Scienjoy Holding Corporation (SJ): Business Model Canvas [Dec-2025 Updated]

You're digging into Scienjoy Holding Corporation (SJ) right now, trying to map out how they actually make money, especially with that big pivot into AI and the metaverse ecosystem they call SJVerse. Honestly, it's a fascinating model: they are still heavily reliant on their massive user base-over 320 million registered users-driving revenue through virtual gifting, which brought in RMB959.3 million (US$134.7 million) for the first nine months of 2025. But here's the kicker: they've managed to sharpen the pencil, pushing the gross margin up to 19.4% in Q1 2025, even while spending heavily on R&D for that new tech. The core tension is balancing the cash cow of live streaming against the future bet on AI. So, if you want to see exactly where the $34.6 million cash reserve is going and how the key partnerships support this dual strategy, check out the full canvas breakdown below.

Scienjoy Holding Corporation (SJ) - Canvas Business Model: Key Partnerships

You're looking at the network that keeps Scienjoy Holding Corporation's interactive entertainment engine running. These aren't just vendors; they're the very fabric of the ecosystem, especially as the company pushes its AI and Metaverse vision alongside its core live streaming business. Honestly, the health of these relationships directly impacts the gross margin, which saw an expansion to 19.4% in the first quarter of 2025, up from 16.8% in Q1 2024, partly due to renegotiated revenue-share terms.

Live streaming host agencies and individual talent

This group is the content engine. Scienjoy Holding Corporation relies on a network of agencies and individual talent across its six primary live streaming brands. These brands-Showself Live Streaming, Lehai Live Streaming, Haixiu Live Streaming, BeeLive Live Streaming, Hongle Live Streaming, and MiFeng-operate as interconnected parts of the whole. The scale of this partnership network supports a user base exceeding 300 million registered users globally. For the nine months ended September 30, 2025, the total number of paying users was 332,408.

To ensure a stable supply of quality talent, Scienjoy Holding Corporation has formalized educational partnerships. For instance, they established a broadcaster training academy with Fujian Chuanzheng Communications College and Hangzhou Liyumen Technology Development Ltd. This directly addresses talent pipeline risk.

Here's a quick look at the structure supporting the talent base:

Key Partner Category	Associated Scienjoy Brands/Focus	Relevant Metric (As of 9M 2025 or FY24)
Talent Agencies/Broadcasters	Showself, Lehai, Haixiu, BeeLive, Hongle, MiFeng	332,408 Total Paying Users (9M 2025)
Educational Partners	Broadcaster Training Academy	Partnership established with Fujian Chuanzheng Communications College and Hangzhou Liyumen Technology Development Ltd.
Cost Structure Impact	Revenue Sharing Fees	Decrease in revenue sharing fees contributed to gross margin expansion to 18.5% (9M 2025).

Mobile operating system providers (iOS, Android) for app distribution

Distribution on the dominant mobile operating systems is non-negotiable for a mobile-first platform. Scienjoy Holding Corporation's platforms must adhere to the policies and fee structures of both Apple's iOS and Google's Android ecosystems. While specific commission rates aren't public, these partners control access to the vast majority of the user base, which is crucial given the focus on mobile live streaming.

Strategic partners for AI/MR technology development (SJVerse)

The push into the Metaverse lifestyle platform, SJVerse, requires deep technological alliances. Scienjoy Holding Corporation is actively integrating AI and MR technologies. A key strategic move involved acquiring a 30% stake in a Metaverse-focused company based in Dubai (DVCC) in September 2023. The initial planned strategic allocation for Metaverse projects was between $40-$60 million. This partnership is aligned with the Dubai government's initiative, which projects contributing around $4 billion to the local economy and creating 40,000 new jobs within five years.

Payment processors for virtual currency transactions

The core revenue stream-virtual item sales-is entirely dependent on reliable payment processors. These partners handle the secure and compliant conversion of fiat currency into the virtual currency used for tipping and gifting on the live streaming platforms. This infrastructure is vital for realizing the revenue generated by the Average Revenue Per Paying User (ARPPU), which increased by 4% year-over-year in FY24.

Local partners for the Dubai-based offline marketing funnel

To support the SJVerse global growth strategy, Scienjoy Holding Corporation is actively exploring acquisition targets in the Dubai and MENA area. These local entities would serve as on-the-ground partners to integrate the digital Metaverse ecosystem with the physical market. The company's cash position as of September 30, 2025, stood at RMB254.1 million (US$35.7 million), providing the financial backing for such strategic integrations.

• Scienjoy Holding Corporation operates in over 100 countries and regions.
• The company's market capitalization as of early December 2025 was approximately US$26.25 M.
• Income from operations for the nine months ended September 30, 2025, increased by 30.9% year-over-year to RMB46.2 million (US$6.5 million).

Scienjoy Holding Corporation (SJ) - Canvas Business Model: Key Activities

You're looking at the core engine of Scienjoy Holding Corporation (SJ) as of late 2025. The key activities revolve around keeping the established live streaming base profitable while pushing into new tech frontiers like the metaverse.

Operating and maintaining the core live streaming platforms.

This activity centers on the interactive entertainment leader in the Chinese market, which transitioned from an initial mobile livestreaming platform to a metaverse lifestyle ecosystem. The scale of the operation is reflected in the user base metrics, even with some contraction.

