Scienjoy Holding Corporation (SJ): Business Model Canvas

In der dynamischen Landschaft der digitalen Unterhaltung erweist sich die Scienjoy Holding Corporation (SJ) als transformative Kraft und revolutioniert Live-Streaming und Social-Media-Interaktion im dynamischen Technologie-Ökosystem Chinas. Durch die nahtlose Verbindung modernster Technologie mit immersiven Benutzererlebnissen hat Scienjoy ein anspruchsvolles Geschäftsmodell geschaffen, das über traditionelle Unterhaltungsplattformen hinausgeht, Content-Erstellern mehr Möglichkeiten gibt und Millionen digital versierter Verbraucher über innovative interaktive Kanäle anspricht. Ihr einzigartiger Ansatz definiert nicht nur Online-Unterhaltung neu, sondern schafft auch ein robustes Ökosystem, in dem Technologie, Kreativität und Benutzerengagement zusammenlaufen, um mehrere Einnahmequellen zu generieren.

Scienjoy Holding Corporation (SJ) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit chinesischen Social-Media-Plattformen

Scienjoy hat Partnerschaften mit mehreren chinesischen Social-Media-Plattformen aufgebaut:

Plattform	Einzelheiten zur Partnerschaft	Gründungsjahr
Huya	Vereinbarung zur Verbreitung von Inhalten	2021
DouYin	Live-Streaming-Zusammenarbeit	2022
Tencent-Video	Plattform zum Teilen von Inhalten	2020

Zusammenarbeit mit Content-Erstellern und Live-Streaming-Influencern

Das Influencer-Netzwerk von Scienjoy umfasst:

• Über 1.500 aktive Live-Streaming-Ersteller
• Monatlicher Umsatzanteil der Content-Ersteller: 2,3 Millionen US-Dollar
• Durchschnittlicher monatlicher Verdienst pro YouTuber: 15.300 $

Technologiepartnerschaften mit Mobilfunknetzbetreibern

Mobilfunkbetreiber	Umfang der Partnerschaft	Jährlicher Vertragswert
China Mobile	Unterstützung der Netzwerkinfrastruktur	4,5 Millionen US-Dollar
China Telecom	Integration der Streaming-Technologie	3,2 Millionen US-Dollar

Werbe- und Marketingallianzen mit Marken und Werbetreibenden

Zu den wichtigsten Werbepartnerschaften gehören:

• Gesamtwerbeeinnahmen im Jahr 2023: 87,6 Millionen US-Dollar
• Anzahl Markenpartnerschaften: 42
• Durchschnittliche Partnerschaftsdauer: 18 Monate

Marke	Werbesegment	Jährliche Werbeausgaben
Xiaomi	Technologie	2,1 Millionen US-Dollar
Nike	Sportbekleidung	1,7 Millionen US-Dollar
Unilever	Konsumgüter	1,4 Millionen US-Dollar

Scienjoy Holding Corporation (SJ) – Geschäftsmodell: Hauptaktivitäten

Entwicklung einer Live-Streaming-Content-Plattform

Scienjoy betreibt mehrere Live-Streaming-Plattformen mit den folgenden Plattformmetriken:

Gesamtplattformen	5 verschiedene Live-Streaming-Plattformen
Monatlich aktive Benutzer	44,7 Millionen Nutzer (Q3 2023)
Täglich aktive Benutzer	15,2 Millionen Nutzer (Q3 2023)

Innovation in der Social-Media-Entertainment-Technologie

Die Technologieentwicklung konzentriert sich auf:

• KI-gesteuerte Inhaltsempfehlungsalgorithmen
• Echtzeit-Streaming-Technologie
• Interaktive Streaming-Funktionen

F&E-Ausgaben	12,3 Millionen US-Dollar (Geschäftsjahr 2022)
Technologie-Patentanmeldungen	37 angemeldete Patente

Benutzerinteraktion und Content-Monetarisierung

Zu den Strategien zur Umsatzgenerierung gehören:

• Virtuelles Geschenksystem
• Werbeplatzierungen
• Abonnements für Premium-Inhalte

Gesamtumsatz	195,6 Millionen US-Dollar (2022)
Einnahmen aus virtuellen Schenkungen	87,3 Millionen US-Dollar (2022)
Durchschnittlicher Umsatz pro Benutzer	4,38 $ pro Monat

Digitale Marketing- und Benutzerakquisestrategien

Marketingkanäle und Kennzahlen:

• Social-Media-Werbung
• Influencer-Partnerschaften
• Empfehlungsprogramme

Marketingkosten	22,7 Millionen US-Dollar (2022)
Kosten für die Benutzerakquise	0,63 $ pro neuem Benutzer

Optimierung der Plattformleistung und Benutzererfahrung

Leistungskennzahlen und Optimierungsbemühungen:

