olivLaw · US equity research
Scienjoy Holding Corporation SJ
Services-Computer Processing & Data Preparation · SIC 7374 · Vertical: Services-Computer Processing & Data Preparation (SIC 7374)
Scienjoy Holding Corporation (SJ) operates interactive mobile live streaming platforms in China, where users pay with virtual currency to interact with professional broadcasters. Revenue fell to RMB 1241.6 million in fiscal 2025 and the company reported a net loss of RMB 595 million, amid new tax rules and a shrinking paying user base. The situation matters because it shows how exposed the business model is to regulation and to user spending behaviour.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Scienjoy Holding Corporation (SJ) stock was 0.87 USD (+6.11% on the day), with market capitalisation 23.5 m USD, beta 0.37, 52-week range 0.47–1.59 USD. Latest reported quarter (Q1 2020): net income of -103.2 k USD (−432.3% YoY).
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 51.6
- neutral
- Bollinger (20, 2)
- 0.76 – 1.03
- in the lower half of the band · %B 0.42 · band width 30.6%
- SMA 50 / 200
- 0.84 / 1.04
- mixed trend
- MACD (12, 26, 9)
- -0.00 / 0.01
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −0.9% | −1.1% | +0.2 pp | — |
| 3 months | −12.0% | −0.5% | −11.6 pp | — |
| 6 months | −21.6% | +4.4% | −26.0 pp | — |
| Year to date | +25.2% | +12.3% | +12.9 pp | — |
| 1 year | +69.0% | +13.5% | +55.4 pp | −24.8% |
| 3 years | −66.5% | +76.4% | −142.9 pp | −26.9% |
| 5 years | −85.0% | +63.7% | −148.7 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2020 · 31 Mar 2020
Quarterly statements · USD
| Fiscal year | Q3 '18 | Q1 '19 | Q2 '19 | Q3 '19 | Q4 '19 | Q1 '20 |
|---|---|---|---|---|---|---|
| Operating income | -32.3 k | -150.1 k | -240.0 k | -188.5 k | -358.2 k | -285.0 k |
| Net income | -32.3 k | 31.0 k | 127.1 k | 109.5 k | -116.2 k | -103.2 k |
| Operating cash flow | — | -139.1 k | -268.9 k ≈ | -150.1 k ≈ | -157.5 k | -252.0 k |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | unavailable | unavailable | 187.3 m | 262.0 m | 283.2 m | 206.3 m | 186.8 m | 177.5 m |
| Revenue YoY | unavailable | unavailable | unavailable | +39.9% | +8.1% | −27.1% | −9.5% | −4.9% |
| Net income | unavailable | 151.4 k | 27.0 m | 26.7 m | 28.3 m | -4.3 m | 5.4 m | -84.0 m |
| Net income YoY | unavailable | unavailable | +17,726.5% | −1.1% | +6.1% | −115.3% | unavailable | −1,643.8% |
| Diluted EPS | unavailable | unavailable | 1.01 | 0.87 | 0.71 | -0.11 | 0.13 | -2.01 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | −13.9% | −18.4% | −115.5% | unavailable | −1,646.2% |
| net % | unavailable | unavailable | 14.4% | 10.2% | 10.0% | -2.1% | 2.9% | -47.3% |
| Free cash flow | unavailable | unavailable | 23.7 m | 18.0 m | 8.0 m | 14.4 m | 9.3 m | 10.0 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 44.0 m USD
- Financial debt
- unavailable USD
- Net debt
- unavailable USD
- Equity
- 84.9 m USD
- Total assets
- 101.6 m USD
- Debt / equity
- unavailable
- Current ratio
- 3.60x
- ROE
- -67.9%
- ROA
- -57.1%
- FCF margin
- 5.6%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 187.3 m | 262.0 m | 283.2 m | 206.3 m | 186.8 m | 177.5 m | SEC (XBRL)· 23 Apr 2026verified |
