Phoenix New Media (NYSE: FENG) returns to profit on 2025 margin gain
Phoenix New Media reported a strong turnaround for Q4 2025 and the full year, helped by rapid growth in digital reading services and tighter cost control. In Q4, total revenues rose 1.9% to RMB222.3 million, while gross margin expanded to 55.6% and operating margin reached 11.0%.
Q4 net income attributable to the company was RMB45.3 million, compared with a loss a year earlier, giving a 20.4% net margin. For full year 2025, revenues grew 8.8% to RMB765.6 million, gross margin improved to 48.9%, and the business swung to a small net profit of RMB0.3 million from a RMB53.6 million loss.
Non-GAAP results also improved, with 2025 non-GAAP net loss narrowing to RMB19.5 million and non-GAAP net loss per ADS halving to RMB1.62. The company ended 2025 with RMB1.02 billion in cash, term deposits, short-term investments and restricted cash, and guided Q1 2026 revenues to RMB160.0–175.0 million.
Positive
- Return to profitability with stronger margins: 2025 revenue rose 8.8% to RMB765.6 million, gross margin improved to 48.9% from 38.2%, and net income swung from a RMB53.6 million loss to a small RMB0.3 million profit.
- Rapid growth in paid services: Paid services revenues more than doubled in 2025 to RMB151.3 million, driven by digital reading services offered through mini-programs on third-party applications.
- Improved non-GAAP performance and solid liquidity: Non-GAAP net loss narrowed to RMB19.5 million from RMB36.7 million, and cash, term deposits, short-term investments and restricted cash totaled RMB1.02 billion at year-end 2025.
Negative
- None.
Insights
Profitability returns as digital reading drives higher margins.
Phoenix New Media shows a notable earnings recovery in 2025. Revenue grew 8.8% to RMB765.6 million, but the key shift is margin expansion: gross margin climbed from 38.2% to 48.9%, turning a prior loss into slight net profit.
The main engine is paid services, especially digital reading via mini-programs. Paid services revenue more than doubled to RMB151.3 million, while cost of revenues fell 10% to RMB391.5 million. This mix shift explains both stronger profitability and resilience despite softer advertising.
Operating expenses increased 22.5% as the company invested in sales and marketing for digital reading, yet operating loss roughly halved. With RMB1.02 billion in cash-related balances as of December 31, 2025 and Q1 2026 revenue guidance of RMB160.0–175.0 million, future filings will indicate whether high-margin paid services can continue offsetting advertising pressure.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
OF THE SECURITIES EXCHANGE ACT OF 1934
March 2026
Commission File Number: 001-35158
PHOENIX NEW MEDIA LIMITED
Floor 25, Tower B, POSCO Center
Hongtai East Street
Wangjing, Chaoyang District,
Beijing 100102
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A
TABLE OF CONTENTS
Exhibit 99.1 — Press release: Phoenix New Media Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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PHOENIX NEW MEDIA LIMITED |
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By: |
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/s/ Edward Lu |
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Name: |
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Edward Lu |
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Title: |
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Chief Financial Officer |
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Date: March 10, 2026 |
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Exhibit 99.1
Phoenix New Media Reports Fourth Quarter and Fiscal Year 2025 Unaudited Financial Results
Live Conference Call to be Held at 9:30 PM U.S. Eastern Time on March 10, 2026
BEIJING, China, March 11, 2026 — Phoenix New Media Limited (NYSE: FENG) (“Phoenix New Media”, “ifeng” or the “Company”), a leading new media company in China, today announced its unaudited financial results for the fourth quarter and fiscal year ended December 31, 2025.
Mr. Yusheng Sun, CEO of Phoenix New Media, stated, “In the fourth quarter, we focused on strengthening our core capabilities, reinforcing our positioning as a mainstream media outlet, refining our original content system, and advancing our technology and collaboration initiatives. Looking ahead, we will stay focused on our core strengths and long-term strategy to build a sustainable foundation for future development.”
Fourth Quarter 2025 Financial Results
REVENUES
Total revenues in the fourth quarter of 2025 increased by 1.9% to RMB222.3 million (US$31.8 million) from RMB218.1 million in the same period of 2024, primarily due to the year-over-year increase in the Company’s paid services revenues.
Net advertising revenues in the fourth quarter of 2025 was RMB181.1 million (US$25.9 million), representing a decrease of 4.2% from RMB189.0 million in the same period of 2024.
Paid services revenues in the fourth quarter of 2025 increased by 41.6% to RMB41.2 million (US$5.9 million) from RMB29.1 million in the same period of 2024. Paid services revenues comprise (i) revenues from paid contents and (ii) revenues from E-commerce and others. Revenues from paid contents in the fourth quarter of 2025 increased by 51.9% to RMB36.6 million (US$5.2 million) from RMB24.1 million in the same period of 2024, driven by revenues generated from the Company's digital reading services offered through mini-programs on third-party applications in the fourth quarter of 2025. Revenues from E-commerce and others in the fourth quarter of 2025 decreased by 8.0% to RMB4.6 million (US$0.7 million) from RMB5.0 million in the same period of 2024, as the Company scaled down its E-commerce business.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues in the fourth quarter of 2025 decreased by 18.6% to RMB98.6 million (US$14.1 million) from RMB121.1 million in the same period of 2024.
