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Consolidated Balance Sheets (Parenthetical) ¥ in Thousands	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2022 CNY (¥) shares
Current liabilities of consolidated VIEs, excluding inter-company amounts, without recourse to the Company \| ¥	¥ 526,994	¥ 664,321
Non-current liabilities of consolidated VIEs, excluding inter-company amounts, without recourse to the Company \| ¥	¥ 68,127	¥ 101,280
Treasury stock, shares	2,044,080	0
Variable Interest Entity \| Nonrecourse
Current liabilities of consolidated VIEs, excluding inter-company amounts, without recourse to the Company \| ¥	¥ 231,408	¥ 310,694
Non-current liabilities of consolidated VIEs, excluding inter-company amounts, without recourse to the Company \| ¥	¥ 29,870	¥ 49,000
Class A ordinary shares
Ordinary shares, authorized	680,000,000	680,000,000
Ordinary shares, issued	264,998,965	264,998,965
Ordinary shares, outstanding	262,954,885	264,998,965
Class B ordinary shares
Ordinary shares, authorized	320,000,000	320,000,000
Ordinary shares, issued	317,325,360	317,325,360
Ordinary shares, outstanding	317,325,360	317,325,360

Property and Equipment, Net

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Property and Equipment, Net

6. Property and Equipment, Net

The following is a summary of property and equipment, net (in thousands):


	As of December 31,
	2022			2023
	RMB			RMB
Computers, equipment and furniture		73,526			41,179
Motor vehicles		5,721			5,461
Leasehold improvements		47,966			47,966
Total		127,213			94,606
Less: accumulated depreciation		(114,122	)		(87,369	)
Net book value		13,091			7,237

Depreciation expenses for the years ended December 31, 2021, 2022 and 2023 were RMB21.1 million, RMB11.4 million and RMB5.7 million, respectively.

Principal Accounting Policies - Basis of presentation, principles of consolidation, and cost allocations (Details) ¥ in Millions		1 Months Ended		12 Months Ended
	Jan. 15, 2020 CNY (¥)	Dec. 31, 2023	Aug. 31, 2021 CNY (¥)	Dec. 31, 2020 USD ($)
2020 Program Resource License and Cooperation Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Annual fixed license fees payable	¥ 2.0
Percentage of annual license fees payable in excess of revenue generated	50.00%
Agreement term	2 years
Annual license fees payable description	The annual license fees payable to Phoenix TV Group under the 2020 Program Resource License and Cooperation Agreement were RMB2.0 million plus 50% of the revenue generated from the use of the licensed program resource in excess of RMB2.0 million.
2021 Program Resource License and Cooperation Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Agreement term			3 years
2023 Trademark License Agreement \| Phoenix TV Group
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Supplemental agreement description		The 2023 Trademark License Agreements extended the terms of the 2020 Trademark License Agreements to December 7, 2026 and covered additional trademarks registered in various classes containing the double-phoenix logo together with the Chinese or English words of “Phoenix New Media” or “ifeng” and other variations. The 2023 Trademark License Agreements also changed the licensed territory from “Mainland China” to “countries or territories where the trademark is registered” and authorized sub-license of the relevant trademarks to the Group’s affiliated companies for the purpose of account registration on any third-party platforms. Except for above terms, the 2023 Trademark License Agreements did not change the other terms of the 2020 Trademark License Agreements.
Trademark license agreement extend expiration date		Dec. 07, 2026
Trademark Content License Fee \| 2021 Program Resource License and Cooperation Agreement
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Annual fixed license fees payable			¥ 45.0
Trademark license fee \| New Agreements \| Phoenix TV Group \| Maximum
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items]
Percentage of revenue from which the annual license fee payable is derived				2.00%
Fixed fee for each company \| $				$ 100,000

Share-based Compensation - Share option assumptions (Details)	12 Months Ended
	Dec. 31, 2021
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected term (years)	6 years 1 month 28 days
Minimum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility rate	65.34%
Risk-free interest rate (per annum)	1.32%
Maximum
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Expected volatility rate	68.45%
Risk-free interest rate (per annum)	1.72%

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

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+ Details

Accrued Expenses and Other Current Liabilities

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Accrued Expenses and Other Current Liabilities

11. Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities are comprised of (in thousands):


	As of December 31,
	2022		2023
	RMB		RMB
Deposits from advertising agencies and customers		12,114		10,354
Accrued professional fees		3,545		3,003
Advertising and promotion expenses payables and accruals		1,267		217
General operating expenses payables and accruals		49,799		37,910
Deposits from potential house buyers		10,113		7,577
Others		12,204		12,595
Total		89,042		71,656

As the agent of real estate developers, the Group sells coupons issued by real estate developers that enable individual property buyers to purchase specified properties from real estate developers at a discounted price. Coupons purchase price are collected initially by the Group upfront from the property buyers, and subsequently, the coupon purchase price will be remitted to the real estate developers when property buyers use the coupons to purchase the specified properties, or will be refunded to property buyers if they decide not to buy. The coupons purchase price paid by the property buyers are recorded in accrued expenses and other current liabilities in the Group's consolidated balance sheets. The Group recognizes revenues on a net basis when property buyers use the coupons to purchase the specified properties.

Principal Accounting Policies - Revenues disaggregated by products and services (Details) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenues disaggregated by products and services

Revenues

^[1]

¥ 692,020

¥ 785,707

¥ 1,030,331

Net advertising services

Revenues disaggregated by products and services

Revenues

619,260

696,664

930,025

Paid services

Revenues disaggregated by products and services

Revenues

72,760

89,043

100,306

Revenues from paid contents

Revenues disaggregated by products and services

Revenues

34,917

33,847

43,113

Revenues from E-commerce and others

Revenues disaggregated by products and services

Revenues

¥ 37,843

¥ 55,196

¥ 57,193

[1]	Transactions with related parties included in revenues, cost of revenues and operating expenses are as follows (Note 21):

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

- Definition

Amount, excluding tax collected from customer, of revenue from satisfaction of performance obligation by transferring promised good or service to customer. Tax collected from customer is tax assessed by governmental authority that is both imposed on and concurrent with specific revenue-producing transaction, including, but not limited to, sales, use, value added and excise.

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+ Details

Organization and Principal Activities - Risks In Relation To VIE Structure (Details) - Variable Interest Entity - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Subsidiaries, VIEs and Subsidiaries of VIEs
Percentage of equity ownership in VIEs	0.00%
Percentage of revenue contributed by the VIEs and subsidiaries of the VIEs	43.40%	44.50%	44.70%
Registered capital and PRC statutory reserves of the VIEs and subsidiaries of the VIEs	¥ 25.2

Related Party Transactions - Amounts of due from and due to related parties (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
China Mobile
Amounts due from related parties:
Amounts due from related parties	¥ 3,834	¥ 5,626
Amounts due to related parties:
Amounts due to related parties	8
Non US listed part of the Phoenix TV Group
Amounts due from related parties:
Amounts due from related parties	53,611	40,540
Amounts due to related parties:
Amounts due to related parties	20,793	62,700
Fengyi Technology
Amounts due to related parties:
Amounts due to related parties	1,369	2,033
Other investees
Amounts due from related parties:
Amounts due from related parties		49
Related Party
Amounts due from related parties:
Amounts due from related parties	57,445	46,215
Amounts due to related parties:
Amounts due to related parties	¥ 22,170	¥ 64,733

Principal Accounting Policies - Expected Credit Loss (Details) - ASC 326	Dec. 31, 2023
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2020
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true

- Definition

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- Definition

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+ Details

Share-based Compensation - Share options, June 2018 scheme (Details)	12 Months Ended
	Dec. 31, 2023
Share Options
Maximum percentage of ordinary shares in issue upon exercise of all outstanding options granted and yet to be exercised	30.00%
June 2018 Scheme
Share Options
Maximum percentage of the ordinary shares in issue on effective date of option scheme ("Limit")	10.00%
Maximum percentage of ordinary shares in issue on effective date of limit as refreshed (Refreshed "Limit")	10.00%
Award vesting period	4 years
Share options, expiration period	10 years

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Principal Accounting Policies - Revenue recognition (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounting Policies [Abstract]
Agency service fees to third-party advertising agencies	¥ 151.0	¥ 140.3	¥ 145.7
Revenues recognized from noncash transactions	¥ 7.7	¥ 7.6	¥ 20.7

Commitments and Contingencies

12 Months Ended

Dec. 31, 2023

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

20. Commitments and Contingencies

(a) Commitments

As of December 31, 2023, future minimum commitments under non-cancelable agreements were as follows (in thousands):


	Property Management Costs		Bandwidth Purchases		Cooperation with Phoenix TV Group		Content Purchases		Property and Equipment, and Intangible Assets		Others		Total
	RMB		RMB		RMB		RMB		RMB		RMB		RMB
2024		5,461		278		1,420		7,998		300		3,191		18,648
2025		4,292		—		1,420		200		—		449		6,361
2026		4,201		—		1,420		100		—		106		5,827
2027		1,839		—		—		—		—		—		1,839
Total		15,793		278		4,260		8,298		300		3,746		32,675

The amounts of cooperation with Phoenix TV Group are calculated according to the agreements between the Group and Phoenix TV Group (see Note 2(a)).

Upon the adoption of ASC 842 on January 1, 2019, future minimum lease payments for operating lease commitments as of December 31, 2023 are disclosed in Note 2(v).

The Group did not have any significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2022 and 2023.

(b) Litigation

From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. The Group is currently a party to certain legal proceedings and claims which in the opinion of the Company’s management, adequate provisions have been recorded to cover the probable loss of those that can be reasonably estimated, while other claims are considered would not have material adverse effect, individually or in the aggregate, on the Group’s financial position, results of operations or cash flows.

Litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. There exists the possibility of a material adverse impact on the Group’s financial position, results of operations or cash flows for the period in which the unfavorable outcome occurs, and potentially in future periods.

As mentioned in Note 13, as of December 31, 2022 and 2023, the Group had recorded uncertain tax positions of RMB20.3 million and RMB18.6 million, respectively.

Principal Accounting Policies - Property and equipment, net (Details)	Dec. 31, 2023
Computers
Property and Equipment
Property, Plant and Equipment, Useful Life	3 years
Equipment, furniture and motor vehicles
Property and Equipment
Property, Plant and Equipment, Useful Life	5 years
Leasehold improvements
Property and Equipment
Property, Plant, and Equipment, Useful Life, Term, Description [Extensible Enumeration]	us-gaap:UsefulLifeShorterOfTermOfLeaseOrAssetUtilityMember

Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Schedule of major subsidiaries, VIEs and subsidiaries of VIEs

Major subsidiaries, VIEs and the subsidiaries of the VIEs as of December 31, 2023 are set out below:



Name	Place of Incorporation	Date of Incorporation	Percentage of Direct or Indirect Economic Ownership	Principal Activity
Direct subsidiaries:
Phoenix Satellite Television Information Limited	British Virgin Islands (“BVI”)	September 1, 1999	100%	Investment holding
Phoenix New Media (Hong Kong) Company Limited	Hong Kong	February 24, 2011	100%	Advertising
Phoenix New Media (Hong Kong) Information Technology Company Limited	Hong Kong	April 22, 2014	100%	Investment holding
Indirect subsidiaries:
Fenghuang On-line (Beijing) Information Technology Co., Ltd. (“Fenghuang On-line”)	PRC	December 20, 2005	100%	Technical consulting
Beijing Fenghuang Yutian Software Technology Co., Ltd. (“Fenghuang Yutian”)	PRC	June 15, 2012	100%	Software development
Fenghuang Feiyang (Beijing) New Media Information Technology Co., Ltd. (“Fenghuang Feiyang”)	PRC	October 25, 2013	100%	Advertising
Beijing Fenghuang Borui Software Technology Co., Ltd. (“Fenghuang Borui”)	PRC	October 13, 2014	100%	Software development
Tianjin Fengying Hongda Culture Communication Co., Ltd. (“Fengying Hongda”)	PRC	March 13, 2017	100%	Advertising
VIEs:
Beijing Tianying Jiuzhou Network Technology Co., Ltd. (“Tianying Jiuzhou”)	PRC	April 18, 2000	100%	Advertising and paid services
Beijing Fenghuang Ronghe Investment Co., Ltd. (“Fenghuang Ronghe”)	PRC	September 18, 2015	100%	Investment holding
Subsidiaries of VIEs:
Yifeng Lianhe (Beijing) Technology Co., Ltd. (“Yifeng Lianhe”)	PRC	June 16, 2006	100%	Paid services
Beijing Tianying Chuangzhi Advertising Co., Ltd. (“Tianying Chuangzhi”)	PRC	February 8, 2010	100%	Advertising
Beijing Fengyu Network Technology Co., Ltd. (“Fengyu Network”)	PRC	June 1, 2012	100%	Paid services
Tianjin Fenghuang Mingdao Culture Communication Co., Ltd. (“Fenghuang Mingdao”)	PRC	May 24, 2013	100%	Advertising
Beijing Fenghuang Tianbo Network Technology Co., Ltd. (“Tianbo”)	PRC	May 31, 2013	50%	Advertising
Shanghai Fengyu Shixun Technology Co., Ltd. (“Fengyu Shixun”)	PRC	December 21, 2016	100%	Advertising and paid services
Beijing Fengyue Culture Technology Co., Ltd. (“Fengyue Culture”)	PRC	January 19, 2017	100%	Paid services
Hainan Lefeng Culture Communication Co., Ltd. (“Lefeng”)	PRC	December 30, 2020	100%	Advertising
Fenghuang Feiyang (Guangzhou) International Culture Communication Co., Ltd.(“Feiyang Guangzhou”)	PRC	September 29, 2022	100%	Advertising

Schedule of summarized assets, liabilities, results of operations and cash flows of the consolidated VIEs

The following tables set forth the summarized assets, liabilities, results of operations and cash flows of the consolidated VIEs and their subsidiaries (in thousands):


	As of December 31,
	2022		2023
	RMB		RMB
Cash and cash equivalents		33,626		110,958
Term deposits and short-term investments		14,207		167,097
Accounts receivable, net		175,544		84,809
Amounts due from related parties		34,225		31,204
Amounts due from inter-company entities		124,932		55,006
Other current assets		19,017		16,668
Current assets		401,551		465,742
Equity investments, net		101,389		88,221
Deferred income tax assets, net		46,769		27,841
Operating lease right-of-use assets, net		46,294		28,486
Other non-current assets		40,680		26,215
Non-current assets		235,132		170,763
Total assets		636,683		636,505
Accounts payable		57,363		37,310
Amounts due to related parties		27,296		6,106
Amounts due to inter-company entities		650,800		789,452
Advances from customers		20,653		21,423
Taxes payable		82,355		72,581
Salary and welfare payable		53,844		37,440
Accrued expenses and other current liabilities		69,183		56,548
Current liabilities		961,494		1,020,860
Non-current liabilities		49,000		29,870
Total liabilities		1,010,494		1,050,730


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Revenues		487,323			376,120			340,421
Gross profit		227,819			112,851			103,852
Net loss		(153,574	)		(43,898	)		(41,008	)

Notes:

(1)

For the years ended December 31, 2021, 2022 and 2023, the VIEs have incurred revenues of RMB27.0 million, RMB26.4 million and RMB40.1 million, respectively, derived from inter-company entities and the corresponding inter-company entities concurrently recognized same amounts as fees, which have been eliminated upon consolidation.

(2)

For the years ended December 31, 2021, 2022 and 2023, the VIEs have incurred costs of RMB16.8 million, RMB13.5 million and RMB23.0 million, respectively, related to technical services provided by the inter-company entities and the corresponding inter-company entities concurrently recognized same amounts as revenues, which have been eliminated upon consolidation.


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Cash flow from operating activities：
Net cash (used in)/provided by transactions with inter-company entities		(44,528	)		45,768			(4,885	)
Net cash (used in)/provided by transactions with third parties		(75,240	)		(62,108	)		5,180
Net cash (used in)/provided by operating activities		(119,768	)		(16,340	)		295
Cash flow from investing activities：
Loans (paid to)/collected from inter-company entities		(12,523	)		(77,751	)		72,427
Net cash provided by/(used in) other investing activities		93,034			79,148			(154,830	)
Net cash provided by/(used in) investing activities		80,511			1,397			(82,403	)
Cash flow from financing activities：
Investments from inter-company entities		400			—			—
Repatriation of capital to facilitate the reorganization		(10,000	)		—			—
(Repayment of)/proceeds from loans from inter-company entities		(20,890	)		123			157,423
Net cash used in other financing activities		(240	)		—			—
Net cash (used in)/provided by financing activities		(30,730	)		123			157,423

1. Organization and Principal Activities (Continued)

- Definition

Tabular disclosure of the significant judgments and assumptions made in determining whether a variable interest (as defined) held by the entity requires the variable interest entity (VIE) (as defined) to be consolidated and (or) disclose information about its involvement with the VIE, individually or in aggregate (as applicable); the nature of restrictions, if any, on the consolidated VIE's assets and on the settlement of its liabilities reported by an entity in its statement of financial position, including the carrying amounts of such assets and liabilities; the nature of, and changes in, the risks associated with involvement in the VIE; how involvement with the VIE affects the entity's financial position, financial performance, and cash flows; the lack of recourse if creditors (or beneficial interest holders) of the consolidated VIE have no recourse to the general credit of the primary beneficiary (if applicable); the terms of arrangements, giving consideration to both explicit arrangements and implicit variable interests, if any, that could require the entity to provide financial support to the VIE, including events or circumstances that could expose the entity to a loss; the methodology used by the entity for determining whether or not it is the primary beneficiary of the variable interest entity; the significant factors considered and judgments made in determining that the power to direct the activities of a VIE that most significantly impact the VIE's economic performance are shared (as defined); the carrying amounts and classification of assets and liabilities of the VIE included in the statement of financial position; the entity's maximum exposure to loss, if any, as a result of its involvement with the VIE, including how the maximum exposure is determined and significant sources of the entity's exposure to the VIE; a comparison of the carrying amounts of the assets and liabilities and the entity's maximum exposure to loss; information about any liquidity arrangements, guarantees, and (or) other commitments by third parties that may affect the fair value or risk of the entity's variable interest in the VIE; whether or not the entity has provided financial support or other support (explicitly or implicitly) to the VIE that it was not previously contractually required to provide or whether the entity intends to provide that support, including the type and amount of the support and the primary reasons for providing the support; and supplemental information the entity determines necessary to provide.

+ References + Details

Income Taxes - Reconciliation of liabilities associated with uncertain tax positions (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance as of January 1,	¥ 20,333	¥ 28,330	¥ 28,182
Reversal of uncertain tax positions over 10 years	(4,236)	(7,997)
Increase related to current year tax positions	2,501		148
Balance as of December 31,	¥ 18,598	¥ 20,333	¥ 28,330

Related Party Transactions - Transactions with Investees (Details) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Related Party Transaction

Revenues earned from related party

^[1]

¥ 692,020

¥ 785,707

¥ 1,030,331

Fengyi Technology

Related Party Transaction

Advertising revenues earned from/(agency service fees paid to) related party

197

¥ (1,047)

Other Investee

Related Party Transaction

Revenues earned from related party

¥ 93

¥ 142

[1]	Transactions with related parties included in revenues, cost of revenues and operating expenses are as follows (Note 21):

- Definition

+ References

+ Details

Additional Information - Condensed Financial Statements of the Company - Balance Sheets (Parenthetical) (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Treasury Stock, Common, Shares	2,044,080	0
Parent Company
Treasury Stock, Common, Shares	2,044,080	0
Class A ordinary shares
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, authorized	680,000,000	680,000,000
Ordinary shares, issued	264,998,965	264,998,965
Ordinary shares, outstanding	262,954,885	264,998,965
Class A ordinary shares \| Parent Company
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, authorized	680,000,000	680,000,000
Ordinary shares, issued	264,998,965	264,998,965
Ordinary shares, outstanding	262,954,885	264,998,965
Class B ordinary shares
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, authorized	320,000,000	320,000,000
Ordinary shares, issued	317,325,360	317,325,360
Ordinary shares, outstanding	317,325,360	317,325,360
Class B ordinary shares \| Parent Company
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, authorized	320,000,000	320,000,000
Ordinary shares, issued	317,325,360	317,325,360
Ordinary shares, outstanding	317,325,360	317,325,360

Additional Information - Condensed Financial Statements of the Company

12 Months Ended

Dec. 31, 2023

Condensed Financial Information Disclosure [Abstract]

Additional Information - Condensed Financial Statements of the Company

24. Additional Information - Condensed Financial Statements of the Company

The condensed financial statements of Phoenix New Media Limited have been prepared in accordance with SEC Regulation S-X Rule 5-04 and Rule 12-04.The Company records its investments in its subsidiaries under the equity method of accounting and consolidated net assets of the VIEs under ASC 810. Such investments are presented on the balance sheets as “Investments in the subsidiaries”, and the net profit or loss of subsidiaries and VIEs is presented as “Share of loss from the subsidiaries” in the statement of comprehensive income/(loss).

