Exhibit 99.1

Scienjoy Reports 2021 First Half Financial Results

First Half 2021 Operating and Financial Highlights

●	Total net revenues increased by 68.0% to RMB758.3 million (US$117.4 million) from RMB451.4 million in the same period of 2020. Total net revenues for both the first and second quarter of 2021 exceed the high end of the estimated range released by the Company.

●	Gross profit increased by 44.7% to RMB160.1 million (US$24.8 million) from RMB110.6 million in the same period of 2020. Gross margin was 21.1% and 24.5% in the first half of fiscal 2021 and 2020, respectively.

●	Net income increased by 2.3% to RMB163.0 million (US$25.2 million) from RMB159.4 million in the same period of 2020. Net margin was 21.5% and 35.3% in the first half of fiscal 2021 and 2020, respectively.

●	Adjusted net income^[1] increased by 57.9% to RMB128.6 million (US$19.9 million) from RMB81.5 million in the same period of 2020. Adjusted net margin was 17.0% and 18.0% in the first half of fiscal 2021 and 2020, respectively.

●	Total paying users increased by 10.2% to 477,062 from 433,058 in the same period of 2020.

●	Total number of active broadcasters increased by 671.2% to 202,359 from 26,239 in the same period of 2020.

●	As of June 30, 2021, the Company had RMB286.8 million (US$44.4 million) in cash and cash equivalents, which represented an increase of 27.6% from RMB224.8 million as of December 31, 2020.

¹	“Adjusted net income” is defined as net income excluding change in fair value of contingent consideration and warrant liabilities. For more information, refer to “Use of Non-GAAP Financial Measures” and “Reconciliations of Non-GAAP Results” at the end of this press release.

	Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, “We are pleased to announce that Scienjoy has continued to deliver strong financial and operational results in the first half year of 2021. During the period we continued to adopt new technologies to enrich the content of our livestreaming platform in China and abroad. One such development is Scienjoy’s strategic partnership with the U.S.-based non-profit organization, the Global Friendship Exchange Foundation (“GFE Foundation”), to jointly establish a livestreaming studio in New York that helps young artists sell non-fungible tokens (NFTs) and explore future initiatives around digital art and livestreaming. Scienjoy also entered into a strategic framework agreement with Qingyin (Beijing) Culture Technology Co., Ltd., a leading multi-channel network (MCN) operating in the WeChat ecosystem, to accelerate the growth of our e-commerce business and expand into the WeChat ecosystem. By establishing key industry partnerships in the first half of 2021, we have further advanced our vision of building a livestreaming full ecosystem that brings together cutting-edge immersive entertainment, e-commerce, and talent development in MCN sectors. Going forward, we expect our investments in research and development, talent development pipeline and new products to continue to attract high-quality broadcasters to our platform, delight fans, further enhance our revenue capabilities and bring greater value to shareholders.”

	Mr. Denny Tang, Chief Financial Officer of Scienjoy, added, “We continued to deliver robust financial results in the first half of 2021 as we increased investments in initiatives that have led to platform growth and attracted loyal fans. As a result, we saw strong growth in the period including an increase in total net revenue by 68.0% year over year to RMB758.3 million, and an increase in adjusted net income by 57.9% year over year to RMB128.6 million. As our growing ecosystem attracted fans and broadcasters alike and drove monetization, total paying users continued to grow steadily in the period at 10.2% year over year. Looking ahead, we are confident that by expanding our investments in research and development, exploring new monetization channels, and diversifying our platform content across entertainment and e-commerce, we will continue to deliver sustainable value to shareholders in the long term.”

2021 First Half Financial Results

Total net revenues for the first six months ended June 30, 2021 increased by 68.0% to RMB758.3 million (US$117.4 million) from RMB451.4 million in the same period of 2020. This increase was driven by the growth in paying users during the outbreak of COVID-19 on the Company’s livestreaming platform as well as the Company’s increasing ability to attract and retain paying users and broadcasters. The number of paying users for the first six months ended June 30, 2021 was 477,062, increasing by 10.2% from 433,058 in the same period of 2020. The Company’s paying ratio in the first six months of 2021 improved to 3.58% from 2.28% in the same period of 2020.

