Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 29

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 4
Chunk 29
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 through third-party advertising agencies. We mainly have three types of pricing models, consisting of the Cost Per Day (“ CPD”) model, the Cost Per Impression (“ CPM”) model, and the Cost Per Click (“ CPC”) model.

We strive to provide our advertisers with high-quality customer service. Our experienced sales professionals help advertisers to analyze their target audiences and create innovative campaign strategies and designs. We provide a variety of advertising solutions, including online advertisements, online video advertisements, user activities, live promotions and cross media public relations campaigns. We have an advertising tracking system, which records and maintains the traffic statistics and other data that can be used to measure the effectiveness of advertisements. After the release of a customer’s advertising campaign, we furnish them with a report on the campaign’s effectiveness either prepared in-house or by an independent research firm.

We have a diverse advertising client base, including both Chinese and international brand advertisers. Our top ten advertisers accounted for 22.2% of our total gross advertising revenues in 2024. Our advertisers generally are in the Internet services, automobile, liquor, public service, financial services, e-commerce, communication services, food & beverages, appliance, retail services, etc. In 2024, we strengthened our collaboration with Phoenix TV, which allows us to synergize our resources and client bases, creating a richer and more comprehensive suite of marketing solutions for a broader advertiser base.

Paid Services

Paid services revenues mainly consist of revenues from paid content and E-commerce. Revenues generated from paid contents include fees from digital reading and revenues from the sales of audio books and other content-related sales activities. E-commerce revenues are generated from the sales of goods through our e-commerce platform or other third-party platforms. The following table sets forth the percentage contribution of our various paid services to our paid services revenues and our total revenues in 2024.

  Paid Services Offerings                                           % of Paid Service Revenues                % of Total Revenues           
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Paid contents                                                                                                                             
  Digital reading, audio books and other content-related sales                                      63.7                               6.6  
  E-commerce and others                                                                                                                     
  E-commerce, MVAS and others                                                                       36.3                               3.8  

Our Advertising Execution Team

We have a dedicated team to manage the advertising execution which includes a series of review procedures on our advertising material before we display such material on our platform interfaces. This team checks advertisements to ensure that