在职业生涯中，肖先生曾在北京大学汇丰商学院、香港大学任教，亦曾担任香港中文大学（深圳）高等金融研究院教授及政策与实践研究所所长。他还 曾在哥伦比亚大学北京全球中心、清华—布鲁金斯公共政策研究中心、布鲁金斯学会等多家机构担任领导或研究职位，并出任香港证监会主席顾问及研 究部主管。除学术与政策研究经验外，肖先生亦具有丰富的企业治理经验，先后担任美的集团、青岛啤酒、汇丰中国、瑞银中国等多家知名企业和金融 机构的独立董事或监事。 凤凰新媒体表示，董事会已确认肖耿先生符合美国《证券交易法》及纽约证券交易所的独立董事资格要求。 凤凰新媒体有限公司（纽交所代码：FENG）今日宣布，公司董事会成员出现调整。自即日起，肖耿先生正式接替温嘉旋先生，出任公司董事，并同时加 入董事会下属的审计委员会、薪酬委员会及公司治理与提名委员会。温嘉旋先生因个人原因辞任相关职务，并即时生效。 凤凰新媒体独立董事肖耿 肖耿先生现任香港中文大学（深圳）公共政策学院教授及国际合作副院长，长期活跃于学术与公共政策研究领域。他本科毕业于中国科学技术大学系统 科学与管理科学专业，并在美国加州大学洛杉矶分校取得经济学硕士与博士学位。 根据董事会安排，肖耿先生 ...

Core Viewpoint - Phoenix New Media (FENG) experienced a 2.7% increase in stock price, reaching $2.28 per share, with a total market capitalization of $27.38 million as of August 19 [1] Financial Performance - For the fiscal year ending June 30, 2025, Phoenix New Media reported total revenue of 342 million RMB, reflecting a year-on-year growth of 6.55% [1] - The net profit attributable to shareholders was -40.08 million RMB, a decrease of 27.34% compared to the previous year, resulting in a basic earnings per share of -0.07 RMB [2] Company Overview - Phoenix New Media is a leading global cross-platform new media company, operating major platforms such as Phoenix Net, Mobile Phoenix Net, and Phoenix Video [3] - The company aims to provide high-quality content and services that integrate internet, wireless communication, and television, catering to the diverse needs of mainstream Chinese audiences [3] - Phoenix New Media serves as a distribution channel for quality television content from its parent company, Phoenix Satellite Television, while also integrating content from various professional media organizations and user-generated content [3] - The company has received multiple awards for its contributions to media, including the "China Best Media Integration Award" and "China New Media Contribution Award" [3]

Group 1 - The core viewpoint of the news is that Phoenix New Media's financial performance shows a decline in net profit despite a slight increase in revenue, indicating potential challenges ahead for the company [1][2]. - As of August 15, Phoenix New Media's stock price increased by 3.64% to $2.28 per share, with a total market capitalization of approximately $27.38 million [1]. - For the fiscal year ending June 30, 2025, the total revenue of Phoenix New Media was 342 million RMB, representing a year-on-year growth of 6.55% [1]. Group 2 - The net profit attributable to shareholders for the same period was -40.08 million RMB, reflecting a year-on-year decrease of 27.34%, with basic earnings per share reported at -0.07 RMB [2]. - Phoenix New Media is recognized as a leading cross-platform internet media company, operating major platforms such as Phoenix Net, Mobile Phoenix Net, and Phoenix Video, providing a wide range of media content and services [3]. - The company integrates various content sources, including professional media institutions and user-generated content, to deliver comprehensive news, in-depth reports, and interactive applications, catering to diverse user needs [3].

