Core Viewpoint - Social platform Soul has submitted a listing application to the Hong Kong Stock Exchange, outlining its fundraising plans focused on AI development, global expansion, user base growth, and content development to strengthen its future growth strategy [1] Group 1: AI Development - AI capability development is a core focus of the fundraising, serving as the key competitive advantage for Soul. The company positions itself as an "AI + immersive social platform," with AI technology being the main engine for its business growth. The proprietary model, Soul X, enhances user interaction and matching efficiency, and the fundraising will further boost AI R&D investments, facilitating continuous upgrades of the Soul X model [4] - The enhancements in AI recommendations and AI-assisted dialogues aim to lower user expression barriers and provide a superior immersive interaction and emotional experience, solidifying the platform's technological edge in the AI + social sector [4] Group 2: Global Expansion - Global expansion is crucial for Soul to increase its market scale. The platform has built a substantial user base in China, with an average of 11 million daily active users as of August 31, 2025, 78.7% of whom are Gen Z. As the domestic market matures, expanding into overseas markets is essential for growth [4] - The fundraising will support Soul's global outreach, allowing it to promote its established AI + immersive social model in more countries and tap into the vast potential of the overseas emotional economy market, thereby enhancing brand influence and market share [4] Group 3: User Base and Content Development - Expanding the user base and developing diverse content are key strategies to enhance the platform's competitiveness. Soul plans to use the funds to broaden its user coverage and attract a wider range of users [5] - The company will also increase content development efforts to enrich interaction scenarios and content forms, catering to users' diverse social needs and emotional value demands. Continuous optimization and innovation of AI tools like AI filters and AI composition will provide users with richer interactive experiences, boosting user engagement and activity [5] Group 4: Financial Performance - Soul's robust financial performance provides a solid foundation for post-fundraising development. From 2022 to 2024, the company's revenue compound annual growth rate exceeds 15%, achieving stable profitability since 2023, with adjusted profits of 361 million yuan in 2023 and projected adjusted profits of 337 million yuan and 286 million yuan for 2024 and the first eight months of 2025, respectively [7] - In response to the tightening regulations on virtual social platforms, Soul has detailed its governance plans for addressing ethical risks such as algorithm bias and data security in its prospectus, demonstrating its commitment to compliant operations [7]

Core Viewpoint - Social platform Soul has submitted its main board listing application to the Hong Kong Stock Exchange, positioning itself as a unique player in the stranger social networking sector with its "soul matching" feature, which is popular among young users [1] Group 1: Business Model and Revenue - Soul redefines itself as an "AI + immersive social platform," with "AI + emotional economy" as the core of its business narrative, tapping into the significant potential of the emotional economy market, projected to reach 4.5 trillion yuan by 2029 [3] - The company's revenue is categorized into emotional value services, advertising, and other income, with AI-driven emotional value services being the primary revenue source, accounting for over 90% of total revenue in the first eight months of 2025 [3] - Revenue growth from 2022 to 2024 shows an increase from 1.667 billion yuan to 2.211 billion yuan, while emotional value service revenue rose from 1.518 billion yuan in 2022 to 1.969 billion yuan in 2024 [3] Group 2: AI Technology and User Engagement - AI technology plays a crucial role in Soul's operations, with its proprietary model Soul X providing deep immersive interactions and emotional experiences, enhancing user matching efficiency through interest graphs and AI algorithms [4] - The integration of AI capabilities, including AI filters and AI music composition, aims to improve monetization efficiency and enhance user interaction experiences [4] Group 3: Financial Performance and Compliance - Soul has demonstrated financial growth and profitability, achieving over 15% compound annual growth from 2022 to 2024, with adjusted profits of 361 million yuan in 2023 and projected adjusted profits of 337 million yuan in 2024 and 286 million yuan in the first eight months of 2025 [4] - In response to increasing regulatory scrutiny, Soul has proactively disclosed governance plans addressing algorithmic bias and data security risks in its prospectus, indicating a commitment to ethical practices [5] Group 4: Future Plans and Market Position - The funds raised from the IPO will be allocated to AI capability development, global expansion, user base growth, and content development, signaling a strong commitment to the commercialization of the emotional economy and long-term growth in the AI social networking sector [5]