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Scienjoy Holding Corporation offers live entertainment mainly in China through platforms including Showself, Lehai and Haixiu. Viewers enter video rooms for free to watch performances and interact with broadcasters. Paying viewers buy virtual currency and spend it on gifts and other virtual items to support broadcasters; these purchases generate most of the company’s revenue. Scienjoy shares that revenue with talent agencies, which in turn pay broadcasters. Technical development and advisory services contribute little revenue.
The business depends on keeping viewers willing to pay and retaining broadcasters whose content draws them back. Talent agencies help recruit and train those broadcasters. Users buy virtual currency directly through payment channels such as WeChat Pay and Alipay, or through authorized distributors. Scienjoy extends credit to distributors for a significant portion of sales proceeds, and its receivables are concentrated among a few of them, making collection dependent on their ability to pay.
China restricts foreign investment in the internet and online cultural activities involved. Scienjoy therefore conducts most operations through Chinese businesses it controls by contract rather than owns; these businesses hold key licenses and operating assets. Continued operations depend on those arrangements and licenses, and platforms must comply with Chinese content rules that can require services to be restricted or shut down.
The risk section is the longest, dullest part of the filing. This keeps only what can really hurt you: where it hits, how hard, when it plays out.
Every company claims an edge. Each one is checked against hard numbers like margins and returns: which hold, and which line gives way first.
Scienjoy’s results hinge on retaining paying Chinese live-streaming users and appealing broadcasters against rivals including Inke and Huafang, neither of which appears in this list.
Hello Group competes with Scienjoy for Chinese users who pay to send virtual gifts during interactive livestreams. Watch its livestream gift revenue rather than its dating subscriptions for the closer read on competition for Scienjoy’s paying users.
JOYY competes with Scienjoy for livestream viewers and performers, with both earning money from users buying virtual gifts for broadcasters. Livestream tips accounted for 72.0% of JOYY’s revenue in 2025, making that revenue line the clearest part of its results to watch for this rivalry.
Bilibili’s live broadcasts compete with Scienjoy for Chinese viewers, creators and spending on live entertainment. Its broader video community also earns revenue from advertising, mobile games and other services, so watch its live-broadcasting business rather than total revenue for the closer comparison with Scienjoy’s user-funded virtual gifts.
Hello Group Inc. earningsMOMO
Hello Group’s livestream gift revenue will show whether Chinese users are still paying for interactive streams, a market where it competes with Scienjoy for users.
Focus on Hello Group’s livestream gift revenue, not its dating subscriptions. Stable or rising gift revenue would show that users are still paying for interactive streams, supporting the market Scienjoy competes in; a decline would point to weaker spending on that format and a tougher setting for Scienjoy to attract payers.
Scienjoy Holding Corporation earningsThis company
Scienjoy earns most of its revenue from users buying virtual gifts, and this report will show whether the decline in paying users is easing.
Read paying-user numbers alongside revenue from consumable virtual items, Scienjoy’s main revenue source. If user numbers stabilize and gift revenue holds, its platforms are retaining a broader base of payers; if users keep falling while revenue depends on higher spending per payer, the business is leaning more heavily on fewer people.