Core Viewpoint - Phoenix New Media (FENG) experienced a stock price increase of 3.59% on August 13, reaching $2.165 per share, with a total market capitalization of $26.0033 million [1] Financial Summary - As of March 31, 2025, Phoenix New Media reported total revenue of 155 million RMB, reflecting a year-on-year growth of 1.45% [1] - The company recorded a net loss attributable to shareholders of 29.726 million RMB, which represents a year-on-year decrease of 14.27% [1] Company Overview - Phoenix New Media is a leading global cross-platform new media company, operating major platforms including Phoenix Net, Mobile Phoenix Net, and Phoenix Video [2] - The company adheres to a media philosophy of "Chinese sentiment, global vision, inclusive openness, and progressive power," providing high-quality content and services to mainstream Chinese audiences [2] - Phoenix New Media integrates content from various professional media organizations, user-generated content, and its own professional content, offering comprehensive news, in-depth reports, commentary, financial products, interactive applications, and community sharing services [2] - The company has received multiple awards, including "China Advertising Media Caring Enterprise Honor Certificate" and "Best Media Integration Award" [2]

Core Insights - Phoenix New Media reported a total revenue of RMB 187.1 million (approximately USD 26.1 million) for Q2 2025, representing an 11.2% increase compared to RMB 168.3 million in Q2 2024 [1] - The company's net advertising revenue for Q2 2025 was RMB 153.3 million (approximately USD 21.4 million), showing a slight decline of 0.9% from RMB 154.7 million in Q2 2024 [1] - The non-GAAP net loss attributable to Phoenix New Media for Q2 2025 was RMB 7.2 million (approximately USD 1 million), compared to a non-GAAP net loss of RMB 2.1 million in Q2 2024 [1] Financial Performance - Total revenue for Q2 2025 reached RMB 187.1 million, up from RMB 168.3 million in the same quarter last year, indicating a positive growth trend [1] - The decline in net advertising revenue suggests challenges in the advertising market, with a slight decrease from the previous year [1] - The increase in non-GAAP net loss highlights ongoing financial pressures despite revenue growth [1] Management Commentary - The CEO emphasized the company's focus on enhancing content quality and exploring diverse collaboration and commercialization paths, which have led to positive user feedback and business growth [2] - The CFO noted that the overall advertising market remained subdued in the first half of the year, with cautious spending from advertisers continuing into Q2 [2] - The company aims to leverage its media endorsement value in a fragmented media environment, focusing on content and event marketing as well as international marketing to maintain its market position [2]

Financial Data and Key Metrics Changes - Total revenues for the second quarter were CNY 1,000,000, representing an 11.2% increase year on year from CNY 830,000,000 [11] - Net advertising revenues were CNY 153,300,000, slightly down from CNY 154,700,000 in the same period last year [11] - Paid services revenues surged to CNY 33,800,000, marking a 148.5% increase year on year from CNY 600,000 [11] - Cost of revenues decreased by 7.6% to CNY 95,100,000 from CNY 102,900,000 [12] - Total operating expenses increased by 33.5% year on year to CNY 74.3 million [12] - Loss from operations was CNY 7,200,000 compared to CNY 8,900,000 in the same period last year [12] - Net loss attributable to the company was CNY 10,400,000, up from CNY 5,400,000 in the same period last year [12] - Cash and cash equivalents totaled approximately CNY 982,300,000 or about USD 137.1 million [13] Business Line Data and Key Metrics Changes - The Phoenix news video account surpassed 5,000,000 followers, with annual views exceeding 2,000,000,000 and projected revenue growth approaching 50% [7] - The tech channels video account grew to over 3,000,000 followers, with commercial revenue tripling year on year [7] Market Data and Key Metrics Changes - The overall advertising market remained relatively flat for the first half of the year, affecting client spending [16] - Sectors such as entertainment, tourism, and retail performed well, while auto, alcohol, and real estate sectors showed a slowdown [17] Company Strategy and Development Direction - The company