As of December 31, 2022 and 2023, there were no material contingencies, significant provisions for long-term obligations, or guarantees of the Company, except for those, if any, which have been separately disclosed in the consolidated financial statements.

Phoenix New Media Limited

Condensed Financial Information of the Company

Balance Sheets

(Amounts in thousands, except for number of shares and per share data)


	As of December 31,
	2022			2023
	RMB			RMB
ASSETS
Current assets:
Cash and cash equivalents		10,552			21,538
Term deposits and short-term investments		2,503			—
Amounts due from subsidiaries and VIEs		888,083			897,329
Prepayments and other current assets		3,798			6,838
Total current assets		904,936			925,705
Non-current assets:
Investments in the subsidiaries		641,218			535,839
Available-for-sale debt investments		304			309
Total non-current assets		641,522			536,148
Total assets		1,546,458			1,461,853
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Amounts due to subsidiaries and VIEs		223,087			235,681
Accrued expenses and other current liabilities		3,926			1,160
Total current liabilities		227,013			236,841
Total liabilities		227,013			236,841
Shareholders’ equity:
Class A ordinary shares (US$0.01 par value, 680,000,000 shares authorized; 264,998,965 shares issued and outstanding as of December 31, 2022; 264,998,965 shares issued and 262,954,885 shares outstanding as of December 31, 2023)		17,499			17,499
Class B ordinary shares (US$0.01 par value, 320,000,000 shares authorized; 317,325,360 and 317,325,360 shares issued and outstanding as of December 31, 2022 and 2023, respectively)		22,053			22,053
Additional paid-in capital		1,636,822			1,640,535
Treasury stock (nil and 2,044,080 shares as of December 31, 2022 and 2023, respectively)		—			(655	)
Accumulated deficits		(311,527	)		(414,023	)
Accumulated other comprehensive loss		(45,402	)		(40,397	)
Total shareholders’ equity		1,319,445			1,225,012
Total liabilities and shareholders’ equity		1,546,458			1,461,853

Phoenix New Media Limited

Condensed Financial Information of the Company

Statements of Comprehensive Income/(Loss)

(Amounts in thousands)


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Operating expenses:
General and administrative expenses		(16,556	)		(16,945	)		(16,902	)
Total operating expenses		(16,556	)		(16,945	)		(16,902	)
Loss from operations		(16,556	)		(16,945	)		(16,902	)
Other income/(loss):
Net interest income		3			50			944
Foreign currency exchange gain/(loss)		5,775			(21,847	)		(4,181	)
Impairment of available-for-sale debt investments		—			(5,980	)		—
Others, net		5,152			(5,514	)		—
Share of loss from the subsidiaries		(200,075	)		(123,773	)		(82,357	)
Loss before income taxes		(205,701	)		(174,009	)		(102,496	)
Income tax benefit		—			64,357			—
Net loss		(205,701	)		(109,652	)		(102,496	)
Other comprehensive (loss)/income		(11,094	)		(6,094	)		5,005
Comprehensive loss		(216,795	)		(115,746	)		(97,491	)

Phoenix New Media Limited

Condensed Financial Information of the Company

Statements of Cash Flows

(Amounts in thousands)


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Cash flows from operating activities:
Net cash used in operating activities		(34,801	)		(20,974	)		(20,850	)
Cash flows from investing activities:
Placement of short-term investments		—			(32,312	)		(58,951	)
Maturity of short-term investments		—			29,875			61,388
Return of equity investment principal from a subsidiary		—			—			19,722
Net cash (used in)/provided by investing activities		—			(2,437	)		22,159
Cash flows from financing activities:
Repayment from/(payment to) subsidiaries and VIEs		39,171			(64	)		10,332
Repurchase of ordinary shares		—			—			(655	)
Dividends returned from shareholders		4,725			—			—
Net cash provided by/(used in) financing activities		43,896			(64	)		9,677
Net increase/(decrease) in cash and cash equivalents		9,095			(23,475	)		10,986
Cash and cash equivalents at the beginning of the year		24,932			34,027			10,552
Cash and cash equivalents at the end of the year		34,027			10,552			21,538

Additional Information - Condensed Financial Statements of the Company - Balance Sheets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Current assets:
Cash and cash equivalents	¥ 527,407	¥ 95,982	¥ 188,980	¥ 357,796
Term deposits and short term investments	558,765	1,049,555
Prepayments and other current assets	34,108	32,257
Total current assets	1,478,628	1,661,651
Non-current assets:
Investments in the subsidiaries	101,221	114,389
Available-for-sale debt investments	309	304
Total non-current assets	280,116	369,173
Total assets	1,758,744	2,030,824
Current liabilities:
Accrued expenses and other current liabilities	71,656	89,042
Total current liabilities	526,994	664,321
Total liabilities	595,121	765,601
Shareholders’ equity:
Additional paid-in capital	1,640,535	1,636,822
Treasury stock (nil and 2,044,080 shares as of December 31, 2022 and 2023, respectively)	(655)
Statutory reserves	99,342	99,547
Accumulated deficits	(513,365)	(411,074)
Accumulated other comprehensive loss	(40,397)	(45,402)
Total shareholders’ equity	1,163,623	1,265,223	¥ 1,389,155	¥ 1,663,973
Total liabilities and shareholders’ equity	1,758,744	2,030,824
Class A ordinary shares
Shareholders’ equity:
Ordinary shares	17,499	17,499
Class B ordinary shares
Shareholders’ equity:
Ordinary shares	22,053	22,053
Parent Company
Current assets:
Cash and cash equivalents	21,538	10,552
Term deposits and short term investments		2,503
Amounts due from subsidiaries and VIEs	897,329	888,083
Prepayments and other current assets	6,838	3,798
Total current assets	925,705	904,936
Non-current assets:
Investments in the subsidiaries	535,839	641,218
Available-for-sale debt investments	309	304
Total non-current assets	536,148	641,522
Total assets	1,461,853	1,546,458
Current liabilities:
Amounts due to subsidiaries and VIEs	235,681	223,087
Accrued expenses and other current liabilities	1,160	3,926
Total current liabilities	236,841	227,013
Total liabilities	236,841	227,013
Shareholders’ equity:
Additional paid-in capital	1,640,535	1,636,822
Treasury stock (nil and 2,044,080 shares as of December 31, 2022 and 2023, respectively)	(655)
Accumulated deficits	(414,023)	(311,527)
Accumulated other comprehensive loss	(40,397)	(45,402)
Total shareholders’ equity	1,225,012	1,319,445
Total liabilities and shareholders’ equity	1,461,853	1,546,458
Parent Company \| Class A ordinary shares
Shareholders’ equity:
Ordinary shares	17,499	17,499
Parent Company \| Class B ordinary shares
Shareholders’ equity:
Ordinary shares	¥ 22,053	¥ 22,053

Other Non-Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Other Assets, Noncurrent [Abstract]

Summary of other non-current assets

The following is a summary of other non-current assets (in thousands):


	As of December 31,
	2022		2023
	RMB		RMB
Rental deposits		7,750		5,958
Prepayments for real estate and non-current portion of prepayments to suppliers		11,413		6,732
Others		489		489
Total		19,652		13,179

Other Non-Current Assets

12 Months Ended

Dec. 31, 2023

Other Assets, Noncurrent [Abstract]

Other Non-Current Assets

10. Other Non-Current Assets

The following is a summary of other non-current assets (in thousands):


	As of December 31,
	2022		2023
	RMB		RMB
Rental deposits		7,750		5,958
Prepayments for real estate and non-current portion of prepayments to suppliers		11,413		6,732
Others		489		489
Total		19,652		13,179

Principal Accounting Policies - Value-added tax and related surcharges (Details) - CNY (¥) ¥ in Millions	12 Months Ended			36 Months Ended	66 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023	Dec. 31, 2024
Value-added tax and related surcharges
Applicable rate of VAT (in percent)				6.00%
Education surcharge rate(in percent)	3.00%
VAT and related surcharges	¥ 49.5	¥ 57.5	¥ 60.7
Maximum
Value-added tax and related surcharges
Urban maintenance and construction tax rate (in percent)	7.00%
Education surcharge rate(in percent)	2.00%
Minimum
Value-added tax and related surcharges
Urban maintenance and construction tax rate (in percent)	5.00%
Education surcharge rate(in percent)	1.00%
Scenario forecast
Value-added tax and related surcharges
Applicable tax rate of cultural development fee for net advertising revenues					1.50%

Accounts Receivable, Net - Movement of the allowance for doubtful accounts (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Movement of the allowance for credit losses
Balance as of January 1,	¥ 312,236	¥ 379,974	¥ 194,454
Additional provision for/(reversal of) allowance for expected credit losses, net of recoveries	14,682	(23,769)	185,520
Write-off	(220,251)	(43,969)
Balance as of December 31,	¥ 106,667	¥ 312,236	¥ 379,974

Consolidated Statements of Comprehensive Income/ (Loss) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Revenues:

Total revenues

^[1]

¥ 692,020

¥ 785,707

¥ 1,030,331

Cost of revenues

^[1]

(464,145)

(548,505)

(597,397)

Gross profit

^[1]

227,875

237,202

432,934

Operating expenses :

Sales and marketing expenses

^[1]

(155,939)

(204,984)

(276,254)

General and administrative expenses

^[1]

(114,974)

(91,846)

(334,189)

Technology and product development expenses

^[1]

(82,659)

(131,807)

(158,586)

Total operating expenses

^[1]

(353,572)

(428,637)

(769,029)

Loss from operations

(125,697)

(191,435)

(336,095)

Other income/(loss):

Interest income, net

34,671

31,411

47,304

Foreign currency exchange gain/(loss)

(1,945)

(32,872)

8,612

Income/(loss) from equity method investments, including impairment

(11,125)

(8,195)

401

Fair value changes in investments, net

(440)

2,664

1,906

Impairment of available-for-sale debt investments

(5,980)

Others, net

8,397

8,294

25,387

Loss before income taxes

(96,139)

(196,113)

(252,485)

Income tax (expense)/benefit

(12,976)

70,394

(20,581)

Net loss

(109,115)

(125,719)

(273,066)

Net loss attributable to noncontrolling interests

6,619

16,067

67,365

Net loss attributable to Phoenix New Media Limited

(102,496)

(109,652)

(205,701)

Net loss

(109,115)

(125,719)

(273,066)

Other comprehensive loss, net of tax: fair value remeasurement for available-for-sale debt investments

(24,010)

(6,611)

Other comprehensive (loss)/income, net of tax: foreign currency translation adjustment

5,005

17,916

(4,483)

Comprehensive loss

(104,110)

(131,813)

(284,160)

Comprehensive loss attributable to noncontrolling interests

6,619

16,067

67,365

Comprehensive loss attributable to Phoenix New Media Limited

¥ (97,491)

¥ (115,746)

¥ (216,795)

Ordinary Shares

Net loss per shares

Basic

¥ (0.18)

¥ (0.19)

¥ (0.35)

Diluted

¥ (0.18)

¥ (0.19)

¥ (0.35)

Weighted average number of Class A and Class B ordinary shares used in computing net loss per share:

Basic

582,241,827

582,324,325

Diluted

582,241,827

582,324,325

ADS

Net loss per shares

Basic

¥ (8.45)

¥ (9.04)

¥ (16.96)

Diluted

¥ (8.45)

¥ (9.04)

¥ (16.96)

Net advertising services

Revenues:

Total revenues

^[1]

¥ 619,260

¥ 696,664

¥ 930,025

Cost of revenues

(423,728)

(514,725)

(566,443)

Gross profit

195,532

181,939

363,582

Paid services

Revenues:

Total revenues

^[1]

72,760

89,043

100,306

Cost of revenues

(40,417)

(33,780)

(30,954)

Gross profit

¥ 32,343

¥ 55,263

¥ 69,352

[1]	Transactions with related parties included in revenues, cost of revenues and operating expenses are as follows (Note 21):

Segments - Summarized information by segments (Details) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Segments

Total revenues

^[1]

¥ 692,020

¥ 785,707

¥ 1,030,331

Cost of revenues

^[1]

464,145

548,505

597,397

Gross profit

^[1]

227,875

237,202

432,934

Net advertising services

Segments

Total revenues

^[1]

619,260

696,664

930,025

Cost of revenues

423,728

514,725

566,443

Gross profit

195,532

181,939

363,582

Paid services

Segments

Total revenues

^[1]

72,760

89,043

100,306

Cost of revenues

40,417

33,780

30,954

Gross profit

¥ 32,343

¥ 55,263

¥ 69,352

[1]	Transactions with related parties included in revenues, cost of revenues and operating expenses are as follows (Note 21):

- Definition

Aggregate revenue less cost of goods and services sold or operating expenses directly attributable to the revenue generation activity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(g)(1)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 323
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 3
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481687/323-10-50-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 825
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 28
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482907/825-10-50-28

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 6: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(ii))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1A
-Subparagraph (SX 210.13-01(a)(5))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(i))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(A))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iii)(B))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(4)(iv))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 14: http://www.xbrl.org/2003/role/disclosureRef
-Topic 470
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-Name Accounting Standards Codification
-Section S99
-Paragraph 1B
-Subparagraph (SX 210.13-02(a)(5))
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-URI https://asc.fasb.org//1943274/2147480097/470-10-S99-1B

Reference 15: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 17: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 18: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 19: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03.1,2)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Income Taxes - Uncertain Tax Positions (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Income Tax Disclosure [Abstract]
Unrecognized tax benefits reversal of liabilities associated with uncertain tax positions accrued more than 10 years	¥ 4.2	¥ 8.0

Accrued Expenses and Other Current Liabilities (Tables)

12 Months Ended

Dec. 31, 2023

Accrued Liabilities, Current [Abstract]

Schedule of accrued expenses and other current liabilities

Accrued expenses and other current liabilities are comprised of (in thousands):


	As of December 31,
	2022		2023
	RMB		RMB
Deposits from advertising agencies and customers		12,114		10,354
Accrued professional fees		3,545		3,003
Advertising and promotion expenses payables and accruals		1,267		217
General operating expenses payables and accruals		49,799		37,910
Deposits from potential house buyers		10,113		7,577
Others		12,204		12,595
Total		89,042		71,656

Income Taxes - Combined effects of income tax expense exemption and other preferential tax treatment (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Effect of preferential tax treatment	¥ (7,139)	¥ (13,050)	¥ (13,468)
Basic net loss per share effect	¥ (0.01)	¥ (0.02)	¥ (0.02)

Organization and Principal Activities - Major subsidiaries, VIEs and subsidiaries of VIEs (Details)	12 Months Ended
	Dec. 31, 2023
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	E9
Direct subsidiaries \| Phoenix Satellite Television Information Limited
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	D8
Date of Incorporation	Sep. 01, 1999
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Investment holding
Direct subsidiaries \| Phoenix New Media (Hong Kong) Company Limited
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	K3
Date of Incorporation	Feb. 24, 2011
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Advertising
Direct subsidiaries \| Phoenix New Media (Hong Kong) Information Technology Company Limited
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	K3
Date of Incorporation	Apr. 22, 2014
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Investment holding
Indirect subsidiaries \| Fenghuang On-line
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Dec. 20, 2005
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Technical consulting
Indirect subsidiaries \| Fenghuang Yutian
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Jun. 15, 2012
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Software development
Indirect subsidiaries \| Fenghuang Feiyang
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Oct. 25, 2013
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Advertising
Indirect subsidiaries \| Fenghuang Borui
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Oct. 13, 2014
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Software development
Indirect subsidiaries \| Fengying Hongda
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Mar. 13, 2017
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Advertising
Variable Interest Entity Primary Beneficiary \| Tianying Jiuzhou
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Apr. 18, 2000
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Advertising and paid services
Variable Interest Entity Primary Beneficiary \| Fenghuang Ronghe
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Sep. 18, 2015
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Investment holding
Subsidiaries Of Variable Interest Entities \| Yifeng Lianhe
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Jun. 16, 2006
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Paid services
Subsidiaries Of Variable Interest Entities \| Tianying Chuangzhi
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Feb. 08, 2010
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Advertising
Subsidiaries Of Variable Interest Entities \| Fengyu Network
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Jun. 01, 2012
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Paid services
Subsidiaries Of Variable Interest Entities \| Fenghuang Mingdao
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	May 24, 2013
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Advertising
Subsidiaries Of Variable Interest Entities \| Tianbo
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	May 31, 2013
Percentage of Direct or Indirect Economic Ownership	50.00%
Principal Activity	Advertising
Subsidiaries Of Variable Interest Entities \| Fengyu Shixun
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Dec. 21, 2016
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Advertising and paid services
Subsidiaries Of Variable Interest Entities \| Fengyue Culture
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Jan. 19, 2017
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Paid services
Subsidiaries Of Variable Interest Entities \| Lefeng
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Dec. 30, 2020
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Advertising
Subsidiaries Of Variable Interest Entities \| Feiyang Guangzhou
Subsidiaries, VIEs and Subsidiaries of VIEs
Place of Incorporation	F4
Date of Incorporation	Sep. 29, 2022
Percentage of Direct or Indirect Economic Ownership	100.00%
Principal Activity	Advertising

Intangible Assets, Net

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Intangible Assets, Net

7. Intangible Assets, Net

The following table summarizes the Group’s intangible assets, net (in thousands):


	As of December 31,
	2022			2023
	RMB			RMB
Computer software		24,307			21,918
Licensed copyrights of reading content		43,788			48,016
Audio content		15,646			17,041
Trademark and Domain name		191			137
Total		83,932			87,112
Less: amortization		(42,880	)		(55,136	)
impairment		(11,926	)		(11,926	)
Net book value		29,126			20,050

The Group recognized impairment losses on intangible assets of RMB0.4 million, RMB1.1 million and nil for the years ended December 31, 2021, 2022 and 2023, respectively.

Amortization expenses for the years ended December 31, 2021, 2022 and 2023 were RMB7.4 million, RMB14.9 million and RMB15.8 million, respectively. Based on the current amount of intangible assets subject to amortization, the estimated amortization expenses for each of the following five years are as follows: 2024: RMB8.7 million, 2025: RMB5.0 million, 2026: RMB4.0 million, 2027: RMB1.8 million and 2028: RMB0.3 million.

