Financial Performance - The company's revenue for the six months ended June 30, 2024, was approximately HKD 1,042,746,000, a decrease of 8.0% compared to HKD 1,133,077,000 for the same period in 2023[1] - Operating loss decreased to approximately HKD 181,804,000, down 33.6% from HKD 273,959,000 in the previous year[1] - Loss attributable to owners increased to approximately HKD 184,457,000, representing a 42.8% increase from HKD 129,158,000 in the same period last year[1] - The total revenue for the group was approximately HKD 1,042,746,000 for the six months ended June 30, 2024, a decrease of 8.0% compared to HKD 1,133,077,000 for the same period last year[6] - The loss attributable to shareholders increased to approximately HKD 184,457,000, a 42.8% increase from HKD 129,158,000 in the previous year[6] - The net loss for the period was HKD (211,458), slightly higher than the loss of HKD (209,209) in the same period last year, representing a 1.1% increase in loss[36] - Basic and diluted loss per share for the period was HKD (36.94), compared to HKD (25.86) for the same period in 2023, indicating a significant increase in loss per share[35] - The company reported a total comprehensive expense of HKD (307,728) for the six months ended June 30, 2024, compared to HKD (83,589) for the same period in 2023, showing a significant increase in losses[39] - The company's retained earnings as of June 30, 2024, were HKD 913,977, down from HKD 1,222,280 as of June 30, 2023, representing a decrease of approximately 25.3%[40] - The company reported a loss attributable to owners of HKD 184,457,000 for the period ending June 30, 2024, compared to a loss of HKD 129,158,000 for the same period last year, reflecting a significant increase in losses[67] Revenue Breakdown - Internet media revenue decreased by 5.4% to approximately HKD 353,308,000, with a classification loss of about HKD 28,513,000[10] - Outdoor media revenue decreased by 7.7% to approximately HKD 245,565,000, with a classification loss of about HKD 4,687,000[11] - The company’s revenue from television broadcasting for the main channel is HKD 271,049,000 for the period ending June 30, 2024, compared to HKD 253,868,000 for the same period last year, showing an increase of 6.76%[67] - Revenue from services charged to China Mobile Group was HKD 2,087,000 for the six months ended June 30, 2024, down 55.0% from HKD 4,623,000 in the same period of 2023[93] Operational Developments - The launch of Phoenix TV's Hong Kong channel on April 22, 2024, marked a significant breakthrough in broadcasting coverage across Hong Kong[2] - The Phoenix Express service was launched on May 15, 2024, covering approximately 1.03 million residents across 100 communities in Hong Kong[2] - The company aims to enhance international communication capabilities through innovative content products and collaboration with AI platforms[3] - The company continues to promote sustainability initiatives, donating educational materials to 1,007 schools in Hong Kong[3] - The company has been recognized as a leader in sustainable media development by the Hong Kong Listed Companies Association[3] Financial Position - The group's cash and bank deposits totaled approximately HKD 1,646,940,000 as of June 30, 2024, down from HKD 1,709,596,000 as of December 31, 2023, while structured deposits classified as financial assets at fair value through profit or loss increased to approximately HKD 524,445,000 from HKD 461,498,000[14] - The total outstanding borrowings amounted to approximately HKD 366,650,000 as of June 30, 2024, compared to HKD 210,759,000 as of December 31, 2023, resulting in a capital debt ratio of 89% as of June 30, 2024, up from 79%[14] - The group employed 2,641 staff as of June 30, 2024, a decrease from 2,704 staff as of December 31, 2023, with employee costs reduced to approximately HKD 537,808,000 from HKD 602,301,000 year-on-year[18] - Total assets as of June 30, 2024, were HKD 6,487,695, a decrease of 3.0% from HKD 6,690,395 as of December 31, 2023[37] - Total liabilities increased to HKD 2,624,340 as of June 30, 2024, compared to HKD 2,519,947 as of December 31, 2023, reflecting an increase of about 4.15%[38] Risk Management - The company operates in a market with various financial risks, including foreign exchange risk and liquidity risk[50] - The company continues to monitor and manage foreign exchange risks primarily arising from USD and RMB, considering the use of forward currency contracts as a management tool[15] - The company has not made any significant changes to its risk management policies since the year-end date[50] Investments and Acquisitions - The group has no significant investments as of June 30, 2024, with no individual investment constituting 5% or more of the total assets[20] - The group has not engaged in any significant acquisitions or disposals of subsidiaries, associates, or joint ventures during the reporting period[13] - The company has not issued or exercised any share options under its share option scheme during the reporting period[17] Future Outlook - The company plans to issue its interim report by September 30, 2024, to shareholders[34] - The company expects to receive certain licenses for its new media subsidiaries in the near future, which may enhance its operational capabilities[77] - The group plans to continue integrating existing businesses while seeking new opportunities to enhance synergy with current operations, considering various financing methods when opportunities arise[21]

Share Buyback Program - Phoenix Media Investment (Holdings) Limited approved a share buyback plan on September 27, 2023, allowing the repurchase of up to $200 million of American Depositary Shares over a period of five months[2]. - The total amount spent on the share buyback program was approximately $173.39 million, with 42,585 American Depositary Shares repurchased, representing 2,044,080 Class A ordinary shares of Phoenix New Media[15]. - Following the completion of the buyback plan, the group's equity interest in Phoenix New Media further increased to 55.04%[12]. - The buyback program is set to expire on February 27, 2024, after which a total of 120,981 American Depositary Shares will have been repurchased[12]. Equity Interest - As of December 31, 2023, the group increased its equity interest in Phoenix New Media to 54.68%, up from 54.49% as of December 31, 2022[12]. Reporting - The company plans to send its 2023 annual report to shareholders on April 25, 2024[14].

