Phoenix New Media Ltd (FENG) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Phoenix New Media second-quarter 2025 earnings call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的耐心等待。歡迎參加鳳凰新媒體2025年第二季財報電話會議。（操作人員指示）請注意，今天的會議正在錄音。

I'd now like to turn the conference over to your speaker today, Muzi Guo, from Investor Relations. Please go ahead.

現在我謹將會議交給今天的發言人，來自投資者關係部的郭慕子。請繼續。

Thank you, Amber. Welcome to Phoenix New Media's earnings conference call for the second quarter of 2025. Today's call will begin with an overview of our quarterly results, followed by a Q&A session. Our quarterly financial results and the webcast of this conference call are available on our website at ir.ifeng.com.

謝謝你，安珀。歡迎參加鳳凰新媒體2025年第二季財報電話會議。今天的電話會議將首先概述我們的季度業績，然後進行問答環節。我們的季度財務表現和本次電話會議的網路直播可在我們的網站 ir.ifeng.com 上查看。

Before we continue, please note the Safe Harbor statement in our earnings press release, which applies to any forward-looking statements made during this call. Unless otherwise stated, all figures mentioned are in the RMB. Joining me today are our CEO, Mr. Yusheng Sun; and our CFO, Mr. Edward Lu.

在我們繼續之前，請注意我們盈利新聞稿中的「安全港」聲明，該聲明適用於本次電話會議中作出的任何前瞻性陳述。除非另有說明，所有數字均以人民幣為單位。今天與我一同出席的有我們的執行長孫宇生先生和我們的財務長盧先生。

I will now pass the call to Mr. Sun for his opening remarks. I will provide translation as needed.

現在我將把發言權交給孫先生，請他致開幕詞。我將根據需要提供翻譯。

(interpreted) Thank you all for joining today's call.

（翻譯）感謝各位參加今天的電話會議。

The past quarter has been marked by external challenges, but we’ve managed to maintain steady momentum. Our team remained focused on a few key priorities: enhancing the depth and impact of our content, while also exploring more diversified opportunities for collaboration and monetization.

過去一個季度我們面臨著許多外部挑戰，但我們仍保持了穩定發展勢頭。我們的團隊始終專注於幾個關鍵優先事項：增強內容的深度和影響力，同時探索更多樣化的合作和獲利機會。

We are pleased to see these efforts gradually translating into tangible results - reflected in positive user feedback and business growth. In particular, during the second quarter, we made meaningful progress in content dissemination, social responsibility, and brand influence. These achievements have laid a solid foundation for our next phase of development.

我們很高興看到這些努力正逐步轉化為實際可見的成果—體現在使用者的正面回饋和業務成長。尤其是在第二季度，我們在內容傳播、社會責任和品牌影響力方面取得了實質進展。這些成就為我們下一階段的發展奠定了堅實的基礎。

Now, I will hand over to Edward for a more detailed update on our business progress and financial results.

現在，我將把發言權交給愛德華，讓他更詳細地介紹我們的業務進展和財務表現。

In the past quarter, amid a rapidly evolving global geopolitical and economic landscape, we continued to strengthen our leadership in global Chinese-language media through high-quality original content and innovative business initiatives.

在過去一個季度裡，在全球地緣政治和經濟格局快速變化的背景下，我們透過高品質的原創內容和創新的商業舉措，繼續鞏固我們在全球中文媒體領域的領先地位。

In recent months, events such as the India-Pakistan air conflict, U.S.-China tariff tensions, and Israel-Iran hostilities captured global attention. We responded with timely, professional, and in-depth reporting, helping our users make sense of the geopolitical forces behind these developments.

近幾個月來，印巴空襲、美中關稅緊張局勢以及以伊衝突等事件引起了全球的關注。我們及時、專業、深入地進行了報道，幫助用戶了解這些事態發展背後的地緣政治力量。

For example, our Tang Bohu column published seven original deep-dive articles on the Israel-Iran conflict, with several pieces surpassing 100,000 reads on WeChat. Our military channel’s live broadcast, U.S. Strikes on Three Iranian Nuclear Facilities, demonstrated our expertise in analyzing global flashpoints and garnered over 10 million views across platforms. During the India-Pakistan conflict, our Phoenix Insight series was reposted by leading academic platforms, highlighting our credibility as a professional media voice.