Restricted Net Assets (Details) - Company's subsidiaries, VIEs and subsidiaries of VIEs incorporated in PRC - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Restricted Net Assets
Portion of after-tax profit to be allocated to general reserve fund under PRC law (as a percent)	10.00%
Required general reserve/registered capital ratio to de-force compulsory net profit allocation to general reserve (as a percent)	50.00%
Restricted net assets	¥ 481.2	¥ 409.3
Minimum
Restricted Net Assets
Percentage of restricted net assets	25.00%

Prepayments and Other Current Assets (Tables)

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Summary of prepayments and other current assets

The following is a summary of prepayments and other current assets (in thousands):


	As of December 31,
	2022		2023
	RMB		RMB
Prepaid rental and deposits		7,414		7,325
Prepayments to suppliers and other business related expenses		14,587		14,387
Receivables related to exercise of employee options		3,390		—
Costs to fulfill contracts with customers		1,568		5,612
Others		5,298		6,784
Total		32,257		34,108

Consolidated Statements of Cash Flows - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net loss	¥ (109,115)	¥ (125,719)	¥ (273,066)
Adjustments to reconcile net income/(loss) to net cash provided by/(used in) operating activities:
Share-based compensation	3,713	7,881	9,582
Provision for/(reversal of) allowance for expected credit losses, including related party amounts of RMB1,000, RMB(4,122) and RMB150 for the years ended December 31, 2021, 2022 and 2023, respectively)	14,337	(23,536)	186,520
Depreciation and amortization expense	21,531	26,245	28,503
Amortization of the right-of-use assets	21,032	28,503	37,549
Impairment of intangible assets		1,106	369
(Income)/loss from equity method investments, including impairment	11,125	8,195	(401)
Fair value changes in investments, net	440	(2,664)	(1,906)
Impairment of available-for-sale debt investments		5,980
Gain on disposition of a subsidiary	(548)
Deferred tax (benefit)/expense	18,890	1,817	(5,322)
Loss/(gain) on disposal of long-lived assets	(754)	2,672	1,107
Foreign currency exchange (gain)/loss	1,945	32,872	(8,612)
Changes in operating assets and liabilities, net of effects of acquisition:
Accounts receivable	112,896	47,538	33,161
Prepayments and other current assets	(2,781)	14,709	(8,285)
Amounts due from related parties	(11,380)	14,986	(25,492)
Other non-current assets	6,473	(21,877)	6,535
Accounts payable	(54,699)	(35,282)	(9,083)
Advances from customers	2,255	(1,519)	(5,374)
Salary and welfare payable	(8,040)	(25,328)	(36,787)
Withholding tax payable for disposal of available-for-sale debt investments		(240,396)
Taxes payable	(5,892)	15,725	10,166
Amounts due to related parties	(42,563)	29,998	315
Accrued expenses and other current liabilities	(17,384)	(34,363)	(45,834)
Long-term liabilities	(22,308)	(39,954)	(36,467)
Net cash (used in)/provided by operating activities	(60,827)	(312,411)	(142,822)
Cash flows from investing activities:
Purchase of property and equipment and intangible assets	(9,717)	(33,958)	(16,833)
Placement of term deposits and short-term investments	(1,278,637)	(2,876,710)	(5,839,637)
Maturity of term deposits and short-term investments	1,770,825	3,139,583	5,810,436
Payment for the equity investment		(9,000)	(14,000)
Return of equity investment principal from certain investee	1,072
Dividends received from the equity investment	530	206
Proceeds from disposal of long-lived assets	3,771	8,578	17,381
Net cash provided by/(used in) investing activities	487,844	228,699	(42,653)
Cash flows from financing activities:
Repurchase of ordinary shares	(655)
Dividends paid to shareholders			(3,540)
Net cash provided by/(used in) financing activities	(655)		(3,540)
Effect of exchange rate changes on cash, cash equivalents and restricted cash	3,057	(15,849)	4,778
Net (decrease)/increase in cash, cash equivalents and restricted cash	429,419	(99,561)	(184,237)
Cash, cash equivalents and restricted cash at the beginning of the year	105,037	204,598	388,835
Cash and cash equivalents at the beginning of the year	95,982	188,980	357,796
Restricted cash at the beginning of the year	9,055	15,618	31,039
Cash, cash equivalents and restricted cash at the end of the year	534,456	105,037	204,598
Cash and cash equivalents at the end of the year	527,407	95,982	188,980
Restricted cash at the end of the year	7,049	9,055	15,618
Supplemental disclosure of cash flow information:
Cash paid during the period for income taxes	¥ 62	¥ 176,176	¥ 1,012

Net Income/(Loss) per Share (Tables)

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Computation of basic and diluted net income/(loss) per share

The following table sets forth the computation of basic and diluted net income/(loss) per share for the years indicated (amounts in thousands, except for number of shares and per share data):


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net loss per Class A and Class B ordinary share — basic:
Numerator:
Net loss attributable to Phoenix New Media Limited		(205,701	)		(109,652	)		(102,496	)
Denominator:
Denominator used in computing net loss per share — basic		582,324,325			582,324,325			582,241,827
Net loss per Class A and Class B ordinary share — basic		(0.35	)		(0.19	)		(0.18	)
Net loss per Class A and Class B ordinary share — diluted:
Numerator:
Net loss attributable to Phoenix New Media Limited		(205,701	)		(109,652	)		(102,496	)
Denominator:
Denominator used in computing net loss per share — basic		582,324,325			582,324,325			582,241,827
Share-based awards		—			—			—
Denominator used in computing net loss per share — diluted		582,324,325			582,324,325			582,241,827
Net loss per Class A and Class B ordinary share — diluted		(0.35	)		(0.19	)		(0.18	)
Net loss per ADS (1 ADS represents 48 Class A ordinary shares):
Denominator used in computing net loss per ADS — basic		12,131,757			12,131,757			12,130,038
Denominator used in computing net loss per ADS — diluted		12,131,757			12,131,757			12,130,038
Net loss per ADS — basic		(16.96	)		(9.04	)		(8.45	)
Net loss per ADS — diluted		(16.96	)		(9.04	)		(8.45	)

Ordinary Shares

12 Months Ended

Dec. 31, 2023

Common Stock, Number of Shares, Par Value and Other Disclosure [Abstract]

Ordinary Shares

14. Ordinary Shares

The Company has Class A ordinary shares and Class B ordinary shares which are all at par value of US$0.01 each. Holders of Class A ordinary shares and Class B ordinary shares have the same rights except that holders of Class A ordinary shares are entitled to one vote per share, while holders of Class B ordinary shares are entitled to 1.3 votes per share. The Parent, which is wholly owned by Phoenix TV, holds Class B ordinary shares, each of which is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.

As of December 31, 2022, there were 264,998,965 Class A ordinary shares issued and outstanding, and 317,325,360 Class B ordinary shares issued and outstanding. As of December 31, 2023, there were 264,998,965 Class A ordinary shares issued and 262,954,885 Class A ordinary shares outstanding, and 317,325,360 Class B ordinary shares issued and outstanding.

- Definition

The entire disclosure for equity.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Subparagraph (h)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-13

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481112/505-10-50-14

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-Name Accounting Standards Codification
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-Paragraph 2
-Subparagraph (a)
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-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

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-Topic 946
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-Name Accounting Standards Codification
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481004/946-505-50-6

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 815
-SubTopic 40
-Name Accounting Standards Codification
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-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480237/815-40-50-6

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-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
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-Topic 235
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-Name Accounting Standards Codification
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-Paragraph 1
-Subparagraph (SX 210.4-08(e)(1))
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-Name Accounting Standards Codification
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Reference 12: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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Reference 16: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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Reference 17: http://www.xbrl.org/2003/role/disclosureRef
-Topic 505
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+ Details

Commitments and Contingencies - Commitments (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Future minimum commitments under non-cancellable agreements
2024	¥ 18,648
2025	6,361
2026	5,827
2027	1,839
Total	32,675
Property Management Costs
Future minimum commitments under non-cancellable agreements
2024	5,461
2025	4,292
2026	4,201
2027	1,839
Total	15,793
Bandwidth Purchases
Future minimum commitments under non-cancellable agreements
2024	278
Total	278
Cooperation with Phoenix TV Group
Future minimum commitments under non-cancellable agreements
2024	1,420
2025	1,420
2026	1,420
Total	4,260
Content Purchases
Future minimum commitments under non-cancellable agreements
2024	7,998
2025	200
2026	100
Total	8,298
Property and Equipment, and Intangible Assets
Future minimum commitments under non-cancellable agreements
2024	300
Total	300
Others
Future minimum commitments under non-cancellable agreements
2024	3,191
2025	449
2026	106
Total	¥ 3,746

Restricted Net Assets

12 Months Ended

Dec. 31, 2023

Restricted Net Assets [Abstract]

Restricted Net Assets

22. Restricted Net Assets

Relevant PRC laws and regulations permit payments of dividends by the Company’s subsidiaries, the VIEs and the subsidiaries of the VIEs incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company’s subsidiaries, the VIEs and the subsidiaries of the VIEs incorporated in the PRC are required to annually appropriate 10% of their net after-tax income to the general reserve fund or the statutory surplus fund prior to payment of any dividends, unless such reserve funds have reached 50% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations, and in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), General Notes to Financial Statements, the Company’s subsidiaries, the VIEs and the subsidiaries of the VIEs incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which the restricted portion amounted to approximately RMB409.3 million and RMB481.2 million as of December 31, 2022 and 2023, respectively. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to the Company’s shareholders. Except for the above, there is no other restriction on use of proceeds generated by the Company’s subsidiaries, the VIEs and the subsidiaries of the VIEs to satisfy any obligations of the Company.

Furthermore, cash transfers from the Company’s PRC subsidiaries to their parent companies outside of China are subject to PRC government regulations of currency conversion. Shortages in the availability of foreign currency may restrict the ability of the PRC subsidiaries and consolidated affiliated entities to remit sufficient foreign currency to pay dividends or other payments to the Company, or otherwise satisfy their foreign currency denominated obligations.

The Company performed a test on the restricted net assets of the Company’s subsidiaries, the VIEs and the subsidiaries of the VIEs in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), General Notes to Financial Statements and concluded that it was applicable for the Company to disclose its condensed financial information for the year ended December 31, 2023, as restricted net assets of the Company’s subsidiaries, the VIEs and the subsidiaries of the VIEs had exceeded 25 percent of consolidated net assets for the year ended December 31, 2023. For the purposes of presenting the Company’s separate financial information, the Company records its investments in its subsidiaries under the equity method of accounting and consolidated net assets of the VIEs under ASC 810. Such investments are presented on the separate condensed balance sheets of the Company as “Investments in the subsidiaries” and “Share of loss from the subsidiaries” in the condensed statements of comprehensive income/(loss). See Note 24 for the Company’s information.

Treasury Stock - Additional Information (Details) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023 CNY (¥) shares	Dec. 31, 2023 USD ($) shares	Sep. 27, 2023 USD ($) shares	Dec. 31, 2022 shares	Dec. 31, 2021 shares
Equity, Class of Treasury Stock [Line Items]
Shares repurchased value \| ¥	¥ 655
Class A ordinary shares
Equity, Class of Treasury Stock [Line Items]
Number of ordinary shares that each ADS represents	48	48	48	48	48
American Depositary Shares
Equity, Class of Treasury Stock [Line Items]
Number of shares repurchased	42,585	42,585
Shares repurchased value	¥ 700	$ 100,000
Maximum \| American Depositary Shares
Equity, Class of Treasury Stock [Line Items]
Share repurchase program authorized amount \| $			$ 2,000,000

- Definition

Number of shares that have been repurchased during the period and have not been retired and are not held in treasury. Some state laws may govern the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

- Definition

Equity impact of the value of stock that has been repurchased during the period and has not been retired and is not held in treasury. Some state laws may mandate the circumstances under which an entity may acquire its own stock and prescribe the accounting treatment therefore. This element is used when state law does not recognize treasury stock.

+ References + Details

Principal Accounting Policies - Summary of Supplemental Cash Flow Information Related to Operating Leases (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Cash payments for operating leases	¥ 25,890	¥ 28,322
Right-of-use assets obtained in exchange for operating lease liabilities		¥ 93,186

Intangible Assets, Net - Amortization expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Definite Lived Intangible Assets By Major Class [Line Items]
Impairment of intangible assets		¥ 1,106	¥ 369
Amortization expenses	15,800	¥ 14,900	¥ 7,400
Estimated amortization expenses
2024	8,700
2025	5,000
2026	4,000
2027	1,800
2028	¥ 300

Cost of Revenues

12 Months Ended

Dec. 31, 2023

Cost of Revenue [Abstract]

Cost of Revenues

12. Cost of Revenues

The cost of revenues are as follows (in thousands):


	For the Years Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Revenue sharing fees		27,673		16,969		12,997
Content and operational costs		513,449		484,857		420,721
Bandwidth costs		56,275		46,679		30,427
Total		597,397		548,505		464,145

Net Income/(Loss) per Share - Anti-dilutive securities (Details) - shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Options to purchase ordinary shares
Anti-dilutive securities
Anti-dilutive securities excluded from computation of diluted net income/(loss) per share	27,063,618	38,975,848	37,838,136

Organization and Principal Activities

12 Months Ended

Dec. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Organization and Principal Activities

1. Organization and Principal Activities

Phoenix New Media Limited (“PNM”, or the “Company”) was incorporated in the Cayman Islands on November 22, 2007 by Phoenix Satellite Television (B.V.I.) Holding Limited (the “Parent”), a subsidiary of Phoenix Media Investment (Holdings) Limited (“Phoenix TV”). As of December 31, 2023, the Company had eleven subsidiaries, two variable interest entities (“VIEs”) and eighteen subsidiaries of VIEs. The Company, its subsidiaries, VIEs and subsidiaries of the VIEs are hereinafter collectively referred to as the “Group”. Phoenix TV, its subsidiaries and VIEs excluding the Group are collectively referred to as the Phoenix TV Group. The Group generates revenues from providing advertising services and paid services, which include paid contents, E-commerce and others. While the Group’s VIEs hold certain licenses and approvals to operate Internet-related businesses in the People’s Republic of China (“China” or the “PRC”), they are also in the process of applying for certain licenses for the operations of their businesses, including an Internet audio-visual program transmission license and an Internet news license.

Major subsidiaries, VIEs and the subsidiaries of the VIEs as of December 31, 2023 are set out below:



Name	Place of Incorporation	Date of Incorporation	Percentage of Direct or Indirect Economic Ownership	Principal Activity
Direct subsidiaries:
Phoenix Satellite Television Information Limited	British Virgin Islands (“BVI”)	September 1, 1999	100%	Investment holding
Phoenix New Media (Hong Kong) Company Limited	Hong Kong	February 24, 2011	100%	Advertising
Phoenix New Media (Hong Kong) Information Technology Company Limited	Hong Kong	April 22, 2014	100%	Investment holding
Indirect subsidiaries:
Fenghuang On-line (Beijing) Information Technology Co., Ltd. (“Fenghuang On-line”)	PRC	December 20, 2005	100%	Technical consulting
Beijing Fenghuang Yutian Software Technology Co., Ltd. (“Fenghuang Yutian”)	PRC	June 15, 2012	100%	Software development
Fenghuang Feiyang (Beijing) New Media Information Technology Co., Ltd. (“Fenghuang Feiyang”)	PRC	October 25, 2013	100%	Advertising
Beijing Fenghuang Borui Software Technology Co., Ltd. (“Fenghuang Borui”)	PRC	October 13, 2014	100%	Software development
Tianjin Fengying Hongda Culture Communication Co., Ltd. (“Fengying Hongda”)	PRC	March 13, 2017	100%	Advertising
VIEs:
Beijing Tianying Jiuzhou Network Technology Co., Ltd. (“Tianying Jiuzhou”)	PRC	April 18, 2000	100%	Advertising and paid services
Beijing Fenghuang Ronghe Investment Co., Ltd. (“Fenghuang Ronghe”)	PRC	September 18, 2015	100%	Investment holding
Subsidiaries of VIEs:
Yifeng Lianhe (Beijing) Technology Co., Ltd. (“Yifeng Lianhe”)	PRC	June 16, 2006	100%	Paid services
Beijing Tianying Chuangzhi Advertising Co., Ltd. (“Tianying Chuangzhi”)	PRC	February 8, 2010	100%	Advertising
Beijing Fengyu Network Technology Co., Ltd. (“Fengyu Network”)	PRC	June 1, 2012	100%	Paid services
Tianjin Fenghuang Mingdao Culture Communication Co., Ltd. (“Fenghuang Mingdao”)	PRC	May 24, 2013	100%	Advertising
Beijing Fenghuang Tianbo Network Technology Co., Ltd. (“Tianbo”)	PRC	May 31, 2013	50%	Advertising
Shanghai Fengyu Shixun Technology Co., Ltd. (“Fengyu Shixun”)	PRC	December 21, 2016	100%	Advertising and paid services
Beijing Fengyue Culture Technology Co., Ltd. (“Fengyue Culture”)	PRC	January 19, 2017	100%	Paid services
Hainan Lefeng Culture Communication Co., Ltd. (“Lefeng”)	PRC	December 30, 2020	100%	Advertising
Fenghuang Feiyang (Guangzhou) International Culture Communication Co., Ltd.(“Feiyang Guangzhou”)	PRC	September 29, 2022	100%	Advertising

In order to comply with Chinese laws and regulations that prohibit or restrict foreign ownership of companies that operate Internet content and advertising businesses, a series of agreements (the “Contractual Agreements”) were entered into among Fenghuang On-line, Tianying Jiuzhou, Yifeng Lianhe and their legal shareholders in 2009, and among Qieyiyou (Beijing) Information Technology Co., Ltd. (“Qieyiyou”), Beijing Chenhuan Technology Co., Ltd. (“Chenhuan”), and their legal shareholders in 2015.

In March 2021, shareholders of Yifeng Lianhe transferred all of their equity interest in Yifeng Lianhe to Fenghuang Ronghe, and Yifeng Lianhe became a wholly owned subsidiary of Fenghuang Ronghe. Fenghuang On-line terminated the contractual agreements with Yifeng Lianhe and then entered into a series of new contractual arrangements with Fenghuang Ronghe. The contractual arrangements with Fenghuang Ronghe and their respective shareholders allow the Group to direct the activities that most significantly impact the economic performance of Fenghuang Ronghe and its subsidiary, Yifeng Lianhe, and to derive substantially all of the economic benefits from them.

1. Organization and Principal Activities (Continued)

The Group operates digital reading business through Fengyu Network. Historically, the Group directed the activities that most significantly impact the economic performance of Fengyu Network and derived substantially all of the economic benefits from Fengyu Network through the contractual arrangements entered into among Qieyiyou, Chenhuan and the shareholders of Chenhuan, which previously wholly owned Fengyu Network. In order to streamline organizational structure and control operational costs, the Group terminated such contractual arrangements in August 2022 and Fengyu Network is currently wholly owned by Tianying Jiuzhou.

Through the aforementioned activities, Tianying Jiuzhou and Fenghuang Ronghe are considered as VIEs in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Fenghuang On-line has been entitled to substantially all the economic risks and rewards associated with the VIEs, and is the primary beneficiaries of the VIEs.

Voting Right Entrustment Agreements

Pursuant to the voting right entrustment agreements among the VIEs, their legal shareholders and Fenghuang On-line, each legal shareholder of the VIEs agreed to grant a person designated by Fenghuang On-line the right to exercise their rights as shareholders, including all voting rights, as well as rights to attend and propose the convening of shareholder meetings. Unless otherwise required by law, the voting right entrustment agreements will remain in effect indefinitely unless both parties agree to terminate the agreements in writing, or unless the Fenghuang On-line decide in their discretion to terminate the relevant agreements.

Exclusive Equity Option Agreements

Under the exclusive equity option agreements among the VIEs, their legal shareholders and Fenghuang On-line, legal shareholders of the VIEs irrevocably granted Fenghuang On-line or its designated person an irrevocable, unconditional and exclusive option to purchase, to the extent permitted by applicable PRC laws, all of the equity interest in the VIEs from the legal shareholders. The purchase price for the entire equity interest of each VIE is to be calculated based on the paid-up amount of the relevant equity interest or the minimum price permitted by applicable PRC laws. The exclusive equity option agreements will remain in effect until all of the equity interest in the VIEs has been duly transferred to Fenghuang On-line or its designated representatives.