Financial Performance - Total revenue for the year ended December 31, 2023, was HKD 2,467,957,000, a significant increase compared to the previous year[4] - The company reported a loss attributable to owners of the company of HKD 258,989,000 for 2023, an improvement from a loss of HKD 383,340,000 in 2022[13] - The weighted average number of ordinary shares issued was 499,366,000, resulting in a basic loss per share of HKD 0.5186 for 2023[13] - The group's revenue for the year ended December 31, 2023, was approximately HKD 2,467,957,000, a decrease of 17.8% compared to HKD 3,003,733,000 for the year ended December 31, 2022[44] - The company's net loss for 2023 was HKD 334,694,000, compared to a net loss of HKD 446,875,000 in 2022, representing a 25.1% improvement[146] - The total comprehensive expenses for the year amounted to HKD 285,921,000, down from HKD 850,232,000 in the previous year, indicating a reduction of approximately 66%[122] Revenue Breakdown - Revenue from television broadcasting decreased by 15% to HKD 917,570,000, compared to HKD 1,077,964,000 in the previous year[49] - The revenue from internet media and outdoor media combined was HKD 1,376,852,000, down from HKD 1,718,586,000, representing a decrease of 19.9%[49] - Television broadcasting revenue decreased by 14.9% to approximately HKD 917,570,000, accounting for 37.2% of total revenue for the year ended December 31, 2023[89] - Internet media business revenue decreased by 16.5% to approximately HKD 778,797,000, with a classified loss of approximately HKD 97,361,000 for the year ended December 31, 2023[90] - Outdoor media business revenue decreased by 23.8% to approximately HKD 598,055,000, with classified profit decreasing by 74.7% to approximately HKD 29,281,000 for the year ended December 31, 2023[91] Cost Management - Operating costs for the year ended December 31, 2023, decreased by 18.0% to approximately HKD 2,773,698,000, down from HKD 3,382,353,000 for the previous year[44] - The operating loss for the year was HKD 305,741,000, improved from an operating loss of HKD 378,620,000 in the previous year[49] - The group employed 2,704 staff, with total employee costs reduced to approximately HKD 1,203,854,000, down from HKD 1,316,844,000 for the year ended December 31, 2022[74] Financial Position - The company reported a decrease in accounts payable from HKD 482,834,000 in 2022 to HKD 275,761,000 in 2023, indicating improved cash flow management[17] - The company’s total liabilities decreased from HKD 1,201,263,000 in 2022 to HKD 1,045,397,000 in 2023, indicating a reduction in financial obligations[17] - The group's cash and short-term bank deposits totaled approximately HKD 1,709,596,000 as of December 31, 2023, an increase from HKD 1,597,690,000 as of December 31, 2022[97] - The company's capital debt ratio as of December 31, 2023, was 79.0%, down from 81.5% as of December 31, 2022[69] - The total assets as of December 31, 2023, were HKD 6,690,395,000, a decrease of 7.5% from HKD 7,230,616,000 in 2022[148] Acquisitions and Investments - The company completed acquisitions totaling HKD 17,733,000 for 100% equity in several subsidiaries, enhancing its market presence[19] - The company reported a bargain gain of HKD 12,947,000 recognized in the consolidated income statement due to acquisition activities[31] - The company’s investment properties increased slightly to HKD 1,325,872,000 from HKD 1,307,283,000, indicating a growth of 1.4%[148] Corporate Governance and Compliance - The company’s deferred tax assets and liabilities were managed in accordance with local tax regulations, maintaining compliance[10] - The company has complied with the corporate governance code throughout the year, ensuring effective oversight and management[108] - The company plans to issue its 2023 annual report around April 23, 2024, providing further insights into its financial performance[119] Strategic Focus - The flagship product "Phoenix News Client" maintained industry-leading user numbers and engagement levels, contributing to increased traffic and click-through rates[41] - The company emphasized its commitment to internationalization and cultural communication, aiming to enhance its global brand presence[52] - The company continues to innovate in content production and marketing strategies, focusing on multi-channel distribution and audience engagement[55] - The company continues to focus on enhancing its core competitiveness in content and maintaining high-quality corporate governance[43] Other Notable Points - The company did not recommend a final dividend for the year ended December 31, 2023, compared to no dividend for the year ended December 31, 2022[93] - The company has not granted or exercised any share options under its share option scheme during the year[102] - The group has implemented a "people-oriented" policy to attract and retain talent, offering competitive employment conditions and benefits[103]

Stock Options - As of December 31, 2022, the number of options available for grant was 442,543,950 shares, compared to 429,873,950 shares as of December 31, 2021[6] - The 442,543,950 shares of options represented 8.86% of the company's total issued share capital at that time[8]

Financial Assets and Investments - Financial assets at fair value through profit or loss totaled HK$909,623,000, including HK$18,622,000 in trading equity securities and HK$97,129,000 in structured deposits[1] - Financial assets at fair value through profit or loss increased to HK$1,015,174,000, with HK$927,603,000 in structured deposits and HK$72,419,000 in other investments[2] - The fair value of financial instruments in Level 3 was reviewed by the Finance Department, including convertible redeemable preferred shares, with discussions held with independent valuers on valuation assumptions and results[34] - The Group's balance of financial assets at the end of the period was HK$1,374,418,000, including a fair value loss of HK$14,419,000[28] - Other investments have a fair value of HK$72,419,000, measured using the market approach and price derived from observable market data[53] - The Group's listed securities investments had an estimated fair market value of approximately HK$18,622,000 as of 30 June 2023, up from HK$14,821,000 as of 31 December 2022[107] - The Group's investments in listed securities accounted for less than 5% of its total assets as of 30 June 2023[107] Investment Properties - The Group's investment properties in the UK were valued at HK$13,018,000 using the income capitalization approach[32] - The Group's investment properties in Shenzhen had a net book value of HK$19,535,000, with a cost of HK$30,848,000[26] - Phoenix International Media Centre in China has a fair value of HK$1,319,002,000 as of 30 June 2023, compared to HK$1,293,732,000 as of 31 December 2022[46][48] - Commercial properties in the UK have a fair value of HK$12,926,000 as of 30 June 2023, with an estimated rental value of £407 per annum per square metre and a reversionary yield of 8%[46][48] - Commercial properties in China have a fair value of HK$41,942,000 as of 