Scienjoy Holding Corporation Reports Fiscal Year 2025 Financial Results
Rhea-AI Summary
Scienjoy (NASDAQ: SJ) reported FY2025 results for year ended December 31, 2025: revenues RMB1,241.6M (US$177.5M), gross profit RMB227.2M (US$32.5M), and a net loss RMB595.0M (US$85.1M). Cash and cash equivalents rose to RMB307.7M (US$44.0M).
Major non-cash charges totaled RMB712.3M, including full impairments of goodwill (RMB186.2M) and intangible assets (RMB398.8M). Paying users fell to 383,695.
Positive
- Cash and cash equivalents increased by 21.8% to RMB307.7M
- Gross margin improved to 18.3% from 18.0% year-over-year
- ARPPU growth supported higher margin despite lower paying users
Negative
- Paying users declined 22.4% to 383,695
- Net loss RMB595.0M for FY2025 versus net income prior year
- Total impairments RMB585.0M (goodwill and intangible assets)
- Provision for credit losses increased 316.2% to RMB127.3M
News Market Reaction – SJ
In the Apr 24 session, SJ declined 0.90%, reflecting a mild negative market reaction. Argus tracked a trough of -3.5% from its starting point during tracking. Our momentum scanner triggered 4 alerts that day, indicating moderate trading interest and price volatility.
Data tracked by StockTitan Argus on the day of publication.
Key Figures
Previous Earnings Reports
| Date | Event | Sentiment | 24h Move | Catalyst |
|---|---|---|---|---|
| Nov 26 | Nine-month 2025 results | Neutral | -0.4% | Nine‑month 2025 results with revenue decline, higher operating income, weaker net income. |
| Aug 27 | Q2 & H1 2025 results | Neutral | -4.2% | Q2 and first‑half 2025 showing revenue pressure but improved margins and liquidity. |
| Jun 04 | Q1 2025 results | Neutral | +0.0% | Q1 2025 mixed results with higher gross profit but a net loss from securities. |
| Apr 22 | FY 2024 results | Positive | +12.5% | Fiscal 2024 showing profitability turnaround, higher gross profit and income from operations. |
| Nov 25 | Nine-month 2024 results | Positive | +3.8% | Nine‑month 2024 results with stronger profitability metrics and improved cash position. |
24h Move is the share-price change in the day after each event; other market factors may also have contributed.
Earnings releases have typically produced modest, mostly aligned price reactions, with stronger gains when profitability improved and only mild moves on mixed results.
Recent earnings updates show a shift from profitability gains in 2024 to more mixed performance in 2025. The nine‑month and interim 2025 results highlighted revenue pressure but improving margins and cash, while still recording smaller net income or losses. Fiscal year 2024 marked a clear turnaround to net income. Today’s FY 2025 release adds large non‑cash impairments, a major net loss, and lower paying users to that trajectory.
Key Terms
arppu financial
aigc technical
non-gaap financial
goodwill financial
intangible assets financial
discounted cash flow financial
risk-adjusted discount rates financial
going concern financial
AI-generated analysis. How Rhea-AI works. Not financial advice.
Fiscal Year 2025 Operating and Financial Summaries
- Total revenues decreased to
RMB1,241.6 million (US ) for the year ended December 31, 2025 from$177.5 million RMB1,363.4 million for the year ended December 31, 2024. - Gross profit decreased to
RMB227.2 million (US ) for the year ended December 31, 2025 from$32.5 million RMB245.4 million for the year ended December 31, 2024. - Loss from operations was
RMB78.9 million (US ) for the year ended December 31, 2025, as compared to an income from operations of$11.3 million RMB40.7 million for the year ended December 31, 2024. - Net loss was
RMB595.0 million (US ) for the year ended December 31, 2025, as compared to a net income of$85.1 million RMB26.7 million for the year ended December 31, 2024. - Net loss attributable to the Company's shareholders was
RMB587.1 million (US ) for the year ended December 31, 2025, as compared to a net income attributable to the Company's shareholders of$84.0 million RMB39.7 million for the year ended December 31, 2024. - Adjusted net loss attributable to the Company's shareholders was
RMB579.6 million (US ) for the year ended December 31, 2025, as compared to adjusted net income attributable to the Company's shareholders of$82.9 million RMB50.3 million for the year ended December 31, 2024. - As of December 31, 2025, the Company had cash and cash equivalent balance of
RMB307.7 million (US ), which represented an increase of$44.0 million RMB55.1 million fromRMB252.5 million as of December 31, 2024.