is focused on enhancing content depth and exploring diversified monetization opportunities [3] - It aims to strengthen its leadership in global Chinese language media through high-quality original content and innovative business initiatives [5] - The company is transitioning from a content creator to a resource integrator, as evidenced by hosting significant industry events [9] Management's Comments on Operating Environment and Future Outlook - Management acknowledged challenges in the advertising market but emphasized stability in their ad business due to a deep understanding of client needs [17] - The company remains committed to leveraging its strengths in professional journalism and international perspectives to drive sustainable development [10] - The forecast for total revenues in 2025 is between CNY 203,400,000 and CNY 218,400,000, with net advertising revenues projected between CNY 168,400,000 and CNY 178,400,000 [13] Other Important Information - The company hosted the 2025 China Enterprise Global Expansion Summit, enhancing its industry influence [8] - Strategic agreements were signed at the AIM Global Summit to deepen connections with global enterprises [9] Q&A Session Summary Question: Impact of the flat advertising market on the company - Management noted that the overall ad market was not strong in the first half of the year, with many advertising clients remaining cautious [16] - Despite this, the company managed to keep its ad business relatively stable by understanding client needs and focusing on brand credibility [17]

Core Viewpoint - Phoenix New Media reported a revenue increase in Q2 2025, driven primarily by growth in paid services, despite a slight decline in advertising revenue [1] Financial Performance - Total revenue for Q2 2025 was RMB 187.1 million (approximately USD 26.1 million), representing an 11.2% increase compared to RMB 168.3 million in Q2 2024 [1] - Net advertising revenue for Q2 2025 was RMB 153.3 million (approximately USD 21.4 million), a decrease of 0.9% from RMB 154.7 million in Q2 2024 [1] - Paid services revenue for Q2 2025 reached RMB 33.8 million (approximately USD 4.7 million), marking a significant increase of 148.5% from RMB 13.6 million in Q2 2024 [1] Management Commentary - The CEO of Phoenix New Media emphasized the company's commitment to media responsibility and innovation, focusing on enhancing content depth and exploring diverse commercial opportunities [1] - The efforts made by the team have resulted in positive user feedback and business growth, laying a solid foundation for sustainable development [1]

（於開曼群島註冊成立之有限公司） (股份代號：02008) 海外監管公告 香 港 交 易 及 結 算 所 有 限 公 司 及 香 港 聯 合 交 易 所 有 限 公 司 對 本 公 告 的 內 容 概 不 負 責 ， 對 其 準 確 性 或 完 整 性 亦 不 發 表 任 何 聲 明 ， 並 明 確 表 示 概 不 就 因 本 公 告 全 部 或 任 何 部 份 內 容 而 產 生 或 因 倚 賴 該 等 內 容 而 引 致 的 任 何 損 失 承 擔 任 何 責 任。 PHOENIX MEDIA INVESTMENT (HOLDINGS) LIMITED 鳳凰衛視投資(控股) 有限公司 上市附屬公司–鳳凰新媒體有限公司 2025 年第二季度之未經審核財務業績公佈 本公告乃由鳳凰衛視投資(控股)有限公司(「本公司」)根據香港聯合交易所有限公司 證劵上市規則第13.10B條而作出。 本公司非全資附屬公司鳳凰新媒體有限公司(「鳳凰新媒體」)(其股份以美國預託股 份之形式於美國紐約證券交易所上市)已於2025年8月13日就鳳凰新媒體2025年第二 季 度 的 未 經 審 核 財 務 業 績 ( 「 業 績 」 ) ...

Core Viewpoint - Phoenix New Media reported a total revenue of RMB 187.1 million (approximately USD 26.1 million) for Q2 2025, representing an 11.2% increase compared to RMB 168.3 million in Q2 2024, primarily driven by growth in paid services revenue [1][2] Financial Performance - Total revenue for Q2 2025 was RMB 187.1 million (approximately USD 26.1 million), up from RMB 168.3 million in Q2 2024, marking an 11.2% increase [1][2] - Advertising net revenue for Q2 2025 was RMB 153.3 million (approximately USD 21.4 million), a slight decrease of 0.9% from RMB 154.7 million in Q2 2024 [1][2] - Paid services revenue reached RMB 33.8 million (approximately USD 4.7 million), a significant increase of 148.5% from RMB 13.6 million in Q2 2024 [3] - Paid content revenue was RMB 30.7 million (approximately USD 4.3 million), up 420.3% from RMB 5.9 million in Q2 2024, mainly due to revenue from digital reading services via third-party applications [3] - E-commerce and other revenue was RMB 3.1 million (approximately USD 0.4 million), down 59.7% from RMB 7.7 million in Q2 2024, attributed to a reduction in e-commerce operations [3] Cost and Profitability - Total costs for Q2 2025 were RMB 95.1 million (approximately USD 13.3 million), a decrease of 7.6% from RMB 102.9 million in Q2 2024, due