Business
Scienjoy Holding Corporation Reports Fiscal Year 2021 Financial Results
Annual Revenues Increased by 36.6% Year Over Year BEIJING, May 17, 2022 /PRNewswire/ -- Scienjoy Holding Corporation ("Scienjoy", the "Company", or "We")
About this update from Scienjoy Holding Corporation
[{"type":"text","content":"Annual Revenues Increased by 36.6% Year Over Year\nBEIJING, May 17, 2022 /PRNewswire/ -- Scienjoy Holding Corporation (\"Scienjoy\", the \"Company\", or \"We\") (NASDAQ: SJ), a leading live entertainment mobile streaming platform in China, today announced its financial results for the year ended December 31, 2021.\nFiscal Year 2021 Operating and Financial Highlights\nTotal net revenues in fiscal year 2021 increased by 36.6% to RMB1,669.4 million (US$262.0 million) from RMB1,222.2 million in fiscal year 2020.Gross profit in fiscal year 2021 increased by 16.1% to RMB304.5 million (US$47.8 million) from RMB262.2 million in fiscal year 2020.Net income in fiscal year 2021 decreased to RMB170.0 million (US$26.7 million) from RMB176.1 million in fiscal year 2020.Adjusted net income in fiscal year 2021 increased by 17.6% to RMB219.0 million (US$34.4 million) from RMB186.3 million in fiscal year 2020.Total paying users in fiscal year 2021 decreased to 840,640 from 904,568 in fiscal year 2020. Active broadcasters in fiscal year 2021 increased by 50.2% to 288,898 from 192,389 in fiscal year 2020.As of December 31, 2021, the Company had RMB240.9 million (US$37.8 million) in cash and cash equivalents, which represented an increase of 7.2% from RMB224.8 million as of December 31, 2020.Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, \"We concluded fiscal year 2021 with solid financial and operational results, which demonstrated the strong resilience of our business model. Focused on optimizing the livestreaming service ecosystem and executing a globalization strategy, we sustained our strategic efforts in content investment through our multiple live streaming channels to expand our offering and drive continued user growth, which is a critical step in meeting the evolving expectation of users and growing our business significantly. Also, the acquisition of Hongle.tv enhanced our market position in the talent show live streaming category and complimented our existing platforms. In addition, we remain committed to developing our live streaming metaverse with investment into research and development (R&D). The investment into technologies, such as Artificial Intelligence (AI), Augmented Reality (AR), and Virtual Reality (VR), and personnel in R&D was the strategic approach for Scienjoy to pave the way for the metaverse ...