Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 94

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 4
Chunk 94
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, mobile news application, mobile video application, mobile digital reading applications and mobile Internet websites. We also act as a unique and quality content provider for multiple third-party channels. The appeal of our brand is enhanced by its affiliation with the “ Phoenix” (“ 鳳凰”) brand of Phoenix TV.

In 2024, we earned revenues from advertising and paid services, which accounted for 89.6% and 10.4% of our total revenues, respectively. We report advertising revenues on a net basis, after deducting the agency service fees we pay to advertising agencies and the value-added tax, or VAT, and the cultural development fee. Building on our core competencies of content production capability, dedication to serious journalism and cutting-edge technology, we continue to create values for our advertising clients.

Our Paid services revenues comprise (i) revenues from paid contents and (ii) revenues from E-commerce and others. In 2024, we derived 63.7% of our paid services revenue from paid content and 36.3% from E-commerce and others.

Our business and operating results are affected by general factors affecting China’s new media industry, which include China’s overall economic growth, per capita disposable income, the trend of media convergence, growth of new media and its popularity as an advertising medium, growth of Internet (including mobile Internet) penetration, adoption of paid services, including 3G /4G mobile services, and smart phones. Unfavorable changes in any of these general industry conditions could negatively affect demand for our services and negatively and materially affect our operating results.

Our business, operating results, financial condition and future growth are more directly affected by company specific factors and trends, including:

· our ability to maintain and expand our target user base;

· our ability to provide effective advertising services and enhance our pricing power;

· our ability to grow our paid services on both mobile operators’ platforms and our own platforms; and

· our ability to procure and produce content in a cost-effective manner.