Phoenix New Media Limited

What they do

The company operates as an online media platform in the People's Republic of China, with its principal executive offices in Beijing. Its ADSs, each representing forty-eight Class A ordinary shares, trade on the New York Stock Exchange. Phoenix TV (BVI), a subsidiary of Phoenix Media Investment (Holdings) Limited, directly owned 55.0% of the company's share capital as of March 31, 2026.

Recent performance

Revenue declined from $219.9 million in 2019 to $185.3 million in 2020. Net income fell from $104.0 million in 2019 to $56.0 million in 2020. Operating cash flow was negative $47.4 million in 2019 and negative $15.8 million in 2020. As of December 31, 2020, total assets were $424.9 million, total liabilities were $169.9 million, and shareholder equity was $250.7 million, with cash and equivalents of $54.8 million.

Strategy

The provided excerpts do not describe management's strategy.

Risks

• Revenue concentration — Annual revenue declined from $219.9 million in 2019 to $185.3 million in 2020.
• Negative operating cash flow — Operating cash flow was negative $47.4 million in 2019 and negative $15.8 million in 2020.
• Profitability decline — Net income fell from $104.0 million in 2019 to $56.0 million in 2020.
• Variable interest entity structure — The company operates in China through a structure that includes variable interest entities such as Beijing Fenghuang Ronghe Investment Co., Ltd.

Outlook

The provided excerpts do not contain management's outlook or forward-looking statements.