Phoenix New Media Ltd (FENG) 2026 Q1 法說會逐字稿

Good day and thank you for standing by. Welcome to Phoenix New Media's first-quarter 2026 earnings call. (Operator Instructions) Please be advised, today's conference is being recorded.

各位早安，感謝您撥冗等候。歡迎參加鳳凰新媒體 2026 年第一季度業績電話會議。（接線員指示）請注意，今天的會議正在錄音。

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

現在我想把會議交給今天的第一位發言人——投資者關係部的郭沐梓。請開始。

Thank you, operator. Welcome to Phoenix New Media's earnings conference call for the first quarter of 2026.

謝謝接線員。歡迎各位參加鳳凰新媒體 2026 年第一季度業績電話會議。

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.

今天的電話會議將先概述我們本季度的業績，隨後進入問答環節。我們的季度財務業績以及本次電話會議的網路直播可於我們網站 ir.ifeng.com 查閱。

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.

在繼續之前，請注意我們業績新聞稿中的「安全港」聲明，該聲明適用於本次電話會議期間所作的任何前瞻性陳述。

Unless otherwise stated, all figures mentioned are in RMB.

除非另有說明，所提及的所有數據均以人民幣計。

Joining me here today are our CEO, Mr. Yusheng Sun; and our CFO, Mr. Edward Lu.

今天與我一同出席的有我們的首席執行官孫玉勝先生，以及首席財務官盧愛德先生。

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

接下來我將把電話交給孫先生作開場致辭。我將在需要時提供翻譯。

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

（口譯）感謝各位參加今天的電話會議。

In the first quarter, we stayed focused on strengthening our core capabilities, leveraging major domestic and international events to improve both our brand influence and user engagement. Our ability to respond quickly to breaking news and deliver structured coverage of key events reflects solid execution and content competitiveness. We also continued to integrate technology into our content operations to improve efficiency.

第一季度，我們持續聚焦於強化核心能力，借助國內外重大事件提升品牌影響力與用戶參與度。我們對突發新聞的快速響應能力，以及對重點事件的結構化報導能力，體現了扎實的執行力與內容競爭力。我們也持續將技術融入內容運營，以提升效率。

[Financially] (corrected by company after the call), we achieved revenue growth and narrowed operating losses, with overall performance improving year over year.

【財務方面】（公司於會後更正），我們實現了收入增長並收窄了經營虧損，整體表現同比改善。

Next, I would like to invite Edward to present the specific highlights and achievements of Q1.

接下來，我想邀請 Edward 介紹第一季度的具體亮點與成果。

In Q1, we continued to capitalize on major domestic and international events to reach more audiences, increase the impact of our content, and strengthen our brand and long-term user engagement.

第一季度，我們持續把握國內外重大事件機遇，觸達更多受眾，提升內容影響力，並強化品牌與長期用戶黏性。

In major event coverage, the biggest highlight this quarter was our strong execution. During the US-Israel-Iran conflict, we responded quickly and coordinated well across teams and formats. We delivered real-time updates, live broadcasts, in-depth commentary, and feature stories at key moments with both speed and accuracy. Our timeline products and multilingual reporting system played a key role, supported by fact-checking and on-the-ground reporting. Our diary reports from Tehran added a strong sense of immediacy, and we were the first to conduct an in-depth exclusive interview with the Chinese seafarers stranded in the Strait of Hormuz. This showed our ability to deliver international news directly from the field.

在重大事件報導方面，本季度最大的亮點是我們強勁的執行力。在美國—以色列—伊朗衝突期間，我們快速反應，並在團隊與多種內容形態之間高效協同。我們在關鍵時點以速度與準確性兼具的方式，提供即時更新、直播、深度評論與專題報導。我們的時間線產品與多語種報導系統在其中發揮了關鍵作用，並由事實核查與一線採訪提供支撐。我們來自德黑蘭的日記式報導增強了現場感與即時性；同時，我們率先對滯留在霍爾木茲海峽的中國海員進行了深度獨家採訪，展現了我們從前線直達的國際新聞採編能力。

Overall, what mattered most was not any single viral piece, but the entire process — it proved that our international news reporting system is now at industry-leading level of maturity and responsiveness.

總體而言，最重要的並非某一篇爆款內容，而是整個流程——這證明我們的國際新聞報導體系已達到行業領先的成熟度與響應水平。

During the Two Sessions, we combined structured interviews with delegates, with targeted issue-based content planning. This helped us reach a wider audience. Several short videos on public policy topics made it onto trending lists, showing we can balance authoritative mainstream reporting with content that appeals to the general audience.

在兩會期間，我們將對代表委員的結構化採訪與針對性議題策劃相結合，幫助我們觸達更廣泛的受眾。多條公共政策話題的短視頻登上熱榜，顯示我們能在權威主流報導與面向大眾的內容之間取得平衡。

In vertical content, sports coverage performed very well during major events. Around the Milan Winter Olympics and other key tournaments, we used full-platform coordination to significantly increase exposure and engagement. Total Winter Olympics exposure exceeded 250 million. Our Abu Dhabi Masters coverage achieved full integration across Phoenix TV, PC, mobile app, and third-party video platforms. It attracted over 1.2 million live viewers, with three topics entering six trending lists, generating more than 15 million total reads.

