Core Viewpoint - Phoenix New Media (FENG) experienced a significant stock price increase of 13.96% on May 20, reaching $2.45 per share, with a total market capitalization of approximately $29.43 million [1]. Financial Performance - 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 29.73 million RMB, which represents a decline of 14.27% compared to the previous year [1]. - The basic earnings per share were reported at -0.05 RMB for the first quarter of fiscal year 2025 [1]. 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 [2]. - The company aims to provide high-quality content and services that seamlessly integrate internet, wireless communication, and television, catering to the mainstream Chinese audience [2]. - 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 [2]. - The company has received multiple awards for its contributions to media, including the "China Best Media Integration Award" and "China New Media Contribution Award" [2].

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was RMB 155.2 million, a 1.4% increase year-on-year from RMB 153 million [12] - Net advertising revenues decreased to RMB 120.5 million from RMB 138.6 million in the same period last year [12] - Paid services revenues surged by 141% year-on-year to RMB 34.7 million from RMB 14.4 million, driven by digital reading services [12] - Cost of revenues decreased by 15.1% to RMB 92.5 million from RMB 109 million [12] - Total operating expenses rose by 25.6% to RMB 100 million from RMB 80.5 million, primarily due to increased sales and marketing expenses [13] - Loss from operations was RMB 38.4 million compared to RMB 36.5 million in the same period last year [13] - Net loss attributable to the company was RMB 29.7 million, up from RMB 26 million in the same period last year [13] - As of March 31, 2025, cash and cash equivalents totaled approximately RMB 984.5 million or about USD 135.7 million [14] Business Line Data and Key Metrics Changes - The advertising business faced challenges, with existing clients reducing spending, but new client revenue grew significantly [20] - Seasonal fluctuations were noted in certain industries, such as a sharp drop in alcohol advertising, while finance, e-commerce, consumer goods, and electronics showed good progress [20] - The company focused on refining creative content resources to increase pricing premiums for high-investment projects [21] Market Data and Key Metrics Changes - Advertisers remained cautious with marketing spending in Q1 2025, but there were signs of improvement compared to Q1 [21] - Market research indicated that advertisers are increasingly focusing on brand value and media influence [21] Company Strategy and Development Direction - The company aims to deepen content innovation, expand commercial opportunities, and enhance operational efficiency in Q2 2025 [4][11] - There is a commitment to creating more viral IPs to bolster user loyalty and brand influence [11] - The company is exploring marketing partnerships with overseas companies in China to stay competitive [22] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complex global and regional events impacting operations but emphasized the company's resilience and ability to deliver authoritative reporting [3][5] - Looking ahead, management expects continued cautious spending from advertisers but anticipates improvement [21] Other Important Information - The company launched unique IPs and co-creation models to enhance user engagement and brand visibility [6][8] - The tech channels, particularly around Tesla's FSD rollout, generated significant attention and secured branding partnerships [9][10] Q&A Session Summary Question: Insights on the trends and outlook for the company's advertising business in Q1 2025 - Management noted that the advertising business faced severe challenges, but the team showed resilience. Existing clients reduced spending, but new client revenue grew significantly [19][20] - Seasonal fluctuations affected certain industries, with a notable drop in alcohol advertising, while finance and e-commerce showed good progress [20] - Looking to Q2, advertisers remain cautious but improving compared to Q1, focusing more on brand value and media influence [21][22]

