Scienjoy Holding Corp (NASDAQ: SJ)

Scienjoy Holding Corporation is a provider of mobile live streaming platforms in China and focuses on interactive show live streaming from broadcasters to users. The company operates a mobile live streaming business that delivers live streaming entertainment from professional broadcasters to end users allowing for operation of live social video communities. Users can select broadcasters and enter real time video rooms to interact with them view photos posted by broadcasters leave comments and engage in private chats when broadcasters are not streaming. The company also offers simple games that users can play using virtual currency while watching live streaming. Scienjoy Holding Corporation develops its own mobile applications and maintains a suite of platforms that serve a diverse user base across China and in selected international markets.

Revenue is generated primarily through the sale of virtual currency to users. Users purchase virtual currency on the platforms and use it to buy virtual items for broadcasters to show support or to access privileges and special features within the video rooms. The company shares the revenue generated on the platforms with talent agencies which in turn share fees with broadcasters. Almost all of the company’s total revenue derives from the sale of virtual items and virtual currency related to its live streaming business. In addition the company explores cooperative arrangements with smaller live streaming teams providing technology operation maintenance and promotional support in exchange for revenue sharing. The company also plans to leverage its expertise and user base to expand into other technological services such as virtual reality augmented reality and artificial intelligence powered products.

Scienjoy Holding Corporation positions itself as a leading provider of mobile show live streaming in China with a multi platform approach that includes Showself Live Streaming Lehai Live Streaming Haixiu Live Streaming BeeLive Chinese BeeLive International and Hongle Live Streaming. The company competes with other live streaming and short video platforms such as Hello Group JOYY Inke Huafang DOYU and HUYA. Its competitive strengths stem from its early entry into the live streaming market its proprietary end to end mobile video solutions and its continuous investment in technology innovation including AI big data machine learning physics engine and augmented reality capabilities. The company’s data analytics capabilities enable it to understand user behavior match users with suitable broadcasters and optimize platform interface to improve user experience and monetization. An experienced management team with over twenty years of experience in mobile Internet big data and related industries provides operational execution and strategic direction that helps the company maintain a competitive advantage in a rapidly evolving industry.

The company serves a broad base of individual users who access its platforms for entertainment social interaction and live streaming content. Its user base includes registered users that have exceeded 330 million by the end of 2025 and paying users that numbered approximately 384 thousand in the same period. The platforms attract users from various age groups and geographic regions with a concentration of users in economically developed areas that have high disposable income and leisure time. The company also works with talent agencies and broadcaster agents who supply professional broadcasters and provide training and management services. While the filing does not disclose specific corporate customer names the company’s revenue model relies on individual consumers purchasing virtual currency and virtual goods to support broadcasters on its platforms.