to strict cost control measures [4] - Gross profit increased by 40.7% to RMB 92.0 million (approximately USD 12.8 million) from RMB 65.4 million in Q2 2024, with a gross margin of 49.2% compared to 38.9% in the previous year [4] Operating Expenses and Losses - Total operating expenses for Q2 2025 were RMB 99.2 million (approximately USD 13.8 million), an increase of 33.5% from RMB 74.3 million in Q2 2024, primarily due to higher sales and marketing expenses related to digital reading services [6] - Operating loss for Q2 2025 was RMB 7.2 million (approximately USD 1.0 million), an improvement from a loss of RMB 8.9 million in Q2 2024, with an operating margin of -3.9% compared to -5.3% in the previous year [6] Other Income and Losses - Other income for Q2 2025 was RMB 2.1 million (approximately USD 0.3 million), down from RMB 4.7 million in Q2 2024, with net interest income of RMB 6.1 million (approximately USD 0.9 million) compared to RMB 8.8 million in the previous year [7] Net Loss - The net loss attributable to Phoenix New Media for Q2 2025 was RMB 10.4 million (approximately USD 1.5 million), compared to a net loss of RMB 5.5 million in Q2 2024, with a net margin of -5.5% versus -3.2% in the previous year [8] Outlook - The company expects total revenue for Q3 2025 to be between RMB 203.4 million and RMB 218.4 million, with advertising net revenue anticipated to be between RMB 168.4 million and RMB 178.4 million, and paid services revenue projected to be between RMB 35.0 million and RMB 40.0 million [12]

[Executive Summary](index=1&type=section&id=Executive%20Summary) This section provides an overview of Phoenix New Media's Q2 2025 financial results and the CEO's strategic commentary on content and monetization efforts [Company Announcement & CEO Statement](index=1&type=section&id=Company%20Announcement%20%26%20CEO%20Statement) Phoenix New Media announced its unaudited financial results for the second quarter ended June 30, 2025, with the CEO highlighting the company's commitment to enhancing content depth and impact, and actively exploring diverse collaboration and monetization opportunities, which are translating into positive user feedback and business growth - **Phoenix New Media Limited (NYSE: FENG) announced unaudited financial results for Q2 2025**[1](index=1&type=chunk) - **CEO Yusheng Sun emphasized the company's focus on enhancing content depth and impact, and exploring diverse collaboration and monetization opportunities**[2](index=2&type=chunk) - **These efforts are leading to positive user feedback and business growth, laying a solid foundation for sustainable development**[2](index=2&type=chunk) [Second Quarter 2025 Financial Results (GAAP)](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results%20(GAAP)) This section details Phoenix New Media's GAAP financial performance for Q2 2025, covering revenues, costs, operating expenses, and net loss [Revenues](index=1&type=section&id=Revenues) Total revenues for Q2 2025 increased by 11.2% year-over-year, primarily driven by a significant increase in paid services revenues, which offset a slight decrease in net advertising revenues | Metric | Q2 2025 (RMB million) | Q2 2024 (RMB million) | YoY Change (%) | | :---------------------- | :-------------------- | :-------------------- | :------------- | | Total revenues | 187.1 | 168.3 | 11.2% | | Net advertising revenues| 153.3 | 154.7 | -0.9% | | Paid services revenues | 33.8 | 13.6 | 148.5% | - **The increase in total revenues was primarily due to the year-over-year increase in the Company's paid services revenues**[3](index=3&type=chunk) [Total Revenues](index=1&type=section&id=Total%20Revenues) Total revenues for Q2 2025 increased by 11.2% year-over-year, primarily driven by a significant increase in paid services revenues | Metric | Q2 2025 (RMB million) | Q2 2025 (US$ million) | Q2 2024 (RMB million) | YoY Change (%) | | :----------- | :-------------------- | :-------------------- | :-------------------- | :------------- | | Total revenues | 187.1 | 26.1 | 168.3 | 11.2% | - **The increase in total revenues was primarily due to the year-over-year increase in the Company's paid services revenues**[3](index=3&type=chunk) [Net Advertising Revenues](index=1&type=section&id=Net%20Advertising%20Revenues) Net advertising revenues experienced a slight decrease of 0.9% year-over-year in Q2 2025 | Metric | Q2 2025 (RMB million) | Q2 