SJ Scienjoy Holding Corporation

Exhibit 99.1

 

Scienjoy Holding Corporation Reports Second Quarter and First Half 2024 Unaudited Financial Results

 

BEIJING, August 29, 2024 /PRNewswire/ — Scienjoy Holding Corporation (“Scienjoy”, the “Company”, or “we”) (NASDAQ: SJ), an interactive entertainment leader in the Chinese market, today announced its financial results for the second quarter and first half of fiscal year 2024 ended June 30, 2024.

 

Second Quarter 2024 Operating and Financial Summaries

 

●

Total revenues increased by 3.2% to RMB374.8 million (US$51.6 million) for the three months ended June 30, 2024 from RMB363.2 million in the same period of 2023.

 

●

Gross profit increased by 28.3% to RMB64.7 million (US$8.9 million) for the three months ended June 30, 2024 from RMB50.4 million in the same period of 2023.

 

●

Income from operations increased by 148.0% to RMB28.6 million (US$3.9 million) for the three months ended June 30, 2024 from RMB11.5 million in the same period of 2023.

 

●

Net income was RMB33.4 million (US$4.6 million) for the three months ended June 30, 2024, as compared with RMB84.9 million in the same period of 2023. The decrease in net income was primarily attributed to the change in fair value of investment in marketable security, which does not affect the Company’s normal business operations. The change in fair value of investment in marketable security was primarily attributable to the fair value changes in investments in publicly traded company. The share price of publicly traded company experienced a moderate increase during the three months ending June 30, 2024, compared to a significant increase during the same period of 2023.

 

●

Net income attributable to the Company’s shareholders was RMB35.3 million (US$4.9 million) for the three months ended June 30, 2024, as compared with RMB84.7 million in the same period of 2023.

 

●

Adjusted net income attributable to the Company’s shareholders was RMB38.5 million (US$5.3 million) for the three months ended June 30, 2024, as compared with RMB86.8 million in the same period of 2023.

 

First Half 2024 Operating and Financial Summaries

 

●

Total revenues increased by 3.6% to RMB691.1 million (US$95.1 million) for the six months ended June 30, 2024 from RMB667.4 million in the same period of 2023.

 

●

Gross profit increased by 30.1% to RMB117.8 million (US$16.2 million) for the six months ended June 30, 2024 from RMB90.5 million in the same period of 2023.

 

●

Income from operations increased by 136.5% to RMB38.9 million (US$5.3 million) for the six months ended June 30, 2024 from RMB16.4 million in the same period of 2023.

 

●

Net income was RMB36.2 million (US$5.0 million) for the six months ended June 30, 2024, as compared with RMB79.3 million in the same period of 2023. The decrease in net income was primarily attributed to the change in fair value of investment in marketable security, which does not affect the Company’s normal business operations. The change in fair value of investment in marketable security was primarily attributable to the fair value changes in investments in publicly traded company. The share price of publicly traded company experienced a moderate increase during the six months ending June 30, 2024, compared to a significant increase during the same period of 2023.

 

●

Net income attributable to the Company’s shareholders was RMB41.9 million (US$5.8 million) for the six months ended June 30, 2024, as compared with RMB81.6 million in the same period of 2023.

 

 

●

Adjusted net income attributable to the Company’s shareholders was RMB47.5 million (US$6.5 million) for the six months ended June 30, 2024, as compared with RMB92.0 million in the same period of 2023.

 

●

As of June 30, 2024, the Company had RMB188.8 million (US$26.0 million) in cash and cash equivalents, as compared with RMB205.5 million as of December 31, 2023.

 

Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, “The first half of 2024 has shown solid growth in both our revenue and gross profit, reaffirming our confidence in and expectations for our existing strategy focused on global expansion and metaverse innovation. As emerging AI algorithms and applications rapidly integrate into daily life, our metaverse platform, SJ-Verse, has been energized with groundbreaking innovations and significant momentum. These advancements include more targeted and personalized content, deeper social integration, comprehensive developer support, and enhanced platform connectivity. During this period, SJ-Verse has remained on course with its established goals, notably through partnerships with local creators, service providers and third-party developers to build a metaverse ecosystem uniquely characterized by Dubai’s culture. This initiative is designed to resonate with local preferences while nurturing a diverse global community of engaged users. Furthermore, we continue to make substantial investments in AI-Generated Content (AIGC) technologies, viewing them as a promising and profitable avenue within the metaverse landscape. We believe that by integrating AIGC technology into all our product offerings, we could attract and retain a larger global user base, offering a constantly evolving portfolio filled with surprises and entertainment. Looking ahead, we will be empowered by these revolutionary AI-driven innovations, enabling us to diversify risks and seize more growth opportunities within the future metaverse ecosystem.”

 

Mr. Denny Tang, Chief Financial Officer of Scienjoy, added, “We are pleased to report robust results for the first half of 2024, despite external challenges and market volatilities. In the second quarter and first half of fiscal year 2024, our revenue experienced steady growth of 3.2% and 3.6%, respectively; gross profit increased substantially by 28.3% and 30.1%, respectively; and income from operations surged by 148.0% and 136.5%, respectively. These figures reinforce our confidence in the effectiveness of our strategic initiatives and our unwavering commitment to executing them more efficiently. We are actively engaged in the metaverse industry, one of the most dynamic and innovative frontiers in today’s rapidly evolving world, with each spark of innovation presenting an opportunity for growth. Therefore, we remain vigilant, striving to stay ahead of trends and seize these opportunities. Simultaneously, we view business globalization as the path to becoming a significant player in the global metaverse arena. Going forward, we are committed to delivering more shareholder value by remaining steadfast in our dedication to innovation and our growth strategies.”

  

Second Quarter 2024 Financial Results

 

Total revenues increased by 3.2% to RMB374.8 million (US$51.6 million) for the three months ended June 30, 2024 from RMB363.2 million in the same period of 2023, primarily caused by increase of average revenue per paying user (“ARPPU”) as the economy recovers in China. The overall ARPPU for the three months ended June 30, 2023 and 2024 was RMB1,690 and RMB1,943, respectively. 

 

Cost of revenues decreased by 0.8% to RMB310.1 million (US$42.7 million) for the three months ended June 30, 2024 from RMB312.7 million in the same period of 2023. The decrease was primarily attributable to a 60.2%, or RMB15.1 million, year-over-year decrease in users acquisition costs for the three months ended June 30, 2023, due to the fact that the Company already had a stable market share, and a decrease of RMB0.9 million in bandwidth related costs, as well as a decrease of RMB1.3 million in others costs. The decreased cost was partially offset by an increase of RMB14.7 million in revenue sharing fees, which was in line with the increase of revenue.

 

Gross profit increased by 28.3% to RMB64.7 million (US$8.9 million) for the three months ended June 30, 2024 from RMB50.4 million in the same period of 2023.

 

Total operating expenses decreased by 7.1% to RMB36.1 million (US$5.0 million) for the three months ended June 30, 2024 from RMB38.9 million in the same period of 2023.

 

●

Sales and marketing expenses decreased by 26.5% to RMB0.2 million (US$0.03 million) for the three months ended June 30, 2024 from RMB0.3 million in the same period of 2023, primarily due to fewer marketing activities.

 

 

●

General and administrative expenses decreased by 13.0% to RMB16.7 million (US$2.3 million) for the three months ended June 30, 2024 from RMB19.1 million in the same period of 2023, primarily caused by a decrease of RMB2.7 million in share based compensation.

 

●

Research and development expenses decreased by 3.3% to RMB17.5 million (US$2.4 million) and RMB18.1 million for the three months ended June 30, 2024 and 2023, due to a decrease of RMB1.6 million employee salary and welfare and a decrease of RMB0.4 million in share base compensation, offset by an increase of RMB1.5 million in technical services.

 

●

Provision for credit losses increased by 29.2% to RMB1.8 million (US$0.2 million) for the three months ended June 30, 2024 from RMB1.4 million in the same period of 2023.

 

Income from operations increased by 148.0% to RMB28.6 million (US$3.9 million) for the three months ended June 30, 2024 from RMB11.5 million in the same period of 2023.

  

Change in fair value of contingent consideration was Nil for the three months ended June 30, 2024, as compared to a gain of RMB2.5 million in the same period of 2023. Change in fair value of contingent consideration is derived from earn out liabilities resulted from historical acquisitions. The fair value of the contingent consideration is re-measured at each reporting period, and the change in fair value is recognized as either income or expense. 

 

Change in fair value of warrant liabilities was Nil for the three months ended June 30, 2024, as compared to a gain of RMB2.1 million in the same period of 2023. The fair value of the Company’s warrants derivative liability assumed from the SPAC acquisition is re-measured to its fair value at the end of each reporting period, with the change being recorded as other expense or gain. In February 2024, the Company’s warrants expired according to the terms of the warrant agreement. As of February 6, 2024, the Company has no warrants issued and outstanding.

 

Change in fair value of investment in marketable security decreased by 89.0% to a gain of RMB7.0 million (US$1.0 million) for the three months ended June 30, 2024 from a gain of RMB63.6 million in the same period of 2023. The change was primarily attributable to the fair value changes in investments in publicly traded company. The share price of publicly traded company experienced a moderate increase during the three months ending June 30, 2024, compared to a significant increase during the same period of 2023.

 

Investment loss decreased by 71.2% to RMB1.1 million (US$0.2 million) for the three months ended June 30, 2024 from RM3.9 million in the same period of 2023. The investment loss was primarily attributable to one-time share of unrealized loss in the long-term investments. 

 

Income tax expense was RMB3.0 million for the three months ended June 30, 2024, as compared with income tax benefit of RMB6.5 million in the same period of 2023, which was mainly due to more taxable income.

 

Net income decreased by 60.6% to RMB33.4 million (US$4.6 million) for the three months ended June 30, 2024 from RMB84.9 million in the same period of 2023. The decrease in net income was primarily attributed to the change in fair value of investment in marketable security mentioned above, which does not affect the Company’s normal business operations.

 

Net income attributable to the Company’s shareholders decreased by 58.3% to RMB35.3 million (US$4.9 million) for the three months ended June 30, 2024 from RMB84.7 million in the same period of 2023.

 

Adjusted net income attributable to the Company’s shareholders decreased by 55.6% to RMB38.5 million (US$5.3 million) for the three months ended June 30, 2024 from RMB86.8 million in the same period of 2023. 

 

 

Basic and diluted net income per ordinary share was RMB0.86 (US$0.12) and RMB0.85 (US$0.12) for the three months ended June 30, 2024, respectively. In comparison, basic and diluted net income per ordinary share was RMB2.09 and RMB2.08 in the same period of 2023, respectively.

 

Adjusted basic and diluted net income per ordinary share was RMB0.94 (US$0.13) and RMB0.93 (US$0.13) for the three months ended June 30, 2024, respectively. In comparison, adjusted basic and diluted net income per ordinary share was RMB2.15 and RMB2.13 in the same period of 2023, respectively.

 

First Half 2024 Financial Results

 

Total net revenues increased by 3.6% to RMB691.1 million (US$95.1 million) for the six months ended June 30, 2024 from RMB667.4 million in the same period of 2023, primarily caused by increase of average ARPPU as the economy recovers in China. The overall ARPPU for the six months ended June 30, 2023 and 2024 was RMB2,002 and RMB2,407, respectively. 

 

Cost of revenues decreased by 0.6% to RMB573.3 million (US$78.9 million) for the six months ended June 30, 2024 from RMB576.9 million in the same period of 2023. The decrease was primarily attributable to a 56.6%, or RMB22.2 million, year-over-year decrease in the Company’s user acquisition costs due to the fact that the Company already had a stable market share, and a decrease of RMB1.3 million in bandwidth related costs, as well as a decrease of RMB2.7 million in others costs. partially offset by an increase of RMB22.7 million in revenue sharing fees, which was in line with the increase of revenue. 

 

Gross profit increased by 30.1% to RMB117.8 million (US$16.2 million) for the six months ended June 30, 2024 from RMB90.5 million in the same period of 2023.

 

Total operating expenses increased by 6.5% to RMB78.9 million (US$10.9 million) for the six months ended June 30, 2024 from RMB74.1 million in the same period of 2023.

 

●

Sales and marketing expenses increased by 367.2% to RMB2.2 million (US$0.3 million) for the six months ended June 30, 2024 from RMB0.5 million in the same period of 2023, primarily attributable to sales and marketing activities in our new subsidiaries in Dubai. The Company is taking initiative in Dubai market, aiming at global expansion starting from the dynamic Middle East and North Africa (MENA) region.

 

●

General and administrative expenses increased by 0.3% to RMB36.6 million (US$5.0 million) for the six months ended June 30, 2024 from RMB36.5 million in the same period of 2023. The increase was primarily due to an increase of RMB4.1 million in employee salary and welfare and RMB1.0 million membership fees, offset by a decrease of RMB2.6 million in office renovation expenses and a decrease of RMB2.4 million in. share based compensation.

 

●

Research and development expenses increased by 11.8% to RMB39.1 million (US$5.4 million) from RMB34.9 million for the six months ended June 30, 2024 and 2023, due to an increase of RMB5.9 million in technical services fees, offset by a decrease of RMB1.6 million in employee salary and welfare.

 

●

Provision for credit losses decreased by 49.5% to RMB1.1 million (US$0.2 million) for the six months ended June 30, 2024 from RMB2.2 million in the same period of 2023.

 

Income from operations increased by136.5% to RMB38.7 million (US$5.3 million) for the six months ended June 30, 2024 from RMB16.4 million in the same period of 2023.

 

Change in fair value of contingent consideration was Nil for the six months ended June 30, 2024, as compared to a loss of RMB2.0 million in the same period of 2023. Change in fair value of contingent consideration is derived from earn out liabilities resulted from historical acquisitions. The fair value of the contingent consideration is re-measured at each reporting period, and the change in fair value is recognized as either income or expense. 

 

 

Change in fair value of warrant liabilities was Nil for the six months ended June 30, 2024, as compared to a gain of RMB0.2 million in the same period of 2023. The fair value of the Company’s warrants derivative liability assumed from the SPAC acquisition is re-measured to its fair value at the end of each reporting period, with the change being recorded as other expense or gain. In February 2024, the Company’s warrants expired according to the terms of the warrant agreement. As of February 6, 2024, the Company has no warrants issued and outstanding.

 

Change in fair value of investment in marketable security decreased by 94.2% to a gain of RMB3.8 million (US$0.5 million) for the six months ended June 30, 2024 from a gain of RMB65.1 million in the same period of 2023. The change was primarily attributable to the fair value changes in investments in publicly traded company. The share price of publicly traded company experienced a moderate increase during the six months ending June 30, 2024, compared to a significant increase during the same period of 2023.

 

Investment loss decreased by 18.0% to RMB3.4 million (US$0.5 million) for the six months ended June 30, 2024 from RMB4.1 million in the same period of 2023. The investment loss was primarily attributable to one-time share of unrealized loss in the long-term investments. 

 

Income tax expense was RMB7.7 million for the six months ended June 30, 2024, as compared with income tax benefit of RMB0.6 million in the same period of 2023, which was mainly due to more taxable income.

 

Net income decreased by 54.3%to RMB36.2 million (US$5.0 million) for the six months ended June 30, 2024 from RMB79.3 million in the same period of 2023. The decrease in net income was primarily attributed to the change in fair value of investment in marketable security mentioned above, which does not affect the Company’s normal business operations.

 

Net income attributable to the Company’s shareholders decreased by 48.6% to RMB41.9 million (US$5.8 million) for the six months ended June 30, 2024 from RMB81.6 million in the same period of 2023.

 

Adjusted net income attributable to the Company’s shareholders decreased by 48.3% to RMB47.5 million (US$6.5 million) for the six months ended June 30, 2024 from RMB92.0 million in the same period of 2023. 

 

Basic and diluted net income per ordinary share was RMB1.02(US$0.14) and RMB1.01 (US$0.14) for the six months ended June 30, 2024, respectively. In comparison, basic and diluted net income per ordinary share was RMB2.02 and RMB2.01 in the same period of 2023, respectively.

 

Adjusted basic and diluted net income per ordinary share was RMB1.16 (US$0.16) and RMB1.15 (US$0.16) for the six months ended June 30, 2024., respectively. In comparison, adjusted basic and diluted net income per ordinary share was RMB2.28 and RMB2.26 in the same period of 2023, respectively.

 

As of June 30, 2024, the Company had RMB188.8 million (US$26.0 million) in cash and cash equivalents, which represented a decrease of RMB16.7 million from RMB205.5 million as of December 31, 2023. 

 

Business Outlook

 

The Company expects its total net revenues to be in the range of RMB303 million to RMB323 million in the third quarter of 2024. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change and cannot be predicted with reasonable accuracy as of the date hereof.

  

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 is calculated as net income adjusted for change in fair value of contingent consideration, change in fair value of warrant liability and 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 RMB7.2672 to US$1.00, the noon buying rate in effect on June 30, 2024, 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 June 30, 2024, 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 June 30,
		2023				2024				2024
		RMB				RMB				US$
ASSETS
Current assets
Cash and cash equivalents			205,465				188,764				25,975
Accounts receivable, net			260,979				246,812				33,962
Prepaid expenses and other current assets			78,653				59,840				8,234
Amounts due from related parties			355				-				-
Investment in marketable security			31,525				35,290				4,856
Total current assets			576,977				530,706				73,027
Property and equipment, net			2,193				1,863				256
Intangible assets, net			412,154				408,690				56,238
Goodwill			182,467				182,536				25,118
Long term investment			254,411				267,519				36,812
Long term deposits and other assets			726				731				101
Right-of-use assets-operating lease			12,157				8,544				1,176
Deferred tax assets			7,379				5,222				719
Total non-current assets			871,487				875,105				120,420
TOTAL ASSETS			1,448,464				1,405,811				193,447
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable			73,183				35,034				4,820
Accrued salary and employee benefits			14,763				9,394				1,293
Accrued expenses and other current liabilities			27,610				8,244				1,134
Income tax payable			13,005				9,196				1,265
Lease liabilities-operating lease -current			7,974				6,101				840
Deferred revenue			97,586				84,997				11,696
Total current liabilities			234,121				152,966				21,048
Non-current liabilities
Deferred tax liabilities			59,818				59,109				8,134
Lease liabilities-operating lease -non-current			4,798				2,773				382
Total non-current liabilities			64,616				61,882				8,516
TOTAL LIABILITIES			298,737				214,848				29,564
Commitments and contingencies
EQUITY
Ordinary share, no par value, unlimited Class A ordinary shares and Class B ordinary shares authorized, 38,113,879 Class A ordinary shares and 2,925,058 Class B ordinary shares issued and outstanding as of December 31, 2023, respectively; 38,920,797 Class A ordinary shares and 2,925,058 Class B ordinary shares issued and outstanding as of June 30, 2024, respectively.
Class A ordinary shares			423,623				439,212				60,438
Class B ordinary shares			23,896				23,896				3,288
Shares to be issued			30,777				20,817				2,865
Treasury stocks			(19,216	)			(19,216	)			(2,644	)
Statutory reserves			44,698				48,040				6,611
Retained earnings			628,821				667,399				91,837
Accumulated other comprehensive income			17,965				17,357				2,388
Total shareholders’ equity			1,150,564				1,197,505				164,783
Non-controlling interests			(837	)			(6,542	)			(900	)
Total equity			1,149,727				1,190,963				163,883
TOTAL LIABILITIES AND EQUITY			1,448,464				1,405,811				193,447

 

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME

 

(All amounts in thousands, except share and per share data or otherwise stated)

 

		For the three months ended												For the six months ended
		June 30,				June 30,				June 30,				June 30,				June 30,				June 30,
		2023				2024				2024				2023				2024				2024
		RMB				RMB				US$				RMB				RMB				US$
Livestreaming - consumable virtual items revenue			349,629				362,293				49,853				640,740				671,308				92,375
Livestreaming - time based virtual items revenue			6,379				6,542				900				11,890				12,516				1,722
Technical services and others			7,143				6,005				826				14,812				7,315				1,007
Total revenues			363,151				374,840				51,579				667,442				691,139				95,104
Cost of revenues			(312,718	)			(310,117	)			(42,674	)			(576,913	)			(573,329	)			(78,893	)
Gross profit			50,433				64,723				8,905				90,529				117,810				16,211
Operating expenses
Sales and marketing expenses			(257	)			(189	)			(26	)			(466	)			(2,177	)			(300	)
General and administrative expenses			(19,148	)			(16,650	)			(2,291	)			(36,457	)			(36,580	)			(5,034	)
Research and development expenses			(18,135	)			(17,534	)			(2,413	)			(34,945	)			(39,061	)			(5,375	)
Provision for doubtful accounts			(1,369	)			(1,769	)			(243	)			(2,230	)			(1,126	)			(155	)
Total operating expenses			(38,909	)			(36,142	)			(4,973	)			(74,098	)			(78,944	)			(10,864	)
Income from operations			11,524				28,581				3,932				16,431				38,866				5,347
Change in fair value of contingent consideration			2,540				-				-				(1,978	)			-				-
Change in fair value of warrants liability			2,085				-				-				153				-				-
Change in fair value of investment in marketable security			63,570				6,991				962				65,148				3,764				518
Investment loss			(3,870	)			(1,114	)			(153	)			(4,088	)			(3,354	)			(462	)
Interest income, net			691				449				62				1,095				2,428				334
Other income, net			354				575				79				525				688				95
Foreign exchange gain, net			1,454				974				134				1,421				1,508				208
Income before income taxes			78,348				36,456				5,016				78,707				43,900				6,040
Income tax benefits (expenses)			6,526				(3,035	)			(418	)			632				(7,673	)			(1,056	)
Net income			84,874				33,421				4,598				79,339				36,227				4,984
Less: net income (loss) attributable to noncontrolling interest			138				(1,919	)			(264	)			(2,247	)			(5,693	)			(783	)
Net income attributable to the Company’s shareholders			84,736				35,340				4,862				81,586				41,920				5,767
Other comprehensive loss:
Other comprehensive loss - foreign currency translation adjustment			(511	)			(172	)			(24	)			(498	)			(608	)			(84	)
Comprehensive income			84,363				33,249				4,574				78,841				35,619				4,900
Less: comprehensive income (loss) attributable to non-controlling interests			138				(1,919	)			(264	)			(2,247	)			(5,693	)			(783	)
Comprehensive income attributable to the Company’s shareholders			84,225				35,168				4,838				81,088				41,312				5,683
Weighted average number of shares*
Basic			40,447,415				41,164,872				41,164,872				40,447,415				41,164,872				41,164,872
Diluted			40,771,279				41,334,310				41,334,310				40,660,023				41,461,415				41,461,415
Earnings per share
Basic			2.09				0.86				0.12				2.02				1.02				0.14
Diluted			2.08				0.85				0.12				2.01				1.01				0.14

 

 

Reconciliations of Non-GAAP Results

 

(All amounts in thousands, except share and per share data or otherwise stated)

 

		For the three months ended												For the six months ended
		June 30,				June 30,				June 30,				June 30,				June 30,				June 30,
		2023				2024				2024				2023				2024				2024
		RMB				RMB				US$				RMB				RMB				US$
Net income attributable to the Company’s shareholders			84,736				35,340				4,862				81,586				41,920				5,767
Less:
Change in fair value of contingent consideration			2,540				-				-				(1,978	)			-				-
Change in fair value of warrants liability			2,085				-				-				153				-				-
Share based compensation			(6,720	)			(3,194	)			(440	)			(8,613	)			(5,629	)			(775	)
Adjusted net income attributable to the Company’s shareholders*			86,831				38,534				5,302				92,024				47,549				6,542
Adjusted net income attributable to the Company’s shareholders per ordinary share*
Basic			2.15				0.94				0.13				2.28				1.16				0.16
Diluted			2.13				0.93				0.13				2.26				1.15				0.16

 

“Adjusted net income attributable to the Company’s shareholders” is defined as net income attributable to the Company’s shareholders excluding change in fair value of contingent consideration, change in fair value of warrant liability and share based compensation. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Results” above.