30 June 2023, with an adjusted average price of RMB29,491 per square metre[46][48] - The Group's entitlement to use 10,000 square metres in the Shenzhen Building has a net book value of HK$19,535,000 as of 30 June 2023[59] - Investment properties grew to $1,374,418 from $1,307,283, reflecting a 5.1% increase[196] Revenue and Profitability - Group's total revenue for the six months ended 30 June 2023 was HK$1,133,077 thousand, a decrease from HK$1,490,072 thousand in the same period in 2022[88] - Operating loss for the period was HK$273,959 thousand, compared to HK$365,246 thousand in 2022[88] - Loss attributable to owners of the Company was HK$129,158 thousand, an improvement from HK$330,508 thousand in 2022[88] - Basic loss per share was HK$2.59 cents, compared to HK$6.62 cents in 2022[88] - Television broadcasting revenue decreased to HK$409,250 thousand from HK$557,995 thousand in 2022[88] - Internet media revenue declined to HK$373,400 thousand from HK$453,830 thousand in 2022[88] - Outdoor media revenue dropped to HK$265,923 thousand from HK$381,642 thousand in 2022[88] - Real estate revenue significantly decreased to HK$8,795 thousand from HK$25,014 thousand in 2022[88] - Group revenue for the period was approximately HK$1,133,077,000, a decrease of 24.0% compared to the same period last year[116] - Operating loss decreased to approximately HK$273,959,000, a 25.0% reduction compared to the same period last year[116] - Net exchange gain for the period was approximately HK$1,574,000, compared to a loss of HK$68,796,000 in the same period last year[116] - Loss attributable to owners of the company decreased to approximately HK$129,158,000, a 60.9% reduction compared to the same period last year[116] - Operating costs decreased by 24.2% to approximately HK$1,407,036,000[116] - Group's total revenue for the first half of 2023 was HK$1,133,077,000, a decrease from HK$1,490,072,000 in the same period of 2022[155] - Television broadcasting revenue decreased by 26.7% to HK$409,250,000, accounting for 36.1% of the total revenue[155] - Revenue from Phoenix Chinese Channel and Phoenix InfoNews Channel decreased by 26.9% to HK$253,868,000, accounting for 22.4% of the total revenue[155] - Revenue from Phoenix Hong Kong Channel, Phoenix Movies Channel, and other channels decreased by 26.2% to HK$155,382,000[155] - Internet media segment revenue was HK$373,400,000 with a segmental loss of HK$108,095,000[155] - Outdoor media segment revenue was HK$265,923,000 with a segmental loss of HK$24,797,000[155] - Real estate segment revenue was HK$8,795,000 with a segmental loss of HK$9,488,000[155] - Other businesses segment revenue was HK$75,709,000 with a segmental loss of HK$26,405,000[155] - Internet media business revenue decreased by 17.7% to HK$373.4 million, with a segmental loss of HK$108.1 million[156] - Outdoor media business revenue decreased by 30.3% to HK$265.9 million, with a segmental loss of HK$24.8 million[156] - Real estate business reported a segmental loss of HK$9.5 million, compared to a profit of HK$14.0 million in the previous period[156] Media and Brand Performance - Phoenix's social media accounts, including "Phoenix" and "Phoenix TV News," continued to grow in influence and subscriber numbers[95] - Phoenix was listed as one of China's 500 Most Valuable Brands for the 20th consecutive year, ranking among the top four in the media industry[95] - The Group's internet media platform "Phoenix New Media" has maintained leading user numbers and activity levels, with its flagship product "Phoenix News Client" continuing to be one of the most popular mobile terminal information products among Chinese users[99] - The "Phoenix News Client" saw an increase in average usage time and click-through rate in the first half of the year, with significant reports effectively boosting traffic within the app[99] - The "Phoenix WEEKLY" multimedia brand has over 42 million users globally, including approximately 10 million video users[101] - The Group's "Phoenix New Media" has strengthened collaboration with other members of the Group, amplifying synergistic effects in major event reporting and integrated marketing[99] - The Group's original content has sparked discussions on social media, enhancing media influence and increasing the bargaining power of brand advertising[99] - The Group's international programs, such as "Global Observation Group," have shown initial commercial success, with major events like "Women's Awards" and "Global Auto Awards" solidifying industry influence[99] - Phoenix New Media's IFENG News App maintained a leading position among Chinese users, with increased average usage time and click-through rate in the first half of the year[126] - Phoenix Urban Media's outdoor LED media resources cover over 300 cities in China and 30 countries and regions globally[129] - Phoenix Metropolis Media's outdoor LED display panel media resources cover over 300 cities in China with over 1,000 panels and a global network encompassing over 30 countries and regions[153] - The new media brand "Phoenix WEEKLY" matrix has over 42 million local and overseas users with 10 million video users[153] Foreign Exchange and Risk Management - The Group is exposed to foreign exchange risks primarily from USD and RMB, and manages these risks through regular monitoring and potential use of forward currency contracts[106] - The Group's foreign exchange risk is primarily related to USD and RMB, with minimal exposure to Pound Sterling[134] - The Group may consider using forward currency contracts to manage and reduce foreign exchange risks[134] Dividends and Share Options - The Group did not recommend any interim dividend for the six months ended 30 June 2023[42] - No dividend was paid or declared during the six months ended 30 June 2023[57] - No interim dividend was recommended for the period, consistent with the previous year's policy[156] - No share options were granted or exercised under the company's 2017 Share Option Scheme during the period, and 17,720,000 share options granted to 13 employees lapsed[143] - As of 30 June 2023, 410,595,950 share options were available for grant under the 2017 Share Option Scheme, representing approximately 8.22% of the company's total issued share capital[144] - Under the 2008 PNM Share Option Scheme, 8,489,850 share options granted to 14 employees lapsed during the reporting period[146] - No share options were granted or exercised under the 2018 PNM Share Option Scheme during the period, and 5,585,000 share options granted to 10 employees lapsed[150] - 17,720,000 share options granted to 13 employees lapsed during the period under the 2017 Share Option Scheme[169] - The total number of share options available for grant under the 2017 Share Option Scheme is 410,595,950, representing approximately 8.22% of the company's total issued share capital[169] - 8,489,850 share options granted to 14 employees lapsed during the period under the 2008 PNM Share Option Scheme[172] - 5,585,000 share options granted to 10 employees lapsed during the period under the 2018 PNM Share Option