Scienjoy Holding Corporation · NASDAQ:SJ
Scienjoy — Wealthbridge Acquisition — SPAC Merger (February 2020)
36 slides from Scienjoy's SPAC merger presentation, Feb 25, 2020
Slide 1: Scienjoy
» SCIENJOY We spread joy through science and technology. February 2020
Slide 2: Disclaimer
Disclaimer V2 This investor presentation (“Investor Presentation’) is for informational purposes only and does not constitute an offer to sell, solicitation of an offer to buy, ora recommendation to purchase any equity, debt or other financial instruments of Wealthbridge Acquisition Limited (“HHHH”)
Slide 3: Disclaimer: Forward-Looking Statements
Disclaimer Forward-Looking Statements This Investor Presentation includes “forward-looking statements” within the meaning of the "safe harbor” provisions of the US Private Securities Litigation Reform Act of 1995. Forward-looking statements can be identified by the use of words such as “forecast,” “
Slide 4: Content
V2 Content o Transaction Summary o Company Overview o Growth Strategy o Financial Highlights o Appendix
Slide 5: Transaction Summary
Transaction Summary + Wealthbridge Acquisition Limited (‘Wealthbridge” or ‘“HHHH") to acquire 100% stake of Scienjoy uss Inc. (“Scienjoy”) to create a publicly traded, leading life entertainment mobile streaming platform in China; HHHH Cash in Trust* 59,340,000 + Scienjoy stockholders will roll 100%
Slide 6: Company Overview
Company Overview
Slide 7: Who Are We?
i& Who Are We? We Provide Online Entertainment Services Through Live Streaming
Slide 8: Current Business Model
Current Business Model i> Virtual Currency Live Show Platform Broadcasters i 7 @ Virtual Gifts & Live Streaming @ Events i Gaming & Community ®@ Service
Slide 9: Scienjoy by Numbers
Scienjoy by Numbers Leading live streaming platform with growth potential in the niche market of live streaming. M@ ARPPU “) 204 USD @ Annual ARPPU in 2018 © # of Total Users 200,000,000+ (4) As of Dec 2019 a total users have been registered 1) ARPPU refers to Average Revenue Per Paying User 2) Exch
Slide 10: Capitalize on Satisfying Basic Psychological Needs
» Capitalize on Satisfying Basic Psychological Needs \ User Testimonials “Stress from fast-paced job offen drowns me, | need to unwind from time to time to maintain excellence. From July to September, outside the busy season, | just indulge myself on Showself, where | can have fun and relax. This ge
Slide 11: Growth Opportunities in the Live Streaming Market
Growth Opportunities in the Live Streaming Market V2 China has now become the largest live streaming market in terms of total registered user number and revenue") Revenue’: | Revenue*: Revenue’: $2.0 sition | $6.2. ition $13.6 sition Users: | Users: Users: | | | 294 396 500 - iiition Source: (1) Del
Slide 12: Live Streaming Industry Landscape
Live Streaming Industry Landscape ZB © Avg. Quarterly Active Users Within Show Sector, 2018() IB Live Streaming Industry Scienjoy Company A Company B 1 4 = 7 3 . 7 2 . 5 Interactive Pan- Gaming Others Million Million Million Show Centric _ entertainment QO = 8 Public Companies in the Live Streaming
Slide 13: ARPPU (Average Revenue Per Paying User)
ARPPU (Average Revenue Per Paying User) V4 @ Live Streaming Industry Annual ARPPU in 2018() 98 usp o VB pug Nor-game-ceniric { Live Streaming Game-centric Live Streaming Live Streaming Source: (1) Company Annual Reports and iResearch report; Note: ARPPU refers to Average Revenue Per Paying User; Exc
Slide 14: Core Business Strategy
Core Business Strategy
Slide 15: Gamified Product Design Methodology
& Gamified Product Design Methodology ~Embedding Game Thinking Into ™@ Stable Track Record Mobile Live-streaming Platform Average 85% of users making a purchase are in-app game players (trophies won after playing games) = = Equipment
Slide 16: Multi-product Strategy
Multi-product Strategy Showself Live Since 2014 Vibrant Ecosystem of Products a & x [*O Haixiu Live fj Lehai Live Since 2016 Different Attract More Internal Since 2015 Operating Users and Cooperation Methods Improve User Retention Users and Broadcasters
Slide 17: Key Innovation Areas
Key Innovation Areas B Innovation is part of our DNA. © Current Applications Patents/IPs Optimizing User Experience Cocos2Dx Al, AR/VR: Add-on functions in live streaming (e.g. look enhancement, AR effects) We use Cocos2Dx daily and Cocos2Dx designed games throughout our live streaming platform Curr
Slide 18: Creative Team with Strong Tech Expertise
ms Creative Team with Strong Tech Expertise Three founders have strong tech experience and deep industry understanding, while sharing a similar vision. Victor He Co-Founder & CEO ? a Bo Wan Co-Founder & COO Wesley Lu Co-Founder & EVP + 19 years of IT & Internet industry experience, worked in UTStarc
Slide 19: Milestones
Milestones We have launched 3 show-centric products since our establishment in 2011 and have become the leading player among the live show platforms. Haixiu Live © Lehai Live Showself Live scENoy 2011 2012 2013 2014 2015 2016 2017 2018 @ October @ August @ June @ January July BB April @ March Hi Q2
Slide 20: Growth Strategy
Growth Strate
Slide 21: Who Are We Next?
