Business Prospect Evaluation of the Qingchu Yulan AI Social Project

Based on information obtained through research, I will conduct a systematic evaluation of the business prospects of the “Qingchu Yulan” project in the AI social track.

is the second entrepreneurial project of Geng Le (Ma Baoli), founder of BlueCity (Blued)[1]. Founded in February 2023 with Ma Baoli as its legal representative, the company has successfully completed two rounds of financing: angel round and Series A, with a total financing amount of tens of millions of RMB[1]. The character “Chu” in the project name comes from “Chuxin (original aspiration)”, meaning to surpass one’s past self rather than other companies[2].

Geng Le is a pioneer in China’s LGBTQ social field. BlueCity, founded by him, was listed on Nasdaq in July 2020, becoming the “first global stock of pink economy”[2]. However, after the listing, the company faced declining revenue and consecutive annual losses, with its stock price falling continuously. In August 2022, BlueCity completed privatization and delisted from Nasdaq, and was eventually acquired by Chicotech[2].

After leaving BlueCity, Geng Le revealed that his shares were continuously diluted during financing, dropping from 100% initial ownership to only about 30% at the time of delisting, and he was eventually forced to sell his shares and leave the company due to pressure from capital parties[2]. This experience has provided valuable lessons and more prudent capital operation experience for his second entrepreneurship.

The current AI social track is in a stage of rapid development. According to industry data, vertical applications represented by AI social and AI video have accounted for three spots on China’s Top 10 AI Applications list[3]. AI social products represented by Xingye and Maoxiang have maintained a growth momentum[3]. In overseas markets, Talkie has reached 34.89 million monthly active users, becoming the world’s largest role-playing application; products such as Poly.AI and Linky have also achieved remarkable results in overseas markets[4].

The core value of the AI social track lies in leveraging the natural language understanding capabilities of large models to provide users with intelligent interactive experiences and personalized emotional value[5]. In terms of business models, this field mainly relies on three methods: paid subscriptions, ad monetization, and in-app purchases; some products also combine e-commerce and games to achieve diversified revenue[4].

First, the AI social track as a whole is in a period of rapid growth, with strong market demand and no stable competitive landscape yet formed. Second, Geng Le has accumulated over 20 years of industry experience in the LGBTQ social field, with a deep understanding of the needs and pain points of the target user group, which is his core competitive advantage. Third, choosing the Douyin e-commerce ecosystem as the entry point in the initial stage can leverage mature traffic distribution mechanisms and monetization paths to quickly verify the business model.

The current AI social market features “coexistence of prosperity and bubbles”, with some products experiencing a sharp decline in revenue after gaining high popularity in the initial stage. For example, the metaphysical AI social application Starla generated over $2 million in revenue within 20 days, but its monthly turnover plummeted to $54,000 after the hype faded[4]. In addition, there has been no fundamental innovation in the monetization model of AI social applications, which still mainly rely on traditional subscriptions and advertisements, and user willingness to pay and retention rates face continuous challenges. Top social platforms such as Facebook, Instagram, Snapchat, and TikTok have already occupied absolute market advantages, making it difficult for new entrants to break the market pattern[4].

From the perspective of the competitive landscape, strong competitors such as ByteDance’s AnyDoor, Kunlun Tech’s Linky, and Zuoyebang’s Poly.AI have already taken leading positions, while Qingchu Yulan is still in the early exploration stage[5].

The Qingchu Yulan project is currently still in the business model verification stage, and specific information about its AI technology R&D capabilities, product differentiated positioning, and user acquisition cost control is unclear. Considering the rapid changes and fierce competition in the AI social track, there is still great uncertainty about whether the project can stand out among numerous competitors. It is recommended to continue paying attention to the project’s technological progress, user growth data, and financing dynamics.

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[1] 36Kr - “Geng Le’s Second Entrepreneurial Project ‘Qingchu Yulan’ Has Completed Two Rounds of Financing” (https://eu.36kr.com/zh/newsflashes/3645793721241478)

[2] Sina Finance - “Named ‘Qingchu Yulan’! BlueCity Founder Ma Baoli Launches Second Entrepreneurship” (https://finance.sina.com.cn/stock/stockzmt/2023-08-09/doc-imzfqrrx7960663.shtml)

[3] Roland Berger - “Five Major Trends of China’s Generative AI Market in 2025” (https://www.rolandberger.com/zh/Insights/Publications/2025年中国生成式AI市场的五大趋势分享.html)

[4] Chinaventure - “2025 Overseas Inventory: A Big Year for Social Overseas, Success and Failure Both Lie in AI” (https://www.chinaventure.com.cn/news/78-20260114-389757.html)

[5] 36Kr - “AI Social Overseas: What Are the Business Prospects?” (https://m.36kr.com/p/2993334707986050)