Phoenix New Media (FENG) Q2 2025 earnings summary

Executive summary

• Maintained steady momentum despite global and industry challenges, focusing on content depth, collaboration, and monetization opportunities.

• Total revenues for Q2 2025 rose 11.2% year-over-year to RMB 187.1 million, driven by strong growth in paid services revenues.

• Net advertising revenues declined 0.9% year-over-year, while paid services revenues surged 148.5% due to digital reading services.

• Gross profit increased 40.7% year-over-year, with gross margin improving to 49.2% from 38.9%.

• Net loss attributable to shareholders widened to RMB 10.4 million from RMB 5.4 million in the prior year period.

Financial highlights

• Total revenues reached RMB 187.1 million, up 11.2% year-on-year from RMB 168.3 million.

• Paid content revenues grew 420.3% year-over-year, offsetting a 59.7% decline in E-commerce and other paid services.

• Cost of revenues decreased by 7.6% to RMB 95.1 million.

• Net advertising revenues were RMB 153.3 million, slightly down from RMB 154.7 million year-on-year.

• Non-GAAP net loss was RMB 7.2 million, compared to RMB 2.1 million in Q2 2024.

Outlook and guidance

• Q3 2025 total revenues forecasted between RMB 203.4 million and RMB 218.4 million.

• Net advertising revenues projected at RMB 168.4–178.4 million; paid services at RMB 35–40 million.

• Guidance reflects preliminary views amid substantial uncertainty due to macroeconomic environment.