2025 (US$ million) | Q2 2024 (RMB million) | YoY Change (%) | | :---------------------- | :-------------------- | :-------------------- | :-------------------- | :------------- | | Net advertising revenues| 153.3 | 21.4 | 154.7 | -0.9% | [Paid Services Revenues](index=1&type=section&id=Paid%20Services%20Revenues) Paid services revenues significantly increased by 148.5% year-over-year, driven by digital reading services, despite a decrease in e-commerce and other revenues | Metric | Q2 2025 (RMB million) | Q2 2025 (US$ million) | Q2 2024 (RMB million) | YoY Change (%) | | :---------------------- | :-------------------- | :-------------------- | :-------------------- | :------------- | | Paid services revenues | 33.8 | 4.7 | 13.6 | 148.5% | | - Revenues from paid contents | 30.7 | 4.3 | 5.9 | 420.3% | | - Revenues from E-commerce and others | 3.1 | 0.4 | 7.7 | -59.7% | - **The significant increase in paid contents revenues was driven by digital reading services offered through mini-programs on third-party applications**[4](index=4&type=chunk) - **Revenues from E-commerce and others decreased as the Company scaled down its E-commerce business**[4](index=4&type=chunk) [Cost of Revenues and Gross Profit](index=1&type=section&id=Cost%20of%20Revenues%20and%20Gross%20Profit) Cost of revenues decreased due to strict cost control measures, leading to a substantial 40.7% increase in gross profit and an improved gross margin of 49.2%, primarily attributable to higher margins from digital reading services | Metric | Q2 2025 (RMB million) | Q2 2025 (US$ million) | Q2 2024 (RMB million) | YoY Change (%) | | :---------------- | :-------------------- | :-------------------- | :-------------------- | :------------- | | Cost of revenues | 95.1 | 13.3 | 102.9 | -7.6% | | Gross profit | 92.0 | 12.8 | 65.4 | 40.7% | | Gross margin | 49.2% | - | 38.9% | +10.3 pp | - **The decrease in cost of revenues was a result of the Company's strict cost control measures**[5](index=5&type=chunk) - **The increase in gross margin was mainly attributable to higher gross margin of the digital reading services offered through mini-programs**[6](index=6&type=chunk) [Operating Expenses and Loss from Operations](index=1&type=section&id=Operating%20Expenses%20and%20Loss%20from%20Operations) Total operating expenses increased by 33.5% year-over-year, mainly due to higher sales and marketing expenses for digital reading services. Despite this, the loss from operations improved to RMB7.2 million, and the operating margin improved to negative 3.9% | Metric | Q2 2025 (RMB million) | Q2 2025 (US$ million) | Q2 2024 (RMB million) | YoY Change (%) | | :---------------------- | :-------------------- | :-------------------- | :-------------------- | :------------- | | Total operating expenses| 99.2 | 13.8 | 74.3 | 33.5% | | Loss from operations | (7.2) | (1.0) | (8.9) | -19.1% | | Operating margin | -3.9% | - | -5.3% | +1.4 pp | - **The increase in total operating expenses was primarily attributable to higher sales and marketing expenses incurred for the digital reading services offered through mini-programs**[8](index=8&type=chunk) [Other Income or Loss](index=3&type=section&id=Other%20Income%20or%20Loss) Total net other income decreased to RMB2.1 million in Q2 2025 from RMB4.7 million in Q2 2024. This was influenced by lower net interest income, an increased foreign currency exchange loss, and a reduced loss from equity method investments, while fair value changes in investments were almost nil | Metric | Q2 2025 (RMB million) | Q2 2025 (US$ million) | Q2 2024 (RMB million) | YoY Change (RMB million) | | :-------------------------------------- | :-------------------- | :-------------------- | :-------------------- | :----------------------- | | Total net other income | 2.1 | 0.3 | 4.7 | -2.6 | | Net interest income | 6.1 | 0.9 | 8.8 | -2.7 | | Foreign currency exchange loss | (1.0) | (0.14) | (0.7) | -0.3 | | Loss from equity method investments, including impairment | (3.1) | (0.4) | (5.7) | +2.6 | | Fair value changes in investments, net | ~0.0 | ~0.0 | 2.4 | -2.4 | [Net Loss Attributable to Phoenix New Media Limited](index=3&type=section&id=Net%20Loss%20Attributable%20to%20Phoenix%20New%20Media%20Limited) Net loss attributable to Phoenix New Media Limited increased to RMB10.4 million in Q2 2025, resulting in a higher negative net margin of 5.5% and an increased net loss per basic and