文 | 红餐网 柯愉乐 编辑 | 方圆 继必胜客卖烤串引发热议后，百胜中国又出手推新品牌了。 12月27日，"必胜汉堡"全国双首店在深圳开业，主打"西餐级汉堡"，面团现烤，肉饼现煎，人均消费40+元。 事实上，早在2023年，必胜客就在门店推出了汉堡产品"比萨堡"，并售卖至今。这次开出的汉堡专门店有何不同？能否在拥挤的汉堡赛道中杀出重围？我 们一起来看看。 01 现烤现做，单个汉堡23元起 红餐网实地走访发现，必胜汉堡首店选址深圳福田与龙华核心商圈，与必胜客主品牌"肩并肩"开店。 两家必胜汉堡都是从必胜客门店改造而来的，新闻路店占据了原本门店一楼位置，大浪店则是将一楼一半区域改成了汉堡店。门店外围除了排队区，还设 置了用餐卡座，方便行人休息和点餐。 值得注意的是，两家必胜汉堡并没有与必胜客共用后厨，而是单独划分出一块区域用作后厨。 新闻路店的工作人员介绍称，围挡装修期间，除了更换门头，相对重要的工作就是后厨的布置。也就是说，楼上的必胜客和楼下的必胜汉堡，有各自的厨 房、用餐区和点餐功能区。客人可以在两个空间内穿梭，在必胜客落座的顾客也可以下单汉堡到楼上用餐。 1、现烤现做，拒绝"预制感" 必胜汉堡核心产品定位 ...

Core Viewpoint - Soul App has submitted its third prospectus to the Hong Kong Stock Exchange, marking its fourth attempt to go public after previous rejections and withdrawals in the U.S. market [1][2] Group 1: Listing Attempts - Soul's journey to IPO has been tumultuous, with the company initially aiming for a NASDAQ listing in 2021 but pausing the process due to internal considerations and support from major shareholder Tencent [2] - Legal challenges, including a lawsuit from Uki over unfair competition, have also hindered Soul's listing efforts, resulting in a freeze of 26.93 million yuan shortly after the IPO application [2] - After two failed submissions to the Hong Kong Stock Exchange in 2022 and 2023, Soul is now making another attempt after more than two years [1][2] Group 2: Financial Performance - In 2023, Soul achieved a profitability turning point, projecting an adjusted net profit of 337 million yuan for 2024, with revenue for the first eight months of 2025 nearing the total revenue of 2022 at 1.683 billion yuan [3] - Revenue figures from 2020 to 2022 show a growth trajectory: 498 million yuan in 2020, 1.2812 billion yuan in 2021, and 1.6674 billion yuan in 2022, with gross margins increasing from 79.9% to 86.3% during the same period [3] - The majority of Soul's revenue comes from emotional value services, which account for over 90% of total revenue, while advertising and other business revenues contribute less than 10% [3][4] Group 3: User Engagement and Demographics - 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 Generation Z [4] - Users spend an average of over 50 minutes daily on the platform, with an 86% engagement rate and a monthly retention rate of 80% [4] - The average monthly revenue per paying user is 104.4 yuan, indicating a stable but potentially stagnant user base in terms of growth [5] Group 4: Strategic Positioning and AI Integration - Soul has shifted its positioning over the years, evolving from "soul social" to "social metaverse for youth," and now to "AI + immersive social" [5][6] - The company emphasizes AI as a core competitive advantage, leveraging its self-developed emotional value model and AI recommendation systems to enhance user experience [5][6] - However, the high costs associated with AI development have risen significantly, from 187 million yuan in 2020 to a projected 546 million yuan in 2024, with 407 million yuan already spent in the first eight months of this year [6][7] Group 5: Regulatory and Compliance Challenges - The integration of AI into Soul's platform raises concerns regarding compliance and regulatory risks, particularly around content generation, copyright issues, and user data privacy [7] - The ongoing debate about the authenticity of AI interactions on the platform highlights the complexities and challenges faced by the company in navigating technological advancements and user expectations [7]

Core Viewpoint - The article discusses the rapid growth and challenges of the AI companionship app industry, highlighting the emotional needs of users and the complexities of monetization in this emerging market [6][10][21]. Market Growth - In the first half of this year, global downloads of AI companionship apps reached 220 million, generating $82 million in revenue, with an expected annual revenue of over $120 million [7]. - The Chinese market for AI emotional companionship is projected to grow from 3.866 billion yuan to 59.506 billion yuan between 2025 and 2028, with a compound annual growth rate of 148.74% [7]. Industry Dynamics - As of August 2025, there are 337 active AI companionship apps globally, with 128 launched this year. However, the top 10% of these apps account for 89% of total revenue, indicating a highly competitive landscape [7][8]. - Many previously popular apps have shut down due to various issues, including regulatory challenges and market saturation [8]. User Engagement and Behavior - A significant portion of users exhibit "shallow engagement," with over half using these apps less than five days a month, suggesting that AI companionship often serves as a temporary comfort rather than a long-term solution [13][14]. - A survey indicated that 52% of teenagers use AI companionship apps at least a few times a month, reflecting a growing acceptance among younger demographics [12]. Emotional Connection and Technology Limitations - Current AI technology struggles to achieve genuine emotional resonance, often leading to a "pseudo-demand" where users receive idealized interactions that may hinder real social skills [14][18]. - Users express a need for empathy and understanding, which existing AI models fail to provide adequately due to their reliance on algorithmic responses rather than true emotional comprehension [14][18]. Business Models and Monetization Challenges - The primary revenue model for many AI companionship apps is subscription-based, but this has not proven effective in markets like China, where users are less inclined to pay for such services [21]. - New entrepreneurs are exploring alternative monetization strategies, including hardware integration and IP-based products, to enhance user engagement and revenue generation [21][22]. Future Directions - Entrepreneurs in the AI companionship space are advised to focus on niche markets and specific user needs to survive in a crowded field [16][17]. - The development of AI companionship apps is seen as a "light asset" venture, allowing for flexibility and innovation without significant upfront investment [19].

