SCIENJOY Holding Corporation (SJ): Canvas du modèle d'entreprise [Jan-2025 Mise à jour]

Dans le paysage dynamique du divertissement numérique, Scienjoy Holding Corporation (SJ) apparaît comme une force transformatrice, révolutionnant le streaming en direct et l'interaction des médias sociaux dans l'écosystème technologique dynamique de la Chine. En mélangeant de manière transparente la technologie de pointe avec des expériences utilisateur immersives, Scienjoy a conçu un modèle commercial sophistiqué qui transcende les plateformes de divertissement traditionnelles, l'autonomisation des créateurs de contenu et l'engagement de millions de consommateurs avertis numériques à travers des canaux interactifs innovants. Leur approche unique redéfinit non seulement les divertissements en ligne, mais crée également un écosystème robuste où la technologie, la créativité et l'engagement des utilisateurs convergent pour générer plusieurs sources de revenus.

Scienjoy Holding Corporation (SJ) - Modèle d'entreprise: partenariats clés

Partenariats stratégiques avec les plateformes de médias sociaux chinois

Scienjoy a établi des partenariats avec plusieurs plateformes de médias sociaux chinoises:

Plate-forme	Détails du partenariat	Année établie
Huya	Contrat de distribution de contenu	2021
Douyin	Collaboration en streaming en direct	2022
Vidéo de Tencent	Plateforme de partage de contenu	2020

Collaboration avec des créateurs de contenu et des influenceurs en streaming en direct

Le réseau d'influenceur de Scienjoy comprend:

• Plus de 1 500 créateurs de streaming en direct actif
• Part de revenu du créateur de contenu mensuel: 2,3 millions de dollars
• Géré mensuel moyen par créateur: 15 300 $

Partenariats technologiques avec les opérateurs de réseaux mobiles

Opérateur mobile	Portée du partenariat	Valeur du contrat annuel
Chine mobile	Support d'infrastructure réseau	4,5 millions de dollars
Télécom chinois	Intégration de la technologie de streaming	3,2 millions de dollars

Alliances publicitaires et marketing avec des marques et des annonceurs

Les partenariats publicitaires clés comprennent:

• Revenus publicitaires totaux en 2023: 87,6 millions de dollars
• Nombre de partenariats de marque: 42
• Durée du partenariat moyen: 18 mois

Marque	Segment publicitaire	Dépenses publicitaires annuelles
Xiaomi	Technologie	2,1 millions de dollars
Nike	Vêtements de sport	1,7 million de dollars
Unlever	Biens de consommation	1,4 million de dollars

Scienjoy Holding Corporation (SJ) - Modèle d'entreprise: activités clés

Développement de plate-forme de contenu en streaming en direct

Scienjoy exploite plusieurs plates-formes de streaming en direct avec les mesures de plate-forme suivantes:

Total des plates-formes	5 plateformes de streaming en direct distinctes
Utilisateurs actifs mensuels	44,7 millions d'utilisateurs (T1 2023)
Utilisateurs actifs quotidiens	15,2 millions d'utilisateurs (T1 2023)

Innovation technologique de divertissement des médias sociaux

Le développement de la technologie se concentre sur:

• Algorithmes de recommandation de contenu basé sur l'IA
• Technologie de streaming en temps réel
• Fonctionnalités de streaming interactives

Dépenses de R&D	12,3 millions de dollars (2022 Exercice)
Applications de brevet technologique	37 brevets en attente

Engagement des utilisateurs et monétisation du contenu

Les stratégies de génération de revenus comprennent:

• Système de cadeaux virtuel
• Placements publicitaires
• Abonnements de contenu premium

Revenus totaux	195,6 millions de dollars (2022)
Revenus de cadeaux virtuels	87,3 millions de dollars (2022)
Revenu moyen par utilisateur	4,38 $ par mois

Marketing numérique et stratégies d'acquisition des utilisateurs

Canaux de marketing et mesures:

• Publicité sur les réseaux sociaux
• Partenariats d'influence
• Programmes de référence

Frais de marketing	22,7 millions de dollars (2022)
Coût d'acquisition des utilisateurs	0,63 $ par nouvel utilisateur