| Cost of revenue | 147.1 m | 214.2 m | 242.1 m | 179.2 m | 153.2 m | 145.1 m | SEC (XBRL)· 23 Apr 2026verified |
| Gross profit | 40.2 m | 47.8 m | 41.1 m | 27.1 m | 33.6 m | 32.5 m | SEC (XBRL)· 23 Apr 2026verified |
| Research & development | 4.9 m | 11.0 m | 9.8 m | 10.6 m | 12.4 m | 11.9 m | SEC (XBRL)· 23 Apr 2026verified |
| Operating income | — | — | — | 3.2 m | 5.6 m | -11.3 m | SEC (XBRL)· 23 Apr 2026verified |
| Pre-tax income | 28.1 m | 27.6 m | 30.9 m | -3.7 m | 5.4 m | -96.6 m | SEC (XBRL)· 23 Apr 2026verified |
| Income tax | 1.1 m | 879.0 k | 2.6 m | 1.2 m | 1.7 m | -11.5 m | SEC (XBRL)· 23 Apr 2026verified |
| Net income | 27.0 m | 26.7 m | 28.3 m | -4.3 m | 5.4 m | -84.0 m | SEC (XBRL)· 23 Apr 2026verified |
| Diluted EPS | 1.01 | 0.87 | 0.71 | -0.11 | 0.13 | -2.01 | SEC (XBRL)· 23 Apr 2026verified |
| Weighted average diluted shares | 26.8 m | 30.8 m | 39.3 m | 40.6 m | 41.6 m | 41.8 m | SEC (XBRL)· 23 Apr 2026verified |
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 34.4 m | 37.8 m | 25.4 m | 28.9 m | 34.6 m | 44.0 m | SEC (XBRL)· 23 Apr 2026verified |
| Receivables | 35.0 m | 32.4 m | 45.9 m | 36.8 m | 31.0 m | 6.2 m | SEC (XBRL)· 23 Apr 2026verified |
| Current assets | 71.5 m | 102.4 m | 94.1 m | 81.3 m | 74.6 m | 54.8 m | SEC (XBRL)· 23 Apr 2026verified |
| Property, plant & equipment, net | 208.0 k | 263.0 k | 397.0 k | 309.0 k | 271.0 k | 321.0 k | SEC (XBRL)· 23 Apr 2026verified |
| Goodwill | 14.1 m | 14.4 m | 25.1 m | 25.7 m | 25.0 m | — | SEC (XBRL)· 22 Apr 2025verified |
| Intangibles (excl. goodwill) | 36.7 m | 37.0 m | 60.8 m | 58.1 m | 55.5 m | — | SEC (XBRL)· 22 Apr 2025verified |
| Total assets | 124.4 m | 170.9 m | 217.8 m | 204.0 m | 192.5 m | 101.6 m | SEC (XBRL)· 23 Apr 2026verified |
| Accounts payable | 10.3 m | 13.5 m | 16.9 m | 10.3 m | 4.9 m | 2.4 m | SEC (XBRL)· 23 Apr 2026verified |
| Long-term debt | — | 1.3 m | 2.2 m | 2.3 m | — | — | SEC (XBRL)· 26 Apr 2024verified |
| Current liabilities | 42.5 m | 34.7 m | 38.5 m | 33.0 m | 22.0 m | 15.2 m | SEC (XBRL)· 23 Apr 2026verified |
| Total liabilities | 54.0 m | 43.9 m | 49.2 m | 42.1 m | 30.1 m | 16.7 m | SEC (XBRL)· 23 Apr 2026verified |
| Equity | 70.4 m † | 127.0 m † | 168.5 m | 161.9 m | 162.4 m | 84.9 m | SEC (XBRL)· 23 Apr 2026verified |
| Shares outstanding at year end | 27.0 m | — | — | — | — | — | SEC (XBRL)· 03 May 2021verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 23.8 m | 18.3 m | 8.3 m | 14.5 m | 9.4 m | 10.1 m | SEC (XBRL)· 23 Apr 2026verified |
| Capex | 167.0 k | 218.0 k | 312.0 k | 69.0 k | 135.0 k | 120.0 k | SEC (XBRL)· 23 Apr 2026verified |
| Free cash flow | 23.7 m ≈ | 18.0 m ≈ | 8.0 m ≈ | 14.4 m ≈ | 9.3 m ≈ | 10.0 m ≈ | SEC (XBRL)· 23 Apr 2026derived |
| Investing cash flow | -6.3 m | -18.1 m | -16.4 m | -9.5 m | -2.7 m | -868.0 k | SEC (XBRL)· 23 Apr 2026verified |
| Financing cash flow | -3.6 m | 2.4 m | -1.7 m | -735.0 k | -18.0 k | -14.0 k | SEC (XBRL)· 23 Apr 2026verified |
| Share repurchases | — | — | — | 385.0 k | 101.0 k | — | SEC (XBRL)· 22 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
4 indicators that do not apply to the sector.