 

 

9

 

Exhibit 99.2

 

MANAGEMENT’S DISCUSSION AND ANALYSIS

 

You should read the following discussion and analysis of our financial condition and results of operations in conjunction with our unaudited condensed consolidated financial statements and the related notes. This discussion contains forward-looking statements that involve risks and uncertainties. Our actual results and the timing of selected events could differ materially from those anticipated in these forward-looking statements as a result of various factors

 

A.

Operating Results

 

Overview

 

Scienjoy Holding Corporation (“we” or the “Company”) was originally incorporated on May 2, 2018 as a British Virgin Islands exempted company for the purpose of effecting a merger, share exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more businesses. On May 7, 2020, we consummated the acquisition of Scienjoy Inc. As a result of the business combination, we became the holding company of Scienjoy Inc. and we changed our name from “Wealthbridge Acquisition Limited” to “Scienjoy Holding Corporation.”

 

We are a leading provider of mobile entertainment live streaming platforms in China and operates its platforms on both PC and mobile apps, through which users can enjoy immersive and interactive entertainment live streaming. We had approximately 328.0 million registered users by the end of June 30, 2024.

 

We adopt a multi-platform strategy and all platforms are categorized as “SHOW live streaming” in which professional broadcasters provide live streaming entertainment for users primarily in the form of performances (such as singing, dancing, and talk shows). Broadcasters on all platforms have been professionally trained by relevant broadcaster agents to provide more professional content. Despite the similarity in contents, the different platforms adopt different operation strategies, such as, to name a few, different broadcaster policy, events, promotion, and games. We provide a technological infrastructure to enable broadcasters, online users and viewers to interact with each other during live streaming. All platforms can be accessed for free. We mainly derive our revenue from sales of virtual items on the platforms. Users can purchase virtual currency to purchase virtual items for use on the platforms. Users can recharge their virtual currency on the platforms through various online third-party payment platforms, such as WeChat Pay or AliPay. 

 

In March 2024, our subsidiary Scienjoy Meta Technology L.L.C unveiled its latest advancements in artificial intelligence, AI Mate and AI Vision in Dubai. We have been focusing on digital and AI technology development, establishing Scienjoy Meta Technology L.L.C to spearhead AI solutions. Together, they aim to inspire, connect, and transform lives worldwide with innovative and user-centric technologies.

 

Key Factors Affecting Our Results of Operations

 

General Factors

 

Development of the mobile live streaming market in China over the past decade has been influenced by a number of macroeconomic and technological factors and trends, including increasing disposable income and demand for cultural and entertainment activities and increased use of the mobile internet. Our business and operating results are affected by general factors affecting China’s entertainment live streaming industry, which may include the following:

 

	●	China’s overall macroeconomic landscape
	●	China’s overall entertainment and mobile entertainment growth
	●	Usage and penetration rate of mobile Internet and mobile payment
	●	Growth and competitive landscape of China’s mobile live streaming market, especially entertainment SHOW live streaming
	●	Governmental policies affecting China’s live streaming industry

  

Unfavorable changes in any of these general industry conditions could negatively affect demand for our services and materially and adversely affect its results of operations.

 

 

Specific Factors

 

While our business is influenced by general factors affecting the mobile live streaming industry in China, we believe our results of operations are more directly affected by company specific factors, including the following major factors:

 

Our ability to retain broadcasters and enhance user experience

 

We continue to improve our operational capability with more attractive contents, such as music, dancing, talk shows, traditional drama, online competitions and offline events, to further enhance user experience. We are offering different contents and games to attract more users to pay for our services and to pay more money per user as well. Therefore quality broadcasters and interesting contents are essential to our operations. In order to retain quality broadcasters, we have developed a revenue sharing policy, pursuant to which we share revenues generated on the platforms with talents agencies, which in turn share revenues with broadcasters. Additionally, in order to maintain the quality of broadcasters and service, we are very cautious in hiring broadcasters and has adopted strict operation procedures for screening broadcasters before hiring. We primarily work with professional agents to identify and retain new broadcasters. The increasing number of trained broadcasters, who provide better quality performance, also contributes to improved ARPPU and paying ratio of Scienjoy Holding Corporation.

 

Our ability to maintain and expand our user base

 

User base is another key factor for success in the mobile live streaming industry. We endeavor to provide attractive content to keep users on its platforms as long as possible. Our multi-platform strategy attempt to retain users by providing diversified content, promotions and an enhanced user experience.

 

With respect to user base, mobile SHOW live streaming sector differs from other mobile live streaming sectors such as pan entertainment live streaming and game live streaming sector. Because, for SHOW live streaming, each broadcaster interacts in real time with users and therefore the number of users that each broadcaster can entertain at the same period in his/her video room is limited.

 

We continue to seek opportunities to grow our user base and enhance our user engagement. Our ability to do so largely depends on our ability to recruit, train, and retain high quality broadcasters and our ability to produce high quality content. We also intend to continue to invest in our brand recognition.

 

Our ability to improve innovative technologies

 

The ability to understand market traffic and pair users with suitable broadcasters and activities is key for user stickiness and monetization in the mobile SHOW live streaming industry. By using big data analysis to understand individual user behavior and industry trends, we intend to adjust our platform to better guide users to appropriate broadcasters as well as to analyze traffic on other sites to select the best methods and targets for user acquisition.

 

 

Summary Consolidated Statements of Operations and Comprehensive Income

 

		For the six months ended June 30,
		2023				2024				2024
Amounts in thousands of RMB and US$		RMB				RMB				US$
Total revenue			667,442				691,139				95,104
Cost of revenues			(576,913	)			(573,329	)			(78,893	)
Gross profit			90,529				117,810				16,211
Sales and marketing expenses			(466	)			(2,177	)			(300	)
General and administrative expenses			(36,457	)			(36,580	)			(5,034	)
Research and development expenses			(34,945	)			(39,061	)			(5,375	)
Provision for credit losses			(2,230	)			(1,126	)			(155	)
Income from operations			16,431				38,866				5,347
Change in fair value of contingent consideration			(1,978	)			-				-
Change in fair value of warrant liabilities			153				-				-
Change in fair value of investment in marketable security			65,148				3,764				518
Investments loss			(4,088	)			(3,354	)			(462	)
Interest income, net			1,095				2,428				334
Other income, net			525				688				95
Foreign exchange gain, net			1,421				1,508				208
Income before income taxes			78,707				43,900				6,040
Income tax benefit (expense)			632				(7,673	)			(1,056	)
Net income			79,339				36,227				4,984
Less: net loss attributable to non-controlling interest			(2,247	)			(5,693	)			(783	)
Net income attributable to the Company’s shareholders			81,586				41,920				5,767

 

Revenues

 

Our revenues consist of live streaming revenue and technical services revenue. We generate technical services revenue from providing technical development and advisory services, but the technical services revenue is not material. Our revenue is mostly from the sales of virtual items used in our live streaming business.

 

Virtual items are categorized as consumable and time-based items. Consumable items, as virtual gift service, are consumed and used by users upon purchase, while time-based virtual items, such as privilege titles, could be used for a fixed period of time. Accordingly, revenue is recognized at the time when the virtual item is delivered and consumed if the virtual item is a consumable item or, in the case of time-based virtual item, recognized ratably over the period each virtual item is made available to the user, which is usually over one to multiple months and does not exceed one year. For the six months ended June 30, 2023 and 2024, revenue from consumable virtual items represented over 96% of the total net revenue.

 

As we continue to grow our live streaming business, and enhance our user engagement and expand virtual gifting scenarios to increase users’ willingness to pay, we expect our revenue from the sales of virtual items in our live streaming business to increase.

  

The following table sets forth types of our revenue for the periods indicated:

 

		For the six months ended June 30,
		2023				2024				2024
Amounts in thousands of RMB and US$		RMB				RMB				US$
Live streaming - consumable virtual items revenue			640,740				671,308				92,375
Live streaming - time based virtual item revenue			11,890				12,516				1,722
Technical services and others			14,812				7,315				1,007
Total revenue			667,442				691,139				95,104

 

 

As of June 30, 2024, we operated five brands of live streaming platforms, consisting of: Showself Live Streaming, Lehai Live Streaming, Haixiu Live Streaming, BeeLive Live Streaming (including BeeLive Chinese version – Mifeng) and Hongle Live Streaming. The following table sets forth our revenue by platforms for the periods indicated:

 

		For the six months ended June 30,
		2023				2024				2024
Amounts in thousands of RMB and US$		RMB				RMB				US$
Showself			171,689				139,571				19,205
Lehai			100,818				188,100				25,883
Haixiu			121,639				143,525				19,750
Beelive			160,379				111,507				15,344
Hongle			98,105				101,121				13,915
Technical services and others			14,812				7,315				1,007
TOTAL			667,442				691,139				95,104

 

The total number of paying users at Showself Live, Lehai Live, Haixiu Live, Beelive Live and Hongle Live for the periods indicated is as following:

 

		For the six months ended June 30,
		2023				2024
Number in thousands
Showself			95,037				57,294
Lehai			78,603				92,680
Haixiu			61,656				55,540
Beelive			52,047				37,053
Hongle			38,581				41,509
TOTAL			325,924				284,076

 

The ARPPU by Showself Live, Lehai Live, Haixiu Live, Beelive Live and Hongle Live is as following (amounts in RMB):

 

		For the six months ended June 30,
		2023				2024				2024
Amounts in thousands of RMB and US$		RMB				RMB				US$
Showself			1,807				2,436				335
Lehai			1,283				2,030				279
Haixiu			1,973				2,584				356
Beelive			3,081				3,009				414
Hongle			2,543				2,436				335
Overall average			2,002				2,407				331

 

Among five brands of live streaming platforms, Showself Live streaming contributed at least 20% of the paying users for the all the periods indicated. Our ARPPU in each platform may fluctuate from period to period due to the mix of live streaming services purchased by the paying users. The overall ARPPU for the six months ended June 30, 2023 and 2024 was RMB2,002 and RMB2,407, respectively.

 

Cost of Revenues

 

Our cost of revenues primarily consists of (i) revenue sharing fees, including payments to various broadcasters and content providers, (ii) user acquisition costs, (iii) bandwidth related costs, and (iv) other costs.

 

The table below shows the cost of revenues for the periods indicated.

 

		For the six months ended June 30,
		2023				2024				2024
Amounts in thousands of RMB and US$		RMB				RMB				US$
Revenue sharing fees			511,806				534,486				73,547
User acquisition costs			39,307				17,061				2,348
Bandwidth related costs			6,670				5,338				735
Others			19,130				16,444				2,263
TOTAL			576,913				573,329				78,893

 

 

Revenue sharing fees and content cost: Our revenue sharing fees represent our payment to broadcasters based on a percentage of revenue from sales of virtual items, including virtual gifts and other subscription-based privileges. Revenue sharing fees both were 77% of revenues for the six months ended June 30, 2023 and 2024, respectively. As we need to attract more talented broadcasters and offer more content to users, we adjusted our revenue sharing policy and provided broadcasters with higher revenue sharing percentage to attract more talented broadcasters. As a result, the revenue sharing fees increased by 4% in the six months ended June 30, 2024 compared to six months ended June 30, 2023, which was in line with the increase of revenue in the six months ended June 30, 2024. We expect our sharing fees and content cost for live streaming revenue to increase in line with the growth of our live streaming operations.

 

User acquisition costs: We acquire users primarily through viral marketing, or word-of-mouth marketing, and online download. We provide online downloads of our apps via various third-party websites, including online advertising networks, internet portals and mobile application stores. We pay such third parties a fee for each registered user account acquired through them.

 

Bandwidth related cost: Bandwidth related cost consists of fees that we pay to telecommunication service providers for server hosting, bandwidth and content delivery-related services such as CDN (content delivery network).

 

Others: Other costs include (i) fees that we pay to third-party payment processing platforms through which our users purchase our virtual currencies, technology service costs, and content producing costs, (ii) personnel fees directly related to the revenue such as operation employees’ salary and benefits, and (iii) depreciation and amortization expense for servers and other equipment, and intangibles directly related to operating the platforms. For the six months ended June 30, 2023 and 2024 other cost represented approximately 2% to 3% of related total revenue.

 

Operating Expenses

 

Our operating expenses consists of (i) sales and marketing expenses, (ii) research and development expenses, (iii) general and administrative expenses, and (iv) provision for credit losses.

 

		For the six months ended June 30,
		2023				2024				2024
Amounts in thousands of RMB and US$		RMB				RMB				US$
Sales and marketing expenses			(466	)			(2,177	)			(300	)
General and administrative expenses			(36,457	)			(36,580	)			(5,034	)
Research and development expenses			(34,945	)			(39,061	)			(5,375	)
Provision for credit losses			(2,230	)			(1,126	)			(155	)

 

Sales and marketing expenses: Our sales and marketing expenses mainly consist of (i) salaries and benefits for sales and marketing employees, and (ii) branding and advertisement expenses, including advertisements, holding promotional events and developing and designing marketing campaigns. We expect to target sales and marketing expenditures to attract targeted paying users.

 

General and administrative expenses: Our general and administrative expenses primarily consist of (i) salaries and benefits for our general and administrative staff, (ii) consulting fees, (iii) other expenses primarily including general office expenses, and (iv) office rental expenses. We expect that general and administrative expenses will increase when we become a public company and incurs additional costs to comply with its reporting obligations under the U.S. securities laws.

 

Research and development expenses: Our research and development expenses primarily consist of (i) salaries and benefits for our research and development employees, and (ii) other expenses primarily including depreciation related to research use. We expect our research and development expenses to continue to grow as we continue to invest in innovative technologies to offer users a better experience.

 

 

Provision for credit losses: We maintain an allowance for credit losses which reflects our best estimate of amounts that potentially will not be collected. When we determine the allowance for credit losses, we take into consideration various factors including but not limited to collection history experience and credit-worthiness of the debtors as well as the age of the individual receivables account. We expect that the provision for credit losses to decline as we have committed more resources to collection of account receivables.

 

Results of Operations

 

Six Months Ended June 30, 2024 Compared to Six Months Ended June 30, 2023 

 

Revenue: Total revenues increased by 3.6% to RMB691.1 million for the six months ended June 30, 2024 from RMB667.4 million in the same period of 2023, primarily caused by increase of average ARPPU as the economy recovers in China. The overall ARPPU for the six months ended June 30, 2023 and 2024 was RMB2,002 and RMB2,407, respectively.

 

Cost of revenues: Our cost of revenues decreased by 0.6% to RMB573.3 million for the six months ended June 30, 2024 from RMB576.9 million in the same period of 2023. The decrease was primarily attributable to a 56.6%, or RMB22.6 million, year-over-year decrease in the Company’s user acquisition costs due to the fact that the Company already had a stable market share, and a decrease of RMB1.3 million in bandwidth related costs, as well as a decrease of RMB2.7 million in others costs. partially offset by an increase of RMB22.7 million in revenue sharing fees, which was in line with the increase of revenue.

 

Gross profit: Our gross profit increased by 30.1% to RMB117.8 million for the six months ended June 30, 2024 from RMB90.5 million in the same period of 2023.

 

Total operating expenses: Total operating expenses increased by 6.5% to RMB78.9 million for the six months ended June 30, 2024 from RMB74.1 million in the same period of 2023.

 

●

Sales and marketing expenses: Our sales and marketing expenses increased by 367.2% to RMB2.2 million for the six months ended June 30, 2024 from RMB0.5 million in the same period of 2023, primarily attributable to sales and marketing activities in our new subsidiaries in Dubai. The Company is taking initiative in Dubai market, aiming at global expansion starting from the dynamic Middle East and North Africa (MENA) region.

 

●

General and administrative expenses: Our general and administrative expenses increased by 0.3% to RMB36.6 million for the six months ended June 30, 2024 from RMB36.5 million in the same period of 2023. The increase was primarily due to an increase of RMB4.1 million in employee salary and welfare and RMB1.0 million membership fees, offset by a decrease of RMB2.6 million in office renovation expenses and a decrease of RMB2.4 million in.share based compensation.

 

●

Research and development expenses: Our research and development expenses increased by 11.8% to RMB39.1 million for the six months ended June 30, 2024 from RMB34.9 million in the same period of 2023, due to an increase of RMB5.9 million in technical services fees, offset by a decrease of RMB1.6 million in employee salary and welfare.

 

●

Provision for credit losses: Our provision for credit losses decreased by 49.5% to RMB1.1 million for the six months ended June 30, 2024 from RMB2.2 million in the same period of 2023.

 

Change in fair value of contingent consideration: Change in fair value of contingent consideration was Nil million for the six months ended June 30, 2024, as compared with a loss of RMB2.0 million in the same period of 2023. Change in fair value of contingent consideration is derived from earn out liabilities resulted from historical acquisitions. The fair value of the contingent consideration is re-measured at each reporting period, and the change in fair value is recognized as either income or expense. 

 

 

Change in fair value of warrant liabilities: Change in fair value of warrant liabilities was Nil million for the six months ended June 30, 2024, as compared with a gain of RMB0.2 million in the same period of 2023. The fair value of the Company’s warrants derivative liability assumed from the SPAC acquisition is re-measured to its fair value at the end of each reporting period, with the change being recorded as other expense or gain. 

 

Change in fair value of investment in marketable security: Change in fair value of investment in marketable security decreased by 94.2% to a gain of RMB3.8 million for the six months ended June 30, 2024 from a gain of RMB65.1 million in the same period of 2023. The change was primarily attributable to the fair value changes in investments in publicly traded company. 

 

Investment loss: Investment loss decreased by 18.0% to RMB3.4 million for the six months ended June 30, 2024 from RMB4.1 million in the same period of 2023. The investment loss was primarily attributable to one-time share of unrealized loss in the long-term investments. 

 

Income tax expense: Income tax expense was RMB7.7 million for the six months ended June 30, 2024, as compared with income tax benefit of RMB0.6 million in the same period of 2023, which was mainly due to more taxable income.

 

Net income: As a result of the foregoing, net income decreased by 54.3% to RMB36.2 million for the six months ended June 30, 2024 from RMB79.3 million in the same period of 2023.

 

B.

Liquidity and Capital Resources

 

Cash Flows and Working Capital

 

The Company sources of liquidity are primarily from the cash earned from its operating activities and proceeds from financing activities. Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents. The Company’s cash and cash equivalents consist of cash on hand and demand deposits placed with banks or other financial institutions which are unrestricted as to withdrawal and use and have original maturities less than three months. Cash and cash equivalents also consist of funds earned from the operating revenues which were held at the third-party platform fund accounts which are unrestricted as to immediate use or withdraw.

 

As of December 31, 2023 and June 30, 2024, RMB199,822 and RMB173,929 (USD23,933), respectively, were deposited with major financial institutions located in the PRC. Management believes that these financial institutions are of high credit quality and continually monitor the credit worthiness of these financial institutions. Historically, deposits in Chinese banks are secure due to the state policy on protecting depositors’ interests. The Company has no short-term investments as of December 31, 2023 and June 30, 2024.

 

A majority of the Company’s expense transactions are denominated in RMB and a significant portion of assets and liabilities of the Company and its subsidiaries (including the VIEs) are denominated in RMB. RMB is not freely convertible into foreign currencies. In the PRC certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by the PBOC. Remittances in currencies other than RMB by the Companies in China must be processed through the PBOC or other PRC foreign exchange regulatory bodies which require certain supporting documentation in order to effect the remittance.

 

The Company intends to finance its future working capital requirements and capital expenditures from cash generated from operating activities and funds raised from financing activities. The Company believes that its current cash and cash equivalents, together with its cash generated from operating activities and financing activities, will be sufficient to meet its present anticipated working capital requirements and capital expenditures for at least the next 12 months. However, the Company may decide to enhance its liquidity position or increase its cash reserve for future investments or operations through additional capital and finance funding. Issuance of additional equity securities, including convertible debt securities, would dilute the Company earnings per share. The incurrence of debt would divert cash for working capital and capital expenditures to service debt obligations and could result in operating and financial covenants that restrict the Company’s operations and its ability to pay dividends to its shareholders.

 

 

As a holding company with no material operations of its own, the Company conducts its operations primarily through its PRC subsidiaries and its variable interest entity (VIE) and the VIE’s subsidiaries. The Company is permitted under PRC laws and regulations to provide funding to its PRC subsidiaries in China through capital contributions or loans, subject to the approval of government authorities and limits on the amount of capital contributions and loans.

 

The following table presents the summary of the Company’s cash flow data.

 

		For the six months ended June 30,
		2023				2024				2024
Amounts in thousands of RMB and US$		RMB				RMB				US$
Net cash provided by operating activities			31,616				351				48
Net cash used in investing activities			(4,701	)			(16,915	)			(2,328	)
Net cash used in financing activities			1,052				355				49
Effect of foreign exchange rate changes on cash			(499	)			(492	)			(67	)
Net increase (decrease) in cash and cash equivalents			27,468				(16,701	)			(2,298	)
Cash and cash equivalents at beginning of the period			175,292				205,465				28,273
Cash and cash equivalents at end of the period			202,760				188,764				25,975

 

Operating Activities

 

Net cash provided by operating activities consisted primarily of the Company’s net income adjusted by non-cash adjustments, such as provision for credit losses, and adjusted by changes in operating assets and liabilities, such as accounts receivable.

 

Net cash provided by operating activities was RMB0.4 million for the six months ended June 30, 2024. The difference between the net cash provided by operating activities and net income of RMB36.2 million was primarily attributable to non-cash adjustment of RMB15.5 million, a decrease in prepaid expense and other current assets of RMB18.8 million due to collection from third parties loans, a decrease in accounts receivable of RMB13.0 million due to faster collection, partially offset by decreased in accounts payable of RMB38.2 million, decreased in accrued expenses and other current liabilities of RMB19.4 million, decreased in deferred revenue of RMB12.6 million, decreased in accrued salary and employee benefits of RMB5.4 million and decreased in lease liabilities of RMB3.9 million.

 

Net cash provided by operating activities was RMB31.6 million for the six months ended June 30, 2023. The difference between the net cash provided by operating activities and net income of RMB79.3 million was primarily attributable to non-cash adjustment of RMB42.5 million, a decrease of accounts receivable of RMB59.3 million and decrease of prepaid expense and other current assets RMB19.8 million due to refunded RMB34 million prepayment in property and equipment purchase, partially offset by a decrease in accounts payables of RMB59.0 million due to declining revenue.

 

Investing Activities

 

Net cash used in investing activities was primarily due to (a) purchases of property and equipment such as electronic equipment, and intangible assets such as trademark, software copyrights, and patents; (b) payment for long term investments.

 

Net cash used in investing activities amounted to RMB16.9 million for the six months ended June 30, 2024, primarily due to RMB16.7 million paid for long term investments.

