Phoenix New Media Ltd (FENG) 2025 Q4 法說會逐字稿

Good day, and thank you for standing by. Welcome to Phoenix New Media fourth 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年第四季財報電話會議。（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 first speaker today, Muzi Guo from Investor Relations. Please go ahead.

現在我謹將會議交給今天的第一位發言人，來自投資者關係部的郭慕子。請繼續。

Thank you. Welcome to Phoenix New Media's earnings conference call for the fourth quarter of 2025. Today's call will start 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。歡迎參加鳳凰新媒體2025年第四季財報電話會議。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, I would also like to point to the Safe Harbor statement in our earnings press release, which also applies to any forward-looking statements made during this call. Unless otherwise stated, all figures mentioned are in RMB. Joining me today are our CEO, Mr. Yusheng Sun; and our CFO, Mr. Edward Lu.

在我們繼續之前，我還想指出我們在盈利新聞稿中的「安全港」聲明，該聲明也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。

Over the past quarter, we have continued to increase our inputs in in-depth reporting, professional commentary, and the planning of major thematic coverage, with the aim of enhancing the quality and influence of our core columns and flagship products. At the same time, we have optimized and upgraded key events and branded initiatives, promoting greater integration between our content and product formats.

在過去的一個季度裡，我們不斷增加對深度報告、專業評論和重大專題報告規劃的投入，旨在提高我們核心專欄和旗艦產品的品質和影響力。同時，我們優化並升級了重點活動和品牌推廣活動，促進了內容和產品形式之間的更大融合。

In an environment characterized by information overload and increasingly similar, traffic-driven content, the value of professional, in-depth, and credible journalism becomes even more important. We will stay focused on our core strengths and long-term strategy, while managing risks prudently and advancing our transformation in a disciplined and steady manner to build a more sustainable foundation for future growth.

在資訊過載和內容日益相似、以流量為導向的環境下，專業、深入、可信的新聞報導的價值變得更加重要。我們將繼續專注於自身核心優勢和長期策略，同時謹慎管理風險，並以嚴謹、穩健的方式推進轉型，為未來的成長奠定更永續的基礎。

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。

Okay. Thank you, Muzi. In the fourth quarter, influenced by the macroeconomic environment, the overall market competition remained intense. Against this backdrop, we focused on strengthening our core capabilities, reinforcing our positioning as a mainstream media outlet, refining our original content system, and advancing our technology and collaboration initiatives.

好的。謝謝你，穆茲。第四季度，受宏觀經濟環境影響，整體市場競爭依然激烈。在此背景下，我們專注於加強核心能力，鞏固作為主流媒體的地位，完善原創內容體系，推進技術和合作計畫。

In terms of content reporting, we maintained high-frequency, professional coverage, further reinforcing our influence on major political and current affairs topics, with outstanding performance in coverage of events such as the Maduro incident and the development of U.S.-Iran conflicts. In addition, at the historic moment of China's Fujian aircraft carrier entering service, we delivered an expert live broadcast that attracted over 1.8 million views, and produced in-depth analytical content on the technological development, strengthening our voice in professional commentary.

在內容報導方面，我們保持了高頻次、專業的報道，進一步鞏固了我們在重大政治和時事話題上的影響力，並在馬杜羅事件和美伊衝突發展等事件的報道中表現出色。此外，在中國福建號航空母艦服役這一歷史性時刻，我們進行了專家直播，吸引了超過180萬次觀看，並製作了有關技術發展的深入分析內容，增強了我們在專業評論領域的話語權。

We have always focused on social issues, fulfilling the public value of media through continuous observation and reporting. For example, one of our reports focused on Regency International in Hangzhou—known as the 'first building for mass influencer leasing' and a typical example of the rapid growth of live-streaming e-commerce. By systematically analyzing the structural changes behind it, we published an in-depth report, which garnered over 100,000 reads and prompted an official government response, contributing to broader public discussion.

我們始終關注社會議題，透過持續的觀察和報道，履行媒體的公共價值。例如，我們的一份報告重點關注了杭州的瑞吉國際大廈——被稱為“首個大規模網紅租賃大樓”，是直播電商快速發展的典型例子。透過系統地分析背後的結構性變化，我們發表了一份深入的報告，該報告獲得了超過 10 萬次的閱讀量，並促使政府做出官方回應，從而促進了更廣泛的公眾討論。

In original content, deeply reported, human-centered stories remain the strongest foundation for our brand and audience engagement. For example, one episode of our program Journey told the story of a father who, after his son's suicide, joined an online chat group to reach out to other struggling young people and help them find hope again, garnering 120 million views. Another episode featured ongoing coverage of public figure Cai Lei’s battle with ALS, capturing the resilience of the human spirit, with a single episode reaching 145 million views. These and other programs form a key part of our broader content portfolio, which is structured as a complementary matrix: different formats and themes support one another, elevating brand value and providing a more stable foundation for monetization.

