Phoenix Media Investment (Holdings) Limited (PHOENIX TV, 02008.HK) disclosed that its New York–listed subsidiary Phoenix New Media Limited (NYSE: FENG) recorded a sharp earnings rebound for the three months and year ended 31 December 2025, driven by fast-growing digital reading services and tight cost control.
Fourth-Quarter 2025 Highlights • Revenue rose 1.9 % year on year to RMB 222.30 million, as a 41.6 % jump in paid-services revenue (RMB 41.17 million) offset a 4.2 % decline in advertising sales (RMB 181.13 million). • Cost of revenue dropped 18.6 % to RMB 98.59 million, lifting gross margin to 55.6 % from 44.5 %. • Operating income surged to RMB 24.50 million, up from RMB 6.71 million a year earlier; operating margin improved to 11.0 % (Q4 2024: 3.1 %). • Benefiting from fair-value gains and lower equity-investment losses, net other income swung to RMB 19.49 million versus a RMB 4.90 million loss last year. • Net income attributable to shareholders reached RMB 45.34 million, reversing a RMB 3.59 million loss and producing a 20.4 % net margin. On a non-GAAP basis, net income climbed to RMB 31.79 million from RMB 8.07 million.
Fiscal-Year 2025 Highlights • Total revenue increased 8.8 % to RMB 765.57 million, with digital reading–led paid-services revenue doubling to RMB 151.24 million. Advertising revenue slipped 2.6 % to RMB 614.33 million. • Cost of revenue fell 10.0 %, enabling gross profit to expand 39.2 % to RMB 374.15 million and pushing full-year gross margin to 48.9 % (2024: 38.2 %). • Operating loss narrowed to RMB 34.38 million from RMB 64.72 million, despite a 22.5 % rise in operating expenses tied to marketing for digital reading services. • Net income attributable to shareholders was marginally positive at RMB 0.34 million, compared with a RMB 53.55 million loss in 2024. The non-GAAP net loss improved to RMB 19.51 million from RMB 36.65 million.
Balance-Sheet Snapshot • Cash, cash equivalents, term deposits, short-term investments and restricted cash totaled RMB 1.02 billion (USD 145.60 million) at 31 December 2025. • Total assets and shareholders’ equity stood at RMB 1.65 billion and RMB 1.11 billion, respectively.
Outlook Management projects first-quarter 2026 revenue of RMB 160.00 million–RMB 175.00 million, comprising advertising revenue of RMB 111.20 million–RMB 121.20 million and paid-services revenue of RMB 48.80 million–RMB 53.80 million. The guidance reflects prevailing macro-economic uncertainties.
Conference Call Phoenix New Media will discuss the results on a webcast and conference call at 9:30 p.m. U.S. Eastern Time, 10 March 2026 (9:30 a.m. Beijing/Hong Kong time, 11 March 2026).
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