Gross profit in the fourth quarter of 2025 increased by 27.5% to RMB123.7 million (US$17.7 million) from RMB97.0 million in the same period of 2024. Gross margin in the fourth quarter of 2025 increased to 55.6% from 44.5% in the same period of 2024. The increase in gross margin was mainly attributable to higher gross margin of the digital reading services offered through mini-programs and significant increase in revenues from such services.
To supplement the financial measures presented in accordance with the United States Generally Accepted Accounting Principles (“GAAP”), the Company has presented certain non-GAAP financial measures in this press release, which excluded the impact of certain reconciling items as stated in the “Use of Non-GAAP Financial Measures” section below. The related reconciliations to GAAP financial measures are presented in the accompanying “Unaudited Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”
Non-GAAP gross margin in the fourth quarter of 2025, which excluded share-based compensation, increased to 55.6% from 44.5% in the same period of 2024.
OPERATING EXPENSES AND INCOME FROM OPERATIONS
Total operating expenses in the fourth quarter of 2025 increased by 9.9% to RMB99.2 million (US$14.2 million) from RMB90.3 million in the same period of 2024, primarily attributable to higher sales and marketing expenses incurred for the digital reading services offered through mini-programs.
Income from operations in the fourth quarter of 2025 increased by 265.7% to RMB24.5 million (US$3.5 million) from RMB6.7 million in the same period of 2024. Operating margin in the fourth quarter of 2025 increased to 11.0% from 3.1% in the same period of 2024.
Non-GAAP income from operations in the fourth quarter of 2025, which excluded share-based compensation, increased by 260.3% to RMB24.5 million (US$3.5 million) from RMB6.8 million in the same period of 2024. Non-GAAP operating margin in the fourth quarter of 2025, which excluded share-based compensation, increased to 11.0% from 3.1% in the same period of 2024.
OTHER INCOME OR LOSS
Other income or loss reflects net interest income, foreign currency exchange gain or loss, income or loss from equity investments, including impairment, fair value changes in investments, net, and others, net. Total net other income in the fourth quarter of 2025 was RMB19.5 million (US$2.8 million), compared to total net other loss of RMB4.9 million recorded in the same period of 2024, which mainly consisted of the following items:
NET INCOME OR LOSS ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED
Net income attributable to Phoenix New Media Limited in the fourth quarter of 2025 was RMB45.3 million (US$6.5 million), compared to net loss attributable to Phoenix New Media Limited of RMB3.6 million in the same period of 2024. Net margin in the fourth quarter of 2025 was positive 20.4%, compared to negative 1.6% in the same period of 2024. Net income per basic and diluted ordinary share in the fourth quarter of 2025 was RMB0.08 (US$0.01), compared to net loss per basic and diluted ordinary share of RMB0.01 in the same period of 2024.
Non-GAAP net income attributable to Phoenix New Media Limited, which excluded share-based compensation, income or loss from equity investments, including impairment, and fair value changes in investments, net, increased to RMB31.8 million (US$4.5 million) in the fourth quarter of 2025 from RMB8.1 million in the same period of 2024. Non-GAAP net margin in the fourth quarter of 2025 increased to 14.3% from 3.7% in the same period of 2024. Non-GAAP net income per basic and diluted ADS in the fourth quarter of 2025 increased to RMB2.65 (US$0.38) from RMB0.67 in the same period of 2024. “ADS(s)” refers to the Company's American Depositary Share(s), each representing 48 Class A ordinary shares of the Company.
In the fourth quarter of 2025, the Company’s weighted average number of ADSs used in the computation of basic and diluted net income per ADS was 12,010,776. As of December 31, 2025, the Company had a total of 576,517,237 ordinary shares outstanding, or the equivalent of 12,010,776 ADSs.
Full Year 2025 Financial Results
REVENUES
Total revenues in 2025 increased by 8.8% to RMB765.6 million (US$109.5 million) from RMB703.7 million in 2024, driven by revenues generated from the Company's digital reading services offered through mini-programs on third-party applications in 2025.
Net advertising revenues in 2025 decreased by 2.6% to RMB614.3 million (US$87.9 million) from RMB630.6 million in 2024.
Paid services revenues in 2025 increased by 107.0% to RMB151.3 million (US$21.6 million) from RMB73.1 million in 2024, driven by revenues generated from the Company's digital reading services offered through mini-programs on third-party applications in 2025.
COST OF REVENUES AND GROSS PROFIT
Cost of revenues in 2025 decreased by 10.0% to RMB391.5 million (US$56.0 million) from RMB435.0 million in 2024, as a result of the Company’s strict cost control measures.
Gross profit in 2025 increased by 39.2% to RMB374.1 million (US$53.5 million) from RMB268.7 million in 2024. Gross margin in 2025 increased to 48.9% from 38.2% in 2024, mainly due to higher gross margin of the digital reading services offered through mini-programs and significant increase in revenues from such services.
