Scienjoy Holding Corporation Reports Nine Months ended September 30, 2025 Unaudited Financial Results

Rhea-AI Summary

Scienjoy (NASDAQ: SJ) reported unaudited results for the nine months ended September 30, 2025: total revenues RMB959.3M (US$134.7M), down 5.3% year‑over‑year, and gross profit RMB177.9M (US$25.0M). Income from operations rose 30.9% to RMB46.2M (US$6.5M) while net income fell to RMB14.9M (US$2.1M). Adjusted net income attributable to shareholders declined to RMB26.7M (US$3.8M).

Key balance-sheet items include cash and cash equivalents RMB254.1M (US$35.7M) as of September 30, 2025. Management highlighted AI-driven product expansion (AI Vista Live), global expansion, and continued investment in R&D and marketing.

Positive

• Income from operations +30.9% to RMB46.2M
• Provision for credit losses decreased to RMB0.7M
• Cash and cash equivalents RMB254.1M as of Sep 30, 2025

Negative

• Net income decreased from RMB34.2M to RMB14.9M
• Adjusted net income attributable decreased from RMB50.8M to RMB26.7M
• Change in fair value of marketable securities: loss RMB31.3M
• Foreign exchange loss increased to RMB4.0M

Insights

Financial Analyst

Mixed nine‑month results: revenue down modestly, operating income up sharply, but net income and adjusted net fell materially.

The company reported total revenues of RMB959.3 million for the nine months ended September 30, 2025, a decline of 5.3% year‑over‑year, while income from operations rose 30.9% to RMB46.2 million. Gross margin improved to 18.5% from 17.7%, driven by higher average live streaming revenue per paying user and lower revenue sharing fees, despite a drop in total paying users to 332,408 from 386,455.

Key dependencies and risks include one‑time and non‑operational items that materially affected bottom‑line comparatives: a RMB31.3 million fair‑value loss on marketable securities, prior period provision write‑offs, increased foreign exchange loss of RMB4.0 million, and uncertain continuation of government subsidies that boosted other income. Liquidity appears stable with cash of RMB254.1 million as of September 30, 2025.

Watch operating‑income sustainability and recurrence of non‑operational losses over the next fiscal reporting cycle. Monitor trends in paying users and average revenue per user, quarterly fair‑value swings in marketable securities, foreign exchange exposure, and whether government subsidies persist into the next quarter to assess whether improved operating margins translate into durable net profitability.

Revenue decrease by 5.3% but Income from Operations up 30.9% Year Over Year

BEIJING, Nov. 26, 2025 /PRNewswire/ -- Scienjoy Holding Corporation ("Scienjoy", the "Company", or "we") (NASDAQ: SJ), an interactive entertainment leader in the Chinese market, today announced its unaudited financial results for the nine months ended September 30, 2025.

Nine Months 2025 Operating and Financial Summaries

• Total revenues decreased to RMB959.3 million (US$134.7 million) for the nine months ended September 30, 2025 from RMB1,012.5 million in the same period of 2024.
• Gross profit decreased to RMB177.9 million (US$25.0 million) for the nine months ended September 30, 2025 from RMB179.6 million in the same period of 2024.
• Income from operations increased by 30.9% to RMB46.2 million (US$6.5 million) for the nine months ended September 30, 2025 from RMB35.3 million in the same period of 2024.
• Net income decreased to RMB14.9 million (US$2.1 million) for the nine months ended September 30, 2025 from RMB34.2 million in the same period of 2024. 
• Net income attributable to the Company's shareholders decreased to RMB20.2 million (US$2.8 million) for the nine months ended September 30, 2025 from RMB42.7 million in the same period of 2024.
• Adjusted net income attributable to the Company's shareholders decreased to RMB26.7 million (US$3.8 million) for the nine months ended September 30, 2025 from RMB50.8 million in the same period of 2024.
• As of September 30, 2025, the Company had RMB254.1 million (US$35.7 million) in cash and cash equivalents, which represented an increase of RMB1.5 million from RMB252.5 million as of December 31, 2024.

Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, "In the first nine months of 2025, we continued to strengthen our 'live streaming + gaming' ecosystem strategy by leveraging artificial intelligence to enhance user experience and improve both platform performance and internal operational efficiency. Our ongoing integration of AI technologies enables more dynamic user interactions, and streamlined management processes that drive higher productivity across the organization.

Building on this momentum, we are expanding AI Vista, our AIGC-driven creative platform, into AI Vista Live — extending AI-powered interaction to both consumers and enterprise users. AI Vista Live combines real-time digital human performance with creative content generation, unlocking new possibilities for entertainment, education, marketing, and corporate engagement.