Valuation
olivLaw classification
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 23.5 m USD
Key indicators
Coverage and freshness
Score by group
77% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/Salesunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
- Peers: EV/EBITDAunavailable · net debt missing: EV cannot be bridged to equity (missing debt is not zero)
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| Gross margin · Quality | 18.3% | 0 (on a fixed band) | 14% |
| EBIT margin · Quality | -6.4% | 30 (vs peers) | 11% |
| FCF margin · Quality | 5.6% | 22 (on a fixed band) | 11% |
| Revenue CAGR 3Y · Growth | -14.4% | 0 (on a fixed band) | 22% |
| Revenue growth (YoY) · Growth | -4.9% | 11 (vs peers) | 11% |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Current ratio · Balance sheet | 3.6x | 100 (on a fixed band) | 8% |
| EV/Sales · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | 42.4% | 100 (on a fixed band) | 17% |
| Shareholder yield (distributions) · Returns | 0.4% | 40 (on a fixed band) | 6% |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet· partial100/100 · 1/2 factors with a value
- Growth4/100 · 2/2 factors with a value
- Quality16/100 · 3/3 factors with a value
- Returns40/100 · 1/1 factors with a value
- Valuation· partial100/100 · 1/2 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
SCIENJOY HOLDING CORPORATION (SJ). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 177.5 m USD in 2025; YoY growth -4.9%; net margin -47.3%; ROE -66.6%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 3.6x
- FCF yield: 42.4%
What contradicts it
- Gross margin: 18.3%
- EBIT margin: -6.4%
- FCF margin: 5.6%
- Revenue CAGR 3Y: -14.4%
- Revenue growth (YoY): -4.9%
Not assessed (insufficient data or a ratio without meaning): Net debt / EBITDA, EV/Sales.
Versus the vertical median
Services-Computer Processing & Data Preparation (SIC 7374) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| ADPAutomatic Data Processing, Inc. | 119.8 bn | 27.7 | 77.0% | 20.1% | +6.7% | +19% / +32% |
| WDAYWorkday, Inc. | 44.4 bn | 40.9 | 16.0% | 12.3% | +13.1% | −6% / −25% |
| VRSKVerisk Analytics, Inc. | 25.9 bn | 30.1 | — | 29.3% | +6.6% | −12% / −18% |
| FIRYFiry Inc. | 4.3 bn | — | -63.0% | -60.2% | +12.5% | +107% / +94% |
| FAFirst Advantage Corp | 3.9 bn | 160.5 | 1.9% | 1.5% | +83.0% | +62% / +45% |
| FIVNFive9, Inc. | 2.7 bn | 52.7 | 7.9% | 4.9% | +10.3% | +86% / −52% |
| RAMPLiveRamp Holdings, Inc. | 2.3 bn | 15.8 | 16.2% | 18.7% | +9.0% | +41% / +39% |
| INFQInfleqtion, Inc. | 1.9 bn | — | -70.8% | — | unavailable | unavailable / unavailable |
| INODInnodata Inc | 1.5 bn | 32.8 | 37.7% | 14.7% | +47.6% | −25% / +541% |
| CLVTClarivate PLC | 1.4 bn | — | -8.2% | -15.1% | −4.0% | −44% / −73% |
| UPWKUpwork Inc. | 1.3 bn | 12.9 | 16.3% | 13.5% | +2.4% | −48% / −27% |
| LZLegalZoom.com, Inc. | 1.1 bn | 56.0 | 12.1% | 2.6% | +10.9% | −26% / −40% |
| PLTKPlaytika Holding Corp. | 808.6 m | — | — | -9.9% | +8.1% | −48% / −76% |
| NRDSNerdWallet, Inc. | 754.4 m | 13.3 | 18.2% | 7.6% | +21.7% | −21% / +1% |
| NXTTNext Technology Holding Inc. | 736.5 m | — | -59.4% | -2,356.0% | +545.3% | −99% / −100% |
| CARSCars.com Inc. | 682.5 m | 22.4 | 7.4% | 4.7% | +0.6% | +10% / −32% |
| IBEXIBEX Limited | 593.6 m | 14.3 | 30.4% | 7.2% | +15.4% | +27% / +152% |
| OOMAOoma, Inc. | 524.7 m | 49.8 | 11.7% | 3.6% | +6.5% | +69% / +64% |
| GRVYGravity Co., Ltd. | 475.7 m | 0.0 | 16.5% | 17.0% | −31.0% | +19% / −6% |
| EGHT8x8, Inc. | 326.4 m | 55.5 | 3.5% | 0.6% | +2.9% | +16% / −27% |
| TCXTucows Inc | 140.3 m | — | — | -21.2% | +7.7% | −42% / −41% |
| TRAKRepositrak, Inc. | 132.7 m | 18.7 | 14.9% | 32.5% | +3.0% | −46% / −29% |
| BIRDSmartbird, Inc. | 92.1 m | — | -164.0% | -72.8% | −19.7% | −68% / −91% |
| VERIVeritone, Inc. | 56.7 m | — | -517.7% | -117.5% | −0.5% | −87% / −73% |
| GMHSGamehaus Holdings Inc. | 51.4 m | 8.5 | 11.8% | 4.1% | −11.3% | −35% / −93% |
1- and 3-year price returns: for SJ from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Apr 2026; since then the company filed 6-K (26 Oct 2026), 6-K (03 Sept 2026), 6-K (21 May 2026).
