Phoenix New Media Ltd
ifeng.comWhat Do They Do?
Publishes news, video and digital reading content across websites, apps and third-party platforms for internet users, and sells advertising to brands.
20-F for FY2025, filed Apr 29, 2026We are a leading new media company in China, providing premium content through an integrated Internet platform accessible across devices…View ↗
Digital reading applications. Our digital reading application Fanyue Novel (“翻阅小说”) provides fee-based Internet literatures from writers…View ↗
In addition to our own channels, we operate official accounts and mini-programs across major social media platforms in China and overseas…View ↗
We provide advertising services through our PC, mobile and third-party channels. Our advertising team covers key functions including sales…View ↗
How Do They Make Money?
Advertisers buy campaigns priced by day, impressions or clicks, usually through agencies; payment terms generally call for prepayment or payment within a year or less. Users also pay for fee-based online literature and other paid content.
20-F for FY2025, filed Apr 29, 2026As is common in China’s online advertising industry, we primarily enter into advertising service contracts through third-party advertising…View ↗
Payment terms and conditions vary by contract type, although terms generally include a requirement of prepayment or payment within one year…View ↗
Digital reading applications. Our digital reading application Fanyue Novel (“翻阅小说”) provides fee-based Internet literatures from writers…View ↗
For the Years Ended December 31, 2023 2024 2025 RMB RMB RMB Net advertising revenues 619,260 630,590 614,330 Paid services revenues 72,760…View ↗
CNY 765.6M
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20-F for FY2025, filed Apr 29, 2026
CNY 765.6M ↗
| Segment | Share | Revenue |
|---|---|---|
|
Net advertising services
|
80%
FY2022: 89%
|
Net advertising services, FY2025
CNY 614.3M Sources
|
|
Paid services
|
20%
FY2022: 11%
|
Paid services, FY2025
CNY 151.2M Sources
|
Who Are Their Customers?
Brands buy advertising, mainly through third-party agencies; internet users access news, video and paid digital reading through Phoenix's sites, apps and third-party platform accounts.
20-F for FY2025, filed Apr 29, 2026As is common in China’s online advertising industry, we primarily enter into advertising service contracts through third-party advertising…View ↗
We are a leading new media company in China, providing premium content through an integrated Internet platform accessible across devices…View ↗
Digital reading applications. Our digital reading application Fanyue Novel (“翻阅小说”) provides fee-based Internet literatures from writers…View ↗
In addition to our own channels, we operate official accounts and mini-programs across major social media platforms in China and overseas…View ↗
Do Revenues Turn Into Profits?
Yes. It kept 0.0% of its revenue as net income in FY2025, but spent more cash than it brought in: free cash flow was −CNY 15.7M.
How Are They Changing?
Shrinking. Revenue fell 26% in 4 years, from CNY 1B in FY2021 to CNY 765.6M in FY2025, about 7% a year.
Who Do They Compete With?
Competes with Baidu, NetEase, Sina, Sohu, Tencent, ByteDance, Kuaishou, and iQIYI
20-F for FY2025, filed Apr 29, 2026While we believe that our integrated platform business model and targeted user base is unique, we compete with other content and service…View ↗
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