OPERATING EXPENSES AND LOSS FROM OPERATIONS
Total operating expense in 2025 increased by 22.5% to RMB408.5 million (US$58.4 million) from RMB333.4 million in 2024, primarily attributable to higher sales and marketing expenses incurred for the digital reading services offered through mini-programs in 2025.
Loss from operations in 2025 was RMB34.4 million (US$4.9 million), compared to RMB64.7 million in 2024. Operating margin in 2025 was negative 4.5%, compared to negative 9.2% in 2024.
Non-GAAP loss from operations in 2025, which excluded share-based compensation, was RMB34.4 million (US$4.9 million), compared to RMB63.2 million in 2024. Non-GAAP operating margin in 2025, which excluded share-based compensation, was negative 4.5%, compared to negative 9.0% in 2024.
NET INCOME OR LOSS ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED
Net income attributable to the Company in 2025 was RMB0.3 million (US$0.04 million), compared to net loss attributable to the Company of RMB53.6 million in 2024. Net margin in 2025 was positive 0.0%, compared to negative 7.6% in 2024. Net income per basic and diluted ordinary share in 2025 were both RMB0.00 (US$0.00), compared to net loss per basic and diluted ordinary share of RMB0.09 in 2024.
Non-GAAP net loss attributable to the Company in the fiscal year of 2025, which excluded share-based compensation, income or loss from equity method investments, including impairment and fair value changes in investments, net, was RMB19.5 million (US$2.8 million), compared to non-GAAP net loss attributable to the Company of RMB36.7 million in 2024. Non-GAAP net margin in the fiscal year of 2025 was negative 2.5%, compared to negative 5.2% in 2024. Non-GAAP net loss per basic and diluted ADS in 2025 were both RMB1.62 (US$0.23), compared to non-GAAP net loss per basic and diluted ADS of RMB3.05 in 2024.
CERTAIN BALANCE SHEET ITEMS
As of December 31, 2025, the Company’s cash and cash equivalents, term deposits and short term investments and restricted cash were RMB1.02 billion (US$145.6 million).
Business Outlook
For the first quarter of 2026, the Company expects its total revenues to be between RMB160.0 million and RMB175.0 million; net advertising revenues are expected to be between RMB111.2 million and RMB121.2 million; and paid services revenues are expected to be between RMB48.8 million and RMB53.8 million.
All of the above forecasts reflect the current and preliminary view of the Company’s management, which are subject to changes and substantial uncertainty, particularly in view of the uncertainty of macroeconomic environment.
Conference Call Information
The Company will hold a conference call at 9:30 p.m. U.S. Eastern Time on March 10, 2026 (March 11, 2026 at 9:30 a.m. Beijing/Hong Kong time) to discuss its fourth quarter and fiscal year 2025 unaudited financial results and operating performance.
To participate in the call, please register in advance of the conference by clicking here (https://register-conf.media-server.com/register/BI9a6bce2bf20e4b6aa5cffff120efc008). Upon registering, each participant will receive the participant dial-in numbers and a unique access PIN, which will be used to join the conference call. Please dial in 10 minutes before the call is scheduled to begin.
A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.ifeng.com.
Use of Non-GAAP Financial Measures
To supplement the consolidated financial statements presented in accordance with the United States Generally Accepted Accounting Principles (“GAAP”), Phoenix New Media Limited uses non-GAAP gross profit, non-GAAP gross margin, non-GAAP income or loss from operations, non-GAAP operating margin, non-GAAP net income or loss attributable to Phoenix New Media Limited, non-GAAP net margin and non-GAAP net income or loss per diluted ADS, each of which is a non-GAAP financial measure. Non-GAAP gross profit is gross profit excluding share-based compensation. Non-GAAP gross margin is non-GAAP gross profit divided by total revenues. Non-GAAP income or loss from operations is income or loss from operations excluding share-based compensation. Non-GAAP operating margin is non-GAAP income or loss from operations divided by total revenues. Non-GAAP net income or loss attributable to Phoenix New Media Limited is net income or loss attributable to Phoenix New Media Limited excluding share-based compensation, income or loss from equity investments, including impairment and fair value changes in investments, net. Non-GAAP net margin is non-GAAP net income or loss attributable to Phoenix New Media Limited divided by total revenues. Non-GAAP net income or loss per diluted ADS is non-GAAP net income or loss attributable to Phoenix New Media Limited divided by weighted average number of diluted ADSs. The Company believes that separate analysis and exclusion of the aforementioned non-GAAP to GAAP reconciling items add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with the related GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that using these non-GAAP financial measures to evaluate its business allows both management and investors to assess the Company’s performance against its competitors and ultimately monitor its capacity to generate returns for investors. The Company also believes that these non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of items like share-based compensation, income or loss from equity investments, including impairment, and fair value changes in investments, net, which have been and will continue to be significant recurring items. However, the use of these non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using these non-GAAP financial measures is that they do not include all items that impact the Company’s gross profit, income or loss from operations and net income or loss attributable to Phoenix New Media Limited for the period. In addition, because these non-GAAP financial measures are not 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 these non-GAAP financial measures in isolation from, or as an alternative to, the financial measures prepared in accordance with GAAP.