 

Net cash used in investing activities amounted to RMB4.7 million for the six months ended June 30, 2023, primarily due to RMB4.5 million paid for long term investments. 

 

Financing Activities

 

Net cash provided by financing activities amounted to RMB0.4 million for the six months ended June 30, 2024, primarily due to collection from related parties of RMB0.4 million.

 

Net cash provided by financing activities amounted to RMB1.1 million for the six months ended June 30, 2023, primarily due to net proceeds RMB1.1 million from related parties loans. 

 

 

Capital Expenditures.

 

For the six months ended June 30, 2023 and 2024, the Company’s capital expenditure amounted to RMB0.2 million and RMB0.3 million, respectively. The Company intends to fund its future capital expenditures with the existing cash balance and other financing alternatives. The Company will continue to make capital expenditures to support the growth of its business.

 

C.

Research and Development, Patents and Licenses, etc.

 

See “Item 4. Information on the Company—B. Business Overview—Our Technology” and “Item 4. Information on the Company—B. Business Overview—Intellectual Property” of our annual report on Form 20-F for the fiscal year ended December 31, 2023 filed with the SEC on April 26, 2024.

 

D.

Trend Information

 

Other than as described elsewhere in this report, we are not aware of any trends, uncertainties, demands, commitments or events that are reasonably likely to have a material adverse effect on our revenue, income from continuing operations, profitability, liquidity or capital resources, or that would cause our reported financial information not necessarily to be indicative of future operating results or financial condition.

 

E.

Critical Accounting Estimates

 

We prepare our financial statements in conformity with U.S. GAAP, which requires us to make judgments, estimates and assumptions. We continually evaluate these estimates and assumptions based on the most recently available information, our own historical experience and various other assumptions that we believe to be reasonable under the circumstances. Since the use of estimates is an integral component of the financial reporting process, actual results could differ from our expectations as a result of changes in our estimates. Some of our accounting policies require a higher degree of judgment than others in their application and require us to make significant accounting estimates.

 

The following descriptions of critical accounting policies, judgments and estimates should be read in conjunction with our unaudited condensed consolidated financial statements and accompanying notes and other disclosures included in this report.

 

Business combinations

 

The Company accounts for all business combinations under the purchase method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”). The purchase method of accounting requires that the consideration transferred to be allocated to net assets including separately identifiable assets and liabilities the Company acquired, based on their estimated fair value. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of the cost of the acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the identifiable net assets of the acquiree, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable net assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable judgment from management. Although the Company believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from forecasted amounts and the differences could be material.

 

 

Use of estimates

 

The preparation of the consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to revenue recognition, estimating the useful lives of long-lived assets and intangible assets, valuation assumptions in performing asset impairment tests of long-lived assets, allowance for credit losses, and valuation of deferred taxes and deferred tax assets. Actual results could differ from those estimates, and as such, differences may be material to the consolidated financial statements.

 

Accounts Receivable and Allowance for Credit Losses 

 

Accounts receivables are stated at the historical carrying amount net of allowance for credit losses.

 

The Company maintains an allowance for credit losses which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for credit losses taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the debtors as well as the age of the individual receivables balance. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires the Company to measure and recognize expected credit losses for financial assets held and not accounted for at fair value through net income. The Company adopted this guidance effective January 1, 2023. the Company makes specific bad debt provisions based on management’s best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections.  

 

Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable. 

 

Revenue Recognition

 

The Company applies the ASU 2014-09, Revenue from Contracts with Customers — Topic 606 for its revenue recognition for all periods presented. Revenues are recognized when control of the promised virtual items or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those virtual items or services. Revenue is recorded, net of sales related taxes and surcharges. The Company derives their revenue from live streaming service and technical service.

 

Live streaming

 

The Company is principally engaged in operating its own live streaming platforms, which enable broadcasters and viewers to interact with each other during live streaming. The Company is responsible for providing a technological infrastructure to enable the broadcasters, online users and viewers to interact through live streaming platforms. All the platforms can be accessed for free. The Company mainly derives the revenue from sales of virtual items in the platforms. The Company has a recharge system for users to purchase the Company’s virtual currency then purchase virtual items for use. Users can recharge via various online third-party payment platforms, including WeChat Pay, AliPay and other payment platforms. Virtual currency is non-refundable and often consumed soon after it is purchased.

 

The Company designs, creates and offers various virtual items for sales to users with pre-determined stand-alone selling price. Virtual items are categorized as consumable and time-based items. Consumable items are consumed upon purchase and use while time-based items could be used for a fixed period of time. Users can purchase and present consumable items to broadcasters to show support for their favorite broadcasters, or purchase time-based virtual items for one or multiple months for a monthly fee, which provide users with recognized status, such as priority speaking rights or special symbols over a period of time.

 

 

The Company shares a portion of the sales proceeds of virtual items (“revenue sharing fee”) with broadcasters and talent agencies in accordance with their revenue sharing arrangements. Broadcasters, who do not have revenue sharing arrangements with the Company, are not entitled to any revenue sharing fee. The Company also utilizes third-party payment collection channels, which charges the payment handling cost for users to purchase the virtual currency directly from it. The payment handling costs are recorded in cost of sales.

 

The Company evaluates and determines that it is the principal and views users to be its customers, because the Company controls the virtual items before they are transferred to users. Its control is evidenced by the Company’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Company being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Company reports live streaming revenues on a gross basis with the amounts billed to users recorded as revenues and revenue sharing fee paid to broadcasters and related agencies recorded as cost of revenues.

 

Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Company has determined that each individual virtual item represents a distinct performance obligation. Accordingly, live streaming revenue is recognized immediately when the consumable virtual item is used, or in the case of time-based virtual items, revenue is recognized over the fixed period on a straight line basis. The Company does not have further obligations to the user after the virtual items are consumed. The Company’s live streaming virtual items are generally sold without right of return and the Company does not provide any other credit and incentive to its users. Unconsumed virtual currency is recorded as deferred revenue.

 

The Company also cooperates with independent third-party distributors to sell virtual currency through annual distribution agreements with these distributors. Third-party distributors purchase virtual currency from the Company with no refund provision according to the annual distribution agreements, and they are responsible for selling the virtual currency to end users. They may engage their own sales representatives, which are referred to as “sales agents” to directly sell to individual end users. The Company has no control over such “sales agents”. The Company has discretion to determine the price of the virtual currency sold to its third-party distributors, but has no discretion as to the price at which virtual currency is sold by its third-party distributors to the sales agents.

  

Technical Services and others

 

The Company generated technical revenues from providing technical development and advisory, which accounts for only less than 2% of revenue. As the amount was immaterial, and short-term in nature which is usually less than six months, the Company recognizes revenue when service were rendered and accepted by customers.

 

Practical expedients and exemptions

 

The Company’s contracts have an original duration of one year or less. Accordingly, the Company does not disclose the value of unsatisfied performance obligations. 

 

Contract balances

 

Contract balances include accounts receivable and deferred revenue. Accounts receivable primarily represent cash due from distributors and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Deferred revenue primarily includes unconsumed virtual currency and unamortized revenue from time-based virtual items in the Company’s platforms, where there is still an obligation to be provided by the Company, which will be recognized as revenue when all of the revenue recognition criteria are met. Due to the generally short-term duration of the relevant contracts, all performance obligations are satisfied within one year.

 

 

Fair value of financial instruments

 

ASC 825-10 requires certain disclosures regarding the fair value of financial instruments. Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. A three-level fair value hierarchy prioritizes the inputs used to measure fair value. The hierarchy requires entities to maximize the use of observable inputs and minimize the use of unobservable inputs. The three levels of inputs used to measure fair value are as follows:

 

	●	Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.
	●	Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.
	●	Level 3 — inputs to the valuation methodology are unobservable.

  

The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, other receivables included in prepaid expenses and other current assets, accounts payables, balances with related parties and other current liabilities, approximate their fair values because of the short-term maturity of these instruments.

 

Assets and Liabilities Measured or Disclosed at Fair Value on a recurring basis

 

The following tables represent the fair value hierarchy of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and June 30, 2024:

  

As of December 31, 2023

Fair Value Measurement at the Reporting Date using

Quoted price in active markets for identical assets Level 1

Significant other observable inputs Level 2

Significant unobservable inputs Level 3

Total

Amounts in thousands of RMB

RMB

RMB

RMB

RMB

Financial assets:

Investment in marketable equity security

31,525

-

-

31,525

 

As of June 30, 2024

Fair Value Measurement at the Reporting Date using

Quoted price in active markets for identical assets Level 1

Significant other observable inputs Level 2

Significant unobservable inputs Level 3

Total

Amounts in thousands of RMB

RMB

RMB

RMB

RMB

Financial assets:

Investment in marketable equity security

35,290

-

-

35,290

 

Warrant liabilities

 

The Company’s warrants assumed from SPAC acquisition on May 7,2020, the date of the closing of SPAC Transaction, that have complex terms, such as a clause in which the warrant agreements contain a cash settlement provision whereby the holders could settle the warrants for cash upon a fundamental transaction that is considered outside of the control of management are considered to be a derivative as contemplated in ASC 815-40. The warrant is recorded as derivative liability on the consolidated balance sheet upon the SPAC transaction and is adjusted to its fair value at the end of each reporting period, with the change being recorded as other expense or gain in accordance with ASC 820.

 

On February 5, 2024, all above warrants expired and were cancelled according to the terms of the warrant agreement.

 

 

12

v3.24.2.u1

Document And Entity Information	6 Months Ended
	Jun. 30, 2024
Document Information Line Items
Entity Registrant Name	SCIENJOY HOLDING CORPORATION
Document Type	6-K
Current Fiscal Year End Date	--12-31
Amendment Flag	false
Entity Central Index Key	0001753673
Document Period End Date	Jun. 30, 2024
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q2
Entity File Number	001-38799

v3.24.2.u1

Unaudited Condensed Consolidated Balance Sheets ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Current assets
Cash and cash equivalents	¥ 188,764	$ 25,975	¥ 205,465
Accounts receivable, net	246,812	33,962	260,979
Prepaid expenses and other current assets	59,840	8,234	78,653
Amounts due from related parties			355
Investment in marketable security	35,290	4,856	31,525
Total current assets	530,706	73,027	576,977
Property and equipment, net	1,863	256	2,193
Intangible assets, net	408,690	56,238	412,154
Goodwill	182,536	25,118	182,467
Long term investment	267,519	36,812	254,411
Long term deposits and other assets	731	101	726
Right-of-use assets-operating lease	8,544	1,176	12,157
Deferred tax assets	5,222	719	7,379
Total non-current assets	875,105	120,420	871,487
TOTAL ASSETS	1,405,811	193,447	1,448,464
Current liabilities
Accounts payable	35,034	4,820	73,183
Accrued salary and employee benefits	9,394	1,293	14,763
Accrued expenses and other current liabilities	8,244	1,134	27,610
Income tax payable	9,196	1,265	13,005
Lease liabilities-operating lease -current	6,101	840	7,974
Deferred revenue	84,997	11,696	97,586
Total current liabilities	152,966	21,048	234,121
Non-current liabilities
Deferred tax liabilities	59,109	8,134	59,818
Lease liabilities-operating lease -non-current	2,773	382	4,798
Total non-current liabilities	61,882	8,516	64,616
TOTAL LIABILITIES	214,848	29,564	298,737
Commitments and contingencies
EQUITY
Shares to be issued	20,817	2,865	30,777
Treasury stocks	(19,216)	(2,644)	(19,216)
Statutory reserves	48,040	6,611	44,698
Retained earnings	667,399	91,837	628,821
Accumulated other comprehensive income	17,357	2,388	17,965
Total shareholders’ equity	1,197,505	164,783	1,150,564
Non-controlling interests	(6,542)	(900)	(837)
Total equity	1,190,963	163,883	1,149,727
TOTAL LIABILITIES AND EQUITY	1,405,811	193,447	1,448,464
Related Party
Current assets
Amounts due from related parties			355
Class A Ordinary Shares
EQUITY
Ordinary shares value	439,212	60,438	423,623
Class B Ordinary Shares
EQUITY
Ordinary shares value	¥ 23,896	$ 3,288	¥ 23,896

v3.24.2.u1

Unaudited Condensed Consolidated Balance Sheets (Parentheticals)	6 Months Ended	12 Months Ended
	Jun. 30, 2024 ¥ / shares shares	Dec. 31, 2023 ¥ / shares shares	Jun. 30, 2024 $ / shares shares
Class A Ordinary Shares
Ordinary share, par value (in Dollars per share and Yuan Renminbi per share) | (per share)
Ordinary shares, issued	38,920,797	38,113,879	38,920,797
Ordinary shares, outstanding	38,920,797	38,113,879	38,920,797
Ordinary shares, authorized	Unlimited	Unlimited
Class B Ordinary Shares
Ordinary share, par value (in Dollars per share and Yuan Renminbi per share) | (per share)
Ordinary shares, issued	2,925,058	2,925,058	2,925,058
Ordinary shares, outstanding	2,925,058	2,925,058	2,925,058
Ordinary shares, authorized	Unlimited	Unlimited

v3.24.2.u1

Unaudited Condensed Consolidated Statements of Operations and Comprehensive Income ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 CNY (¥) ¥ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Jun. 30, 2023 CNY (¥) ¥ / shares shares
Revenue	¥ 691,139	$ 95,104	¥ 667,442
Cost of revenues	(573,329)	(78,893)	(576,913)
Gross profit	117,810	16,211	90,529
Sales and marketing expenses	(2,177)	(300)	(466)
General and administrative expenses	(36,580)	(5,034)	(36,457)
Research and development expenses	(39,061)	(5,375)	(34,945)
Provision for credit losses	(1,126)	(155)	(2,230)
Income from operations	38,866	5,347	16,431
Change in fair value of contingent consideration			(1,978)
Change in fair value of warrant liabilities			153
Change in fair value of investment in marketable security	3,764	518	65,148
Investments loss	(3,354)	(462)	(4,088)
Interest income, net	2,428	334	1,095
Other income, net	688	95	525
Foreign exchange gain, net	1,508	208	1,421
Income before income taxes	43,900	6,040	78,707
Income tax benefit (expense)	(7,673)	(1,056)	632
Net income	36,227	4,984	79,339
Less: net loss attributable to non-controlling interest	(5,693)	(783)	(2,247)
Net income attributable to the Company’s shareholders	41,920	5,767	81,586
Other comprehensive loss:
Other comprehensive loss - foreign currency translation adjustment	(608)	(84)	(498)
Comprehensive income	35,619	4,900	78,841
Less: comprehensive loss attributable to non-controlling interests	(5,693)	(783)	(2,247)
Comprehensive income attributable to the Company’s shareholders	¥ 41,312	$ 5,683	¥ 81,088
Weighted average number of shares
Basic (in Shares)	41,164,872	41,164,872	40,447,415
Diluted (in Shares)	41,461,415	41,461,415	40,660,023
Earnings per share
Basic (in Dollars per share and Yuan Renminbi per share) | (per share)	¥ 1.02	$ 0.14	¥ 2.02
Diluted (in Dollars per share and Yuan Renminbi per share) | (per share)	¥ 1.01	$ 0.14	¥ 2.01
Live streaming - consumable virtual items revenue
Revenue	¥ 671,308	$ 92,375	¥ 640,740
Live streaming - time based virtual item revenue
Revenue	12,516	1,722	11,890
Technical services and others
Revenue	¥ 7,315	$ 1,007	¥ 14,812

v3.24.2.u1

Unaudited Condensed Consolidated Statements of Changes in Equity ¥ in Thousands, $ in Thousands	Ordinary shares CNY (¥) shares	Ordinary shares USD ($) shares	Shares to be issued CNY (¥)	Shares to be issued USD ($)	Treasury stocks CNY (¥) shares	Treasury stocks USD ($) shares	Statutory reserves CNY (¥)	Statutory reserves USD ($)	Retained earnings CNY (¥)	Retained earnings USD ($)	Accumulated other comprehensive income CNY (¥)	Accumulated other comprehensive income USD ($)	Non-controlling interests CNY (¥)	Non-controlling interests USD ($)	CNY (¥)	USD ($)
Balance (in Dollars)	¥ 420,776		¥ 33,923		¥ (16,482)		¥ 39,208		¥ 665,099		¥ 18,070		¥ 1,892		¥ 1,162,486
Balance (in Shares) | shares	39,609,726	39,609,726			(794,120)	(794,120)
Balance at Dec. 31, 2022	¥ 420,776		33,923		¥ (16,482)		39,208		665,099		18,070		1,892		1,162,486
Balance (in Shares) at Dec. 31, 2022 | shares	39,609,726	39,609,726			(794,120)	(794,120)
Net income									81,586				(2,247)		79,339
Issuance of shares for achievement of earnout target	¥ 13,106		(13,106)
Issuance of shares for achievement of earnout target (in Shares) | shares	995,118	995,118
Share based compensation	¥ 8,613														8,613
Appropriation to statutory reserves							3,741		(3,741)
Foreign currency translation adjustments											(498)				(498)
Balance at Jun. 30, 2023	¥ 442,495		20,817		¥ (16,482)		42,949		742,944		17,572		(355)		1,249,940
Balance (in Shares) at Jun. 30, 2023 | shares	40,604,844	40,604,844			(794,120)	(794,120)
Balance (in Dollars)	¥ 442,495		20,817		¥ (16,482)		42,949		742,944		17,572		(355)		1,249,940
Balance (in Shares) | shares	40,604,844	40,604,844			(794,120)	(794,120)
Balance (in Dollars)	¥ 447,519		30,777		¥ (19,216)		44,698		628,821		17,965		(837)		1,149,727
Balance (in Shares) | shares	41,038,937	41,038,937			(913,845)	(913,845)
Balance at Dec. 31, 2023	¥ 447,519		30,777		¥ (19,216)		44,698		628,821		17,965		(837)		1,149,727
Balance (in Shares) at Dec. 31, 2023 | shares	41,038,937	41,038,937			(913,845)	(913,845)
Net income									41,920				(5,693)		36,227	$ 4,984
Issuance of shares for achievement of earnout target	¥ 9,960		(9,960)
Issuance of shares for achievement of earnout target (in Shares) | shares	403,089	403,089
Share based compensation	¥ 5,629														5,629
Share based compensation (in Shares) | shares	403,829	403,829
Appropriation to statutory reserves							3,342		(3,342)
Foreign currency translation adjustments											(608)		(12)		(620)
Balance at Jun. 30, 2024	¥ 463,108	$ 63,726	20,817	$ 2,865	¥ (19,216)	$ (2,644)	48,040	$ 6,611	667,399	$ 91,837	17,357	$ 2,388	(6,542)	$ (900)	1,190,963	163,883
Balance (in Shares) at Jun. 30, 2024 | shares	41,845,855	41,845,855			(913,845)	(913,845)
Balance (in Dollars)	¥ 463,108	$ 63,726	¥ 20,817	$ 2,865	¥ (19,216)	$ (2,644)	¥ 48,040	$ 6,611	¥ 667,399	$ 91,837	¥ 17,357	$ 2,388	¥ (6,542)	$ (900)	¥ 1,190,963	$ 163,883
Balance (in Shares) | shares	41,845,855	41,845,855			(913,845)	(913,845)

v3.24.2.u1

Unaudited Condensed Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Cash flows from operating activities
Net income	¥ 36,227	$ 4,984	¥ 79,339
Adjustments to reconcile net income to net cash provided by operating activities
Depreciation of property and equipment	571	79	616
Amortization of intangible assets	3,479	479	3,476
Provision for credit losses	1,126	155	2,230
Loss from disposal of property and equipment	1
Deferred tax expense (benefit)	1,448	199	(1,719)
Change in fair value of contingent consideration			1,978
Change in fair value of warrant liabilities			(153)
Change in fair value of investment in marketable security	(3,764)	(518)	(65,148)
Investments loss	3,354	462	4,088
Share based compensation	5,629	775	8,613
Amortization of right-of-use assets	3,613	497	3,484
Changes in operating assets and liabilities
Accounts receivable	13,041	1,795	59,326
Prepaid expense and other current assets	18,813	2,588	19,797
Long term deposits and other assets	(5)	(1)	(2)
Accounts payable	(38,152)	(5,250)	(59,014)
Deferred revenue	(12,589)	(1,732)	(6,999)
Accrued salary and employee benefits	(5,369)	(739)	(3,194)
Accrued expenses and other current liabilities	(19,365)	(2,665)	(8,424)
Income tax payable	(3,809)	(524)	(3,132)
Lease liabilities	(3,898)	(536)	(3,546)
Net cash provided by operating activities	351	48	31,616
Cash flows from investing activities
Payment for long term investments	(16,655)	(2,292)	(4,500)
Purchase of property and equipment and intangible assets	(260)	(36)	(201)
Net cash used in investing activities	(16,915)	(2,328)	(4,701)
Cash flows from financing activities
Proceeds from bank loan			5,000
Repayment for bank loan			(5,000)
Repayment from related parties	355	49	1,052
Net cash provided by financing activities	355	49	1,052
Effect of foreign exchange rate changes on cash	(492)	(67)	(499)
Net increase (decrease) in cash and cash equivalents	(16,701)	(2,298)	27,468
Cash and cash equivalents at beginning of the period	205,465	28,273	175,292
Cash and cash equivalents at end of the period	188,764	25,975	202,760
Supplemental disclosures of cash flow information:
Income taxes paid	10,018	1,378	10,749
Supplemental non-cash investing and financing information:
Issuance of Class A ordinary shares for achievement of earnout target	¥ 9,960	$ 1,371	¥ 13,106