Cost of revenues for the first six months ended June 30, 2021 increased by 75.5% to RMB598.2 million (US$92.6 million) from RMB340.9 million in the same period of 2020. This increase was primarily attributable to a year-over-year increase of RMB216.9 million, or 74.0%, in the Company’s revenue sharing fees and content costs, which was in line with the growth of the Company’s livestreaming operations for the first six months ended June 30, 2021.

Gross profit for the first six months ended June 30, 2021 increased by 44.7% to RMB160.1 million (US$24.8 million) from RMB110.6 million in the same period of 2020. Gross margin for the first six months ended June 30, 2021 decreased slightly to21.1% from 24.5% in the same period of 2020, which was in line with the increase in revenue sharing fees and content costs to attract more quality broadcasters.

Total operating expenses for the first six months ended June 30, 2021 increased by 156.4% to RMB54.1 million (US$8.4 million) from RMB21.1 million in the same period of 2020.

●	Sales and marketing expenses for the first six months ended June 30, 2021 increased slightly by 2.9% to RMB2.6 million (US$400,000) from RMB2.5 million in the same period of 2020. This increase was mainly due to increased promotional expenses to attract more paying users.

●

General and administrative expenses for the first six months ended June 30, 2021 increased by 180.4% to RMB24.4 million (US$3.8 million) from RMB8.7 million in the same period of 2020. This increase was mainly caused by higher employee benefits, increased headcounts, as well as additional consulting and professional fees that the Company incurred as a result of its listing as a public company.

●

Research and development expenses for the first six months ended June 30, 2021 increased by 80.3% to RMB23.5 million (US$3.6 million) from RMB13.0 million in the same period of 2020. This increase was due to the increases in R&D headcount and benefits to relevant employees as the Company continued to strengthen its technological capabilities.

Income from operations for the first six months ended June 30, 2021 increased by 18.4% to RMB105.9 million (US$16.4 million) from RMB89.5 million in the same period of 2020. As a result, operating margin in the first six months of 2021 decreased to 14.0% from 19.8% in the same period of 2020.

Change in fair value of contingent consideration for the first six months ended June 30, 2021 decreased by 69.8% to RMB23.5 million (US$3.6 million) from RMB77.9 million in the same period of 2020. Change in fair value of contingent consideration is derived from the Company’s reverse recapitalization with Wealthbridge Acquisition Limited on May 7, 2020, and acquisition of BeeLive on August 10, 2020, which involved payments of future contingent consideration upon the achievement of certain financial performance targets and specific market price levels. Earn out liabilities are recorded for the estimated fair value of the contingent consideration on the merger date. 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 for the first six months ended June 30, 2021 amounted to RMB10.9 million (US$1.7 million). The Company’s warrants assumed from SPAC acquisition 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 that are recorded as a liability at fair value. The warrant derivative liability is adjusted 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 for the first six months ended June 30, 2021 amounted to RMB27.6 million (US$4.3 million). In January 2021, the Company, through its wholly owned subsidiary, Scienjoy Inc., purchased from Cross Wealth Investment Holding Limited, an entity related to two directors of the Company, 606,061 ordinary shares of Goldenbridge Acquisition Limited (“Goldenbridge”) for an aggregated consideration of US$2 million. Goldenbridge was formed as a special purpose acquisition company. The investment was classified as investment in marketable security, which is adjusted to its fair value at the end of each reporting period, with the change being recorded as other expense or gain.

Net income for the first six months ended June 30, 2021 increased by 2.3% to RMB163.0 million (US$25.2 million) from RMB159.4 million in the same period of 2020. Net margin decreased to 21.5% from 35.3% in the same period of 2020.

Adjusted net income, which excludes changes in fair value of contingent consideration and change in fair value of warrants liability, increased by 57.9% to RMB128.6 million (US$19.9 million) for the first six months ended June 30, 2021 from RMB81.5 million in the same period of 2020. As a result, adjusted net margin decreased slightly to 17.0% from 18.0% in the same period of 2020.

Basic and diluted net income per ordinary share for the first six months ended June 30, 2021 were both RMB5.32 (US$0.82). In comparison, basic and diluted net income per ordinary share in the same period of 2020 were both RMB7.75.