Loan Agreements

Pursuant to the loan agreements among Fenghuang On-line, and legal shareholders of their VIEs, Fenghuang On-line granted interest-free loans to the legal shareholders of the VIEs for an amount that is equal to their respective capital contribution in the VIEs. The loans can be repaid only with proceeds from the sale of all of the respective shareholder’s equity interest in the applicable VIE to Fenghuang On-line, or its designated representatives pursuant to the applicable exclusive equity option agreements. The term of each loan is ten years, and may be extended upon mutual agreements of the parties. On December 31, 2019, Tianying Jiuzhou and Fenghuang On-line entered into a supplemental agreement to extend the loan for a term of ten years upon expiration of the original loan agreement on the same day.

Equity Pledge Agreements

Under the equity pledge agreements among the VIEs, their legal shareholders and Fenghuang On-line, the legal shareholders of the VIEs have pledged their equity interest in the VIEs to Fenghuang On-line to secure the performance of the obligations of the VIEs and their legal shareholders under the applicable exclusive technical licensing and services agreements, voting right entrustment agreements, exclusive equity option agreements and loan agreements. The equity pledge agreements will remain in effect until the secured obligations have been fully performed by the VIEs or released by Fenghuang On-line.

Exclusive Technical Licensing and Service Agreements

Under the exclusive technical licensing and service agreements between Fenghuang On-line and each of the VIEs, Fenghuang On-line has the exclusive right to provide technical and consulting services to their respective VIEs. The VIEs have agreed to pay a service fee to Fenghuang On-line equal to a certain percentage of their respective annual revenues plus a special service fee for certain services rendered by Fenghuang On-line at the request of the VIEs. The technical service agreements also transfer all of the economic benefits of intellectual property created by the VIEs to Fenghuang On-line. Each exclusive technical services agreement will remain in effect indefinitely and can be terminated only by Fenghuang On-line unless otherwise required by law.

1. Organization and Principal Activities (Continued)

The Group has evaluated the relationship among the Company, Fenghuang On-line and the VIEs in accordance with U.S. GAAP. Pursuant to the voting right entrustment agreements, the Company has obtained power, as granted by the legal shareholders by the applicable PRC law and under the articles of association of the VIEs, to direct all significant activities of the VIEs, which include but are not limited to budgeting, financing, and making other strategic and operational decisions, and will significantly impact the VIEs’ economic performance. Pursuant to the exclusive technical licensing and service agreements and other agreements, the Company has the right to receive benefits of the VIEs in the form of technical service fees, which could potentially be significant to the VIEs’ net income. In addition, the Company has the right to receive all the residual assets of the VIEs through exercise of the exclusive equity option agreements. As a result, the Company, through Fenghuang On-line, is considered the primary beneficiary of the VIEs and therefore includes the VIEs’ assets, liabilities and operating results in its consolidated financial statements.

Risks in relation to the VIE structure

The Company is not an operating company in China but a Cayman Islands holding company, which has no equity ownership in the VIEs, with operations primarily conducted by its PRC subsidiaries and through contractual arrangements with the VIEs based in China. The Company operates part businesses in China through the VIEs, and rely on contractual arrangements among its PRC subsidiaries, the VIEs and their respective shareholders to direct the activities that most significantly impact the economic performance of the VIEs and to derive substantially all of the economic benefits from them. Revenue contributed by the VIEs and subsidiaries of the VIEs accounted for 44.7%, 44.5% and 43.4% of the Group’s total revenues for the years ended December 31, 2021, 2022 and 2023, respectively.

The Group’s corporate structure is subject to risks associated with its contractual arrangements with the VIEs. Investors may never directly hold equity interest in the VIEs. It is possible that the Group’s operation of certain of its operations and businesses through VIEs could be found by PRC authorities to be in violation of PRC law and regulations prohibiting or restricting foreign ownership of companies that engage in such operations and businesses, or if these regulations or their interpretations change in the future, the Group could be subject to severe penalties, forced to relinquish its interests in those operations or required to restructure its ownership structure or operations, including terminating the contractual arrangements with the VIEs or deregistering the equity pledge of the VIEs, which in turn would affect its ability to consolidate and derive economic interests from the VIEs and thus have a material effect on its operations and result in the value of its ADSs diminishing substantially.

Under the Contractual Agreements with the VIEs, the Company has the power to direct the activities of all the VIEs and subsidiaries of the VIEs, and can have assets transferred out of the VIEs and subsidiaries of the VIEs. Therefore, the Company considers itself the ultimate primary beneficiary of the VIEs and there is no asset of the VIEs that can only be used to settle obligations of the VIEs and subsidiaries of the VIEs, except for registered capital and PRC statutory reserves of the VIEs and subsidiaries of the VIEs amounting to RMB25.2 million as of December 31, 2023. As all the VIEs and subsidiaries of the VIEs are incorporated as limited liability companies under the PRC Company Law, the creditors of the VIEs and subsidiaries of the VIEs do not have recourse to the general credit of the Company. The amounts of the consolidated VIEs’ current liabilities without recourse to the Company disclosed on the face of the consolidated balance sheets have excluded the amounts due to inter-company entities. There is currently no contractual arrangement that would require the Company to provide additional financial support to the VIEs. However, as the Company is conducting certain businesses through the VIEs and subsidiaries of the VIEs, the Company may provide such support on a discretionary basis in the future, which could expose the Company to a loss.

1. Organization and Principal Activities (Continued)

The following tables set forth the summarized assets, liabilities, results of operations and cash flows of the consolidated VIEs and their subsidiaries (in thousands):


	As of December 31,
	2022		2023
	RMB		RMB
Cash and cash equivalents		33,626		110,958
Term deposits and short-term investments		14,207		167,097
Accounts receivable, net		175,544		84,809
Amounts due from related parties		34,225		31,204
Amounts due from inter-company entities		124,932		55,006
Other current assets		19,017		16,668
Current assets		401,551		465,742
Equity investments, net		101,389		88,221
Deferred income tax assets, net		46,769		27,841
Operating lease right-of-use assets, net		46,294		28,486
Other non-current assets		40,680		26,215
Non-current assets		235,132		170,763
Total assets		636,683		636,505
Accounts payable		57,363		37,310
Amounts due to related parties		27,296		6,106
Amounts due to inter-company entities		650,800		789,452
Advances from customers		20,653		21,423
Taxes payable		82,355		72,581
Salary and welfare payable		53,844		37,440
Accrued expenses and other current liabilities		69,183		56,548
Current liabilities		961,494		1,020,860
Non-current liabilities		49,000		29,870
Total liabilities		1,010,494		1,050,730


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Revenues		487,323			376,120			340,421
Gross profit		227,819			112,851			103,852
Net loss		(153,574	)		(43,898	)		(41,008	)

Notes:

(1)

(2)


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Cash flow from operating activities：
Net cash (used in)/provided by transactions with inter-company entities		(44,528	)		45,768			(4,885	)
Net cash (used in)/provided by transactions with third parties		(75,240	)		(62,108	)		5,180
Net cash (used in)/provided by operating activities		(119,768	)		(16,340	)		295
Cash flow from investing activities：
Loans (paid to)/collected from inter-company entities		(12,523	)		(77,751	)		72,427
Net cash provided by/(used in) other investing activities		93,034			79,148			(154,830	)
Net cash provided by/(used in) investing activities		80,511			1,397			(82,403	)
Cash flow from financing activities：
Investments from inter-company entities		400			—			—
Repatriation of capital to facilitate the reorganization		(10,000	)		—			—
(Repayment of)/proceeds from loans from inter-company entities		(20,890	)		123			157,423
Net cash used in other financing activities		(240	)		—			—
Net cash (used in)/provided by financing activities		(30,730	)		123			157,423

1. Organization and Principal Activities (Continued)

As of December 31, 2023, there was no pledge or collateralization of the VIEs’ assets. Unrecognized revenue-producing assets that are held by the VIEs and subsidiaries of the VIEs mainly comprise of the Online Culture Operating Permit, the Publication Operation Permit, the Permit for Radio and Television Program Production and Operation, the Value-added Telecommunications Business Operating License, trademark, and domain name. Recognized revenue-producing assets that are held by the VIEs and subsidiaries of the VIEs mainly comprise of property and equipment, licensed copyrights of reading content, and audio content. The balances and transactions of the consolidated VIEs disclosed above were reflected in the Company’s consolidated financial statements with inter-company transactions eliminated.

Share-based Compensation - Share-based Awards of the Company's Subsidiaries, VIEs and Subsidiaries of the VIEs (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Mar. 31, 2018
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Share-based compensation recognized in costs and expenses	¥ 3,713	¥ 7,881	¥ 9,582
Restricted stock units \| Fread Limited
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Number of shares available for future grant				2,000,000
Number of share options granted	920,000
Share-based compensation recognized in costs and expenses	¥ 0	¥ 100	¥ 1,100

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Available-for-sale Debt Investments (Details) - CNY (¥) ¥ in Thousands	1 Months Ended	12 Months Ended
	Aug. 31, 2020	Dec. 31, 2022	Dec. 31, 2023
Available-for-sale Debt Investments
Fair value of available-for-sale investments		¥ 304	¥ 309
Total accumulated unrealized gains (loss) on available-for-sale investments recorded in accumulated other comprehensive income		¥ (41,800)	¥ (41,800)
Particle \| Series D1 convertible redeemable preferred shares
Available-for-sale Debt Investments
Percentage of equity interests owned by the Company on an as-if converted basis			0.60%
Available for sale securities debt securities number of shares outstanding		4,584,209	4,584,209
Fair value of available-for-sale investments		¥ 300	¥ 300
Humanistic Intelligence
Available-for-sale Debt Investments
Fair value of available-for-sale investments		0	¥ 0
Proportion of equity interest acquired considered as available-for-sale debt securities	6.04%
Impairment related to credit losses on the available-for-sale debt investment		¥ 6,000

Related Party Transactions (Details)	12 Months Ended
Related Party Transactions (Details)	Dec. 31, 2023
Other entities within the Phoenix TV Group
Related Party Transaction
Relationships with Group	Under common control by Phoenix TV
China Mobile
Related Party Transaction
Relationships with Group	A shareholder of Phoenix TV
Mr. Zou Ming and Ms Wang Xiaojia
Related Party Transaction
Relationships with Group	Legal shareholders of Fenghuang Ronghe and employees of the Group
Fengyi Technology
Related Party Transaction
Relationships with Group	Investee
Mr. Gao Ximin and Mr. Qiao Haiyan
Related Party Transaction
Relationships with Group	Legal shareholders of Tianying Jiuzhou and employees of the Group

Equity Investments - Other equity investments (Details) - CNY (¥)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Jan. 31, 2022	Jan. 31, 2021	Dec. 31, 2020	Nov. 30, 2018
Private Equity Funds
Other equity investments
Aggregate purchase consideration				¥ 30,000,000
Equity method Investment amounts	¥ 34,100,000	¥ 34,600,000
Equity method investments authorized						¥ 30,000,000
Recognized gain (loss) of fair value	(400,000)	2,700,000	¥ 1,900,000
Yitong Technology
Other equity investments
Percentage of equity interest							10.00%
Aggregate purchase consideration							¥ 13,000,000
Equity method Investment amounts	13,000,000	13,000,000
Kesheng Jiada
Other equity investments
Percentage of equity interest					5.67%
Aggregate purchase consideration					¥ 15,000,000
Equity method Investment amounts	¥ 15,000,000	¥ 15,000,000
4K Garden
Other equity investments
Percentage of indirect equity interests					1.50%

Income Taxes - Reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rate (Details)	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Schedule of income taxes
Effective income tax rate	(13.50%)	35.90%	(8.20%)
Tax deductible expenses of the research and development expenses (in percent)	200.00%	175.00%	175.00%
PRC
Schedule of income taxes
Statutory income tax rate	25.00%	25.00%	25.00%
Permanent differences	16.30%	24.20%	(2.40%)
Change in valuation allowance	(46.40%)	(38.70%)	(23.60%)
Effect of preferential tax treatment	(7.40%)	(6.70%)	(5.30%)
Uncertain tax positions	1.80%	4.10%	(0.10%)
Effect of withholding tax on gain on disposal of available-for-sale debt investments		32.80%
Tax rate difference from statutory rate in other jurisdictions	(2.80%)	(4.80%)	(1.80%)
Effective income tax rate	(13.50%)	35.90%	(8.20%)

Fair Value Measurements - Reconciliation of fair value measurements of available-for-sale debt investments (Details) - Available-for-sale Securities - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Fair Value Measurements
Beginning balance	¥ 304	¥ 29,401	¥ 36,662
Change in fair value		(24,010)	(6,611)
Currency translation adjustment	5	893	(650)
Impairment		(5,980)
Ending balance	¥ 309	¥ 304	¥ 29,401

Available-for-sale Debt Investments

12 Months Ended

Dec. 31, 2023

Debt Securities, Available-for-Sale [Abstract]

Available-for-sale Debt Investments

8. Available-for-sale Debt Investments

Investments in Particle

In 2014 and 2015, the Company entered into a series of share purchase transactions and acquired certain Series of convertible redeemable preferred shares of Particle Inc. (“Particle”). Particle operates Yidian, a personalized news and life-style information application in China that allows users to define and explore desired content on their mobile devices. In 2019, the Company entered into a share purchase agreement with Run Liang Tai Management Limited, or Run Liang Tai, and its designated entities and entered into a series of supplemental agreements thereafter, for its sale of the entire previously held convertible redeemable preferred shares of Particle. The transaction was arranged to deal in several installments and the last batch transaction was closed on October 19, 2020.

As of December 31, 2022 and 2023, the Company held 4,584,209 Series D1 convertible redeemable preferred shares of Particle, respectively, which had been accounted for as available-for-sale debt investments, representing an aggregate of approximately 0.60% equity interest in Particle on an as-if converted basis (which reflected the completion of the issuance of additional shares under Particle’s share incentive plan). The fair value of available-for-sale debt investments in Particle was RMB0.3 million and RMB0.3 million as of December 31, 2022 and 2023, respectively.

The Company has determined that its investments in convertible redeemable preferred shares of Particle are not considered in-substance common stock but considered debt securities as the preferred shares of Particle are redeemable at the option of the Company and are therefore not within the scope of ASC 323 Equity Method and Joint Ventures. The Company’s investments in convertible redeemable preferred shares of Particle are classified as available-for-sale debt investments and reported at fair value, which is estimated by management on a recurring basis. Refer to Note 18 for details.

Investments in Humanistic Intelligence

In August 2020, the Group acquired 6.04% equity interest of Humanistic Intelligence Inc. (“Humanistic Intelligence”) through a series of debt restructuring and share exchange transactions. As the investment in Humanistic Intelligence is redeemable at the option of the Group, it is not considered in-substance common stock but considered debt securities. The Group’s investment in Humanistic Intelligence is classified as available-for-sale debt investments and reported at fair value. The Group had fully written down the whole investment in Humanistic Intelligence and recognized an impairment loss related to credit losses of RMB6.0 million in 2022. As of December 31, 2022 and 2023, the fair value of investment in Humanistic Intelligence was nil and nil, respectively.

As the Group does not expect to sell or redeem the investments mentioned above within one year, the available-for-sale debt investments are classified as long-term available-for-sale debt investments. Total accumulated unrealized loss on available-for-sale debt investments recorded in accumulated other comprehensive income excluding tax effect were RMB41.8 million and RMB41.8 million as of December 31, 2022 and 2023, respectively. The total fair value of available-for-sale debt investments were RMB0.3 million and RMB0.3 million as of December 31, 2022 and 2023, respectively (see Note 18).

Income Taxes - Net operating loss carryforward (Details) ¥ in Millions	Dec. 31, 2023 CNY (¥)
Income Tax Disclosure [Abstract]
Net operating loss carryforward	¥ 1,409.6
Net operating tax loss carryforward, expire in 2024	21.1
Net operating tax loss carryforward, expire in 2025	26.0
Net operating tax loss carryforward, expire in 2026	17.1
Net operating tax loss carryforward, expire in 2027	135.6
Net operating tax loss carryforward, expire after 2027	¥ 1,209.8

Treasury Stock

12 Months Ended

Dec. 31, 2023

Equity [Abstract]

Treasury Stock

15. Treasury Stock

On September 27, 2023, the Company’s board of directors approved a share repurchase program. Under the terms of the approved program (“Share Repurchase Program”), the Company may repurchase up to US$2 million worth of its outstanding American depositary shares (“ADSs”), each representing 48 Class A ordinary shares of the Company, from time to time for a period not to exceed five (5) months starting from September 27, 2023, the effective date of the program.

During the year ended December 31, 2023 and as of December 31, 2023, the Company had repurchased 42,585 ADSs, on the open market for a total considerations of US$0.1 million (RMB0.7 million).

Organization and Principal Activities - Financial information of consolidated VIEs (Details) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Dec. 31, 2020

Variable Interest Entity [Line Items]

Cash and cash equivalents

¥ 527,407

¥ 95,982

¥ 188,980

¥ 357,796

Term deposits and short term investments

558,765

1,049,555

Accounts receivable, net

293,854

428,587

Total current assets

1,478,628

1,661,651

Equity investments, net

101,221

114,389

Deferred income tax assets, net

70,170

89,060

Operating lease right-of-use assets, net

67,950

103,551

Other non-current assets

13,179

19,652

Total non-current assets

280,116

369,173

Total assets

1,758,744

2,030,824

Accounts payable

122,133

176,956

Advances from customers

34,197

31,942

Taxes payable

170,479

183,525

Salary and welfare payable

86,444

94,484

Accrued expenses and other current liabilities

71,656

89,042

Total current liabilities

526,994

664,321

Total non-current liabilities

68,127

101,280

Total liabilities

595,121

765,601

Revenues

^[1]

692,020

785,707

1,030,331

Gross profit

^[1]

227,875

237,202

432,934

Net loss

(109,115)

(125,719)

(273,066)

Cash flows from operating activities:

Net cash (used in)/provided by operating activities

(60,827)

(312,411)

(142,822)

Cash flows from investing activities:

Net cash provided by/(used in) investing activities

487,844

228,699

(42,653)

Cash flows from financing activities:

Net cash provided by/(used in) financing activities

(655)

(3,540)

Amounts due from related parties

57,445

46,215

Amounts due to related parties

22,170

64,733

Variable Interest Entity

Variable Interest Entity [Line Items]

Cash and cash equivalents

110,958

33,626

Term deposits and short term investments

167,097

14,207

Accounts receivable, net

84,809

175,544

Amounts due from inter-company entities

55,006

124,932

Other current assets

16,668

19,017

Total current assets

465,742

401,551

Equity investments, net

88,221

101,389

Deferred income tax assets, net

27,841

46,769

Operating lease right-of-use assets, net

28,486

46,294

Other non-current assets

26,215

40,680

Total non-current assets

170,763

235,132

Total assets

636,505

636,683

Accounts payable

37,310

57,363

Amounts due to inter-company entities

789,452

650,800

Advances from customers

21,423

20,653

Taxes payable

72,581

82,355

Salary and welfare payable

37,440

53,844

Accrued expenses and other current liabilities

56,548

69,183

Total current liabilities

1,020,860

961,494

Total non-current liabilities

29,870

49,000

Total liabilities

1,050,730

1,010,494

Revenues

340,421

376,120

487,323

Gross profit

103,852

112,851

227,819

Net loss

(41,008)

(43,898)

(153,574)

Cash flows from operating activities:

Net cash (used in)/provided by transactions with inter-company entities

(4,885)

45,768

(44,528)

Net cash (used in)/provided by transactions with third parties

5,180

(62,108)

(75,240)

Net cash (used in)/provided by operating activities

295

(16,340)

(119,768)

Cash flows from investing activities:

Loans (paid to)/collected from inter-company entities

72,427

(77,751)

(12,523)

Net cash provided by/(used in) other investing activities

(154,830)

79,148

93,034

Net cash provided by/(used in) investing activities

(82,403)

1,397

80,511

Cash flows from financing activities:

Investments from inter-company entities

400

Repatriation of capital to facilitate the reorganization

(10,000)

(Repayment of)/proceeds from loans from inter-company entities

157,423

123

(20,890)

Net cash used in other financing activities

(240)

Net cash provided by/(used in) financing activities

157,423

123

¥ (30,730)

Variable Interest Entity | Related Party

Variable Interest Entity [Line Items]

Amounts due from related parties

31,204

34,225

Amounts due to related parties

¥ 6,106

¥ 27,296

[1]	Transactions with related parties included in revenues, cost of revenues and operating expenses are as follows (Note 21):

Principal Accounting Policies - Sales and marketing expenses (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Sales and marketing expenses
Total advertising and promotion expenses including traffic acquisition expenses	¥ 24.7	¥ 40.9	¥ 70.7

Fair Value Measurements - Key inputs used in available-for-sale investments in particle valuation (Details) - Available-for-sale Securities - Level 3	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Lack of marketability discount ("DLOM")
Key inputs used in available-for-sale investments valuation
Inputs used in valuation of available-for-sale investments	0.20	0.20	0.20
Volatility
Key inputs used in available-for-sale investments valuation
Inputs used in valuation of available-for-sale investments	0.50	0.50	0.49

Prepayments and Other Current Assets - Summary of prepayments and other current assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Prepaid Expense and Other Assets, Current [Abstract]
Prepaid rental and deposits	¥ 7,325	¥ 7,414
Prepayments to suppliers and other business related expenses	14,387	14,587
Receivables related to exercise of employee options		3,390
Costs to fulfill contracts with customers	5,612	1,568
Others	6,784	5,298
Total	¥ 34,108	¥ 32,257

Accounts Receivable, Net

12 Months Ended

Dec. 31, 2023

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Accounts Receivable, Net

4. Accounts Receivable, Net

The following table sets out the balance of accounts receivable excluding notes receivable as of December 31, 2022 and 2023 (in thousands):


	As of December 31,
	2022			2023
	RMB			RMB
Accounts receivable, gross		740,575			377,086
Allowance for expected credit losses		(312,170	)		(106,654	)
Accounts receivable, net		428,405			270,432

The following table sets out the balance of notes receivable as of December 31, 2022 and 2023 (in thousands):


	As of December 31,
	2022			2023
	RMB			RMB
Notes receivable, gross		248			23,435
Allowance for expected credit losses		(66	)		(13	)
Notes receivable, net		182			23,422

The following table presents the movement of the allowance for expected credit losses (in thousands):


	2021		2022			2023
	RMB		RMB			RMB
Balance as of January 1,		194,454		379,974			312,236
Additional provision for/(reversal of) allowance for expected credit losses, net of recoveries		185,520		(23,769	)		14,682
Write-off		—		(43,969	)		(220,251	)
Balance as of December 31,		379,974		312,236			106,667

The reversal of allowance for expected credit losses of RMB23.8 million in 2022 were mainly due to the collection of some long-aged accounts receivables, and partially offset by the addition of new provision for allowance for expected credit losses.

