Phoenix New Media (FENG) investor relations material

Executive summary

• Focused on enhancing in-depth reporting, professional commentary, and flagship product quality to strengthen core columns and brand influence.

• Advanced integration of content and product formats, emphasizing credible journalism amid information overload.

• Fourth quarter 2025 revenues rose 1.9% year-over-year to RMB222.3 million, driven by strong growth in paid services, especially digital reading via mini-programs.

• Full year 2025 revenues increased 8.8% to RMB765.6 million, with paid services up 107% and net advertising revenues down 2.6% year-over-year.

• Net income for Q4 2025 was RMB45.3 million, reversing a net loss of RMB3.6 million in Q4 2024; full year net income was RMB0.3 million, compared to a net loss of RMB53.6 million in 2024.

Financial highlights

• Total revenues reached CNY 222.0 million in Q4, up 1.9% year-on-year; full year revenues were RMB765.6 million, up 8.8%.

• Net advertising revenues were CNY 181.1 million in Q4, down from CNY 189 million year-on-year; full year net advertising revenues declined 2.6% to RMB614.3 million.

• Paid services revenue rose 41.6% year-on-year to CNY 41.2 million in Q4; full year paid services revenues more than doubled to RMB151.3 million.

• Q4 2025 gross profit increased 27.5% year-over-year to RMB123.7 million; gross margin rose to 55.6% from 44.5%.

• Net income attributable was CNY 45.0 million in Q4, compared to a net loss of CNY 3.6 million in the prior year.

Outlook and guidance

• Q1 2026 total revenues expected between CNY 160 million and CNY 175 million.

• Net advertising revenues projected between CNY 111.2 million and CNY 121.2 million.

• Paid service revenues expected between CNY 33.8 million and CNY 53.8 million.

• Guidance reflects current view and is subject to substantial uncertainties due to macroeconomic environment.