MELBOURNE, Australia, Nov. 27, 2025 /PRNewswire/ — Senetas Corporation and Nokia today announced a strategic alliance to deliver joint capabilities specifically designed for mission-critical network environments.

This partnership combines Senetas’ globally certified, quantum-resistant encryption technology with Nokia’s trusted mission-critical network solutions, underpinned by its Defence-in-Depth cybersecurity framework.  As countries across Asia strengthen their sovereign defence capabilities and critical infrastructure resilience, this alliance ensures end-to-end security, from core networks to the tactical edge. Nokia’s Optical LAN, IP, and Optical portfolios, integrated with Senetas’ encryption, will provide uncompromising protection against sophisticated cyber threats across dispersed operational environments.

Together, they are closing attack vectors from the data centre to the network edge, including critical autonomous platforms, for enhanced Intelligence, Surveillance, and Reconnaissance (ISR) and combat operations.

Securing the Front Line: From Core Networks to the Tactical Edge

In modern defence environments, secure communications are as critical in the field as they are in core network infrastructure. Senetas’ quantum-resistant network encryption solutions extend military-grade security to every location duty calls—from submarine depths to aerial missions—arming military assets with uncompromising protection against sophisticated state and criminal cyber threats.    

The joint Nokia and Senetas solution will ensure that defence and government customers can maintain data integrity and confidentiality across diverse, high-speed networks while meeting the stringent requirements for independent sovereign and international security certifications (such as FIPS, Common Criteria, or equivalent).

Commitment to Sovereign Security Technology

The partnership proudly features Senetas, an Australian-founded defence technology provider, alongside Nokia, a global leader in secure mission-critical network solutions. This combined focus on sovereign and trusted technologies ensures that customers benefit from solutions developed and controlled within secured and reliable jurisdictions. Together, this provides an essential layer of assurance and strategic advantage in highly sensitive defence and national security applications.

Donny Janssens, Head of Partners for Network Infrastructure, Asia Pacific

Nokia: “Nokia is a trusted partner to the defence community, providing scalable, secure and resilient mission-critical networks, be it making military bases smarter with field-proven fibre technologies or by deploying secure multi-service wide area networks for modern defence operation with IP/MPLS and optical networks. By partnering with Senetas, we are enhancing our quantum-safe solution to address additional defence-specific needs as well as expanding our Defence-in-Depth strategy.” 

Andrew Wilson, Chief Executive Officer, Senetas: “At Senetas, we’ve engineered highly certified encryption solutions designed for the most demanding environments and this strategic alliance will bring those capabilities into critical defence and government networks globally. By combining our independently-certified, quantum-resistant technology with Nokia’s world-class network infrastructure, we are delivering a new benchmark for secure, end-to-end communications.”

About Senetas

Senetas is an Australian-founded defence technology company providing high-assurance cybersecurity solutions to defence, government, and critical infrastructure organisations in more than 60 countries. Our technologies deliver certified quantum-resistant network encryption for future threats. We safeguard mission-critical communications by protecting sensitive data in motion and data at rest. Distributed globally by Thales, one of the world’s largest defense, aerospace, and cybersecurity technology providers, Senetas solutions comply with the highest international security standards and certifications, including Common Criteria, FIPS and DoDIN APL.

About Nokia

Nokia is a global leader in connectivity for the AI era. With expertise across fixed, mobile, and transport networks, powered by the innovation of Nokia Bell Labs, we’re advancing connectivity to secure a brighter world.

Revenue decrease by 5.3% but Income from Operations up 30.9% Year Over Year

BEIJING, Nov. 27, 2025 /PRNewswire/ — Scienjoy Holding Corporation (“Scienjoy”, the “Company”, or “we”) (NASDAQ: SJ), an interactive entertainment leader in the Chinese market, today announced its unaudited financial results for the nine months ended September 30, 2025.