Scheme[174] - The balance of share options as of 30 June 2023 under the 2018 PNM Share Option Scheme was 17,860,000[175] Corporate Governance and Structure - The Chairman, Mr. Xu, is not subject to retirement by rotation, deviating from code provision B.2.2, as per the company's Articles of Association[183] - The company has established an Audit Committee with duties including reviewing interim and annual results, financial reports, and accounting principles[186] - The company's Board of Directors includes Mr. Xu Wei as Chairman and CEO, and Mr. Sun Yusheng as Deputy CEO and Editor-in-Chief[191] Assets and Liabilities - Total assets as of 30 June 2023 amounted to $7,064,683, compared to $7,219,408 in the previous period[196] - Non-current assets increased slightly to $3,245,804 from $3,222,681, driven by growth in investment properties and property, plant, and equipment[196] - Current assets decreased to $3,818,879 from $3,996,727, primarily due to a reduction in accounts receivable and bank deposits[196] - Accounts receivable decreased by 19.9% to $720,780 from $899,782[196] - Bank deposits declined by 10.4% to $909,623 from $1,015,174[196] - Purchased programme and film rights, net, increased to $15,582 from $14,207, a 9.7% rise[196] - Cash and cash equivalents remained stable at $1,411,015 compared to $1,374,812[196] - The balance of employee stock options as of 30 June 2023 was 9,540,653, down from 18,030,503 at the start of the year[199] Staff and Costs - The company employed 2,943 staff as of 30 June 2023, a decrease from 2,975 at the end of 2022, with staff costs decreasing to approximately HK$602,301,000 from HK$685,172,000 in the previous period[135] - The Group's unallocated expenses primarily included corporate staff costs, office rental, general administrative expenses, and marketing and advertising expenses[14] Acquisitions and Financing - The Group completed several acquisitions, including 100% equity interests in Phoenix Intelligent Media and Shenzhen Phoenix Star Cultural Industrial Company[156] - The Group's funding and treasury policies focus on maintaining a diversified funding base and managing financial risks[157] - The Group's liquidity and financial resources remained solid, with total borrowings of HK$193.2 million[157] - The Group plans to consolidate existing businesses while exploring new opportunities that complement and enhance current operations, considering various financing methods as needed[107] Miscellaneous - The company's property in the United States with a carrying value of approximately HK$2,562,000 was pledged as collateral for a bank loan, which was fully repaid by 30 June 2023[135] - As of 30 June 2023, the company's authorized share capital was HK$1,000,000,000, divided into 10,000,000,000 ordinary shares, with 4,993,659,500 shares issued and fully paid[135] - No shares were purchased, sold, or redeemed by the company or its subsidiaries during the period[161] - No directors or chief executives held any interests or short positions in the company's securities as of 30 June 2023[161] - The Group's total cash and current bank deposits were HK$1,660.6 million, with structured deposits of HK$793.5 million recorded as financial assets[157] - The Group's gearing ratio was 80.8% as of 30 June 2023, slightly improved from 81.7% at the end of 2022[157] - The Group's equity interest in PNM remained unchanged at 54.49%[156] - The Group's unallocated income included exchange gain, interest income, fair value gain on financial assets, and gain on acquisition of subsidiaries[14] - The Group's Hong Kong profits tax was provided at a rate of 16.5% on the estimated assessable profit for the period[17] - The Group is in the process of obtaining the title certificate for 8,500 square metres of entitled areas in the Shenzhen Building through the payment of land premium and taxes[59] - Convertible redeemable preferred shares have a fair value of HK$331,000 with a DLOM (Discount for Lack of Marketability) of 20% and volatility of 50%[53]

Financial Performance - The company's revenue for the six months ended June 30, 2023, was approximately HKD 1,133,077,000, a decrease of 24.0% compared to HKD 1,490,072,000 for the same period in 2022[17]. - Operating costs for the same period decreased by 24.2% to approximately HKD 1,407,036,000, down from HKD 1,855,318,000 in the previous year[17]. - The company's operating loss reduced to approximately HKD 273,959,000, a decrease of 25.0% compared to the previous year's loss[20]. - Loss attributable to the company's owners decreased to approximately HKD 129,158,000, down 60.9% from HKD 330,508,000 in the same period last year[30]. - Total revenue for the group was approximately HKD 1,133,077,000, a decrease from HKD 1,490,072,000 in the same period last year, representing a decline of 24%[37]. - Television broadcasting revenue decreased by 26.7% to approximately HKD 409,250,000, accounting for 36.1% of total revenue during the reporting period[39]. - Revenue from the internet media business decreased by 17.7% to approximately HKD 373,400,000, down from HKD 453,830,000 in the same period last year[63]. - Revenue from television broadcasting and outdoor media decreased by 26.9% to approximately HKD 253,868,000, accounting for 22.4% of the group's total revenue during the reporting period[62]. - Outdoor media revenue decreased by 30.3% to approximately HKD 265,923,000, with a classification loss of HKD 24,797,000 compared to a profit of HKD 50,205,000 in the previous year[63]. - The net loss for the period was HKD 209,209,000, significantly improved from a loss of HKD 447,750,000 in the same period last year, representing a reduction of about 53%[89]. - Basic and diluted loss per share was HKD 2.59, compared to HKD 6.62 for the same period in 2022, indicating a substantial improvement[88]. Cost Management - The company has implemented effective cost control measures, particularly in employee costs, to mitigate the negative impact of revenue decline[27]. - Employee costs decreased to approximately HKD 602,301,000 from HKD 685,172,000 in the same period last year[49]. - Operating expenses were HKD 1,162,558,000, down from HKD 1,535,378,000 in the previous year, reflecting a reduction of approximately 24%[88]. Strategic Focus and Development - The company emphasized its focus on international development and aimed to build a first-class Chinese media group, targeting the Hong Kong, Macau, Taiwan, and global Chinese communities[16]. - The company continues to promote a multi-platform approach, integrating media brands, content, and marketing strategies to enhance operational transformation and business development[24]. - The group continues to integrate existing businesses while seeking new opportunities to enhance overall effectiveness[75]. - The company plans to explore new content production models and increase the application of artificial intelligence tools to enhance media communication capabilities[34]. Acquisitions and Investments - The group completed several acquisitions, including 100% stakes in multiple companies, enhancing