原創內容，尤其是深度報導、以人為本的故事，仍然是我們品牌和受眾參與度最強的基礎。例如，我們的節目《旅程》的一集講述了一位父親在兒子自殺後加入一個線上聊天群，與其他正在掙扎的年輕人交流，幫助他們重新找到希望的故事，該節目獲得了 1.2 億次觀看。另一集節目持續報導了公眾人物蔡蕾與漸凍症的抗爭，展現了人類精神的韌性，其中一集的觀看次數達到了 1.45 億次。這些節目以及其他節目構成了我們更廣泛的內容組合的關鍵部分，該組合以互補矩陣的形式構建：不同的形式和主題相互支持，提升品牌價值，並為盈利提供更穩定的基礎。

Beyond content production, we also strengthened our presence in high-end events. Through cooperation with platforms such as the World Chinese Entrepreneurs Convention, we integrated key resources to enable synergy between content and offline events. Our “Action League Charity Gala” marked its tenth anniversary, receiving coverage from major outlets including CCTV and other TV stations, and bringing together leaders from multiple national-level foundations, further reinforcing our organizational capability and social influence in the public welfare space.

除了內容製作之外，我們也加強了在高端活動中的參與。透過與世界華人企業家大會等平台的合作，我們整合了關鍵資源，實現了線上線下活動的協同效應。我們的「行動聯盟慈善晚會」迎來了十週年，得到了包括中央電視台等主要媒體的報道，並彙聚了多個國家級基金會的領導人，進一步增強了我們在公共福利領域的組織能力和社會影響力。

In content distribution, our presence across major platforms continued to expand. On Douyin, average likes per post increased by 54% quarter over quarter, with total followers growing to 18.9 million. Our WeChat Video account also saw strong follower growth, bringing the total to over 6 million.

在內容分發方面，我們在各大平台上的影響力持續擴大。在抖音上，每則貼文的平均按讚數環比增長了 54%，粉絲總數增長至 1890 萬。我們的微信視訊帳號粉絲數也實現了強勁增長，總粉絲數超過 600 萬。

On our app, AI applications now support content aggregation and trending topic operations, improving distribution efficiency and user engagement. Interaction volume increased by over 10%, and average time spent per user rose 8% quarter over quarter. Meanwhile, our cooperation within Huawei's HarmonyOS ecosystem provides us with a more stable traffic entry point and deeper technological collaboration.

我們的應用程式現在支援人工智慧應用的內容聚合和熱門話題操作，從而提高分發效率和用戶參與度。互動量成長超過 10%，用戶平均停留時間較上季成長 8%。同時，我們在華為鴻蒙操作系統生態系統內的合作，為我們提供了更穩定的流量入口點和更深入的技術合作。

Looking ahead to 2026, we will continue to prioritize capability building and structural optimization. We remain focused on developing original content as our core asset, leveraging technology as an efficiency driver, and steadily advancing our business upgrade.

展望2026年，我們將持續優先發展能力建構和優化結構。我們將繼續專注於開發原創內容作為我們的核心資產，利用技術作為提高效率的驅動力，並穩步推進我們的業務升級。

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

我們的執行長孫先生的演講稿到此結束。接下來，我將帶大家了解我們2025年第四季的財務表現。所有數字均以人民幣為單位。

Our total revenues were RMB222.3 million, representing a 1.9% increase year-on-year from RMB218.1 million. Specifically, net advertising revenues were RMB181.1 million, compared to RMB189 million in the same period of last year. Paid services revenues were RMB41.2 million, representing a 41.6% increase year-on-year from RMB29.1 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2.223億元，比上年同期的人民幣2.181億元成長了1.9%。具體而言，淨廣告收入為人民幣1.811億元，去年同期為人民幣1.89億元。付費服務收入為人民幣4,120萬元，較上年同期的人民幣2,910萬元成長41.6%，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 18.6% to RMB98.6 million from RMB121.1 million in the same period of last year. Gross margin for the fourth quarter improved to 55.6% from 44.5% in the same period of last year.

營業成本較上年同期下降18.6%，從人民幣1.211億元降至人民幣9,860萬元。第四季毛利率從去年同期的 44.5% 提高到 55.6%。

Total operating expenses were RMB99.2 million, reflecting a 9.9% increase year-on-year from RMB90.3 million. This increase was primarily due to higher sales and marketing expenses incurred for the digital reading services mentioned earlier.

總營運支出為人民幣9,920萬元，較上年同期的人民幣9,030萬元成長9.9%。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。

Income from operations increased by 265.7% to RMB24.5 million from RMB6.7 million in the same period of last year.