Adjusted basic and diluted net income per ordinary share for the first six months ended June 30, 2021 were both RMB4.19 (US$0.65). In comparison, adjusted basic and diluted net income per ordinary share in the same period of 2020 were both RMB3.96.

Business Outlook

The Company expects its total net revenues to be in the range of RMB404 million to RMB436 million in the third quarter of 2021. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change, particularly in respect to the potential impact of COVID-19 on the economy in China and other markets around the world.

Recent Developments

On July 7, 2021, the Company announced that it has entered into a strategic partnership with the GFE Foundation, a U.S-based non-profit organization dedicated to supporting young artists from around the world. The partnership will help young artists sell NFTs from original artwork across various platforms and establish a livestreaming studio in New York.

About Scienjoy Holding Corporation

Founded in 2011, Scienjoy is a leading mobile livestreaming platform in China, and its core mission is to build a livestreaming service matrix that delivers pleasant experiences to users. With approximately 250 million registered users, Scienjoy currently operates four brands of livestreaming platforms, consisting of Showself, Lehai, Haixiu, and BeeLive (including Mifeng [Chinese version] and BeeLive International [international version]). Scienjoy adopts multi-platform operation strategies and is committed to providing high-quality and value-added services for users with innovative thinking. Based on in-depth knowledge and research of the livestreaming industry and user behavior, Scienjoy is devoted to building fully-immersive virtual reality worlds in which the virtual world and reality are integrated within the livestreaming scenario, deeply integrating the industry through diversified live broadcasting scenarios, and empowering the industry by building a content-rich and vibrant Livestreaming Full Ecosystem. 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 and warrant liabilities. 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 RMB 6.4566 to US$1.00, the noon buying rate in effect on June 30, 2021, 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, 2021, 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 the Company’s 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.

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,
	2020			2021		2021
	RMB			RMB		USD
ASSETS
Current assets
Cash and cash equivalents		224,768			286,803		44,420
Accounts receivable, net		228,214			230,097		35,637
Prepaid expenses and other current assets		13,753			24,945		3,864
Amounts due from related parties		7			13,007		2,015
Investment in marketable security		-			40,566		6,283
Total current assets		466,742			595,418		92,219

Property and equipment, net		1,356			1,491		231
Intangible assets, net		239,634			237,674		36,811
Goodwill		92,069			92,069		14,260
Long term investments		5,000			23,000		3,562
Long term deposits and other non-current assets		1,382			1,394		216
Deferred tax assets – non-current		5,654			5,448		844
Total non-current assets		345,095			361,076		55,924
TOTAL ASSETS		811,837			956,494		148,143

LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities
Accounts payable		67,089			45,786		7,092
Accrued salary and employee benefits		18,141			9,223		1,428
Accrued expenses and other current liabilities		12,358			9,989		1,547
Current portion of contingent consideration – earn-out liability		92,183			71,536		11,080
Warrant liabilities		29,558			16,077		2,490
Income tax payable		8,581			12,418		1,923
Loan Payable - related parties		-			12,310		1,907
Deferred revenue		49,567			67,588		10,468
Total current liabilities		277,477			244,927		37,935

Non-current liabilities
Deferred tax liabilities		59,729			59,237		9,175
Contingent consideration – earn-out liability		15,116			11,428		1,770
Total non-current liabilities		74,845			70,665		10,945
TOTAL LIABILITIES		352,322			315,592		48,880
Commitments and contingencies Shareholders’ equity
Ordinary share, no par value, unlimited shares authorized, 27,037,302 and 30,844,642 shares issued and outstanding as of December 31, 2020 and June 30, 2021, respectively		(96,349	)		121,379		18,799
Shares to be issued		200,100			-		-
Statutory reserves		18,352			25,896		4,011
Retained earnings		322,610			478,077		74,045
Accumulated other comprehensive income		14,802			15,550		2,408
Total shareholders’ equity		459,515			640,902		99,263
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		811,837			956,494		148,143

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

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

	For the six months ended
	June 30,			June 30,			June 30,
	2020			2021			2021
	RMB			RMB			US$
Livestreaming - consumable virtual items revenue		437,023			733,166			113,553
Livestreaming - time based virtual items revenue		12,269			17,668			2,736
Technical services		2,152			7,423			1,150
Total revenues		451,444			758,257			117,439