its media and technology capabilities[43]. - The company completed the acquisition of 100% equity in several subsidiaries for a total consideration of RMB 15,500,000[166]. - The net cash inflow from the acquisition of subsidiaries was a negative HKD 32,740,000, after deducting cash and cash equivalents acquired[169]. Financial Position - Cash and short-term bank deposits totaled approximately HKD 1,660,618,000 as of June 30, 2023, up from HKD 1,597,690,000 at the end of 2022[44]. - The capital debt ratio as of June 30, 2023, was 80.8%, slightly down from 81.7% at the end of 2022[45]. - Total equity as of June 30, 2023, is HKD 4,345,284, a decrease of 1.9% from HKD 4,429,894 as of December 31, 2022[112]. - Total liabilities decreased to HKD 2,719,399 from HKD 2,789,514, a reduction of 2.5%[112]. - Current liabilities increased to HKD 1,925,690 from HKD 1,943,592, an increase of 1.0%[112]. - As of June 30, 2023, total assets amounted to HKD 7,064,683,000, a decrease from HKD 7,219,408,000 as of December 31, 2022, representing a decline of approximately 2.15%[125]. Governance and Compliance - The company has adopted the corporate governance code in line with the Hong Kong Stock Exchange's requirements, enhancing its governance framework[100]. - The audit committee reviewed the interim financial information and provided recommendations, ensuring compliance with accounting principles and practices[84]. - The audit committee consists of two independent non-executive directors and one non-executive director, ensuring compliance and oversight[107]. Future Outlook - The company plans to continue its investment strategy, focusing on significant future investment plans and expected funding sources[98]. - The company expects to receive certain LED display screen renewals and new permits in the near future, with low risk of non-compliance with regulations[189]. - The company plans to issue its interim report by September 30, 2023, providing further insights into its financial performance[108].

Financial Performance - Revenue for the year ended December 31, 2022, was approximately HK$3,003,733,000, representing a decrease of 4.9% compared to the previous year[13] - The operating loss decreased to approximately HK$378,620,000 for the year ended December 31, 2022, a reduction of 41.5% from HK$647,290,000 in the previous year[13] - The net exchange loss for the year ended December 31, 2022, was approximately HK$113,011,000, compared to a net gain of HK$45,045,000 in the previous year[13] - The loss attributable to owners of the Company decreased to approximately HK$382,500,000, a decrease of 16.2% from HK$456,201,000 in the previous year[13] - Operating costs for the year ended December 31, 2022, decreased by 11.1% to approximately HK$3,382,353,000 from HK$3,806,530,000 in the previous year[13] - Total revenue for the Group was HK$3,003,733,000, a decrease from HK$3,159,240,000 in the previous year[33] - Operating loss was HK$378,620,000, improved from HK$647,290,000 in the previous year[33] Business Strategy and Development - The company emphasized a focus on core business, international expansion, innovation, and talent development to enhance integrated marketing and cross-industry collaboration[17] - The company aims to establish itself as a leading Chinese media group, targeting Hong Kong, Macau, Taiwan, and the global Chinese community[17] - The company reported a significant reduction in the impairment of accounts receivable, contributing to the improved operating loss[13] - The financial results reflect the company's ongoing efforts in cost control and operational efficiency within its internet media business[13] - The company continues to pursue its mission of connecting Chinese communities globally through diverse programming and news coverage[21] - The Group plans to continue consolidating existing businesses while exploring new opportunities to enhance its operations[105] Audience Engagement and Viewership - The average viewership of Phoenix Hong Kong Channel rose by 42 times, marking a significant increase in audience engagement[37] - Viewership duration per capita for Phoenix InfoNews Channel increased by 2.7 times, demonstrating enhanced viewer retention[37] - The viewership for Phoenix Chinese Channel increased by 25.5% year-on-year, indicating growing popularity[37] - The number of subscribers for Phoenix's overseas social media accounts increased by 10 times throughout the year, reflecting significant growth in its digital presence[47] - By the end of December 2022, viewership for Phoenix Chinese Channel increased by 25.5% year-on-year, with market share rising by 23.6% and viewing time per capita up by 242.9%[181] - Phoenix InfoNews Channel saw an increase in viewing time per capita by 272.7%[181] - Phoenix Hong Kong Channel's viewership soared by 42 times, market share surged by 30 times, audience size increased by 37.7%, and viewing time per capita rocketed by 11.35 times from January to October 2022[181] Media and Content Innovation - The flagship product IFENG News App maintained a leading position among Chinese users, with continuous innovations in content recommendation and community operation[115] - The Group's "Phoenix WEEKLY" new media brand has over 38 million users across its network matrix, establishing itself as a top media account on major third-party platforms[121] - The introduction of new programs such as "Asian Financial Insight" and "My Hong Kong Story" aims to strengthen the media's positioning towards the global Chinese audience[169] - The new media segment, ifeng.com, strengthened interaction between television broadcasting and the internet, enhancing its core competitiveness[179] - The complete revampification included a new design for the main broadcasting studio and online platform, revitalizing the company's image[180] Corporate Social Responsibility and ESG - The Group's ESG goals are clearly defined and closely related to its core business, promoting positive social impact through media content[50] - The Group is committed to corporate social responsibility and environmental protection while maximizing shareholder value[131] - The company has a commitment to carbon neutrality and has organized community events to promote garbage reduction[82] - The Group emphasizes environmental protection policies, aiming to reduce greenhouse gas emissions and resource consumption during operations[145] - The Group strictly adheres to relevant environmental protection laws in Hong Kong and Mainland China, with no violation notices received during the year[146] - The report records the ESG performance of the Group's main businesses during the year, reflecting its commitment to sustainability[143] Financial Position and Capital Structure - The Group's gearing ratio was 81.7% as of December 31, 2022, down from 83.3% as of December 31, 2021[92] - The Group employed 2,975 staff as of December 31, 2022, with total staff costs decreasing to approximately HK$1,316,844,000 for the year ended December 31, 2022, compared to HK$1,332,337,000 for the year ended December 31, 2021[95] - The