Note on Net Loss for Fiscal Year 2025
The net loss of
Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, "2025 was a year of continued execution and strategic progress for Scienjoy. Our live streaming business, given our recent global expansion, continues to be profitable which demonstrates the resilience of our core operations. At the same time, we are accelerating our AI strategy. Building on our AIGC foundation with AI Vista, we are expanding into agentic AI with AI Vista Live!, which serves both B2C and B2B markets. AI Vista enables real-time, interactive AI performers for consumers while also providing scalable enterprise solutions across multiple industries. Supported by strong underlying financial performance and a solid cash position, we are well positioned for future growth and deliver long-term value to our shareholders."
Mr. Denny Tang, Chief Financial Officer of Scienjoy, added, "In the fourth quarter of 2025, we conducted a review of our assets and recorded certain non-cash impairment provisions which did not impact our core operations or cash flow. Apart from these accounting effects, we believe our business remains strong, supported by our core operations and continued Average Revenue Per Paying User (ARPPU) growth. Additionally, our cash and cash equivalents increased by
Fiscal Year 2025 Financial Results
Total revenues decreased to
Cost of revenues decreased to
Gross profit decreased to
Total operating expenses increased by
- Sales and marketing expenses decreased to
RMB6.4 million (US ) for the year ended December 31, 2025 from$0.9 million RMB7.0 million for the year ended December 31, 2024, primarily attributable fewer sales and marketing activities. - General and administrative expenses increased by
16.1% toRMB89.0 million (US ) for the year ended December 31, 2025 from$12.7 million RMB76.6 million for the year ended December 31, 2024. The increase was primarily due to an increase ofRMB12.4 million in professional consulting fees. - Research and development expenses decreased to
RMB83.4 million (US ) for the year ended December 31, 2025 from$11.9 million RMB90.5 million for the year ended December 31, 2024, due to a decrease ofRMB9.0 million in employee salary and welfare and a decrease ofRMB1.3 million in share-based compensation, offset by an increase ofRMB4.1 million in technical service fee. - Provision for credit losses increased by
316.2% toRMB127.3 million (US ) for the year ended December 31, 2025 from$18.2 million RMB30.6 million for the year ended December 31, 2024. Given the regulatory and tax policy changes inChina for the livestreaming industry starting in the second half of the financial year ended 2025 and increasing credit risk of our third-party virtual currency distributors in the livestreaming industry, we provided additional allowances for credit losses for third-party virtual currency distributors we deem as high risk and with delinquent accounts. As a result, our provision for credit loss increased toRMB127.3 million (US ) for the year ended December 31, 2025 from$18.2 million RMB30.6 million for the year ended December 31, 2024. The facts and circumstances of each third-party virtual currency distributors account may require the Company to use substantial judgment in assessing its collectability. The Company will continue to periodically review allowances and make necessary adjustments accordingly.