Cost of revenues		(340,858	)		(598,189	)		(92,648	)

Gross profit		110,586			160,068			24,791

Operating expenses
Sales and marketing expenses		(2,512	)		(2,584	)		(400	)
General and administrative expenses		(8,699	)		(24,395	)		(3,778	)
Recovery (provision) for doubtful accounts		3,143			(3,645	)		(565	)
Research and development expenses		(13,043	)		(23,514	)		(3,642	)
Total operating expenses		(21,111	)		(54,138	)		(8,385	)
Income from operations		89,475			105,930			16,406

Change in fair value of contingent consideration		77,898			23,545			3,647
Change in fair value of warrants liability		-			10,854			1,681
Change in fair value of investment in marketable security		-			27,608			4,276
Interest income		1,349			1,431			222
Interest expense		-			(241	)		(37	)
Other (expenses) income, net		(5,255	)		102			16
Foreign exchange loss, net		(168	)		(40	)		(6	)

Income before income taxes		163,299			169,189			26,205

Income tax expenses		(3,944	)		(6,178	)		(957	)

Net income		159,355			163,011			25,248
Other comprehensive (loss) income - foreign currency translation adjustment		(1,079	)		748			116
Comprehensive income attributable to the Company’s shareholders		158,276			163,759			25,364

Weighted average number of shares
Basic		20,563,860			30,669,789			30,669,789
Diluted		20,563,860			30,669,789			30,669,789
Earnings per share
Basic		7.75			5.32			0.82
Diluted		7.75			5.32			0.82

Reconciliations of Non-GAAP Results

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

	For the six months ended
	June 30,		June 30,		June 30,
	2020		2021		2021
	RMB		RMB		US$

Net income		159,355		163,011		25,248
Less:
Change in fair value of contingent consideration		77,898		23,545		3,647
Change in fair value of warrants liability		-		10,854		1,681
Adjusted net income		81,457		128,612		19,920

Adjusted net income per ordinary share*
Basic		3.96		4.19		0.65
Diluted		3.96		4.19		0.65

Exhibit 99.2

Scienjoy Holding Corporation Reports Interim Nine months ended September 30, 2021 Unaudited Financial Results

Nine Months 2021 Operating and Financial Highlights

●

Total net revenues for the nine months ended September 30, 2021 increased by 52.5% to RMB1,171.2 million (US$181.8 million) from RMB767.8 million in the same period of 2020.

●

Gross profit for the nine months ended September 30, 2021 increased by 27.4% to RMB232.4 million (US$36.1 million) from RMB182.4 million in the same period of 2020.

●

Net income for the nine months ended September 30, 2021 increased by 7.7% to RMB237.5 million (US$36.9 million) from RMB220.5 million in the same period of 2020.

●

Adjusted net income for the nine months ended September 30, 2021 increased by 37.5% to RMB182.6 million (US$28.3 million) from RMB132.8 million in the same period of 2020.

●

Total paying users for the nine months ended September 31,2021 decreased by 10.8% to 648,465 from 727,385 in the same period of 2020.

●

Active broadcasters for the nine months ended September 31,2021 increased by 28.2% to 250,497 from 195,422 in the same period of 2020.

●

As of September 30, 2021, the Company had RMB291.9 million (US$45.3 million) in cash and cash equivalents, which represented an increase of 29.9% from RMB224.8 million as of December 31, 2020.

Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, “Scienjoy has continued to achieve outstanding financial and operational results in the first nine months of 2021. Our revenues and adjusted net income for the nine months of 2021 are close to the full year results of fiscal year 2020, which reflect tremendous growth in our business. We have made significant progress on improving operating efficiency through refined operations and continued to invest and adopt extensive cutting-edge technologies to improve overall users’ experience. The rapid growth number of active broadcasters has proved our strong capabilities in addressing increasing demands for livestreaming. Looking forward, we are committed to building the metaverse in the livestreaming field, by using Artificial Intelligence (AI), Augmented Reality (AR), Virtual Reality (VR), Mixed Reality (MR), big data, and blockchain to upgrade the fundamental elements of livestreaming settings and expand the offerings of livestreaming content. With the continuous development and application of advanced technologies, we aim to fulfill the fast-evolving expectations of our users and broadcasters, which are building an interactive connection between users and broadcasters and customizing their own experiences with a vast variety of contents and features. We remain optimistic and believe that we are well positioned to continue to capture the opportunity in the rapidly expanding and evolving market for live entertainment mobile streaming.”

