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]

Group 1: Industry Overview - The new media industry utilizes digital technology to provide information and services through various channels, with a focus on devices like smartphones, computers, and digital TVs [1] - In 2024, China's smartphone shipments are projected to reach 286 million units, with color TV production at 207 million units, and shipments of tablets and PCs at 29.87 million and 37.53 million units respectively [1] Group 2: User Growth in New Media Applications - In 2024, user growth in various new media applications continues, with online literature, food delivery, online payment, and online travel booking seeing the fastest growth, increasing by 54.74 million, 47.77 million, 75.05 million, and 39.35 million users respectively, with growth rates of 10.5%, 8.8%, 7.9%, and 7.7% [2] Group 3: Investment Trends in New Media - From 2017 to 2024, the new media industry in China experienced 439 financing events totaling 59.452 billion yuan, with an average single financing amount exceeding 100 million yuan [3] - The peak financing year was 2019, with 65 events and a total of 12.504 billion yuan, but the number and amount of financing events have declined since then, with only 8 events and 0.395 billion yuan in 2024 [3] Group 4: Investment Funds in New Media - The number of domestic new media-related investment funds is limited, primarily concentrated in developed cities like Beijing, Zhejiang, and Guangdong, with Beijing Digital Matrix Investment Management Co., Ltd. managing the most funds, totaling 21 [5]

Short Video Sector - The competitive landscape of short video platforms has evolved from a "duopoly" to a "tripod" structure, with Douyin maintaining over 600 million daily active users, and Kuaishou achieving an average of 685 million monthly active users and 387 million daily active users, both reaching new highs [1][4] - WeChat Video Account has become a significant player in the short video market, integrating various features such as messaging, Moments, public accounts, mini-programs, and "Look" [1] - Other short video platforms like CCTV Video, Xigua Video, Tencent Weishi, and Haokan Video are carving out niches with average monthly active users ranging from 100 million to 300 million [1] Long Video Sector - In the long video sector, major platforms such as iQIYI, Tencent Video, Mango TV, Youku, Bilibili, and Migu Video account for nearly 93% of the market penetration [7] - As of August 2024, the top five video apps by monthly active users are iQIYI (394 million), Tencent Video (386 million), Mango TV (268 million), Bilibili (219 million), and Youku (199 million), with Youku lagging significantly behind the top three [10] Live Streaming Sector - The live streaming market is dominated by platforms like Douyu, Huya, and YY, which collectively hold a market share of 74.2%, indicating a strong concentration of users in entertainment and gaming live streaming [11] Gaming Sector - In the gaming industry, Tencent Games leads with a revenue of 48.505 billion yuan in the first half of 2024, followed by NetEase with 20.9 billion yuan in revenue for the first three quarters of 2024 [14][15]