Loss from operations was
Change in fair value of investment in marketable security was a loss of
Investment income increased to
Impairment of long-term investments was nil for the year ended December 31, 2025, as compared to
Interest income decreased to
Impairment for goodwill During the fourth quarter of 2025, as a part of its annual impairment assessment, the Company assessed its internal forecast along with several events and circumstances that could affect the significant inputs used to determine the fair value of the Company's reporting unit, including the significance of the amount, if any, of excess carrying value over fair value, consistency of the Company's current and forecasted operating margins and cash flows, budgeted-to-actual performance, timing of the expected effects of the Company's strategic initiatives, overall change in economic climate, changes in the industry and competitive environment, changes to the Company's risk-adjusted discount rates and earnings quality and sustainability. After considering all available evidence in the evaluation of goodwill impairment indicators including but not limited to regulatory and tax policy changes in
Impairment for intangible assets During annual impairment test performed in the fourth quarter of 2025, the Company identified several triggering events indicating that the carrying value of its intangible assets may exceed their fair value. These indicators included regulatory and tax policy changes in
Other income, net increased by
Foreign exchange loss was
Income tax benefit was
Net loss was
Net loss attributable to the Company's shareholders was
Adjusted net loss attributable to the Company's shareholders was
Basic and diluted net loss attributable to the Company's shareholders per ordinary share were both
Adjusted basic and diluted net loss attributable to the Company's shareholders per ordinary share were both
As of December 31, 2025, the Company had cash and cash equivalent balance of
Use of Non-GAAP Financial Measures
Adjusted net income attributable to the Company's shareholders is calculated as net income attributable to the Company's shareholders adjusted for share-based compensation. Adjusted basic and diluted net income per ordinary share is non-GAAP net income (loss) attributable to ordinary shareholders divided by weighted average number of ordinary shares used in the calculation of non-GAAP basic and diluted net income per ordinary share. The non-GAAP financial measures are presented to enhance investors' overall understanding of the Company's financial performance and should not be considered a substitute for, or superior to, the financial information prepared and presented in accordance with
For more information on these non-GAAP financial measures, please see the table captioned "Reconciliations of Non-GAAP Results" near the end of this release.
Exchange Rate Information
This announcement contains translations of certain RMB amounts into
About Scienjoy Holding Corporation
Scienjoy is a pioneering Nasdaq-listed interactive entertainment leader. Driven by the vision of shaping a metaverse lifestyle, Scienjoy leverages AI-powered technology to create immersive experiences that resonate with global audiences, fostering meaningful connections and redefining entertainment. For more information, please visit http://ir.scienjoy.com/.
Safe Harbor Statement
Certain statements made in this release are "forward looking statements" within the meaning of the "safe harbor" provisions of the United States Private Securities Litigation Reform Act of 1995. When used in this press release, the words "estimates," "projected," "expects," "anticipates," "forecasts," "plans," "intends," "believes," "seeks," "may," "will," "should," "future," "propose" and variations of these words or similar expressions (or the negative versions of such words or expressions) are intended to identify forward-looking statements. These forward-looking statements are not guarantees of future performance, conditions or results, and involve a number of known and unknown risks, uncertainties, assumptions and other important factors, many of which are outside the Company's control, that could cause actual results or outcomes to differ materially from those discussed in the forward-looking statements. Important factors, among others, are: the ability to manage growth; ability to identify and integrate other future acquisitions; ability to obtain additional financing in the future to fund capital expenditures; fluctuations in general economic and business conditions; costs or other factors adversely affecting our profitability; litigation involving patents, intellectual property, and other matters; potential changes in the legislative and regulatory environment; a pandemic or epidemic. The forward-looking statements contained in this release are also subject to other risks and uncertainties, including those more fully described in the Company's filings with the Securities and Exchange Commission ("SEC") from time to time. The Company undertakes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law. Such information speaks only as of the date of this release.