Exchange Rate
This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.9931 to US$1.00, the noon buying rate in effect on December 31, 2025 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentations, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.
About Phoenix New Media Limited
Phoenix New Media Limited (NYSE: FENG) is a leading new media company providing premium content on an integrated Internet platform, including PC and mobile, in China. Having originated from a leading global Chinese language TV network based in Hong Kong, Phoenix TV, the Company enables consumers to access professional news and other quality information on the Internet through their PCs and mobile devices. Phoenix New Media's platform includes its PC channel, consisting of ifeng.com website, which comprises interest-based verticals and interactive services; its mobile channel, consisting of mobile news applications, mobile video application, digital reading applications and mobile Internet website; and its operations with the telecom operators that provides mobile value-added services.
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Phoenix New Media’s strategic and operational plans, contain forward-looking statements. Phoenix New Media may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Phoenix New Media’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; the expected growth of online and mobile advertising, online video and mobile paid services markets in China; the Company’s reliance on online and mobile advertising for a majority of its total revenues; the Company’s expectations regarding demand for and market acceptance of its services; the Company’s expectations regarding maintaining and strengthening its relationships with advertisers, partners and customers; the Company’s investment plans and strategies; fluctuations in the Company’s quarterly operating results; the Company’s plans to enhance its user experience, infrastructure and services offerings; competition in its industry in China; and relevant government policies and regulations relating to the Company. Further information regarding these and other risks is included in the Company’s filings with the SEC, including its registration statement on Form F−1, as amended, and its annual reports on Form 20−F. All information provided in this press release and in the attachments is as of the date of this press release, and Phoenix New Media does not undertake any obligation to update any forward-looking statement, except as required under applicable law.
For investor and media inquiries please contact:
Phoenix New Media Limited
Muzi Guo
Email: investorrelations@ifeng.com
Phoenix New Media Limited
Unaudited Condensed Consolidated Balance Sheets
(Amounts in thousands)
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December 31, |
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December 31, |
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December 31, |
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2024 |
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2025 |
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2025 |
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RMB |
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RMB |
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US$ |
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ASSETS |
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Current assets: |
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|||
Cash and cash equivalents |
|
|
607,579 |
|
|
|
537,549 |
|
|
|
76,869 |
|
Term deposits and short term investments |
|
|
428,343 |
|
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|
464,226 |
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|
66,383 |
|
Restricted cash |
|
|
9,761 |
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|
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16,102 |
|
|
|
2,303 |
|
Accounts receivable, net |
|
|
326,795 |
|
|
|
293,119 |
|
|
|
41,915 |
|
Amounts due from related parties |
|
|
76,404 |
|
|
|
74,392 |
|
|
|
10,638 |
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Prepayment and other current assets |
|
|
25,470 |
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32,905 |
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|
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4,705 |
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Total current assets |
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1,474,352 |
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1,418,293 |
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202,813 |
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Non-current assets: |
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Property and equipment, net |
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4,440 |
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10,728 |
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1,534 |