Mr. Denny Tang, Chief Financial Officer of Scienjoy, added, “We continued to deliver strong financial results in the first nine months of 2021 as we focused on investing in technologies to improve our platform and delivering the attractive experiences to our users and broadcasters. The significant increase in revenue and adjusted net income demonstrated the attractiveness of our platform. Looking ahead, we will still be dedicated to facilitating user growth, enhancing monetization and developing our technologies and ambition in building metaverse in livestreaming. We are confident that we will continue to generate significant revenue and provide greater value to our shareholders in the long term.”

Nine Months 2021 Financial Results

Total net revenues for the nine months ended September 30, 2021 increased by 52.5% to RMB1,171.2 million (US$181.8 million) from RMB767.8 million in the same period of 2020, because more quality content are provided through our integrated multiple live streaming platforms including Beelive platforms we acquired in September 2020 and our ARPPU for the nine months ended September 30, 2021 increased by 70% comparing to the same period of last year, partially offset by decrease in number of paying users.

Cost of revenues for the nine months ended September 30, 2021 increased by 60.4% to RMB938.8 million (US$145.7 million) from RMB585.4 million in the same period of 2020. The increase was primarily attributable to a 58.7%, or RMB297.0 million, year-over-year increase in the Company’s revenue sharing fees and content costs, which was consistent with the 28.2% year-over-year increase in active broadcasters as well as the growth of the Company’s overall live streaming operations for the nine months ended September 30, 2021. In addition, the Company incurred share based compensation of RMB3.4 million for the nine months ended September 30, 2021 and no such expense incurred in the same period of last year.

Gross profit for the nine months ended September 30, 2021 increased by 27.4% to RMB232.4 million (US$36.1 million) from RMB182.4 million in the same period of 2020.

Total operating expenses for the nine months ended September 30, 2021 increased to RMB85.6 million (US$13.3 million) from RMB41.5 million in the same period of 2020.

●

Sales and marketing expenses for the nine months ended September 30, 2021 kept constant at RMB3.7 million (US$0.6 million) as compared to the same period of 2020.

●

General and administrative expenses for the nine months ended September 30, 2021 significantly increased to RMB38.6 million (US6.0 million) from RMB19.7 million in the same period of 2020.The increase was primarily because we had a share based compensation of RMB3.6 Million (US$0.6 million) and higher listing-related professional fees, employee salary and welfare and amortization of intangible assets as compared to the same period of 2020.

●

Research and development expenses for the nine months ended September 30, 2021 increased by 91.6% to RMB39.8 million (US$6.2 million) from RMB20.8 million in the same period of 2020. The increase was due to higher R&D headcount and the Company had share based compensation of RMB5.4 million (US$0.8 million) in the first nine months ended September 30, 2021.

●

Provision for doubtful accounts for the nine months ended September 30, 2021 was RMB3.4 million (US$0.5 million) as compared to a recovery for doubtful accounts of RMB2.7 million in the same period of 2020

Income from operations for the nine months ended September 30, 2021 increased by 4.2% to RMB146.8 million (US$22.8 million) from RMB140.9 million in the same period of 2020.

Change in fair value of contingent consideration for the nine months ended September 30, 2021 decreased by 48.1% to RMB45.5 million (US$7.1 million) from RMB87.6 million in the same period of 2020. Change in fair value of contingent consideration is derived from the Company’s reverse recapitalization with Wealthbridge Acquisition Limited on May 7, 2020, and acquisition of BeeLive on August 10, 2020, which involved payments of future contingent consideration upon the achievement of certain financial performance targets and specific market price levels. Earn out liabilities are recorded for the estimated fair value of the contingent consideration on the merger date. 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 warrants liability for the nine months ended September 30, 2021 amount to RMB21.8 million (US$3.4 million). The Company’s warrants assumed from SPAC acquisition 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 that are recorded as a liability at fair value. The warrant derivative liability is adjusted 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 for the nine months ended September 30, 2021 amount to RMB27.6 million (US$4.3 million) In January 2021, the Company, through its wholly owned subsidiary, Scienjoy Inc., purchased from Cross Wealth Investment Holding Limited, an entity related to two directors of the Company, 606,061 ordinary shares of Goldenbridge Acquisition Limited (“Goldenbridge”) for an aggregated consideration of US$2 million. Goldenbridge was formed as a special purpose acquisition company. The investment was classified as investment in marketable security, which is adjusted to its fair value at the end of each reporting period, with the change being recorded as other expense or gain.