Nine Months 2025 Operating and Financial Summaries

• Total revenues decreased to RMB959.3 million (US$134.7 million) for the nine months ended September 30, 2025 from RMB1,012.5 million in the same period of 2024.
• Gross profit decreased to RMB177.9 million (US$25.0 million) for the nine months ended September 30, 2025 from RMB179.6 million in the same period of 2024.
• Income from operations increased by 30.9% to RMB46.2 million (US$6.5 million) for the nine months ended September 30, 2025 from RMB35.3 million in the same period of 2024.
• Net income decreased to RMB14.9 million (US$2.1 million) for the nine months ended September 30, 2025 from RMB34.2 million in the same period of 2024. 
• Net income attributable to the Company’s shareholders decreased to RMB20.2 million (US$2.8 million) for the nine months ended September 30, 2025 from RMB42.7 million in the same period of 2024.
• Adjusted net income attributable to the Company’s shareholders decreased to RMB26.7 million (US$3.8 million) for the nine months ended September 30, 2025 from RMB50.8 million in the same period of 2024.
• As of September 30, 2025, the Company had RMB254.1 million (US$35.7 million) in cash and cash equivalents, which represented an increase of RMB1.5 million from RMB252.5 million as of December 31, 2024.

Mr. Victor He, Chairman and Chief Executive Officer of Scienjoy, commented, “In the first nine months of 2025, we continued to strengthen our ‘live streaming + gaming’ ecosystem strategy by leveraging artificial intelligence to enhance user experience and improve both platform performance and internal operational efficiency. Our ongoing integration of AI technologies enables more dynamic user interactions, and streamlined management processes that drive higher productivity across the organization.

Building on this momentum, we are expanding AI Vista, our AIGC-driven creative platform, into AI Vista Live — extending AI-powered interaction to both consumers and enterprise users. AI Vista Live combines real-time digital human performance with creative content generation, unlocking new possibilities for entertainment, education, marketing, and corporate engagement.

At the same time, our global expansion continues to advance steadily, driven by our unwavering commitment to evolving from a domestic interactive entertainment leader into a global AI-powered ecosystem platform. Looking ahead, we will remain focused on deepening AI innovation, enhancing operational efficiency, and creating long-term value for our users, partners, and shareholders worldwide.”

Mr. Denny Tang, Chief Financial Officer of Scienjoy, added, “The nine-month results demonstrate both the resilience and balance of our business strategy. Despite non-recurring losses related to investment buyback receivables, fair value changes in security investments, and foreign exchange fluctuations, our operating income maintained a robust year-over-year growth rate of 30.9%, even amid a 5.3% decline in revenue. Our improved gross margin further underscores our profitability and resilience against external headwinds. These key metrics reflect the health of our business and our ability to convert an expanding user base into real profit.

With stable cash reserves, we maintain ample liquidity to support ongoing innovation and global expansion. Going forward, we remain firmly committed to our long-term strategy of global growth and continuous innovation in content and technology, delivering sustainable value for both our company and our shareholders.”

Nine Months 2025 Financial Results 

Total revenues decreased to RMB959.3 million (US$134.7 million) for the nine months ended September 30, 2025, from RMB1,012.5 million in the same period of 2024, primarily caused by a decrease of paying users due to competitive landscape of China’s mobile live streaming market. Total paying users were 332,408 for the nine months ended September 30, 2025, compared to 386,455 in the same period of 2024.

Cost of revenues decreased to RMB781.3 million (US$109.8 million) for the nine months ended September 30, 2025 from RMB832.9 million in the same period of 2024. The decrease was primarily attributable to a decrease of RMB75.6 million in the Company’s revenue sharing fees, partially offset by an increase of RMB22.7 million in user acquisition costs.

Gross profit decreased to RMB177.9 million (US$25.0 million) for the nine months ended September 30, 2025 from RMB179.6 million in the same period of 2024 and the gross margin increased to 18.5% for the nine months ended September 30, 2025 from 17.7% in the same period of last year due to higher average live streaming revenue per paying user and lower revenue sharing fees during the nine months ended September 30, 2025, showing the Company’s effectiveness in converting high-quality paying user to its gross margin growth. 

Total operating expenses decreased to RMB131.7 million (US$18.5 million) for the nine months ended September 30, 2025 from RMB144.3 million in the same period of 2024.