Core Insights - The article discusses the rapid growth and commercialization challenges of AI companionship apps, highlighting a significant increase in downloads and revenue in the sector [4][5][10]. - It emphasizes the complexity of user needs and the potential for "pseudo-demand" in AI emotional companionship, suggesting that while there is a market, the sustainability of user engagement is questionable [15][19]. Market Growth - In the first half of this year, global downloads of AI companionship apps reached 220 million, generating $82 million in revenue, with projections for annual revenue to exceed $120 million [4]. - The Chinese market is expected to grow from 3.866 billion yuan to 59.506 billion yuan between 2025 and 2028, with a compound annual growth rate of 148.74% [4]. Industry Dynamics - As of August 2025, there are 337 active AI companionship apps, with 128 launched this year, indicating a surge in entrepreneurial activity [5]. - However, the top 10% of these apps account for 89% of total revenue, creating a challenging environment for new entrants [6]. User Engagement - A significant portion of users exhibit "shallow engagement," with over half using these apps less than five days a month, suggesting that AI companionship often serves as a temporary comfort rather than a long-term solution [14]. - A survey indicated that 52% of teenagers use AI companionship apps at least a few times a month, reflecting a growing acceptance among younger demographics [11]. Commercialization Challenges - The primary revenue model for many apps, including Character.ai, relies on subscription fees, which may not be viable in markets where users are not accustomed to paying for such services [22][23]. - Alternative monetization strategies are being explored, such as creating IP products and avoiding subscription models altogether [23][25]. User Needs and Product Development - Users seek empathy and understanding, but current AI technologies struggle to provide genuine emotional resonance, leading to concerns about the creation of "pseudo-demand" [15][19]. - Successful products in this space may need to focus on niche markets and provide tailored emotional support rather than generic companionship [19][20]. Future Directions - The article suggests that the future of AI companionship apps may lie in developing products that can accurately perceive and respond to user emotions through advanced technology [20]. - Entrepreneurs are encouraged to prioritize user needs over technology, ensuring that AI solutions are genuinely aligned with emotional support requirements [28].

Core Insights - The rise of AI companions and virtual partners is addressing emotional needs in a lonely modern society, with significant growth in the AI companionship app market [2][3] - Privacy and ethical concerns are emerging as the industry develops, alongside the challenge of establishing a sustainable business model [2][5] Market Overview - In the first half of this year, global downloads of AI companionship apps reached 220 million, generating $82 million in revenue, with projections for annual revenue to exceed $120 million [3] - The Chinese market is expected to grow from 3.866 billion yuan to 59.506 billion yuan between 2025 and 2028, with a compound annual growth rate of 148.74% [3] - As of August 2025, there are 337 active AI companionship apps globally, with 128 launched this year, but the top 10% of apps account for 89% of total revenue [3][4] User Engagement and Behavior - A survey by Common Sense Media indicates that 52% of teenagers use AI companionship apps at least several times a month [7] - Users like "Nono" demonstrate a willingness to pay for enhanced features, such as voice and video calls, but many users lack the financial means to subscribe [8] - Most users exhibit "superficial engagement," with over half using the apps less than five days a month, indicating that AI companionship often serves as a temporary comfort rather than a long-term solution [9] Business Model Challenges - The monetization strategies for AI companionship apps remain underdeveloped, with many relying on subscription models that struggle to gain traction in markets where users are not accustomed to paying for such services [15][16] - Companies are exploring alternative revenue streams, such as hardware products and IP derivatives, to enhance profitability [16][17] Industry Trends and Innovations - The market is characterized by a mix of established tech companies and startups, with over 300 AI companionship apps emerging, focusing on personalized emotional interactions [10][11] - Successful products are targeting niche markets, such as the "dream girl" demographic, and utilizing unique character designs to engage users [11][12] - Developers emphasize the importance of understanding user emotions and providing practical advice, moving beyond simple companionship to more meaningful interactions [12][14] Future Outlook - The industry faces a complex landscape with fluctuating user demands and the potential for creating "pseudo-needs" through algorithm-driven interactions [9][20] - Entrepreneurs are advised to focus on specific user needs and develop products that genuinely address emotional support, rather than solely relying on AI technology [19][20]