在垂直內容方面，體育報導在重大賽事期間表現出色。圍繞米蘭冬奧會及其他重點賽事，我們通過全平台協同顯著提升曝光與互動。冬奧總曝光量超過 2.5 億。我們對阿布達比大師賽的報導實現了鳳凰衛視、PC 端、手機 App 及第三方視頻平台的全域整合，吸引超過 120 萬直播觀眾，三個話題進入六個熱榜榜單，累計閱讀量超過 1,500 萬。

We also saw once again that high-quality, human-centered content can still stand out in today's crowded information environment. Our Journey series is a good example. One recent episode alone reached over 80 million views and triggered follow-up reports from major national media outlets. This kind of impact is hard to replicate and remains one of our core strengths.

我們也再次看到，在當今資訊高度擁擠的環境中，高品質、以人為本的內容依然能脫穎而出。我們的《旅程》系列就是很好的例子。僅近期其中一集就獲得超過 8,000 萬次播放，並引發多家國家級主流媒體跟進報導。這種影響力難以複製，仍是我們的核心優勢之一。

On the commercialization front, we made solid progress through our in-depth participation and coverage at major international exhibitions. In Q1, through our active media coverage of CES, MWC, and AWE, both our client numbers and revenue in tech sector grew substantially. This success validated our business model of international exhibitions + premium content + monetization in the tech sector and gave us valuable experience that can be applied to other vertical fields.

在商業化方面，我們通過深度參與並報導多個國際大型展會取得了扎實進展。第一季度，借助我們對 CES、MWC 與 AWE 的積極媒體報導，我們在科技行業的客戶數量與收入均大幅增長。這一成果驗證了我們「國際展會 + 優質內容 + 科技行業變現」的商業模式，並為可複用至其他垂直領域積累了寶貴經驗。

On the product side, our mobile app saw a clear increase in user engagement, driven by major news events. To meet users' need for both speed and better understanding, we improved our content structure and distribution. We added new sections such as On the Scene and World Affairs which made it easier for users to find content and helped improved retention.

在產品方面，在重大新聞事件帶動下，我們的手機 App 用戶參與度明顯提升。為滿足用戶對速度與更好理解的雙重需求，我們優化了內容結構與分發。我們新增了「在現場」與「世界事務」等欄目，讓用戶更容易找到內容，並有助於提升留存。

Overall, our direction remains unchanged: we are building a more stable and scalable content system - one that can deliver reliable output during major news cycles, create strong original content, and adapt to new technologies. At the same time, we are steadily accelerating commercialization. Looking ahead, we will keep focusing on content quality, strengthen our IP portfolio, improve operational efficiency, and pursue steady and sustainable growth.

總體而言，我們的方向保持不變：打造更穩定、可擴展的內容體系——能在重大新聞週期中持續輸出可靠內容，創作高品質原創內容，並適配新技術。同時，我們也在穩步加速商業化。展望未來，我們將持續聚焦內容品質，強化 IP 內容矩陣，提升運營效率，並追求穩健且可持續的增長。

This concludes our CEO, Mr. Sun's prepared remarks. I will now walk you through our financial performance for the first quarter of 2026. All figures mentioned will be in RMB.

以上為我們執行長孫先生的事先準備發言。接下來我將帶您回顧我們 2026 年第一季的財務表現。以下提及的所有數字均以人民幣計。

Our total revenues were 188.8 million, representing a 21.6% increase year-on-year from 155.2 million. Specifically, net advertising revenues were 125.3 million, representing a 4% increase year-on-year from 120.5 million. Paid services revenues were 63.5 million, representing a 83% increase year-on-year from 34.7 million, primarily driven by revenue generated from our digital reading services offered through mini-programs on third-party applications.

我們的總營收為 1.888 億元，較去年同期的 1.552 億元年增 21.6%。其中，淨廣告營收為 1.253 億元，較去年同期的 1.205 億元年增 4%。付費服務營收為 6,350 萬元，較去年同期的 3,470 萬元年增 83%，主要由我們透過第三方應用程式的小程式所提供之數位閱讀服務所帶來的收入所驅動。

Cost of revenues decreased by 5.1% to 87.8 million from 92.5 million in the same period of last year. Gross margin for the first quarter improved to 53.5% from 40.4% in the same period of last year.

營收成本較去年同期下降 5.1%，由 9,250 萬元降至 8,780 萬元。第一季毛利率由去年同期的 40.4% 提升至 53.5%。

Total operating expenses were 130.9 million, reflecting a 29.5% increase year-on-year from 101.1 million. This increase was primarily due to higher sales and marketing expenses incurred for the digital reading services mentioned earlier.