v3.24.2.u1

Organization and Principal Activities	6 Months Ended
	Jun. 30, 2024
Organization and Principal Activities [Abstract]
ORGANIZATION AND PRINCIPAL ACTIVITIES	1. ORGANIZATION AND PRINCIPAL ACTIVITIES   Scienjoy Holding Corporation (the “Company” or “Scienjoy”) through its subsidiaries, and variable interest entities(“VIE”) and its subsidiaries (collectively the “Group”) are principally engaged in operating its own live streaming platforms in the People’s Republic of China (the “PRC”), which enable users to view and interact with broadcasters through online chat, virtual items and playing games. The primary theme of the Company’s platform is entertainment live streaming.   (a) Recent developments   On April 11, 2024, the Company formed a 51% owned subsidiary Scenovo Pte. Ltd. and its 70% owned subsidiary Techjoy Pte. Ltd.in Singapore, which are engaged in developing business in developing multi-channel network business in Singapore and other international markets.   On May 30, 2024, the Company formed a wholly 51% owned subsidiary Hangzhou Sixiang Fengjing Culture Technology Co., Ltd. in Zhejiang PRC, as an investment holding company.’    (b) Organization   Subsidiaries of the Company and VIEs where the Company is the primary beneficiary include the following:   Subsidiaries   Date of incorporation   Place of incorporation   Percentage of direct/indirect ownership   Principal activities Scienjoy Inc.   February 23, 2017   Cayman Islands   100%   Holding Company Scienjoy Pte. Ltd. (“Scienjoy SG”)   July 25, 2023   Singapore   100%   Holding Company Scienjoy International Limited (“Scienjoy HK”)   May 18, 2017   Hong Kong   100%   Holding Company Scienjoy BeeLive Limited (formerly known as Sciscape International Limited, “SIL”)   December 18, 2017   Hong Kong   100%   Live streaming platform Golden Shield Enterprises Limited (“Golden Shield”)   September 28, 2021   British Virgin Islands   100%   Holding Company Scienjoy Verse Tech Ltd (“Scienjoy Verse”) (a 51% owned subsidiary of Scienjoy SG through entrust agreement between Scienjoy SG and Mr Xiaowu He, Chief Executive Officer and Chairman of the Board)   September 18, 2023   Dubai   51%   Holding Company Scienjoy Meta Technology LLC (“Scienjoy Meta”) (a wholly owned subsidiary of Scienjoy Verse)   October 3, 2023   Dubai   51%   Metaverse business SJ Verse Global Media LLC (“SJ Verse”) (a 90% owned subsidiary of Scienjoy Verse)   May 20, 2020   Dubai   45.9%   Multi-channel network business Scenovo Pte. Ltd. (“Scenovo SG”)   April 11, 2024   Singapore   51%   Holding Company Techjoy Pte. Ltd. (“Techjoy SG”)    May 31, 2024   Singapore   35.7%   Multi-channel network business Sixiang Wuxian (Beijing) Technology Co., Ltd. (“WXBJ”) (a wholly owned subsidiary of Scienjoy HK)   October 17, 2017   The PRC   100%   Holding Company Sixiang Zhihui (Beijing) Technology Co., Ltd. (“ZH”) (a wholly owned subsidiary of WXBJ)   July 5, 2018   The PRC   100%   Holding Company Sixiang Yingyue (Shanghai) Technology Co., Ltd(“SXYY”) (a wholly owned subsidiary of WXBJ)   June 30, 2022   The PRC   100%   Information technology Holgus Sixiang Information Technology Co., Ltd. (“Holgus X”) (a wholly owned subsidiary of ZH)   May 9, 2017   The PRC   100%   Live streaming platform Kashgar Sixiang Times Internet Technology Co., Ltd. (“Kashgar Times”) (a wholly owned subsidiary of ZH)   March 2, 2016   The PRC   100%   Live streaming platform Kashgar Sixiang Lehong Information Technology Co., Ltd (“Kashgar Lehong”) (a wholly owned subsidiary of ZH)   July 23, 2020   The PRC   100%   Information technology Holgus Sixiang Haohan Internet Technology Co., Ltd. (“Holgus H”) (a wholly owned subsidiary of ZH)   December 11, 2020   The PRC   100%   Information technology   Subsidiaries   Date of incorporation   Place of incorporation   Percentage of direct/indirect ownership   Principal activities Sixiang ZhiHui (Hainan) Technology Co., Ltd (“ZHHN”) (a wholly owned subsidiary of ZH)   December 23, 2020   The PRC   100%   Live streaming platform Sixiang Wuxian (Zhejiang) Culture Technology Co., Ltd (“WXZJ”) (a wholly owned subsidiary of Scienjoy HK)   April 28, 2022   The PRC   100%   Information technology Sixiang Zhihui (Zhejiang) Culture Technology Co., Ltd (“ZHZJ”) (a wholly owned subsidiary of WXZJ)   January 4, 2022   The PRC   100%   Information technology VIEs                 Zhihui Qiyuan (Beijing) Technology Co., Ltd. (“QY”) (Controlled through contractual agreements by WXBJ)   January 22, 2019   The PRC   100%   Holding Company Beijing Sixiang Shiguang Technology Co., Ltd. (“SG”) (a wholly owned subsidiary of QY)   October 28, 2011   The PRC   100%   Live streaming platform Hai Xiu (Beijing) Technology Co., Ltd. (“HX”) (a wholly owned subsidiary of QY)   April 18, 2016   The PRC   100%   Live streaming platform Beijing Le Hai Technology Co., Ltd. (“LH”) (a wholly owned subsidiary of QY)   June 16, 2015   The PRC   100%   Live streaming platform Sixiang Mifeng (Tianjin) Technology Co., Ltd (“DF”, formerly known as Tianjin Guangju Dingfei Technology Co., Ltd) (a wholly owned subsidiary of QY)   August 8, 2016   The PRC   100%   Live streaming platform Changxiang Infinite Technology (Beijing) Co., Ltd. (“CX”) (a wholly owned subsidiary of DF)   September 22, 2016   The PRC   100%   Live streaming platform Zhihui QiYuan (Hainan) Investment Co., Ltd (“QYHN”) (a wholly owned subsidiary of QY)   March 2, 2021   The PRC   100%   Live streaming platform Huayu Hefeng (Qingdao) Technology Co., Ltd (“HYHF”) (a wholly owned subsidiary of SG)   September 29, 2021   The PRC   100%   Live streaming platform Beijing Weiliantong Technology Co., Ltd.(“WLT”) (a wholly owned subsidiary of QY)   July 28, 2015   The PRC   100%   Live streaming platform Chuangda Zhihui (Beijing) Technology Co., Ltd.(“CDZH”) (a wholly owned subsidiary of SG)   November 30, 2015   The PRC   100%   Live streaming platform Beijing Huayi Dongchen Technology Co., Ltd. (“HYDC”) (a wholly owned subsidiary of CDZH)   February 6, 2015   The PRC   100%   Live streaming platform Hongcheng Huiying (Zhejiang)Technology Industry Development Co., Ltd.(“HCHY”) (a 51% owned subsidiary of QYHN)   February 15, 2022   The PRC   51%   Live streaming platform Hangzhou Sixiang Fengjing Culture Technology Co., Ltd.(“SXFJ”) (a 51% owned subsidiary of QYHN)    May 30, 2024   The PRC   51%   Holding Company Sixiang Qiyuan (Hangzhou) Culture Technology Co., Ltd (“QYHZ”) (Controlled through contractual agreements by WXZJ)   March 30, 2022   The PRC   100%   Holding Company Xiuli (Zhejiang) Culture Technology Co., Ltd (“XLZJ”) (a wholly owned subsidiary of QYHZ)   April 7, 2022   The PRC   100%   Live streaming platform Leku (Zhejiang) Culture Technology Co., Ltd. (“LKZJ”) (a wholly owned subsidiary of QYHZ)   April 7, 2022   The PRC   100%   Live streaming platform Haifan (Zhejiang) Culture Technology Co., Ltd (“HFZJ”) (a wholly owned subsidiary of QYHZ)   April 7, 2022   The PRC   100%   Live streaming platform Xiangfeng (Zhejiang) Culture Technology Co., Ltd (“XFZJ”) (a wholly owned subsidiary of QYHZ)   April 7, 2022   The PRC   100%   Live streaming platform Hongren (Zhejiang) Culture Technology Co., Ltd (“HRZJ”) (a wholly owned subsidiary of QYHZ)   April 7, 2022   The PRC   100%   Live streaming platform

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Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES   (a) Basis of presentation and principles of consolidation   The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2023 and 2024 are not necessarily indicative of the results that may be expected for the full year. The information included in this interim report should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in Scienjoy Holding Corporation’s annual financial statements for the fiscal year ended December 31, 2023 filed with the SEC on April 26, 2024.   The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries, and its VIE and VIE’s subsidiaries over which the Company exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All significant inter-company transactions and balances between the Company, its subsidiaries and the VIE are eliminated upon consolidation.   (b) Business combinations   The Company accounts for all business combinations under the purchase method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”). The purchase method of accounting requires that the consideration transferred to be allocated to net assets including separately identifiable assets and liabilities the Company acquired, based on their estimated fair value. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of the cost of the acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the identifiable net assets of the acquiree, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable net assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable judgment from management. Although the Company believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from forecasted amounts and the differences could be material.   (c) Use of estimates   The preparation of the unaudited condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to revenue recognition, estimating the useful lives of long-lived assets and intangible assets, valuation assumptions in performing asset impairment tests of long-lived assets, allowance for credit losses, and valuation of deferred taxes and deferred tax assets. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements.    (d) Foreign currency   The functional currency of the Company is in US dollars and the functional currency of the Company’s subsidiaries and VIEs are Renminbi (“RMB”), as determined based on the criteria of Accounting Standards Codification (“ASC”) 830 (“ASC 830”) “Foreign Currency Matters”. The reporting currency of the Company is also the RMB.   Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations.   Assets and liabilities of the Company translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustment are recorded in other comprehensive income (loss).    (e) Convenience translation   Translations of balances in the consolidated balance sheets, consolidated statements of operations and comprehensive income and consolidated statements of cash flows from RMB into USD (or “US$”) as of and for the six months ended June 30, 2024 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.2672, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on the last trading day of June 30, 2024. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate, or at any other rate.   (f) Accounts receivable and allowance for credit losses   Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts.   The Company maintains an allowance for credit losses which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for credit losses taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the debtors as well as the age of the individual receivables balance. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires the Company to measure and recognize expected credit losses for financial assets held and not accounted for at fair value through net income. The Company adopted this guidance effective January 1, 2023. The Company makes specific bad debt provisions based on management’s best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections.   Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable.   (g) Fair value of financial instruments   Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value:     ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.     ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.     ● Level 3 — inputs to the valuation methodology are unobservable.   The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, other receivables included in prepaid expenses and other current assets, accounts payables, balances with related parties and other current liabilities, approximate their fair values because of the short-term maturity of these instruments.   Assets and Liabilities Measured or Disclosed at Fair Value on a recurring basis   The following tables represent the fair value hierarchy of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and June 30, 2024:       As of December 31, 2023       Fair Value Measurement at the Reporting Date using       Quoted price in active markets for identical assets Level 1     Significant other observable inputs Level 2     Significant unobservable inputs Level 3     Total       RMB     RMB     RMB     RMB   Financial assets:                         Investment in marketable equity security     31,525                  -                    -       31,525         As of June 30, 2024       Fair Value Measurement at the Reporting Date using       Quoted price in active markets for identical assets Level 1     Significant other observable inputs Level 2     Significant unobservable inputs Level 3     Total       RMB     RMB     RMB     RMB   Financial assets:                         Investment in marketable equity security     35,290                  -                   -       35,290     Warrant liabilities   The Company’s warrants assumed from SPAC acquisition on May 7,2020, the date of the closing of SPAC Transaction, that have complex terms, such as a clause in which the warrant agreements contain a cash settlement provision whereby the holders could settle the warrants for cash upon a fundamental transaction that is considered outside of the control of management are considered to be a derivative as contemplated in ASC 815-40. The warrant is recorded as derivative liability on the consolidated balance sheet upon the SPAC transaction and is adjusted to its fair value at the end of each reporting period, with the change being recorded as other expense or gain in accordance with ASC 820.   On February 5, 2024, all above warrants expired and were cancelled according to the terms of the warrant agreement.   (h) Revenue recognition   The Company applies the ASU 2014-09, Revenue from Contracts with Customers — Topic 606 for its revenue recognition for all periods presented. Revenues are recognized when control of the promised virtual items or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those virtual items or services. Revenue is recorded, net of sales related taxes and surcharges.   Live streaming   The Company is principally engaged in operating its own live streaming platforms, which enable broadcasters and viewers to interact with each other during live streaming. The Company is responsible for providing a technological infrastructure to enable the broadcasters, online users and viewers to interact through live streaming platforms. All the platforms can be accessed for free. The Company mainly derives the revenue from sales of virtual items in the platforms. The Company has a recharge system for users to purchase the Company’s virtual currency then purchase virtual items for use. Users can recharge via various online third-party payment platforms, including WeChat Pay, AliPay and other payment platforms. Virtual currency is non-refundable and often consumed soon after it is purchased.   The Company designs, creates and offers various virtual items for sales to users with pre-determined stand-alone selling price. Virtual items are categorized as consumable and time-based items. Consumable items are consumed upon purchase and use while time-based items could be used for a fixed period of time. Users can purchase and present consumable items to broadcasters to show support for their favorite broadcasters, or purchase time-based virtual items for one or multiple months for a monthly fee, which provide users with recognized status, such as priority speaking rights or special symbols over a period of time.   The Company shares a portion of the sales proceeds of virtual items (“revenue sharing fee”) with broadcasters and talent agencies in accordance with their revenue sharing arrangements. Broadcasters, who do not have revenue sharing arrangements with the Company, are not entitled to any revenue sharing fee. The Company also utilizes third-party payment collection channels, which charges the payment handling cost for users to purchase the virtual currency directly from it. The payment handling costs are recorded in cost of sales.   The Company evaluates and determines that it is the principal and views users to be its customers, because the Company controls the virtual items before they are transferred to users. Its control is evidenced by the Company’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Company being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Company reports live streaming revenues on a gross basis with the amounts billed to users recorded as revenues and revenue sharing fee paid to broadcasters and related agencies recorded as cost of revenues.   Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Company has determined that each individual virtual item represents a distinct performance obligation. Accordingly, live streaming revenue is recognized immediately when the consumable virtual item is used, or in the case of time-based virtual items, revenue is recognized over the fixed period on a straight-line basis. The Company does not have further obligations to the user after the virtual items are consumed. The Company’s live streaming virtual items are generally sold without right of return and the Company does not provide any other credit and incentive to its users. Unconsumed virtual currency is recorded as deferred revenue.   The Company also cooperates with independent third-party distributors to sell virtual currency through annual distribution agreements with these distributors. Third-party distributors purchase virtual currency from the Company with no refund provision according to the annual distribution agreements, and they are responsible for selling the virtual currency to end users. They may engage their own sales representatives, which are referred to as “sales agents” to directly sell to individual end users. The Company has no control over such “sales agents”. The Company has discretion to determine the price of the virtual currency sold to its third-party distributors, but has no discretion as to the price at which virtual currency is sold by its third-party distributors to the sales agents.    Technical services and others   The Company generated technical and other revenues from providing multi-channel network (“MCN”) agency service, technical development, advisory and others, which accounts for only approximately 2% or less of revenue for the six months ended June 30, 2023 and 2024. As the amount was immaterial, and short-term in nature, which is usually less than six months, the Company recognizes revenue when service were rendered and accepted by customers.   Practical expedients and exemptions   The Company’s contracts have an original duration of one year or less. Accordingly, the Company does not disclose the value of unsatisfied performance obligations.   Revenue by types and platforms   The following table sets forth types of our revenue for the periods indicated:       For the six months ended June 30,       2023     2024     2024       RMB     RMB     US$   Live streaming - consumable virtual items revenue     640,740       671,308       92,375   Live streaming - time based virtual item revenue     11,890       12,516       1,722   Technical services and others     14,812       7,315       1,007   Total revenue     667,442       691,139       95,104     As of June 30, 2024, we operated five brands of live streaming platforms, consisting of: Showself Live Streaming, Lehai Live Streaming, Haixiu Live Streaming, BeeLive Live Streaming (including BeeLive Chinese version – Mifeng) and Hongle Live Streaming. The following table sets forth our revenue by platforms for the periods indicated:       For the six months ended June 30,       2023     2024     2024       RMB     RMB     US$   Showself     171,689       139,571       19,205   Lehai     100,818       188,100       25,883   Haixiu     121,639       143,525       19,750   Beelive     160,379       111,507       15,344   Hongle     98,105       101,121       13,915   Technical services and others     14,812       7,315       1,007   TOTAL     667,442       691,139       95,104     Contract balances   Contract balances include accounts receivable and deferred revenue. Accounts receivable primarily represent cash due from distributors and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Deferred revenue primarily includes unconsumed virtual currency and unamortized revenue from time-based virtual items in the Company’s platforms, where there is still an obligation to be provided by the Company, which will be recognized as revenue when all of the revenue recognition criteria are met. Due to the generally short-term duration of the relevant contracts, all performance obligations are satisfied within one year.   (i) Government subsidies   Government subsidies are primarily referred to the amounts received from various levels of local governments from time to time which are granted for general corporate purposes and to support its ongoing operations in the region. The grants are determined at the discretion of the relevant government authority and there are no restrictions on their use. The government subsidies amounted to RMB459 and RMB703 (US$97) for the six months ended June 30, 2023 and 2024 are recorded as other income.   (j) Sales and marketing expenses   Sales and marketing expenses consist primarily of advertising and market promotion expenses. The advertising and market promotion expenses amounted to RMB465 and RMB2,045 (US$281) for the six months ended June 30, 2023 and 2024, respectively.   (k) Income taxes   The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. The Company follows the liability method in accounting for income taxes in accordance to ASC topic 740 (“ASC 740”), Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. A valuation allowance would be recorded against deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized.   The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Company’s uncertain tax positions and determining its provision for income taxes. The Company recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its balance sheet and under other expenses in its statement of comprehensive loss. The Company did not recognize any interest and penalties associated with uncertain tax positions for the six months ended June 30, 2023 and 2024. As of December 31, 2023 and June 30, 2024, the Company did not have any significant unrecognized uncertain tax positions.   (l) Value added tax (“VAT”)   Revenue represents the invoiced value of service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13%, depending on the type of service provided. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in tax payable. All of the VAT returns filed by the Company’s subsidiaries in China, have been and remain subject to examination by the tax authorities for five years from the date of filing.   (m) Earnings (loss) per share   The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Contingently issuable shares were not included in the computation of diluted shares outstanding if they were not issuable should the end of the reporting period have been the end of the contingency period. For the six months ended June 30, 2023 and 2024, there was 212,608 and 296,543 shares related to RSU incentive plan, respectively.    (n) Non-controlling interests   As of June 30, 2024, non-controlling interests represent 49% non-controlling shareholders’ interests in HCHY, 49% non-controlling shareholders’ interests in SXFJ, 49% non-controlling shareholders’ interests in Scienjoy Verse, 10% non-controlling shareholders’ interests in SJ Verse, 49% non-controlling shareholders’ interests in Scenovo SG and 30% non-controlling shareholders’ interests in Techjoy SG. The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the operating results of the Company are presented on the face of the consolidated statements of comprehensive income (loss) as an allocation of the total income or loss between non-controlling interest holders and the shareholders of the Company.   (o) Segment reporting   The Company follows ASC 280, “Segment Reporting.” The Company’s Chief Executive Officer or chief operating decision-maker reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, the Company has only one reportable segment. As the Company’s long-lived assets are substantially all located in the PRC and the majority of the Company’s revenues are derived from within the PRC, no geographical segments are presented.   (v) Recent accounting pronouncements     In March 2023, the FASB issued ASU 2023-03, which amends various SEC paragraphs in the Accounting Standards Codification. This includes amendments to Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718). The amendments are in response to SEC Staff Accounting Bulletin No. 120 and other SEC staff announcements and guidance. This ASU does not introduce new guidance and therefore does not have a specified transition or effective date. However, for smaller reporting companies, the ASU is effective for fiscal years beginning after December 15, 2023. The adoption of this ASU did not have any material impact on the Company’s unaudited condensed consolidated interim financial statements and disclosure.   In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. As an emerging growth company, the standard is effective for the Company for the year ended December 31, 2025. The Company is in the process of evaluating the impact of the new guidance on its unaudited condensed consolidated unaudited condensed financial statements.   In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is also permitted. This ASU will result in additional required disclosures when adopted, where applicable.   In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2025. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. Once adopted, this ASU will result in additional disclosures.   Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the Company’s unaudited condensed consolidated interim financial statements.

v3.24.2.u1

Concentration of Risk	6 Months Ended
	Jun. 30, 2024
Concentration of Risk [Abstract]
CONCENTRATION OF RISK	3. CONCENTRATION OF RISK   (a) Credit risk   Financial instruments that potentially subject the Company to significant concentrations of credit risk consist primarily of cash and cash equivalents, accounts receivable, other receivables included in prepaid expenses, other current assets, and amounts due from related parties. As of December 31, 2023 and June 30, 2024, RMB199,822 and RMB173,929 (US$23,933), respectively, were deposited with major financial institutions located in the PRC. There is a RMB500,000 deposit insurance limit for a legal entity’s aggregated balance at each mainland PRC bank, and the bank deposits with financial institutions in the Hong Kong Special Administrative Region are insured by the government authority up to HKD 500,000. Management believes that these financial institutions are of high credit quality and continually monitor the credit worthiness of these financial institutions. Historically, deposits in Chinese banks are secure due to the state policy on protecting depositors’ interests.   For the credit risk related to accounts receivable, the Company adopted Credit Losses (Topic 326) effective January 1, 2023. The company makes specific bad debt provisions based on management’s best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections.   (b) Currency convertibility risk   Substantially all of the Company’s businesses are transacted in RMB, which is not freely convertible into foreign currencies. On January 1, 1994, the PRC government abolished the dual rate system and introduced a single rate of exchange as quoted daily by the People’s Bank of China. However, the unification of the exchange rates does not imply the convertibility of RMB (¥) into US$ ($) or other foreign currencies. All foreign exchange transactions continue to take place either through the People’s Bank of China or other banks authorized to buy and sell foreign currencies at the exchange rates quoted by the People’s Bank of China. Approval of foreign currency payments by the People’s Bank of China or other institutions requires submitting a payment application form together with suppliers’ invoices, shipping documents and signed contracts.   (c) Significant customers   For the six months ended June 30, 2023 and 2024, no customer individually represents greater than 10% of the total revenue, respectively.    (d) Significant suppliers   For the six months ended June 30, 2023, one vendor accounted for 11.8% of the Company’s total purchases. For the six months ended June 30, 2024, one vendor accounted for 14.3% of the Company’s total purchases. As of December 31, 2023, one vendor accounted for 11.1% of the Company’s accounts payable. As of June 30, 2024, no vendor accounted for greater than 10% of the Company’s accounts payable.

v3.24.2.u1

Acquisition	6 Months Ended
	Jun. 30, 2024
Acquisition [Abstract]
ACQUISITION	4. ACQUISITION   4.1 Acquisition of SJ Verse   On October 7, 2023, Scienjoy Verse Tech Ltd entered into a share acquisition agreement with a third party to pursuant 90% equity in SJ Verse (formerly name as “Nujoom Almashareq Media L.L.C”) for a consideration of US$1,000 (RMB7,092). The transaction was completed on October 7, 2023. SJ Verse is a Dubai-based multi-channel network (MCN) committed to discovering, nurturing, and propelling emerging content creators into the spotlight. The historical operating results of SJ Verse were not significant to the Company. The Company believes the SJ Verse acquisition will help to explore oversea market. The SJ Verse acquisition was accounted for as business combination in accordance with ASC 805. Acquisition-related costs incurred for the acquisitions are not material. The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition based on a valuation performed by an independent valuation firm engaged by the Company.       RMB   Cash acquired     212   Prepaid expenses and other current assets     104         316             Property and equipment, net     270   Goodwill     9,686   Total assets     10,272             Current liabilities     303   Non-current liabilities     3,165   Total liabilities     3,468   10% Equity Value with non-controlling interests     (288 ) Total consideration     7,092

v3.24.2.u1

Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2024
Accounts Receivable, Net [Abstract]
ACCOUNTS RECEIVABLE, NET	5. ACCOUNTS RECEIVABLE, NET   Accounts receivable and allowance for credit losses consist of the following:       As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   Accounts receivable     266,076       253,035       34,818   Less: allowance for credit losses     (5,097 )     (6,223 )     (856 ) Accounts receivable, net     260,979       246,812       33,962     An analysis of the allowance for credit losses is as follows:       For the year ended December 31,     For the six months ended June 30,       2023     2024     2024       RMB     RMB     US$   Beginning balance     3,546       5,097       701   Additions     1,530       1,126       155   Exchange difference     21       -       -   Ending balance     5,097       6,223       856     Three unrelated distributors accounted for 30.3%, 24.8% and 12.1% of the Company’s accounts receivable as of December 31, 2023, respectively. Four unrelated distributors accounted for 37.0%, 23.2%, 12.3%, and 10.0% of the Company’s accounts receivable as of June 30, 2024, respectively.