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Intangible assets, net |
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13,723 |
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10,415 |
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1,489 |
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Available-for-sale debt investments |
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|
313 |
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|
|
306 |
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|
|
43 |
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Equity investments, net |
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85,436 |
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104,124 |
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14,890 |
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Deferred tax assets |
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63,258 |
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53,331 |
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7,626 |
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Operating lease right-of-use assets, net |
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|
56,791 |
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|
|
41,957 |
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|
|
6,000 |
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Other non-current assets |
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|
13,614 |
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|
|
10,635 |
|
|
|
1,521 |
|
Total non-current assets |
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|
237,575 |
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|
231,496 |
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|
|
33,103 |
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Total assets |
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1,711,927 |
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1,649,789 |
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|
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235,916 |
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LIABILITIES AND SHAREHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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144,670 |
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122,420 |
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17,506 |
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Amounts due to related parties |
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24,327 |
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|
|
29,144 |
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|
|
4,168 |
|
Advances from customers |
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|
29,104 |
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26,203 |
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|
|
3,747 |
|
Taxes payable |
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175,932 |
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|
176,404 |
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25,225 |
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Salary and welfare payable |
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86,607 |
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73,203 |
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|
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10,468 |
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Accrued expenses and other current liabilities |
|
|
65,708 |
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|
56,782 |
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|
|
8,120 |
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Operating lease liabilities |
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|
10,972 |
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|
|
14,098 |
|
|
|
2,016 |
|
Total current liabilities |
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537,320 |
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498,254 |
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|
71,250 |
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Non-current liabilities: |
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Long-term liabilities |
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15,497 |
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13,996 |
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|
2,001 |
|
Operating lease liabilities |
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45,700 |
|
|
|
29,224 |
|
|
|
4,179 |
|
Total non-current liabilities |
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|
61,197 |
|
|
|
43,220 |
|
|
|
6,180 |
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Total liabilities |
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598,517 |
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|