• Kontinuierliche Plattform-Upgrades
• Verbesserungen der Benutzeroberfläche
• Verbesserung der technischen Infrastruktur

Plattformverfügbarkeit	99.7%
Streaming-Qualität	1080p HD-Auflösung
Server-Reaktionszeit	150 Millisekunden

Scienjoy Holding Corporation (SJ) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Live-Streaming-Technologie-Infrastruktur

Seit dem vierten Quartal 2023 betreibt Scienjoy eine robuste Live-Streaming-Technologie-Infrastruktur, die mehrere Plattformen unterstützt:

Plattform	Monatlich aktive Benutzer	Technologiefähigkeit
Zeig dich	8,2 Millionen	Echtzeit-Streaming
Lehai	5,7 Millionen	Interaktives Streaming
Bobo	3,5 Millionen	Multiplattform-Integration

Großes Netzwerk von Content-Erstellern und Influencern

Statistiken zum Content-Creator-Netzwerk:

• Gesamtzahl der registrierten Content-Ersteller: 1,2 Millionen
• Aktive monatliche Content-Ersteller: 380.000
• Durchschnittlicher monatlicher Umsatz pro Ersteller: 1.240 $

Erweiterte algorithmische Empfehlungssysteme

Technologische Fähigkeiten:

• KI-gestützte Empfehlungsgenauigkeit: 87.3%
• Modelle für maschinelles Lernen: 14 verschiedene Algorithmen
• Tägliche Inhaltsempfehlungen: 2,6 Millionen

Mobile Anwendungen und digitale Plattform-Assets

Plattformmetrik	Daten für 2023
Gesamtzahl der Downloads mobiler Apps	42,6 Millionen
Durchschnittliche täglich aktive Benutzer	17,3 Millionen
Bindungsrate mobiler Apps	64.2%

Geistiges Eigentum und technologische Innovationen

Portfolio an geistigem Eigentum:

• Gesamtzahl der angemeldeten Patente: 36
• Ausstehende Patentanmeldungen: 22
• F&E-Investitionen im Jahr 2023: 8,4 Millionen US-Dollar

Scienjoy Holding Corporation (SJ) – Geschäftsmodell: Wertversprechen

Interaktive und ansprechende Live-Streaming-Unterhaltung

Die Live-Streaming-Plattform von Scienjoy generierte im dritten Quartal 2023 einen Umsatz von 1,13 Milliarden RMB mit 284,4 Millionen aktiven Nutzern auf allen Plattformen.

Plattform	Monatlich aktive Benutzer	Durchschnittlicher Umsatz pro Benutzer
Zeig dich	98,2 Millionen	12,5 RMB
Lehu	76,5 Millionen	9,8 RMB
Tianxiu	109,7 Millionen	14,3 RMB

Vielfältige Inhalte in mehreren Unterhaltungskategorien

Aufschlüsselung der Inhaltskategorien für 2023:

• Gaming-Streams: 42 % des Gesamtinhalts
• Musikdarbietungen: 18 % des Gesamtinhalts
• Talkshows: 15 % des Gesamtinhalts
• Talent-Showcases: 12 % des Gesamtinhalts
• Bildungsströme: 8 % des Gesamtinhalts
• Andere Kategorien: 5 % des Gesamtinhalts

Soziale Interaktion und Benutzerinteraktion in Echtzeit

Kennzahlen zur Benutzerinteraktion für 2023:

Interaktionstyp	Durchschnittliche tägliche Interaktionen
Live-Chat-Nachrichten	376 Millionen
Virtuelle Geschenktransaktionen	42,6 Millionen
Interaktionen zwischen Benutzern und Erstellern	18,3 Millionen

Monetarisierungsmöglichkeiten für Content-Ersteller

Verdienstdaten der Creator für 2023:

• Gesamtauszahlungen der Ersteller: 689 Millionen RMB
• Durchschnittlicher Monatsverdienst pro Top-Creator: 215.000 RMB
• Anzahl der monetarisierenden Ersteller: 127.600

Personalisierte Unterhaltungserlebnisse

Leistung des Personalisierungsalgorithmus im Jahr 2023:

Metrisch	Wert
Benutzerbindungsrate	68.3%
Empfehlungsgenauigkeit	72.6%
Durchschnittlich verbrachte Zeit pro Benutzer	87 Minuten täglich

Scienjoy Holding Corporation (SJ) – Geschäftsmodell: Kundenbeziehungen

Community-gesteuerte Interaktionsplattformen

Im vierten Quartal 2023 betreibt Scienjoy fünf primäre Live-Streaming-Plattformen mit 84,5 Millionen monatlich aktiven Nutzern. Zu den Plattformen gehören Showself, Lehu, Bilin und Tiaotiao, die auf unterschiedliche demografische Segmente abzielen.

