Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 24

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 4
Chunk 24
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 - We may not be able to continue to receive the same level of support from Phoenix TV Group in the future. We could lose our license and priority over any third party to use Phoenix TV Group’s content and licensed trademarks, which would have an adverse effect on our paid services business, and would also negatively affect our video advertising business. Together, these impacts could have an adverse effect on our business and operating results” and “ Item 3. Key Information - D. Risk Factors - Risks Relating to Our Corporate Structure - We may have conflicts of interest with Phoenix TV and, because of Phoenix TV’s controlling beneficial ownership interest in our company, may

not be able to resolve such conflicts on terms favorable for us.”

Our Content

Content selection, editing and production are core focuses of our business. We strive to deliver the most up-to-date, in-depth, exclusive and thought-provoking content to our users. For example, we provide professionally generated content through content licensing agreements with leading third-party providers such as China News Service, Xinhua News Agency and the Huanqiu. com, and top Chinese image suppliers. In addition, under the 2024 Program Resource License and Cooperation Agreement with Phoenix TV Group, we hold exclusive rights to broadcast copyrighted video content of Phoenix TV from (i) all television channels of Phoenix TV and its subsidiaries and (ii) third-party platforms on the internet in mainland China, with such content also broadcasted on the television channels of Phoenix TV and its subsidiaries.

Our core competitive edge lies in our original content production capabilities. Our diverse content matrix spans genres like in-depth commentary, investigative reporting, interviews, and premium IP production, delivered through text, image, video and livestreaming. For example, our mini-documentary series Journey (" 旅途"), which earned the China Documentary Top 10 Award, portrayed the lives of ordinary people, spotlighting their personal aspirations in a compelling format. Our original columns and programs each carry a distinct voice and style aligned with our branding identity. This approach not only enhances our brand image, but also fosters a unique connection with users and advertisers, unlocking sustainable, long-term value from our brand equity.

We also enrich our users’ online reading experience by offering a plenty of high-quality literary content, including science fiction, urban romantic fiction, and mystery novels. Furthermore, we are adapting these works into online series, comic books, audiobooks and short-form videos to broaden our content portfolio and meet evolving audience demands.

Content Verticals

Our content covers a