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541,474 |
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|
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77,430 |
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Shareholders' equity: |
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Phoenix New Media Limited shareholders' equity: |
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Class A ordinary shares |
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17,499 |
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17,499 |
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2,502 |
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Class B ordinary shares |
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22,053 |
|
|
|
22,053 |
|
|
|
3,154 |
|
Additional paid-in capital |
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|
1,642,077 |
|
|
|
1,642,094 |
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|
234,816 |
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Treasury stock |
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|
(1,480 |
) |
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|
(1,480 |
) |
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(212 |
) |
Statutory reserves |
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99,124 |
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|
100,214 |
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14,330 |
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Accumulated deficit |
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(566,701 |
) |
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|
(567,455 |
) |
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|
(81,145 |
) |
Accumulated other comprehensive loss |
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|
(37,305 |
) |
|
|
(41,782 |
) |
|
|
(5,975 |
) |
Total Phoenix New Media Limited shareholders' equity |
|
|
1,175,267 |
|
|
|
1,171,143 |
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|
|
167,470 |
|
Noncontrolling interests |
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|
(61,857 |
) |
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|
(62,828 |
) |
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|
(8,984 |
) |
Total shareholders' equity |
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1,113,410 |
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|
|
1,108,315 |
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|
|
158,486 |
|
Total liabilities and shareholders' equity |
|
|
1,711,927 |
|
|
|
1,649,789 |
|
|
|
235,916 |
|
Phoenix New Media Limited
Unaudited Condensed Consolidated Statements of Comprehensive Income/(loss)
(Amounts in thousands, except for number of shares and per share (or ADS) data)
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||||||||||||||
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||
|
2024 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2025 |
|
|||||||
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net advertising revenues |
|
188,981 |
|
|
|
159,347 |
|
|
|
181,129 |
|
|
|
25,901 |
|
|
|
630,590 |
|
|
|
614,330 |
|
|
|
87,848 |
|
Paid service revenues |
|
29,126 |
|
|
|
41,561 |
|
|
|
41,169 |
|
|
|
5,887 |
|
|
|
73,105 |
|
|
|
151,241 |
|
|
|
21,627 |
|
Total revenues |
|
218,107 |
|
|
|
200,908 |
|
|
|
222,298 |
|
|
|
31,788 |
|
|
|
703,695 |
|
|
|
765,571 |
|
|
|
109,475 |
|
Cost of revenues |
|
(121,102 |
) |
|
|
(105,220 |
) |
|
|
(98,590 |
) |
|
|
(14,098 |
) |
|
|
(434,989 |
) |
|
|
(391,422 |
) |
|
|
(55,973 |
) |
Gross profit |
|
97,005 |
|
|
|
95,688 |
|
|
|
123,708 |
|
|
|
17,690 |
|
|
|
268,706 |
|
|
|
374,149 |
|
|
|
53,502 |
|
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Sales and marketing expenses |
|
(63,539 |
) |
|
|
(73,377 |
) |
|
|
(67,323 |
) |
|
|
(9,627 |
) |
|
|
(184,239 |
) |
|
|
(272,283 |
) |
|
|
(38,936 |
) |
General and administrative expenses |
|
(8,545 |
) |
|
|
(19,300 |
) |
|
|
(17,174 |
) |
|
|
(2,456 |
) |
|
|
(78,436 |
) |
|
|
(71,642 |
) |
|
|
(10,245 |
) |
Technology and product development expenses |
|
(18,212 |
) |
|
|
(16,310 |
) |
|
|
(14,713 |
) |
|
|
(2,104 |
) |
|
|
(70,752 |
) |
|
|
(64,601 |
) |
|
|
(9,238 |
) |
Total operating expenses |
|
(90,296 |
) |
|
|
(108,987 |
) |
|
|
(99,210 |
) |
|
|
(14,187 |
) |
|
|
(333,427 |
) |
|
|
(408,526 |
) |
|
|
(58,419 |
) |
Income/(loss) from operations |
|
6,709 |
|
|
|
(13,299 |
) |
|
|
24,498 |
|
|
|
3,503 |
|
|
|
(64,721 |
) |
|
|
(34,377 |
) |
|
|
(4,917 |
) |
Other income/(loss): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Interest income, net |
|
8,519 |
|
|
|
4,924 |
|
|
|
4,954 |
|
|
|
708 |
|
|
|
32,402 |
|
|
|
21,032 |
|
|
|
3,008 |
|
Foreign currency exchange gain/(loss) |
|
(3,411 |
) |
|
|
2,026 |
|
|
|
537 |
|
|
|
77 |
|
|
|
(1,519 |
) |
|
|
1,481 |
|
|
|
212 |
|
Loss from equity method investments, including impairment |
|
(9,852 |
) |
|
|
(245 |
) |
|
|
(377 |
) |
|
|
(54 |
) |
|
|
(15,964 |
) |