Group's financial position remained liquid, with most monetary assets and liabilities denominated in Hong Kong dollars, US dollars, and Renminbi[92] - The Group's operations were mainly financed by owners' equity, bank borrowings, loans from non-controlling shareholders, and banking facilities as of December 31, 2022[95] - The Group's capital structure included no options granted or exercised under the Company's share option scheme during the year[95] Risk Management - The management has integrated significant environmental and social risks into the monthly operational reporting mechanism for better identification and management[49] - The company has established internal control procedures for anti-corruption and training to prevent bribery and fraud[78] - The company has policies in place to protect consumer data and privacy, although specific implementation details were not provided[75] - The company has engaged in practices to promote environmentally preferable products when selecting suppliers[73] International Expansion - Phoenix aims to establish a three-dimensional, diverse, and integrated Chinese-language media broadcasting matrix to enhance content delivery and monetization[47] - The Group emphasizes the importance of international broadcasting in the context of economic globalization and cultural diversification, aiming to enhance its global influence[124] - The Company has established strategic partnerships with international organizations to promote cultural exchange and enhance its global influence[111]

Financial Performance - Outdoor media business revenue decreased by 16.7% to approximately HKD 785,341,000 for the year ended December 31, 2022, compared to HKD 942,977,000 for the year ended December 31, 2021[1]. - Television broadcasting revenue increased by 53.2% to approximately HKD 1,077,964,000, accounting for 35.9% of total revenue for the year ended December 31, 2022[7]. - The group's revenue for the year ended December 31, 2022, was approximately HKD 3,003,733,000, a decrease of 4.9% compared to HKD 3,159,240,000 for the year ended December 31, 2021[20]. - The total revenue for the group was HKD 3,003,733,000, with a loss of HKD 192,306,000, compared to total revenue of HKD 3,159,240,000 and a loss of HKD 366,934,000 in the previous year, indicating a revenue decrease of 4.9%[50]. - The company reported a total loss of HKD 849,770,000 for the year ending December 31, 2022, compared to a loss of HKD 475,404,000 in 2021, indicating an increase in losses of approximately 78.7%[81]. - The company reported a comprehensive loss attributable to owners of the company of HKD 627,712,000 for 2022, compared to HKD 364,587,000 in 2021, reflecting an increase of approximately 72.2%[81]. - The net loss attributable to the company's owners for 2022 was HKD 382,500,000, compared to a loss of HKD 456,201,000 in 2021, showing an improvement of 16.2%[121]. - Basic loss per share was HKD 7.66 for 2022, compared to HKD 9.14 for 2021, showing a decrease in loss per share[80]. Cost Management - The group's operating loss decreased to approximately HKD 378,620,000, a reduction of 41.5% compared to HKD 647,290,000 for the year ended December 31, 2021, benefiting from cost control in the internet media business[16]. - Operating costs decreased by 11.1% to approximately HKD 3,382,353,000 for the year ended December 31, 2022, down from HKD 3,806,530,000 in the previous year[20]. - The company's total operating expenses for the year were HKD 1,316,844, slightly down from HKD 1,332,337 in 2021, reflecting a decrease of about 1.2%[139]. Business Outlook and Strategy - The group maintained an optimistic outlook for future business recovery as pandemic restrictions were lifted, expecting gradual improvement[4]. - The group plans to continue expanding its international media presence through various digital platforms and innovative content strategies[11]. - The company plans to focus on expanding its internet media and outdoor media segments to drive future growth[138]. - The company aims to enhance its market presence through strategic acquisitions and partnerships to drive future growth[169]. Acquisitions and Investments - The company completed the acquisition of 100% equity in Shanghai Phoenix TV Shenzhou Film and Television Culture Development Co., Ltd. for RMB 5,000,000 (approximately HKD 5,600,000) on February 8, 2023[74]. - The company also acquired 70% equity in Guangdong Yidai Media Advertising Co., Ltd. for RMB 3,500,000 (approximately HKD 3,920,000), completed on March 8, 2023[74]. - The company completed acquisitions of various entities in early 2023, with total consideration amounting to RMB 15,500,000[152]. - The board announced the acquisition of equity in four companies, including Shanghai Phoenix TV Shenzhou Film and Culture Development Co., Ltd., Beijing Huizhi Bozhong Public Relations Consulting Co., Ltd., Guangdong Yidai Media Advertising Co., Ltd., and Shenzhen Phoenix Star Cultural Industry Co., Ltd.[166]. Market Position and Brand Value - The new media brand "Phoenix WEEKLY" has over 38 million users across major third-party platforms, indicating successful expansion in digital media[14]. - The flagship product "Phoenix News Client" maintained industry-leading user numbers and engagement levels, continuing to rank as one of the most popular mobile information products among Chinese users[21]. - The group continues to enhance its brand value, being ranked among the "Top 500 Asian Brands" and winning multiple international awards, showcasing its strong presence in the media and cultural sectors[51]. Financial Health and Liquidity - The group maintained a strong liquidity position with cash and short-term bank deposits totaling approximately HKD 1,597,690,000 as of December 31, 2022, up from HKD 1,304,835,000 in the previous year, reflecting a growth of 22.5%[53]. - The group reported a total outstanding debt of approximately HKD 189,610,000 as of December 31, 2022, significantly reduced from HKD 533,932,000 as of December 31, 2021, indicating a decrease of 64.5%[53]. - The capital debt ratio as of December 31, 2022, was 81.7%, a slight improvement from 83.3% as of December 31, 2021[39]. Employee and Operational Metrics - The company employed 2,803 staff members as of December 31, 2022, with total employee costs reduced to approximately HKD 1,316,844,000, down from HKD 1,332,337,000 in the previous year[86]. - The company has implemented various measures to maintain business operations and employee health during the COVID-19 pandemic, including remote work arrangements and health reporting[87]. Foreign Exchange and Risk Management - The group is exposed to foreign exchange risks primarily from USD and RMB, but considers its current exposure to be limited due to regular monitoring and potential use of forward contracts[54]. - The group recorded a net exchange loss of approximately HKD 113,011,000 for the year ended December 31, 2022, compared to a net gain of HKD 45,045,000 for the year ended December 31, 2021, primarily due to the depreciation of the RMB against the HKD[24].