v3.24.2.u1

Prepaid Expenses and Other Current Assets	6 Months Ended
	Jun. 30, 2024
Prepaid Expenses and Other Current Assets [Abstract]
PREPAID EXPENSES AND OTHER CURRENT ASSETS	6. PREPAID EXPENSES AND OTHER CURRENT ASSETS   Prepaid expenses and other current assets consist of the following:       As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   VAT recoverable     25,221       18,694       2,572   Prepaid expense     6,019       5,530       761   Investment buyback receivable (1)     30,000       30,000       4,128   Loan receivable (2)     16,200       2,989       411   Other receivables     1,213       2,627       362   Prepaid expenses and other current assets     78,653       59,840       8,234     (1) The Company invested RMB30,000 in Yieryi for its 12% equity interest on August 17, 2021. As part of the Framework Agreement signed on December 29, 2021, one of the shareholders of Yieryi bought such equity interest back from the Company for RMB30,000. On August 25, 2023, such shareholder and his related party pledged their ownership of 1.3 million ordinary shares of the Company to ensure the recoverability of the receivable balance. On March 22, 2024, such shareholder and his related party further pledged their ownership of 2,969,114 ordinary shares of the Company to ensure the recoverability of the receivable balance, subsequently.     (2) (i) On March 2, 2023, the Company lent RMB15,000 to Hangzhou Doujin Information Technology Co., Ltd for working capital purpose. The loan term was for one year with daily interest rate of 0.02%. The loan was fully repaid as of March 21, 2024.   (ii) On October 10, 2023, the Company lent RMB1,200 to Zhejiang Mengxiang Zhixing Cultural Technology Co., Ltd. for its for working capital purpose. The loan term was for one year with daily interest rate of 0.02%. The loan was fully repaid as of March 22, 2024.    (iii) During six months ended June 30, 2024, the Company made several loans to two third parties. These loans terms were for one year with no interest. As of June 30, 2024, the loan receivable amounted to RMB2,989.

v3.24.2.u1

Lease	6 Months Ended
	Jun. 30, 2024
Lease [Abstract]
LEASE	7. Lease   The Company has several operating leases for offices. The Company’s lease agreements do not contain any material residual value guarantees or material restrictive covenants.   Total lease expense for the six months ended June 30, 2023 and 2024 amounted to RMB3,627 and RMB4,585 (US$631), respectively.   Supplemental balance sheet information related to operating leases was as follows:       As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   Right-of-use assets, net     12,157       8,544       1,176                             Operating lease liabilities - current     7,974       6,101       840   Operating lease liabilities - non-current     4,798       2,773       382   Total operating lease liabilities     12,772       8,874       1,222     The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of June 30, 2024:   Remaining lease term and discount rate:       Weighted average remaining lease term (years)   1.5 years   Weighted average discount rate   4.75%     Maturities of lease liabilities were as follows:   Twelve months ending June 30,   RMB     US$   2025     6,327       871   2026     2,811       387   Total future minimum lease payments     9,138       1,258   Less: imputed interest     (264 )     (36 ) Present value of lease liabilities     8,874       1,222

v3.24.2.u1

Income Taxes	6 Months Ended
	Jun. 30, 2024
Income Taxes [Abstract]
INCOME TAXES	8. INCOME TAXES   Enterprise income tax   British Virgin Islands   Under the current laws of the British Virgin Islands, the Company incorporated in the British Virgin Islands is not subject to tax on income or capital gain. Additionally, the British Virgin Islands does not impose a withholding tax on payments of dividends to shareholders.   Cayman Islands   Under the current laws of the Cayman Islands, the subsidiary of the Company incorporated in the Cayman Islands is not subject to tax on income or capital gain. Additionally, the Cayman Islands does not impose a withholding tax on payments of dividends to shareholders.   Singapore   Under Singapore tax laws, subsidiaries in Singapore are subject to statutory income tax rate at 17.0% if revenue is generated in Singapore and there are no withholding taxes in Singapore on remittance of dividends.   Dubai   Subsidiaries in Dubai are subject to statutory income tax rate at 9% above the threshold of 375,000AED.   Hong Kong   Under the current Hong Kong Inland Revenue Ordinance, the subsidiary of the Company in Hong Kong is subject to 16.5% Hong Kong profit tax on its taxable income generated from operations in Hong Kong. Additionally, payments of dividends by the subsidiary incorporated in Hong Kong to the Company are not subject to any Hong Kong withholding tax.   The PRC   The Company’s subsidiaries and the VIE that are each incorporated in the PRC are subject to Corporate Income Tax (“CIT”) on the taxable income as reported in their respective statutory financial statements adjusted in accordance with the new PRC Enterprise Income Tax Laws (“PRC Income Tax Laws”) effective from January 1, 2008. Pursuant to the PRC Income Tax Laws, the Company’s PRC subsidiaries and the VIE are subject to a CIT statutory rate of 25%.   Under the PRC Income Tax Laws, an enterprise which qualifies as a High and New Technology Enterprise (the “HNTE”) is entitled to a preferential tax rate of 15% provided it continues to meet HNTE qualification standards on an annual basis. SG qualifies as an HNTE and is entitled for a preferential tax rate of 15% from 2018 to 2023. SG is renewing the HNTEs. HX qualifies as an HNTE and is entitled for a preferential tax rate of 15% from 2017 to 2026. LH qualifies as an HNTE and is entitled for a preferential tax rate of 15% from 2016 to 2024. WLT qualifies as an HNTE and is entitled for a preferential tax rate of 15% from 2017 to 2026.    Under the PRC Income Tax Laws, during the period from January 1, 2010 to December 31, 2030, an enterprise which established in region of Holgus and Kashgar is entitled to a preferential tax rate of 0% in five consecutive years and a preferential tax rate of 9% for the next five years since the first-year income generated from operations provided it continues to meet the conditions within the required scope.   Holgus X qualifies for the conditions and entitled for a preferential tax rate of 0% from 2017 to 2021 and a preferential tax rate of 9% from 2022 to 2026. Kashgar Times qualifies for the conditions and entitled for a preferential tax rate of 0% from 2016 to 2020 and a preferential tax rate of 9% from 2021 to 2025. Holgus H qualifies for the conditions and entitled for a preferential tax rate of 0% from 2020 to 2025 and a preferential tax rate of 9% from 2026 to 2030. Kashgar Lehong qualifies for the conditions and entitled for a preferential tax rate of 0% from 2020 to 2025 and a preferential tax rate of 9% from 2026 to 2030. For the six months ended June 30, 2023 and 2024, total tax saving for the preferential tax rate were RMB33,058 and RMB3,610 (US$497), respectively, the impacts on basic EPS were RMB0.8 and RMB0.1 (US$0.0), respectively, and the impacts on dilutive EPS were RMB0.8 and RMB0.1 (US$0.0), respectively.   Uncertain tax positions   The Company evaluates the level of authority for each uncertain tax position (including the potential application of interest and penalties) based on the technical merits, and measures the unrecognized benefits associated with the tax positions. As of December 31, 2023 and June 30, 2024, the Company did not have any significant unrecognized uncertain tax positions.   The Company did not incur any interest or penalty related to potential underpaid income tax expenses for the six months ended June 30, 2023 and 2024, and also does not anticipate any significant increases or decreases in unrecognized tax benefits in the next 12 months from June 30, 2024.   The income tax expenses comprise:       For the six months ended June 30,       2023     2024     2024       RMB     RMB     US$   Current income tax expense     1,087       6,225       857   Deferred income tax (benefit)expense     (1,719 )     1,448       199   Income tax (benefit) expenses     (632 )     7,673       1,056     A reconciliation of the differences between the statutory tax rate and the effective tax rate for EIT for the six months ended June 30, 2023 and 2024 is as follows:       For the six months ended June 30,       2023     2024   Income tax computed at PRC statutory tax rate     25.0 %     25.0 % Effect of tax-preferential entities     (44.8 )%     (8.2 )% Non-deductible expenses     19.0 %     0.7 % Income tax (benefit) expense     (0.8 )%     17.5 %   The components of deferred taxes are as follows:       As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   Deferred tax assets:                   Allowance for doubtful accounts     3,724       1,555       214   Net operating losses carried forward     3,655       3,667       505         7,379       5,222       719     Based upon the level of historical taxable income and projections for future taxable income over the periods in which the deferred tax assets are recoverable, management believes that it is more likely than not that the results of future operations will generate sufficient taxable income to realize the deferred tax assets for the Company. Thus, there were no valuation allowances as of December 31, 2023 and June 30, 2024 for the deferred tax assets.   The components of deferred liabilities are as follows:       As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   Deferred tax liabilities                   Intangible assets acquired through acquisition     59,818       59,109       8,134         59,818       59,109       8,134

v3.24.2.u1

Related Party Balances and Transactions	6 Months Ended
	Jun. 30, 2024
Related Party Balances and Transactions [Abstract]
RELATED PARTY BALANCES AND TRANSACTIONS	9. RELATED PARTY BALANCES AND TRANSACTIONS   In addition to the information disclosed elsewhere in the financial statements, the principal related parties with which the Company had transactions during the years presented are as follows:   Name of Related Parties   Relationship with the Company Mr. He Xiaowu   Chief Executive Officer and Chairman of the Board Enmoli Inc.   Where Mr. He Xiaowu acted as director Sixiang Zhuohong Private Equity LP   Equity investee of the Company   For the six months ended June 30, 2024, significant related party transactions were as follows:           For the six months ended June 30,           2023     2024     2024           RMB     RMB     US$   Sixiang Zhuohong Private Equity LP   Sold 6% equity interest of Hangzhou Zhange Culture Technology Co., Ltd to the Company            -       13,500       1,858     As of December 31, 2023 and June 30, 2024, the amounts due from related parties are as follows:       As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   Amount due from related parties                   Enmoli Inc (1)     355            -             -   Total     355       -       -     (1) The balance was collected on January 12, 2024.

v3.24.2.u1

Shareholders' Equity	6 Months Ended
	Jun. 30, 2024
Shareholders
SHAREHOLDERS’ EQUITY	10. SHAREHOLDERS’ EQUITY   Ordinary Shares   The Company is authorized to issue an unlimited number of no par value Class A ordinary shares and Class B ordinary shares.   On November 8, 2021, the Company’s 2021 annual general meeting of shareholders (the “AGM”) approved the following shareholders’ resolutions: (i) the adoption of a dual-class share structure, pursuant to which the Company’s authorized share capital shall be re-classified and re-designed into Class A ordinary shares and Class B ordinary shares, with each Class A ordinary share being entitled to one (1) vote and each Class B ordinary share being entitled to ten (10) votes at a meeting of the shareholders or on any resolution of shareholders; and (ii) the authorization to the Company to issue up to 50,000,000 Class A Preferred Shares with such designations, powers, preferences and relative, participation, optional and other rights, if any, and such qualifications, limitations and restrictions as the directors may determine among other matters. Additionally, together with the adoption of a dual-class share structure, 2,625,058 Class A ordinary shares held by Heshine Holdings Limited have been converted into 2,625,058 Class B ordinary shares.   As of June 30, 2024, the Company had 38,920,797 Class A ordinary shares and 2,925,058 Class B ordinary shares issued and outstanding.   Shares issued for SPAC and acquisitions   Acquisition of Weiliantong   In connection of the acquisition of Weiliantong, on March 3, 2022, the Company issued 3,898,511 Class A ordinary shares to the original shareholders of Weiliantong as part of total RMB180,000 worth share consideration, which was calculated based on US$5.13 per share based on the 20 days average closing price of the Company’s Class A ordinary shares prior to the acquisition. The fair value of the shares issued approximated RMB127,000 as part of the purchase consideration.  On April 7, 2023, the Company issued 487,314 Class A ordinary shares for achieving Earn-out Target 2022. On April 8, 2024, the Company issued 403,089 Class A ordinary shares for achieving Earn-out Target 2023 (details see shares to be issued in Note 10).   Treasury Shares   In October, 2022, the Company repurchased an aggregate of 794,120 Class A ordinary shares at price of US$3.01 per share, which was recorded as treasury shares.   In November, 2023, the Company repurchase an aggregate of 119,725 Class A ordinary shares at price of US$3.2 per share, which was recorded as treasury shares.   As of June 30, 2024, all these shares were held in an escrow account as reserve solely for potential needed.    Warrants   As of June 30, 2024, there were no warrants outstanding and exercisable, and no warrants have been exercised for the six months ended June 30, 2024.   The Public Warrants became exercisable upon the completion of the SPAC Transaction on May 7, 2020 with exercise price of US$11.5 per full share. The Public Warrants will expire five years from February 5, 2019 (or February 5, 2024).   The Company may call the warrants for redemption (excluding the Private Warrants), in whole and not in part, at a price of US$0.01 per warrant:     ● at any time while the Public Warrants are exercisable,         ● upon not less than 30 days’ prior written notice of redemption to each Public Warrant holder,         ● if, and only if, the reported last sale price of the Class A ordinary shares equals or exceeds US$16.50 per share, for any 20 trading days within a 30-trading day period ending on the third trading day prior to the notice of redemption to Public Warrant holders, and         ● if, and only if, there is a current registration statement in effect with respect to the issuance of the Class A ordinary shares underlying such warrants at the time of redemption and for the entire 30-day trading period referred to above and continuing each day thereafter until the date of redemption.   If the Company calls the Public Warrants for redemption, management will have the option to require all holders that wish to exercise the Public Warrants to do so on a “cashless basis”. The exercise price and number of Class A ordinary shares issuable upon exercise of the warrants may be adjusted in certain circumstances including in the event of a stock dividend, extraordinary dividend or recapitalization, reorganization, merger or consolidation. The Public Warrants may only be exercised for a whole number of shares, meaning that the Public Warrants must be exercised in multiples of two. However, the warrants will not be adjusted for issuances of Class A ordinary shares at a price below its exercise price. Additionally, in no event will the Company be required to net cash settle the warrants.   The private warrants are identical to the public warrants with the exercise price of US$11.5 per full share and expiration by February 5, 2024, except that the private warrants and the Class A ordinary shares issuable upon the exercise of the private warrants will not be transferable, assignable or salable until after the completion of the SPAC Transaction, subject to certain limited exceptions. The private warrants may only be exercised for a whole number of shares, meaning that the private warrants must be exercised in multiples of two. Additionally, the private warrants will be exercisable on a cashless basis and will be non-redeemable so long as they are held by the initial purchasers or their permitted transferees. If the private warrants are held by someone other than the initial purchasers or their permitted transferees, the private warrants will be redeemable by the Company and exercisable by such holders on the same basis as the public warrants.   As of June 30, 2024, the Company had no exercisable warrants. A summary of warrants activity for the years ended December 31, 2023 and 2022 is as follows:       Number of warrants     Weighted average life   Expiration dates Balance of warrants outstanding as of December 31, 2022     6,023,700     1.1 years   February 5, 2024 Balance of warrants outstanding as of December 31, 2023     6,023,700     0.1 years   February 5, 2024 Forfeited     (6,023,700 )   -   - Balance of warrants outstanding as of June 30, 2024     -     -   February 5, 2024 Balance of warrants exercisable as of June 30, 2024     -     -   February 5, 2024   Unit Purchase Option   On February 8, 2019, the Company sold to Chardan, for $100, an option to purchase up to 375,000 Units exercisable at $11.50 per Unit (or an aggregate exercise price of $4,312,500) exercisable on the completion of the SPAC Transaction on May 7, 2020. On February 20, 2019, in connection with the underwriters’ election to exercise the over-allotment option in full, the Company issued Chardan an option to purchase up to an additional 56,250 Units exercisable at $11.50 per Unit for no additional consideration. Each Unit consists of one ordinary share, one redeemable warrant and one right (together “UPO”). The unit purchase option may be exercised for cash or on a cashless basis, at the holder’s option, and expires February 5, 2024. For the year ended December 31, 2021, 100,000 UPO have been exercised for 100,000 warrants and 110,000 shares. As of June 30, 2024, the Company had no exercisable UPO units.   Liability Classified Warrants   All of the Company’s outstanding warrants contain a contingent cash payment feature and therefore were accounted for as a liability and are adjusted to fair value at each balance sheet date. The change in fair value of the warrant liability is recorded as change in fair value of warrant liabilities in the consolidated statements of operations and comprehensive loss (Note 2).   The Company accounted for the unit purchase option, inclusive of the receipt of $100 cash payment, as an expense of the Initial Public Offering resulting in a charge directly to shareholders’ equity. The Company estimated the fair value of the unit purchase option is approximately $1,286,000, or $2.98 per Unit, using the Black-Scholes option-pricing model. The fair value of the unit purchase option granted to the underwriters was estimated as of the date of grant using the following assumptions: (1) expected volatility of 35%, (2) risk-free interest rate of 2.44% and (3) expected life of five years. The option and such units purchased pursuant to the option, as well as the Class A ordinary shares underlying such units, the rights included in such units, the Class A ordinary shares that are issuable for the rights included in such units, the warrants included in such units, and the shares underlying such warrants, have been deemed compensation by FINRA and are therefore subject to a 180-day lock-up pursuant to Rule 5110(g)(1) of FINRA’s NASDAQ Conduct Rules. Additionally, the option may not be sold, transferred, assigned, pledged or hypothecated for a one-year period (including the foregoing 180-day period) following the date of Initial Public Offering except to any underwriter and selected dealer participating in the Initial Public Offering and their bona fide officers or partners. The option grants to holders demand and “piggy back” rights for periods of five and seven years, respectively, from the effective date of the registration statement with respect to the registration under the Securities Act of the securities directly and indirectly issuable upon exercise of the option. The Company will bear all fees and expenses attendant to registering the securities, other than underwriting commissions which will be paid for by the holders themselves. The exercise price and number of units issuable upon exercise of the option may be adjusted in certain circumstances including in the event of a stock dividend, or the Company’s recapitalization, reorganization, merger or consolidation. However, the option will not be adjusted for issuances of Class A ordinary shares at a price below its exercise price.   Shares to be issued   As of December 31, 2023, Weiliantong achieved 82.72% of Weiliantong Earn-out Target 2023 and the Company was obligated to issue 403,089 Class A ordinary shares (the “Weiliantong 2023 Earn-out shares”) to the original shareholders of Weiliantong. As a result, the Company classified the Weiliantong 2023 Earn-out shares with fair value of RMB9,960 as shares to be issued in the Company’s equity as of December 31, 2023. The Weiliantong 2023 earnout shares was issued on April 8, 2024 and was excluded from shares to be issued account as of June 30, 2024.   As of June 30, 2024 and the December 31, 2023, the rest of shares to be issued amounted to RMB20,817, representing the Company’s obligation to issue 636,691 Class A ordinary shares to Weilaijin with the fair value of RMB20,817 in connection with the acquisition of Weiliantong in 2022. The Company is required to issue the related shares upon receipt of exercise notice from Weilaijin.   2021 Equity Incentive Plan   On August 3, 2021, the Employee Share Option Committee (the “ESOP Committee”) of the Company approved a resolution which appointed the Chief Executive Officer and Chief Operating Officer as Authorized Officer of ESOP Committee to grant share options to employees, directors, advisors, consultants and service providers of the Company. In 2021, the ESOP Committee approved the granting of 2,053,783 Restricted Share Units (“RSU”) under the 2021 Equity Incentive Plan. As of December 31, 2022, the Company had 716,956 RSUs outstanding. For the year ended December 31, 2023, the ESOP Committee approved the granting of 512,217 RSUs under the 2021 Equity Incentive Plan. For the year ended December 31,2023,21,206 RSUs was forfeited and 434,093 RSUs was vested. As of December 31, 2023, the Company had 773,874 RSUs outstanding. For the six months ended June 30, 2024, the ESOP Committee approved the granting of 272,999 RSUs under the 2021 Equity Incentive Plan. For the year ended December 31,2023, 2,973 RSUs was forfeited and 403,829 RSUs was vested. As of June 30, 2024, the Company had 639,544 RSUs outstanding.

v3.24.2.u1

Statutory Reserves and Restricted Net Assets	6 Months Ended
	Jun. 30, 2024
Statutory Reserves and Restricted Net Assets [Abstract]
STATUTORY RESERVES AND RESTRICTED NET ASSETS	11. STATUTORY RESERVES AND RESTRICTED NET ASSETS   The Company’s ability to pay dividends is primarily dependent on the Company receiving distributions of funds from its subsidiaries. Relevant PRC statutory laws and regulations permit payments of dividends by the Company’s PRC subsidiaries only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. The results of operations reflected in the unaudited condensed consolidated financial statements prepared in accordance with U.S. GAAP differ from those reflected in the statutory financial statements of the Company’s subsidiaries.   In accordance with the PRC Regulations on Enterprises with Foreign Investment and the articles of association of the Company’s PRC subsidiaries, a foreign-invested enterprise established in the PRC is required to provide certain statutory reserves, namely general reserve fund, the enterprise expansion fund and staff welfare and bonus fund which are appropriated from net profit as reported in the enterprise’s PRC statutory accounts. A foreign-invested enterprise is required to allocate at least 10% of its annual after-tax profit to the general reserve until such reserve has reached 50% of its respective registered capital based on the enterprise’s PRC statutory accounts. Appropriations to the enterprise expansion fund and staff welfare and bonus fund are at the discretion of the board of directors for all foreign-invested enterprises. The aforementioned reserves can only be used for specific purposes and are not distributable as cash dividends. WXBJ and WXZJ was established as a foreign-invested enterprise and, therefore, is subject to the above mandated restrictions on distributable profits. As of December 31, 2023 and June 30, 2024, the Company had appointed RMB44,698 and RMB48,040 (US$6,611), respectively in its statutory reserves.   Foreign exchange and other regulations in the PRC may further restrict the Company’s VIE from transferring funds to the Company in the form of dividends, loans and advances. Amounts restricted include paid-in capital, additional paid-in capital and statutory reserves of the Company’s PRC Subsidiaries and the equity of VIE, as determined pursuant to PRC generally accepted accounting principles. As of December 31, 2023 and June 30, 2024, restricted net assets of the Company’s PRC subsidiaries and VIE were RMB413,117 and RMB426,418 (US$58,677), respectively.

v3.24.2.u1

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2024
Commitments and Contingencies [Abstract]
COMMITMENTS AND CONTINGENCIES	12. COMMITMENTS AND CONTINGENCIES   (a) Capital and Other Commitments   The Company did not have significant capital and other commitments as of December 31, 2023 and June 30, 2024.   (b) Contingencies   From time to time, the Company is party to certain legal proceedings, as well as certain asserted and un-asserted claims. Amounts accrued, as well as the total amount of reasonably possible losses with respect to such matters, individually and in the aggregate, are not deemed to be material to the unaudited condensed consolidated financial statements.

v3.24.2.u1

Subsequent Events	6 Months Ended
	Jun. 30, 2024
Subsequent Events [Abstract]
SUBSEQUENT EVENTS	13. SUBSEQUENT EVENTS   The Company evaluated all events and transactions that occurred after June 30, 2024 up through the date the Company issued these unaudited condensed consolidated financial statements, for disclosure or recognition in the unaudited condensed consolidated financial statements of the Company as appropriate.