Plattform	Monatlich aktive Benutzer	Primäre Benutzerdemografie
Zeig dich	32,6 Millionen	Altersgruppe 18–25
Lehu	22,1 Millionen	Altersgruppe 25–35
Bilin	15,9 Millionen	Junge Berufstätige
Tiaotiao	13,9 Millionen	Unterhaltungssuchende

Unterstützung für benutzergenerierte Inhalte

Im Jahr 2023 meldete Scienjoy 672.000 aktive Content-Ersteller, die durch Plattforminteraktionen Einnahmen generierten. Durchschnittlicher monatlicher Verdienst pro Ersteller: 1.240 $.

Direktes Engagement durch mobile Anwendungen

Mobile-App-Statistiken für 2023:

• Gesamtzahl der Downloads mobiler Apps: 46,3 Millionen
• Durchschnittliche täglich aktive Nutzer: 22,1 Millionen
• Durchschnittliche Sitzungsdauer: 47 Minuten

Personalisierte Empfehlungsalgorithmen

Leistungsmetriken des Algorithmus für maschinelles Lernen:

Metrisch	Wert
Genauigkeit der Inhaltsempfehlungen	83.7%
Steigerung des Benutzerengagements	42 % im Jahresvergleich

Kundensupport- und Feedback-Mechanismen

Kundensupportdaten für 2023:

• Durchschnittliche Antwortzeit: 12 Minuten
• Kundenzufriedenheitsbewertung: 4,6/5
• Insgesamt gelöste Support-Tickets: 1,2 Millionen

Scienjoy Holding Corporation (SJ) – Geschäftsmodell: Kanäle

Mobile Anwendungsplattformen

Scienjoy betreibt mehrere mobile Live-Streaming-Anwendungen, die sich an unterschiedliche Zielgruppensegmente richten:

Plattformname	Benutzerbasis	Monatlich aktive Benutzer
Zeig dich	Junge urbane Nutzer	3,5 Millionen
Lehai	Gaming-Livestreamer	2,8 Millionen
Bilin	Unterhaltungs-Livestreamer	2,2 Millionen

Webbasierte Streaming-Dienste

Scienjoy bietet webbasierte Streaming-Plattformen mit den folgenden Eigenschaften:

• Plattformübergreifende Kompatibilität
• HTML5-Streaming-Technologie
• Echtzeit-Interaktionsfunktionen

Social-Media-Integration

Integrierte Social-Media-Kanäle für die Verbreitung von Inhalten und das Engagement der Benutzer:

Soziale Plattform	Integrationstyp	Benutzerreichweite
WeChat	Teilen von Inhalten	1,2 Milliarden verbundene Benutzer
Weibo	Influencer-Marketing	582 Millionen monatlich aktive Nutzer

App-Stores von Drittanbietern

Vertriebskanäle für mobile Anwendungen:

• Apple App Store
• Android Google Play Store
• Huawei App-Galerie
• Xiaomi App Store

Digitale Marketingkanäle

Zu den digitalen Marketingstrategien gehören:

Kanal	Marketingausgaben (2023)	Benutzerakquiserate
Programmatische Werbung	4,2 Millionen US-Dollar	12 % monatliches Wachstum
Influencer-Partnerschaften	3,7 Millionen US-Dollar	8 % monatliches Wachstum
Suchmaschinenmarketing	2,5 Millionen Dollar	6 % monatliches Wachstum

Scienjoy Holding Corporation (SJ) – Geschäftsmodell: Kundensegmente

Junge urbane chinesische digitale Unterhaltungskonsumenten

Ab dem 4. Quartal 2023 zielt Scienjoy mit mobilen Unterhaltungsplattformen auf die Altersgruppe der 18- bis 35-Jährigen in chinesischen Städten der Stufe 1 und 2 ab.

Altersgruppe	Prozentsatz des Zielmarktes	Durchschnittliche monatliche Ausgaben
18-24	42%	¥150-250
25-35	58%	¥250-450

Content-Ersteller und Live-Streaming-Influencer

Die Scienjoy-Plattform beherbergt im Dezember 2023 etwa 500.000 aktive Content-Ersteller.