Share-based Compensation (Tables)

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based compensation recognized in costs and expenses

Share-based compensation recognized in costs and expenses for the years ended December 31, 2021, 2022 and 2023 are as follows (in thousands):


	For the Years Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Cost of revenues		3,052		2,802		1,737
Sales and marketing expenses		1,704		1,842		1,115
General and administrative expenses		3,244		2,215		273
Technology and product development expenses		1,582		1,022		588
Total		9,582		7,881		3,713

Summary of share option activities

A summary of the Company’s share option activities for the years ended December 31, 2021, 2022 and 2023 is presented below:


				Weighted		Weighted Average
	Number of			Average		Remaining		Aggregate
	Options			Exercise Price		Contractual Life		Intrinsic Value
				US$		Years		US$ in Million
Outstanding as of January 1, 2021		52,225,353			0.41		6.2		—
Granted		1,730,000			0.21
Forfeited and expired		(3,616,991	)		0.43
Exercised		—			—				—
Outstanding as of December 31, 2021		50,338,362			0.40		5.5		—
Granted		—			—
Forfeited and expired		(8,862,859	)		0.44
Exercised		—			—				—
Outstanding as of December 31, 2022		41,475,503			0.40		4.8		—
Granted		—			—
Forfeited and expired		(17,378,280	)		0.42
Exercised		—			—
Outstanding as of December 31, 2023		24,097,223			0.38		5.1		—
Exercisable as of December 31, 2023		21,787,223			0.39		4.9		—
Vested and expected to vest as of December 31, 2023		23,516,723			0.38		5.0		—

Share options valuation assumption

The key assumptions used in determining the fair value of options granted during the years ended December 31, 2021, 2022 and 2023 are as follows:


	For the Years Ended December 31,
	2021		2022	2023
Expected volatility rate	65.34%-68.45%		N/A	N/A
Expected dividend yield		—	N/A	N/A
Expected term (years)	6.16		N/A	N/A
Risk-free interest rate (per annum)	1.32%-1.72%		N/A	N/A

Organization and Principal Activities - Financial information of consolidated VIEs (Parenthetical) (Details) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Variable Interest Entity [Line Items]

Revenues

^[1]

¥ 692,020

¥ 785,707

¥ 1,030,331

Variable Interest Entity

Variable Interest Entity [Line Items]

Revenues

340,421

376,120

487,323

Variable Interest Entity | Consolidated Entities

Variable Interest Entity [Line Items]

Revenues

40,100

26,400

27,000

Technical service fees

¥ 23,000

¥ 13,500

¥ 16,800

[1]	Transactions with related parties included in revenues, cost of revenues and operating expenses are as follows (Note 21):

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References + Details

Additional Information - Condensed Financial Statements of the Company - Statements of Cash Flows (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Cash flows from operating activities:
Net cash used in operating activities	¥ (60,827)	¥ (312,411)	¥ (142,822)
Cash flows from investing activities:
Return of equity investment principal from a subsidiary	1,072
Net cash provided by/(used in) investing activities	487,844	228,699	(42,653)
Cash flows from financing activities:
Repurchase of ordinary shares	(655)
Net cash provided by/(used in) financing activities	(655)		(3,540)
Net (decrease)/increase in cash, cash equivalents and restricted cash	429,419	(99,561)	(184,237)
Cash, cash equivalents and restricted cash at the beginning of the year	105,037	204,598	388,835
Cash, cash equivalents and restricted cash at the end of the year	534,456	105,037	204,598
Parent Company
Cash flows from operating activities:
Net cash used in operating activities	(20,850)	(20,974)	(34,801)
Cash flows from investing activities:
Placement of short-term investments	(58,951)	(32,312)
Maturity of short-term investments	61,388	29,875
Return of equity investment principal from a subsidiary	19,722
Net cash provided by/(used in) investing activities	22,159	(2,437)
Cash flows from financing activities:
Repayment from/(payment to) subsidiaries and VIEs	10,332	(64)	39,171
Repurchase of ordinary shares	(655)
Dividends returned from shareholders			4,725
Net cash provided by/(used in) financing activities	9,677	(64)	43,896
Net (decrease)/increase in cash, cash equivalents and restricted cash	10,986	(23,475)	9,095
Cash, cash equivalents and restricted cash at the beginning of the year	10,552	34,027	24,932
Cash, cash equivalents and restricted cash at the end of the year	¥ 21,538	¥ 10,552	¥ 34,027

Principal Accounting Policies - Operating leases and Adoption of ASU (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Operating lease weighted average remaining lease term	3 years 4 months 20 days
Operating lease, weighted average discount rate	4.69%
Operating lease cost and expenses	¥ 25.4	¥ 27.6	¥ 34.5
Short term lease cost and expenses	¥ 1.4	¥ 2.6	¥ 1.5

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Intangible Assets, Net - Summary of intangible assets, net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Intangible assets, Net
Total gross value	¥ 87,112	¥ 83,932
Less: amortization	(55,136)	(42,880)
impairment	(11,926)	(11,926)
Net book value	20,050	29,126
Computer software
Intangible assets, Net
Total gross value	21,918	24,307
Licensed copyrights of reading content
Intangible assets, Net
Total gross value	48,016	43,788
Audio content
Intangible assets, Net
Total gross value	17,041	15,646
Trademark and domain name
Intangible assets, Net
Total gross value	¥ 137	¥ 191

Share-based Compensation - Share option activities (Details) - $ / shares	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Number of Options
Number of Options, Outstanding, Beginning Balance	41,475,503	50,338,362	52,225,353
Number of Options, Granted			1,730,000
Number of Options, Forfeited and expired	(17,378,280)	(8,862,859)	(3,616,991)
Number of Options, Outstanding, Ending Balance	24,097,223	41,475,503	50,338,362	52,225,353
Number of Options, Exercisable	21,787,223
Number of Options, Vested and expected to vest	23,516,723
Weighted Average Exercise Price
Weighted Average Exercise Price, Outstanding, Beginning Balance	$ 0.4	$ 0.4	$ 0.41
Weighted Average Exercise Price, Granted			0.21
Weighted Average Exercise Price, Forfeited and expired	0.42	0.44	0.43
Weighted Average Exercise Price, Outstanding, Ending Balance	0.38	$ 0.4	$ 0.4	$ 0.41
Weighted Average Exercise Price, Exercisable	0.39
Weighted Average Exercise Price, Vested and expected to vest	$ 0.38
Weighted Average Remaining Contractual Life
Weighted Average Remaining Contractual Life, Outstanding	5 years 1 month 6 days	4 years 9 months 18 days	5 years 6 months	6 years 2 months 12 days
Weighted Average Remaining Contractual Life, Exercisable	4 years 10 months 24 days
Weighted Average Remaining Contractual Life, Vested and expected to vest	5 years

Property and Equipment, Net (Tables)

12 Months Ended

Dec. 31, 2023

Property, Plant and Equipment [Abstract]

Summary of property and equipment, net

The following is a summary of property and equipment, net (in thousands):


	As of December 31,
	2022			2023
	RMB			RMB
Computers, equipment and furniture		73,526			41,179
Motor vehicles		5,721			5,461
Leasehold improvements		47,966			47,966
Total		127,213			94,606
Less: accumulated depreciation		(114,122	)		(87,369	)
Net book value		13,091			7,237

Fair Value Measurements (Tables)

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Financial instruments measured at fair value on recurring basis by level within the fair value hierarchy

The following table sets forth the financial instruments, measured at fair value on a recurring basis, by level within the fair value hierarchy (in thousands):


	Fair Value Measurements at Reporting Date Using
	Carrying Value on Balance Sheets		Quote Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
As of December 31, 2022:
Assets:
Term deposits and short-term investments		1,049,555		—		1,049,555		—
Restricted cash		9,055		9,055		—		—
Available-for-sale debt investments		304		—		—		304
As of December 31, 2023:
Assets:
Term deposits and short-term investments		558,765		—		558,765		—
Restricted cash		7,049		7,049		—		—
Available-for-sale debt investments		309		—		—		309

18. Fair Value Measurements (Continued)

Assets and Liabilities Measured and Disclosed at Fair Value on a Recurring Basis (Continued)

Reconciliation of fair value measurements of available-for-sale debt investments

The following table sets forth the reconciliation of the fair value measurements of available-for-sale debt investments from January 1, 2021 to December 31, 2023 (in thousands):


	Fair Value Measurements of Available-for-sale Debt Investments
	RMB
Ending balance as of January 1, 2021		36,662
Change in fair value		(6,611	)
Currency translation adjustment		(650	)
Ending balance as of December 31, 2021		29,401
Change in fair value		(24,010	)
Impairment		(5,980	)
Currency translation adjustment		893
Ending balance as of December 31, 2022		304
Change in fair value		—
Currency translation adjustment		5
Ending balance as of December 31, 2023		309

Key inputs used in valuation of available-for-sale investments in particle

The key inputs used in valuation of available-for-sale debt investments in Particle as of December 31, 2021, 2022 and 2023 were as follow:


	As of December 31,
	2021	2022	2023
Lack of marketability discount (“DLOM”)	20%	20%	20%
Volatility	49.0%	50.0%	50.0%

18. Fair Value Measurements (Continued)

Related Party Transactions

12 Months Ended

Dec. 31, 2023

Related Party Transactions

21. Related Party Transactions

The table below sets forth the major related parties and their relationships with the Group:


Related Parties		Relationships with the Group
Other entities within the Phoenix TV Group		Under common control by Phoenix TV
China Mobile Communication Corporation (“China Mobile”)		A shareholder of Phoenix TV
Henan Fengyi Feiyang Network Technology Limited (“Fengyi Technology”)		Investee
Mr. Gao Ximin and Mr. Qiao Haiyan		Legal shareholders of Tianying Jiuzhou and employees of the Group
Mr. Zou Ming and Ms Wang Xiaojia		Legal shareholders of Fenghuang Ronghe and employees of the Group

In addition to those disclosed elsewhere in the financial statements, the Group had the following related party transactions for the years ended December 31, 2021, 2022 and 2023 (in thousands):

Transactions with the Other Entities Within the Phoenix TV Group:


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Content provided by Phoenix TV Group		(17,263	)		(45,000	)		(45,000	)
Advertising and promotion expenses charged by Phoenix TV Group		(2,477	)		(1,168	)		(4,290	)
Corporate administrative expenses charged by Phoenix TV Group		(1,093	)		(1,071	)		(943	)
Trademark license fees charged by Phoenix TV Group		(4,267	)		(3,803	)		(5,548	)
Project cost charged by Phoenix TV Group		(595	)		(2,971	)		(2,601	)
Revenues earned from Phoenix TV Group		12,402			13,937			4,566

Transactions with China Mobile:


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Advertising revenues earned from China Mobile		17,464			3,160			4,914
Paid services revenues earned from and through China Mobile		29,770			23,297			17,916
Revenue sharing fees and bandwidth costs charged by China Mobile		(6,631	)		(4,971	)		(3,313	)

Transactions with Investees:


	For the Years Ended December 31,
	2021			2022		2023
	RMB			RMB		RMB
Advertising revenues earned from/(agency service fees paid to) Fengyi Technology		(1,047	)		48		197
Revenues earned from other investees		—			142		93

21. Related Party Transactions (Continued)

As of December 31, 2022 and 2023, the amounts of due from and due to related parties were as follows (in thousands):


	As of December 31,
	2022		2023
	RMB		RMB
Amounts due from related parties:
Due from China Mobile		5,626		3,834
Due from Phoenix TV Group		40,540		53,611
Due from other investees, net		49		—
Total		46,215		57,445
Amounts due to related parties:
Due to China Mobile		—		8
Due to Phoenix TV Group		62,700		20,793
Due to Fengyi Technology		2,033		1,369
Total		64,733		22,170

The amounts due from Phoenix TV Group represent accounts receivable from Phoenix TV Group for the advertising services provided to its customers and advance payments to Phoenix TV Group for the content provided by it, and the amounts due to Phoenix TV Group represent resources or services provided by Phoenix TV Group, expenses paid by Phoenix TV Group on behalf of the Group, and expenses charged by Phoenix TV Group under the cooperation agreements (see Note 2 (a)).

- Definition

The entire disclosure for related party transactions. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-2

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 5
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-5

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-6

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 235
-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (e)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481062/946-235-50-2

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (d)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(g)(3))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
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-Subparagraph (SX 210.6-07(2)(c))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.6-07(2)(e))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483575/946-220-S99-1

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//850/tableOfContent

Reference 11: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 6
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-6

Reference 12: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

Reference 13: http://www.xbrl.org/2003/role/disclosureRef
-Topic 850
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483326/850-10-50-1

+ Details

Income Taxes - Summary of provisions for income tax expense/(benefit) (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Current tax expense/(benefit)	¥ (5,914)	¥ (72,211)	¥ 25,903
Deferred tax (benefit)/expense	18,890	1,817	(5,322)
Income tax expense/(benefit)	¥ 12,976	¥ (70,394)	¥ 20,581

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Share-based Compensation

12 Months Ended

Dec. 31, 2023

Share-Based Payment Arrangement [Abstract]

Share-based Compensation

16. Share-based Compensation

Share-based compensation recognized in costs and expenses for the years ended December 31, 2021, 2022 and 2023 are as follows (in thousands):


	For the Years Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Cost of revenues		3,052		2,802		1,737
Sales and marketing expenses		1,704		1,842		1,115
General and administrative expenses		3,244		2,215		273
Technology and product development expenses		1,582		1,022		588
Total		9,582		7,881		3,713

The Group recognized share-based compensation, net of estimated forfeitures, on a graded-vesting basis over the vesting term of the awards. There was no income tax benefit recognized in the consolidated statements of comprehensive income/(loss) for share-based compensation and the Group did not capitalize any of the share-based compensation as part of the cost of any asset in the years ended December 31, 2021, 2022 and 2023.

For the years ended December 31, 2021, 2022 and 2023, the Group recognized share-based compensation net of forfeitures for options and restricted share unit of RMB9.6 million, RMB7.9 million and RMB3.7 million, respectively.

Share Options of the Company

In June 2018, the Company adopted a Share Option Scheme (the “June 2018 Scheme”), which permit the grant of options to its eligible recipients for up to 10% of the ordinary shares in issue (the “Limit”) on the effective dates of the schemes. The total number of ordinary shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the schemes and any other share option schemes of the Company shall not exceed 30% of the ordinary shares in issue from time to time. The Company may seek approval from its shareholders to refresh the Limit provided that the Limit as refreshed shall not exceed 10% of the ordinary shares of the Company in issue as at the date of approval, and options previously granted will not be counted for the purpose of calculating the Limit as refreshed. Any outstanding option lapse in accordance with the terms of the schemes will not be counted for the purpose of calculating the Limit. Option awards are granted with an exercise price determined by the board of directors. Those option awards vest over a period of four years and expire in ten years. In June 2022, the shareholders of Phoenix TV and the board of the Company approved the refreshment of the total number of Class A ordinary shares that may be issued upon exercise of all options to be granted under the 2018 share option plan, excluding previously granted, outstanding, cancelled, lapsed or exercised awards.

16. Share-based Compensation (Continued)

Share Options of the Company (Continued)

A summary of the Company’s share option activities for the years ended December 31, 2021, 2022 and 2023 is presented below:


				Weighted		Weighted Average
	Number of			Average		Remaining		Aggregate
	Options			Exercise Price		Contractual Life		Intrinsic Value
				US$		Years		US$ in Million
Outstanding as of January 1, 2021		52,225,353			0.41		6.2		—
Granted		1,730,000			0.21
Forfeited and expired		(3,616,991	)		0.43
Exercised		—			—				—
Outstanding as of December 31, 2021		50,338,362			0.40		5.5		—
Granted		—			—
Forfeited and expired		(8,862,859	)		0.44
Exercised		—			—				—
Outstanding as of December 31, 2022		41,475,503			0.40		4.8		—
Granted		—			—
Forfeited and expired		(17,378,280	)		0.42
Exercised		—			—
Outstanding as of December 31, 2023		24,097,223			0.38		5.1		—
Exercisable as of December 31, 2023		21,787,223			0.39		4.9		—
Vested and expected to vest as of December 31, 2023		23,516,723			0.38		5.0		—

The aggregate intrinsic value of options outstanding, exercisable and vested and expected to vest as of December 31, 2023 was calculated as the difference between the Company’s closing stock price of US$1.36 per ADS, or US$0.03 per share as of that date, and the exercise price of the underlying options. The aggregate intrinsic value of options exercised was calculated as the difference between the market value on the date of exercise and the exercise price of the underlying options.

As disclosed in Note 2(w), the Company’s share-based compensation is measured at the value of the award as calculated under the Black-Scholes option pricing model. The Company estimated the expected volatility at the date of grant based on average annualized standard deviation of the share price of comparable listed companies. The Company has no history or expectation of paying regular dividends on its ordinary shares. The Company estimated the expected term based on the vesting schedule and the exercise period of the options. Risk-free interest rates are based on the derived market yield of the U.S. Treasury securities with an estimated country-risk differential as of the valuation date. The key assumptions used in determining the fair value of options granted during the years ended December 31, 2021, 2022 and 2023 are as follows:


	For the Years Ended December 31,
	2021		2022	2023
Expected volatility rate	65.34%-68.45%		N/A	N/A
Expected dividend yield		—	N/A	N/A
Expected term (years)	6.16		N/A	N/A
Risk-free interest rate (per annum)	1.32%-1.72%		N/A	N/A

The weighted-average grant date fair value of options granted for the year ended December 31, 2021 were US$0.21. There were no options granted in 2022 and 2023.