例如，我們的唐伯虎專欄發表了七篇關於以色列-伊朗衝突的原創深度報道，其中幾篇文章在微信上的閱讀量超過 10 萬次。我們的軍事頻道直播了美國襲擊伊朗三處核設施的事件，展現了我們在分析全球熱點問題方面的專業知識，並在各個平台上獲得了超過 1000 萬次的觀看量。在印巴衝突期間，我們的「鳳凰洞察」系列文章被多家領先的學術平台轉載，凸顯了我們作為專業媒體聲音的信譽。

Meanwhile, our finance channel stood out in its coverage of U.S.-China trade frictions, with 43 articles on WeChat each surpassing 100,000 reads, solidifying our position in the top tier of the industry. These achievements not only boosted user engagement but also laid a solid foundation for future monetization.

同時，我們的財經頻道在報道中美貿易摩擦方面表現出色，微信上發布的 43 篇文章閱讀量均超過 10 萬，鞏固了我們在行業頂尖行列的地位。這些成就不僅提升了用戶參與度，也為未來的獲利奠定了堅實的基礎。

Our content reach continued to grow steadily. The Phoenix News video account surpassed 5 million followers, with annual views exceeding 2 billion and projected revenue growth approaching 50%. Our tech channel's video account also grew to over 3 million followers, with commercial revenue tripling year-over-year, fueled by signature programs like Phoenix Auto Lab and Unexpected Manufacturing, which have emerged as popular and influential series in the hard tech space.

我們的內容覆蓋範圍持續穩定成長。鳳凰新聞影片帳號的粉絲數突破 500 萬，年觀看次數超過 20 億，預計營收成長將接近 50%。我們的科技頻道視訊帳號的粉絲數量也成長到超過 300 萬，商業收入年增了兩倍，這主要得益於《鳳凰汽車實驗室》和《意外製造》等標誌性節目，這些節目已成為硬科技領域中受歡迎且有影響力的系列節目。

Over the past two years, we’ve sharpened our focus on international content dissemination and brand marketing. In 2024 alone, we helped our clients boost brand visibility at major global event including the Paris Olympics, CES in Las Vegas, IFA in Berlin, Paris Fashion Week, and both the French and Australian Opens. At the same time, we showcased these brands' overseas achievements to Chinese consumers and investors - creating a powerful two-way communication loop.

過去兩年，我們更加重視國際內容傳播和品牌行銷。光是 2024 年，我們就幫助客戶在包括巴黎奧運、拉斯維加斯消費電子展 (CES)、柏林國際消費電子展 (IFA)、巴黎時裝週以及法國網球公開賽和澳洲網球公開賽在內的重大全球活動中提升了品牌知名度。同時，我們向中國消費者和投資者展示了這些品牌在海外的成就，從而形成了一個強大的雙向溝通循環。

Building on that momentum, in June 2025 we hosted the 2025 China Enterprise Global Expansion Summit, setting a new industry benchmark. The event featured an address by former UN Secretary-General Ban Ki-moon and brought together industry leaders and global investors for in-depth dialogue. Regional breakout sessions focused on the Middle East and Asia-Pacific, building a “policy-business-capital” ecosystem.

乘著這股勢頭，我們在 2025 年 6 月舉辦了 2025 年中國企業全球擴張高峰會，樹立了新的產業標竿。這項活動邀請了聯合國前秘書長潘基文發表講話，並彙聚了行業領袖和全球投資者進行深入對話。區域分組會議重點在於中東和亞太地區，建構「政策-商業-資本」生態系統。

On the content side, our integrated strategy of livestreams, special features, and trending-topic engagement led to impressive visibility - 40 trending chart appearances, 9 separate Weibo Hot Searches, and a dedicated Douyin encyclopedia entry created for the summit. The event significantly expanded our industry influence and marked our transformation from a content creator to a full-fledged resource integrator.

在內容方面，我們整合了直播、專題報導和熱門話題互動等策略，取得了令人矚目的曝光度——40 次登上熱門排行榜，9 次登上微博熱搜，並為峰會創建了專門的抖音百科條目。這項活動大大擴大了我們在業界的影響力，標誌著我們從內容創作者轉型為成熟的資源整合者。

Our international partnerships are also growing. At the 2025 AIM Global Summit in the UAE, we signed a strategic agreement with the organizing committee of the China International Investment and Trade Fair (CIIE). As a flagship Invest in China initiative, CIIE will draw on our global communication network and integrated service capabilities to evolve from a regional platform into a global hub for investment and innovation.

