Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 97

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 5
Chunk 97
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 assumptions affect our operating expenses on our consolidated statements of comprehensive income/(loss) and the allowance for expected credit losses contained within our accounts receivable, net on our consolidated balance sheets. See Note 4 of the Notes to the Financial Statements for more information regarding allowance for expected credit losses.
Nature of Estimates Required. We estimate the allowance for expected credit losses for receivables that share similar risk characteristics based on a collective assessment using a combination of measurement models and management judgment. The models consider factors such as historical trends in credit losses, recent portfolio performance, and forward-looking macroeconomic conditions. If we do not believe the models reflect lifetime expected credit losses for the portfolio, an adjustment is made to reflect management judgment regarding qualitative factors including economic uncertainty, observable changes in portfolio performance, and other relevant factors.
Assumptions Used. The provision for expected credit losses is estimated mainly based on past collection experience as well as consideration of current and future economic conditions and changes in our collection trends. We estimate the expected credit losses for financial assets with similar risk characteristics on a pool basis. The key assumptions used in the process of estimating the provision for expected credit losses include portfolio composition, loss severity and recoveries, and application of macroeconomic forecasts. The estimate of expected credit losses is sensitive to our assumptions in these factors. When one of our estimates of loss severity and recoveries and macroeconomic forecasts decreased/increased by 5% while holding all other estimates constant, there would be no significant impact to our consolidated results of operations.
Our estimate of the key assumptions did not change significantly throughout the periods presented.
Description of Key Statement of Comprehensive Income/(Loss) Items
Revenues
The following table sets forth the principal components of our total revenues by amount and by percentage of total revenues for the years presented.

                              For the Years Ended December 31,                                                                                                  
                           2022                                   2023                                    2024                                                  
                              RMB                         %           RMB                         %           RMB                   US$                        %
                              (In thousands except percentages)                                                                                                 
Revenues:                                                                                                                                                       
Net advertising revenues          696,664              88.7               619,260              89.5               630,590               86,390              89.6
Paid services revenues             89,043              11.3                72,760              10.5                73,105               10,015              10.4
Total revenues                    785,707             100.0               692,020