總營業費用為 1.309 億元，較去年同期的 1.011 億元年增 29.5%。此增幅主要由前述數位閱讀服務所產生的較高銷售及行銷費用所致。

Loss from operations was 29.9 million, compared to 38.4 million in the same period of last year.

營業虧損為 2,990 萬元，去年同期為 3,840 萬元。

Net loss attributable to iFeng was 16.8 million, compared to 29.7 million in the same period of last year.

歸屬於 iFeng 的淨虧損為 1,680 萬元，去年同期為 2,970 萬元。

Moving on to our balance sheet. As of March 31, 2026, the Company's cash and cash equivalents, term deposits, short-term investments, and restricted cash totaled 955.8 million, or approximately USD138.6 million.

接下來看資產負債表。截至 2026 年 3 月 31 日，公司之現金及約當現金、定期存款、短期投資及受限制現金合計為 9.558 億元，約為 1.386 億美元。

Finally, I'd like to provide our business outlook for the second quarter of 2026. We forecast total revenues to be between 195.7 million and 210.7 million. For net advertising revenues, we project between 141.8 million and 151.8 million, while for paid service revenues, we project between 53.9 million and 58.9 million.

最後，我想提供我們對 2026 年第二季的業務展望。我們預計總營收介於 1.957 億元至 2.107 億元之間。就淨廣告營收而言，我們預估介於 1.418 億元至 1.518 億元之間；就付費服務營收而言，我們預估介於 5,390 萬元至 5,890 萬元之間。

These forecasts reflect our current and preliminary view, which is subject to change and substantial uncertainties.

上述預測反映我們目前及初步的看法，未來可能變動，且存在重大不確定性。

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

以上為本次電話會議的事先準備部分。我們現在開始進入提問環節。接線員，請開始。

(Operator Instructions) Alice Tang, First Shanghai.

（接線員指示）唐愛麗絲，第一上海。

Good morning. Thank you for taking my question. We saw that the company achieved year-on-year revenue growth in Q1. So could you please share the highlights and challenges in advertising revenue, and your views on the near-to medium-term outlook? Thank you.

早安，謝謝讓我提問。我們看到公司在第一季實現了營收年增。因此想請您分享廣告營收方面的亮點與挑戰，以及您對短期至中期展望的看法。謝謝。

Hi. Good morning, Alice. Actually, in Q1, we did see some budget adjustment pressure in certain categories, but we are happy to see that several high-potential consumption and service sectors delivered solid growth, which helped offset the pressure. Areas like liquor, internet services, automotive, home appliances, finance, and retail all grew year-on-year. We are especially encouraged by the strong momentum in emerging AI application sectors. Also, our deeper involvement in international sports events and exhibitions also performed well and really showcases our progress in international marketing.

您好，早安，Alice。其實在第一季，我們確實看到某些品類存在預算調整壓力，但我們也很高興看到多個高潛力的消費與服務行業實現了穩健成長，幫助抵消了這些壓力。像是酒類、網際網路服務、汽車、家電、金融與零售等領域都實現了年增。我們尤其受到新興 AI 應用相關行業強勁動能的鼓舞。此外，我們更深度參與國際體育賽事與展會的業務表現也不錯，並且充分展現了我們在國際行銷方面的進展。

We are seeing a clear shift in brand marketing — it's moving away from just chasing traffic toward building deeper emotional connections with users and creating lasting brand value. This plays directly to our strengths in content marketing.

我們看到品牌行銷正在出現明顯轉變——從單純追逐流量，轉向與用戶建立更深層的情感連結並創造長期的品牌價值。這正好契合我們在內容行銷方面的優勢。

In the near to medium term, we think macro headwinds and budget pressure may continue for a while. We will keep optimizing our client mix, and focus on areas with stronger resilience and better growth prospects. We will also push on internationalization to sharpen our competitive edge. Overall, I think we will make steady progress through 2026.

在短期至中期，我們認為宏觀逆風與預算壓力可能仍會持續一段時間。我們將持續優化客戶結構，聚焦於韌性更強、成長前景更佳的領域。我們也會推進國際化，以強化我們的競爭優勢。整體而言，我認為我們在 2026 年將穩步推進。

Thank you, Alice.

謝謝你，Alice。

Thank you.

謝謝。

Thank you. I see no further questions at this time. I will now turn back to Muzi for closing remarks.

謝謝。目前看來沒有其他問題。我現在把時間交回給 Muzi 作結語。

Thank you. This concludes our Q&A session and conference call. If you have any further questions, please feel free to contact us.

謝謝。以上為本次問答環節與電話會議的全部內容。如您還有任何問題，歡迎隨時與我們聯繫。

Thank you for joining us today and have a great day.

感謝各位今天的參與，祝您有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

本日電話會議到此結束。感謝您的參與。您現在可以掛線。

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.

本逐字稿中標註（口譯）的部分由現場電話會議中的口譯員所述。該口譯員由主辦本活動的公司提供。