Who Are We Next? We Spread Joy Through Next Generation Interactions
Slide 22: Enormous Market Opportunities
"TE Enormous Market Opportunities i> Global Live Streaming Industry Revenues") The global live streaming industry is expected to grow at a CAGR of 22.8% from 2018 to 2022, reaching $22.09 billion by 2022. Unit: Billion USD car: 228% 2018 2019E 2020F 2021F 2022F Source: (1) Frost and Sullivan; (2) Ne
Slide 23: Our Path Towards “Real + Virtual” Second Life
Our Path Towards “Real + Virtual” Second Life V2 Our Path Towards “Real + Virtual” Second Life q360p Live Streaming 2.0: Smart Society LAS combining Real and Virtual Worlds ly \ = With VR and Al becoming the next-gen Messaging Internet Access Smart Phones wm, m> ap = cele a er >( Ea) > (@) > > | V4
Slide 24: Enter Overseas Markets
Enter Overseas Markets & Replicate existing business model overseas where new industry landscape is forming. Middle East (wi year ) * 164 Million internet users in 2018 + E-commerce market size reached $8 Billion in 2017 and is expected to reach $29 Bi Latin America (incl. Mexico) (beyond 2 years )
Slide 25: Expect to Expand Our Business Model
Expect to Expand Our Business Model \& B® Advertising For businesses, goods and services Brands selection — Impulse brands Co In-live-streaming overlay ads i Special promotion live events fea) Banner, slide images and auto recommendations Value-added Services Customized services for broadcasters and
Slide 26: Tap Into The Next Phase of Enormous Industry Potential Through M&A
Tap Into The Next Phase of Enormous Industry Potential Through M&A i M&A To support the execution of each element of our growth strategy @ o° 860 ¢=3 “Real + Virtual” - Overseas Business Model Second Life “> Expansion 51°] Extension » Revenue Growth
Slide 27: Financial Highlights
Slide 28: Financial Highlights
i> Financial Highlights MM Revenue and Net Profit Revenue and net profit are both projected to grow. RMB 190,000 ($27,299) RMB 151,400 $21,753 gt sere RMB 1,200,000 ($172,414) RMB 910,000 RMB 743,018 ($130,747) ($107,997) 2018! 2019E? 2020E? HH Net Profit {lll} Revenue Unit: Thousands Note: 1. Histo
Slide 29: Financial Highlights
Financial Highlights i Mi ARPPU* YoY Growth: YoY Growth**: ee RMB 1,135 —“ RMB 994 (S168) sve ELS) RMB 1,372 +21% RMB 1,135 (Gite) ee ($174) RMB 1,238 RMB 1,086 ($180)? RMB 1,062 [+ 2%) ($158) (es) RMB 1,183 RMB 1,017 ($172) Q2 RMB 899 C1374) ($148) ($138) Q3 1 RMB 1,064 C+ 22%) RMB 1,293 Gil Aen =>
Slide 30: Comparable Companies Analysis
Comparable Companies Analysis ZB FY 2019E Price/Earnings Average: 54.1x Discount: 79% y FY 2020E Price/Earnings © xHuya &@ els @momo Inke 7) Average: 22.4x Discount: 59% 24.7x V2 @®nxuya Brno Inke gis 30 Source: CapiQ, Factset, Company Reports as of 02/14/2020 Note: JOYY’s LTM Net Income is calculat
Slide 31: Appendix
Slide 32: Income Statement
Income Statement V2 ScienJoy except share and per share data or otherwise stated (US- 2016 2017 2018 2018 2019 CM) RMB RMB. US$ RMB. USS RMB RMB US$ (Unaudited) (Unaudited) (Unaudited) Net revenues 717,129 836,604 128,584 743,018 108,068 371,341 404,478 58,919 Cost of revenues -597,315 ~654,332 -100
Slide 33: Balance Sheet
Balance Sheet ScienJoy Amounts in thousands of RMB and US$*, For the years ended December 31 For the year ended Dec 31 except share and per share data or otherwise stated (UESGINAP)) irs RMB + USS RMB 27 USS. RMB +4 US$ (Unaudited) (Unaudited) ASSETS Current assets Cash and cash equivalents 26,507 1
Slide 34: Balance Sheet (Continued)
Balance Sheet (Continued) Amounts in thousands of RMB and US$*, For the years ended December 31 For the year ended Dec 31 ertine Sr means ended 2016 2017 2018 2019 RMB RMB US$ RMB USS RMB US$ (Unaudited) (Unaudited) except share and per share data or otherwise stated (US-GAAP) LIABILITIES AND EQUITY
Slide 35: Cash Flow Statement
Cash Flow Statement Vv Amounts in thousands of RMB and US$*, For the years ended December 31 For the year ended Dec 31 For the six months ended Jun 30 2018 except share and per share data or otherwise stated (US- 2016 2017 2018 2019 GAAP) RMB RMB USS RMB. USS. RMB. RMB. USS (Unaudited) (Unaudited) (
Slide 36: Thank You
Thank You wy SCIENJOY www.scienjoy.com
Wealthbridge Acquisition — SPAC Merger (February 2020) on 6ix