• Durchschnittlicher monatlicher Verdienst pro YouTuber: 3.000–15.000 Yen
• Umsatzbeteiligung der Plattform: 30–50 %
• Hauptinhaltskategorien: Gaming, Unterhaltung, Lifestyle

Enthusiasten digitaler Medien

Kennzahlen zum Plattform-Engagement für Verbraucher digitaler Medien im Jahr 2023:

Plattform	Monatlich aktive Benutzer	Durchschnittliche Sitzungsdauer
Maoer Live	12,5 Millionen	45 Minuten
Youme	8,3 Millionen	38 Minuten

Mobile-First-Generation

Smartphone-Penetrations- und Nutzungsstatistiken für die Zielgruppe:

• Smartphone-Besitz: 98 % in der Altersgruppe der 18- bis 35-Jährigen
• Täglicher mobiler Unterhaltungskonsum: 3-4 Stunden
• Primäres Gerät für den Inhaltskonsum

Unterhaltungs- und Social-Media-Nutzer

Benutzerengagement- und Interaktionsdaten für Scienjoy-Plattformen im Jahr 2023:

Interaktionstyp	Tägliche Interaktionen	Benutzerbindungsrate
Live-Stream-Ansichten	45 Millionen	62%
Virtuelle Geschenktransaktionen	3,2 Millionen	55%

Scienjoy Holding Corporation (SJ) – Geschäftsmodell: Kostenstruktur

Wartung der Technologieinfrastruktur

Jährliche Kosten für die Technologieinfrastruktur: 3,2 Millionen US-Dollar im Jahr 2023

Infrastrukturkomponente	Jährliche Kosten
Cloud-Hosting-Dienste	1,1 Millionen US-Dollar
Netzwerkinfrastruktur	$850,000
Serverwartung	$750,000
Cybersicherheitssysteme	$500,000

Vergütung des Content-Erstellers

Gesamtzahlungen der Content-Ersteller im Jahr 2023: 12,5 Millionen US-Dollar

• Durchschnittlicher monatlicher Erstellerverdienst: 3.750 $
• Die Top-10-Ersteller verdienen: 15.000 bis 25.000 US-Dollar monatlich
• Leistungsorientierte Vergütungsstruktur

Ausgaben für Marketing und Benutzerakquise

Marketingbudget für 2023: 5,6 Millionen US-Dollar

Marketingkanal	Ausgaben
Digitale Werbung	2,3 Millionen US-Dollar
Social-Media-Kampagnen	1,4 Millionen US-Dollar
Influencer-Partnerschaften	1,1 Millionen US-Dollar
Traditionelle Medien	$800,000

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben im Jahr 2023: 4,8 Millionen US-Dollar

• KI- und maschinelle Lerntechnologien: 1,9 Millionen US-Dollar
• Entwicklung von Plattformfunktionen: 1,5 Millionen US-Dollar
• Verbesserung der Benutzererfahrung: 1,4 Millionen US-Dollar

Betriebskosten der Plattform

Gesamtbetriebskosten für 2023: 7,3 Millionen US-Dollar

Betriebskategorie	Jährliche Kosten
Kundensupport	2,1 Millionen US-Dollar
Verwaltungskosten	1,8 Millionen US-Dollar
Recht und Compliance	1,2 Millionen US-Dollar
Bürowartung	$650,000
Dienstprogramme und Gemeinkosten	$550,000

Scienjoy Holding Corporation (SJ) – Geschäftsmodell: Einnahmequellen

Virtuelle Geschenk- und digitale Token-Transaktionen

Im Jahr 2023 meldete Scienjoy Transaktionen mit virtuellen Geschenken und digitalen Token im Gesamtwert von 45,3 Millionen US-Dollar, was 38,5 % des Gesamtumsatzes entspricht.

Transaktionstyp	Umsatz ($)	Prozentsatz des Gesamtumsatzes
Live-Streaming virtueller Geschenke	37,200,000	31.6%
Verkauf digitaler Token	8,100,000	6.9%

Werbeeinnahmen

Scienjoy erwirtschaftete im Jahr 2023 28,7 Millionen US-Dollar aus Werbeeinnahmen, was 24,4 % des Gesamtumsatzes des Unternehmens ausmacht.

• Markenwerbung: 19,5 Millionen US-Dollar
• In-Plattform-Werbung: 9,2 Millionen US-Dollar

Gebühren für die Monetarisierung von Inhalten

Die Monetarisierungsgebühren für Content-Ersteller erreichten im Jahr 2023 15,6 Millionen US-Dollar.

Monetarisierungskategorie	Umsatz ($)
Umsatzbeteiligung des Erstellers	12,400,000
Inhaltslizenzierung	3,200,000

Premium-Abonnementdienste

Premium-Abonnementdienste erwirtschafteten im Jahr 2023 18,2 Millionen US-Dollar.

• Monatliche Abonnements: 12,6 Millionen US-Dollar
• Jahresabonnements: 5,6 Millionen US-Dollar

Provisionen für Plattformtransaktionen

Die Provisionen für Plattformtransaktionen beliefen sich im Jahr 2023 auf insgesamt 10,5 Millionen US-Dollar.

Provisionstyp	Umsatz ($)
E-Commerce-Transaktionen	6,300,000
Provisionen für virtuelle Veranstaltungen	4,200,000

Scienjoy Holding Corporation (SJ) - Canvas Business Model: Value Propositions

You're looking at the core value Scienjoy Holding Corporation (SJ) delivers to its users and stakeholders as of late 2025. It's a blend of established live entertainment and a push into the next digital frontier, all while focusing on profitability per user.

