Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 105

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 5
Chunk 105
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Excluding:                                                                                                                                                                                   
Share-based compensation                                                                                 7,881                     3,713                    1,542                     211    
Non-GAAP loss from operations                                                                         (183,554   )              (121,984   )              (63,179   )              (8,657   )
Net loss attributable to Phoenix New Media Limited                                                    (109,652   )              (102,496   )              (53,554   )              (7,337   )
Excluding:                                                                                                                                                                                   
Share-based compensation                                                                                 7,881                     3,713                    1,542                     211    
Loss from equity method investments, including impairments                                               8,195                    11,125                   15,964                   2,187    
Fair value changes in investments, net,                                                                 (2,664   )         440                               (604   )                 (83   )
Impairment of available-for-sale debt investments                                                        5,980                         —                        —                       —    
Income tax benefit related to the gain on disposal of available-for-sale debt investments*             (64,357   )                     —                        —                       —    
Non-GAAP adjusted net loss attributable to Phoenix New Media Limited                                  (154,617   )               (87,218   )              (36,652   )              (5,022   )
Note:
* In September 2022, we paid the withholding tax related to the disposal of available-for-sale debt investments in Particle of RMB176.0 million and recognized an income tax benefit of RMB64.4 million, which represented the difference between the actual withholding tax paid in 2022 and the previously accrued withholding tax.
Year Ended December 31, 2024 Compared to Year Ended December 31, 2023
Revenues. Our total revenues increased by 1.7% to RMB703.7 million (US$96.4 million) from RMB692.0 million in 2023. Net advertising revenues (net of advertising agency service fees and sales taxes and related surcharges) increased by 1.8% to RMB630.6 million (US$86.4 million) from RMB619.3 million in 2023. Paid service revenues increased by 0.6% to RMB73.1 million (US$10.0 million) from RMB72.7 million in 2023.
Cost of Revenues. Our cost of revenues for the year ended December 31, 202