（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]

Core Viewpoint - The article emphasizes the importance of learning from failures in early career experiences, highlighting that mistakes can lead to personal growth and better future opportunities [4][10][11]. Group 1: Career Journey - The individual initially pursued a degree in a less conventional field, influenced by the rise of new media, despite a background in science [1]. - The first internship in a bakery brand ended prematurely due to poor performance, leading to a significant blow to self-confidence [2][4]. - Inspired by a public figure's story of overcoming adversity, the individual found motivation to continue pursuing career goals [5]. Group 2: Job Experiences - After graduation, the individual secured a monotonous job at a large company, which led to a decision to leave in search of more fulfilling work [6][8]. - Transitioning into the education and training industry involved facing numerous rejections and challenges, including a company-wide layoff [8]. - A period of self-reflection and planning followed, leading to a position in a prominent self-media studio, marking a significant growth phase [8]. Group 3: Learning from Mistakes - The article discusses how early career mistakes are common and serve as valuable learning experiences, helping to identify personal weaknesses [9][10]. - The narrative encourages a positive perspective on failures, suggesting they should be viewed as opportunities for growth rather than setbacks [10][11]. - The overall message is that the journey in the workplace is a marathon, where perseverance and the ability to learn from errors are crucial for long-term success [11].

Group 1 - The shareholder, Hengqin Hongtu Rongyao Venture Capital Partnership (Limited Partnership), plans to reduce its holdings by a maximum of 6,843,437 shares, which accounts for 2.99% of the total share capital of the company [1][2] - The reduction will occur within three months from August 18, 2025, to November 17, 2025, through centralized bidding or block trading [1][2] - The total share capital of the company is 229,130,909 shares, and after excluding the shares in the repurchase account as of June 30, 2025, the adjusted share capital is 228,114,591 shares [2] Group 2 - The shareholder holds 7,084,724 shares, representing 3.09% of the total share capital and 3.11% of the adjusted share capital [2] - The shareholder has committed to comply with regulations regarding share transfers and will announce the reduction plan three trading days prior to the reduction [2][3] - If there are changes in the company's capital structure during the reduction period, the number of shares to be reduced will be adjusted accordingly [2] Group 3 - The company will report and disclose the reduction plan to the stock exchange 15 trading days before the first sale [3] - The total number of shares reduced through centralized bidding cannot exceed 1% of the total shares within any continuous 90-day period [3] - The company has confirmed that the reduction will not affect its control or governance structure [5]

Core Viewpoint - The emergence of "Xiao Lei Smart Home" has sparked discussions, but it is not related to Lei Jun or Xiaomi, as it is a brand under Guangdong Xiao Lei Technology Co., Ltd, established in November 2015 [3][4] Group 1: Brand Identity and Market Perception - "Xiao Lei Smart Home" name is perceived as similar to Xiaomi, leading to accusations of "picking up" Xiaomi's brand, but this is more about the commonality of good business names rather than direct imitation [4][5] - The phenomenon of "executive IP" is highlighted, where company founders or executives become the face of the brand, creating a strong association between the individual and the company [5][7] Group 2: Executive IP Strategy - Lei Jun is cited as a prime example of successful executive IP, where his persona has become synonymous with Xiaomi, blurring the lines between the individual and the brand [5][7] - The risks of executive IP include potential misinterpretation and brand dilution, as seen with the emergence of similar names that may confuse consumers [7][13] Group 3: Benefits of Executive IP - Executive IP can enhance brand relatability and consumer engagement, as it allows for a more personal connection compared to traditional external endorsements [8] - Utilizing executives as brand representatives can mitigate risks associated with external spokespersons, who may cause reputational damage if they fail [8][10] Group 4: Challenges and Considerations - Not all executives are suited to become brand ambassadors; the effectiveness of executive IP relies on a consistent and supportive brand strategy [15] - The case of Dong Mingzhu illustrates that while executive IP can strengthen brand identity, it can also lead to negative consequences if not managed properly [12][15]

Core Viewpoint - The article discusses the challenges faced by new media professionals in major cities, highlighting the decline of traditional platforms like WeChat and the difficulties in transitioning to short video platforms like Douyin and Xiaohongshu. It emphasizes the changing job market and the struggles of individuals in the industry as they face job insecurity and a lack of opportunities [3][4][5]. Group 1: Industry Trends - The new media industry has seen a significant decline, with the number of active editors and content creators dropping sharply, leading to a more competitive job market [15][16]. - The transition from WeChat to short video platforms has not yielded the expected results, with many professionals leaving the industry or facing job loss [18][20]. - The job market for new media roles has become increasingly challenging, with positions requiring a wide range of skills and offering lower salaries than before [45][46]. Group 2: Company Dynamics - Companies have shifted their focus from WeChat to short video platforms, leading to internal restructuring and layoffs in the WeChat departments [18][22]. - The cost-cutting measures within companies have become evident, with reductions in employee benefits and resources, such as office supplies [24][25]. - The article notes that despite the decline in WeChat's popularity, companies continue to generate profits from existing operations, indicating a reluctance to abandon profitable segments [16][32]. Group 3: Personal Experiences - The author reflects on the personal impact of industry changes, including job loss and the subsequent search for new opportunities, highlighting the emotional and financial challenges faced by individuals [4][34]. - The experience of working in a high-pressure environment has led to health issues, which improved after leaving the job, illustrating the toll that the industry can take on personal well-being [42][43]. - The article concludes with a sense of uncertainty about the future of new media professionals, emphasizing the need for adaptation in a rapidly changing job market [49][50].