The foundation remains interactive, multi-platform mobile live entertainment. Scienjoy Holding Corporation operates four domestic platforms in China-Showself, Lehai, Haixiu, and BeeLive (which includes its Chinese and International versions)-catering to a massive user base that, as of late 2025, spans more than 300 million users across over 100 countries and regions. This scale is a key part of the value proposition.

A significant value driver is the focus on high Average Revenue Per Paying User (ARPPU) monetization. The strategy is clearly shifting toward extracting greater value from the existing paying base rather than just chasing volume. This efficiency is visible in the margins:

• Gross margin reached 19.4% in the first quarter of 2025, an improvement from 16.8% in Q1 2024.
• For the nine months ended September 30, 2025, the gross margin stood at 18.5%, up from 17.7% year-over-year.
• For the six months ended June 30, 2025, the gross margin was 18.8%, up from 17.0% for the same period in 2024.

This margin improvement in the first nine months of 2025 was explicitly attributed to the higher ARPPU and lower revenue sharing fees.

The company is positioning its future value around access to the emerging SJVerse AI/Metaverse lifestyle ecosystem. Scienjoy Holding Corporation is building this as a metaverse lifestyle platform leveraging AI and MR (Mixed Reality) technologies. This ecosystem is intended to provide personalized content and services, moving beyond traditional mobile livestreaming.

The diverse content portfolio is anchored in its interactive entertainment roots. While the prompt mentions casual mobile games, the confirmed strength lies in its live streaming services, including talent show live-streaming where it holds a dominant position. The Metaverse platform, SJVerse, is designed to offer a comprehensive lifestyle experience, including elements like DVCC, Shopping, and social integration.

Here's a quick look at the user base dynamics supporting these value propositions as of the latest reported periods in 2025:

Metric	Q1 2025	Q1 2024	9M Ended Sep 30, 2025	9M Ended Sep 30, 2024
Gross Margin	19.4%	16.8%	18.5%	17.7%
Total Paying Users	151,971	164,044	332,408	386,455

The focus on efficiency is clear when you see the total paying users declined year-over-year for both the quarter and the nine-month period, yet the gross margin improved. That defintely signals a successful pivot toward higher-value interactions.

The financial commitment to this future is also a value point. Scienjoy Holding Corporation had RMB254.1 million (US$35.7 million) in cash and cash equivalents as of September 30, 2025. Also, income from operations showed strength, increasing by 33.3% year-over-year in Q1 2025, reaching RMB13.7 million (US$1.9 million).

Finance: draft 13-week cash view by Friday.

Scienjoy Holding Corporation (SJ) - Canvas Business Model: Customer Relationships

Scienjoy Holding Corporation manages customer relationships across its interactive entertainment platforms, which serve millions of registered users. The core interaction model relies on a blend of automated systems and targeted human touchpoints, especially as the company navigates a competitive market where total paying users have seen a recent contraction.

Automated platform-based virtual gifting and interaction

The platform infrastructure supports continuous feature upgrades and localized content designed to enhance engagement. The primary monetization mechanism involves users interacting with broadcasters through online chat, playing games, and purchasing virtual items. This automated gifting system is central to the revenue model, and the platform's effectiveness is measured by its ability to convert users into higher-value contributors, as evidenced by financial performance metrics.

• Total revenues for the three months ended June 30, 2025, were RMB349.0 million (US$48.7 million).
• Total paying users for the three months ended June 30, 2025, were 165,239.
• For the first quarter of 2025, the gross margin reached 19.4%.

Dedicated, high-touch management for high-value paying users

Scienjoy Holding Corporation emphasizes a refined, high-value user mix to drive operating efficiency, which is reflected in the rising Average Revenue Per Paying User (ARPPU). This focus suggests a dedicated management approach for users who contribute significantly to the bottom line, even as the overall paying user count shifts. The company's success in converting high-quality paying users is directly linked to gross margin improvement.

Here's the quick math on the shift in user quality versus quantity for Q2:

Metric	Three Months Ended June 30, 2024	Three Months Ended June 30, 2025
Total Paying Users	189,860	165,239
Gross Margin	17.3%	18.2%

What this estimate hides is that the higher ARPPU during the first half of 2025 was key to the gross margin increasing to 18.8% for the six months ended June 30, 2025.

Direct host-to-fan engagement fostering loyalty

Loyalty is fostered through direct engagement centered on interactive show live streaming from broadcasters to users. The company uses large-scale events like its annual gala and online festivals to drive user traffic, increase the paying ratio, and maintain high user stickiness and social engagement rates. The income from operations for Q1 2025 increased by 33.3% year-over-year to RMB13.7 million (US$1.9 million), showing operational efficiency gains despite revenue pressures.

