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Phoenix New Media Limited (FENG)
NYSE:FENG
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Phoenix New Media
(NYSE:FENG)
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Rating:46Neutral
Price Target:
$2.00
▲(9.29% Upside)
Phoenix New Media's overall stock score is primarily impacted by its poor financial performance and weak technical indicators. Despite positive developments in revenue growth and reduced net loss, the company's ongoing financial challenges and bearish market sentiment weigh heavily on the score.
Positive Factors
Revenue Growth
The significant revenue growth indicates strong market demand and effective business strategies, enhancing long-term financial stability.
Paid Services Expansion
The surge in paid services revenue reflects successful diversification and increased user engagement, supporting sustainable growth.
Strategic Licensing Agreement
The agreement enhances content distribution and integrates AI, strengthening market position and operational capabilities.
Negative Factors
Increased Operating Expenses
Rising expenses, particularly in sales and marketing, could pressure margins and limit profitability if not managed effectively.
Challenging Advertising Market
A challenging ad market may hinder revenue growth and require strategic adjustments to maintain competitiveness.
Cash Flow Concerns
Persistent cash flow issues indicate inefficiencies in operations, potentially affecting liquidity and investment capacity.
Phoenix New Media (FENG) vs. SPDR S&P 500 ETF (SPY)
Market Cap
$21.98M
Dividend YieldN/A
Average Volume (3M)19.35K
Price to Earnings (P/E)―
Beta (1Y)0.26
Revenue Growth9.16%
EPS Growth-15.28%
CountryUS
Employees893
SectorCommunication Services
Sector Strength97
IndustryInternet Content & Information
Share Statistics
EPS (TTM)-0.06
Shares Outstanding5,419,337
10 Day Avg. Volume7,892
30 Day Avg. Volume19,350
Financial Highlights & Ratios
PEG Ratio0.08
Price to Book (P/B)0.18
Price to Sales (P/S)0.29
P/FCF Ratio-4.16
Enterprise Value/Market Cap-5.14
Enterprise Value/Revenue-0.15
Enterprise Value/Gross Profit-0.33
Enterprise Value/Ebitda4.18
Forecast
1Y Price TargetN/A
Price Target UpsideN/A
Rating ConsensusHold
Number of Analyst Covering0
EPS Forecast (FY)N/A
Revenue Forecast (FY)N/A
Phoenix New Media Business Overview & Revenue Model
Company DescriptionPhoenix New Media Limited provides content on an integrated Internet platform in the People's Republic of China. The company operates through two segments, Net Advertising Services and Paid Services. It offers content and services through PC channel, mobile channel, and telecom operators, as well as transmits content to TV viewers, primarily through Phoenix TV. The company, through its website, ifeng.com, provides various interest-based content verticals, such as news, finance, video, automobiles, technology, entertainment, military, real estate, fashion, and sport; and offers interactive services, including comments posting and user surveys. Its mobile channel consists of ifeng News, a news application that provides newsfeeds and other contents in the form of text, image, live streaming, and video; ifeng Video, a video application, which offers video news, live broadcasting, Phoenix TV programs content, etc.; i.ifeng.com mobile Internet website; and digital reading applications. In addition, Phoenix New Media Limited offers mobile newspaper, mobile video, and mobile game services, as well as wireless value-added services. The company was incorporated in 2007 and is headquartered in Beijing, the People's Republic of China. Phoenix New Media Limited is a subsidiary of Phoenix Satellite Television (B.V.I.) Holding Limited.
How the Company Makes MoneyPhoenix New Media generates revenue through multiple streams, primarily including advertising, subscription services, and content licensing. Advertising is the most significant revenue source, where the company sells ad placements across its digital platforms, targeting both local and national advertisers. Additionally, it offers subscription-based services where users can access premium content. The company also earns revenue through licensing its original content and partnering with other media entities to distribute its programming. Significant partnerships with brands and advertisers further enhance its revenue potential, allowing for tailored advertising solutions and expanded reach.