v3.24.2.u1

Accounting Policies, by Policy (Policies)	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Basis of presentation and principles of consolidation	(a) Basis of presentation and principles of consolidation The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with the U.S. generally accepted accounting principles (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, all adjustments (consisting only of normal recurring accruals) considered necessary for a fair presentation have been included. Operating results for the six months ended June 30, 2023 and 2024 are not necessarily indicative of the results that may be expected for the full year. The information included in this interim report should be read in conjunction with Management’s Discussion and Analysis of Financial Condition and Results of Operations and the financial statements and notes thereto included in Scienjoy Holding Corporation’s annual financial statements for the fiscal year ended December 31, 2023 filed with the SEC on April 26, 2024. The unaudited condensed consolidated financial statements include the financial statements of the Company and its subsidiaries, and its VIE and VIE’s subsidiaries over which the Company exercises control and, when applicable, entities for which the Company has a controlling financial interest or is the primary beneficiary. All significant inter-company transactions and balances between the Company, its subsidiaries and the VIE are eliminated upon consolidation.
Business combinations	(b) Business combinations The Company accounts for all business combinations under the purchase method of accounting in accordance with ASC 805, Business Combinations (“ASC 805”). The purchase method of accounting requires that the consideration transferred to be allocated to net assets including separately identifiable assets and liabilities the Company acquired, based on their estimated fair value. The consideration transferred in an acquisition is measured as the aggregate of the fair values at the date of exchange of the assets given, liabilities incurred, and equity instruments issued as well as the contingent considerations and all contractual contingencies as of the acquisition date. The costs directly attributable to the acquisition are expensed as incurred. Identifiable assets, liabilities and contingent liabilities acquired or assumed are measured separately at their fair value as of the acquisition date, irrespective of the extent of any non-controlling interests. The excess of (i) the total of the cost of the acquisition, fair value of the non-controlling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the identifiable net assets of the acquiree, the difference is recognized directly in earnings. The determination and allocation of fair values to the identifiable net assets acquired and liabilities assumed is based on various assumptions and valuation methodologies requiring considerable judgment from management. Although the Company believes that the assumptions applied in the determination are reasonable based on information available at the date of acquisition, actual results may differ from forecasted amounts and the differences could be material.
Use of estimates	(c) Use of estimates The preparation of the unaudited condensed consolidated financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the unaudited condensed consolidated financial statements and the reported amounts of revenues and expenses during the period. Areas where management uses subjective judgment include, but are not limited to revenue recognition, estimating the useful lives of long-lived assets and intangible assets, valuation assumptions in performing asset impairment tests of long-lived assets, allowance for credit losses, and valuation of deferred taxes and deferred tax assets. Actual results could differ from those estimates, and as such, differences may be material to the unaudited condensed consolidated financial statements.
Foreign currency	(d) Foreign currency The functional currency of the Company is in US dollars and the functional currency of the Company’s subsidiaries and VIEs are Renminbi (“RMB”), as determined based on the criteria of Accounting Standards Codification (“ASC”) 830 (“ASC 830”) “Foreign Currency Matters”. The reporting currency of the Company is also the RMB. Monetary assets and liabilities denominated in currencies other than the functional currency are translated into the functional currency at the rates of exchange in place at the balance sheet date. Transactions in currencies other than the functional currency during the year are converted into the functional currency at the applicable rates of exchange prevailing when the transactions occurred. Transaction gains and losses are recognized in the consolidated statement of operations. Assets and liabilities of the Company translated from their respective functional currencies to the reporting currency at the exchange rates at the balance sheet dates, equity accounts are translated at historical exchange rates and revenues and expenses are translated at the average exchange rates in effect during the reporting period. The resulting foreign currency translation adjustment are recorded in other comprehensive income (loss).
Convenience translation	(e) Convenience translation Translations of balances in the consolidated balance sheets, consolidated statements of operations and comprehensive income and consolidated statements of cash flows from RMB into USD (or “US$”) as of and for the six months ended June 30, 2024 are solely for the convenience of the reader and were calculated at the rate of US$1.00 = RMB7.2672, representing the noon buying rate in The City of New York for cable transfers of RMB as certified for customs purposes by the Federal Reserve Bank of New York on the last trading day of June 30, 2024. No representation is made that the RMB amounts represent or could have been, or could be, converted, realized or settled into US$ at that rate, or at any other rate.
Accounts receivable and allowance for credit losses	(f) Accounts receivable and allowance for credit losses Accounts receivable are stated at the historical carrying amount net of allowance for doubtful accounts. The Company maintains an allowance for credit losses which reflects its best estimate of amounts that potentially will not be collected. The Company determines the allowance for credit losses taking into consideration various factors including but not limited to historical collection experience and credit-worthiness of the debtors as well as the age of the individual receivables balance. In June 2016, the FASB issued ASU No. 2016-13, “Financial Instruments — Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” which requires the Company to measure and recognize expected credit losses for financial assets held and not accounted for at fair value through net income. The Company adopted this guidance effective January 1, 2023. The Company makes specific bad debt provisions based on management’s best estimates of specific losses on individual exposures, as well as a provision on historical trends of collections. Account balances are charged off against the allowance after all means of collection have been exhausted and the likelihood of collection is not probable.
Fair value of financial instruments	(g) Fair value of financial instruments Fair value is an exit price, representing the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants. As such, fair value is a market-based measurement that is determined based on assumptions that market participants would use in pricing an asset or a liability. Assets and liabilities recorded at fair value are measured and classified in accordance with a three-tier fair value hierarchy based on the observability of the inputs available in the market used to measure fair value:   ● Level 1 — inputs to the valuation methodology are quoted prices (unadjusted) for identical assets or liabilities in active markets.   ● Level 2 — inputs to the valuation methodology include quoted prices for similar assets and liabilities in active markets, quoted market prices for identical or similar assets in markets that are not active, inputs other than quoted prices that are observable and inputs derived from or corroborated by observable market data.   ● Level 3 — inputs to the valuation methodology are unobservable. The carrying amounts of financial assets and liabilities, such as cash and cash equivalents, accounts receivable, other receivables included in prepaid expenses and other current assets, accounts payables, balances with related parties and other current liabilities, approximate their fair values because of the short-term maturity of these instruments. Assets and Liabilities Measured or Disclosed at Fair Value on a recurring basis The following tables represent the fair value hierarchy of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and June 30, 2024:     As of December 31, 2023       Fair Value Measurement at the Reporting Date using       Quoted price in active markets for identical assets Level 1     Significant other observable inputs Level 2     Significant unobservable inputs Level 3     Total       RMB     RMB     RMB     RMB   Financial assets:                         Investment in marketable equity security     31,525                  -                    -       31,525       As of June 30, 2024       Fair Value Measurement at the Reporting Date using       Quoted price in active markets for identical assets Level 1     Significant other observable inputs Level 2     Significant unobservable inputs Level 3     Total       RMB     RMB     RMB     RMB   Financial assets:                         Investment in marketable equity security     35,290                  -                   -       35,290     Warrant liabilities The Company’s warrants assumed from SPAC acquisition on May 7,2020, the date of the closing of SPAC Transaction, that have complex terms, such as a clause in which the warrant agreements contain a cash settlement provision whereby the holders could settle the warrants for cash upon a fundamental transaction that is considered outside of the control of management are considered to be a derivative as contemplated in ASC 815-40. The warrant is recorded as derivative liability on the consolidated balance sheet upon the SPAC transaction and is adjusted to its fair value at the end of each reporting period, with the change being recorded as other expense or gain in accordance with ASC 820. On February 5, 2024, all above warrants expired and were cancelled according to the terms of the warrant agreement.
Revenue recognition	(h) Revenue recognition The Company applies the ASU 2014-09, Revenue from Contracts with Customers — Topic 606 for its revenue recognition for all periods presented. Revenues are recognized when control of the promised virtual items or services is transferred to the Company’s customers, in an amount that reflects the consideration the Company expects to be entitled to in exchange for those virtual items or services. Revenue is recorded, net of sales related taxes and surcharges. Live streaming The Company is principally engaged in operating its own live streaming platforms, which enable broadcasters and viewers to interact with each other during live streaming. The Company is responsible for providing a technological infrastructure to enable the broadcasters, online users and viewers to interact through live streaming platforms. All the platforms can be accessed for free. The Company mainly derives the revenue from sales of virtual items in the platforms. The Company has a recharge system for users to purchase the Company’s virtual currency then purchase virtual items for use. Users can recharge via various online third-party payment platforms, including WeChat Pay, AliPay and other payment platforms. Virtual currency is non-refundable and often consumed soon after it is purchased. The Company designs, creates and offers various virtual items for sales to users with pre-determined stand-alone selling price. Virtual items are categorized as consumable and time-based items. Consumable items are consumed upon purchase and use while time-based items could be used for a fixed period of time. Users can purchase and present consumable items to broadcasters to show support for their favorite broadcasters, or purchase time-based virtual items for one or multiple months for a monthly fee, which provide users with recognized status, such as priority speaking rights or special symbols over a period of time. The Company shares a portion of the sales proceeds of virtual items (“revenue sharing fee”) with broadcasters and talent agencies in accordance with their revenue sharing arrangements. Broadcasters, who do not have revenue sharing arrangements with the Company, are not entitled to any revenue sharing fee. The Company also utilizes third-party payment collection channels, which charges the payment handling cost for users to purchase the virtual currency directly from it. The payment handling costs are recorded in cost of sales. The Company evaluates and determines that it is the principal and views users to be its customers, because the Company controls the virtual items before they are transferred to users. Its control is evidenced by the Company’s sole ability to monetize the virtual items before they are transferred to users, and is further supported by the Company being primarily responsible to the users for the delivery of the virtual items as well as having full discretion in establishing pricing for the virtual items. Accordingly, the Company reports live streaming revenues on a gross basis with the amounts billed to users recorded as revenues and revenue sharing fee paid to broadcasters and related agencies recorded as cost of revenues.   Sales proceeds are initially recorded as deferred revenue and recognized as revenue based on the consumption of the virtual items. The Company has determined that each individual virtual item represents a distinct performance obligation. Accordingly, live streaming revenue is recognized immediately when the consumable virtual item is used, or in the case of time-based virtual items, revenue is recognized over the fixed period on a straight-line basis. The Company does not have further obligations to the user after the virtual items are consumed. The Company’s live streaming virtual items are generally sold without right of return and the Company does not provide any other credit and incentive to its users. Unconsumed virtual currency is recorded as deferred revenue. The Company also cooperates with independent third-party distributors to sell virtual currency through annual distribution agreements with these distributors. Third-party distributors purchase virtual currency from the Company with no refund provision according to the annual distribution agreements, and they are responsible for selling the virtual currency to end users. They may engage their own sales representatives, which are referred to as “sales agents” to directly sell to individual end users. The Company has no control over such “sales agents”. The Company has discretion to determine the price of the virtual currency sold to its third-party distributors, but has no discretion as to the price at which virtual currency is sold by its third-party distributors to the sales agents. Technical services and others The Company generated technical and other revenues from providing multi-channel network (“MCN”) agency service, technical development, advisory and others, which accounts for only approximately 2% or less of revenue for the six months ended June 30, 2023 and 2024. As the amount was immaterial, and short-term in nature, which is usually less than six months, the Company recognizes revenue when service were rendered and accepted by customers. Practical expedients and exemptions The Company’s contracts have an original duration of one year or less. Accordingly, the Company does not disclose the value of unsatisfied performance obligations. Revenue by types and platforms The following table sets forth types of our revenue for the periods indicated:     For the six months ended June 30,       2023     2024     2024       RMB     RMB     US$   Live streaming - consumable virtual items revenue     640,740       671,308       92,375   Live streaming - time based virtual item revenue     11,890       12,516       1,722   Technical services and others     14,812       7,315       1,007   Total revenue     667,442       691,139       95,104     As of June 30, 2024, we operated five brands of live streaming platforms, consisting of: Showself Live Streaming, Lehai Live Streaming, Haixiu Live Streaming, BeeLive Live Streaming (including BeeLive Chinese version – Mifeng) and Hongle Live Streaming. The following table sets forth our revenue by platforms for the periods indicated:     For the six months ended June 30,       2023     2024     2024       RMB     RMB     US$   Showself     171,689       139,571       19,205   Lehai     100,818       188,100       25,883   Haixiu     121,639       143,525       19,750   Beelive     160,379       111,507       15,344   Hongle     98,105       101,121       13,915   Technical services and others     14,812       7,315       1,007   TOTAL     667,442       691,139       95,104   Contract balances Contract balances include accounts receivable and deferred revenue. Accounts receivable primarily represent cash due from distributors and are recorded when the right to consideration is unconditional. The allowance for doubtful accounts reflects the best estimate of probable losses inherent to the account receivable balance. Deferred revenue primarily includes unconsumed virtual currency and unamortized revenue from time-based virtual items in the Company’s platforms, where there is still an obligation to be provided by the Company, which will be recognized as revenue when all of the revenue recognition criteria are met. Due to the generally short-term duration of the relevant contracts, all performance obligations are satisfied within one year.
Government subsidies	(i) Government subsidies Government subsidies are primarily referred to the amounts received from various levels of local governments from time to time which are granted for general corporate purposes and to support its ongoing operations in the region. The grants are determined at the discretion of the relevant government authority and there are no restrictions on their use. The government subsidies amounted to RMB459 and RMB703 (US$97) for the six months ended June 30, 2023 and 2024 are recorded as other income.
Sales and marketing expenses	(j) Sales and marketing expenses Sales and marketing expenses consist primarily of advertising and market promotion expenses. The advertising and market promotion expenses amounted to RMB465 and RMB2,045 (US$281) for the six months ended June 30, 2023 and 2024, respectively.
Income taxes	(k) Income taxes The Company accounts for current income taxes in accordance with the laws of the relevant tax authorities. The Company follows the liability method in accounting for income taxes in accordance to ASC topic 740 (“ASC 740”), Income Taxes. Under this method, deferred tax assets and liabilities are determined based on the difference between the financial reporting and tax bases of assets and liabilities using enacted tax rates that will be in effect in the period in which the differences are expected to reverse. A valuation allowance would be recorded against deferred tax assets if, based on the weight of available evidence, it is more-likely-than-not that some portion, or all, of the deferred tax assets will not be realized. The guidance on accounting for uncertainties in income taxes prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Guidance was also provided on recognition of income tax assets and liabilities, classification of current and deferred income tax assets and liabilities, accounting for interest and penalties associated with tax positions, accounting for income taxes in interim periods, and income tax disclosures. Significant judgment is required in evaluating the Company’s uncertain tax positions and determining its provision for income taxes. The Company recognizes interests and penalties, if any, under accrued expenses and other current liabilities on its balance sheet and under other expenses in its statement of comprehensive loss. The Company did not recognize any interest and penalties associated with uncertain tax positions for the six months ended June 30, 2023 and 2024. As of December 31, 2023 and June 30, 2024, the Company did not have any significant unrecognized uncertain tax positions.
Value added tax (“VAT”)	(l) Value added tax (“VAT”) Revenue represents the invoiced value of service, net of VAT. The VAT is based on gross sales price and VAT rates range up to 13%, depending on the type of service provided. Entities that are VAT general taxpayers are allowed to offset qualified input VAT paid to suppliers against their output VAT liabilities. Net VAT balance between input VAT and output VAT is recorded in tax payable. All of the VAT returns filed by the Company’s subsidiaries in China, have been and remain subject to examination by the tax authorities for five years from the date of filing.
Earnings (loss) per share	(m) Earnings (loss) per share The Company computes earnings (loss) per share (“EPS”) in accordance with ASC 260, “Earnings per Share”. ASC 260 requires companies to present basic and diluted EPS. Basic EPS is measured as net income divided by the weighted average common share outstanding for the period. Diluted EPS presents the dilutive effect on a per share basis of the potential common shares (e.g., convertible securities, options and warrants) as if they had been converted at the beginning of the periods presented, or issuance date, if later. Potential common shares that have an anti-dilutive effect (i.e., those that increase income per share or decrease loss per share) are excluded from the calculation of diluted EPS. Contingently issuable shares were not included in the computation of diluted shares outstanding if they were not issuable should the end of the reporting period have been the end of the contingency period. For the six months ended June 30, 2023 and 2024, there was 212,608 and 296,543 shares related to RSU incentive plan, respectively.
Non-controlling interests	(n) Non-controlling interests As of June 30, 2024, non-controlling interests represent 49% non-controlling shareholders’ interests in HCHY, 49% non-controlling shareholders’ interests in SXFJ, 49% non-controlling shareholders’ interests in Scienjoy Verse, 10% non-controlling shareholders’ interests in SJ Verse, 49% non-controlling shareholders’ interests in Scenovo SG and 30% non-controlling shareholders’ interests in Techjoy SG. The non-controlling interests are presented in the consolidated balance sheets, separately from equity attributable to the shareholders of the Company. Non-controlling interests in the operating results of the Company are presented on the face of the consolidated statements of comprehensive income (loss) as an allocation of the total income or loss between non-controlling interest holders and the shareholders of the Company.
Segment reporting	(o) Segment reporting The Company follows ASC 280, “Segment Reporting.” The Company’s Chief Executive Officer or chief operating decision-maker reviews the consolidated financial results when making decisions about allocating resources and assessing the performance of the Company as a whole and hence, the Company has only one reportable segment. As the Company’s long-lived assets are substantially all located in the PRC and the majority of the Company’s revenues are derived from within the PRC, no geographical segments are presented.
Recent accounting pronouncements	(v) Recent accounting pronouncements   In March 2023, the FASB issued ASU 2023-03, which amends various SEC paragraphs in the Accounting Standards Codification. This includes amendments to Presentation of Financial Statements (Topic 205), Income Statement—Reporting Comprehensive Income (Topic 220), Distinguishing Liabilities from Equity (Topic 480), Equity (Topic 505), and Compensation—Stock Compensation (Topic 718). The amendments are in response to SEC Staff Accounting Bulletin No. 120 and other SEC staff announcements and guidance. This ASU does not introduce new guidance and therefore does not have a specified transition or effective date. However, for smaller reporting companies, the ASU is effective for fiscal years beginning after December 15, 2023. The adoption of this ASU did not have any material impact on the Company’s unaudited condensed consolidated interim financial statements and disclosure. In June 2022, the FASB issued ASU 2022-03 Fair Value Measurement (Topic 820): Fair Value Measurement of Equity Securities Subject to Contractual Sale Restrictions. The update clarifies that a contractual restriction on the sale of an equity security is not considered part of the unit of account of the equity security and, therefore, is not considered in measuring fair value. The update also clarifies that an entity cannot, as a separate unit of account, recognize and measure a contractual sale restriction. The update also requires certain additional disclosures for equity securities subject to contractual sale restrictions. For public business entities, the amendments in this Update are effective for fiscal years beginning after December 15, 2023, and interim periods within those fiscal years. For all other entities, the amendments are effective for fiscal years beginning after December 15, 2024, and interim periods within those fiscal years. Early adoption is permitted for both interim and annual financial statements that have not yet been issued or made available for issuance. As an emerging growth company, the standard is effective for the Company for the year ended December 31, 2025. The Company is in the process of evaluating the impact of the new guidance on its unaudited condensed consolidated unaudited condensed financial statements. In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2024, and interim periods within fiscal years beginning after December 15, 2024. Early adoption is also permitted. This ASU will result in additional required disclosures when adopted, where applicable. In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2025. Early adoption is also permitted for annual financial statements that have not yet been issued or made available for issuance. Once adopted, this ASU will result in additional disclosures. Except for the above-mentioned pronouncements, there are no new recent issued accounting standards that will have a material impact on the Company’s unaudited condensed consolidated interim financial statements.