At the same time, our global expansion continues to advance steadily, driven by our unwavering commitment to evolving from a domestic interactive entertainment leader into a global AI-powered ecosystem platform. Looking ahead, we will remain focused on deepening AI innovation, enhancing operational efficiency, and creating long-term value for our users, partners, and shareholders worldwide."

Mr. Denny Tang, Chief Financial Officer of Scienjoy, added, "The nine-month results demonstrate both the resilience and balance of our business strategy. Despite non-recurring losses related to investment buyback receivables, fair value changes in security investments, and foreign exchange fluctuations, our operating income maintained a robust year-over-year growth rate of 30.9%, even amid a 5.3% decline in revenue. Our improved gross margin further underscores our profitability and resilience against external headwinds. These key metrics reflect the health of our business and our ability to convert an expanding user base into real profit.

With stable cash reserves, we maintain ample liquidity to support ongoing innovation and global expansion. Going forward, we remain firmly committed to our long-term strategy of global growth and continuous innovation in content and technology, delivering sustainable value for both our company and our shareholders."

Nine Months 2025 Financial Results 

Total revenues decreased to RMB959.3 million (US$134.7 million) for the nine months ended September 30, 2025, from RMB1,012.5 million in the same period of 2024, primarily caused by a decrease of paying users due to competitive landscape of China's mobile live streaming market. Total paying users were 332,408 for the nine months ended September 30, 2025, compared to 386,455 in the same period of 2024.

Cost of revenues decreased to RMB781.3 million (US$109.8 million) for the nine months ended September 30, 2025 from RMB832.9 million in the same period of 2024. The decrease was primarily attributable to a decrease of RMB75.6 million in the Company's revenue sharing fees, partially offset by an increase of RMB22.7 million in user acquisition costs.

Gross profit decreased to RMB177.9 million (US$25.0 million) for the nine months ended September 30, 2025 from RMB179.6 million in the same period of 2024 and the gross margin increased to 18.5% for the nine months ended September 30, 2025 from 17.7% in the same period of last year due to higher average live streaming revenue per paying user and lower revenue sharing fees during the nine months ended September 30, 2025, showing the Company's effectiveness in converting high-quality paying user to its gross margin growth. 

Total operating expenses decreased to RMB131.7 million (US$18.5 million) for the nine months ended September 30, 2025 from RMB144.3 million in the same period of 2024.

• Sales and marketing expenses increased by 36.6% to RMB4.6 million (US$0.7 million) for the nine months ended September 30, 2025 from RMB3.4 million in the same period of 2024, primarily attributable to more sales and marketing activities.
• General and administrative expenses increased by 25.1% to RMB65.6 million (US$9.2 million) for the nine months ended September 30, 2025 from RMB52.5 million in the same period of 2024, primarily caused by an increase of RMB11.7 million in professional consulting fee.
• Research and development expenses increased by 5.1% to RMB60.7 million (US$8.5 million) for the nine months ended September 30, 2025 from RMB57.8 million in the same period of 2024. The increase was primarily due to an increase of RMB8.1 million in technical services fees, partially offset by a decrease of RMB4.4 million in employee salary and welfare. 
• Provision for credit losses decreased to RMB0.7 million (US$0.1 million) for the nine months ended September 30, 2025 from RMB30.6 million in the same period of 2024, due to a one-time write-off of RMB30.0 million in investment buyback receivable for the nine months ended September 30, 2024.

Income from operations increased by 30.9% to RMB46.2 million (US$6.5 million) for the nine months ended September 30, 2025 from RMB35.3 million in the same period of 2024.

Change in fair value of investment in marketable security was a loss of RMB31.3 million (US$4.4 million) for the nine months ended September 30, 2025, as compared with a gain of RMB12.1 million in the same period of 2024. The change was primarily attributable to the fair value changes in investments in a publicly traded company.

Investment loss decreased to RMB1.1 million (US$0.2 million) for the nine months ended September 30, 2025 from RMB4.4 million in the same period of 2024. The investment loss was primarily attributable to one-time share of unrealized loss in the long-term investments.

Interest income, net decreased to RMB1.3 million (US$0.2 million) for the nine months ended September 30, 2025 from RMB2.8 million in the same period of 2024. The decrease was primarily due to lower interest rate.

Other income, net increased by 1,226.9% to RMB9.5 million (US$1.3 million) for the nine months ended September 30, 2025 from RMB0.7 million in the same period of 2024. The increase was primarily due to increased government subsidies and one-time compensation income. There is no assurance that the Company will continue to receive these subsidies in the future.

