Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 108

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 5
Chunk 108
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49.5 million (US$6.8 million) in 2024. The decrease was primarily due to the decrease in project costs paid to Phoenix TV Group and revenue sharing fees paid to China Mobile, partially off-set by the increase in content costs paid to Phoenix TV Group.
•Our operating expenses due to transactions with related parties decreased from RMB10.8 million in 2023 to RMB7.2 million (US$1.0 million) in 2024, which mainly comprised of trademark license fees and other operating expenses charged by Phoenix TV Group.
Other Income, Net. Our other income, net decreased from a gain of RMB29.6 million in 2023 to a gain of RMB16.4 million (US$2.3 million) in 2024. The decrease in other income, net in 2024 was mainly due to the increase in loss from equity method investments, including impairment recognized in 2024.
Income Tax Expense or Benefit. Our income tax expense was RMB13.0 million in 2023 and our income tax expense was RMB4.6 million (US$0.6 million) in 2024. The income tax expense recognized in 2024 was mainly caused by the deferred tax expense recognized as there was decrease in deferred tax assets in 2024. Our effective tax rate was negative 9.6% in 2024 as compared to negative 13.5% in 2023. The change in effective tax rate was mainly due to the changes in valuation allowance and certain permanent difference items.
Net Loss Attributable to Phoenix New Media Limited. As a result of the foregoing, net loss attributable to our company was RMB102.5 million in 2023 and RMB53.6 million (US$7.3 million) in 2024.
Year Ended December 31, 2023 Compared to Year Ended December 31, 2022
For a discussion of the Group’s results of operations for the year ended December 31, 2023 compared with the year ended December 31, 2022, see “Item 5. Operating and Financial Review and Prospects⸺A. Operating Results⸺ Year Ended December 31, 2023 Compared to Year Ended December 31, 2022” in our annual report on Form 20-F for the year ended December 31, 2023, filed with the SEC on April 25, 2024.

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