Scienjoy Holding Corp Stock Price, News & Analysis

Scienjoy Holding Corporation (NASDAQ: SJ) reported significant growth in its financial results for the nine months ending September 30, 2021. Total net revenues surged by 52.5% to RMB1,171.2 million (US$181.8 million), while net income increased by 7.7% to RMB237.5 million (US$36.9 million). Despite these positive metrics, paying users declined by 10.8% to 648,465. The company anticipates fourth-quarter revenues between RMB393 million and RMB455 million, influenced by current market conditions and potential COVID-19 impacts.

Scienjoy Holding Corporation (Nasdaq: SJ) announced CEO Victor He's interview with Phoenix Television, discussing the company's expansion into the Metaverse and NFTs. Collaborating with Global Friendship Exchange Foundation and Herr Gallery, Scienjoy has received over 100 artist requests for NFT art creation since September. The NFT market reached $10.7 billion in sales volumes in Q3 2021, with Scienjoy's platform boasting 250 million registered users and 300,000 broadcasters. The company aims to enhance user experience through virtual characters and immersive interactions within the livestreaming space.

Scienjoy Holding Corporation (Nasdaq: SJ) participated in NFT.NYC from November 1-4, 2021, a major event for the NFT industry. The event featured key players like Opensea and Christie's, providing Scienjoy valuable networking opportunities. The company's partner, Herr Gallery, successfully launched NFTs on Rarible, marking its entry into the NFT space. Scienjoy continues to enhance its technology offerings to support future NFT drops and aims to develop a Metaverse through AI, AR, and VR technologies, thereby enhancing user experiences.

Scienjoy Holding Corporation (Nasdaq: SJ) announced the successful passage of all shareholder resolutions at its 2021 annual general meeting held on November 8, 2021. Key resolutions included the election of seven board members and the adoption of a dual-class share structure. This structure allows Class A shares to have one vote and Class B shares to have ten votes. Furthermore, the Company authorized the issuance of 50 million Class A Preferred Shares and re-designated existing ordinary shares to Class A, except for a specific number to be converted to Class B shares.

Scienjoy Holding Corporation (Nasdaq: SJ) announced plans to initiate a metaverse project leveraging its AI, AR, and VR technologies. The company aims to enhance user experience and engagement across its six virtual reality worlds, including The World of Xianxia and City Hunters. By expanding gamified content and implementing new features, Scienjoy seeks to solidify its position in the mobile live streaming market and promote a robust metaverse ecosystem. With 250 million registered users, Scienjoy continues to innovate in livestreaming, emphasizing immersive virtual experiences.

Scienjoy Holding Corporation (NASDAQ: SJ) has partnered with LATITUDE Gallery to launch an art exhibition in New York, aimed at promoting young artists and showcasing NFT artworks alongside traditional art. The exhibition, titled 'Standing Out, the Outstandings', features ten Asian and Asian-American artists and runs until October 10, 2021. Scienjoy has committed resources to support the artists in minting and marketing their NFT art. The event, which opened on September 10, garnered significant attention from art professionals, reaffirming Scienjoy's role in the evolving NFT space.

Scienjoy Holding Corporation (Nasdaq: SJ) announced a partnership with the Global Friendship Exchanges Foundation to create a dedicated tech team focused on AI and game development. This team will assist artists in launching their NFTs on platforms like OpenSea, Rarible, and Foundation. Scienjoy leverages advanced technologies, including big data and AR, to enhance user interactions on its streaming platforms. The NFT market reached $2.5 billion in Q2 2021, with OpenSea seeing significant sales growth. Scienjoy aims to host an NFT exhibition in New York, supporting artists and galleries in the digital art space.

Scienjoy Holding Corporation (NASDAQ: SJ) reported a robust 68.0% increase in net revenues, reaching RMB758.3 million (US$117.4 million) for H1 2021, driven by a 10.2% growth in paying users. However, gross margin decreased to 21.1% from 24.5% year-on-year due to rising revenue sharing fees. Adjusted net income surged 57.9% to RMB128.6 million (US$19.9 million), even as net income grew modestly by 2.3%. Total operating expenses rose significantly, increasing by 156.4% to RMB54.1 million. Looking ahead, Scienjoy forecasts Q3 2021 revenues between RMB404 million to RMB436 million.

Scienjoy (NASDAQ: SJ) has announced a pilot initiative to showcase and sell NFT artwork by young artists at contemporary art galleries in New York. In collaboration with the Global Friendship Exchange Foundation, Scienjoy will partner with Latitude Gallery, Onboard Gallery, and Herr Gallery to mint and market these NFTs. The plan includes using Scienjoy's platform, which has around 250 million registered users, for NFT drops and transactions. This initiative aims to empower young creators and enrich the livestreaming ecosystem by integrating digital art.