Phoenix New Media Earnings Call Summary
Earnings Call Date:Nov 13, 2025
(Q3-2025)
| % Change Since: |
Next Earnings Date:Mar 16, 2026
Earnings Call Sentiment Positive
The earnings call reflects a strong performance in revenue growth and user engagement, with significant improvements in paid services and reduction in net loss. However, increased operating expenses and a challenging advertising market present notable concerns.Q3-2025 Updates
Positive Updates
Significant Revenue Growth
Total revenues increased by 22.3% year-on-year to RMB 200.9 million from RMB 164.3 million.
Paid Services Revenue Surge
Paid services revenues soared by 161.6% year-on-year, reaching RMB 41.6 million, primarily driven by digital reading services.
Successful Media Influence and Events
Phoenix New Media's events, such as the Shanxi Culture and Tourism Promotion Event, generated over 2 billion online impressions, showcasing strong media influence.
Decrease in Net Loss
Net loss attributable to iFeng was reduced to RMB 4.9 million from RMB 18.5 million year-on-year, indicating improved financial health.
Strong User Engagement and Platform Growth
Phoenix video accounts gained nearly 0.5 million new followers, and the presence on RedNote expanded, showing robust user engagement.
Negative Updates
Increased Operating Expenses
Total operating expenses rose by 23.6% year-on-year to RMB 109 million, largely due to higher sales and marketing expenses.
Challenging Ad Market Conditions
The company faced challenges in growing advertising revenue due to cautious client budgets and rapidly changing marketing dynamics.
Company Guidance
During the third quarter of 2025, Phoenix New Media reported total revenues of RMB 200.9 million, marking a 22.3% increase from the previous year. Net advertising revenues rose by 7.3% year-on-year to RMB 159.3 million, while paid services revenues surged 161.6% to RMB 41.6 million, driven by digital reading services. Operating expenses increased by 23.6% to RMB 109 million, primarily due to higher sales and marketing costs. Despite the increase in expenses, the company reduced its net loss to RMB 4.9 million from RMB 18.5 million in the previous year. Looking forward to the fourth quarter, the company forecasts total revenues between RMB 205.9 million and RMB 220.9 million, with net advertising revenues projected to be between RMB 171.4 million and RMB 181.4 million, and paid service revenues anticipated to range from RMB 34.5 million to RMB 39.5 million.Phoenix New Media Financial Statement Overview
Summary
Phoenix New Media is facing significant financial challenges characterized by declining revenue and persistent losses. The balance sheet remains stable with low leverage, but the cash flow statement highlights severe liquidity concerns. The company must address operational inefficiencies and improve cash generation to enhance financial health.Income Statement
Phoenix New Media has been experiencing a declining revenue trend over the past years, with significant net losses each year. The gross profit margin improved slightly in 2024 compared to 2023, but the net profit margin remains negative due to consistent net losses. The EBIT and EBITDA margins are negative, indicating ongoing operational challenges.35
Negative
Balance Sheet
The company maintains a solid equity base with a high equity ratio, indicating stability in its financial structure. However, the debt-to-equity ratio is low due to minimal debt, which is a positive aspect but doesn't offset the declining equity year-over-year. The return on equity is negative, reflecting continued unprofitability.45
Neutral
Cash Flow
Phoenix New Media shows a troubling cash flow situation with consistently negative free cash flow and operating cash flow over the years. There is no improvement in free cash flow, and the operating cash flow to net income ratio is unfavorable, suggesting inefficiencies in converting earnings into cash.25
Negative