For investor and media inquiries, please contact:
Investor Relations Contacts
Denny Tang
Chief Financial Officer
Scienjoy Holding Corporation
+86-10-64428188
ir@scienjoy.com
Ascent Investor Relations LLC
Tina Xiao
+1-646-932-7242
investors@ascent-ir.com
CONSOLIDATED BALANCE SHEETS | |||||||||||
(All amounts in thousands, except share and per share data or otherwise stated) | |||||||||||
As of December 31, | |||||||||||
2024 | 2025 | 2025 | |||||||||
RMB | RMB | US$ | |||||||||
ASSETS | |||||||||||
Current assets | |||||||||||
Cash and cash equivalents | 252,540 | 307,650 | 43,993 | ||||||||
Accounts receivable, net | 226,060 | 43,290 | 6,190 | ||||||||
Due from a related party | - | 100 | 14 | ||||||||
Investment in marketable security | 37,629 | 8,561 | 1,224 | ||||||||
Prepaid expenses and other current assets | 28,415 | 23,607 | 3,376 | ||||||||
Total current assets | 544,644 | 383,208 | 54,797 | ||||||||
Non-current assets | |||||||||||
Property and equipment, net | 1,981 | 2,244 | 321 | ||||||||
Intangible assets, net | 405,256 | - | - | ||||||||
Goodwill | 182,661 | - | - | ||||||||
Long term investments | 257,387 | 271,261 | 38,790 | ||||||||
Long term deposits and other assets | 906 | 1,741 | 249 | ||||||||
Right-of-use assets-operating lease | 4,845 | 14,695 | 2,101 | ||||||||
Deferred tax assets | 7,505 | 37,288 | 5,332 | ||||||||
Total non-current assets | 860,541 | 327,229 | 46,793 | ||||||||
TOTAL ASSETS | 1,405,185 | 710,437 | 101,590 | ||||||||
LIABILITIES AND EQUITY | |||||||||||
Current liabilities | |||||||||||
Accounts payable | 36,015 | 16,665 | 2,381 | ||||||||
Deferred revenue | 80,186 | 50,464 | 7,216 | ||||||||
Accrued salary and employee benefits | 22,346 | 15,184 | 2,171 | ||||||||
Income tax payable | 11,284 | 10,899 | 1,559 | ||||||||
Lease liabilities-operating lease -current | 4,098 | 3,641 | 521 | ||||||||
Accrued expenses and other current liabilities | 6,840 | 9,728 | 1,391 | ||||||||
Total current liabilities | 160,769 | 106,581 | 15,239 | ||||||||
Non-current liabilities | |||||||||||
Deferred tax liabilities | 58,400 | - | - | ||||||||
Lease liabilities-operating lease -non-current | 700 | 10,399 | 1,487 | ||||||||
Total non-current liabilities | 59,100 | 10,399 | 1,487 | ||||||||
TOTAL LIABILITIES | 219,869 | 116,980 | 16,726 | ||||||||
Commitments and contingencies | |||||||||||
EQUITY | |||||||||||
Ordinary share, no par value, unlimited Class A ordinary shares and | |||||||||||
Class A ordinary shares | 444,162 | 451,666 | 64,588 | ||||||||
Class B ordinary shares | 23,896 | 23,896 | 3,417 | ||||||||
Shares to be issued | 20,817 | 20,817 | 2,977 | ||||||||
Treasury stocks | (19,952) | (19,952) | (2,853) | ||||||||
Statutory reserves | 50,705 | 34,091 | 4,875 | ||||||||
Retained earnings | 662,499 | 92,024 | 13,159 | ||||||||
Accumulated other comprehensive income | 16,967 | 12,867 | 1,840 | ||||||||
Total shareholders' equity | 1,199,094 | 615,409 | 88,003 | ||||||||
Non-controlling interests | (13,778) | (21,952) | (3,139) | ||||||||
Total equity | 1,185,316 | 593,457 | 84,864 | ||||||||
TOTAL LIABILITIES AND EQUITY | 1,405,185 | 710,437 | 101,590 | ||||||||
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME | |||||||||||
(All amounts in thousands, except share and per share data or otherwise stated) | |||||||||||
For the years ended December 31, | |||||||||||