Performances de la plate-forme et optimisation de l'expérience utilisateur

Métriques de performance et efforts d'optimisation:

• Mises à niveau continu de la plate-forme
• Améliorations de l'interface utilisateur
• Amélioration de l'infrastructure technique

Time de disponibilité de la plate-forme	99.7%
Qualité de streaming	Résolution HD 1080p
Temps de réponse du serveur	150 millisecondes

Scienjoy Holding Corporation (SJ) - Modèle d'entreprise: Ressources clés

Infrastructure de technologie de streaming en direct propriétaire

Depuis le quatrième trimestre 2023, Scienjoy exploite une infrastructure de technologie de streaming en direct robuste prenant en charge plusieurs plateformes:

Plate-forme	Utilisateurs actifs mensuels	Capacité technologique
Se manifester	8,2 millions	Streaming en temps réel
Lehai	5,7 millions	Streaming interactif
Bobo	3,5 millions	Intégration multiplateforme

Grand réseau de créateurs de contenu et d'influenceurs

Statistiques du réseau de créateur de contenu:

• Créateurs de contenu enregistré total: 1,2 million
• Créateurs de contenu mensuel actif: 380 000
• Revenus mensuels moyens par créateur: 1 240 $

Systèmes de recommandation algorithmique avancée

Capacités technologiques:

• Précision des recommandations alimentées par l'IA: 87.3%
• Modèles d'apprentissage automatique: 14 algorithmes différents
• Recommandations de contenu quotidien: 2,6 millions

Application mobile et actifs de plate-forme numérique

Métrique de la plate-forme	2023 données
Téléchargements totaux d'applications mobiles	42,6 millions
Utilisateurs actifs quotidiens moyens	17,3 millions
Taux de rétention des applications mobiles	64.2%

Propriété intellectuelle et innovations technologiques

Portfolio de propriété intellectuelle:

• Brevets totaux enregistrés: 36
• Demandes de brevet en instance: 22
• Investissement en R&D en 2023: 8,4 millions de dollars

Scienjoy Holding Corporation (SJ) - Modèle d'entreprise: propositions de valeur

Divertissement en direct interactif et engageant en direct

La plate-forme de streaming en direct de Scienjoy a généré 1,13 milliard de RMB en revenus pour le troisième trimestre 2023, avec 284,4 millions d'utilisateurs actifs sur ses plateformes.

Plate-forme	Utilisateurs actifs mensuels	Revenu moyen par utilisateur
Se manifester	98,2 millions	12,5 RMB
Lehu	76,5 millions	9.8 RMB
Tianxiu	109,7 millions	14.3 RMB

Contenu diversifié dans plusieurs catégories de divertissement

Dépression des catégories de contenu pour 2023:

• Streams de jeu: 42% du contenu total
• Performances musicales: 18% du contenu total
• Talk-shows: 15% du contenu total
• Talent présence: 12% du contenu total
• Streams éducatifs: 8% du contenu total
• Autres catégories: 5% du contenu total

Interaction sociale en temps réel et engagement des utilisateurs

Métriques d'interaction utilisateur pour 2023:

Type d'interaction	Interactions quotidiennes moyennes
Messages de chat en direct	376 millions
Transactions de cadeaux virtuels	42,6 millions
Interactions utilisateur à créateur	18,3 millions

Opportunités de monétisation pour les créateurs de contenu

Données sur les bénéfices du créateur pour 2023:

• Total des paiements du créateur: 689 millions de RMB
• Géré mensuel moyen par Créateur Top: 215 000 RMB
• Nombre de créateurs monétisants: 127 600

Expériences de divertissement personnalisées

Performance de l'algorithme de personnalisation en 2023:

Métrique	Valeur
Taux de rétention des utilisateurs	68.3%
Précision de recommandation	72.6%
Temps moyen passé par utilisateur	87 minutes par jour

Scienjoy Holding Corporation (SJ) - Modèle d'entreprise: relations avec les clients

Plateformes d'interaction axées sur la communauté

Depuis le quatrième trimestre 2023, Scienjoy exploite 5 plates-formes de streaming en direct principales avec 84,5 millions d'utilisateurs actifs mensuels. Les plates-formes incluent Showfelf, Lehu, Bilin et Tiaotiao, ciblant différents segments démographiques.

