Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 112

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 5
Chunk 112
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IEs and subsidiaries of the VIEs to further expand their business in the PRC. The total amount of undistributed earnings of our entities located in the PRC for which no withholding tax had been accrued as of December 31, 2023 and 2024 were approximately RMB373.2 million and RM342.5 million (US$46.9 million), respectively. The amounts of the unrecognized deferred tax liabilities were RMB37.3 million and RMB34.3 million (US$4.7 million) as of December 31, 2023 and 2024, respectively.
Under regulations of the SAFE, the RMB is not convertible into foreign currencies for capital account items, such as loans, repatriation of investments and investments outside of Mainland China, unless prior approval of the SAFE is obtained and prior registration with the SAFE is made.

Material cash requirements
Our material cash requirements as of December 31, 2024 and any subsequent interim period primarily include our capital expenditures, operating lease obligations and purchase obligations.
We had capital expenditures of RMB34.0 million, RMB9.7 million and RMB5.2 million (US$0.7 million) in 2022, 2023 and 2024, respectively. The capital expenditures were mainly attributable to purchasing intangible assets, servers and network equipment. We expect capital expenditures to be approximately RMB5.8 million in 2025. We plan to fund our capital expenditures in 2025 with cash flows from our operations and remaining cash and cash equivalents as of December 31, 2024.
Our operating lease obligations consist of the commitments under the lease agreements for our office premises. We lease our office facilities under non-cancelable operating leases with various expiration dates. Our leasing expense was RMB27.6 million, RMB25.4 million and RMB23.8 million (US$3.3 million) for the years ended December 31, 2022, 2023 and 2024, respectively. The majority of our operating lease commitments are related to our office lease agreements in China.
Purchase obligations primarily consist of purchase obligations for bandwidth and property management fees, and purchase obligations for content assets under non-cancelable agreements for licensed copyrights and produced content.
We intend to fund our existing and future material cash requirements with our existing cash balance, term deposits and short-term investments. We will continue to make cash commitments, including capital expenditures, to support the growth of our business.
We have