In brief
Scienjoy Holding Corporation (SJ) operates interactive mobile live streaming platforms in China, where users pay with virtual currency to interact with professional broadcasters. Revenue fell to RMB 1241.6 million in fiscal 2025 and the company reported a net loss of RMB 595 million, amid new tax rules and a shrinking paying user base. The situation matters because it shows how exposed the business model is to regulation and to user spending behaviour.
SWOT
Strengths
- The company has a large registered user base and a multi-platform portfolio that addresses different segments of the audience 1.
- The real-time interactive show model is described as differing from other live streaming sectors, supporting the user experience 1.
- Rising ARPPU suggests the remaining paying base is monetised more intensively than in earlier years 1.
Weaknesses
- The company depends almost entirely on the sale of virtual items, which makes revenue sensitive to changes in user behaviour or regulation 1.
- The decline in paying users and in operating income in the second half of the year shows the vulnerability of the revenue base 1.
- The company does not currently hold business insurance covering its main assets and operations, leaving it exposed to uninsured events 1.
Opportunities
- Diversification through MCN acquisitions in Dubai and South Korea could open revenue sources outside China 1.
- If revenue from time-based virtual items and new gifting scenarios grows, the company could increase revenue per user 1.
- Expanding the BeeLive platform in Middle Eastern and Southeast Asian markets could strengthen international activity 1.
Threats
- The new tax regime and regulatory changes for live streaming in China could reduce margins or revenue 1.
- The military conflict in the Middle East could affect the Dubai subsidiary and the company's regional business segments 1.
- The VIE structure and foreign investment rules could affect how the company exercises control over its China operations 1.
Risks
- Dependence on paying usershigh
Revenue depends on the number of paying users and their average spending. If the paying base keeps shrinking, revenue could fall further 1.
- Impairment of intangible assetshigh
The company recorded impairments of goodwill and intangible assets in 2025. If performance weakens further, additional impairments could follow 1.
- VIE structure and legal uncertaintyhigh
Operations in China run through contractual arrangements with variable interest entities. If authorities determine these contracts do not comply with regulations, the company could face severe penalties 1.
- Geopolitical exposuremedium
The conflict involving the United States, Israel and Iran could affect Gulf states and the Dubai operations, potentially influencing international expansion 1.
- Credit exposure to virtual currency distributorsmedium
The company has credit exposure to its virtual currency distributors. If their business deteriorates, credit losses and liquidity pressure could arise 1.
Investment thesis
What would need to be true (bull case)
- If ARPPU keeps rising, the company could offset the decline in paying users and stabilise revenue on a smaller but more valuable base 1.
- If the MCN acquisitions in Dubai and South Korea develop, the company could reduce its dependence on the Chinese market and open new revenue sources 1.
- If the tax regime stabilises, costs and revenue predictability could return to a level easier for investors to model 1.
What would break the thesis
- The decline in paying users and revenue in the second half of 2025 could signal a structural erosion of the business model rather than a cyclical dip 1.
- Asset impairments and the significant net loss could reflect weaker performance than anticipated when the acquisitions were made 1.
- The VIE structure and changing regulation could limit the control foreign investors have over the core assets in China 1.
What to watch
- Trend in paying users and ARPPU in quarterly reportingQ1 2027
- Impact of the new tax regime on revenue and margins2027
- Contribution of the Dubai and South Korea MCN acquisitions to revenuenext 10-K
- Any further impairment of goodwill and intangible assetsnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 23 Apr 2026; since then the company filed 6-K (26 Oct 2026), 6-K (03 Sept 2026), 6-K (21 May 2026).