diluted ordinary share | Metric | Q2 2025 (RMB million) | Q2 2025 (US$ million) | Q2 2024 (RMB million) | YoY Change (RMB million) | | :-------------------------------------- | :-------------------- | :-------------------- | :-------------------- | :----------------------- | | Net loss attributable to Phoenix New Media Limited | (10.4) | (1.5) | (5.5) | -4.9 | | Net margin | -5.5% | - | -3.2% | -2.3 pp | | Net loss per basic and diluted ordinary share | (0.02) | (0.00) | (0.01) | -0.01 | [Second Quarter 2025 Financial Results (Non-GAAP)](index=1&type=section&id=Second%20Quarter%202025%20Financial%20Results%20(Non-GAAP)) This section presents Phoenix New Media's Q2 2025 financial results on a non-GAAP basis, excluding specific items to provide a clearer view of operational performance [Non-GAAP Gross Margin](index=1&type=section&id=Non-GAAP%20Gross%20Margin) Non-GAAP gross margin, which excludes share-based compensation, increased significantly to 49.2% in Q2 2025 from 38.9% in the same period of 2024 | Metric | Q2 2025 | Q2 2024 | | :------------------ | :------ | :------ | | Non-GAAP gross margin | 49.2% | 38.9% | [Non-GAAP Loss from Operations](index=1&type=section&id=Non-GAAP%20Loss%20from%20Operations) Non-GAAP loss from operations, excluding share-based compensation, improved to RMB7.2 million, with the non-GAAP operating margin improving to negative 3.8% from negative 5.3% year-over-year | Metric | Q2 2025 (RMB million) | Q2 2025 (US$ million) | Q2 2024 (RMB million) | | :-------------------------- | :-------------------- | :-------------------- | :-------------------- | | Non-GAAP loss from operations | (7.2) | (1.0) | (8.9) | | Non-GAAP operating margin | -3.8% | - | -5.3% | [Non-GAAP Net Loss Attributable to Phoenix New Media Limited](index=3&type=section&id=Non-GAAP%20Net%20Loss%20Attributable%20to%20Phoenix%20New%20Media%20Limited) Non-GAAP net loss attributable to Phoenix New Media Limited, after excluding share-based compensation, equity investment impacts, and fair value changes, increased to RMB7.2 million, resulting in a non-GAAP net margin of negative 3.9% and a higher non-GAAP net loss per ADS | Metric | Q2 2025 (RMB million) | Q2 2025 (US$ million) | Q2 2024 (RMB million) | | :-------------------------------------- | :-------------------- | :-------------------- | :-------------------- | | Non-GAAP net loss attributable to Phoenix New Media Limited | (7.2) | (1.0) | (2.1) | | Non-GAAP net margin | -3.9% | - | -1.3% | | Non-GAAP net loss per basic and diluted ADS | (0.60) | (0.08) | (0.18) | [Balance Sheet Highlights](index=3&type=section&id=Balance%20Sheet%20Highlights) This section summarizes key aspects of Phoenix New Media's balance sheet as of June 30, 2025 [Cash and Cash Equivalents](index=3&type=section&id=Cash%20and%20Cash%20Equivalents) As of June 30, 2025, Phoenix New Media maintained a strong liquidity position with total cash and cash equivalents, term deposits, short-term investments, and restricted cash amounting to RMB982.3 million | Metric | As of June 30, 2025 (RMB million) | As of June 30, 2025 (US$ million) | | :------------------------------------------------ | :-------------------------------- | :-------------------------------- | | Cash and cash equivalents, term deposits and short term investments and restricted cash | 982.3 | 137.1 | [Business Outlook](index=3&type=section&id=Business%20Outlook) This section provides Phoenix New Media's financial forecast for the upcoming quarter, including revenue expectations and a cautionary note on macroeconomic uncertainties [Third Quarter 2025 Forecast](index=3&type=section&id=Third%20Quarter%202025%20Forecast) For the third quarter of 2025, Phoenix New Media expects total revenues to be between RMB203.4 million and RMB218.4 million, with specific forecasts for net advertising and paid services revenues, while acknowledging the uncertainty of the macroeconomic environment | Metric | Q3 2025 Forecast (RMB million) | | :---------------------- | :----------------------------- | | Total revenues | 203.4 - 218.4 | | Net advertising revenues| 168.4 - 178.4 | | Paid services revenues | 35.0 - 40.0 | - **All forecasts reflect the current and preliminary view of management and are subject to changes and substantial uncertainty, particularly due to the macroeconomic environment**[16](index=16&type=chunk) [Supplementary Information](index=4&type=section&id=Supplementary%20Information) This