|
|
(3,924 |
) |
|
|
(561 |
) |
Fair value changes in investments, net |
|
(1,717 |
) |
|
|
9,376 |
|
|
|
13,925 |
|
|
|
1,991 |
|
|
|
604 |
|
|
|
23,784 |
|
|
|
3,401 |
|
Others, net |
|
1,560 |
|
|
|
206 |
|
|
|
430 |
|
|
|
61 |
|
|
|
897 |
|
|
|
528 |
|
|
|
76 |
|
Income/(loss) before income taxes |
|
1,808 |
|
|
|
2,988 |
|
|
|
43,967 |
|
|
|
6,286 |
|
|
|
(48,301 |
) |
|
|
8,524 |
|
|
|
1,219 |
|
Income tax expense |
|
(3,793 |
) |
|
|
(7,990 |
) |
|
|
1,357 |
|
|
|
194 |
|
|
|
(4,645 |
) |
|
|
(8,159 |
) |
|
|
(1,167 |
) |
Net (loss)/income |
|
(1,985 |
) |
|
|
(5,002 |
) |
|
|
45,324 |
|
|
|
6,480 |
|
|
|
(52,946 |
) |
|
|
365 |
|
|
|
52 |
|
Net (income)/loss attributable to noncontrolling interests |
|
(1,608 |
) |
|
|
80 |
|
|
|
15 |
|
|
|
2 |
|
|
|
(608 |
) |
|
|
(29 |
) |
|
|
(4 |
) |
Net (loss)/income attributable to Phoenix New Media Limited |
|
(3,593 |
) |
|
|
(4,922 |
) |
|
|
45,339 |
|
|
|
6,482 |
|
|
|
(53,554 |
) |
|
|
336 |
|
|
|
48 |
|
Net (loss)/income |
|
(1,985 |
) |
|
|
(5,002 |
) |
|
|
45,324 |
|
|
|
6,480 |
|
|
|
(52,946 |
) |
|
|
365 |
|
|
|
52 |
|
Other comprehensive income/(loss), net of tax: foreign currency translation adjustment |
|
6,466 |
|
|
|
(2,928 |
) |
|
|
(2,145 |
) |
|
|
(307 |
) |
|
|
3,092 |
|
|
|
(4,477 |
) |
|
|
(640 |
) |
Comprehensive income/(loss) |
|
4,481 |
|
|
|
(7,930 |
) |
|
|
43,179 |
|
|
|
6,173 |
|
|
|
(49,854 |
) |
|
|
(4,112 |
) |
|
|
(588 |
) |
Comprehensive (income)/loss attributable to noncontrolling interests |
|
(1,608 |
) |
|
|
80 |
|
|
|
15 |
|
|
|
2 |
|
|
|
(608 |
) |
|
|
(29 |
) |
|
|
(4 |
) |
Comprehensive income/(loss) attributable to Phoenix New Media Limited |
|
2,873 |
|
|
|
(7,850 |
) |
|
|
43,194 |
|
|
|
6,175 |
|
|
|
(50,462 |
) |
|
|
(4,141 |
) |
|
|
(592 |
) |
Net (loss)/income per Class A and Class B ordinary share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
0.08 |
|
|
|
0.01 |
|
|
|
(0.09 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
Diluted |
|
(0.01 |
) |
|
|
(0.01 |
) |
|
|
0.08 |
|
|
|
0.01 |
|
|
|
(0.09 |
) |
|
|
0.00 |
|
|
|
0.00 |
|
Net (loss)/income per ADS (1 ADS represents 48 Class A ordinary shares): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic |
|
(0.30 |
) |
|
|
(0.41 |
) |
|
|
3.77 |
|
|
|
0.54 |
|
|
|
(4.46 |
) |
|
|
0.03 |
|
|
|
0.00 |
|
Diluted |
|
(0.30 |
) |
|
|
(0.41 |
) |
|
|
3.77 |
|
|
|
0.54 |
|
|
|
(4.46 |
) |
|
|
0.03 |
|
|
|
0.00 |
|
Weighted average number of Class A and Class B ordinary shares used in computing net (loss)/income per share: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Basic |
|
576,517,237 |
|
|
|
576,517,237 |
|
|
|
576,517,237 |
|
|
|
576,517,237 |
|
|
|
576,786,817 |
|
|
|
576,517,237 |
|
|
|
576,517,237 |
|
Diluted |
|
576,517,237 |
|
|
|
576,517,237 |
|
|
|
576,517,237 |
|
|
|
576,517,237 |
|
|
|
576,786,817 |
|
|
|
576,517,237 |
|
|
|
576,517,237 |
|
Phoenix New Media Limited
Unaudited Condensed Segments Information
(Amounts in thousands)
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||||||||||||||
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||
|
2024 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2025 |
|
|||||||
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Revenues: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net advertising service |
|
188,981 |
|
|
|
159,347 |
|
|
|
181,129 |
|
|
|
25,901 |
|
|
|
630,590 |
|
|
|
614,330 |
|
|
|
87,848 |
|
Paid services |
|
29,126 |
|
|
|
41,561 |
|
|
|
41,169 |
|
|
|
5,887 |
|
|
|
73,105 |
|
|
|
151,241 |
|
|
|
21,627 |
|
Total revenues |
|
218,107 |
|
|
|
200,908 |
|
|
|
222,298 |
|
|
|
31,788 |
|
|
|
703,695 |
|
|
|
765,571 |
|
|
|
109,475 |
|
Cost of revenues |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net advertising service |
|
114,968 |
|
|
|
99,799 |
|
|
|
93,470 |
|
|
|
13,366 |
|
|
|
404,061 |
|
|
|
369,218 |
|
|
|
52,798 |
|
Paid services |
|
6,134 |
|
|
|
5,421 |
|
|
|
5,120 |
|
|
|
732 |
|
|
|
30,928 |
|
|
|
22,204 |
|
|
|
3,175 |
|
Total cost of revenues |
|
121,102 |
|
|
|
105,220 |
|
|
|
98,590 |
|
|
|
14,098 |
|
|
|
434,989 |
|
|
|
391,422 |
|
|
|
55,973 |
|
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Net advertising service |
|
74,013 |
|
|
|
59,548 |
|
|
|
87,659 |
|
|
|
12,535 |
|
|
|
226,529 |
|
|
|
245,112 |
|
|
|
35,050 |
|
Paid services |
|
22,992 |
|
|
|
36,140 |
|
|
|
36,049 |
|
|
|
5,155 |
|
|
|
42,177 |
|
|
|
129,037 |
|
|
|
18,452 |
|
Total gross profit |
|
97,005 |
|
|
|
95,688 |
|
|
|
123,708 |
|
|
|
17,690 |
|
|
|
268,706 |
|
|
|
374,149 |
|
|
|
53,502 |
|
Phoenix New Media Limited
Unaudited Condensed Information of Cost of Revenues
(Amounts in thousands)
|
Three Months Ended |
|
|
Twelve Months Ended |
|
||||||||||||||||||||||
|
December 31, |
|
|
September 30, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|
December 31, |
|
|||||||
|
2024 |
|
|
2025 |
|
|
2025 |
|
|
2025 |
|
|
2024 |
|
|
2025 |
|
|
2025 |
|
|||||||
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|
RMB |
|
|
RMB |
|
|