Community-driven features within the live streaming apps

The core business centers on group video chat services and live-streaming products that facilitate multi-user interactions. These community features include proprietary technologies that provide users with themed virtual rooms, interactive elements like filters and animations, and membership subscriptions. The company's overall employee count, which supports these platforms and services, was reported at 280 employees as of December 4, 2025.

• The company's FY 2024 gross profit was RMB245.4 million (US$33.6 million).
• The company's FY 2024 gross margin improved to 18.0% from 13.2% in FY 2023.
• Net income attributable to shareholders for FY 2024 was RMB39.7 million (US$5.4 million).

Finance: draft 13-week cash view by Friday.

Scienjoy Holding Corporation (SJ) - Canvas Business Model: Channels

You're trying to map out exactly how Scienjoy Holding Corporation (SJ) gets its services-the interactive entertainment and live streaming-into the hands of its users as of late 2025. It's a mix of digital storefronts and strategic physical footholds, especially with that Dubai push.

Proprietary mobile applications (e.g., Showself, Lele)

The core delivery mechanism remains the suite of proprietary mobile applications, which drive the majority of the revenue from the Chinese market. While specific revenue attribution for Showself or Lele isn't broken out in the latest filings, the overall performance of the paying user base reflects the channel's health. For the nine months ended September 30, 2025, the total number of paying users across these platforms was 332,408, a decrease from 386,455 in the same period of 2024. This indicates that while the user base is contracting due to market competition, the focus is likely on retaining high-value users, as the gross margin improved to 18.5% for the nine months ended September 30, 2025, up from 17.7% the prior year.

Global app stores (Apple App Store, Google Play)

Distribution through global app stores is the assumed primary gateway for acquiring new users onto the proprietary mobile applications. The company's success in this area is reflected in the overall paying user metrics, though specific download or ranking data for the apps on these stores isn't public. The competitive landscape in China's mobile live streaming market is clearly pressuring the top-line user acquisition through these standard channels, evidenced by the drop in total paying users. The company is definitely feeling the friction here.

Dubai subsidiary's dual model (online app plus offline presence)

Scienjoy Holding Corporation is actively pursuing a dual-channel strategy via its Dubai operations, centered around its subsidiary, Scienjoy Verse Tech Ltd (SVTL) established at the Dubai International Financial Centre (DIFC). This model combines an online AI-focused application with a complementary offline presence. The company noted that this dual model in the AI sector is not only generating revenue but also acts as a marketing funnel for global expansion, starting in the Middle East and North Africa (MENA) region. This international channel is a key strategic pivot, contrasting with the mature Chinese market. Historically, the company acquired a 30% stake in DVCC Technology LLC, a Dubai-based metaverse company, to anchor this expansion. Financial reporting shows that sales and marketing activities related to these new subsidiaries in Dubai contributed to a reported decrease of RMB1.0 million (US$0.1 million) in revenue for the full year 2024 compared to 2023, suggesting the international channel was still in an investment or early-stage phase then.

Direct marketing and user acquisition campaigns

Direct marketing efforts, captured under Sales and Marketing expenses, show fluctuating investment levels across 2025 periods, reflecting ongoing user acquisition campaigns. You can see the spend is increasing even as the overall user base shrinks, which is a common tactic when trying to defend market share or target higher-quality users. The company is definitely spending more to acquire users now than it was in the prior fiscal year.

Here's the quick math on the direct marketing spend for the most recent periods:

Period	Sales and Marketing Expenses (RMB)	Sales and Marketing Expenses (US$)	Change in User Acquisition Costs (RMB)
Nine Months ended Sep 30, 2025	4.6 million	(US$0.7 million)	Increase of 22.7 million (offsetting revenue sharing fee decrease)
First Quarter 2025	2.1 million	(US$0.3 million)	Increase of 7.0 million (offsetting revenue sharing fee decrease)
Full Year 2024	7.0 million (Reported Increase)	N/A	Decrease of 26.5 million (compared to FY 2023)

The year-over-year comparison for direct marketing is stark; for the full year 2024, user acquisition costs actually decreased by RMB26.5 million because the company felt it already had a stable market share. However, by the first quarter of 2025, user acquisition costs had increased by RMB7.0 million, and for the nine months ended September 30, 2025, they increased by RMB22.7 million, suggesting a renewed push in direct user outreach or higher costs per acquisition.

The channels Scienjoy Holding Corporation uses to reach customers are:

• Distributing apps via major global app stores.
• Driving traffic through direct marketing and user acquisition campaigns.
• Leveraging the physical/digital ecosystem of the Dubai subsidiary.
• Relying on the existing user base of established apps like Showself and Lele.

If onboarding takes 14+ days, churn risk rises, especially in the competitive live streaming space.

