Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 107

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 5
Chunk 107
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 advertising expenses incurred for the new digital reading business through mini-programs in 2024. Our share-based compensation allocated to operating expenses was RMB0.7 million (US$0.1 million) in 2024, as compared to RMB2.0 million in 2023. Our operating expenses as a percentage of revenues decreased from 51.0% in 2023 to 47.4% in 2024.
•Sales and marketing expenses. Our sales and marketing expenses increased by 18.1% from RMB155.9 million in 2023 to RMB184.2 million (US$25.2 million) in 2024. This increase was mainly due to the increase in promotion and advertising expenses incurred for the new digital reading business through mini-programs in 2024. 
•General and administrative expenses. Our general and administrative expenses decreased by 31.8% from RMB115.0 million in 2023 to RMB78.4 million (US$10.7 million) in 2024. This decrease was mainly caused by the decrease in allowance for expected credit losses in 2024 as we reversed more allowance for expected credit losses due to the collection of some long-aged accounts receivables and the decrease in certain operating expense items as a result of the strict cost control measures taken in 2024. 
•Technology and product development expenses. Our technology and product development expenses decreased by 14.4% from RMB82.7 million in 2023 to RMB70.8 million (US$9.7 million) in 2024. This decrease was mainly caused by the strict cost control measures taken in 2024. 
Related Party Transactions
•Our net advertising revenues from related parties increased by 328.8% from RMB9.6 million in 2023 to RMB41.2 million (US$5.6 million) in 2024, which was primarily attributable to the increase in advertising revenues earned from Phoenix TV Group. 
•Our paid service revenues from related parties decreased by 43.9% from RMB18.1 million in 2023 to RMB10.1 million (US$1.4 million) in 2024, which was primarily attributable to the decrease in paid services revenues generated from China Mobile. 
•Our cost of revenues due to transactions with related parties decreased by 2.8% from RMB50.9 million in 2023 to RMB