As of December 31, 2023, there was RMB0.2 million of unrecognized share-based compensation for options, adjusted for estimated forfeitures. The unrecognized share-based compensation is expected to be recognized over a weighted-average period of 0.76 year.

Share-based Awards of the Company’s Subsidiaries, VIEs and Subsidiaries of the VIEs

One of the Company’s subsidiaries, Fread Limited, adopted a restricted share unit scheme in March 2018 to grant a total of 2,000,000 restricted share units to employees (the “2018 Fread RSU Scheme”) and there were 920,000 restricted share units of Fread Limited granted under the 2018 Fread RSU Scheme as of December 31, 2023. For the years ended December 31, 2021, 2022 and 2023, Fread Limited recognized share-based compensation net of forfeitures of RMB1.1 million, RMB0.1 million and nil, respectively.

Income Taxes

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Income Taxes

13. Income Taxes

Income Tax Expense/(Benefit) and Effective Tax Rate

The provisions for income tax expense/(benefit) are summarized as follows (in thousands):


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Current tax expense/(benefit)		25,903			(72,211	)		(5,914	)
Deferred tax (benefit)/expense		(5,322	)		1,817			18,890
Income tax expense/(benefit)		20,581			(70,394	)		12,976

The components of income/(loss) before tax and income tax expense/(benefit) for PRC and non-PRC operations are as follows (in thousands):


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Income/(loss) arising from PRC operations		(235,019	)		(158,671	)		(85,525	)
Income/(loss) arising from non-PRC operations		(17,466	)		(37,442	)		(10,614	)
Income/(loss) before tax		(252,485	)		(196,113	)		(96,139	)
Income tax expense/(benefit) relating to PRC operations		20,581			(6,037	)		12,976
Income tax expense/(benefit) relating to non-PRC operations		—			(64,357	)		—
Income tax expense/(benefit)		20,581			(70,394	)		12,976
Effective tax rate for PRC		(8.8	)%		3.8	%		(15.2	)%
Effective tax rate for the Group		(8.2	)%		35.9	%		(13.5	)%

Cayman Islands (“Cayman”)

Under the relevant current laws of the Cayman Islands, corporate income, capital gains or other direct taxes are not imposed on corporations in the Cayman Islands. In addition, dividend payments are not subject to withholding taxes in the Cayman Islands.

British Virgin Islands (“BVI”)

The Group’s subsidiaries incorporated in the British Virgin Islands are exempted from income tax on their foreign-derived income and are not subject to withholding taxes.

Hong Kong

Subsidiaries in Hong Kong are subject to 16.5% Hong Kong profit tax on their taxable income generated from operations in Hong Kong and can also enjoy a two-tiered profits tax regime. The profits tax rate for the first HK$2 million of profits of corporations is lowered to 8.25%, while profits above that amount continue to be subject to the tax rate of 16.5%.

13. Income Taxes (Continued)

Income Tax Expense/(Benefit) and Effective Tax Rate (Continued)

PRC

Each of the Group’s PRC subsidiaries, VIEs and subsidiaries of the VIEs are obligated to pay income tax in the PRC. The PRC Corporate Income Taxes Law (“CIT Law”) generally applies an income tax rate of 25% to all enterprises, but grants preferential tax treatment to High and New Technology Enterprises (“HNTEs”). Under these preferential tax treatments, HNTEs are entitled to an income tax rate of 15%, subject to a requirement that they re-apply for HNTE status every three years.

Fenghuang On-line was qualified as an HNTE in 2020 and 2023, respectively, and therefore, Fenghuang On-line was subject to a 15% income tax rate from 2021 to 2023.

Tianying Jiuzhou was qualified as an HNTE in 2020, and therefore, Tianying Jiuzhou was subject to a 15% income tax rate from 2021 to 2022. Tianying Jiuzhou was subject to a 25% income tax rate in 2023.

Fenghuang Yutian was qualified as an HNTE in 2020 and 2023, respectively, and therefore, Fenghuang Yutian was subject to a 15% income tax rate from 2021 to 2023.

In 2021, Fenghuang Borui was qualified as an HNTE, and therefore, Fenghuang Borui was subject to a 15% income tax rate from 2021 to 2023.

All other PRC incorporated entities of the Group were subject to a 25% income tax rate for all the years presented.

The CIT Law also provides that an enterprise established under the laws of foreign countries or regions but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. On April 22, 2009, the State Administration of Taxation (“SAT”) issued a circular, known as Circular 82, which provides certain specific criteria for determining whether the “de facto management body” of a PRC-controlled enterprise that is incorporated offshore is located in China. Under Circular 82, an offshore incorporated enterprise controlled by a PRC enterprise or a PRC enterprise group will be regarded as a PRC tax resident by virtue of having its “de facto management body” in China and will be subject to PRC enterprise income tax on its global income only if all of the following conditions are met: (i) the primary location of the day-to-day operational management is in the PRC; (ii) decisions relating to the enterprise’s financial and human resource matters are made or are subject to approval by organizations or personnel in the PRC; (iii) the enterprise’s primary assets, accounting books and records, company seals, and board and shareholder resolutions, are located or maintained in the PRC; and (iv) at least 50% of voting board members or senior executives habitually reside in the PRC. The Company and its offshore subsidiaries have never been treated as resident enterprises for PRC tax purposes.

Withholding Tax on Undistributed Dividends

The CIT Law imposes a 10% withholding income tax on dividends distributed by foreign invested enterprises in the PRC to their immediate holding companies outside the PRC. A lower withholding tax rate may be applied if there is a tax treaty between the PRC and the jurisdiction of the foreign holding company. A holding company in Hong Kong, for example, will be subject to a 5.0% withholding tax rate under an arrangement between the PRC and the Hong Kong Special Administrative Region on the “Avoidance of Double Taxation and Prevention of Fiscal Evasion with Respect to Taxes on Income and Capital,” if such holding company is considered a non-PRC resident enterprise and holds at least 25.0% of the equity interest in the PRC foreign invested enterprise distributing the dividends, subject to approval of the PRC local tax authority. However, if the Hong Kong holding company is not considered to be the beneficial owner of such dividends under applicable PRC tax regulations, such dividend will remain subject to a withholding tax rate of 10%.

13. Income Taxes (Continued)

Income Tax Expense/(Benefit) and Effective Tax Rate (Continued)

The PRC subsidiaries, VIEs and subsidiaries of VIEs have not paid dividends in the past and do not have any present plans to declare and pay any dividends on the Company’s ordinary shares or ADSs in the near future and the Group currently intends to retain most, if not all, of its available funds and any future earnings to operate and expand the business. Accordingly, the Company does not intend to have its PRC subsidiaries distribute any undistributed profits of such subsidiaries to their direct overseas parent companies, but rather intends that such profits will be permanently reinvested in such subsidiaries to further expand their business in the PRC. As of December 31, 2023, the Company did not record any withholding tax on the retained earnings of its foreign invested enterprises in the PRC. Aggregate undistributed earnings of the Group’s entities located in the PRC that were available for distribution to the Company as of December 31, 2022 and 2023 were approximately RMB449.8 million and RM373.2 million, respectively. The amounts of the unrecognized deferred tax liability on the permanently reinvested earnings were RMB45.0 million and RMB37.3 million as of December 31, 2022 and 2023, respectively.

Withholding Tax on Gain from the Disposal of Available-for-sale Debt Investments in Particle

The Company was subject to PRC withholding tax of 10% on the gain recognized from the disposal of available-for-sale debt investments in Particle, with any relevant tax adjustments if applicable, as regulated by the Public Notice on Several Issues regarding Enterprise Income Tax for Indirect Property Transfer by Non-resident Enterprises, or SAT Circular 7, issued on February 3, 2015, and the Public Notice Regarding Issues Concerning the Withholding of Non-resident Enterprise Income Tax at Source, or SAT Public Notice 37, issued on October 17, 2017. The accrued withholding taxes of gain on disposal of available-for-sale debt investments may vary with the actual withholding tax to be paid. In September 2022, the Company paid the withholding tax related to the disposal of available-for-sale debt investments in Particle of RMB176.0 million and recognized an income tax benefit of RMB64.4 million, which represented the difference between the actual withholding tax paid in 2022 and the previously accrued withholding tax.

Reconciliation of the Differences between Statutory Tax Rate and the Effective Tax Rate

Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2021, 2022 and 2023 is as follows:


	For the Years Ended December 31,
	2021			2022			2023
	%			%			%
Statutory income tax rate		25.0			25.0			25.0
Permanent differences (1)		(2.4	)		24.2			16.3
Change in valuation allowance		(23.6	)		(38.7	)		(46.4	)
Effect of preferential tax treatment		(5.3	)		(6.7	)		(7.4	)
Uncertain tax positions		(0.1	)		4.1			1.8
Effect of withholding tax on gain on disposal of available-for-sale debt investments (2)		—			32.8			—
Tax rate difference from statutory rate in other jurisdictions		(1.8	)		(4.8	)		(2.8	)
Effective income tax rate		(8.2	)		35.9			(13.5	)

Notes:

(1)

Permanent differences mainly included the tax-deductible expenses of the research and development expenses so incurred in a year in determining their tax assessable profits for that year for enterprises engaging in research and development activities, as 175% of the research and development expenses could be tax-deductible in 2021 and 2022, and 200% of the research and development expenses could be tax-deductible in 2023, according to policies promulgated by the State Tax Bureau of the PRC.

(2)

Effect of withholding tax on gain on disposal of available-for-sale debt investments represented the differences between the tax calculated based on book gain at the statutory rate and the tax applicable to this transaction.

The combined effects of the income tax exemption and other preferential tax treatment available to the Group are as follows (in thousands, except per share data):


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Effect of preferential tax treatment		(13,468	)		(13,050	)		(7,139	)
Basic net loss per share effect		(0.02	)		(0.02	)		(0.01	)

13. Income Taxes (Continued)

Deferred Tax Assets and Liabilities

The tax effects of temporary differences that give rise to the deferred tax assets balance as of December 31, 2022 and 2023 are as follows (in thousands):


	As of December 31,
	2022			2023
	RMB			RMB
Deferred tax assets:
Allowances for expected credit loss of receivables		80,025			30,296
Accrued payroll and expenses and others		24,914			26,416
Net operating loss carryforward		247,350			321,276
Less: valuation allowance		(263,229	)		(307,818	)
Total deferred tax assets, net		89,060			70,170

As of December 31, 2023, the Group had net operating loss of approximately RMB1,409.6 million, which can be carried forward to offset future taxable income. Net operating loss carry forward of RMB21.1 million, RMB26.0 million, RMB17.1 million, RMB135.6 million and RMB1,209.8 million will expire in 2024, 2025, 2026, 2027 and years after 2027, respectively, if not utilized.

Movement of Valuation Allowance

Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future reversals of existing taxable temporary differences, future profitability and tax planning strategies. Valuation allowance was mainly provided for net operating loss carry forward because it was more likely than not that such deferred tax assets will not be realized based on the Group’s estimate of its future taxable income.

The following table sets forth the movement of the valuation allowance for deferred tax assets (in thousands):


	2021			2022		2023
	RMB			RMB		RMB
Balance as of January 1,		127,809			187,396		263,229
Additions		61,716			75,833		50,151
Reversals		(2,129	)		—		(5,562	)
Balance as of December 31,		187,396			263,229		307,818

13. Income Taxes (Continued)

Uncertain Tax Positions

A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions is as follows (in thousands):


	2021		2022			2023
	RMB		RMB			RMB
Balance as of January 1,		28,182		28,330			20,333
Reversal of uncertain tax positions over 10 years		—		(7,997	)		(4,236	)
Increase related to current year tax positions		148		—			2,501
Balance as of December 31,		28,330		20,333			18,598

The Group did not accrue any potential penalties and interest related to these uncertain tax positions for all years presented on the basis that the likelihood of penalties and interest being charged is not considered to be probable. In 2022 and 2023, the Group reversed RMB8.0 million and RMB4.2 million of liabilities associated with uncertain tax positions accrued more than 10 years, respectively, as their probability of being investigated by the PRC tax authorities would be remote. The increase in liabilities associated with uncertain tax positions represents liabilities accrued base on current year positions when the Group expects that it is more likely than not that the ultimate resolution of uncertain tax positions may be different from these estimates.

The amounts of uncertain tax positions listed above are based on the recognition and measurement criteria of ASC 740. However, due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of uncertain tax positions may result in liabilities which could be materially different from these estimates. In such an event, the Group will record additional tax expense or tax benefit in the period in which such resolution occurs. The Group does not expect changes in uncertain tax positions recognized as of December 31, 2023 to be material in the next twelve months. In accordance with PRC Tax Administration Law on the Levying and Collection of Taxes, the PRC tax authorities generally have up to five years to claw back underpaid tax plus penalties and interest for PRC entities’ tax filings. In the case of tax evasion, which is not clearly defined in the law, there is no limitation on the tax years open for investigation. Accordingly, the PRC entities’ tax years from 2019 to 2023 remain subject to examination by tax authorities. There are no ongoing examinations by tax authorities as of December 31, 2023.

- Definition

The entire disclosure for income taxes. Disclosures may include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 946
-SubTopic 20
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480990/946-20-50-13

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 235
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.4-08(h)(2))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480678/235-10-S99-1

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//740/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 740
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 14
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-14

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
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-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482685/740-10-50-21

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
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-URI https://asc.fasb.org//1943274/2147482526/740-270-50-1

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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-Name Accounting Standards Codification
-Section 50
-Paragraph 2
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482603/740-30-50-2

+ Details

Principal Accounting Policies - Contract Balances and Practical Expedients (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022
Accounting Policies [Abstract]
Revenue recognized included in beginning contract liability	¥ 17.6	¥ 19.0
Election of revenue recognition practical expedient, financing component	true
Fair value practical expedient in ASC Topic 820	true

Prepayments and Other Current Assets

12 Months Ended

Dec. 31, 2023

Prepaid Expense and Other Assets, Current [Abstract]

Prepayments and Other Current Assets

5. Prepayments and Other Current Assets

The following is a summary of prepayments and other current assets (in thousands):


	As of December 31,
	2022		2023
	RMB		RMB
Prepaid rental and deposits		7,414		7,325
Prepayments to suppliers and other business related expenses		14,587		14,387
Receivables related to exercise of employee options		3,390		—
Costs to fulfill contracts with customers		1,568		5,612
Others		5,298		6,784
Total		32,257		34,108

Prepayments to suppliers and other business related expenses mainly consist of business related staff advances, in-house produced content costs and the Group’s prepaid content licenses fee to third-party content suppliers for the rights to access and present on the Group’s website the content produced by these suppliers during a certain period. These content licenses generally have a license period of one to three years, and are amortized over the license period on a straight-line basis. The portion of the prepaid content license costs that relates to the license period for more than 12 months from the balance sheet date is classified as other non-current assets.

Accounts Receivable, Net - Balance of accounts receivable (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Accounts receivable, gross	¥ 377,086	¥ 740,575
Allowance for expected credit losses	(106,654)	(312,170)
Accounts receivable, net	¥ 270,432	¥ 428,405

Principal Accounting Policies - Summary of Future Lease Payments under Operating Leases (Details) ¥ in Thousands	Dec. 31, 2023 CNY (¥)
Accounting Policies [Abstract]
Future lease payments , year one	¥ 22,343
Future lease payments , year two	21,439
Future lease payments , year three	21,629
Future lease payments , year four	9,682
Total future lease payments	75,093
Less: Imputed interest	5,649
Total lease liability balance	¥ 69,444

Principal Accounting Policies - Employee social security and welfare benefits (Details) - CNY (¥) ¥ in Millions	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Employee social security and welfare benefits
Employee social security and welfare benefits	¥ 74.1	¥ 89.7	¥ 95.3

Cost of Revenues (Tables)

12 Months Ended

Dec. 31, 2023

Cost of Revenue [Abstract]

Schedule of cost of revenues

The cost of revenues are as follows (in thousands):


	For the Years Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Revenue sharing fees		27,673		16,969		12,997
Content and operational costs		513,449		484,857		420,721
Bandwidth costs		56,275		46,679		30,427
Total		597,397		548,505		464,145

Additional Information - Condensed Financial Statements of the Company - Statements of Comprehensive Income/(Loss) (Details) - CNY (¥)
¥ in Thousands

12 Months Ended

Dec. 31, 2023

Dec. 31, 2022

Dec. 31, 2021

Operating expenses :

General and administrative expenses

^[1]

¥ (114,974)

¥ (91,846)

¥ (334,189)

Total operating expenses

^[1]

(353,572)

(428,637)

(769,029)

Loss from operations

(125,697)

(191,435)

(336,095)

Other income/(loss):

Net interest income

34,671

31,411

47,304

Foreign currency exchange gain/(loss)

(1,945)

(32,872)

8,612

Impairment of available-for-sale debt investments

(5,980)

Others, net

8,397

8,294

25,387

Loss before income taxes

(96,139)

(196,113)

(252,485)

Income tax benefit

(12,976)

70,394

(20,581)

Net loss

(109,115)

(125,719)

(273,066)

Comprehensive loss attributable to Phoenix New Media Limited

(97,491)

(115,746)

(216,795)

Parent Company

Operating expenses :

General and administrative expenses

(16,902)

(16,945)

(16,556)

Total operating expenses

(16,902)

(16,945)

(16,556)

Loss from operations

(16,902)

(16,945)

(16,556)

Other income/(loss):

Net interest income

944

Foreign currency exchange gain/(loss)

(4,181)

(21,847)

5,775

Impairment of available-for-sale debt investments

(5,980)

Others, net

(5,514)

5,152

Share of loss from the subsidiaries

(82,357)

(123,773)

(200,075)

Loss before income taxes

(102,496)

(174,009)

(205,701)

Income tax benefit

64,357

Net loss

(102,496)

(109,652)

(205,701)

Other comprehensive (loss)/income

5,005

(6,094)

(11,094)

Comprehensive loss attributable to Phoenix New Media Limited

¥ (97,491)

¥ (115,746)

¥ (216,795)

[1]	Transactions with related parties included in revenues, cost of revenues and operating expenses are as follows (Note 21):

Net Income/(Loss) per Share (Details) - CNY (¥) ¥ / shares in Units, ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Numerator:
Net loss attributable to Phoenix New Media Limited	¥ (102,496)	¥ (109,652)	¥ (205,701)
Numerator:
Net loss attributable to Phoenix New Media Limited	¥ (102,496)	¥ (109,652)	¥ (205,701)
Ordinary Shares
Denominator:
Basic	582,241,827	582,324,325	582,324,325
Basic net income/(loss) per share	¥ (0.18)	¥ (0.19)	¥ (0.35)
Weighted average number of Class A and Class B ordinary shares used in computing net loss per share:
Basic	582,241,827	582,324,325	582,324,325
Diluted	582,241,827	582,324,325	582,324,325
Diluted net income/(loss) per share	¥ (0.18)	¥ (0.19)	¥ (0.35)
ADS
Denominator:
Basic	12,130,038	12,131,757	12,131,757
Basic net income/(loss) per share	¥ (8.45)	¥ (9.04)	¥ (16.96)
Weighted average number of Class A and Class B ordinary shares used in computing net loss per share:
Basic	12,130,038	12,131,757	12,131,757
Diluted	12,130,038	12,131,757	12,131,757
Diluted net income/(loss) per share	¥ (8.45)	¥ (9.04)	¥ (16.96)

Ordinary Shares (Details) - $ / shares	12 Months Ended
Ordinary Shares (Details) - $ / shares	Dec. 31, 2023	Dec. 31, 2022
Class of Stock
Ordinary shares, conversion features	The Parent, which is wholly owned by Phoenix TV, holds Class B ordinary shares, each of which is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances.
Ordinary shares, Conversion ratio of class B into class A ordinary shares	one
Class A ordinary shares
Class of Stock
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, issued	264,998,965	264,998,965
Ordinary shares, outstanding	262,954,885	264,998,965
Class B ordinary shares
Class of Stock
Ordinary shares, par value	$ 0.01	$ 0.01
Ordinary shares, voting rights	1.3
Ordinary shares, issued	317,325,360	317,325,360
Ordinary shares, outstanding	317,325,360	317,325,360

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 505
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 13
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-Publisher FASB
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Reference 2: http://www.xbrl.org/2003/role/recommendedDisclosureRef
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-URI https://asc.fasb.org//1943274/2147483014/272-10-45-3

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
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Reference 4: http://www.xbrl.org/2009/role/commonPracticeRef
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Reference 7: http://www.xbrl.org/2003/role/disclosureRef
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
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Reference 10: http://www.xbrl.org/2003/role/disclosureRef
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Reference 13: http://www.xbrl.org/2003/role/disclosureRef
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Reference 14: http://www.xbrl.org/2003/role/disclosureRef
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+ Details

Principal Accounting Policies (Policies)

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Basis of presentation, principles of consolidation, and cost allocations

(a) Basis of presentation, principles of consolidation, and cost allocations

The consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIEs and the subsidiaries of the VIEs. The consolidated financial statements have been prepared in accordance with U.S. GAAP and on a going concern basis. All significant transactions and balances among the Company, its subsidiaries, its VIEs and the subsidiaries of the VIEs have been eliminated upon consolidation. The Company consolidates the VIEs as required by Accounting Standards Codification (“ASC”) 810 Consolidation, because Fenghuang On-line holds all the variable interests of the VIEs and has been determined to be the primary beneficiaries of the VIEs (see Note 1).

