Core Viewpoint - Phoenix New Media reported a total revenue of RMB 200.9 million (approximately USD 28.2 million) for Q3 2025, representing a 22.3% increase compared to RMB 164.3 million in Q3 2024, driven by growth in paid services and advertising revenue [1][2][3] Financial Performance - Total revenue for Q3 2025 was RMB 200.9 million (approximately USD 28.2 million), up 22.3% from RMB 164.3 million in Q3 2024, primarily due to increases in paid services and advertising revenue [2][3] - Advertising net revenue reached RMB 159.3 million (approximately USD 22.4 million), a 7.3% increase from RMB 148.4 million in Q3 2024 [1][2] - Paid services revenue was RMB 41.6 million (approximately USD 5.8 million), a significant increase of 161.6% from RMB 15.9 million in Q3 2024, with paid content revenue contributing RMB 38.3 million (approximately USD 5.3 million), up 279.2% year-over-year [3] Cost and Profitability - Total costs for Q3 2025 were RMB 105.2 million (approximately USD 14.8 million), a 3.1% increase from RMB 102 million in Q3 2024 [4] - Gross profit increased by 53.6% to RMB 95.7 million (approximately USD 13.4 million), with a gross margin of 47.6%, up from 37.9% in Q3 2024 [4] Operating Expenses and Losses - Total operating expenses for Q3 2025 were RMB 109 million (approximately USD 15.3 million), a 23.6% increase from RMB 88.2 million in Q3 2024, mainly due to higher sales and marketing expenses related to digital reading services [6] - Operating loss for Q3 2025 was RMB 13.3 million (approximately USD 1.9 million), improved from a loss of RMB 25.9 million in Q3 2024, with an operating margin of -6.6% compared to -15.8% in the previous year [6] Other Income and Losses - Other net income for Q3 2025 totaled RMB 16.3 million (approximately USD 2.3 million), compared to RMB 6.9 million in Q3 2024, including net interest income and gains from equity investments [7] Net Loss - The net loss attributable to Phoenix New Media for Q3 2025 was RMB 4.9 million (approximately USD 0.7 million), significantly reduced from RMB 18.5 million in Q3 2024, with a net margin of -2.4% compared to -11.3% in the previous year [8][9] Balance Sheet - As of September 30, 2025, the company had cash and cash equivalents, time deposits, short-term investments, and restricted funds totaling RMB 1 billion (approximately USD 140.5 million) [10] Performance Outlook - The company expects total revenue for Q4 2025 to be between RMB 205.9 million and RMB 220.9 million, with advertising net revenue projected between RMB 171.4 million and RMB 181.4 million, and paid services revenue expected to be between RMB 34.5 million and RMB 39.5 million [11]

（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 上市附屬公司–鳳凰新媒體有限公司 2025 年第三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11月13日就鳳凰新媒體2025年第 三季度的未經審核財務業績(「業績」)，向美國證券及交易局(the United States Securities and Exchange Commission)提交6-K表格。詳情請參閱隨附的業績。 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 ...

Core Viewpoint - Huya's Q3 2025 financial report shows a revenue growth of 9.8% year-on-year, but a significant decline of 53.5% in net profit under non-GAAP standards, indicating challenges in profitability despite revenue growth [12][15]. Revenue Performance - In Q3 2025, Huya achieved a revenue of 1.69 billion yuan, marking a 9.8% increase and ending a streak of quarterly revenues below 1.6 billion yuan since Q4 2023 [12]. - Game-related services, advertising, and other revenues reached 530 million yuan, up 29.6% year-on-year, contributing over 30% to total revenue for the first time [12][13]. Profitability Analysis - The non-GAAP net profit for Q3 2025 decreased by 53.5% year-on-year, continuing a trend of three consecutive quarters of decline [12][15]. - The company's non-GAAP operating profit was reported at 6.3 million yuan, showing significant improvement compared to the same period last year [16]. Cost Structure - Total operating expenses for Q3 2025 were 250 million yuan, remaining stable compared to the previous year [17]. - R&D expenses decreased from approximately 130 million yuan in Q4 2024 to about 120 million yuan in Q3 2025, a decline of 2.8% [17]. User Engagement - Huya reported a total monthly active user count of 162 million in Q3 2025, compared to 84 million mobile active users reported in Q3 2024 [18].

（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 」 ) ...