section provides additional context, including conference call details, explanations of non-GAAP measures, exchange rate information, company background, and a safe harbor statement [Conference Call Information](index=4&type=section&id=Conference%20Call%20Information) The company will host a conference call on August 12, 2025, at 9:30 p.m. U.S. Eastern Time to discuss its Q2 2025 unaudited financial results, with advance registration required - **A conference call to discuss Q2 2025 unaudited financial results and operating performance will be held on August 12, 2025, at 9:30 p.m. U.S. Eastern Time**[18](index=18&type=chunk) - **Participants must register in advance to receive dial-in numbers and a unique access PIN**[19](index=19&type=chunk) - **A live and archived webcast will be available on the Company's investor relations website**[20](index=20&type=chunk) [Use of Non-GAAP Financial Measures](index=4&type=section&id=Use%20of%20Non-GAAP%20Financial%20Measures) Phoenix New Media utilizes non-GAAP financial measures, including gross profit, operating income/loss, and net income/loss, by excluding share-based compensation, income/loss from equity investments, and fair value changes. These measures are used to provide clarity on performance, aid in planning and forecasting, and allow for better comparison with competitors, despite their inherent limitations as analytical tools - **Non-GAAP financial measures (gross profit, gross margin, income/loss from operations, operating margin, net income/loss, and per diluted ADS) are presented to supplement GAAP financial statements**[20](index=20&type=chunk) - **These non-GAAP measures exclude share-based compensation, income or loss from equity investments (including impairment), and fair value changes in investments, net**[20](index=20&type=chunk) - **The Company believes these measures add clarity to performance, aid in planning and forecasting, and help assess performance against competitors, but acknowledge their limitations as analytical tools**[20](index=20&type=chunk) [Exchange Rate](index=4&type=section&id=Exchange%20Rate) The report uses an exchange rate of RMB7.1636 to US$1.00 for all RMB to USD conversions, based on the noon buying rate on June 30, 2025, as released by the Federal Reserve Board - **All translations from RMB to USD were made at the rate of RMB7.1636 to US$1.00**[21](index=21&type=chunk) - **This rate was the noon buying rate in effect on June 30, 2025, in the H.10 statistical release of the Federal Reserve Board**[21](index=21&type=chunk) [About Phoenix New Media Limited](index=5&type=section&id=About%20Phoenix%20New%20Media%20Limited) Phoenix New Media Limited is a leading new media company in China, providing premium content on integrated PC and mobile Internet platforms. Originating from Phoenix TV, it offers professional news and quality information through various digital channels - **Phoenix New Media Limited (NYSE: FENG) is a leading new media company in China**[22](index=22&type=chunk) - **It provides premium content on an integrated Internet platform, including PC and mobile**[22](index=22&type=chunk) - **The company originated from Phoenix TV and offers professional news and quality information through its ifeng.com website, mobile news/video/digital reading applications, and operations with telecom operators**[22](index=22&type=chunk) [Safe Harbor Statement & Investor Contact](index=5&type=section&id=Safe%20Harbor%20Statement%20%26%20Investor%20Contact) The announcement includes a safe harbor statement regarding forward-looking statements, which are subject to inherent risks and uncertainties. Contact information for investor and media inquiries is also provided - **The announcement contains forward-looking statements made under the 'safe harbor' provisions of the U.S. Private Securities Litigation Reform Act of 1995**[23](index=23&type=chunk) - **These statements involve inherent risks and uncertainties, and actual results could differ materially from expectations**[23](index=23&type=chunk) - **For investor and media inquiries, contact Muzi Guo at investorrelations@ifeng.com**[24](index=24&type=chunk) [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents the unaudited condensed consolidated financial statements, including balance sheets, statements of comprehensive income, segment information, cost of revenues, and non-GAAP reconciliations [Unaudited Condensed Consolidated Balance Sheets](index=6&type=section&id=Unaudited%20Condensed%20Consolidated%20Balance%20Sheets) The unaudited condensed consolidated balance sheets present the company's financial position as of December 31, 2024, and June 30, 2025, detailing assets, liabilities, and shareholders' equity | Metric | Dec 31, 2024 (RMB thousands) | June 30, 2025 (RMB thousands) | | :-------------------------- | :--------------------------- | :---------------------------- | | Total assets | 1,711,927 | 1,594,893 | | Total liabilities | 598,517 | 521,827 | | Total shareholders' equity | 1,113,410 | 1,073,066 | [Unaudited Condensed Consolidated Statements of Comprehensive Income/(loss)](index=7&type=section&id=Unaudited%20Condensed%20Consolidated%20Statements%20of%20Comprehensive%20Income%2F(loss)) This statement provides the unaudited condensed consolidated results of operations for the three and six months ended June 30, 2024, and 2025, including detailed revenue, cost, expense, and net loss figures | Metric | Three Months Ended June 30, 2024 (RMB thousands) | Three Months Ended June 30, 2025 (RMB thousands) | | :-------------------------------------- | :--------------------------------------------- | :--------------------------------------------- | | Total revenues | 168,318 | 187,153 | | Gross profit | 65,400 | 92,022 | | Loss from operations | (8,939) | (7,211) | | Net loss attributable to Phoenix New Media Limited | (5,461) | (10,355) | [Unaudited Condensed Segments Information](index=8&type=section&id=Unaudited%20Condensed%20Segments%20Information) The segment information breaks down revenues, cost of revenues, and gross profit by the Net advertising service and Paid services segments for the three and six months ended June 30, 2024, and 2025 | Segment | Three Months Ended June 30, 2024 (RMB thousands) | Three Months Ended June 30, 2025 (RMB thousands) | | :---------------------- | :--------------------------------------------- | :--------------------------------------------- | | **Revenues:** | | | | Net advertising service | 154,691 | 153,307 | | Paid services | 13,627 | 33,846 | | **Gross profit:** | | | | Net advertising service | 59,963 | 63,954 | | Paid services | 5,437 | 28,068 | [Unaudited Condensed Information of Cost of Revenues](index=9&type=section&id=Unaudited%20Condensed%20Information%20of%20Cost%20of%20Revenues) This section provides a detailed breakdown of the cost of revenues, categorizing them into revenue sharing fees, content and operational costs, and bandwidth costs for the reported periods | Cost Category | Three Months Ended June 30, 2024 (RMB thousands) | Three Months Ended June 30, 2025 (RMB thousands) | | :-------------------- | :--------------------------------------------- | :--------------------------------------------- | | Revenue sharing fees | 2,585 | 1,671 | | Content and operational costs | 93,630 | 88,219 | | Bandwidth costs | 6,703 | 5,241 | | Total cost of revenues| 102,918 | 95,131 | [Unaudited Reconciliations of Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures](index=10&type=section&id=Unaudited%20Reconciliations%20of%20Non-GAAP%20Results%20of%20Operations%20Measures%20to%20the%20Nearest%20Comparable%20GAAP%20Measures) This reconciliation table details the adjustments made to GAAP figures to arrive at non-GAAP measures for gross profit, loss from operations, and net loss attributable to Phoenix New Media Limited, primarily by excluding share-based compensation, equity investment impacts, and fair value changes | Metric | GAAP Q2 2024 (RMB thousands) | Adjustments Q2 2024 (RMB thousands) | Non-GAAP Q2 2024 (RMB thousands) | GAAP Q2 2025 (RMB thousands) | Adjustments Q2 2025 (RMB thousands) | Non-GAAP Q2 2025 (RMB thousands) | | :-------------------------------------- | :--------------------------- | :---------------------------------- | :------------------------------- | :--------------------------- | :---------------------------------- | :------------------------------- | | Gross profit | 65,400 | 53 (1) | 65,453 | 92,022 | 7 (1) | 92,029 | | Loss from operations | (8,939) | 81 (1) | (8,858) | (7,211) | 7 (1) | (7,204) | | Net loss attributable to Phoenix New Media Limited | (5,461) | 3,341 (1,2,3) | (2,120) | (10,355) | 3,132 (1,2,3) | (7,223) | (1) Share-based compensation (2) Loss from equity investments, net of impairment (3) Fair value changes in investments, net