The Group and Phoenix TV Group have engaged in various mutual cooperation activities in content, branding, promotions, technical support and corporate management. The Group entered into a program resource license and cooperation agreement with Phoenix TV Group on January 15, 2020, or the 2020 Program Resource License and Cooperation Agreement, to use Phoenix TV Group’s copyrighted video content. The annual license fees payable to Phoenix TV Group under the 2020 Program Resource License and Cooperation Agreement were RMB2.0 million plus 50% of the revenue generated from the use of the licensed program resource in excess of RMB2.0 million. The 2020 Program Resource License and Cooperation Agreement had a term of two years. In August 2021, the Group entered into a new program resource license and cooperation agreement, or the 2021 Program License Agreement, with Phoenix TV Group and terminated the 2020 Program Resource License and Cooperation Agreement. The 2021 Program License Agreement grants the Group exclusive right to broadcast copyrighted video content and the derived audio content from three television channels of Phoenix TV Group on the internet in Mainland China with such content also broadcasted on the three television channels of Phoenix TV Group and also the right to sublicense such contents. The annual fees payable to Phoenix TV Group by the Group for such content licenses will be RMB45.0 million and the 2021 Program License Agreement has a term of three years.

The Group and Phoenix TV Group entered into a series of trademark license agreements, under which Phoenix TV Group granted the Group the right to use the trademarks and the right to sublicense certain trademarks to agents that operate local websites of the Group. In December 2020, the Group and Phoenix TV Group successfully renewed the terms of the trademark license agreements to December 2023 (the “2020 Trademark License Agreements”). The 2020 Trademark License Agreements covered additional trademarks registered in various classes containing the double-phoenix logo together with the Chinese or English words of "Phoenix New Media" or "ifeng" and other variations, while retained the clause of the annual license fee payable to Phoenix TV Group, which is the greater of 2% of the annual revenues of Tianying Jiuzhou and Yifeng Lianhe or US$100,000 for each company. In December 2023, the Group entered into supplemental agreements with Phoenix TV Group (the “2023 Trademark License Agreements”) to renew the 2020 Trademark License Agreements. The 2023 Trademark License Agreements extended the terms of the 2020 Trademark License Agreements to December 7, 2026 and covered additional trademarks registered in various classes containing the double-phoenix logo together with the Chinese or English words of “Phoenix New Media” or “ifeng” and other variations. The 2023 Trademark License Agreements also changed the licensed territory from “Mainland China” to “countries or territories where the trademark is registered” and authorized sub-license of the relevant trademarks to the Group’s affiliated companies for the purpose of account registration on any third-party platforms. Except for above terms, the 2023 Trademark License Agreements did not change the other terms of the 2020 Trademark License Agreements.

Apart from the above cooperation agreements, Phoenix TV Group also paid certain expenses on behalf of the Group, such as data line usage and other general and administrative expenses, which the Group needed to settle with Phoenix TV Group based on the actual amount, and were recorded in the consolidated statements of comprehensive income/(loss). The Group also earned and recorded advertising revenues from Phoenix TV Group by providing joint advertising campaign solutions together with Phoenix TV Group to Phoenix TV Group’s advertisers or to the Group’s advertisers, or from providing the advertising and promotion services directly to Phoenix TV Group by entering into advertising-for-advertising barter transactions. Refer to Note 21 for the details of all the above related party transactions.

Use of estimates

(b) Use of estimates

The preparation of the Group’s consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates. The Group bases its estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities.

Business combinations and noncontrolling interests

The Group accounts for its business combinations using the acquisition method of accounting in accordance with ASC 805 Business Combinations. The cost of an acquisition is measured as the aggregate of the acquisition date fair value of the assets transferred to the sellers and liabilities incurred by the Group and equity instruments issued as well as the contingent considerations as of the acquisition date. Transaction costs directly attributable to the acquisition are expensed as incurred. Identifiable assets and liabilities acquired or assumed are measured separately at their fair values as of the acquisition date, irrespective of the extent of any noncontrolling interests. The excess of (i) the total costs of acquisition, fair value of the noncontrolling interests and acquisition date fair value of any previously held equity interest in the acquiree over (ii) the fair value of the identifiable tangible and intangible net assets of the acquiree is recorded as goodwill. If the cost of acquisition is less than the fair value of the net assets of the subsidiary acquired, the difference is recognized directly in the consolidated statements of comprehensive income/(loss). During the measurement period, which can be up to one year from the acquisition date, the Group may record adjustments to the assets acquired and liabilities assumed with the corresponding offset to goodwill. Upon the conclusion of the measurement period or final determination of the values of assets acquired or liabilities assumed, whichever comes first, any subsequent adjustments are recorded to the consolidated statements of comprehensive income/(loss).

In a business combination achieved in stages, the Group re-measures the previously held equity interest in the acquiree immediately before obtaining control at its acquisition date fair value and the re-measurement gain or loss, if any, is recognized in the consolidated statements of comprehensive income/(loss).

When there is a change in ownership interests or a change in contractual arrangements that results in a loss of control of a subsidiary, the Group deconsolidates the subsidiary from the date control is lost. Any retained noncontrolling investment in the former subsidiary is measured at fair value and is included in the calculation of the gain or loss upon deconsolidation of the subsidiary.

For the Group’s non-wholly owned subsidiaries, a noncontrolling interest is recognized to reflect portion of equity that is not attributable, directly or indirectly, to the Group. When the noncontrolling interest is contingently redeemable upon the occurrence of a conditional event, which is not solely within the control of the Group, the noncontrolling interest is classified as mezzanine equity. Transactions with changes in the Group’s ownership interest while it retains its controlling financial interest in its subsidiary shall be accounted for as equity transactions. Therefore, no gain or loss shall be recognized in the consolidated statements of comprehensive income/(loss). The carrying amount of the noncontrolling interest shall be adjusted to reflect the change in its ownership interest in the subsidiary. Any difference between the fair value of the consideration received or paid and the amount by which the noncontrolling interest is adjusted shall be recognized in equity attributable to the Group. Consolidated net income/(loss) in the consolidated statements of comprehensive income/(loss) includes net income or loss attributable to noncontrolling interests. The cumulative results of operations attributable to noncontrolling interests, along with adjustments for share-based compensation expense arising from outstanding share-based awards relating to the subsidiaries’ shares, are also recorded as noncontrolling interests in the Group’s consolidated balance sheets. Cash flows related to transactions with noncontrolling interests are presented under financing activities in the consolidated statements of cash flows.

Foreign currency translation

(d) Foreign currency translation

The Group uses Renminbi (“RMB”) as its reporting currency. The Company’s operations in the PRC and other regions use their respective currencies as their functional currencies. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use U.S. dollars or Hong Kong dollars as their functional currency, have been translated into RMB at the exchange rates quoted by the People’s Bank of China (the “PBOC”). Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains, and losses are translated using the average rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments and have been shown as a component of other comprehensive loss or income in the consolidated statements of shareholders’ equity and the consolidated statements of comprehensive income/(loss).

Foreign currency transactions denominated in currencies other than functional currency are translated into the functional currency using the exchange rates prevailing on the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies on the balance sheet date are remeasured at the applicable rates of exchange in effect on that date. Foreign currency exchange gain or loss resulting from the settlement of such transactions and from remeasurement at period-end is recognized in foreign currency exchange gain or loss in the consolidated statements of comprehensive income/(loss).

Fair value of financial instruments

(e) Fair value of financial instruments

U.S. GAAP establishes a three-tier hierarchy to prioritize the inputs used in the valuation methodologies in measuring the fair value of financial instruments. This hierarchy also requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The three-tier fair value hierarchy is:

Level 1— Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets

Level 2— Include other inputs that are directly or indirectly observable in the marketplace

Level 3— Unobservable inputs which are supported by little or no market activity

U.S. GAAP describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. In some circumstances, a combined approach of the aforementioned three approaches may be used to measure the fair values.

The Group’s financial instruments mainly include cash equivalents, term deposits, short-term investments, restricted cash, accounts receivable, amounts due from related parties, prepayments and other current assets, available-for-sale debt investments, accounts payable, amounts due to related parties, and accrued expense and other current liabilities. Refer to Note 18 for details.

Cash and cash equivalents

(f) Cash and cash equivalents

Cash and cash equivalents represent cash on hand, demand deposits, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted to withdrawal or use, and which have original maturities of three months or less.

Term deposits, short term investments

(g) Term deposits, short-term investments

Term deposits represent term deposits placed with banks with original maturities of more than three months and up to one year.

Short-term investments represent investments in financial instruments with a variable interest rate indexed to performance of underlying assets, all of which are with original maturity of less than 12 months.

In accordance with ASC 825, for investments in financial instruments with a variable interest rate indexed to performance of underlying assets, the Group elected the fair value method at the date of initial recognition and carried these investments at fair value. Fair value is estimated based on quoted prices of similar products provided by banks at the end of each period and changes in the fair value are reflected in the consolidated statements of comprehensive income as interest income. The Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurements. Please see Note 18 for additional information.

Restricted cash

(h) Restricted cash

Restricted cash represents deposits placed in accounts co-managed with third-parties related to the real estate services, which are restricted to withdrawal or usage.

Accounts receivable, net

(i) Accounts receivable, net

Accounts receivable is the Group’s right to consideration that is unconditional, and the right to consideration is unconditional if only the passage of time is required before payment of that consideration is due. The carrying value of accounts receivable is reduced by an allowance that reflects the Group’s best estimate of the amounts that will not be collected.

Notes receivable mainly represents the Group’s commercial acceptance bills received from customers in exchange for goods or services that it has transferred to customers. The carrying value of notes receivable is reduced by an allowance that reflects the Group’s best estimate of the amounts that will not be collected. All notes receivable balances are included in and presented as accounts receivable, net in the consolidated balance sheets.

The Group makes estimations of the collectability of accounts receivable and notes receivable. Accounts receivable and notes receivable are measured at amortized cost and reported on the consolidated balance sheets at the outstanding principals adjusted for any write-offs and any allowance for expected credit losses, since the Group adopted ASC 326 beginning from January 1, 2020. In determining the amount of the allowance for expected credit losses, the Group considers historical collectability based on historical collection activity, current business environment and forecasts of future macroeconomic conditions that may affect the customers’ ability of payment. Refer to Note 4 for details.

Expected credit loss

(j) Expected credit loss

The Group adopted ASC 326 Financial Instruments—Credit Losses beginning from January 1, 2020, which introduces new guidance for expected credit losses on instruments within its scope.

ASC 326 introduces an approach based on expected losses to estimate credit losses on certain types of financial instruments, including accounts receivable and notes receivable, held-to-maturity debt securities, loans and net investments in leases. The new guidance also modifies the impairment model for available-for-sale debt securities and requires entities to determine whether all or a portion of the unrealized loss on an available-for-sale debt security is a credit loss. Further, the new guidance indicates that entities may not use the length of time a security has been in an unrealized loss position as a factor in concluding whether an expected credit loss exists. The allowance for accounts receivable is the Group’s estimate of expected credit losses based on historical collection activity, current business environment and forecasts of future macroeconomic conditions that may affect the customers’ ability of payment. The Group estimated the allowance by segmenting accounts receivable into groups based on certain expected credit risk characteristics, and determining an expected loss rate for each group based on historical loss experience adjusted for judgments including default rates, lifetime for debt recovery, current and future economic conditions and other relevant factors.

2. Principal Accounting Policies (Continued)

Property and equipment, net

(k) Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and impairment. Property and equipment are depreciated over the following estimated useful lives on a straight-line basis:


		Estimated Useful Lives
Computers		3 years
Equipment, furniture and motor vehicles		5 years
Leasehold improvements		Lesser of lease terms or the estimated useful lives of the assets

Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive income/(loss).

Intangible assets, net

(l) Intangible assets, net

Intangible assets acquired through business acquisitions are recognized as assets separate from goodwill if they satisfy either the “contractual-legal” or “separability” criterion. Intangible assets mainly consist of computer software purchased from unrelated third parties, licensed copyrights of reading content, audio content, trademark and an Internet domain name. Intangible assets are stated at cost less impairment and accumulated amortization, which is computed using the straight-line method over the estimated useful lives of the assets. Separately identifiable intangible assets that have determinable lives continue to be amortized over their estimated useful lives using the straight-line method as follows:


		Estimated Useful Lives
Computer software		5 years
Licensed copyrights of reading content		Lesser of the licensed period or 5 years
Trademark and Domain names		10 years
Audio content		Lesser of the licensed period or 5 years

The Group amortizes the licensed copyrights for reading content and audio content in “cost of revenues” on a straight-line basis.

The Group performed intangible assets impairment assessment whenever events or changes in circumstances indicate that the carrying value of an asset may not be recoverable. Recoverability is measured through the use of an undiscounted future cash flow model when an indication of impairment is determined to exist. If an asset is determined to be not recoverable, its carrying amount is reduced to the estimated fair value determined using a discounted cash flow model. The Group’s impairment tests included significant assumptions and estimates relating to revenue growth and timing of projected future cash flows.

Available-for-sale debt investments

(m) Available-for-sale debt investments

In accordance with ASC 320 Investments-Debt and Equity Securities, the Group classifies the investments in debt securities as “held-to-maturity”, “trading” or “available-for-sale”. The securities that the Group has positive intent and ability to hold to maturity are classified as held-to-maturity securities. The securities that are bought and held principally for the purpose of selling them in the near term are classified as trading securities. Investments that have readily determinable fair values not classified as trading or as held-to-maturity are classified as available-for-sale debt investments. Available-for-sale debt investments are reported at fair value, which is estimated by management, with unrealized gains and losses, if any, recorded in the accumulated other comprehensive loss or income in shareholder’s equity. The tax effects of the unrealized gains and losses of the available-for-sale debt investments should be recorded net against the pre-tax changes in other comprehensive income. The Group determines whether a decline in fair value of available-for-sale debt securities below the amortized cost basis has resulted from a credit loss or other factors and records impairment relating to credit losses through an allowance for expected credit losses. However, the allowance shall be limited by the amount that the fair value is less than the amortized cost basis. Impairment that has not been recorded through an allowance for expected credit losses shall be recorded through other comprehensive income, net of applicable taxes. Investments with maturities of greater than 12 months are recorded in non-current assets.

Equity investments

(n) Equity investments

Equity investments accounted for using the equity method

Investments in common stock or in-substance common stock and limited-partnership investments in entities over which the Group can exercise significant influence but does not own a majority equity interest or control are accounted for using the equity method of accounting in accordance with ASC 323 Investments-Equity Method and Joint Ventures. The Group adjusts the carrying amount of equity method investment for its share of the income or losses of the investee and reports the recognized income or losses in the consolidated statements of comprehensive income/(loss). When the Group’s share of losses in the equity investee equals or exceeds its interest in the equity investee, the Group does not recognize further losses, unless the Group has incurred obligations or made payments or guarantees on behalf of the equity investee, or the Group holds other investments in the equity investee. The Group’s share of the income or losses of an investee is based on the shares of common stock and in-substance common stock held by the Group.

The Group continually reviews its investment in equity investees under the equity method to determine whether a decline in fair value to below the carrying value is other-than-temporary. The primary factors the Group considers in its determination are the duration and severity of the decline in fair value, the financial condition, operating performance and the prospects of the equity investee, and other company specific information such as recent financing rounds.

Equity investments measured at Measurement Alternative

The Group has adopted ASU 2016-1 Recognition and Measurement of Financial Assets and Financial Liabilities since January 1, 2018 pursuant to which the Group measures equity investments, other than those accounted for under the equity method, at fair value through earnings. For investments in equity securities lacking of readily determinable fair values, the Group elects to record these investments at cost, less impairment, plus or minus subsequent adjustments for observable price changes (referred to as the measurement alternative). Under this measurement alternative, changes in the carrying value of the investments will be recognized in consolidated statement of comprehensive income/(loss), whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer.

For those equity investments that the Group elects to use the measurement alternative, the Group makes a qualitative assessment of whether the investment is impaired at each reporting date. If a qualitative assessment indicates that the investment is impaired, the Group has to estimate the investment’s fair value in accordance with the principles of ASC 820, Fair Value Measurements and Disclosures (“ASC 820”). If the fair value is less than the investment’s carrying value, the Group recognizes an impairment loss in net income/(loss) equal to the difference between the carrying value and fair value.

Equity investments measured at NAV practical expedient

The Group accounts for investments in private equity funds under the existing practical expedient in ASC Topic 820 to estimate fair value using the net asset value per share (or its equivalent) of the investment (“NAV practical expedient”), over which the Group does not have the ability to exercise significant influence.

Impairment of long-lived assets

(o) Impairment of long-lived assets

Long-lived assets such as property and equipment and intangible assets are reviewed for impairment whenever events or changes in the circumstances indicate that the carrying value of an asset may not be recoverable. When these events occur, the Group assesses the recoverability of the long-lived assets by comparing the carrying amount to the estimated future undiscounted cash flows associated from the use of the asset and its eventual disposition, and recognize an impairment of long-lived assets when the carrying value of such assets exceeds the estimated future undiscounted cash flows such assets is expected to generate. If the Group identifies an impairment, the Group reduces the carrying amount of the assets or asset group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values.

ASC 606, Revenue from Contracts with Customers

(p) ASC 606 Revenue from Contracts with Customers

The Group has adopted ASC 606 Revenue from Contracts with Customers for all periods presented. The following table presents the Group’s revenues disaggregated by products and services (in thousands):


	For the Years Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Net advertising revenues		930,025		696,664		619,260
Paid services revenues		100,306		89,043		72,760
Revenues from paid contents		43,113		33,847		34,917
Revenues from E-commerce and others		57,193		55,196		37,843
Total		1,030,331		785,707		692,020

Contract balances

Timing of revenue recognition may differ from the timing of invoicing to customers. Contract asset represents the Group’s right to consideration in exchange for goods or services that it has transferred to a customer when that right is conditioned on something other than the passage of time (for example, the entity’s future performance). Accounts receivable represent amounts invoiced and contract assets are recorded for revenue recognized prior to invoicing, when the Group has satisfied its performance obligations and has the unconditional right to payment. Contract assets as of December 31, 2022 and 2023 were not material.