US$ |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
Revenue sharing fees |
|
4,067 |
|
|
|
1,336 |
|
|
|
1,103 |
|
|
|
158 |
|
|
|
13,160 |
|
|
|
6,958 |
|
|
|
995 |
|
Content and operational costs |
|
110,197 |
|
|
|
101,337 |
|
|
|
94,557 |
|
|
|
13,521 |
|
|
|
396,013 |
|
|
|
367,140 |
|
|
|
52,501 |
|
Bandwidth costs |
|
6,838 |
|
|
|
2,547 |
|
|
|
2,930 |
|
|
|
419 |
|
|
|
25,816 |
|
|
|
17,324 |
|
|
|
2,477 |
|
Total cost of revenues |
|
121,102 |
|
|
|
105,220 |
|
|
|
98,590 |
|
|
|
14,098 |
|
|
|
434,989 |
|
|
|
391,422 |
|
|
|
55,973 |
|
Phoenix New Media Limited
Unaudited Reconciliations of Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
(Amounts in thousands, except for number of ADSs and per ADS data)
|
Three Months Ended December 31, 2024 |
|
|
Three Months Ended September 30, 2025 |
|
|
Three Months Ended December 31, 2025 |
|
|||||||||||||||||||||||||||
|
GAAP |
|
|
Non-GAAP |
|
|
Non- |
|
|
GAAP |
|
|
Non-GAAP |
|
|
Non- |
|
|
GAAP |
|
|
Non-GAAP |
|
|
Non- |
|
|||||||||
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
|
97,005 |
|
|
|
90 |
|
(1) |
|
97,095 |
|
|
|
95,688 |
|
|
|
- |
|
(1) |
|
95,688 |
|
|
|
123,708 |
|
|
|
- |
|
(1) |
|
123,708 |
|
Gross margin |
|
44.5 |
% |
|
|
|
|
|
44.5 |
% |
|
|
47.6 |
% |
|
|
|
|
|
47.6 |
% |
|
|
55.6 |
% |
|
|
|
|
|
55.6 |
% |
|||
Income/(loss) from operations |
|
6,709 |
|
|
|
94 |
|
(1) |
|
6,803 |
|
|
|
(13,299 |
) |
|
|
- |
|
(1) |
|
(13,299 |
) |
|
|
24,498 |
|
|
|
- |
|
(1) |
|
24,498 |
|
Operating margin |
|
3.1 |
% |
|
|
|
|
|
3.1 |
% |
|
|
(6.6 |
)% |
|
|
|
|
|
(6.6 |
)% |
|
|
11.0 |
% |
|
|
|
|
|
11.0 |
% |
|||
|
|
|
|
|
94 |
|
(1) |
|
|
|
|
|
|
|
- |
|
(1) |
|
|
|
|
|
|
|
- |
|
(1) |
|
|
||||||
|
|
|
|
|
9,852 |
|
(2) |
|
|
|
|
|
|
|
245 |
|
(2) |
|
|
|
|
|
|
|
377 |
|
(2) |
|
|
||||||
|
|
|
|
|
1,717 |
|
(3) |
|
|
|
|
|
|
|
(9,376 |
) |
(3) |
|
|
|
|
|
|
|
(13,925 |
) |
(3) |
|
|
||||||
Net (loss)/income attributable to Phoenix New Media Limited |
|
(3,593 |
) |
|
|
11,663 |
|
|
|
8,070 |
|
|
|
(4,922 |
) |
|
|
(9,131 |
) |
|
|
(14,053 |
) |
|
|
45,339 |
|
|
|
(13,548 |
) |
|
|
31,791 |
|
Net margin |
|
(1.6 |
)% |
|
|
|
|
|
3.7 |
% |
|
|
(2.4 |
)% |
|
|
|
|
|
(7.0 |
)% |
|
|
20.4 |
% |
|
|
|
|
|
14.3 |
% |
|||
Net (loss)/income per ADS-basic and diluted |
|
(0.30 |
) |
|
|
|
|
|
0.67 |
|
|
|
(0.41 |
) |
|
|
|
|
|
(1.17 |
) |
|
|
3.77 |
|
|
|
|
|
|
2.65 |
|
|||
Weighted average number of ADSs used in computing basic and diluted net (loss)/income per ADS |
|
12,010,776 |
|
|
|
|
|
|
12,010,776 |
|
|
|
12,010,776 |
|
|
|
|
|
|
12,010,776 |
|
|
|
12,010,776 |
|
|
|
|
|
|
12,010,776 |
|
|||
(1) Share-based compensation
(2) Loss from equity investments, including impairment
(3) Fair value changes in investments, net
Phoenix New Media Limited
Unaudited Reconciliations of Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures
(Amounts in thousands, except for number of ADSs and per ADS data)
|
Twelve Months Ended December 31, 2024 |
|
|
Twelve Months Ended December 31, 2025 |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
GAAP |
|
|
Non-GAAP |
|
|
Non- |
|
|
GAAP |
|
|
Non-GAAP |
|
|
Non- |
|
||||||
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
|
RMB |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Gross profit |
|
268,706 |
|
|
|
798 |
|
(1) |
|
269,504 |
|
|
|
374,149 |
|
|
|
17 |
|
(1) |
|
374,166 |
|
Gross margin |
|
38.2 |
% |
|
|
|
|
|
38.3 |
% |
|
|
48.9 |
% |
|
|
|
|
|
48.9 |
% |
||
Loss from operations |
|
(64,721 |
) |
|
|
1,542 |
|
(1) |
|
(63,179 |
) |
|
|
(34,377 |
) |
|
|
17 |
|
(1) |
|
(34,360 |
) |
Operating margin |
|
(9.2 |
)% |
|
|
|
|
|
(9.0 |
)% |
|
|
(4.5 |
)% |
|
|
|
|
|
(4.5 |
)% |
||
|
|
|
|
|
1,542 |
|
(1) |
|
|
|
|
|
|
|
17 |
|
(1) |
|
|
||||
|
|
|
|
|
15,964 |
|
(2) |
|
|
|
|
|
|
|
3,924 |
|
(2) |
|
|
||||
|
|
|
|
|
(604 |
) |
(3) |
|
|
|
|
|
|
|
(23,784 |
) |
(3) |
|
|
||||
Net (loss)/income attributable to Phoenix New Media Limited |
|
(53,554 |
) |
|
|
16,902 |
|
|
|
(36,652 |
) |
|
|
336 |
|
|
|
(19,843 |
) |
|
|
(19,507 |
) |
Net margin |
|
(7.6 |
)% |
|
|
|
|
|
(5.2 |
)% |
|
|
0.0 |
% |
|
|
|
|
|
(2.5 |
)% |
||
Net (loss)/income per ADS-diluted |
|
(4.46 |
) |
|
|
|
|
|
(3.05 |
) |
|
|
0.03 |
|
|
|
|
|
|
(1.62 |
) |
||
Weighted average number of ADSs used in computing diluted net (loss)/income per ADS |
|
12,016,392 |
|
|
|
|
|
|
12,016,392 |
|
|
|
12,010,776 |
|
|
|
|
|
|
12,010,776 |
|
||
(1) Share-based compensation
(2) Loss from equity investments, including impairment
(3) Fair value changes in investments, net
FAQ
How did Phoenix New Media (FENG) perform financially in Q4 2025?
What were Phoenix New Media (FENG) full-year 2025 results?
How fast did Phoenix New Media (FENG) paid services grow in 2025?
What is Phoenix New Media (FENG) 2026 Q1 revenue outlook?
How strong is Phoenix New Media (FENG) balance sheet at year-end 2025?
How did Phoenix New Media (FENG) non-GAAP earnings trend in 2025?
Filing Exhibits & Attachments
1 documentPress Releases
