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Phoenix New Media Limited

FENG

Phoenix New Media Limited • NYSE
$2.10 ▼ -0.94% (-0.02)
Market Cap $25.22 M
52w High $3.65
52w Low $1.28
Dividend Yield 0%
P/E -3.89
Volume 1.73K
Outstanding Shares 12.01M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $200.908M ▲ $108.987M ▲ $-4.922M ▲ -2.45% ▲ $-0.41 ▲ $6.443M ▲
Q2-2025 $187.153M ▲ $99.233M ▼ $-10.355M ▲ -5.533% ▲ $-0.87 ▲ $-7.211M ▲
Q1-2025 $155.212M ▼ $101.096M ▲ $-29.726M ▼ -19.152% ▼ $-2.47 ▼ $-38.365M ▼
Q4-2024 $218.107M ▲ $90.296M ▲ $-3.593M ▲ -1.647% ▲ $-0.3 ▲ $12.092M ▲
Q3-2024 $164.278M $88.229M $-18.486M -11.253% $-1.63 $-25.957M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $993.759M ▲ $1.629B ▲ $564.358M ▲ $1.128B ▼
Q2-2025 $975.85M ▲ $1.595B ▼ $521.827M ▼ $1.136B ▼
Q1-2025 $974.776M ▼ $1.612B ▼ $530.388M ▼ $1.145B ▼
Q4-2024 $1.036B ▲ $1.712B ▲ $598.517M ▲ $1.175B ▲
Q3-2024 $965.38M $1.685B $575.101M $1.172B

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-4.922M ▲ $0 $0 $0 $0 $0
Q2-2025 $-10.355M ▲ $0 $0 $0 $0 $0
Q1-2025 $-29.726M ▼ $0 $0 $0 $0 $0
Q4-2024 $-3.593M ▲ $0 $0 $0 $0 $0
Q3-2024 $-18.486M $0 $0 $0 $0 $0

Five-Year Company Overview

Income Statement

Income Statement Revenue has been slowly shrinking over the last several years, and profitability has been inconsistent. After a one‑time strong profit earlier in the period, the company has since fallen back into losses. Those losses have recently become smaller, which suggests some success in cost cutting and efficiency efforts, but the core business still is not generating steady, sustainable profits. Gross margins are positive but operating margins remain negative, pointing to a business that can create value from content but struggles to cover all its overhead and growth expenses from current scale.

Balance Sheet

Balance Sheet The balance sheet shows a company that still retains a solid equity cushion but has been gradually shrinking in overall size. Total assets and shareholders’ equity have drifted down, reflecting either ongoing losses, divestments, or a leaner operating model. Cash levels dipped sharply a couple of years ago and have since recovered to more comfortable levels, while debt remains very low. This combination—light leverage and a decent cash buffer—reduces financial risk, but the trend of a smaller asset base highlights the need to stabilize and grow the underlying business.

Cash Flow

Cash Flow Operating cash flow has been consistently negative in recent years, which means the business has been consuming cash rather than generating it. Free cash flow is also negative, though capital spending is relatively modest, indicating that most of the cash burn is tied to operating performance rather than heavy investment. There are signs of gradual improvement, with cash outflows narrowing over time, but the company still appears reliant on its existing cash reserves and any external funding rather than self‑funded growth. Sustained negative cash flow is a key risk if not reversed.

Competitive Edge

Competitive Edge Phoenix New Media operates in a very competitive Chinese online media and information market, facing large internet platforms and social media giants. Its main strengths are its link to Phoenix TV, which provides access to higher‑quality, professionally produced content and strong brand recognition, and its positioning as a provider of more in‑depth, authoritative news. This helps attract a more affluent and educated audience that advertisers value. However, it competes against much larger rivals with broader ecosystems, user‑generated content, and powerful distribution. Regulatory complexity in China, dependence on advertising, and intense competition for user attention all constrain its competitive power, even with its niche of premium content.

Innovation and R&D

Innovation and R&D The company is leaning on technology and partnerships to differentiate itself. It uses artificial intelligence and machine learning to personalize news and improve ad performance, and its cooperation with Huawei’s HarmonyOS ecosystem helps extend its reach across devices. It is also experimenting with new content formats, building out a creator platform, and hosting offline events that feed back into its online presence. Expansion into areas like digital reading shows a willingness to diversify revenue streams. The key question is whether these innovations can meaningfully boost user engagement and monetization without pushing costs too high; the financials suggest the payoff is still developing.

Summary

Phoenix New Media is a niche digital media player in China with a recognizable brand, strong roots in traditional media, and a clear focus on premium, authoritative content supported by AI‑driven technology. Financially, it remains under pressure: revenue has softened, profitability is negative, and cash flow is consistently in the red, even though losses and cash burn have narrowed somewhat. The balance sheet is relatively conservative with low debt and a reasonable cash position, which buys time but not a solution on its own. Strategically, its partnership with Phoenix TV, emphasis on higher‑quality content, AI personalization, and alliances like the one with Huawei are notable strengths. Against that, it faces structural headwinds from powerful internet competitors, a tough advertising environment, and regulatory uncertainty. The key issues to watch are whether the company can convert its innovations and brand strengths into durable revenue growth and positive cash flow, and how effectively it balances cost control with continued investment in content and technology.