• Sales and marketing expenses increased by 36.6% to RMB4.6 million (US$0.7 million) for the nine months ended September 30, 2025 from RMB3.4 million in the same period of 2024, primarily attributable to more sales and marketing activities.
• General and administrative expenses increased by 25.1% to RMB65.6 million (US$9.2 million) for the nine months ended September 30, 2025 from RMB52.5 million in the same period of 2024, primarily caused by an increase of RMB11.7 million in professional consulting fee.
• Research and development expenses increased by 5.1% to RMB60.7 million (US$8.5 million) for the nine months ended September 30, 2025 from RMB57.8 million in the same period of 2024. The increase was primarily due to an increase of RMB8.1 million in technical services fees, partially offset by a decrease of RMB4.4 million in employee salary and welfare. 
• Provision for credit losses decreased to RMB0.7 million (US$0.1 million) for the nine months ended September 30, 2025 from RMB30.6 million in the same period of 2024, due to a one-time write-off of RMB30.0 million in investment buyback receivable for the nine months ended September 30, 2024.

Income from operations increased by 30.9% to RMB46.2 million (US$6.5 million) for the nine months ended September 30, 2025 from RMB35.3 million in the same period of 2024.

Change in fair value of investment in marketable security was a loss of RMB31.3 million (US$4.4 million) for the nine months ended September 30, 2025, as compared with a gain of RMB12.1 million in the same period of 2024. The change was primarily attributable to the fair value changes in investments in a publicly traded company.

Investment loss decreased to RMB1.1 million (US$0.2 million) for the nine months ended September 30, 2025 from RMB4.4 million in the same period of 2024. The investment loss was primarily attributable to one-time share of unrealized loss in the long-term investments.

Interest income, net decreased to RMB1.3 million (US$0.2 million) for the nine months ended September 30, 2025 from RMB2.8 million in the same period of 2024. The decrease was primarily due to lower interest rate.

Other income, net increased by 1,226.9% to RMB9.5 million (US$1.3 million) for the nine months ended September 30, 2025 from RMB0.7 million in the same period of 2024. The increase was primarily due to increased government subsidies and one-time compensation income. There is no assurance that the Company will continue to receive these subsidies in the future.

Foreign exchange loss, net increased by 289.4% to RMB4.0 million (US$0.6 million) for the nine months ended September 30, 2025 from RMB1.0 million in the same period of 2024.

Income tax expenses decreased to RMB5.7 million (US$0.8 million) for the nine months ended September 30, 2025 from RMB11.2 million in the same period of 2024, which was mainly due to less taxable income.

Net income decreased to RMB14.9 million (US$2.1 million) for the nine months ended September 30, 2025 from RMB34.2 million in the same period of 2024 as a result of the foregoing. 

Net income attributable to the Company’s shareholders decreased to RMB20.2 million (US$2.8 million) for the nine months ended September 30, 2025 from RMB42.7 million in the same period of 2024.

Adjusted net income attributable to the Company’s shareholders decreased to RMB26.7 million (US$3.8 million) for the nine months ended September 30, 2025 from RMB50.8 million in the same period of 2024. 

Basic and diluted net income per ordinary share were both RMB0.49 (US$0.07) for the nine months ended September 30, 2025. In comparison, basic and diluted net income per ordinary share were both RMB1.03 in the same period of 2024.

Adjusted basic and diluted net income per ordinary share were both RMB0.64 (US$0.09) for the nine months ended September 30, 2025. In comparison, adjusted basic and diluted net income per ordinary share were both RMB1.23 in the same period of 2024.

As of September 30, 2025, the Company had RMB254.1 million (US$35.7 million) in cash and cash equivalents, which represented an increase of RMB1.5 million from RMB252.5 million as of December 31, 2024. 

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 attributable to the Company’s shareholders is calculated as net income attributable to the Company’s shareholders adjusted for 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 RMB7.1190 to US$1.00, the noon buying rate in effect on September 30, 2025, 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, 2025, 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