Foreign exchange loss, net increased by 289.4% to RMB4.0 million (US$0.6 million) for the nine months ended September 30, 2025 from RMB1.0 million in the same period of 2024.

Income tax expenses decreased to RMB5.7 million (US$0.8 million) for the nine months ended September 30, 2025 from RMB11.2 million in the same period of 2024, which was mainly due to less taxable income.

Net income decreased to RMB14.9 million (US$2.1 million) for the nine months ended September 30, 2025 from RMB34.2 million in the same period of 2024 as a result of the foregoing. 

Net income attributable to the Company's shareholders decreased to RMB20.2 million (US$2.8 million) for the nine months ended September 30, 2025 from RMB42.7 million in the same period of 2024.

Adjusted net income attributable to the Company's shareholders decreased to RMB26.7 million (US$3.8 million) for the nine months ended September 30, 2025 from RMB50.8 million in the same period of 2024. 

Basic and diluted net income per ordinary share were both RMB0.49 (US$0.07) for the nine months ended September 30, 2025. In comparison, basic and diluted net income per ordinary share were both RMB1.03 in the same period of 2024.

Adjusted basic and diluted net income per ordinary share were both RMB0.64 (US$0.09) for the nine months ended September 30, 2025. In comparison, adjusted basic and diluted net income per ordinary share were both RMB1.23 in the same period of 2024.

As of September 30, 2025, the Company had RMB254.1 million (US$35.7 million) in cash and cash equivalents, which represented an increase of RMB1.5 million from RMB252.5 million as of December 31, 2024. 

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/.

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 U.S. GAAP. Investors are encouraged to review the reconciliation of the historical non-GAAP financial measures to its most directly comparable GAAP financial measures. As non-GAAP financial measures have material limitations as analytical metrics and may not be calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider non-GAAP financial measures as a substitute for, or superior to, such metrics in accordance with US GAAP.

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 U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB amounts could have been, or could be, converted, realized or settled in U.S. dollars at that rate on September 30, 2025, or at any other rate.

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

 

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (All amounts in thousands, except share and per share data or otherwise stated)
		As of December 31,				As of September 30,
		2024				2025				2025
		RMB				RMB				US$
ASSETS
Current assets
Cash and cash equivalents			252,540				254,081				35,691
Accounts receivable, net			226,060				186,551				26,205
Prepaid expenses and other current assets			28,415				32,373				4,547
Amounts due from related parties			-				100				14
Investment in marketable security			37,629				6,293				884
Total current assets			544,644				479,398				67,341
Non-current assets
Property and equipment, net			1,981				1,707				240
Intangible assets, net			405,256				400,254				56,223
Goodwill			182,661				183,063				25,715
Long term investments			257,387				291,952				41,010
Long term deposits and other assets			906				835				117
Right-of-use assets-operating lease			4,845				16,252				2,283
Deferred tax assets			7,505				7,280				1,023
Total non-current assets			860,541				901,343				126,611
TOTAL ASSETS			1,405,185				1,380,741				193,952
LIABILITIES AND EQUITY
Current liabilities
Accounts payable			36,015				19,135				2,690
Accrued salary and employee benefits			22,346				12,084				1,697
Accrued expenses and other current liabilities			6,840				4,491				631
Income tax payable			11,284				12,671				1,780
Lease liabilities-operating lease -current			4,098				3,901				548
Deferred revenue			80,186				50,972				7,160
Total current liabilities			160,769				103,254				14,506
Non-current liabilities
Deferred tax liabilities			58,400				57,389				8,061
Lease liabilities-operating lease -non-current			700				11,956				1,679
Total non-current liabilities			59,100				69,345				9,740
TOTAL LIABILITIES			219,869				172,599				24,246
Commitments and contingencies
EQUITY
Ordinary share, no par value, unlimited Class A ordinary shares and Class    B ordinary shares authorized, 38,922,726 Class A ordinary shares and    2,925,058 Class B ordinary shares issued and outstanding as of    December 31, 2024, respectively; 39,412,710 Class A ordinary shares    and 2,925,058 Class B ordinary shares issued and outstanding as of    September 30, 2025, respectively.
Class A ordinary shares			444,162				450,626				63,299
Class B ordinary shares			23,896				23,896				3,357
Shares to be issued			20,817				20,817				2,924
Treasury stocks			(19,952)				(19,952)				(2,803)
Statutory reserves			50,705				52,462				7,369
Retained earnings			662,499				680,984				95,657
Accumulated other comprehensive income			16,967				18,005				2,529
Total shareholders' equity			1,199,094				1,226,838				172,332
Non-controlling interests			(13,778)				(18,696)				(2,626)
TOTAL EQUITY			1,185,316				1,208,142				169,706
TOTAL LIABILITIES AND EQUITY			1,405,185				1,380,741				193,952