Financial Data and Key Metrics Changes - Total revenue for Q1 2025 was RMB 155.2 million, a 1.4% increase year-on-year from RMB 153 million [13] - Net advertising revenues decreased to RMB 120.5 million from RMB 138.6 million in the same period last year [13] - Paid services revenues increased by 141% year-on-year to RMB 34.7 million from RMB 14.4 million, driven by digital reading services [13] - Cost of revenues decreased by 15.1% to RMB 92.5 million from RMB 109 million [13] - Total operating expenses rose by 25.6% to RMB 100 million from RMB 80.5 million [13] - Loss from operations was RMB 38.4 million compared to RMB 36.5 million in the same period last year [14] - Net loss attributable to the company was RMB 29.7 million, up from RMB 26 million year-on-year [14] - As of March 31, 2025, cash and cash equivalents totaled approximately RMB 984.5 million (around USD 135.7 million) [15] Business Line Data and Key Metrics Changes - The advertising business faced challenges, with existing clients reducing spending, but new client acquisition helped balance revenue [18] - Seasonal fluctuations were noted in certain industries, such as a sharp drop in alcohol advertising, while growth was seen in finance, e-commerce, consumer goods, and electronics [18] - The company focused on refining creative content and events to increase pricing premiums for clients [19] Market Data and Key Metrics Changes - The advertising market remains cautious, but there are signs of improvement compared to Q1 [19] - Advertisers are increasingly focusing on brand value and media influence, which the company aims to leverage [19] Company Strategy and Development Direction - The company plans to deepen content innovation and expand commercial opportunities while enhancing operational efficiency [5][12] - There is a commitment to creating more viral IPs to bolster user loyalty and brand influence [12] - The company is exploring marketing partnerships with overseas companies in China to stay competitive [20] Management's Comments on Operating Environment and Future Outlook - Management acknowledged the complex global and regional events impacting operations but emphasized the company's resilience and ability to deliver authoritative reporting [4][6] - Looking ahead to Q2 2025, the company forecasts total revenues between RMB 182.1 million and RMB 197.1 million, with net advertising revenues projected between RMB 148.7 million and RMB 158.7 million [15] Other Important Information - The company highlighted its success in breaking major news stories and engaging audiences through innovative content formats [6][7] - The launch of new content initiatives, such as the investigative series on tariffs and NEV safety, has driven user engagement and brand visibility [8][9] Q&A Session Summary Question: Insights on the trends and outlook for the company's advertising business in Q1 2025 - The advertising business faced severe challenges, but the team showed resilience [17] - Existing clients reduced spending, but new client revenue grew significantly [18] - Seasonal fluctuations affected certain industries, but growth was achieved in finance, e-commerce, and consumer goods [18] - Advertisers remain cautious, but there is an improving trend compared to Q1 [19] - The company is focusing on brand value and media influence to create value for clients [19][20]

Core Viewpoint - Phoenix New Media reported a slight revenue increase in Q1 2025, driven by growth in paid services, despite a decline in advertising revenue [1][2]. Financial Performance - Total revenue for Q1 2025 was RMB 155.2 million (approximately USD 21.4 million), a 1.4% increase from RMB 153.0 million in Q1 2024 [1][2]. - Advertising net revenue decreased by 13.1% to RMB 120.5 million (approximately USD 16.6 million) from RMB 138.6 million in the same period last year [1][2]. - Paid services revenue surged by 141.0% to RMB 34.7 million (approximately USD 4.8 million) compared to RMB 14.4 million in Q1 2024 [3]. - Paid content revenue increased by 387.5% to RMB 31.2 million (approximately USD 4.3 million) from RMB 6.4 million in Q1 2024 [3]. Cost and Profitability - Total costs for Q1 2025 were RMB 92.5 million (approximately USD 12.8 million), a decrease of 15.1% from RMB 109.0 million in Q1 2024 due to strict cost control measures [4]. - Gross profit rose by 42.5% to RMB 62.7 million (approximately USD 8.6 million), with a gross margin of 40.4%, up from 28.8% in Q1 2024 [4]. Operating Expenses and Losses - Total operating expenses increased by 25.6% to RMB 101.1 million (approximately USD 13.9 million) from RMB 80.5 million in Q1 2024, primarily due to higher sales and marketing expenses related to new digital reading services [5]. - Operating loss for Q1 2025 was RMB 38.4 million (approximately USD 5.3 million), compared to RMB 36.5 million in Q1 2024 [6]. Other Income and Net Loss - Other income for Q1 2025 totaled RMB 5.0 million (approximately USD 0.7 million), down from RMB 9.7 million in Q1 2024 [7]. - The net loss attributable to Phoenix New Media was RMB 29.7 million (approximately USD 4.1 million), compared to RMB 26.0 million in Q1 2024 [8][9]. Balance Sheet - As of March 31, 2025, the company had cash and cash equivalents totaling RMB 984.5 million (approximately USD 135.7 million) [10]. Performance Outlook - The company expects Q2 2025 total revenue to be between RMB 182.1 million and RMB 197.1 million, with advertising net revenue projected between RMB 148.7 million and RMB 158.7 million [11].