Financial Performance - The revenue for the six months ended June 30, 2022, was approximately HK$1,490,072,000, representing an increase of 7.4% compared to the same period last year[6]. - The operating loss for the Group increased to approximately HK$365,246,000, which is a 21.9% increase from HK$299,651,000 in the same period last year[6]. - The loss attributable to owners of the Company was approximately HK$330,508,000, compared to HK$245,175,000 for the same period last year[7]. - The Group's total loss for the period was approximately HK$447,750,000, compared to HK$256,796,000 for the same period last year[11]. - The total comprehensive expense for the period was HK$597,537, compared to HK$143,830 in the same period last year, indicating a substantial rise in overall losses[148]. - Basic and diluted loss per share for the period was HK$6.62, compared to HK$4.91 in the same period of 2021, reflecting a worsening financial position[143]. - The loss for the period was HK$447,750,000, compared to a loss of HK$330,508,000 in the previous period, indicating a worsening of approximately 35.5%[162]. Revenue Breakdown - Television broadcasting revenue increased to HK$557,995,000 from HK$321,985,000, while internet media revenue decreased to HK$453,830,000 from HK$587,771,000[11]. - Revenue from television broadcasting rose by 73.3% to approximately HK$557,995,000, accounting for 37.4% of the total revenue[43]. - Revenue from Phoenix Chinese Channel and Phoenix InfoNews Channel increased by 22.5% to approximately HK$347,447,000, representing 23.3% of the Group's total revenue[43]. - The total revenue from Phoenix Hong Kong Channel and other integrated media platforms surged by 447.5% to approximately HK$210,548,000[43]. - Outdoor media revenue was approximately HK$381,642,000, showing a slight increase from HK$378,490,000 in the previous year[43]. - The revenue of the internet media business decreased by 22.8% to approximately HK$453,830,000 compared to HK$587,771,000 for the six months ended 30 June 2021, with a segmental loss of approximately HK$275,402,000[47]. - The revenue of the outdoor media business increased by 0.8% to approximately HK$381,642,000, while the segmental profit decreased by 31.3% to approximately HK$50,205,000 compared to HK$73,059,000 for the six months ended 30 June 2021[47]. Operational Highlights - The Chairman emphasized the focus on core media business, international market, innovation, and talent development to build an international first-class Chinese media group[15]. - New programs were launched to enhance news professionalism and live broadcasts, significantly increasing viewership among Chinese audiences[17]. - In the first half of 2022, Phoenix Media achieved continuous improvement in operational performance, focusing on media professionalism and international influence[18]. - Phoenix Media launched new programs and enhanced its broadcasting capabilities, resulting in significant improvements in viewership ratings[19]. - The flagship product IFENG News App maintained a leading position among Chinese users, with ongoing optimizations in content operation and algorithmic strategy[31]. - The Group aims to strengthen its brand recognition and international influence while targeting Chinese communities globally[15]. - The Group is actively exploring synergistic cooperation among its various media platforms to strengthen overall competitiveness[31]. Financial Position - The Group's total cash and current bank deposits were about HK$1,231,381,000 as at 30 June 2022, down from HK$1,304,835,000 as at 31 December 2021[50]. - The Group's structured deposits were approximately HK$1,339,928,000 as at 30 June 2022, compared to HK$1,595,442,000 as at 31 December 2021[50]. - The aggregate outstanding borrowings of the Group were approximately HK$516,160,000 as at 30 June 2022, a decrease from HK$533,932,000 as at 31 December 2021[50]. - The gearing ratio of the Group was 91.6% as at 30 June 2022, up from 83.3% as at 31 December 2021[50]. - Total assets as of June 30, 2022, were HK$8,137,032, a decrease from HK$8,782,952 as of December 31, 2021[153]. - Current assets totaled HK$4,780,475, down from HK$5,262,800 at the end of 2021, showing a decline in liquidity[153]. - Total equity attributable to owners of the Company decreased from HK$5,414,427,000 to HK$4,820,686,000, representing a decline of approximately 10.95%[158]. Corporate Governance - The company has adopted its own corporate governance code, aligning with the Corporate Governance Code provisions[127]. - The company has an in-house audit function to assist the Board in monitoring governance and risk management[127]. - The Risk Management Committee has been actively monitoring corporate governance practices throughout the reporting period[127]. - The board of directors includes Mr. Xu Wei as Chairman and CEO, and Mr. Sun Yusheng as Deputy CEO and Editor-in-Chief, among others[139]. - The company believes that the consecutive appointment of the Chairman is beneficial for long-term business planning and strategy[134]. - The Audit Committee has reviewed the unaudited condensed consolidated interim financial information for the period and provided advice and comments[134]. - The company has established a code of conduct for employees regarding securities transactions to prevent insider trading[134]. Share Options and Equity - As of June 30, 2022, the total number of issued shares was 4,993,659,500[114]. - No share options were granted, exercised, lapsed, or cancelled during the period, and no options were granted to directors or substantial shareholders[82]. - The 2017 Share Option Scheme was approved on 7 February 2017, allowing for the cancellation of up to 95,894,000 unexercised share options from the 2009 scheme[74]. - The total balance of share options as of January 1, 2022, was 25,915,121[97]. - The number of share options lapsed during the period was 2,163,871[96]. - The 2018 PNM Share Option Scheme was approved on June 6, 2018, to grant options to selected eligible persons as incentives for their contributions[94]. Financial Risks and Compliance - The Group's activities expose it to various financial risks, including market risk, credit risk, and liquidity risk, which remain unchanged since year-end[193]. - The Group has not made any early adoptions of new standards, amendments, or interpretations that have been issued but are not effective for the financial year ending 31 December 2022[185]. - The Group's financial risk management information is not fully included in the interim financial information and should be read in conjunction with the annual financial statements as at 31 December 2021[193]. - The Group's management has made significant judgments and estimates in applying accounting policies, consistent with those used in the consolidated financial statements for the year ended 31 December 2021[189].