v3.24.2.u1

Organization and Principal Activities (Tables)	6 Months Ended
	Jun. 30, 2024
Organization and Principal Activities [Abstract]
Schedule of Subsidiaries of the Company and VIEs	Subsidiaries of the Company and VIEs where the Company is the primary beneficiary include the following: Subsidiaries   Date of incorporation   Place of incorporation   Percentage of direct/indirect ownership   Principal activities Scienjoy Inc.   February 23, 2017   Cayman Islands   100%   Holding Company Scienjoy Pte. Ltd. (“Scienjoy SG”)   July 25, 2023   Singapore   100%   Holding Company Scienjoy International Limited (“Scienjoy HK”)   May 18, 2017   Hong Kong   100%   Holding Company Scienjoy BeeLive Limited (formerly known as Sciscape International Limited, “SIL”)   December 18, 2017   Hong Kong   100%   Live streaming platform Golden Shield Enterprises Limited (“Golden Shield”)   September 28, 2021   British Virgin Islands   100%   Holding Company Scienjoy Verse Tech Ltd (“Scienjoy Verse”) (a 51% owned subsidiary of Scienjoy SG through entrust agreement between Scienjoy SG and Mr Xiaowu He, Chief Executive Officer and Chairman of the Board)   September 18, 2023   Dubai   51%   Holding Company Scienjoy Meta Technology LLC (“Scienjoy Meta”) (a wholly owned subsidiary of Scienjoy Verse)   October 3, 2023   Dubai   51%   Metaverse business SJ Verse Global Media LLC (“SJ Verse”) (a 90% owned subsidiary of Scienjoy Verse)   May 20, 2020   Dubai   45.9%   Multi-channel network business Scenovo Pte. Ltd. (“Scenovo SG”)   April 11, 2024   Singapore   51%   Holding Company Techjoy Pte. Ltd. (“Techjoy SG”)    May 31, 2024   Singapore   35.7%   Multi-channel network business Sixiang Wuxian (Beijing) Technology Co., Ltd. (“WXBJ”) (a wholly owned subsidiary of Scienjoy HK)   October 17, 2017   The PRC   100%   Holding Company Sixiang Zhihui (Beijing) Technology Co., Ltd. (“ZH”) (a wholly owned subsidiary of WXBJ)   July 5, 2018   The PRC   100%   Holding Company Sixiang Yingyue (Shanghai) Technology Co., Ltd(“SXYY”) (a wholly owned subsidiary of WXBJ)   June 30, 2022   The PRC   100%   Information technology Holgus Sixiang Information Technology Co., Ltd. (“Holgus X”) (a wholly owned subsidiary of ZH)   May 9, 2017   The PRC   100%   Live streaming platform Kashgar Sixiang Times Internet Technology Co., Ltd. (“Kashgar Times”) (a wholly owned subsidiary of ZH)   March 2, 2016   The PRC   100%   Live streaming platform Kashgar Sixiang Lehong Information Technology Co., Ltd (“Kashgar Lehong”) (a wholly owned subsidiary of ZH)   July 23, 2020   The PRC   100%   Information technology Holgus Sixiang Haohan Internet Technology Co., Ltd. (“Holgus H”) (a wholly owned subsidiary of ZH)   December 11, 2020   The PRC   100%   Information technology   Subsidiaries   Date of incorporation   Place of incorporation   Percentage of direct/indirect ownership   Principal activities Sixiang ZhiHui (Hainan) Technology Co., Ltd (“ZHHN”) (a wholly owned subsidiary of ZH)   December 23, 2020   The PRC   100%   Live streaming platform Sixiang Wuxian (Zhejiang) Culture Technology Co., Ltd (“WXZJ”) (a wholly owned subsidiary of Scienjoy HK)   April 28, 2022   The PRC   100%   Information technology Sixiang Zhihui (Zhejiang) Culture Technology Co., Ltd (“ZHZJ”) (a wholly owned subsidiary of WXZJ)   January 4, 2022   The PRC   100%   Information technology VIEs                 Zhihui Qiyuan (Beijing) Technology Co., Ltd. (“QY”) (Controlled through contractual agreements by WXBJ)   January 22, 2019   The PRC   100%   Holding Company Beijing Sixiang Shiguang Technology Co., Ltd. (“SG”) (a wholly owned subsidiary of QY)   October 28, 2011   The PRC   100%   Live streaming platform Hai Xiu (Beijing) Technology Co., Ltd. (“HX”) (a wholly owned subsidiary of QY)   April 18, 2016   The PRC   100%   Live streaming platform Beijing Le Hai Technology Co., Ltd. (“LH”) (a wholly owned subsidiary of QY)   June 16, 2015   The PRC   100%   Live streaming platform Sixiang Mifeng (Tianjin) Technology Co., Ltd (“DF”, formerly known as Tianjin Guangju Dingfei Technology Co., Ltd) (a wholly owned subsidiary of QY)   August 8, 2016   The PRC   100%   Live streaming platform Changxiang Infinite Technology (Beijing) Co., Ltd. (“CX”) (a wholly owned subsidiary of DF)   September 22, 2016   The PRC   100%   Live streaming platform Zhihui QiYuan (Hainan) Investment Co., Ltd (“QYHN”) (a wholly owned subsidiary of QY)   March 2, 2021   The PRC   100%   Live streaming platform Huayu Hefeng (Qingdao) Technology Co., Ltd (“HYHF”) (a wholly owned subsidiary of SG)   September 29, 2021   The PRC   100%   Live streaming platform Beijing Weiliantong Technology Co., Ltd.(“WLT”) (a wholly owned subsidiary of QY)   July 28, 2015   The PRC   100%   Live streaming platform Chuangda Zhihui (Beijing) Technology Co., Ltd.(“CDZH”) (a wholly owned subsidiary of SG)   November 30, 2015   The PRC   100%   Live streaming platform Beijing Huayi Dongchen Technology Co., Ltd. (“HYDC”) (a wholly owned subsidiary of CDZH)   February 6, 2015   The PRC   100%   Live streaming platform Hongcheng Huiying (Zhejiang)Technology Industry Development Co., Ltd.(“HCHY”) (a 51% owned subsidiary of QYHN)   February 15, 2022   The PRC   51%   Live streaming platform Hangzhou Sixiang Fengjing Culture Technology Co., Ltd.(“SXFJ”) (a 51% owned subsidiary of QYHN)    May 30, 2024   The PRC   51%   Holding Company Sixiang Qiyuan (Hangzhou) Culture Technology Co., Ltd (“QYHZ”) (Controlled through contractual agreements by WXZJ)   March 30, 2022   The PRC   100%   Holding Company Xiuli (Zhejiang) Culture Technology Co., Ltd (“XLZJ”) (a wholly owned subsidiary of QYHZ)   April 7, 2022   The PRC   100%   Live streaming platform Leku (Zhejiang) Culture Technology Co., Ltd. (“LKZJ”) (a wholly owned subsidiary of QYHZ)   April 7, 2022   The PRC   100%   Live streaming platform Haifan (Zhejiang) Culture Technology Co., Ltd (“HFZJ”) (a wholly owned subsidiary of QYHZ)   April 7, 2022   The PRC   100%   Live streaming platform Xiangfeng (Zhejiang) Culture Technology Co., Ltd (“XFZJ”) (a wholly owned subsidiary of QYHZ)   April 7, 2022   The PRC   100%   Live streaming platform Hongren (Zhejiang) Culture Technology Co., Ltd (“HRZJ”) (a wholly owned subsidiary of QYHZ)   April 7, 2022   The PRC   100%   Live streaming platform

v3.24.2.u1

Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2024
Summary of Significant Accounting Policies [Abstract]
Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis	The following tables represent the fair value hierarchy of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2023 and June 30, 2024:     As of December 31, 2023       Fair Value Measurement at the Reporting Date using       Quoted price in active markets for identical assets Level 1     Significant other observable inputs Level 2     Significant unobservable inputs Level 3     Total       RMB     RMB     RMB     RMB   Financial assets:                         Investment in marketable equity security     31,525                  -                    -       31,525       As of June 30, 2024       Fair Value Measurement at the Reporting Date using       Quoted price in active markets for identical assets Level 1     Significant other observable inputs Level 2     Significant unobservable inputs Level 3     Total       RMB     RMB     RMB     RMB   Financial assets:                         Investment in marketable equity security     35,290                  -                   -       35,290
Schedule of Forth Types of Our Revenue	The following table sets forth types of our revenue for the periods indicated:     For the six months ended June 30,       2023     2024     2024       RMB     RMB     US$   Live streaming - consumable virtual items revenue     640,740       671,308       92,375   Live streaming - time based virtual item revenue     11,890       12,516       1,722   Technical services and others     14,812       7,315       1,007   Total revenue     667,442       691,139       95,104
Schedule of Sets Forth Our Revenue	The following table sets forth our revenue by platforms for the periods indicated:     For the six months ended June 30,       2023     2024     2024       RMB     RMB     US$   Showself     171,689       139,571       19,205   Lehai     100,818       188,100       25,883   Haixiu     121,639       143,525       19,750   Beelive     160,379       111,507       15,344   Hongle     98,105       101,121       13,915   Technical services and others     14,812       7,315       1,007   TOTAL     667,442       691,139       95,104

v3.24.2.u1

Acquisition (Tables)	6 Months Ended
	Jun. 30, 2024
Acquisition [Abstract]
Schedule of Fair Value of the Identifiable Assets Acquired and Liabilities	The following table summarizes the fair value of the identifiable assets acquired and liabilities assumed at the acquisition date, which represents the net purchase price allocation at the date of the acquisition based on a valuation performed by an independent valuation firm engaged by the Company.     RMB   Cash acquired     212   Prepaid expenses and other current assets     104         316             Property and equipment, net     270   Goodwill     9,686   Total assets     10,272             Current liabilities     303   Non-current liabilities     3,165   Total liabilities     3,468   10% Equity Value with non-controlling interests     (288 ) Total consideration     7,092

v3.24.2.u1

Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2024
Accounts Receivable, Net [Abstract]
Schedule of Accounts Receivable and Allowance for Credit Losses	Accounts receivable and allowance for credit losses consist of the following:     As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   Accounts receivable     266,076       253,035       34,818   Less: allowance for credit losses     (5,097 )     (6,223 )     (856 ) Accounts receivable, net     260,979       246,812       33,962
Schedule of Analysis of the Allowance for Credit Losses	An analysis of the allowance for credit losses is as follows:     For the year ended December 31,     For the six months ended June 30,       2023     2024     2024       RMB     RMB     US$   Beginning balance     3,546       5,097       701   Additions     1,530       1,126       155   Exchange difference     21       -       -   Ending balance     5,097       6,223       856

v3.24.2.u1

Prepaid Expenses and Other Current Assets (Tables)	6 Months Ended
	Jun. 30, 2024
Prepaid Expenses and Other Current Assets [Abstract]
Schedule of Prepaid Expenses and Other Current Assets	Prepaid expenses and other current assets consist of the following:     As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   VAT recoverable     25,221       18,694       2,572   Prepaid expense     6,019       5,530       761   Investment buyback receivable (1)     30,000       30,000       4,128   Loan receivable (2)     16,200       2,989       411   Other receivables     1,213       2,627       362   Prepaid expenses and other current assets     78,653       59,840       8,234   (1) The Company invested RMB30,000 in Yieryi for its 12% equity interest on August 17, 2021. As part of the Framework Agreement signed on December 29, 2021, one of the shareholders of Yieryi bought such equity interest back from the Company for RMB30,000. On August 25, 2023, such shareholder and his related party pledged their ownership of 1.3 million ordinary shares of the Company to ensure the recoverability of the receivable balance. On March 22, 2024, such shareholder and his related party further pledged their ownership of 2,969,114 ordinary shares of the Company to ensure the recoverability of the receivable balance, subsequently.     (2) (i) On March 2, 2023, the Company lent RMB15,000 to Hangzhou Doujin Information Technology Co., Ltd for working capital purpose. The loan term was for one year with daily interest rate of 0.02%. The loan was fully repaid as of March 21, 2024.   (ii) On October 10, 2023, the Company lent RMB1,200 to Zhejiang Mengxiang Zhixing Cultural Technology Co., Ltd. for its for working capital purpose. The loan term was for one year with daily interest rate of 0.02%. The loan was fully repaid as of March 22, 2024.    (iii) During six months ended June 30, 2024, the Company made several loans to two third parties. These loans terms were for one year with no interest. As of June 30, 2024, the loan receivable amounted to RMB2,989.

v3.24.2.u1

Lease (Tables)	6 Months Ended
	Jun. 30, 2024
Lease [Abstract]
Schedule of Balance Sheet Information Related to Operating Leases	Supplemental balance sheet information related to operating leases was as follows:     As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   Right-of-use assets, net     12,157       8,544       1,176                             Operating lease liabilities - current     7,974       6,101       840   Operating lease liabilities - non-current     4,798       2,773       382   Total operating lease liabilities     12,772       8,874       1,222
Schedule of Weighted Average Remaining Lease Terms and Discount Rates of Operating Leases	The weighted average remaining lease terms and discount rates for all of operating leases were as follows as of June 30, 2024: Remaining lease term and discount rate:       Weighted average remaining lease term (years)   1.5 years   Weighted average discount rate   4.75%
Schedule of Maturities Lease Liabilities	Maturities of lease liabilities were as follows: Twelve months ending June 30,   RMB     US$   2025     6,327       871   2026     2,811       387   Total future minimum lease payments     9,138       1,258   Less: imputed interest     (264 )     (36 ) Present value of lease liabilities     8,874       1,222

v3.24.2.u1

Income Taxes (Tables)	6 Months Ended
	Jun. 30, 2024
Income Taxes [Abstract]
Schedule of Income Tax Expenses	The income tax expenses comprise:     For the six months ended June 30,       2023     2024     2024       RMB     RMB     US$   Current income tax expense     1,087       6,225       857   Deferred income tax (benefit)expense     (1,719 )     1,448       199   Income tax (benefit) expenses     (632 )     7,673       1,056
Schedule of Reconciliation of Differences Between the Statutory Tax Rate and the Effective Tax Rate	A reconciliation of the differences between the statutory tax rate and the effective tax rate for EIT for the six months ended June 30, 2023 and 2024 is as follows:     For the six months ended June 30,       2023     2024   Income tax computed at PRC statutory tax rate     25.0 %     25.0 % Effect of tax-preferential entities     (44.8 )%     (8.2 )% Non-deductible expenses     19.0 %     0.7 % Income tax (benefit) expense     (0.8 )%     17.5 %
Schedule of Components of Deferred Taxes	The components of deferred taxes are as follows:     As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   Deferred tax assets:                   Allowance for doubtful accounts     3,724       1,555       214   Net operating losses carried forward     3,655       3,667       505         7,379       5,222       719   The components of deferred liabilities are as follows:     As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   Deferred tax liabilities                   Intangible assets acquired through acquisition     59,818       59,109       8,134         59,818       59,109       8,134

v3.24.2.u1

Related Party Balances and Transactions (Tables)	6 Months Ended
	Jun. 30, 2024
Related Party Balances and Transactions [Abstract]
Schedule of Name of Related Parties and Relationship	In addition to the information disclosed elsewhere in the financial statements, the principal related parties with which the Company had transactions during the years presented are as follows: Name of Related Parties   Relationship with the Company Mr. He Xiaowu   Chief Executive Officer and Chairman of the Board Enmoli Inc.   Where Mr. He Xiaowu acted as director Sixiang Zhuohong Private Equity LP   Equity investee of the Company
Schedule of Significant Related Party Transactions	For the six months ended June 30, 2024, significant related party transactions were as follows:         For the six months ended June 30,           2023     2024     2024           RMB     RMB     US$   Sixiang Zhuohong Private Equity LP   Sold 6% equity interest of Hangzhou Zhange Culture Technology Co., Ltd to the Company            -       13,500       1,858
Schedule of Amounts Due from Related Parties	As of December 31, 2023 and June 30, 2024, the amounts due from related parties are as follows:     As of December 31,     As of June 30,       2023     2024     2024       RMB     RMB     US$   Amount due from related parties                   Enmoli Inc (1)     355            -             -   Total     355       -       -   (1) The balance was collected on January 12, 2024.

v3.24.2.u1

Shareholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2024
Warrant [Member]
Shareholders' Equity (Tables) [Line Items]
Schedule of Warrants Activity	As of June 30, 2024, the Company had no exercisable warrants. A summary of warrants activity for the years ended December 31, 2023 and 2022 is as follows:     Number of warrants     Weighted average life   Expiration dates Balance of warrants outstanding as of December 31, 2022     6,023,700     1.1 years   February 5, 2024 Balance of warrants outstanding as of December 31, 2023     6,023,700     0.1 years   February 5, 2024 Forfeited     (6,023,700 )   -   - Balance of warrants outstanding as of June 30, 2024     -     -   February 5, 2024 Balance of warrants exercisable as of June 30, 2024     -     -   February 5, 2024

v3.24.2.u1

Organization and Principal Activities (Details)	May 30, 2024	Apr. 11, 2024
Scenovo Pte. Ltd [Member]
Organization and Principal Activities [Line Items]
Ownership percentage		51.00%
Techjoy Pte. Ltd [Member]
Organization and Principal Activities [Line Items]
Ownership percentage		70.00%
Hangzhou Sixiang Fengjing Culture Technology Co., Ltd [Member]
Organization and Principal Activities [Line Items]
Ownership percentage	51.00%

v3.24.2.u1

Organization and Principal Activities (Details) - Schedule of Subsidiaries of the Company and VIEs	6 Months Ended
	Jun. 30, 2024
Scienjoy Inc. [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	Cayman Islands
Percentage of direct/indirect ownership	100.00%
Principal activities	Holding Company
Date of incorporation	Feb. 23, 2017
Scienjoy Pte. Ltd. (“Scienjoy SG”) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	Singapore
Percentage of direct/indirect ownership	100.00%
Principal activities	Holding Company
Date of incorporation	Jul. 25, 2023
Scienjoy International Limited (“Scienjoy HK”) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	Hong Kong
Percentage of direct/indirect ownership	100.00%
Principal activities	Holding Company
Date of incorporation	May 18, 2017
Scienjoy BeeLive Limited (formerly known as Sciscape International Limited, “SIL”) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	Hong Kong
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Dec. 18, 2017
Golden Shield Enterprises Limited (“Golden Shield”) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	British Virgin Islands
Percentage of direct/indirect ownership	100.00%
Principal activities	Holding Company
Date of incorporation	Sep. 28, 2021
Scienjoy Verse Tech Ltd (“Scienjoy Verse”) (a 51% owned subsidiary of Scienjoy SG through entrust agreement between Scienjoy SG and Mr Xiaowu He, Chief Executive Officer and Chairman of the Board) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	Dubai
Percentage of direct/indirect ownership	51.00%
Principal activities	Holding Company
Date of incorporation	Sep. 18, 2023
Scienjoy Meta Technology LLC (“Scienjoy Meta”) (a wholly owned subsidiary of Scienjoy Verse) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	Dubai
Percentage of direct/indirect ownership	51.00%
Principal activities	Metaverse business
Date of incorporation	Oct. 03, 2023
SJ Verse Global Media LLC (“SJ Verse”) (a 90% owned subsidiary of Scienjoy Verse) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	Dubai
Percentage of direct/indirect ownership	45.90%
Principal activities	Multi-channel network business
Date of incorporation	May 20, 2020
Scenovo Pte. Ltd. (“Scenovo SG”) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	Singapore
Percentage of direct/indirect ownership	51.00%
Principal activities	Holding Company
Date of incorporation	Apr. 11, 2024
Techjoy Pte. Ltd. (“Techjoy SG”) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	Singapore
Percentage of direct/indirect ownership	35.70%
Principal activities	Multi-channel network business
Date of incorporation	May 31, 2024
Sixiang Wuxian (Beijing) Technology Co., Ltd. (“WXBJ”) (a wholly owned subsidiary of Scienjoy HK) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Holding Company
Date of incorporation	Oct. 17, 2017
Sixiang Zhihui (Beijing) Technology Co., Ltd. (“ZH”) (a wholly owned subsidiary of WXBJ) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Holding Company
Date of incorporation	Jul. 05, 2018
Sixiang Yingyue (Shanghai) Technology Co., Ltd(“SXYY”) (a wholly owned subsidiary of WXBJ) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Information technology
Date of incorporation	Jun. 30, 2022
Holgus Sixiang Information Technology Co., Ltd. (“Holgus X”) (a wholly owned subsidiary of ZH) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	May 09, 2017
Kashgar Sixiang Times Internet Technology Co., Ltd. (“Kashgar Times”) (a wholly owned subsidiary of ZH) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Mar. 02, 2016
Kashgar Sixiang Lehong Information Technology Co., Ltd (“Kashgar Lehong”) (a wholly owned subsidiary of ZH) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Information technology
Date of incorporation	Jul. 23, 2020
Holgus Sixiang Haohan Internet Technology Co., Ltd. (“Holgus H”) (a wholly owned subsidiary of ZH) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Information technology
Date of incorporation	Dec. 11, 2020
Sixiang ZhiHui (Hainan) Technology Co., Ltd (“ZHHN”) (a wholly owned subsidiary of ZH) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Dec. 23, 2020
Sixiang Wuxian (Zhejiang) Culture Technology Co., Ltd (“WXZJ”) (a wholly owned subsidiary of Scienjoy HK) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Information technology
Date of incorporation	Apr. 28, 2022
Sixiang Zhihui (Zhejiang) Culture Technology Co., Ltd (“ZHZJ”) (a wholly owned subsidiary of WXZJ) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Information technology
Date of incorporation	Jan. 04, 2022
Zhihui Qiyuan (Beijing) Technology Co., Ltd. (“QY”) (Controlled through contractual agreements by WXBJ) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Holding Company
Date of incorporation	Jan. 22, 2019
Beijing Sixiang Shiguang Technology Co., Ltd. (“SG”) (a wholly owned subsidiary of QY) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Oct. 28, 2011
Hai Xiu (Beijing) Technology Co., Ltd. (“HX”) (a wholly owned subsidiary of QY) [Memebr]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Apr. 18, 2016
Beijing Le Hai Technology Co., Ltd. (“LH”) (a wholly owned subsidiary of QY) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Jun. 16, 2015
Sixiang Mifeng (Tianjin) Technology Co., Ltd (“DF”, formerly known as Tianjin Guangju Dingfei Technology Co., Ltd) (a wholly owned subsidiary of QY) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Aug. 08, 2016
‣ Changxiang Infinite Technology (Beijing) Co., Ltd. (“CX”) (a wholly owned subsidiary of DF) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Sep. 22, 2016
Zhihui QiYuan (Hainan) Investment Co., Ltd (“QYHN”) (a wholly owned subsidiary of QY) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Mar. 02, 2021
Huayu Hefeng (Qingdao) Technology Co., Ltd (“HYHF”) (a wholly owned subsidiary of SG) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Sep. 29, 2021
Beijing Weiliantong Technology Co., Ltd.(“WLT”) (a wholly owned subsidiary of QY) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Jul. 28, 2015
Chuangda Zhihui (Beijing) Technology Co., Ltd.(“CDZH”) (a wholly owned subsidiary of SG) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Nov. 30, 2015
Beijing Huayi Dongchen Technology Co., Ltd. (“HYDC”) (a wholly owned subsidiary of CDZH) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Feb. 06, 2015
Hongcheng Huiying (Zhejiang)Technology Industry Development Co., Ltd.(“HCHY”) (a 51% owned subsidiary of QYHN) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	51.00%
Principal activities	Live streaming platform
Date of incorporation	Feb. 15, 2022
‣ Hangzhou Sixiang Fengjing Culture Technology Co., Ltd.(“SXFJ”) (a 51% owned subsidiary of QYHN) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	51.00%
Principal activities	Holding Company
Date of incorporation	May 30, 2024
Sixiang Qiyuan (Hangzhou) Culture Technology Co., Ltd (“QYHZ”) (Controlled through contractual agreements by WXZJ) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Holding Company
Date of incorporation	Mar. 30, 2022
Xiuli (Zhejiang) Culture Technology Co., Ltd (“XLZJ”) (a wholly owned subsidiary of QYHZ) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Apr. 07, 2022
Leku (Zhejiang) Culture Technology Co., Ltd. (“LKZJ”) (a wholly owned subsidiary of QYHZ) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Apr. 07, 2022
Haifan (Zhejiang) Culture Technology Co., Ltd (“HFZJ”) (a wholly owned subsidiary of QYHZ) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Apr. 07, 2022
Xiangfeng (Zhejiang) Culture Technology Co., Ltd (“XFZJ”) (a wholly owned subsidiary of QYHZ) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Apr. 07, 2022
Hongren (Zhejiang) Culture Technology Co., Ltd (“HRZJ”) (a wholly owned subsidiary of QYHZ) [Member]
Schedule of Subsidiaries of the Company and VIEs [Line Items]
Place of incorporation	The PRC
Percentage of direct/indirect ownership	100.00%
Principal activities	Live streaming platform
Date of incorporation	Apr. 07, 2022

v3.24.2.u1

Summary of Significant Accounting Policies (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 CNY (¥) shares	Jun. 30, 2024 USD ($) shares	Jun. 30, 2023 CNY (¥) shares
Summary of Significant Accounting Policies [Line Items]
Technical development, advisory and others percentage	2.00%	2.00%	2.00%
Other income	¥ 703	$ 97	¥ 459
Advertising and market promotion expenses	¥ 2,045	$ 281	¥ 465
Value added tax percentage	13.00%	13.00%
Non-controlling interests, description	As of June 30, 2024, non-controlling interests represent 49% non-controlling shareholders’ interests in HCHY, 49% non-controlling shareholders’ interests in SXFJ, 49% non-controlling shareholders’ interests in Scienjoy Verse, 10% non-controlling shareholders’ interests in SJ Verse, 49% non-controlling shareholders’ interests in Scenovo SG and 30% non-controlling shareholders’ interests in Techjoy SG.	As of June 30, 2024, non-controlling interests represent 49% non-controlling shareholders’ interests in HCHY, 49% non-controlling shareholders’ interests in SXFJ, 49% non-controlling shareholders’ interests in Scienjoy Verse, 10% non-controlling shareholders’ interests in SJ Verse, 49% non-controlling shareholders’ interests in Scenovo SG and 30% non-controlling shareholders’ interests in Techjoy SG.
USD [Member]
Summary of Significant Accounting Policies [Line Items]
Convenience translation	1	1
RMB [Member]
Summary of Significant Accounting Policies [Line Items]
Convenience translation	7.2672	7.2672
Restricted Stock Units (RSUs) [Member]
Summary of Significant Accounting Policies [Line Items]
Antidilutive securities excluded from computation of earnings per share (in Shares)	296,543	296,543	212,608

v3.24.2.u1

Summary of Significant Accounting Policies (Details) - Schedule of Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Financial assets:
Investment in marketable equity security	¥ 35,290	$ 4,856	¥ 31,525
Quoted price in active markets for identical assets Level 1 [Member]
Financial assets:
Investment in marketable equity security	35,290		31,525
Significant other observable inputs Level 2 [Member]
Financial assets:
Investment in marketable equity security
Significant unobservable inputs Level 3 [Member]
Financial assets:
Investment in marketable equity security