Exhibit 99.1 Phoenix New Media Reports First Quarter 2025 Unaudited Financial Results Live Conference Call to be Held at 9:30 PM U.S. Eastern Time on May 13, 2025 BEIJING, China, May 14, 2025 — 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 first quarter ended March 31, 2025. Mr. Yusheng Sun, CEO of Phoenix New Media, stated, "In the first quarter of 2025, we navigated compl ...

Group 1 - The core viewpoint of the news is that Phoenix New Media (FENG) has shown a significant increase in stock price and positive financial performance, with a notable rise in net profit year-over-year [1][3] - As of May 12, 2023, Phoenix New Media's stock price rose by 6.97% to $2.15 per share, with a total market capitalization of $25.8232 million [1] - Financial data indicates that for the year ending December 31, 2024, the total revenue of Phoenix New Media is projected to be 704 million RMB, reflecting a year-over-year growth of 1.69%, while the net profit attributable to shareholders is expected to be -53.554 million RMB, showing a significant increase of 47.75% year-over-year [1] Group 2 - Phoenix New Media is recognized as a leading cross-platform new media company, operating major platforms such as Phoenix Net, Mobile Phoenix Net, and Phoenix Video, providing high-quality content and services to mainstream Chinese audiences [2] - The company integrates various media content, including user-generated content and professional media, to offer comprehensive news, in-depth reports, and interactive applications, catering to diverse user needs [2] - Phoenix New Media has received multiple awards for its contributions to media integration and innovation, including the "China Best Media Integration Award" and "China New Media Contribution Award" [2]

Group 1 - The stock price of Phoenix New Media (FENG) increased by 3.59% on May 6, closing at $2.227 per share, with a total market capitalization of $26.74 million [1] - As of December 31, 2024, Phoenix New Media reported total revenue of 704 million RMB, representing a year-on-year growth of 1.69%, while the net profit attributable to shareholders was -53.55 million RMB, showing a significant year-on-year increase of 47.75% [1] - The company is set to disclose its Q1 2025 financial report on May 12, with the actual release date subject to company announcement [1] Group 2 - 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, focusing on providing high-quality content and services to mainstream Chinese audiences [2] - The company integrates content from various professional media organizations, user-generated content, and its own professional content, offering a comprehensive range of news, in-depth reports, financial products, and interactive applications [2] - Phoenix New Media has received multiple awards for its contributions to media integration and innovation, including the "China Best Media Integration Award" and "China New Media Contribution Award" [2]

Core Viewpoint - Phoenix New Media (FENG) has shown a positive stock performance with a 6.12% increase, reaching $1.995 per share, and a total market capitalization of $23.96 million as of April 29 [1] Financial Performance - For the fiscal year ending December 31, 2024, Phoenix New Media reported total revenue of 704 million RMB, reflecting a year-on-year growth of 1.69% [1] - The company achieved a net profit attributable to shareholders of -53.55 million RMB, which represents a significant year-on-year increase of 47.75% [1] Upcoming Events - Phoenix New Media is scheduled to disclose its Q1 2025 financial report on May 12, with the actual release date subject to company announcements [1] 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 [2] - The company integrates various media content, including professional and user-generated content, to provide comprehensive news, in-depth reports, and interactive services [2] - Phoenix New Media has received multiple awards for its contributions to media integration and innovation, including the "China Best Media Integration Award" and "China New Media Contribution Award" [2]