The business
Scienjoy Holding Corporation, listed on Nasdaq under the symbol SJ, is a provider of mobile live streaming platforms in China focused on interactive show streaming, where professional broadcasters (singers, dancers, talk show hosts) interact in real time with users. The company became public through its merger with Wealthbridge Acquisition Limited in May 2020 and operates through subsidiaries and variable interest entities (VIEs), including Scienjoy Inc. Its revenue model rests almost entirely on the sale of virtual items, mainly consumable virtual gifts, which made up over 96% of net revenue, and users can buy virtual currency through third-party payment platforms. The company reported 332.3 million registered users at the end of 2025 1. On the cost side, the main expense is revenue sharing with talent agencies and broadcasters, which equalled 73% of revenues in 2025 1.
At the end of 2025 the company operated five live streaming brands: Showself Live Streaming, Lehai Live Streaming, Haixiu Live Streaming, BeeLive Live Streaming (including the Chinese version Mifeng) and Hongle Live Streaming 1. The platforms are free to access and monetised through virtual gifts. The BeeLive acquisition, completed in 2020, added an international platform offering Arabic-language streaming in the Middle East and Thai-language streaming in Southeast Asia, while the Hongle acquisition in January 2022 added Hongle.tv 1.
In recent years the company has extended its activity through acquisitions of multi-channel network (MCN) businesses, including Star Home Global Media in Dubai (April 2025) and SH Entertainment in South Korea (October 2025) 1. These moves aim to diversify beyond live streaming in China, but the sources do not yet show their financial size relative to the core business.
Segments
Live streaming with consumable virtual items
This is the largest segment, with revenue of RMB 1187.0 million in 2025, down from RMB 1317.6 million in 2024 1. Revenue comes from users who buy virtual currency and spend it on gifts for broadcasters during streams.
Live streaming with time-based virtual items
This segment, made up of privilege titles usable for a fixed period, fell to RMB 16.95 million in 2025 from RMB 24.9 million in 2024 1. It remains a small part of total revenue.
Market context
The company operates in China's mobile live streaming market, where growth has been supported by rising disposable income, demand for cultural and entertainment activities and wider use of the mobile internet, factors the annual report names explicitly 1. The market is however sensitive to government policy, and the company notes that changes in general industry conditions can affect demand and operating results 1. For 2025 the company flagged tax and regulatory changes for internet platforms and live streaming content creators, effective October 1, 2025 1.
In the show live streaming segment, each broadcaster interacts in real time with a limited number of users in his or her video room, which distinguishes the model from pan-entertainment or game live streaming 1. The overall size of the market is not quantified in the source.
Trends
- Falling paying users and revenueheadwind
The number of paying users declined in 2025 and total revenue fell year on year. The company links this to a significant decrease in paying users and a continuous decline in operating income in the second half of 2025 1. If the trend persists, it could further weigh on the revenue base.
- Rising ARPPUmixed
Average revenue per paying user (ARPPU) rose to RMB 3138 in 2025 from RMB 2714 in 2024, indicating more intensive monetisation of the remaining paying base 1. This increase could partly offset the drop in paying users.
- Tax and content regulationheadwind
The new tax regime for internet platforms and live streaming creators, effective October 2025, is a risk factor and a possible source of cost and revenue pressure 1. The company notes that changes in PRC law could materially affect its business.
- International expansion through MCNstailwind
The acquisitions of multi-channel networks in Dubai and South Korea point to a growth orientation outside China. If these activities develop, they could diversify revenue sources, although their results are not yet separated in the consolidated report 1.
Competitive position
The analysed sources do not explicitly name direct competitors. The company describes the Chinese live streaming market as competitive and highlights its differentiation through multiple platforms, diversified content and game features built into video rooms 1.
- Other Chinese live streaming operators
The source refers to competition in the Chinese live streaming market without naming specific rivals.
- Pan-entertainment and game live streaming platforms
Distinguished in the source by their different format from the show live streaming segment.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)26 Oct 2026
- Current report (foreign issuer)03 Sept 2026
- Current report (foreign issuer)21 May 2026
- Current report (foreign issuer)23 Apr 2026
- Annual report (foreign issuer)23 Apr 2026
- Current report (foreign issuer)03 Feb 2026
- Current report (foreign issuer)28 Jan 2026
- Current report (foreign issuer)09 Jan 2026
- Current report (foreign issuer)07 Jan 2026
- Current report (foreign issuer)18 Dec 2025
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Scienjoy Holding Corporation · 23 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.