| Breakdown | TTM | Dec 2024 | Dec 2023 | Dec 2022 | Dec 2021 | Dec 2020 |
|---|---|---|---|---|---|---|
Income Statement | ||||||
| Total Revenue | 761.38M | 703.70M | 692.02M | 785.71M | 1.03B | 1.21B |
| Gross Profit | 347.45M | 268.71M | 227.88M | 237.20M | 432.93M | 625.02M |
| EBITDA | -27.04M | -43.19M | -83.13M | -136.69M | -270.04M | -65.39M |
| Net Income | -48.60M | -53.55M | -102.50M | -109.65M | -205.70M | 380.37M |
Balance Sheet | ||||||
| Total Assets | 1.63B | 1.71B | 1.76B | 2.03B | 2.41B | 2.77B |
| Cash, Cash Equivalents and Short-Term Investments | 993.76M | 1.04B | 1.09B | 1.15B | 1.50B | 1.64B |
| Total Debt | 47.83M | 56.67M | 69.44M | 104.59M | 45.85M | 53.04M |
| Total Liabilities | 564.36M | 598.52M | 595.12M | 765.60M | 1.02B | 1.11B |
| Stockholders Equity | 1.13B | 1.18B | 1.23B | 1.32B | 1.43B | 1.64B |
Cash Flow | ||||||
| Free Cash Flow | 0.00 | -49.52M | -70.54M | -346.37M | -159.66M | -115.20M |
| Operating Cash Flow | 0.00 | -44.30M | -60.83M | -312.41M | -142.82M | -103.11M |
| Investing Cash Flow | 0.00 | 127.52M | 487.84M | 228.70M | -42.65M | 746.22M |
| Financing Cash Flow | 0.00 | -1.90M | -655.00K | 0.00 | -3.54M | -639.66M |
Phoenix New Media Technical Analysis
Negative
1.83
Price Trends
2.15
Negative
2.32
Negative
2.22
Negative
Market Momentum
-0.07
Positive
34.37
Neutral
53.67
Neutral
Evaluating momentum and price trends is crucial in stock analysis to make informed investment decisions. For FENG, the sentiment is Negative. The current price of 1.83 is below the 20-day moving average (MA) of 2.01, below the 50-day MA of 2.15, and below the 200-day MA of 2.22, indicating a bearish trend. The MACD of -0.07 indicates Positive momentum. The RSI at 34.37 is Neutral, neither overbought nor oversold. The STOCH value of 53.67 is Neutral, not indicating any strong overbought or oversold conditions. Overall, these indicators collectively point to a Negative sentiment for FENG.
Phoenix New Media Risk Analysis
Phoenix New Media disclosed 95 risk factors in its most recent earnings report. Phoenix New Media reported the most risks in the "Legal & Regulatory" category.
Finance & Corporate - Financial and accounting risks. Risks related to the execution of corporate activity and strategy
Latest Risks Added 2 New Risks
1.
We believe we are not an investment company pursuant to Section 3(b)(1) under the Investment Company Act of 1940, as amended, or the 1940 Act, because we believe we are primarily engaged in a non-investment company business, but there can be no assurances that the SEC or the courts will agree with our view. Q4, 2023
2.
We intend to conduct our business activities to maintain compliance with the 1940 Act and that may negatively impact our ability to operate our business as contemplated. Moreover, if we were deemed an "investment company" under 1940 Act, we could be required to take remedial actions that would further interfere operating our business as contemplated. If we are unable to successfully complete necessary remedial actions, we may face severe legal consequences associated with the operation of an unregistered investment company. Q4, 2023
Phoenix New Media Peers Comparison
UnderperformOutperform
Sector (60)
Name | Overall Rating | Market Cap | P/E Ratio | ROE | Dividend Yield | Revenue Growth | EPS Growth |
|---|---|---|---|---|---|---|---|
60 Neutral | $48.67B | 4.58 | -11.27% | 4.14% | 2.83% | -41.78% | |
52 Neutral | $33.96M | -1.23 | -5.12% | ― | 0.77% | 74.60% | |
52 Neutral | $71.23M | -1.62 | -102.66% | ― | -37.41% | 60.58% | |
48 Neutral | $8.87M | -1.45 | -35.00% | ― | ― | ― | |
46 Neutral | $21.98M | -3.28 | -4.12% | ― | 9.16% | -15.28% | |
40 Underperform | $3.74M | -1.38 | -63.02% | ― | 70.54% | 22.59% |
* Communication Services Sector Average
FENG
Phoenix New Media
1.83
-0.47
-20.43%
SCOR
comScore
6.77
1.12
19.82%
SEGG
SEGG Media
1.00
-4.20
-80.77%
KRKR
36Kr Holdings Inc
4.50
1.53
51.52%
BODI
Beachbody Company
10.05
3.97
65.30%
ONFO
Onfolio Holdings, Inc.