Core Insights - The article reflects on the decline of the new media industry, particularly focusing on the challenges faced by content creators and the shift in job opportunities within the sector [2][5][90] Group 1: Industry Trends - The new media industry, particularly WeChat public accounts, has experienced a significant decline in engagement and personnel, with many employees leaving or being laid off [19][23][90] - The transition to short video platforms like Douyin and Xiaohongshu has not yielded substantial success, with many employees from the original public account teams leaving the company [26][30][34] - The job market for new media positions has drastically changed, with a notable reduction in quality and an increase in the number of responsibilities required for each role [81][88][90] Group 2: Employment Challenges - The article highlights the difficulties faced by new media workers, particularly those over 25, in finding suitable employment, often resulting in lower salaries and increased job responsibilities [87][92] - Companies are increasingly favoring younger, less experienced workers over seasoned professionals, leading to a challenging job market for experienced new media individuals [88][92] - The disparity between job expectations and actual job offers has widened, with many positions requiring a diverse skill set at lower pay [82][85][90]

Group 1 - Two companies terminated their IPO applications last week, both from the Shenzhen Stock Exchange: Guangdong Zhengyang Sensor Technology Co., Ltd. and Guizhou Duocai New Media Co., Ltd. [1] - Wuhan Heyuan Biotechnology Co., Ltd. became the first company to pass the IPO review under the new fifth standard of the Sci-Tech Innovation Board, after a wait of over two years [2][3] - Shenzhen Beixin Life Technology Co., Ltd. also passed the IPO review on July 18, 2023, after being in the queue for over two years [2][3] Group 2 - Guizhou Duocai New Media faced a single business risk, as its IPTV business accounted for over 99% of its revenue from 2019 to the first half of 2022 [4][5] - The company failed to submit its registration after 28 months post-approval, leading to the termination of its IPO application [4] - Guangdong Zhengyang Technology's cash dividend policy raised concerns, with a cumulative dividend payout of 83% of its net profit from 2020 to 2022, which is considered excessive [5][6] Group 3 - The new policies introduced on June 18, 2023, aimed to support high-quality, unprofitable tech companies in going public, including the reintroduction of the fifth standard for the Sci-Tech Innovation Board [2] - The review process for companies applying under the fifth standard has seen new developments, with three other companies still in the queue: Harbin Sizherui Intelligent Medical Equipment Co., Ltd., Shanghai Hengrun Da Biological Technology Co., Ltd., and Guangzhou Bibete Pharmaceutical Co., Ltd. [3]

Core Insights - The article highlights the collaboration between technology new media and traditional media, emphasizing the potential for enhanced communication and promotion of innovative companies and products through joint efforts [2][3][4]. Group 1: Company Overview - Hangzhou Xingao Media operates in a relaxed environment with no strict attendance policy, offering generous benefits and advanced equipment, which contributes to its success in the digital media space [1]. - The company has a significant online presence, with over 31 million total followers across various self-media IPs and has been recognized as one of the top 100 UP masters on Bilibili for six consecutive years [1]. Group 2: Collaboration and Synergy - The founder of Xingao Media, Pan Tianhong, advocates for collaboration between self-media and official media to enhance the discovery and promotion of quality companies and products [2]. - Executives from other tech companies echoed this sentiment, expressing the need for shared resources and opportunities to report on high-quality technology developments [2]. Group 3: Media Transformation - Traditional media is actively embracing transformation by adopting quicker and more engaging communication methods, such as digital news and character IPs, to stay relevant in the new media landscape [3]. - The collaboration between traditional and new media is seen as a way to combine experience and creativity, enhancing the overall effectiveness of communication strategies [3][4]. Group 4: Impact on Regional Development - The concept of "voice" is crucial for enhancing corporate visibility and influencing valuations, which in turn can drive regional development [5]. - Many small but technologically advanced companies in Hangzhou face challenges due to a lack of visibility, highlighting the need for media to amplify their presence [5][6]. Group 5: Future Initiatives - Upcoming events, such as the first Future Science π Carnival, aim to showcase technological innovations and attract attention to Hangzhou's unique strengths in tech [5]. - The potential for media collaboration in promoting innovative events and activities is seen as a way to generate impactful content and enhance the city's technological identity [5][6].

Core Insights - The article discusses the experiences of a former content writer who reflects on the pressures and challenges of working in a data-driven media environment, highlighting the emotional toll and loss of creativity associated with the industry [6][27][41] Group 1: Industry Challenges - The rise of self-media and the shift from traditional media to digital platforms have created a competitive environment where content creation is driven by data and metrics, often at the expense of genuine expression [8][9] - The pressure to produce "viral" content leads to a mechanical writing process, where authors are forced to conform to market preferences rather than explore their unique voices [13][14][16] - The industry's focus on metrics creates a culture where the quality of content is secondary to its performance, leading to a lack of meaningful engagement and creativity among writers [14][25] Group 2: Personal Impact - The author experienced significant emotional distress and a sense of numbness due to the demands of the job, which ultimately led to a decline in mental health and creativity [22][29] - After leaving the industry, the author found a renewed sense of purpose and creativity by stepping away from the pressures of content production, allowing for personal growth and exploration [5][41] - The transition from a structured work environment to a more flexible lifestyle enabled the author to reconnect with personal interests and passions, such as photography and writing, outside the constraints of commercial demands [32][38] Group 3: Reflection on Work and Life - The article emphasizes the importance of individual experiences and perspectives in shaping one's understanding of work and life, contrasting the rigid expectations of the media industry with the richness of personal exploration [27][39] - The author questions the necessity of relying on writing as a primary source of income, exploring alternative ways to engage with work and life that do not compromise personal values [30][31] - The narrative suggests that true fulfillment comes from authentic engagement with the world, rather than conforming to the demands of a fast-paced, data-driven industry [41][42]