我們的國際合作夥伴關係也在不斷發展。在阿聯酋舉行的2025年AIM全球高峰會上，我們與中國國際投資貿易博覽會組委會簽署了戰略合作協議。（中國國際進口博覽會）。作為「投資中國」的旗艦項目，進博會將依賴我們的全球通訊網路和綜合服務能力，從區域平台發展成為全球投資和創新中心。

For us, this collaboration enables deeper connections with global enterprises, leveraging our Chinese-speaking users across the globe, 300 million social media followers, and regional resources to help international brands connect with Chinese audiences and establish a strong foothold in the market.

對我們而言，此次合作能夠讓我們與全球企業建立更深的聯繫，利用我們遍布全球的中文用戶、3億社交媒體粉絲以及區域資源，幫助國際品牌與中國受眾建立聯繫，並在市場中站穩腳跟。

In an increasingly complex world, we remain committed to our role as a responsible and innovative media company. We will continue to leverage our strengths as a global leader in Chinese-language media - rooted in professional journalism and guided by an international perspective - to deepen integration across content and commerce and drive sustainable development amid uncertainty.

在一個日益複雜的世界中，我們始終致力於履行作為一家負責任且具有創新精神的媒體公司的職責。我們將繼續發揮自身作為全球中文媒體領導者的優勢——植根於專業新聞，並以國際視野為指導——深化內容與商業的融合，在不確定的環境中推動永續發展。

This concludes our CEO, Mr. Sun's prepared remarks. I will now walk you through our financial performance for the second quarter of 2025. All figures mentioned will be in RMB.

我們的執行長孫先生的發言到此結束。接下來，我將帶大家了解我們2025年第二季的財務表現。所有數字均以人民幣為單位。

Our total revenues were RMB187.1 million, representing a 11.2% increase year-on-year from RMB168.3 million. Specifically, net advertising revenues were RMB153.3 million, compared to RMB154.7 million in the same period of last year. Paid services revenues were RMB33.8 million, representing a 148.5% increase year-on-year from RMB13.6 million, primarily driven by revenue generated from our digital reading services offered through mini-programs on third-party applications.

我們的總收入為人民幣1.871億元，比上年同期的人民幣1.683億元成長了11.2%。具體而言，淨廣告收入為人民幣1.533億元，去年同期為人民幣1.547億元。付費服務收入為人民幣3,380萬元，較上年同期人民幣1,360萬元成長148.5%，主要得益於透過第三方應用程式小程式提供的數位閱讀服務所產生的收入。

Cost of revenues decreased by 7.6% to RMB95.1 million from RMB102.9 million in the same period of last year. Total operating expenses were RMB99.2 million, reflecting a 33.5% increase year-on-year from RMB74.3 million. This increase was primarily due to higher sales and marketing expenses incurred for the digital reading services mentioned earlier.

營業成本較上年同期下降7.6%，從人民幣1.029億元降至人民幣9,510萬元。總營運支出為人民幣9,920萬元，較上年同期的人民幣7,430萬元成長33.5%。這一增長主要是由於前面提到的數位閱讀服務所產生的銷售和行銷費用增加所致。

Loss from operations was RMB7.2 million, compared to RMB8.9 million in the same period of last year.

營業虧損為人民幣720萬元，去年同期虧損為人民幣890萬元。

Net loss attributable to iFeng was RMB10.4 million, compared to [RMB5.5 million] (corrected by company after the call) in the same period of last year.

歸屬於愛峰集團的淨虧損為人民幣1040萬元，而去年同期為人民幣550萬元（公司在電話會議後進行了更正）。

Moving on to our balance sheet. As of June 30, 2025, the Company's cash and cash equivalents, term deposits, short-term investments, and restricted cash totaled RMB982.3 million, or approximately USD137.1 million.

接下來來看資產負債表。截至 2025 年 6 月 30 日，本公司現金及現金等價物、定期存款、短期投資及受限現金總額為 9.823 億元，約 1.371 億美元。

Finally, I'd like to provide our business outlook for the third quarter of 2025. We forecast total revenues to be between RMB203.4 million and RMB218.4 million. For net advertising revenues, we project between RMB168.4 million and RMB178.4 million, while for paid service revenues, we project between RMB35 million and RMB40 million. These forecasts reflect our current and preliminary view, which is subject to change and substantial uncertainties.