0.64
-0.75
-53.96%
Phoenix New Media Corporate Events
Phoenix New Media Reports Strong Q3 2025 Financial Results
Nov 12, 2025
Phoenix New Media Limited reported a 22.3% increase in total revenues for the third quarter of 2025, reaching RMB200.9 million, driven by significant growth in paid services and advertising revenues. Despite an increase in operating expenses, the company reduced its net loss to RMB4.9 million, reflecting improved operational efficiency and a stronger market position.
Phoenix New Media Secures New Program License Agreement with Phoenix TV
Nov 5, 2025
On November 5, 2025, Phoenix New Media Limited announced a new program license agreement with Phoenix Satellite Television Holdings Limited, effective from August 24, 2025, to August 23, 2027. This agreement updates and expands the licensed fields to include use on transportation in China and artificial intelligence applications, with an adjusted annual fee of RMB55 million. This strategic move is expected to enhance Phoenix New Media’s operations and industry positioning by broadening its content distribution channels and integrating advanced technologies.
Phoenix New Media Schedules 2025 Annual General Meeting for December
Oct 30, 2025
Phoenix New Media Limited announced it will hold its 2025 Annual General Meeting on December 4, 2025, in Beijing. Shareholders of record as of October 30, 2025, are entitled to vote, and the meeting will address resolutions for shareholder approval. This meeting is significant for stakeholders as it provides an opportunity to influence the company’s strategic direction and operational plans.
Phoenix New Media Announces Board Changes
Sep 23, 2025
On September 23, 2025, Phoenix New Media Limited announced a change in its Board of Directors, with Mr. Geng Xiao replacing Mr. Carson Wen. Mr. Xiao, who holds significant academic and professional credentials, will serve on the audit, compensation, and corporate governance committees. This strategic move is expected to strengthen the company’s governance and align with its growth objectives.
Glossary
BuyA stock rated as a "Buy" is expected to perform better than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock is likely to deliver higher returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
HoldA stock rated as a "Hold" is expected to perform in line with the overall market or a specific benchmark. This rating indicates that the stock is neither particularly compelling nor unfavorable for investment. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
SellA stock rated as a "Sell" is expected to perform worse than the overall market or a specific benchmark over the near-to-medium term. This rating suggests the stock may deliver lower returns compared to other stocks in the same sector or market index. Note: This is not investment advice; please consult a financial advisor before making investment decisions.
Disclaimer
This AI Analyst Stock Report is automatically generated by our AI systems using advanced algorithms and publicly available financial, technical, and market data. While the information provided aims to be accurate and insightful, it is intended for informational purposes only and should not be considered financial advice. Any content created by an AI (Artificial Intelligence) system may contain inaccuracies and/or contain errors. Investing in stocks carries inherent risks, and past performance is not indicative of future results. This report does not account for your personal financial circumstances, objectives, or risk tolerance. Always conduct your own research or consult with a qualified financial advisor before making investment decisions. The analysis and recommendations provided are based on historical and current data and may not fully reflect future market conditions or unexpected developments. Neither the creators of this report nor its affiliated entities guarantee the accuracy, completeness, or reliability of the information presented. Use this report at your own discretion and risk.