Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 100

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 5
Chunk 100
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-media and other personal content providers, (iv) the license fees we pay to Phoenix TV Group for the use of its content, (v) production costs related to our in-house produced content, (vi) the urban maintenance and construction tax, education surcharges and local education surcharges, and (vii) operational costs, which consist of channel testing costs, event costs incurred in connection with advertising revenue-generating activities, rental costs, depreciation and amortization costs, and other miscellaneous costs.
Bandwidth Costs. Bandwidth costs are the fees we pay to mobile operators and other service providers for telecommunications services and for hosting our servers at their Internet data centers.
For more information about such taxes, surcharges and fees, see “—Taxation.” For more information about risks related to potential changes in the taxes applicable to us, see “Item 3. Key Information—D. Risk Factors—Risks Relating to Our Business and Industry—The discontinuation of any of the preferential tax treatments available to us in China could materially and adversely affect our operating results and financial condition.”
Operating Expenses
Our operating expenses consist of sales and marketing expenses, general and administrative expenses and technology and product development expenses, and include allocations of expenses from Phoenix TV. Share-based compensation is included in our operating expenses as they are incurred. The decrease in operating expenses from 2023 to 2024 was primarily attributable to the decrease in certain operating expense items as a result of the strict cost control measures taken in 2024, partially offset by the increase in promotion and advertising expenses incurred for the new digital reading services offered through mini-programs on third-party applications in 2024.

The following table sets forth our operating expenses, divided into their major categories, by amount and by percentage of total revenues for the years indicated.

                                                 For the Years Ended December 31,                                                                                                  
                                              2022                                   2023                                    2024                                                  
                                                 RMB                         %           RMB                         %           RMB                   US$                        %
                                                 (In thousands except percentages)                                                                                                 
Operating expenses:                                                                                                                                                                
Sales and marketing expenses                         204,984              26.1               155,939              22.5               184,239               25,241              26.2
General and administrative expenses                   91,846              11.7               114,974              16.6                78,436               10,746              11.1
Technology and product development expenses          131,807