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME (All amounts in thousands, except share and per share data or otherwise stated)
		For the nine months ended
		September 30,				September 30,				September 30,
		2024				2025				2025
		RMB				RMB				US$
Live streaming - consumable virtual items revenue			981,002				918,930				129,081
Live streaming - time based virtual items revenue			18,180				13,307				1,869
Technical services and others			13,336				27,015				3,795
Total revenues			1,012,518				959,252				134,745
Cost of revenues			(832,942)				(781,334)				(109,753)
Gross profit			179,576				177,918				24,992
Operating expenses
Sales and marketing expenses			(3,397)				(4,639)				(652)
General and administrative expenses			(52,454)				(65,619)				(9,217)
Research and development expenses			(57,800)				(60,719)				(8,529)
Provision for doubtful accounts			(30,628)				(722)				(101)
Total operating expenses			(144,279)				(131,699)				(18,499)
Income from operations			35,297				46,219				6,493
Change in fair value of investment in marketable security			12,061				(31,336)				(4,402)
Investment loss			(4,396)				(1,079)				(152)
Interest income, net			2,800				1,291				181
Other income, net			713				9,461				1,329
Foreign exchange gain (loss), net			(1,030)				(4,011)				(563)
Income before income taxes			45,445				20,545				2,886
Income tax expenses			(11,242)				(5,676)				(797)
Net income			34,203				14,869				2,089
Less: net loss attributable to noncontrolling interest			(8,488)				(5,373)				(755)
Net income attributable to the Company's shareholders			42,691				20,242				2,844
Other comprehensive income:
Other comprehensive income - foreign currency translation adjustment			483				1,493				210
Comprehensive income			34,686				16,362				2,299
Less: comprehensive loss attributable to non-controlling interests			(8,488)				(4,918)				(691)
Comprehensive income attributable to the Company's shareholders			43,174				21,280				2,990
Weighted average number of shares:
Basic			41,300,961				41,695,853				41,695,853
Diluted			41,496,822				41,695,853				41,695,853
Earnings per share:
Basic			1.03				0.49				0.07
Diluted			1.03				0.49				0.07

 

Reconciliations of Non-GAAP Results (All amounts in thousands, except share and per share data or otherwise stated)
		For the nine months ended
		September 30,				September 30,				September 30,
		2024				2025				2025
		RMB				RMB				US$
Net income attributable to the Company's shareholders			42,691				20,242				2,844
Less:
Share-based compensation			(8,149)				(6,464)				(908)
Adjusted net income attributable to the Company's shareholders*			50,840				26,706				3,752
Adjusted net income per ordinary share
Basic			1.23				0.64				0.09
Diluted			1.23				0.64				0.09
"Adjusted net income attributable to the Company's shareholders" is defined as net income attributable to the Company's shareholders excluding share-based compensation. For more information, refer to "Use of Non-GAAP Financial Measures" and "Reconciliations of Non-GAAP Results" above.

 

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SOURCE Scienjoy Holding Corporation

FAQ

What were Scienjoy's total revenues for the nine months ended September 30, 2025 (SJ)?

Total revenues were RMB959.3 million (US$134.7 million), a 5.3% decline year‑over‑year.

How did Scienjoy's operating profit change for the nine months ended September 30, 2025 (SJ)?

Income from operations increased by 30.9% to RMB46.2 million (US$6.5 million) year‑over‑year.

What caused Scienjoy's net income decline for nine months ended September 30, 2025 (SJ)?

Net income fell to RMB14.9M mainly due to lower overall revenue and large fair value losses in marketable securities.

How much cash did Scienjoy hold as of September 30, 2025 (SJ)?

The company held RMB254.1 million (US$35.7 million) in cash and cash equivalents as of September 30, 2025.

What significant one‑time items affected Scienjoy's nine‑month results in 2025 (SJ)?

Significant items included a RMB31.3M fair value loss on marketable securities and prior year investment buyback write‑offs affecting comparisons.

What strategic initiatives did Scienjoy highlight alongside the nine‑month 2025 results (SJ)?

Management emphasized expanding its AI Vista Live AIGC platform, deeper AI integration, and continued global expansion.