Financial Performance - Revenue for the year ended December 31, 2021, was approximately HK$3,159,240,000, representing an increase of 4.3% over the previous year[16] - The operating loss increased to approximately HK$647,290,000, a rise of 28.9% compared to the previous year, primarily due to impairment provisions for accounts receivable from Evergrande Group[16] - Loss attributable to owners of the Company was approximately HK$456,201,000, down from HK$1,037,043,000 the previous year, which included a share of fair value loss on internet media investment of approximately HK$585,686,000[16] - The Group's total revenue from internet media was HK$1,247,785,000, down from HK$1,473,327,000 in the previous year[23] - The Group's outdoor media revenue increased significantly to HK$942,977,000 from HK$574,979,000 in the previous year[23] - Revenue from television broadcasting decreased by 5.8% to approximately HK$703,705,000, accounting for 22.3% of total revenue[175] - Internet media revenue was approximately HK$1,247,785,000, down from HK$1,473,327,000, resulting in a segment loss of HK$300,346,000[175] - Outdoor media revenue increased significantly to HK$942,977,000, with a profit of HK$207,038,000 compared to HK$574,979,000 in 2020[175] - Revenue from Phoenix Chinese Channel and Phoenix InfoNews Channel decreased by 5.7% to approximately HK$630,863,000, representing 20.0% of total revenue[175] - The overall segment loss before tax and non-controlling interests was HK$544,151,000, compared to a loss of HK$1,615,810,000 in 2020[175] Management and Corporate Changes - Mr. Xu Wei was appointed as the Chief Executive Officer and Chairman of the board, overseeing the day-to-day management of the Company and its subsidiaries[50][60] - The appointment of Mr. Sun Yusheng as Executive Vice President and Editor-in-Chief reflects the Company's focus on program planning and content management[51][60] - The company completed a conditional sale agreement on June 22, transferring a total of 1,894,110,000 shares, representing approximately 37.93% of the company's issued share capital, to two major shareholders[61] - Following the transaction, the new major shareholders include Bauhinia Culture Holdings Limited with 1,048,668,495 shares (approximately 21%) and Common Sense Limited with 845,441,505 shares (approximately 16.93%) of the company[61] - The company appointed Mr. Xu Wei as the Chairman of the Board and Executive Director, while Mr. Sun Yusheng was appointed as an Executive Director on the same day as the transaction[61] Strategic Focus and Development - The Chairman emphasized the need for continuous demonstration of brand recognition and credibility, focusing on core media business targeting Chinese communities globally[26] - The Group aims to build an international first-class Chinese media group, focusing on its strong base in Hong Kong and targeting Chinese communities in Hong Kong, Macau, Taiwan, and globally[26] - Phoenix continues to expand its omni-media matrix through various channels, including satellite, cable TV, and OTT platforms, enhancing its international influence[33] - The Group is nurturing new business forms, including customized media services and content consumption, to expand monetization opportunities[38] - The Group plans to continue consolidating its existing businesses while exploring new business opportunities to enhance its operations[198] Awards and Recognition - Phoenix has been listed as one of Asia's 500 Most Influential Brands for 16 consecutive years and ranked as a Top 4 TV brand in Asia[32] - Phoenix's programs have won multiple awards, including gold and silver prizes at the Promax UK Awards and the Asian Academy Creative Awards[32] - Phoenix TV won four national awards at the Asian Academy Creative Award, including Best Lifestyle Programme for "Hong Kong Perspectives: Species unique to Hong Kong" and Best Documentary Programme for "C'est La Vie: A Nian"[82] - Phoenix TV's "Premium Spectacular" was recognized as one of the Top Ten Programmes at the 27th Chinese Documentary Festival, highlighting its strong performance in documentary production[85] Operational Challenges - The COVID-19 pandemic intermittently affected the Group's operations, particularly impacting revenue from offline advertising events and exhibitions[182] - The Group did not recommend the payment of a final dividend for the year due to economic instability and challenges in the media industry[184] - The company faced challenges in reporting due to the pandemic and security threats during major events[110] International Coverage and Engagement - Phoenix TV reported on major global news events in 2021, including the U.S. Capitol attack and the inauguration of President Joe Biden[109] - The company covered the military coup in Myanmar, detailing the detention of Aung San Suu Kyi and the subsequent protests[113] - Phoenix TV provided extensive coverage of the China-U.S. high-level talks in Alaska, highlighting the tensions between the two nations[117] - The company utilized its global network of correspondents to report on international events, enhancing its coverage and audience engagement[107] - Phoenix TV's international role as a news reporter was emphasized through its comprehensive reporting on significant global issues[107] Financial Position and Investments - As of 31 December 2021, the Group's total cash and current bank deposits were about HK$1,304,835,000, down from HK$1,849,547,000 as of 31 December 2020[187] - The Group's structured deposits amounted to approximately HK$1,595,442,000 as of 31 December 2021, compared to HK$1,451,040,000 in the previous year[187] - The aggregate outstanding borrowings of the Group were approximately HK$533,932,000 as of 31 December 2021, a decrease from HK$726,179,000 as of 31 December 2020[187] - The gearing ratio of the Group was 83.3% as of 31 December 2021, compared to 78.9% as of 31 December 2020[187] - The Group's significant investments in listed securities had an estimated fair market value of approximately HK$14,317,000 as of December 31, 2021, compared to HK$12,440,000 as of December 31, 2020[194]