Scienjoy management commentary attributes first-half 2026 revenue decline to fewer paying users amid competition

• Scienjoy Holding's management commentary reported net income rose 92.7% to RMB 18.8 million for the six months ended June 30, 2026.
• Lower marketable-security fair-value losses supported earnings, narrowing to RMB 5.2 million from RMB 31.1 million.
• Management attributed revenue's decline to RMB 588.1 million primarily to fewer paying users amid competition in China's mobile livestreaming market.
• Paying users fell approximately 23% to 196,374, partially offset by average revenue per paying user rising to RMB 2,908.
• Gross margin fell to 17.9% from 18.8%, which management attributed to a higher revenue-sharing fee ratio in overseas mobile livestreaming.

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