• Total paying users for the nine months ended September 30, 2025, were 332,408.
• Total revenues for the nine months ended September 30, 2025, reached RMB959.3 million (US$134.7 million).
• For the first quarter of 2025, total paying users were 151,971.
• The company maintains a presence serving more than 300 million users in over 100 countries and regions globally.

Developing and integrating AI and Mixed Reality (MR) features.

Scienjoy Holding Corporation is actively committed to building SJVerse, which is defined as a metaverse lifestyle platform. This development effort is explicitly based on AI, MR, and other pioneering technologies, focusing on integrating intelligent applications for personalized content.

Research and development expenses reflect this focus:

Metric	Period Ended September 30, 2025 (9M)	Period Ended September 30, 2024 (9M)
Research and Development Expenses	RMB60.7 million (US$8.5 million)	RMB57.8 million

The increase in R&D expenses was primarily due to an increase of RMB8.1 million in technical services fees. That's a clear investment signal.

Content creation management and host recruitment/training.

While direct recruitment and training spend isn't broken out separately, the management of content costs is evident in the gross margin improvements, which suggests effective negotiation or management of talent compensation structures.

Strategic cost management and revenue-share renegotiation.

This is a major lever for profitability, showing up directly in the cost of revenues. The company is executing a disciplined operational transformation, which includes lower content costs and renegotiated revenue-share terms. You can see the direct financial impact of this activity:

The gross profit for the nine months ended September 30, 2025, was RMB177.9 million (US$25.0 million). This was achieved despite a decrease in revenue sharing fees by RMB75.6 million for the same nine-month period. Also, the gross margin improved to 19.4% in Q1 2025 from 16.8% in Q1 2024. Honestly, that margin expansion is the story here.

User acquisition, which saw a RMB22.7 million increase in 9M 2025.

The company actively spends to bring in new users, even as the total paying user count declined year-over-year. This spend is a necessary activity to maintain market presence in a competitive landscape.

Here's the quick math on that specific cost:

Cost Component	Amount for 9M Ended September 30, 2025
Increase in User Acquisition Costs	RMB22.7 million
Decrease in Revenue Sharing Fees (Offset)	RMB75.6 million
Cash and Cash Equivalents (Balance)	RMB254.1 million (US$35.7 million) as of September 30, 2025

What this estimate hides is the efficiency of that RMB22.7 million spend relative to the decline in total paying users to 332,408 for the nine months ended September 30, 2025. The balance sheet strength, with RMB254.1 million in cash, certainly helps fund these ongoing key activities.

Scienjoy Holding Corporation (SJ) - Canvas Business Model: Key Resources

When you look at the foundation of Scienjoy Holding Corporation (SJ) as of late 2025, the Key Resources section is dominated by scale and a surprisingly strong balance sheet, which is rare for a company in this sector right now.

The sheer volume of their established user base is a primary asset. Scienjoy Holding Corporation maintains a massive user base of over 320 million registered users, primarily anchored in its mature China livestreaming ecosystem. This scale provides a significant moat, even with recent user base contraction noted in their filings.

Financially, the company's liquidity position is a standout resource. As of the nine months ended September 30, 2025, Scienjoy Holding Corporation reported RMB254.1 million (US$35.7 million) in cash and cash equivalents. This cash reserve is substantial, representing a significant portion of its market capitalization at that time, which some analysts noted was trading below its own cash balance. Furthermore, the company has amassed RMB1.2 billion in net assets. This financial strength allows for operational discipline and strategic investment.

The technological backbone is another critical resource. Scienjoy Holding Corporation is committed to building SJVerse, a metaverse lifestyle platform based on AI and MR (Mixed Reality) technologies. This proprietary live streaming and SJVerse technology platform is central to their global expansion strategy, moving beyond the initial mobile livestreaming focus. Qualitatively, Scienjoy remains a Top-10 ranking among China's major livestreaming platforms.

To give you a quick snapshot of the core operational metrics supporting these resources as of the nine months ended September 30, 2025, look at this table:

Key Metric	Value (As of Sept 30, 2025)	Unit/Context
Registered Users (Approximate)	Over 320 million	Total Ecosystem Base
Cash and Cash Equivalents	US$35.7 million (RMB254.1 million)	Balance Sheet Strength
Net Assets	RMB1.2 billion	Total Assets less Liabilities
Total Paying Users	332,408	Nine Months Ended
Paying Ratio (Implied)	Approx. 5.7% (Based on historical data context)	Paying Users / Registered Users

The network of contracted, high-performing live streaming hosts is the engine of the core business. While specific host counts aren't detailed in the latest filings, the operational focus is on monetization efficiency from this group. For instance, the Average Revenue Per Paying User (ARPPU) increased 4% Year-over-Year, showing effective monetization of the existing host-viewer interactions, even with a modest 5-7% YoY revenue decline in China.

Finally, the intellectual property and data from years in the Chinese market represent embedded value. This includes proprietary algorithms for content matching and monetization, plus historical user behavior data. This data informs the development of their next-generation platforms. You can see the focus on this transition through their stated priorities:

• Deepening AI innovation.
• Enhancing operational efficiency.
• Creating long-term value via the SJVerse platform.

If onboarding new global users takes longer than expected, the reliance on the existing, high-value Chinese data set for immediate revenue generation becomes even more critical. Finance: draft 13-week cash view by Friday.

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.