Net income for the nine months ended September 30, 2021 increased by 7.7% to RMB237.5 million (US$36.9 million) from RMB220.5 million in the same period of 2020.

Adjusted net income for the nine months ended September 30, 2021 increased by 37.5% to RMB182.6 million (US$28.3 million) from RMB132.8 million in the same period of 2020.

Basic and diluted net income per ordinary share for the nine months ended September 30, 2021 were both RMB7.73 (US$1.20). In comparison, basic and diluted net income per ordinary share for the nine months ended September 30, 2020 were both RMB10.14, respectively.

Adjusted basic and diluted net income per ordinary share for the nine months ended September 30, 2021 were both RMB5.94 (US$0.92). In comparison, both adjusted basic and diluted net income per ordinary share for the nine months ended September 30, 2020 were RMB6.11.

As of September 30, 2021, the Company had cash and cash equivalents of RMB291.9 million (US$45.3 million) compared to RMB224.8 million as of December 31, 2020.

Business Outlook

The Company expects its total net revenues to be in the range of RMB393 million to RMB455 million in the fourth quarter of 2021. This forecast reflects the Company’s current and preliminary views on the market and operational conditions, which are subject to change, particularly in respect to the potential impact of COVID-19 on the economy in China and other markets around the world.

About Scienjoy Holding Corporation Limited

Founded in 2011, Scienjoy is a leading mobile livestreaming platform in China, and its core mission is to build a livestreaming service ecosystem to delight and entertain users. With approximately 250 million registered users, Scienjoy currently operates four livestreaming platform brands, including Showself, Lehai, Haixiu, and BeeLive, which features both the Mifeng Chinese version and BeeLive International version. Scienjoy uniquely combines a gamified business approach to livestreaming, in-depth knowledge of the livestreaming industry, and cutting-edge technologies such as blockchain, augmented reality (AR), virtual reality (VR), and big data, to create a unique user experience. Scienjoy is devoted to building a livestreaming Metaverse to provide users with the ultimate immersive experience, a social media network that transcends time and space, a digital community that spans virtual and physical reality, and a content-rich ecosystem. 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 RMB6.4434 to US$1.00, the noon buying rate in effect on September 30, 2021, 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 September 30, 2021, 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.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

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

	As of December 31			As of September 30
	2020			2021		2021
	RMB			RMB		US$
ASSETS
Current assets
Cash and cash equivalents		224,768			291,879		45,299
Accounts receivable, net		228,214			228,478		35,459
Prepaid expenses and other current assets		13,753			26,750		4,151
Amounts due from related parties		7			13,007		2,019
Investment in marketable security		-			40,606		6,302
Total current assets		466,742			600,720		93,230

Property and equipment, net		1,356			1,475		229
Intangible assets, net		239,634			236,686		36,733
Goodwill		92,069			92,069		14,289
Long term investments		5,000			53,000		8,225
Long term deposits and other non-current assets		1,382			12,139		1,884
Deferred tax assets– non-current		5,654			5,147		799
Total non-current assets		345,095			400,516		62,159
TOTAL ASSETS		811,837			1,001,236		155,389