營業收入較去年同期成長265.7%，從去年同期的人民幣670萬元增至人民幣2,450萬元。

Net income attributable to iFeng was RMB45.3 million, compared to net loss attributable to iFeng of RMB3.6 million in the same period of last year.

歸屬於iFeng的淨利為人民幣4,530萬元，而去年同期歸屬於iFeng的淨虧損為人民幣360萬元。

Moving on to our balance sheet. As of December 31, 2025, the Company's cash and cash equivalents, term deposits, short-term investments, and restricted cash totaled RMB1.02 billion, or approximately USD145.6 million.

接下來來看資產負債表。截至2025年12月31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人民幣10.2億元，約合1.456億美元。

Finally, I'd like to provide our business outlook for the first quarter of 2026. We forecast total revenues to be between RMB160 million and RMB175 million. For net advertising revenues, we project between RMB111.2 million and RMB121.2 million, while for paid service revenues, we project between RMB48.8 million and RMB53.8 million. These forecasts reflect our current and preliminary view, which is subject to change and substantial uncertainties.

最後，我想介紹一下我們對 2026 年第一季的業務展望。我們預測總收入將在人民幣1.6億元至人民幣1.75億元之間。對於淨廣告收入，我們預計在人民幣 1.112 億元至人民幣 1.212 億元之間；對於付費服務收入，我們預計在人民幣 4880 萬元至人民幣 5380 萬元之間。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)

（操作說明）

Alice Tang, First Shanghai.

唐愛麗，上海第一。

So what are the key challenges the company is currently facing? And how do you view the outlook for the advertising market in 2026?

那麼，該公司目前面臨的主要挑戰是什麼？您如何看待2026年廣告市場的前景？

Alice, thank you for the question. Actually, in Q4, advertising budgets declined among major internet platforms, while the automotive and liquor sectors were relatively weak. At the same time, we achieved growth in consumer categories such as personal care, tourism and entertainment, and home appliances, partially offsetting declines in traditional sectors and reflecting opportunities arising from industry shifts.

愛麗絲，謝謝你的提問。事實上，第四季主要網路平台的廣告預算有所下降，而汽車和酒類產業的表現相對疲軟。同時，我們在個人護理、旅遊娛樂和家用電器等消費品類別中實現了成長，部分抵消了傳統產業的下滑，並反映了產業轉型帶來的機會。

In the near term, market challenges persist, and we will focus on optimizing our client mix while exploring new growth drivers. Internationalization has become a key differentiator for us. In the fourth quarter, the “Light of Chinese” event, launched alongside the World Chinese Entrepreneurs Convention, strengthened our connections with overseas business communities and enhanced both brand influence and collaboration potential.

短期內，市場挑戰依然存在，我們將專注於優化客戶組合，同時探索新的成長動力。國際化已成為我們的關鍵差異化優勢。第四季度，與世界華人企業家大會同期推出的「中國之光」活動，加強了我們與海外商業界的聯繫，提升了品牌影響力和合作潛力。

On the innovation front, demand for short-form video continues to grow, and we will enhance content differentiation and conversion capabilities through our social media matrix. At the same time, AI technologies are being increasingly applied to content production and data analytics to improve marketing efficiency, and this will remain a key focus going forward.

在創新方面，對短影片的需求持續成長，我們將透過我們的社群媒體矩陣來增強內容差異化和轉換能力。同時，人工智慧技術越來越多地應用於內容製作和數據分析，以提高行銷效率，而這仍將是未來發展的重點。

As consumption continues to upgrade, we will prioritize sectors with stronger budget potential, including home appliances, transportation, and daily consumer goods, while aligning with themes such as technological innovation and green consumption. Supported by our credibility and authoritative platform, we remain an important partner for brands seeking differentiated communication.

隨著消費不斷升級，我們將優先發展預算潛力較大的產業，包括家電、交通運輸和日用消費品，同時與科技創新和綠色消費等主題保持一致。憑藉我們的信譽和權威平台，我們仍然是尋求差異化傳播的品牌的重要合作夥伴。

Thank you. There are no further questions, and this concludes the Q&A session. I'll now turn the conference back to Muzi Guo for her closing comments.

謝謝。沒有其他問題了，問答環節到此結束。現在我將把會議交還給郭慕子，請她作總結發言。

Thank you. We have now come to the end of our conference call and Q&A session. If you have any further questions, please feel free to contact us. Thank you for joining us today, and have a great day.

謝謝。我們的電話會議和問答環節到此結束。如果您還有其他疑問，請隨時與我們聯繫。感謝您今天加入我們，祝您有美好的一天。

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。