Financial Performance - Revenue contributed by the VIEs accounted for 44.5%, 43.4%, and 47.9% of total revenues for the years ended December 31, 2022, 2023, and 2024, respectively[36]. - The company reported a net loss attributable to Phoenix New Media Limited of RMB 53.6 million for the year ended December 31, 2024, compared to a net loss of RMB 102.5 million for 2023 and RMB 109.7 million for 2022[54][55]. - Total operating expenses for the year ended December 31, 2024, were RMB 333.4 million, an increase from RMB 353.6 million in 2023 and RMB 428.6 million in 2022[54][55]. - Third-party revenues for the year ended December 31, 2024, were RMB 703.7 million, compared to RMB 692.0 million in 2023 and RMB 785.7 million in 2022[54][55]. - The gross profit for the year ended December 31, 2024, was RMB 268.7 million, showing a decrease from RMB 227.9 million in 2023 and RMB 237.2 million in 2022[54][55]. - The loss from operations for the year ended December 31, 2024, was RMB 64.7 million, compared to RMB 125.7 million in 2023 and RMB 191.4 million in 2022[54][55]. - The company reported inter-company revenues of RMB 51.5 million for the year ended December 31, 2024, compared to RMB 33.3 million in 2023 and RMB 8.2 million in 2022[54][55]. - The company has indicated that undistributed earnings subject to dividend tax are expected to be indefinitely reinvested for the foreseeable future[49]. - The hypothetical net distribution to shareholders, assuming a future dividend, would be 67.5% of pre-tax earnings after accounting for a 25% income tax and a 10% withholding tax[50]. Debt and Financing - As of January 1, 2022, subsidiaries had debt financing from Phoenix New Media Limited of RMB834.6 million, and VIEs had debt financing from subsidiaries of RMB255.9 million[46]. - In 2024, subsidiaries received RMB15.9 million (US$2.2 million) of debt financing from Phoenix New Media Limited[46]. - VIEs and their subsidiaries repaid RMB77.6 million of debt financing to subsidiaries in 2022 and received RMB229.9 million of debt financing in 2023[46]. - The cash flow from financing activities showed a net cash used of RMB (1,901,000) in 2024, compared to a net cash provided of RMB (655,000) in 2023, indicating a significant shift in financing activities[58]. Regulatory and Compliance Risks - The company faces risks related to the enforcement of contractual arrangements with VIEs, which may not be as effective as ownership[38]. - The Holding Foreign Companies Accountable Act may affect the company's ability to maintain its listing on the NYSE[40]. - The company is subject to uncertainties regarding future PRC laws and regulations that could impact its operations and financial performance[39]. - The lack of an Internet audio-visual program transmission license may expose the company to administrative sanctions, affecting paid mobile video services and video advertising services[64]. - The company may face adverse effects from changes in PRC regulations regarding foreign investment in Internet businesses, which could lead to severe penalties or loss of interests in operations[66]. - The company may be subject to PRC regulations that could restrict its online advertising services, impacting its business operations[72]. - The company is not currently in compliance with the MIIT 2006 Notice regarding ownership of trademarks used in telecommunications services[130]. - The complexity and uncertainties in PRC regulations may adversely affect the company's ability to own key assets, including PC websites and mobile applications[133]. Advertising and Revenue Generation - The company expects to continue relying on advertising to drive a significant portion of future revenues, with potential material impacts if existing advertisers are not retained or new advertisers are not attracted[63]. - In 2022, 2023, and 2024, the company generated 88.7%, 89.5%, and 89.6% of its total revenues from advertising services, respectively[71]. - The ability to retain existing advertisers and attract new ones is crucial for the company's future growth and operating results[72]. - The majority of net advertising revenues in China were derived from advertising agencies in 2022, 2023, and 2024, indicating a reliance on these agencies for sourcing advertisers and collecting revenue[78]. - Consolidation among advertising agencies in China may lead to increased service fees, negatively impacting net advertising revenues[79]. Operational Challenges - The company faces risks related to the inability to successfully expand its mobile strategy and increase mobile advertising revenues, which could materially affect business and growth prospects[63]. - The company may experience fluctuations in quarterly revenues and operating results, making predictions difficult and potentially causing results to fall short of expectations[65]. - The company must continue to provide high-quality content to attract and retain users; failure to do so may result in reduced user traffic and competitiveness[80]. - The company launched an e-commerce business in 2020 to leverage its user base, but success is not guaranteed[86]. - The company faces significant competition from various media and online service providers, which may impact user traffic and advertising revenue[88]. Assets and Liabilities - Total assets as of December 31, 2024, amounted to RMB 1,711,927,000, a decrease from RMB 1,758,744,000 as of December 31, 2023, reflecting a decline of approximately 2.65%[56][57]. - Cash and cash equivalents increased to RMB 607,579,000 in 2024 from RMB 527,407,000 in 2023, representing a growth of about 15.2%[56][57]. - Total liabilities decreased to RMB 598,517,000 in 2024 from RMB 595,121,000 in 2023, indicating a slight increase of approximately 0.4%[56][57]. - Total shareholders' equity as of December 31, 2024, was RMB 1,113,410,000, a decrease from RMB 1,163,623,000 in 2023, reflecting a decline of approximately 4.3%[56][57]. - The amount due from inter-company entities was RMB 2,375,593,000 as of December 31, 2024, compared to RMB 1,969,665,000 in 2023, indicating an increase of approximately 20.6%[56][57]. Legal and Intellectual Property Issues - The company has been subject to various legal proceedings, which could materially affect its financial condition and results of operations[151]. - The company faces increased risks of intellectual property infringement claims, with potential substantial damages and operational disruptions[156]. - The company has been fined RMB250,000 for disseminating content without proper licensing rights[157]. - The company may be subject to copyright claims in jurisdictions outside of China, which could be costly and time-consuming to defend[160]. Cybersecurity and Data Protection - The company is subject to various cybersecurity and data protection laws in China, which could lead to significant legal liabilities if not complied with[112]. - The Cybersecurity Law mandates that personal information and important data must be stored within China, with potential penalties for non-compliance[113]. - The company may face operational disruptions if classified as a "critical information infrastructure operator" under the Cybersecurity Review Measures, which could impact user registration and business operations[115]. Economic and Market Conditions - China's GDP growth was reported at 5% in 2024, indicating a deceleration in economic growth since 2012[165]. - The Chinese economy has shown uneven growth, which may adversely affect the company's operations and financial condition[218]. - The PRC government continues to exert significant control over economic growth and industry development, impacting the company's competitive position[216]. Shareholder and Governance Issues - The company's dual-class ordinary share structure may discourage potential change of control transactions, affecting shareholder interests[70]. - Phoenix TV (BVI) owned 55.0% of the total issued shares as of March 31, 2025, giving it 61.4% of the total voting power, which may not align with the interests of other shareholders[196]. - The company may encounter conflicts of interest with Phoenix TV due to its controlling beneficial ownership, potentially affecting decision-making[197].