v3.24.2.u1

Summary of Significant Accounting Policies (Details) - Schedule of Forth Types of Our Revenue ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Schedule of Forth Types of Our Revenue [Line Items]
Total revenue	¥ 691,139	$ 95,104	¥ 667,442
Live streaming - consumable virtual items revenue [Member]
Schedule of Forth Types of Our Revenue [Line Items]
Total revenue	671,308	92,375	640,740
Live streaming - time based virtual item revenue [Member]
Schedule of Forth Types of Our Revenue [Line Items]
Total revenue	12,516	1,722	11,890
Technical services and others [Member]
Schedule of Forth Types of Our Revenue [Line Items]
Total revenue	¥ 7,315	$ 1,007	¥ 14,812

v3.24.2.u1

Summary of Significant Accounting Policies (Details) - Schedule of Sets Forth Our Revenue ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Schedule of Sets Forth Our Revenue [Line Items]
TOTAL	¥ 691,139	$ 95,104	¥ 667,442
Showself [Member]
Schedule of Sets Forth Our Revenue [Line Items]
TOTAL	139,571	19,205	171,689
Lehai [Member]
Schedule of Sets Forth Our Revenue [Line Items]
TOTAL	188,100	25,883	100,818
Haixiu [Member]
Schedule of Sets Forth Our Revenue [Line Items]
TOTAL	143,525	19,750	121,639
Beelive [Member]
Schedule of Sets Forth Our Revenue [Line Items]
TOTAL	111,507	15,344	160,379
Hongle [Member]
Schedule of Sets Forth Our Revenue [Line Items]
TOTAL	101,121	13,915	98,105
Technical services and others [Member]
Schedule of Sets Forth Our Revenue [Line Items]
TOTAL	¥ 7,315	$ 1,007	¥ 14,812

v3.24.2.u1

Concentration of Risk (Details) ¥ in Thousands, $ in Thousands, $ in Thousands	6 Months Ended			12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023	Dec. 31, 2023 CNY (¥)	Jun. 30, 2024 HKD ($)
Concentration of Risk [Line Items]
Credit risk financial instruments	¥ 173,929	$ 23,933		¥ 199,822
Deposit insurance | ¥	¥ 500,000
Bank deposits | $					$ 500,000
Supplier Concentration Risk [Member] | Accounts Payable [Member] | Vendors [Member]
Concentration of Risk [Line Items]
Concentration risk percentage	14.30%	14.30%	11.80%	11.10%

v3.24.2.u1

Acquisition (Details) ¥ in Thousands, $ in Thousands	Oct. 07, 2023 CNY (¥)	Oct. 07, 2023 USD ($)
Acquisition [Line Items]
Original shareholders for a cash consideration	¥ 7,092	$ 1,000
Nujoom Almashareq Media L.L.C [Member]
Acquisition [Line Items]
Share acquisition agreement equity rate	90.00%	90.00%

v3.24.2.u1

Acquisition (Details) - Schedule of Fair Value of the Identifiable Assets Acquired and Liabilities ¥ in Thousands	Jun. 30, 2024 CNY (¥)
Schedule of Fair Value of the Identifiable Assets Acquired and Liabilities [Abstract]
Cash acquired	¥ 212
Prepaid expenses and other current assets	104
Current assets	316
Property and equipment, net	270
Goodwill	9,686
Total assets	10,272
Current liabilities	303
Non-current liabilities	3,165
Total liabilities	3,468
10% Equity Value with non-controlling interests	(288)
Total consideration	¥ 7,092

v3.24.2.u1

Acquisition (Details) - Schedule of Fair Value of the Identifiable Assets Acquired and Liabilities (Parentheticals)	Jun. 30, 2024
Schedule of Fair Value of the Identifiable Assets Acquired and Liabilities [Abstract]
Equity Value	10.00%

v3.24.2.u1

Accounts Receivable, Net (Details)	6 Months Ended	12 Months Ended
	Jun. 30, 2024	Dec. 31, 2023
Distributor One [Member]
Accounts Receivable, Net [Line Items]
Accounts receivable, percentage	37.00%	30.30%
Distributor Two [Member]
Accounts Receivable, Net [Line Items]
Accounts receivable, percentage	23.20%	24.80%
Distributor Three [Member]
Accounts Receivable, Net [Line Items]
Accounts receivable, percentage	12.30%	12.10%
Distributor Four [Member]
Accounts Receivable, Net [Line Items]
Accounts receivable, percentage	10.00%

v3.24.2.u1

Accounts Receivable, Net (Details) - Schedule of Accounts Receivable and Allowance for Credit Losses ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Schedule of Accounts Receivable and Allowance for Credit Losses [Abstract]
Accounts receivable	¥ 253,035	$ 34,818	¥ 266,076
Less: allowance for credit losses	(6,223)	(856)	(5,097)
Accounts receivable, net	¥ 246,812	$ 33,962	¥ 260,979

v3.24.2.u1

Accounts Receivable, Net (Details) - Schedule of Analysis of the Allowance for Credit Losses ¥ in Thousands, $ in Thousands	6 Months Ended		12 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Schedule of Analysis of the Allowance for Credit Losses [Abstract]
Beginning balance	¥ 5,097	$ 701	¥ 3,546
Additions	1,126	155	1,530
Exchange difference			21
Ending balance	¥ 6,223	$ 856	¥ 5,097

v3.24.2.u1

Prepaid Expenses and Other Current Assets (Details) ¥ in Thousands, $ in Thousands					1 Months Ended	6 Months Ended
		Mar. 22, 2024 shares	Oct. 10, 2023 CNY (¥)	Mar. 02, 2023 CNY (¥)	Dec. 29, 2021 CNY (¥)	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)	Aug. 25, 2023 USD ($)	Aug. 17, 2021 CNY (¥)
Prepaid Expenses and Other Current Assets [Line Items]
Invetsment	[1]					¥ 30,000	$ 4,128	¥ 30,000
Shares units (in Dollars) | $									$ 1,300
Loan receivable						¥ 2,989
Tianjing Yieryi Technology Co., Ltd (“TJ YEY”) [Member]
Prepaid Expenses and Other Current Assets [Line Items]
Equity interest purchased					¥ 30,000
Hangzhou Doujin Information Technology [Member]
Prepaid Expenses and Other Current Assets [Line Items]
Working capital				¥ 15,000
Zhejiang Mengxiang Zhixing Cultural Technology [Member]
Prepaid Expenses and Other Current Assets [Line Items]
Working capital			¥ 1,200
Loan Payable [Member]
Prepaid Expenses and Other Current Assets [Line Items]
Loan term						1 year
Loan Payable [Member] | Zhejiang Mengxiang Zhixing Cultural Technology [Member]
Prepaid Expenses and Other Current Assets [Line Items]
Loan term			1 year
Loan Payable [Member] | Hangzhou Doujin Information Technology [Member]
Prepaid Expenses and Other Current Assets [Line Items]
Loan term				1 year
Interest rate				0.02%
Loan Payable [Member] | Zhejiang Mengxiang Zhixing Cultural Technology [Member]
Prepaid Expenses and Other Current Assets [Line Items]
Interest rate			0.02%
Tianjing Yieryi Technology Co., Ltd (“TJ YEY”) [Member]
Prepaid Expenses and Other Current Assets [Line Items]
Invetsment										¥ 30,000
Equity interest, percentage										12.00%
Ordinary Shares [Member]
Prepaid Expenses and Other Current Assets [Line Items]
Pledged ownership ordinary shares (in Shares) | shares		2,969,114
[1] The Company invested RMB30,000 in Yieryi for its 12% equity interest on August 17, 2021. As part of the Framework Agreement signed on December 29, 2021, one of the shareholders of Yieryi bought such equity interest back from the Company for RMB30,000. On August 25, 2023, such shareholder and his related party pledged their ownership of 1.3 million ordinary shares of the Company to ensure the recoverability of the receivable balance. On March 22, 2024, such shareholder and his related party further pledged their ownership of 2,969,114 ordinary shares of the Company to ensure the recoverability of the receivable balance, subsequently.

v3.24.2.u1

Prepaid Expenses and Other Current Assets (Details) - Schedule of Prepaid Expenses and Other Current Assets ¥ in Thousands, $ in Thousands		Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Schedule of Prepaid Expenses and Other Current Assets [Abstract]
VAT recoverable		¥ 18,694	$ 2,572	¥ 25,221
Prepaid expense		5,530	761	6,019
Investment buyback receivable	[1]	30,000	4,128	30,000
Loan receivable	[2]	2,989	411	16,200
Other receivables		2,627	362	1,213
Prepaid expenses and other current assets		¥ 59,840	$ 8,234	¥ 78,653
[1] The Company invested RMB30,000 in Yieryi for its 12% equity interest on August 17, 2021. As part of the Framework Agreement signed on December 29, 2021, one of the shareholders of Yieryi bought such equity interest back from the Company for RMB30,000. On August 25, 2023, such shareholder and his related party pledged their ownership of 1.3 million ordinary shares of the Company to ensure the recoverability of the receivable balance. On March 22, 2024, such shareholder and his related party further pledged their ownership of 2,969,114 ordinary shares of the Company to ensure the recoverability of the receivable balance, subsequently. [2] (i) On March 2, 2023, the Company lent RMB15,000 to Hangzhou Doujin Information Technology Co., Ltd for working capital purpose. The loan term was for one year with daily interest rate of 0.02%. The loan was fully repaid as of March 21, 2024.   (ii) On October 10, 2023, the Company lent RMB1,200 to Zhejiang Mengxiang Zhixing Cultural Technology Co., Ltd. for its for working capital purpose. The loan term was for one year with daily interest rate of 0.02%. The loan was fully repaid as of March 22, 2024.    (iii) During six months ended June 30, 2024, the Company made several loans to two third parties. These loans terms were for one year with no interest. As of June 30, 2024, the loan receivable amounted to RMB2,989.

v3.24.2.u1

Lease (Details) ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Lease [Abstract]
Total lease expense	¥ 4,585	$ 631	¥ 3,627

v3.24.2.u1

Lease (Details) - Schedule of Balance Sheet Information Related to Operating Leases ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Schedule of Balance Sheet Information Related to Operating Leases [Line Items]
Right-of-use assets, net	¥ 8,544	$ 1,176	¥ 12,157
Operating lease liabilities - current	6,101	840	7,974
Operating lease liabilities - non-current	2,773	382	4,798
Total operating lease liabilities	¥ 8,874	$ 1,222	¥ 12,772

v3.24.2.u1

Lease (Details) - Schedule of Weighted Average Remaining Lease Terms and Discount Rates of Operating Leases	Jun. 30, 2024
Schedule of Weighted Average Remaining Lease Terms and Discount Rates of Operating Leases [Abstract]
Weighted average remaining lease term (years)	1 year 6 months
Weighted average discount rate	4.75%

v3.24.2.u1

Lease (Details) - Schedule of Maturities Lease Liabilities ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Schedule of Maturities Lease Liabilities [Abstract]
2025	¥ 6,327	$ 871
2026	2,811	387
Total future minimum lease payments	9,138	1,258
Less: imputed interest	(264)	(36)
Present value of lease liabilities	¥ 8,874	$ 1,222	¥ 12,772

v3.24.2.u1

Income Taxes (Details) ¥ / shares in Units, $ / shares in Units, د.إ in Thousands, ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 CNY (¥) ¥ / shares	Jun. 30, 2024 USD ($) $ / shares	Jun. 30, 2024 AED (د.إ)	Jun. 30, 2023 CNY (¥) ¥ / shares
Income Taxes [Line Items]
Statutory income tax rate percentage	25.00%	25.00%	25.00%	25.00%
Profit tax percentage	17.50%	17.50%	17.50%	(0.80%)
Preferential tax rate	¥ 3,610	$ 497		¥ 33,058
Impacts on basic EPS | (per share)	¥ 0.1	$ 0		¥ 0.8
Impacts on dilutive EPS | (per share)	¥ 0.1	$ 0		¥ 0.8
High and New Technology Enterprise (“the HNTE”) [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	15.00%	15.00%	15.00%
Holgus [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	0.00%	0.00%	0.00%
Kashgar [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	9.00%	9.00%	9.00%
PRC Income Tax Laws [Member]
Income Taxes [Line Items]
Statutory income tax rate percentage	25.00%	25.00%	25.00%
From 2018 to 2024 [Member] | SG [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	15.00%	15.00%	15.00%
From 2017 to 2026 [Member] | HX [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	15.00%	15.00%	15.00%
From 2017 to 2026 [Member] | WLT [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	15.00%	15.00%	15.00%
From 2016 to 2024 [Member] | LH [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	15.00%	15.00%	15.00%
From 2017 to 2021 [Member] | Holgus X [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	0.00%	0.00%	0.00%
From 2022 to 2026 [Member] | Holgus X [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	9.00%	9.00%	9.00%
From 2016 to 2020 [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	0.00%	0.00%	0.00%
From 2021 to 2025 [Member] | Kashgar Times [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	9.00%	9.00%	9.00%
From 2026 to 2030 [Member] | Holgus H [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	0.00%	0.00%	0.00%
From 2026 to 2030 [Member] | Kashgar Lehong [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	0.00%	0.00%	0.00%
From 2026 to 2030 [Member] | Holgus H [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	9.00%	9.00%	9.00%
From 2026 to 2030 [Member] | Kashgar Lehong [Member]
Income Taxes [Line Items]
Preferential tax rate, percentage	9.00%	9.00%	9.00%
Singapore [Member]
Income Taxes [Line Items]
Statutory income tax rate percentage	17.00%	17.00%	17.00%
Dubai [Member]
Income Taxes [Line Items]
Statutory income tax rate percentage	9.00%	9.00%	9.00%
Statutory income tax (in Dirhams)			د.إ 375,000
Hong Kong [Member]
Income Taxes [Line Items]
Profit tax percentage	16.50%	16.50%	16.50%

v3.24.2.u1

Income Taxes (Details) - Schedule of Income Tax Expenses ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Schedule of Income Tax Expenses [Abstract]
Current income tax expense	¥ 6,225	$ 857	¥ 1,087
Deferred income tax (benefit)expense	1,448	199	(1,719)
Income tax (benefit) expenses	¥ 7,673	$ 1,056	¥ (632)

v3.24.2.u1

Income Taxes (Details) - Schedule of Reconciliation of Differences Between the Statutory Tax Rate and the Effective Tax Rate	6 Months Ended
	Jun. 30, 2024	Jun. 30, 2023
Schedule of Reconciliation of Differences Between the Statutory Tax Rate and the Effective Tax Rate [Abstract]
Income tax computed at PRC statutory tax rate	25.00%	25.00%
Effect of tax-preferential entities	(8.20%)	(44.80%)
Non-deductible expenses	0.70%	19.00%
Income tax (benefit) expense	17.50%	(0.80%)

v3.24.2.u1

Income Taxes (Details) - Schedule of Components of Deferred Taxes ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Deferred tax assets:
Allowance for doubtful accounts	¥ 1,555	$ 214	¥ 3,724
Net operating losses carried forward	3,667	505	3,655
Total deferred tax assets	5,222	719	7,379
Deferred tax liabilities
Intangible assets acquired through acquisition	59,109	8,134	59,818
Total deferred tax liabilities	¥ 59,109	$ 8,134	¥ 59,818

v3.24.2.u1

Related Party Balances and Transactions (Details) - Schedule of Name of Related Parties and Relationship	6 Months Ended
	Jun. 30, 2024
Mr. He Xiaowu [Member]
Schedule of Name of Related Parties and Relationship [Line Items]
Relationship with the Company	Chief Executive Officer and Chairman of the Board
Enmoli Inc. [Member]
Schedule of Name of Related Parties and Relationship [Line Items]
Relationship with the Company	Where Mr. He Xiaowu acted as director
Sixiang Zhuohong Private Equity LP [Member]
Schedule of Name of Related Parties and Relationship [Line Items]
Relationship with the Company	Equity investee of the Company

v3.24.2.u1

Related Party Balances and Transactions (Details) - Schedule of Significant Related Party Transactions ¥ in Thousands, $ in Thousands	6 Months Ended
	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Jun. 30, 2023 CNY (¥)
Related Party [Member] | Sixiang Zhuohong Private Equity LP [Member]
Schedule of Significant Related Party Transactions [Line Items]
Equity interest of sold	¥ 13,500	$ 1,858

v3.24.2.u1

Related Party Balances and Transactions (Details) - Schedule of Significant Related Party Transactions (Parentheticals)	Jun. 30, 2024
Hangzhou Zhange Culture Technology Co Ltd [Member] | Related Party [Member]
Schedule of Significant Related Party Transactions [Line Items]
Equity interest of sold percentage	6.00%

v3.24.2.u1

Related Party Balances and Transactions (Details) - Schedule of Amounts Due from Related Parties ¥ in Thousands		Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Amount due from related parties
Amount due from related parties				¥ 355
Enmoli Inc [Member]
Amount due from related parties
Amount due from related parties	[1]			¥ 355
[1] The balance was collected on January 12, 2024.

v3.24.2.u1

Shareholders' Equity (Details)									6 Months Ended		12 Months Ended
	Nov. 30, 2023 $ / shares shares	Apr. 08, 2023 shares	Apr. 07, 2023 shares	Oct. 31, 2022 $ / shares shares	Mar. 03, 2022 CNY (¥) shares	May 07, 2020 $ / shares	Feb. 20, 2019 $ / shares shares	Feb. 08, 2019 USD ($) $ / shares shares	Jun. 30, 2024 CNY (¥) ¥ / shares shares	Jun. 30, 2024 USD ($) $ / shares shares	Dec. 31, 2023 USD ($) shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares	Jun. 30, 2024 $ / shares	Dec. 31, 2023 CNY (¥) ¥ / shares shares	Mar. 03, 2022 $ / shares	Nov. 08, 2021 shares
Shareholders’ Equity [Line Items]
Per share based (in Dollars per share) | $ / shares																$ 5.13
Fair value amount (in Yuan Renminbi) | ¥					¥ 127,000
Repurchased aggregate share	119,725
Treasury stock, per shares (in Dollars per share) | $ / shares	$ 3.2
Exercisable per share (in Dollars per share) | $ / shares							$ 11.5	$ 11.5
Company sold (in Dollars) | $								$ 100,000
Option purchase								375,000
Aggregate exercise price (in Dollars) | $								$ 4,312,500
Option to purchase additional exercisable							56,250
Warrants shares													110,000
Receipt of cash payament (in Dollars) | $										$ 100,000
Unit purchase option (in Dollars) | $										$ 1,286,000
Expected volatility									35.00%	35.00%
Risk-free interest rate									2.44%	2.44%
Earn-out shares (in Dollars) | $											$ 9,960,000
Warrant [Member]
Shareholders’ Equity [Line Items]
Warrant price per (in Dollars per share) | $ / shares										$ 0.01
Warrants expiration date									Feb. 05, 2024
Warrants shares													100,000
UPO [Member]
Shareholders’ Equity [Line Items]
Warrants shares													100,000
RSUs [Member]
Shareholders’ Equity [Line Items]
ESOP Committee approved amount													2,053,783
RSUs outstanding												716,956
Stock Issued During Period, Value, Restricted Stock Award, Forfeitures (in Dollars) | $											21,206
Share-Based Compensation Arrangement by Share-Based Payment Award, Options, Vested in Period, Fair Value (in Dollars) | $											$ 434,093
Common Unit, Outstanding															773,874
Shares vested											403,829
RSUs outstanding									639,544
RSUs [Member] | 2021 Equity Incentive Plan [Member]
Shareholders’ Equity [Line Items]
ESOP Committee approved amount									272,999	272,999	512,217
Shares forfeited											2,973
Business Combination [Member]
Shareholders’ Equity [Line Items]
Per share price (in Dollars per share) | $ / shares														$ 2.98
Weiliantong [Member]
Shareholders’ Equity [Line Items]
Convertible promissory note (in Yuan Renminbi) | ¥					¥ 180,000
Issuances total															82.72%
Weilaijin [Member]
Shareholders’ Equity [Line Items]
Fair value (in Yuan Renminbi) | ¥									¥ 20,817,000
Class A Ordinary Shares [Member]
Shareholders’ Equity [Line Items]
Authorized issue									Unlimited	Unlimited	Unlimited
Authorized issue (in Dollars per share) | (per share)
Ordinary shares																	2,625,058
Ordinary shares, issued									38,920,797						38,113,879
Ordinary shares, outstanding									38,920,797						38,113,879
Issuance of ordinary shares		403,089			3,898,511
Repurchased aggregate share				794,120
Treasury stock, per shares (in Dollars per share) | $ / shares				$ 3.01
Class A Ordinary Shares [Member] | Warrant [Member]
Shareholders’ Equity [Line Items]
Exercisable per share (in Dollars per share) | $ / shares														16.5
Class A Ordinary Shares [Member] | Weiliantong [Member]
Shareholders’ Equity [Line Items]
Ordinary shares, issued															403,089
Issuance of ordinary shares			487,314
Class A Ordinary Shares [Member] | Weilaijin [Member]
Shareholders’ Equity [Line Items]
Ordinary shares, issued									636,691
Shares to be issued (in Yuan Renminbi) | ¥									¥ 20,817,000						¥ 20,817,000
Class B Ordinary Shares [Member]
Shareholders’ Equity [Line Items]
Authorized issue									Unlimited	Unlimited	Unlimited
Authorized issue (in Dollars per share) | (per share)
Ordinary shares																	2,625,058
Ordinary shares, issued									2,925,058						2,925,058
Ordinary shares, outstanding									2,925,058						2,925,058
Class A Preferred Shares [Member]
Shareholders’ Equity [Line Items]
Preferred stock, shares issued																	50,000,000
Public Warrants [Member]
Shareholders’ Equity [Line Items]
Exercise price (in Dollars per share) | $ / shares						$ 11.5				$ 11.5

v3.24.2.u1

Shareholders' Equity (Details) - Schedule of Warrants Activity - shares		6 Months Ended
	Dec. 31, 2022	Jun. 30, 2024
Schedule of Warrants Activity [Abstract]
Number of warrants, beginning balance	6,023,700	6,023,700
Weighted average life, beginning balance	1 year 1 month 6 days	1 month 6 days
Expiration dates, beginning balance	Feb. 05, 2024	Feb. 05, 2024
Number of warrants,Forfeited		(6,023,700)
Number of warrants, ending balance
Expiration dates, ending balance	Feb. 05, 2024	Feb. 05, 2024
Number of warrants, Balance of warrants exercisable
Expiration dates, Balance of warrants exercisable		Feb. 05, 2024

v3.24.2.u1

Statutory Reserves and Restricted Net Assets (Details) ¥ in Thousands, $ in Thousands	Jun. 30, 2024 CNY (¥)	Jun. 30, 2024 USD ($)	Dec. 31, 2023 CNY (¥)
Statutory Reserves and Restricted Net Assets [Line Items]
Foreign invested percentage	10.00%	10.00%
Annual after-tax profit, percentage	50.00%	50.00%
Statutory reserves	¥ 48,040	$ 6,611	¥ 44,698
Restricted net assets	¥ 426,418	$ 58,677	¥ 413,117

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