2024 | 2025 | 2025 | |||||||||
RMB | RMB | US$ | |||||||||
Live streaming - consumable virtual items revenue | 1,317,601 | 1,187,033 | 169,743 | ||||||||
Live streaming - time based virtual item revenue | 24,935 | 16,951 | 2,424 | ||||||||
Technical services and others | 20,848 | 37,637 | 5,382 | ||||||||
Total revenue | 1,363,384 | 1,241,621 | 177,549 | ||||||||
Cost of revenues | (1,117,942) | (1,014,455) | (145,065) | ||||||||
Gross profit | 245,442 | 227,166 | 32,484 | ||||||||
Sales and marketing expenses | (7,049) | (6,357) | (909) | ||||||||
General and administrative expenses | (76,629) | (88,977) | (12,724) | ||||||||
Research and development expenses | (90,461) | (83,426) | (11,930) | ||||||||
Provision for credit losses | (30,584) | (127,290) | (18,202) | ||||||||
Income (loss) from operations | 40,719 | (78,884) | (11,281) | ||||||||
Change in fair value of investment in marketable security | 6,103 | (29,067) | (4,157) | ||||||||
Investments (loss) income | (5,742) | 8,712 | 1,246 | ||||||||
Impairment for goodwill | - | (186,170) | (26,622) | ||||||||
Impairment for intangible assets | - | (398,835) | (57,033) | ||||||||
Impairment of long-term investments | (10,425) | - | - | ||||||||
Interest income, net | 3,211 | 1,712 | 245 | ||||||||
Other income, net | 1,609 | 8,732 | 1,249 | ||||||||
Foreign exchange (loss) gain, net | 3,805 | (1,569) | (224) | ||||||||
Income (loss) before income taxes | 39,280 | (675,369) | (96,577) | ||||||||
Income tax (expense) benefit | (12,597) | 80,369 | 11,493 | ||||||||
Net income (loss) | 26,683 | (595,000) | (85,084) | ||||||||
Less: net loss attributable to noncontrolling interest | (13,002) | (7,911) | (1,131) | ||||||||
Net income (loss) attributable to the Company's | 39,685 | (587,089) | (83,953) | ||||||||
Other comprehensive income (loss): | |||||||||||
Other comprehensive loss - foreign currency translation | (998) | (3,494) | (500) | ||||||||
Comprehensive income (loss) | 25,685 | (598,494) | (85,584) | ||||||||
Less: comprehensive loss attributable to non-controlling | (13,002) | (7,305) | (1,045) | ||||||||
Comprehensive income (loss) attributable to the Company's | 38,687 | (591,189) | (84,539) | ||||||||
Weighted average number of shares | |||||||||||
Basic | 41,367,946 | 41,776,414 | 41,776,414 | ||||||||
Diluted | 41,564,237 | 41,776,414 | 41,776,414 | ||||||||
Earnings (loss) per share | |||||||||||
Basic | 0.96 | (14.05) | (2.01) | ||||||||
Diluted | 0.95 | (14.05) | (2.01) | ||||||||
Reconciliations of Non-GAAP Results | |||||||||||
(All amounts in thousands, except share and per share data or otherwise stated) | |||||||||||
For the years ended December 31, | |||||||||||
2024 | 2025 | 2025 | |||||||||
RMB | RMB | US$ | |||||||||
Net income (loss) attributable to the Company's shareholders | 39,685 | (587,089) | (83,953) | ||||||||
Less: | |||||||||||
Share based compensation | (10,579) | (7,504) | (1,073) | ||||||||
Adjusted net income (loss) attributable to the Company's | 50,264 | (579,585) | (82,880) | ||||||||
Adjusted net income (loss) per ordinary share | |||||||||||
Basic | 1.22 | (13.87) | (1.98) | ||||||||
Diluted | 1.21 | (13.87) | (1.98) | ||||||||
"Adjusted net income attributable to the Company's shareholders" is defined as net income attributable to the | |||||||||||
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SOURCE Scienjoy Holding Corporation