Financial Data and Key Metrics Changes - Total revenues for Q4 2024 were RMB 218.1 million, representing a 3% increase year-on-year from RMB 211.8 million [14] - Net advertising revenues were RMB 189 million, down from RMB 197 million in the same period last year [15] - Paid services revenues reached RMB 29.1 million, a significant 96.6% increase year-on-year from RMB 14.8 million, driven by new digital reading services [15] - Gross margin improved to 44.5%, up from 43.1% in the same period last year [15] - Net loss attributable to the company was RMB 3.6 million, compared to a net income of RMB 8.1 million in the same period last year [17] Business Line Data and Key Metrics Changes - The paid services revenue growth was primarily attributed to the paid short story novel business launched on third-party platforms, which tapped into traffic ecosystems like Douyin, Kuaishou, and WeChat [22] - The company achieved notable revenue gains from its new digital reading services, although the overall profit margin remained modest due to related promotion fees recorded under sales and marketing expenses [22] Market Data and Key Metrics Changes - The company experienced growth in advertising revenue despite a broader slowdown in the online advertising market, indicating effective strategies to attract advertisers [25] - The sales team shifted to industry-specific divisions, focusing on sectors such as public sector and FMCG, which contributed to the growth in advertising revenue [26][27] Company Strategy and Development Direction - The company remains committed to professionalism and quality in content, achieving year-on-year revenue growth [5] - There is a focus on social responsibility and commercial exploration, with plans to continue delivering high-quality content while creating sustainable social and commercial value [13] Management's Comments on Operating Environment and Future Outlook - Management highlighted the importance of rapid response and professional depth in news coverage, particularly during significant events like the US election and South Korea's martial law crisis [7][8] - The company forecasts total revenues for Q1 2025 to be between RMB 147 million and RMB 162 million, with net advertising revenues projected between RMB 112 million and RMB 122 million [18] Other Important Information - The company held impactful events reflecting cultural values and commitment to social good, such as the 2024 China Power Person of the Year Gala [11] - The company’s cash and cash equivalents, term deposits, short-term investments, and restricted cash totaled approximately US$143.3 million as of December 31, 2024 [17] Q&A Session Summary Question: Factors contributing to the growth in paid services revenue - Management explained that the growth in paid services revenue was driven by the paid short story novel business launched on third-party platforms, which tapped into traffic ecosystems like Douyin, Kuaishou, and WeChat [21][22] Question: Strategies used to attract advertisers despite market slowdown - Management shared that the growth in advertising revenue was achieved through two key approaches: shifting the sales team to industry-specific divisions and accelerating innovation in content resources and marketing products [25][26][27]