Plate-forme	Utilisateurs actifs mensuels	Démographie de l'utilisateur principal
Se manifester	32,6 millions	18-25 groupes d'âge
Lehu	22,1 millions	25-35 groupes d'âge
Bilin	15,9 millions	Jeunes professionnels
Tiaotiao	13,9 millions	Chercheurs de divertissement

Prise en charge du contenu généré par l'utilisateur

En 2023, Scienjoy a rapporté 672 000 créateurs de contenu actif générant des revenus grâce à des interactions de plate-forme. Géré mensuel moyen par Créateur: 1 240 $.

Engagement direct via des applications mobiles

Statistiques des applications mobiles pour 2023:

• Téléchargements totaux d'applications mobiles: 46,3 millions
• Utilisateurs actifs quotidiens moyens: 22,1 millions
• Durée moyenne de la session: 47 minutes

Algorithmes de recommandation personnalisés

Algorithme d'apprentissage automatique Métriques de performance:

Métrique	Valeur
Précision de recommandation de contenu	83.7%
Augmentation de l'engagement des utilisateurs	42% d'une année à l'autre

Mécanismes de support client et de rétroaction

Données du support client pour 2023:

• Temps de réponse moyen: 12 minutes
• Évaluation de satisfaction du client: 4.6 / 5
• Total des billets de soutien résolus: 1,2 million

Scienjoy Holding Corporation (SJ) - Modèle d'entreprise: canaux

Plates-formes d'application mobile

Scienjoy exploite plusieurs applications mobiles en streaming en direct ciblant différents segments d'audience:

Nom de la plate-forme	Base d'utilisateurs	Utilisateurs actifs mensuels
Se manifester	Jeunes utilisateurs urbains	3,5 millions
Lehai	Livestramers de jeu	2,8 millions
Bilin	Divertissements Livestreamers	2,2 millions

Services de streaming basés sur le Web

Scienjoy fournit des plateformes de streaming Web avec les caractéristiques suivantes:

• Compatibilité multiplateforme
• Technologie de streaming HTML5
• Fonctionnalités d'interaction en temps réel

Intégration des médias sociaux

Canaux de médias sociaux intégrés pour la distribution de contenu et l'engagement des utilisateurs:

Plate-forme sociale	Type d'intégration	Réalisation de l'utilisateur
Wechat	Partage de contenu	1,2 milliard d'utilisateurs connectés
Weibo	Marketing d'influence	582 millions d'utilisateurs actifs mensuels

Magasins d'applications tierces

Canaux de distribution pour les applications mobiles:

• Apple App Store
• Android Google Play Store
• Galerie d'applications Huawei
• App Store de Xiaomi

Canaux de marketing numérique

Les stratégies de marketing numérique comprennent:

Canal	Dépenses marketing (2023)	Taux d'acquisition d'utilisateurs
Publicité programmatique	4,2 millions de dollars	Croissance mensuelle de 12%
Partenariats d'influence	3,7 millions de dollars	Croissance mensuelle de 8%
Marketing des moteurs de recherche	2,5 millions de dollars	Croissance mensuelle de 6%

Scienjoy Holding Corporation (SJ) - Modèle d'entreprise: segments de clientèle

Jeunes consommateurs de divertissement numérique chinois urbains

Au quatrième trimestre 2023, Scienjoy cible 18 à 35 ans démographique dans les villes chinoises de niveau 1 et de niveau 2 avec des plateformes de divertissement mobiles.

Groupe d'âge	Pourcentage du marché cible	Dépenses mensuelles moyennes
18-24	42%	¥150-250
25-35	58%	¥250-450

Créateurs de contenu et influenceurs en streaming en direct

La plate-forme Scienjoy accueille environ 500 000 créateurs de contenu actifs en décembre 2023.