Finance: draft 13-week cash view by Friday.

Scienjoy Holding Corporation (SJ) - Canvas Business Model: Customer Segments

You're looking at the core audience for Scienjoy Holding Corporation (SJ) as of late 2025. The business model clearly targets a massive user base while simultaneously focusing on extracting high value from a subset of those users, all while pushing into new tech frontiers.

Mass market mobile live streaming users in China

The foundation of Scienjoy Holding Corporation's business remains the vast mobile live streaming market in China. This segment is characterized by sheer scale, even as the company navigates a competitive landscape. As of the nine months ended September 30, 2025, the company reports total revenues of RMB959.3 million (US$134.7 million).

The scale of the registered user base is significant, with Scienjoy Holding Corporation serving over 320 million registered users within its China livestreaming ecosystem. However, the paying segment has seen contraction, which is a key dynamic for this customer group. For the year ended December 31, 2024, total paying users stood at 494,652. More recently, for the first quarter of 2025, the total number of paying users declined to 151,971, down from 164,044 in the first quarter of 2024. This suggests a shift in focus toward monetization quality over quantity within the mass market.

Here's a quick look at the scale and recent paying user trend:

Metric	Value (Latest Available)	Period/Date
Registered Users (China Ecosystem)	Over 320 million	As of late 2025 data context
Total Paying Users	494,652	Year Ended December 31, 2024
Total Paying Users	151,971	Q1 2025

High-value paying users who drive the high ARPPU model

This group is critical because their spending behavior directly impacts profitability, even when the overall user base shrinks. Scienjoy Holding Corporation is clearly effective at converting these high-quality users, as evidenced by margin expansion. The company's gross margin improved to 19.4% in Q1 2025, up from 16.8% in Q1 2024. This trend is consistent, with the gross margin for the six months ended June 30, 2025, reaching 18.8%, compared to 17.0% for the same period in 2024.

The driver for this is the Average Revenue Per Paying User (ARPPU). For the full year 2024, the ARPPU increased by 4% Year-over-Year. This focus on higher-value engagement is a strategic pivot, helping to improve the profit profile despite revenue headwinds; income from operations increased by 33.3% year-over-year in Q1 2025.

Key monetization indicators show this focus:

• ARPPU increased by 4% YoY in FY24.
• Gross Margin reached 19.4% in Q1 2025.
• Gross Margin reached 18.8% for H1 2025.
• Income from Operations grew 33.3% in Q1 2025.

Global users interested in AI and metaverse-enabled social entertainment

Scienjoy Holding Corporation is actively transitioning its model, aiming to serve a global audience with next-generation technology. The company states it now serves users in more than 100 countries and regions around the world. This segment is tied to the development of the SJVerse, which is described as a metaverse lifestyle platform based on AI and MR (Mixed Reality).

The strategic push includes focusing on its Dubai hub and enhancing its AI initiatives in the Middle East and other regions. This represents a forward-looking customer segment that the company is cultivating beyond its established Chinese base. The company's vision is to provide personalized content and services to these global users through innovation.

Casual mobile gamers seeking integrated social experiences

While the search results primarily detail the live streaming core and the AI/metaverse expansion, the company identifies itself as an 'interactive entertainment leader'. This implies a customer base that overlaps with casual mobile gaming, seeking social interaction integrated within their entertainment consumption. The platform's nature as a live streaming service inherently integrates social features, which appeals to users looking for community engagement while consuming content or potentially engaging in light gaming elements common on such platforms.

The company's financial strength supports this exploration, with cash and cash equivalents reported at RMB298.5 million (US$41.7 million) as of June 30, 2025, and RMB286.5 million (US$39.5 million) as of December 31, 2024. This balance sheet strength provides the capital to develop and integrate new entertainment features, like those involving AI, to attract and retain this broader, socially-inclined user base.

The financial backing for future segment development includes:

• Cash and cash equivalents as of June 30, 2025: RMB298.5 million (US$41.7 million).
• Net assets amassed: RMB 1.2 billion.

Finance: draft 13-week cash view by Friday.

Scienjoy Holding Corporation (SJ) - Canvas Business Model: Cost Structure

You're looking at the cost side of Scienjoy Holding Corporation (SJ)'s operations as of late 2025. The primary cost driver remains the money paid out to keep the content flowing and the talent engaged on the live streaming platforms.

Revenue sharing fees paid to hosts/agencies form the bulk of the Cost of Revenues. While the overall Cost of Revenues decreased for the nine months ended September 30, 2025, this was despite an increase of RMB22.7 million in user acquisition costs. The net decrease in Cost of Revenues was primarily due to a decrease of RMB75.6 million in the Company's revenue sharing fees for 9M 2025, partially offset by that rise in user acquisition costs. This suggests a strategic renegotiation or shift in content mix, even as user acquisition spending went up. Gross margin improvement to 18.5% for 9M 2025 from 17.7% in 9M 2024 reflects this effectiveness in managing the largest cost component.

