][30]. - The emergence of "commuting therapy" signifies a rejection of traditional vacation norms, focusing instead on simple, restorative activities that promote mental well-being [21][30]. Group 5: Digital Detox and Authenticity - A growing number of young individuals are engaging in "digital detox" practices, seeking to reconnect with the real world and reduce the overwhelming nature of constant connectivity [23][30]. - The trend towards "being alive" emphasizes authenticity over curated social media personas, with young people valuing genuine moments and experiences [27][30]. Group 6: Practical Efforts and Everyday Heroism - Young people are embracing a pragmatic approach to self-discipline, focusing on effective efforts rather than performative self-control [25][30]. - The notion of "ordinary people's heroism" reflects a commitment to living meaningfully in everyday situations, emphasizing resilience and personal agency [29][30].

Core Insights - The report titled "2026 Social Trends Report" reveals the evolving social landscape of young people, emphasizing the theme of "finding life partners" [1][2] - It identifies ten key terms that encapsulate the social attitudes and practices of the current generation, reflecting their pursuit of freedom, sincerity, and an interesting life [1][2] Group 1: Social Evolution - Since 2025, the social map of youth has undergone a systematic reconstruction, showcasing a comprehensive evolution from self-acceptance to social connection [2] - Young people are advocating for "effective effort," focusing on results rather than paths, and promoting self-love as a form of daily care [2] - Social relationships are evolving towards "modular" forms, allowing young individuals to configure their social energy based on specific needs [2] Group 2: Cultural Insights - The report illustrates a psychological landscape co-created by millions of young people, marking a shift in social logic from "seeking externally" to "growing internally" [3] - This transformation signifies a new narrative of control and self-creation, moving beyond confrontation [3] - Soul has consistently published annual social trend reports for three years, reflecting its commitment to understanding the changing dynamics of youth culture [2]

Core Viewpoint - Soul, a social platform leveraging AI, has submitted its prospectus for a fourth IPO attempt, reporting a net profit of nearly 1 billion yuan over the past three years, indicating a successful turnaround from previous losses [1][32]. Group 1: Company Overview - Soul positions itself as a social platform based on user interests and personalities, utilizing AI-generated avatars for virtual interactions and providing emotional value services, including virtual goods and advertising [2][33]. - As of January-August 2025, Soul's monthly active users reached 28 million, although this is a decline from the peak of 31.6 million in 2021. However, the average monthly spending per paying user increased from 75 yuan in 2022 to 104 yuan, a nearly 40% rise [3][34]. Group 2: IPO Journey - Soul's IPO journey has been fraught with challenges, including a failed attempt to list on NASDAQ in May 2021, where it was valued at approximately $2 billion (about 13 billion yuan) before pausing the application [4][34]. - The company faced legal issues from competitor Uki, which accused Soul of malicious reporting, leading to a court ruling that affected its financial standing [4][35]. - After two failed attempts to list on the Hong Kong Stock Exchange due to material updates, Soul is now attempting its fourth IPO with a focus on being a leading AI-driven immersive social platform [6][38]. Group 3: Financial Performance - From 2019 to 2022, Soul reported a cumulative adjusted net loss of 1.759 billion yuan, but it has recently shifted to a profitable model, projecting adjusted net profits of 361 million yuan, 337 million yuan, and 286 million yuan for 2023, 2024, and the first eight months of 2025, respectively [7][49]. - The revenue structure is heavily reliant on emotional value services, which accounted for 90.8% of total revenue in the first eight months of 2025, while advertising revenue was only 1.54 billion yuan [10][41]. Group 4: User Engagement and Spending - Soul's strategy has focused on increasing the spending of its paying users, with the average monthly revenue per paying user rising significantly from 21.9 yuan in 2019 to 104.4 yuan in 2025 [21][53]. - Approximately 39% of Soul's monthly active users are paying users, indicating a strong engagement among a core group of users willing to spend on emotional value services [22][53]. Group 5: Risks and Challenges - Soul's business model, while generating high gross margins of over 80%, shows signs of vulnerability due to a plateau in user growth, with monthly active users declining from 31.6 million in 2021 to 28 million in 2025 [11][43]. - The company faces significant financial liabilities, with approximately 12.4 billion yuan in redeemable shares and obligations, which could pose risks if the IPO does not succeed [17][48]. - There are ongoing concerns regarding user complaints related to transparency in automatic renewals and potential data security issues, which could impact the company's reputation and user trust [26][59].

Core Insights - Soul App has submitted its main board listing application to the Hong Kong Stock Exchange, emphasizing its focus on "emotional value" for Generation Z [1] - The platform boasts that 78.7% of its daily active users belong to Generation Z, and it has achieved sustained profitability since 2023 [1][3] - The upcoming IPO is seen as a critical moment for Soul to gain recognition in the capital market through its unique positioning [1] User Demographics and Financial Performance - Over 78.7% of Soul's daily active users are from Generation Z, who engage in self-expression and interaction through virtual identities, seeking immersive satisfaction [3] - The company has reported nearly 1 billion yuan in adjusted net profit within three years of operation [3] - By 2021, Soul reached 9.1 million daily active users, with over 70% being post-90s users [4] Unique Business Model and Market Positioning - Soul's business model disrupts traditional social networking by not encouraging real avatars and instead promoting virtual identities, focusing on interests rather than appearances [4] - The platform's core philosophy is to prioritize understanding over recognition, addressing the emotional needs of users [4] - Soul has attracted significant investments from major stakeholders, including Tencent, which holds a 49.9% stake, making it the largest institutional shareholder [4] Future Outlook and Competitive Advantage - The progression of Soul's IPO signifies a shift towards validating its ability to meet deep emotional needs and realizing its value [6] - The company's unique understanding of "emotional value" will be crucial in transforming into a sustainable competitive advantage and ensuring long-term profitability in a highly competitive social networking landscape [6]

Group 1 - Soul App, in collaboration with the Pudong Public Security Bureau's Anti-Fraud Center, launched a themed chat party aimed at enhancing fraud prevention awareness among young people, reaching a total of 11,426 individuals with a peak online attendance of 1,200 [1] - The event highlighted the vulnerability of young people to online scams, emphasizing that they are not immune to fraud and that criminals are leveraging internet strategies to exploit psychological weaknesses [1] - The immersive chat format effectively engaged participants, breaking away from traditional educational methods and significantly improving the risk perception of young users [1] Group 2 - The successful chat party reflects Soul App's ongoing commitment to ecological safety, as evidenced by the release of its "2025 Q3 Ecological Safety Report" and "2025 Minor Network Protection Social Responsibility Report," showcasing advancements in fraud risk control and minor protection [2] - Soul App has implemented a dual approach of "technology + system" in minor protection, including a strict rule prohibiting users under 18 from registering, and has introduced AI models to enhance user behavior analysis, achieving a 99% contribution rate in identifying fake adult users [2] - The company has actively addressed harmful content, processing over 50 cases during critical periods and establishing psychological support mechanisms in collaboration with authoritative medical institutions to safeguard youth development [2] Group 3 - The Pudong Anti-Fraud Center emphasized that combating telecom fraud is a long-term and systematic effort, with plans for continued collaboration and innovative educational methods to create a safer online environment [3] - Soul App is committed to prioritizing user safety and will continue investing in AI technology development, working alongside law enforcement and various sectors to build a genuine, warm, and secure social space for Generation Z [3]