最後，我想對 2025 年第三季的業務前景做個展望。我們預測總收入將在人民幣2.034億元至人民幣2.184億元之間。對於淨廣告收入，我們預計在人民幣 1.684 億元至人民幣 1.784 億元之間；對於付費服務收入，我們預計在人民幣 3500 萬至人民幣 4000 萬之間。這些預測反映了我們目前的初步看法，但這種看法可能會發生變化，並且存在很大的不確定性。

This concludes the prepared portion of our call. We are now ready for questions. Operator, please go ahead.

以上就是我們通話的準備部分。現在我們準備回答問題。操作員，請開始。

(Operator Instructions) Alice Tang, First Shanghai.

（操作說明）Alice Tang，上海第一銀行。

Good morning. Thank you for taking my call. My question is regarding recent industry reports showing that the overall advertising market remained relatively flat for the first half of the year. How would that affect the company? Could you please share your views and outlook on this core business segment, please?

早安.謝謝你接聽我的電話。我的問題是關於最近的行業報告，這些報告顯示，今年上半年整體廣告市場保持相對穩定。那會對公司產生什麼影響？能否請您分享您對此核心業務領域的看法和展望？

Okay, thank you, Alice. Yes, of course, the overall ad market wasn't very strong in the first half of the year. Actually in the second quarter, many of our advertising clients stayed cautious, pretty much the same trend we saw in the first quarter. Looking at different client sectors, areas such as entertainment, tourism, and retail performed well, but auto and alcohol, real estate kept slowing down.

好的，謝謝你，愛麗絲。當然，今年上半年整體廣告市場表現並不強勁。事實上，在第二季度，我們的許多廣告客戶仍然保持謹慎，這與第一季的趨勢基本上相同。從不同的客戶產業來看，娛樂、旅遊和零售等領域表現良好，但汽車、酒類和房地產產業持續放緩。

For us, we were able to keep our ad business relatively stable in the second quarter. That's mainly because we have spent the past few years diving deep into understanding what our clients really need - and using our strengths to support them. Right now, many brands are trying to create new demand at home, while also looking to grow overseas.

對我們來說，我們第二季的廣告業務保持了相對穩定。這主要是因為在過去的幾年裡，我們深入了解了客戶的真正需求，並利用我們的優勢來支持他們。目前，許多品牌都在努力創造國內新需求，同時也尋求海外發展。

Even in today's fragmented media landscape, we still play a strong role as a trusted, mainstream outlet - which gives us an edge in brand credibility. Whether through our content, event, or international marketing efforts, we've built a solid reputation with clients. One good example is our Global Expansion Summit in June, which received a lot of positive feedback. At the end of the day, it's about focusing on what we are good at - that's what helps us stay competitive, even in a tough market.

即使在當今媒體格局碎片化的時代，我們仍然作為值得信賴的主流媒體發揮著重要作用——這使我們在品牌信譽方面具有優勢。無論透過我們的內容、活動或國際行銷努力，我們都已在客戶中建立了良好的聲譽。一個很好的例子是我們六月舉辦的全球拓展高峰會，該高峰會獲得了許多正面的回饋。歸根結底，關鍵在於專注於我們擅長的領域——這才能幫助我們在競爭激烈的市場中保持競爭力。

Okay, thank you, Alice.

好的，謝謝你，愛麗絲。

Thank you.

謝謝。

Thank you. I'm showing no further questions. I'll now turn the conference back to Muzi Guo for her closing comments.

謝謝。我不再提問。現在我將把會議交還給郭慕子，請她作總結發言。

Thank you. This concludes our Q&A session and conference call for today. If you have any additional questions, please don't hesitate to contact us. Thank you for joining us today. Have a great day.

謝謝。今天的問答環節和電話會議到此結束。如果您還有其他疑問，請隨時與我們聯繫。感謝您今天蒞臨。祝你有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect your lines.

感謝您參加今天的會議。節目到此結束。現在您可以斷開線路了。

Portions of this transcript that are marked (interpreted) were spoken by an interpreter present on the live call. The interpreter was provided by the company sponsoring this event.

本記錄中標有（已翻譯）的部分是由現場通話中的翻譯人員翻譯的。本次活動的翻譯人員由活動贊助公司提供。