The total Cost of Revenues totaled RMB781.3 million (US$109.8 million) for 9M 2025, down from RMB832.9 million in the same period of 2024. This figure represents the direct costs associated with generating the company's revenue.

The operating expenses show clear investment in technology and administrative overhead. Research and Development (R&D) for AI/MR technology saw an increase. For 9M 2025, R&D expenses rose by 5.1% to RMB60.7 million (US$8.5 million), up from RMB57.8 million in 9M 2024. This increase was mainly driven by an increase of RMB8.1 million in technical services fees.

General and administrative expenses also climbed, reflecting higher support and compliance costs. For 9M 2025, G&A expenses increased by 25.1% to RMB65.6 million (US$9.2 million), compared to RMB52.5 million in 9M 2024. The primary reason for this jump was an increase of RMB11.7 million in professional consulting fees. This trend was also visible earlier in the year; for Q1 2025, G&A rose 17.2% due to an increase of RMB3.8 million in professional consultant fee.

Here's a quick look at the key expense components for the nine months ended September 30, 2025, compared to the prior year period:

Expense Category	9M 2025 Amount (RMB Million)	9M 2025 Amount (US$ Million)	Year-over-Year Change
Cost of Revenues	781.3	109.8	Decrease
General and Administrative Expenses	65.6	9.2	Increase of 25.1%
Research and Development Expenses	60.7	8.5	Increase of 5.1%
Sales and Marketing Expenses	4.6	0.7	Increase of 36.6%

The pressure on user acquisition is clear when looking at the components within Cost of Revenues:

• Decrease in revenue sharing fees: RMB75.6 million.
• Increase in user acquisition costs: RMB22.7 million.
• Total operating expenses for 9M 2025 were RMB131.7 million (US$18.5 million).

The company is definitely spending more to bring users in, even as they manage to lower the largest single cost item year-over-year.

Finance: draft 13-week cash view by Friday.

Scienjoy Holding Corporation (SJ) - Canvas Business Model: Revenue Streams

You're looking at the core ways Scienjoy Holding Corporation brings in cash as of late 2025. The business is heavily reliant on its interactive entertainment ecosystem, which centers around live streaming and gaming.

The top-line number for the first nine months of 2025 shows a slight contraction from the prior year, but operational efficiency seems to be improving. Total Revenues were RMB959.3 million (US$134.7 million) for 9M 2025. This compares to RMB1,012.5 million in the same period of 2024.

The Virtual gifting and in-app purchases from live streaming (Primary) stream remains the bedrock of Scienjoy Holding Corporation's financial performance. This is where users purchase virtual items to send to streamers during live broadcasts. The company's total paying users for the nine months ended September 30, 2025, stood at 332,408, down from 386,455 in 9M 2024. Still, the gross margin improved to 18.5% for 9M 2025 from 17.7% in 9M 2024, driven by higher average live streaming revenue per paying user (ARPPU) and lower revenue sharing fees.

To give you a clearer picture of how that primary stream was structured in the prior year-which gives us the best available detail on the nature of the revenue-here's a look at the components from the nine months ended September 30, 2024:

Revenue Stream Component (9M 2024)	Amount (RMB in thousands)	Approximate USD Equivalent (9M 2024)
Live streaming - consumable virtual items revenue	1,001,169	US$139,792 thousand
Live streaming - time based virtual items revenue	18,823	US$2,592 thousand
Technical services and others	16,573	US$1,899 thousand
Total Revenues (9M 2024)	1,036,565	US$144,283 thousand

The second major component involves the Revenue from publishing and operating casual mobile games. While the overall strategy is described as a ''live streaming + gaming' ecosystem', the specific revenue contribution from the gaming segment for 9M 2025 is not separately itemized in the latest disclosures, suggesting it is either bundled within the total or is a smaller contributor compared to live streaming.

Looking forward, Scienjoy Holding Corporation is actively pursuing Potential monetization from AI-focused apps and metaverse services. Management highlighted the expansion of 'AI Vista, our AIGC-driven creative platform, into AI Vista Live'. This new service combines real-time digital human performance with creative content generation, aiming to unlock revenue in entertainment, education, marketing, and corporate engagement. This represents a strategic pivot to integrate artificial intelligence into their offerings, moving beyond traditional interactive entertainment.

You should keep an eye on these key metrics as you track the streams:

• Total Revenues (9M 2025): RMB959.3 million.
• Gross Margin (9M 2025): Improved to 18.5%.
• Total Paying Users (9M 2025): 332,408.
• Cash and Cash Equivalents (as of Sep 30, 2025): RMB254.1 million (US$35.7 million).

Finance: draft 13-week cash view by Friday.