• Géré mensuel moyen par Créateur: 3 000 ¥ - 15 000 ¥
• Part des revenus de la plate-forme: 30-50%
• Catégories de contenu principal: jeu, divertissement, style de vie

Antariens des médias numériques

Métriques d'engagement de la plate-forme pour les consommateurs de médias numériques en 2023:

Plate-forme	Utilisateurs actifs mensuels	Durée moyenne de la session
Maoer en direct	12,5 millions	45 minutes
Youme	8,3 millions	38 minutes

Génération de mobile

Pénétration et statistiques d'utilisation des smartphones pour la démographie cible:

• Propriété des smartphones: 98% parmi les 18 à 35 ans
• Consommation quotidienne de divertissement mobile: 3-4 heures
• Dispositif principal pour la consommation de contenu

Les utilisateurs du divertissement et des médias sociaux

Données d'engagement et d'interaction des utilisateurs pour les plates-formes Scienjoy en 2023:

Type d'interaction	Interactions quotidiennes	Taux de rétention des utilisateurs
Vues de diffusion en direct	45 millions	62%
Transactions de cadeaux virtuels	3,2 millions	55%

Scienjoy Holding Corporation (SJ) - Modèle d'entreprise: Structure des coûts

Maintenance des infrastructures technologiques

Coûts d'infrastructure technologique annuelle: 3,2 millions de dollars en 2023

Composant d'infrastructure	Coût annuel
Services d'hébergement cloud	1,1 million de dollars
Infrastructure réseau	$850,000
Maintenance du serveur	$750,000
Systèmes de cybersécurité	$500,000

Compensation du créateur de contenu

Paiements totaux de créateur de contenu en 2023: 12,5 millions de dollars

• Géré mensuel moyen des créateurs: 3 750 $
• Les 10% les plus élevés gagnent: 15 000 $ à 25 000 $ par mois
• Structure de rémunération basée sur la performance

Dépenses de marketing et d'acquisition des utilisateurs

Budget marketing pour 2023: 5,6 millions de dollars

Canal de marketing	Dépenses
Publicité numérique	2,3 millions de dollars
Campagnes de médias sociaux	1,4 million de dollars
Partenariats d'influence	1,1 million de dollars
Médias traditionnels	$800,000

Investissements de recherche et développement

Dépenses de R&D en 2023: 4,8 millions de dollars

• IA et technologies d'apprentissage automatique: 1,9 million de dollars
• Développement des fonctionnalités de la plate-forme: 1,5 million de dollars
• Amélioration de l'expérience utilisateur: 1,4 million de dollars

Coûts opérationnels de la plate-forme

Dépenses opérationnelles totales pour 2023: 7,3 millions de dollars

Catégorie opérationnelle	Coût annuel
Support client	2,1 millions de dollars
Frais administratifs	1,8 million de dollars
Juridique et conformité	1,2 million de dollars
Entretien de bureau	$650,000
Services publics et frais généraux	$550,000

Scienjoy Holding Corporation (SJ) - Modèle d'entreprise: Strots de revenus

Cadeaux virtuels et transactions de jetons numériques

En 2023, Scienjoy a rapporté des transactions virtuelles et de jetons numériques totalisant 45,3 millions de dollars, ce qui représente 38,5% du chiffre d'affaires total.

Type de transaction	Revenus ($)	Pourcentage du total des revenus
Cadeaux virtuels en streaming en direct	37,200,000	31.6%
Ventes de jetons numériques	8,100,000	6.9%

Revenus publicitaires

Scienjoy a généré 28,7 millions de dollars à partir des revenus publicitaires en 2023, représentant 24,4% du total des revenus de l'entreprise.

• Publicité de la marque: 19,5 millions de dollars
• Publicité intégrée: 9,2 millions de dollars

Frais de monétisation du contenu

Les frais de monétisation du créateur de contenu ont atteint 15,6 millions de dollars en 2023.

Catégorie de monétisation	Revenus ($)
Part des revenus du créateur	12,400,000
Licence de contenu	3,200,000

Services d'abonnement premium

Les services d'abonnement premium ont généré 18,2 millions de dollars en 2023.

• Abonnements mensuels: 12,6 millions de dollars
• Abonnements annuels: 5,6 millions de dollars

Commissions de transaction de plate-forme

Les commissions de transaction de plate-forme ont totalisé 10,5 millions de dollars en 2023.

Type de commission	Revenus ($)
Transactions de commerce électronique	6,300,000
Commissions d'événements virtuels	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.