Company: FENG
Filing Date: 2025-04-18
Form Type: 20-F
Source: 0000950170-25-055759
Chunk: 109

Company: Phoenix New Media Ltd
Filing Date: 2025-04-18
Form: 20-F
Item: Item 5
Chunk 109
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 flows, existing cash balances and term deposits and short-term investments, we may require additional cash resources due to changed business conditions or other future developments, including any investments or acquisitions we may decide to pursue. If these sources are insufficient to satisfy cash requirements, we may seek to sell additional equity or debt securities or to obtain additional credit facilities. The sale of additional equity or equity-linked securities could result in additional dilution to shareholders. The incurrence of indebtedness would result in increased debt service obligations and could result in operating and financial covenants that would restrict operations. Financing may not be available in amounts or on terms acceptable to us, if at all.
Operating Activities
In 2024, our net cash used in operating activities were RMB44.3 million (US$6.1 million). This was primarily due to our net loss of RMB52.9 million (US$7.3 million), adjusted by non-cash adjustments, which mainly included amortization of the right-of-use assets of RMB21.1 million (US$2.9 million), loss from equity method investments, including impairment of RMB16.0 million (US$2.2 million), depreciation and amortization expenses of RMB13.8 million (US$1.9 million), the deferred tax expense of RMB6.9 million (US$0.9 million), share-based compensation of RMB1.5 million (US$0.2 million) and reversal of allowance for expected credit losses of RMB3.2 million (US$0.4 million). The decrease in cash from working capital items of RMB48.3 million (US$6.2 million) was also included in operating cash flows.
In 2023, our net cash used in operating activities were RMB60.8 million. This was primarily due to our net loss of RMB109.1 million, adjusted by non-cash adjustments, which mainly included depreciation and amortization expenses of RMB21.5 million, amortization of the right-of-use assets of RMB21.0 million, provision for allowance for expected credit losses of RMB14.3 million, loss from equity method investments, including impairment of RMB11.1 million, share-based compensation of RMB3.7 million, and the deferred tax expense of RMB18.9 million. The decrease in cash from working capital items of RMB43.4 million was also included in operating cash flows.
In 2022, our net cash