Phoenix New Media (FENG) Q3 2025 earnings summary

Executive summary

• Achieved 22.3% year-over-year revenue growth in Q3 2025, driven by strong gains in paid services and net advertising revenues.

• Focused on quality content, brand impact, and innovative storytelling, driving strong engagement across platforms.

• Gross profit rose 53.6% year-over-year, with gross margin improving to 47.6% from 37.9% due to digital reading services.

• Net loss attributable to shareholders narrowed significantly to RMB 4.9 million from RMB 18.5 million year-over-year.

• Management remains focused on content innovation, brand influence, and operational efficiency for sustainable growth.

Financial highlights

• Total revenues reached RMB 200.9 million (US$28.2 million), up 22.3% year-on-year from RMB 164.3 million.

• Net advertising revenues were RMB 159.3 million, a 7.3% increase year-on-year.

• Paid services revenues surged 161.6% year-on-year to RMB 41.6 million, mainly from digital reading services.

• Gross profit was RMB 95.7 million, gross margin at 47.6%.

• Net loss attributable to shareholders was RMB 4.9 million, net margin negative 2.4%.

Outlook and guidance

• Q4 2025 total revenues forecasted between RMB 205.9 million and RMB 220.9 million.

• Net advertising revenues projected at RMB 171.4–181.4 million; paid service revenues at RMB 34.5–39.5 million.

• Management expects continued market competition and emphasizes innovation and cost control.

• Management notes substantial macroeconomic uncertainty.