LIABILITIES AND SHAREHOLDERS’ EQUITY
LIABILITIES
Current liabilities:
Accounts payable		67,089			35,406		5,496
Accrued salary and employee benefits		18,141			12,155		1,886
Accrued expenses and other current liabilities		12,358			7,365		1,143
Current portion of contingent consideration – earn-out liability		92,183			52,783		8,192
Income tax payable		8,581			11,245		1,745
Loan payables - related parties		-			11,468		1,780
Deferred revenue		49,567			70,744		10,979
Warrants liabilities		29,558			5,090		790
Total current liabilities		277,477			206,256		32,011
Non-current liabilities
Deferred tax liabilities - non current		59,729			58,992		9,155
Contingent consideration – earn-out liability		15,116			8,175		1,269
Total non-current liabilities		74,845			67,167		10,424
TOTAL LIABILITIES		352,322			273,423		42,435
Commitments and contingencies
Shareholders’ equity
Ordinary share, no par value, unlimited shares authorized, 27,037,302 and 30,844,642 shares issued and outstanding as of December 31, 2020 and September 30, 2021, respectively		(96,349	)		133,719		20,753
Shares to be issued		200,100			-		-
Statutory reserves		18,352			28,824		4,473
Retained earnings		322,610			549,643		85,303
Accumulated other comprehensive income		14,802			15,627		2,425
Total shareholder’s equity		459,515			727,813		112,954
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY		811,837			1,001,236		155,389

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME AND COMPREHENSIVE INCOME

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

	For nine months ended
	September 30,			September 30,			September 30,
	2020			2021			2021
	RMB			RMB			US$
Live streaming - consumable virtual items revenue		743,882			1,133,248			175,877
Live streaming - time based virtual items revenue		20,431			25,527			3,962
Technical services		3,491			12,416			1,927
Total revenues		767,804			1,171,191			181,766
Cost of revenues		(585,379	)		(938,797	)		(145,699	)
Gross profit		182,425			232,394			36,067
Operating expenses
Sales and marketing expenses		(3,739	)		(3,746	)		(581	)
General and administrative expenses		(19,739	)		(38,606	)		(5,992	)
Recovery (provision) for doubtful accounts		2,746			(3,405	)		(528	)
Research and development expenses		(20,770	)		(39,793	)		(6,176	)
Total operating expenses		(41,502	)		(85,550	)		(13,277	)
Income from operations		140,923			146,844			22,790
Interest income		2,154			1,882			293
Other income (expenses), net		(4,778	)		(84	)		(13	)
Foreign exchange (loss) gain, net		983			(34	)		(5	)
Change in fair value of contingent consideration		87,648			45,463			7,056
Change in fair value of warrants liability		-			21,830			3,388
Change in fair value of investment in marketable security		-			27,648			4,291
Income before income taxes		226,930			243,549			37,800
Income tax benefit (expenses)		(6,465	)		(6,044	)		(938	)
Net income		220,465			237,505			36,862
Other comprehensive income - foreign currency translation adjustment		5,282			825			128
Comprehensive income attributable to the Company’s shareholders		225,747			238,330			36,990
Weighted average number of shares:
Basic and diluted		21,746,691			30,728,931			30,728,931
Earnings per share:
Basic and diluted		10.14			7.73			1.20

Reconciliations of Non-GAAP Results

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

	For the nine months ended
	September 30,		September 30,			September 30,
	2020		2021			2021
	RMB		RMB			US$
Net income		220,465		237,505			36,862
Less:
Change in fair value of contingent consideration		87,648		45,463			7,056
Change in fair value of warrants liability		-		21,830			3,388
Share based compensation		-		(12,367	)		(1,919	)
Adjusted net income*		132,817		182,579			28,337

Adjusted net income per ordinary share
Basic and diluted		6.11		5.94			0.92

“Adjusted net income” is defined as net income 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” at the end of this press release.

	Scienjoy Holding Corporation

Date: May 13, 2022	By:	/s/ Xiaowu He
	Name:	Xiaowu He
	Title:	Chief Executive Officer

Exhibit No.		Description
99.1		Unaudited Consolidated Financial Statements as of June 30, 2021 and for the Six Months Ended June 30, 2021 and 2020
99.2		Unaudited Consolidated Financial Statements as of September 30, 2021 and for the Nine Months Ended September 30, 2021 and 2020
101.INS		Inline XBRL Instance Document
101.SCH		Inline XBRL Taxonomy Extension Schema Linkbase
101.CAL		Inline XBRL Taxonomy Extension Calculation Linkbase
101.DEF		Inline XBRL Taxonomy Extension Definition Linkbase
101.LAB		Inline XBRL Taxonomy Extension Label Linkbase
101.PRE		Inline XBRL Taxonomy Extension Presentation Linkbase