Hong Kong-listed Phoenix Media Investment (Holdings) Limited (Phoenix TV, 02008) announced the unaudited second-quarter 2026 results of its 67.6%-owned U.S.-listed subsidiary, Phoenix New Media Limited (ifeng; NYSE: FENG). The Beijing-based digital media group reversed last year’s loss, supported by a sharp rebound in paid-services income and tighter cost control.\n\nKey operating highlights for the three months ended 30 June 2026 are as follows:\n• Revenue: Total revenue rose 15.80% year on year to RMB216.73 million (USD31.94 million).\n• Revenue mix: Net advertising sales slipped 4.20% to RMB146.90 million, while paid-services revenue more than doubled to RMB69.83 million, driven by a 114.30% jump in digital-reading income via third-party mini-programs.\n• Costs and margins: Cost of revenue fell 2.60% to RMB92.59 million, lifting gross profit 34.90% to RMB124.14 million and expanding gross margin to 57.30% (Q2 2025: 49.20%).\n• Operating result: Operating loss narrowed to RMB5.25 million from RMB7.21 million a year earlier; operating margin improved to –2.40% (Q2 2025: –3.90%).\n• Bottom line: Net income attributable to Phoenix New Media reached RMB6.55 million (USD0.97 million), turning around a RMB10.36 million loss in Q2 2025. Net margin stood at 3.00% versus –5.50% a year earlier.\n• Balance sheet: Cash, term deposits, short-term investments and restricted cash totaled RMB990.00 million (USD145.90 million) at 30 June 2026.\n\nOperating expenses expanded 30.40% to RMB129.39 million, largely reflecting higher sales and marketing spend on digital-reading services. Nonetheless, improved profitability in that high-margin segment offset the cost increase.\n\nOther income swung to RMB12.80 million from RMB2.10 million, aided by a RMB9.00 million gain in investment fair-value changes despite lower net interest income and continued, albeit smaller, losses from equity-method investees.\n\nOn a non-GAAP basis (excluding share-based compensation, investment gains/losses and impairments), net loss narrowed to RMB1.10 million from RMB7.22 million in the prior-year quarter; the non-GAAP net margin improved to –0.50% (Q2 2025: –3.90%).\n\nOutlook: Management guides Q3 2026 revenue to RMB220.90 million–RMB235.90 million, including net advertising revenue of RMB151.90 million–RMB161.90 million and paid-services revenue of RMB69.00 million–RMB74.00 million. The projections reflect current views and remain sensitive to macroeconomic conditions.\n\nCorporate context: Phoenix TV holds a non-wholly owned interest in ifeng, whose American Depositary Shares trade on the NYSE. The Hong Kong exchange-listed parent released these results as part of its obligations under HKEX Listing Rule 13.10B.
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