In-depth Analysis of Soul's Voice Social Payment Model

Based on the latest search results and public information, I will provide you with an in-depth analysis of Soul’s voice social payment model.

Soul’s core revenue source is “emotional value services”, accounting for over 90% of total revenue, mainly including two major segments [1]:

1. Virtual Item Revenue
   : Users recharge “Soul Coins” to purchase virtual characters, give gifts, etc., to enhance the dating experience
2. Membership Service Revenue
   : Users can pay RMB 30 per month to become a “Super Star Member” and get privileges such as identity badges, visitor information, exclusive discounts

From the financial data perspective, Soul has achieved profitability: In 2024, it achieved revenue of RMB 2.211 billion, a year-on-year increase of 19.7%; adjusted net profit reached RMB 337 million, and adjusted profit for the first eight months of 2025 was RMB 286 million [1]. The gross profit margin stabilized in the range of 81.5%-83.7%, showing strong profitability.

However, a key structural issue is

: In the first eight months of 2025, the platform’s monthly average active users were 28 million, but the average monthly paying users were only 1.8 million, with a payment rate of about 6.5% [2]. This means Soul is highly dependent on the “spending power” of core paying users to support overall revenue, and the structure where 90% of revenue is concentrated in emotional value services also constitutes the biggest bottleneck for its commercialization.

Soul submitted its third IPO application to the Hong Kong Stock Exchange on November 27, 2025, seeking a valuation premium driven by AI [1]. The core logic supporting its high valuation includes:

Soul has independently developed AI recommendation algorithms since 2017, and launched its self-developed native emotional value large model Soul X in December 2023. The platform’s massive user interaction data has become an important resource for large model training, forming a flywheel effect of “user interaction → AI iteration → ecological prosperity → commercial revenue growth” [1].

78.7% of the platform’s daily active users are core Gen Z groups. As China’s first generation of mobile Internet natives, Gen Z has strong disposable income and willingness to pay for emotional value [3]. In 2024, the total number of users consuming virtual avatars on the platform reached 5.34 million, a year-on-year increase of 384%, showing strong growth momentum of virtual goods.

Different from Dating Apps like Momo and Tantan that use “face-based matching”, Soul positions itself as “soul social”, establishing social connections through interest graphs and emotional matching, and has built a unique brand perception among Gen Z groups.

Although Soul has shown certain business model innovation and profitability, whether its high valuation can continue faces multiple challenges:

The Gen Z social track where Soul is located presents a complex pattern of “national-level platform squeeze, similar product competition, and cross-border players entering” [2]:

• Similar competition: Traditional stranger social platforms such as Tantan and Jimu
• AI companionship track: New players like Minimax Xingye and Yuewen Dream Island
• Cross-border competition: Social media platforms such as Xiaohongshu and Bilibili strengthen their social attributes with large user bases

The prospectus clearly states: “If the number of paying users decreases, our revenue may decrease, and our operating results may be significantly adversely affected” [2]. Over-reliance on emotional value services exposes the company to the risk of revenue pressure when user growth slows down.

The platform faces problems such as uneven user quality and declining matching experience. Risks such as fraud and vulgar content dissemination by criminals using the platform continue to exist [2]. Although the company has established a 380-person content review team and a dual review system of “AI pre-review + manual recheck”, it still cannot completely eliminate non-compliant content.

There are a large number of user complaints on social media platforms, reflecting issues such as automatic renewal and difficulty in refunding (the Black Cat Complaint Platform has more than 5,600 complaints involving Soul), which may affect user retention and reputation.

Soul’s voice social payment model can indeed support its high valuation in the short term, mainly based on: verified profitability, long-term value of Gen Z users, and differentiated competitive advantages brought by AI technology. However, from a long-term perspective, the sustainability of its business model has the following key uncertainties:

1. Can the payment rate be increased?
   The current 6.5% payment rate means huge user conversion space, but increasing the payment rate needs to balance the contradiction between user experience and commercialization
2. Progress of revenue diversification
   : The expansion progress of emerging business opportunities such as advertising and IP will determine the health of the revenue structure
3. AI technology implementation effect
   : Whether the Soul X large model can continuously optimize user experience and create new commercial value is the key support for valuation premium
4. Evolution of competitive pattern
   : In the increasingly crowded social track, whether Soul can maintain its differentiated advantages and market position

Overall, Soul’s payment model has short-term sustainability, but the long-term support of its high valuation requires the company to continuously prove its growth potential in AI technology application, user experience optimization, and revenue diversification.

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[1] Yahoo Finance - Soul App遞交上市申請：AI 驅動情緒社交，搶佔先發優勢 (https://hk.finance.yahoo.com/news/soul-app遞交上市申請-ai-驅動情緒社交-搶佔先發優勢-062558081.html)

[2] 投资界 - 靠「情绪价值」年赚20亿，Soul的社交生意经灵不灵？ (https://news.pedaily.cn/202512/558182.shtml)

[3] 中欧国际工商学院 - 解密Soul App背后的"真相" (https://cn.ceibs.edu/emba/student-view/27676)