If a customer pays consideration, or the Group has a right to an amount of consideration that is unconditional (that is, a receivable), before the Group transfers a good or service to the customer, the Group shall present the contract as a contract liability when the payment is made or the payment is due (whichever is earlier). A contract liability is the Group’s obligation to transfer goods or services to a customer for which it has received consideration (or an amount of consideration is due) from the customer. Advances from customers and deferred revenue relate to unsatisfied performance obligations at the end of the period and primarily consist of fees received from advertisers. Due to the generally short-term duration of the contracts, the majority of the performance obligations are satisfied in the following reporting period. Contract liability is presented as advances from customers in the balance sheet. Revenues recognized for the years ended December 31, 2022 and 2023 that were included in the contract liability balance at the beginning of the period were RMB19.0 million and RMB17.6 million, respectively.

The assets recognized for costs incurred to fulfill contracts shall be amortized on a systematic basis that is consistent with the transfer to the customer of the goods or services to which the asset relates. As of December 31, 2022 and 2023, the costs incurred to fulfill contracts recognized as assets were immaterial.

Practical expedients

The Group has used the following practical expedients as allowed under ASC 606:

The transaction price allocated to the performance obligations that are unsatisfied, or partially unsatisfied, has not been disclosed as substantially all of the Group’s contracts have duration of one year or less.

ii.

Payment terms and conditions vary by contract type, although terms generally include a requirement of prepayment or payment within one year or less. In instances where the timing of revenue recognition differs from the timing of invoicing, the Group has determined that its contracts generally do not include a significant financing component.

iii.

The Group generally expenses sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within sales and marketing expenses.

Revenue recognition

(q) Revenue recognition

According to ASC 606, revenue is recognized when control of the promised services is transferred to the customers, in an amount that reflects the consideration the Group expects to be entitled to in exchange for those services. The recognition of revenues involves certain management judgments, including the estimation of the fair value of the noncash transaction and volume sales rebates. The Group does not believe that significant management judgments are involved in revenue recognition, but the amount and timing of the Group’s revenues could be different for any period if management made different judgments or utilized different estimates.

The Group adopts the five-step model for recognizing revenue from contracts with customers:

Step 1: Identify the contract(s) with a customer,

Step 2: Identify the performance obligations in the contract,

Step 3: Determine the transaction price,

Step 4: Allocate the transaction price to the performance obligations in the contract,

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

The Group evaluates if it is a principal or an agent in a transaction to determine whether revenue should be recorded on a gross or net basis. The Group is acting as the principal if it obtains control over the goods and services before they are transferred to customers. When the Group is primarily obligated in a transaction, is generally subject to inventory risk, has latitude in establishing prices, or has several but not all of these indicators, the Group acts as the principal and revenue is recorded on a gross basis. When the Group is not primarily obligated in a transaction, does not generally bear the inventory risk and does not have the ability to establish the price, the Group acts as the agent and revenue is recorded on a net basis.

(i) Net advertising revenues

Advertising revenues are derived principally from advertising contracts with customers where the advertisers pay to place their advertisements on the Group’s ifeng.com, mobile Internet website i.ifeng.com, its mobile applications and third-party platforms in different formats over a particular period of time. Such formats generally include but are not limited to banners, news feed, text-links, videos, logos, buttons and rich media. The Group’s performance obligations are to place the customers’ advertisements on different spots, in different formats and at different times.

The Group’s contracts with customers may include multiple performance obligations. For such arrangements, the Group allocates revenues to each performance obligation based on its relative standalone selling price. The Group generally determines standalone selling prices of each distinct performance obligation based on the prices charged to customers when sold on a standalone basis. Where standalone selling price is not directly observable, the Group generally estimates selling prices based on the publicly published advertising rate card, times the relevant discount rates, taking into considerations of the historical trend, the pricing of advertising areas sold with similar popularities, advertisements with similar formats and quoted prices from competitors, and other relevant market conditions. The Group recognizes revenue on the satisfied performance obligations and defers the recognition of revenue for the estimated value of the undelivered elements until the remaining performance obligations have been satisfied. When all of the elements within an arrangement are delivered uniformly over the agreement period, the revenues are recognized on a straight-line basis over the contract period.

2. Principal Accounting Policies (Continued)

(q) Revenue recognition (continued)

(i) Net advertising revenues (continued)

Currently the advertising business has three main types of pricing models, consisting of the Cost Per Day (“CPD”) model, the Cost Per Impression (“CPM”) model, and the Cost Per Click (“CPC”) model.

CPD model

Under the CPD model, a contract is signed to establish a fixed price for the advertising services to be provided over a period of time. Given the advertisers benefit from the displayed advertising evenly, the Group recognizes revenue on a straight-line basis over the period of display, provided all revenue recognition criteria have been met.

CPM model

Under the CPM model, the unit price for each qualifying display is fixed and stated in the contract with the advertiser. A qualifying display is defined as the appearance of an advertisement, where the advertisement meets criteria specified in the contract. Given that the fees are priced consistently throughout the contract and the unit prices are consistent with the Group’s pricing practices with similar customers, the Group recognizes revenue based on the fixed unit prices and the number of qualifying displays upon occurrence of display, provided all revenue recognition criteria have been met.

CPC model

Under the CPC model, there is no fixed price for advertising services stated in the contract with the advertiser and the unit price for each click is auction-based. The Group charges advertisers on a per-click basis, when the users click on the advertisements. Given that the fees are priced consistently throughout the contract and the unit prices are consistent with the Group’s pricing practices with similar customers, the Group recognizes revenue based on qualifying clicks and the unit price upon the occurrence of a click, provided all revenue recognition criteria have been met.

Agency service fees to third-party advertising agencies

Certain customers may receive sales rebates, which are accounted for as variable consideration. The Group estimates annual expected revenue volume of each individual agent with reference to their historical results. The sales rebate will reduce revenues recognized. The Group recognizes revenue for the amount of fees it receives from its advertisers, after deducting sales rebates, value-added tax (“VAT”) and the cultural development fee. The Group believes that there will not be significant changes to its estimates of variable consideration.

The Group has estimated and recorded RMB145.7 million, RMB140.3 million and RMB151.0 million in agency service fees to third-party advertising agencies for the years ended December 31, 2021, 2022 and 2023, respectively.

Noncash transactions

The Group enters into contracts with certain customers involving consideration in a form other than cash. The noncash consideration (or promise of noncash consideration) shall be measured at fair value. If the Group cannot reasonably estimate the fair value of the noncash consideration, it shall measure the consideration indirectly by reference to the standalone selling price of the goods or services promised to the customer (or class of customer) in exchange for the consideration. The Group recognized revenue from noncash transactions involving exchanging advertising services for advertisement, content, technical, application pre-installation services and others amounted to RMB20.7 million, RMB7.6 million and RMB7.7 million for the years ended December 31, 2021, 2022 and 2023, respectively.

2. Principal Accounting Policies (Continued)

(q) Revenue recognition (continued)

(ii) Paid services revenues

Paid services revenues comprise (i) revenues from paid contents and (ii) revenues from E-commerce and others.

Paid contents

Paid contents revenues mainly comprise of revenues generated from digital reading, audio books and other content-related sales activities.

Digital reading

Digital reading revenues are derived from providing fee-based internet literatures from writers and digital format books licensed from third-party publishers to customers both on the Group’s PC and mobile platforms and on third-party platforms. Digital reading revenues generated from the Group’s PC and mobile platforms are recorded on a gross basis and recognized evenly over the subscription period, or in the period in which a pay-per-view service is provided, as the Group is responsible for providing the desired services to the customers and has primary responsibility and broad discretion to establish price, and therefore the Group is considered the primary obligor in these transactions. Digital reading revenues generated from third-party platforms are recorded on a net basis.

Audio books

Audio books revenues are derived from the sale of copyright of audio books to third parties and licensing audio books to third parties. With respect to the sale of copyright of audio books, the Group is determined to be the primary obligor and accordingly, the Group records its revenues on a gross basis. With respect to the revenues that derived from licensing audio books to third parties, the Group evaluated and determined it is not the primary obligor in the service rendered to the end users and accordingly, the Group records its revenues based on the portion of the sharing of revenues that derives from third parties. The Group recognizes revenue on the satisfied performance obligations and defers the recognition of revenue for the estimated value of the undelivered elements until the remaining performance obligations have been satisfied.

Other content-related sales

The Group generates revenues from licensing video or other content to third parties. For such content sales transactions, the Group earns fixed- amount license fees or revenue sharing fees based on pre-agreed percentage. The Group views the third parties as customers and recognizes revenues during the licensing periods, provided that no significant obligation remains, collection of the receivables is reasonably assured and the amounts can be accurately estimated.

2. Principal Accounting Policies (Continued)

(q) Revenue recognition (continued)

(ii) Paid services revenues (continued)

E-commerce and others

E-commerce and other revenues mainly comprise of revenues from E-commerce, mobile value-added services (“MVAS”) and others.

E-commerce

The Group generates revenues from promoting or selling products or services which are provided by suppliers in the third-party online E-commerce platforms. For certain E-commerce services, the Group charges commission fees to suppliers as the Group generally is acting as an agent and its performance obligation is to arrange for the provision of the specified goods or services by those suppliers. Upon successful sales, the Group charges the third-party merchants a negotiated amount or a fixed rate commission fee based on the sales amount. Commission fee revenues are recognized on a net basis. For some E-commerce services, the Group recognizes revenues from certain online retail business on a gross basis upon successful sales to end customers, as the Group is acting as a principal in these transactions and is responsible for fulfilling the promise to provide the specified goods.

MVAS

MVAS revenues are mainly derived from providing mobile phone users with wireless value-added services (“WVAS”) through telecom operators’ platforms, mobile newspaper services and mobile video services. Revenues from MVAS are charged on a monthly or per-usage basis, and are recognized in the period in which the service is performed, provided that no significant obligation remains, collection of the receivables is reasonably assured and the amounts can be accurately estimated. Most revenues from mobile newspaper services, mobile video services and most WVAS are recorded on a net basis as the Group is acting as an agent of operators in these transactions.

Others

Other paid service revenues mainly comprise of revenues generated from online real estate related services. Most of the other paid service revenues are recognized on a gross basis as the Group is determined to be the primary obligor. For certain other paid services, the Group evaluated and determined it is not the primary obligor in the service rendered to the end users and accordingly, the Group records its revenues based on the portion of the sharing of revenues that derives from third parties. Revenues are recognized in the period in which the service is performed, provided that no significant obligation remains, collection of the receivables is reasonably assured and the amounts can be accurately estimated.

Value-added tax and related surcharges

(r) Value-added tax and related surcharges

The Group is subject to value-added tax (“VAT”) and related surcharges on the revenues earned for services provided in the PRC. The primary applicable rate of VAT is 6.0% for the years ended December 31, 2021, 2022 and 2023. Related surcharges mainly comprised of urban maintenance and construction tax and education surcharges. The urban maintenance and construction tax are charged at 7% or 5% of the amount of VAT actually paid depending on where the taxpayer is located. Education surcharges are charged at 3% of the amount of VAT actually paid and local education surcharges are charged at 2% or 1% of the amount of VAT actually paid depending on where the taxpayer is located. The Group is also subject to a cultural development fee on the provision of advertising services in the PRC and the applicable tax rate is 1.5%, valid until December 31, 2024.

The VAT and the cultural development fee are recorded as a reduction item of revenues in the consolidated statements of comprehensive income/(loss). The urban maintenance and construction tax, education surcharges and local education surcharges are recorded in the cost of revenues in the consolidated statements of comprehensive income/(loss).

The VAT and related surcharges for the years ended December 31, 2021, 2022 and 2023 were RMB60.7 million, RMB57.5 million and RMB49.5 million, respectively.

Cost of revenues

(s) Cost of revenues

The Group’s cost of revenues consists primarily of (i) revenue sharing fees, including service fees retained by mobile telecommunications operators and revenue sharing fees paid to the Group’s channel and content partners, (ii) content and operational costs, including personnel-related cost associated with content production and certain support personnel, content procurement costs to third-party professional media companies and to Phoenix TV Group, direct costs related to in-house content production, channel testing costs, rental cost, depreciation and amortization, the urban maintenance and construction tax, education surcharges and local education surcharges, and other miscellaneous costs, and (iii) bandwidth costs.

Sales and marketing expenses

(t) Sales and marketing expenses

Sales and marketing expenses comprise primarily of: (i) personnel-related expenses including sales commissions related to the sales and marketing personnel; (ii) advertising and promotion expenses including traffic acquisition expenses; and (iii) relevant rental expense, depreciation and amortization expenses. The Group expenses advertising costs as incurred. Total advertising and promotion expenses including traffic acquisition expenses were RMB70.7 million, RMB40.9 million and RMB24.7 million, for the years ended December 31, 2021, 2022 and 2023, respectively.

Technology and product development expenses

(u) Technology and product development expenses

Technology and product development expenses mainly consist of: (i) personnel-related expenses associated with the development of, enhancement to, and maintenance of the Group’s PC websites, mobile applications and mobile websites; (ii) expenses associated with new technology and product development and enhancement; and (iii) relevant rental expense and depreciation of servers. The Group expenses technology and product development expenses as incurred for all the years presented.

Operating leases and adoption of ASU 2016-02

(v) Operating leases and adoption of ASU 2016-02

The Group applies ASU 2016-02 Leases (Topic 842) , which requires lessees to recognize operating and financing lease liabilities and corresponding right-of-use (“ROU”) assets on the balance sheet and to provide enhanced disclosures surrounding the amount, timing and uncertainty of cash flows arising from leasing arrangements. The Group elects to apply practical expedients permitted that allow the Group to not recognize lease assets and lease liabilities for leases with a term of twelve months or less.

Under Topic 842, the Group determines if an arrangement is or contains a lease at inception. ROU assets represent the Group’s rights to use underlying assets for the lease term and lease liabilities represent the Group’s obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term, reduced by lease incentives received, plus any initial direct costs, using the discount rate for the lease at the commencement date. The Group considers only payments that are fixed and determinable at the time of lease commencement. As the implicit rate in lease is not readily determinable for the Group’s operating leases, the Group generally use the incremental borrowing rate based on the estimated rate of interest for collateralized borrowing over a similar term of the lease payments at commencement date. The Group’s lease terms may include options to extend or terminate the lease when it is reasonably certain that the Group will exercise that option. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

2. Principal Accounting Policies (Continued)

(v) Operating leases and adoption of ASU 2016-02 (continued)

As of December 31, 2023, the Group’s operating leases had a weighted average remaining lease term of 3.39 years and a weighted average discount rate of 4.69%. Future lease payments under operating leases as of December 31, 2023 were as follows (in thousands):


	Operating Lease Liabilities
	RMB
Year ending December 31,
2024		22,343
2025		21,439
2026		21,629
2027		9,682
Total future lease payments		75,093
Less: Imputed interest		5,649
Total lease liability balance		69,444

Operating lease costs and expenses for the years ended December 31, 2021, 2022 and 2023 were RMB34.5 million, RMB27.6 million and RMB25.4 million, respectively, which excluded costs and expenses of short-term contracts. Short-term lease costs and expenses for the years ended December 31, 2021, 2022 and 2023 was RMB1.5 million, RMB2.6 million and RMB1.4 million, respectively. Supplemental cash flow information related to operating leases was as follows (in thousands):



	For the Years Ended December 31,
	2022		2023
	RMB		RMB
Cash payments for operating leases		28,322		25,890
Right-of-use assets obtained in exchange for operating lease liabilities		93,186		—

Share-based compensation

(w) Share-based compensation

The Group has incentive plans for the granting of share-based awards, such as share options and restricted shares. The Group measures the cost of employee services received in exchange for share-based compensation at the grant date fair value of the award. The Group recognizes the share-based compensation as costs or expenses in the consolidated statements of comprehensive income/(loss), net of estimated forfeitures, on a graded-vesting basis over the vesting term of the awards.

The Group adopts the Black-Scholes option pricing model to determine the fair value of share options, and determines the fair value of restricted share and restricted share units based on the fair value of the underlying ordinary shares at the grant date considering the dilutive effect of restricted share and restricted share units.

Forfeiture rates are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. The Group uses historical data to estimate pre-vesting option and restricted share unit forfeitures and record share-based compensation only for those awards that are expected to vest. Refer to Note 16 for further information regarding share-based compensation assumptions and expenses.

In both 2019 and 2020, the Company declared a special cash compensation plan to its share option holders, concurrent with the special cash dividend declared. As the Company’s share options are not dividend-protected award, the option holders have no rights to participate in all dividends before excising the share options. The Company accounted for the special cash compensation as incremental compensation cost, which would be vested with the same vesting conditions of the original share options granted. The related compensation cost of RMB12.7 million, RMB10.2 million and RMB8.8 million were recognized as costs or expenses in the consolidated statements of comprehensive income/(loss) of 2021, 2022 and 2023, respectively.

2. Principal Accounting Policies (Continued)

Income taxes

(x) Income taxes

Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive income/(loss) in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized.

Uncertain tax positions

In order to assess uncertain tax positions, the Group applies a more likely than not threshold and a two-step approach for the tax position measurement and financial statement recognition. Under the two-step approach, the first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates that it is more likely than not that the position will be sustained, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount that is more than 50% likely of being realized upon settlement. The Group did not have significant unrecognized uncertain tax positions or any unrecognized liabilities, interest or penalties associated with unrecognized tax benefit as of and for the years ended December 31, 2021, 2022 and 2023. Refer to Note 13 for details of the Group’s tax positions.

Employee social security and welfare benefits

(y) Employee social security and welfare benefits

The Company’s subsidiaries and consolidated VIEs in the PRC participate in a government-mandated multi-employer defined contribution plan pursuant to which certain retirement, medical and other welfare benefits are provided to employees. The relevant labor regulations require the Company’s subsidiaries and consolidated VIEs in the PRC to pay the local labor and social welfare authorities monthly contributions at a stated contribution rate based on the monthly basic compensation of qualified employees. The relevant local labor and social welfare authorities are responsible for meeting all retirement benefits obligations and the Company’s subsidiaries and consolidated VIEs in the PRC have no further commitments beyond their monthly contributions. The contributions to the plan are expensed as incurred. Employee social security and welfare benefits included as cost and expenses in the consolidated statements of comprehensive income/(loss) were RMB95.3 million, RMB89.7 million and RMB74.1 million for the years ended December 31, 2021, 2022 and 2023, respectively.

Other income — others, net

(z) Other income —others, net

Other income —others, net mainly represent government subsidies and some non-operating gain or loss. Such income has been recognized when received and no further conditions need to be met.

Statutory reserves

(aa) Statutory reserves

In accordance with the laws applicable to China’s Foreign Investment Enterprises, those of the Company’s China-based subsidiaries that are considered under PRC law to be a wholly foreign-owned enterprise are required to make appropriations from their after-tax profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of the People’s Republic of China (“PRC GAAP”)) to non-distributable reserve funds including (i) general reserve fund, (ii) enterprise expansion fund and (iii) staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the respective company. Appropriations to the other two reserve funds are at the respective companies’ discretion.

In accordance with the China Company Laws, those China-based subsidiaries of the Company that are considered under PRC law to be domestically funded enterprises, as well as the Company’s VIEs are required to make appropriations from their after-tax profit (as determined under PRC GAAP) to non-distributable reserve funds including (i) statutory surplus fund and (ii) discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary surplus fund is at the discretion of the respective company.

General reserve fund and statutory surplus fund are restricted for set off against losses, expansion of production and operation or increase in the registered capital of the respective company. The Group has made appropriations of RMB6.5 million, RMB1.1 million and nil to these funds for the years ended December 31, 2021, 2022 and 2023, respectively.

Related parties

(ab) Related parties

Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholders, or a related corporation.

Net income/(loss) per share

(ac) Net income/(loss) per share

The Group computes net income or loss per Class A and Class B ordinary share in accordance with ASC 260-10 Earnings Per Share: Overall, using the two class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Net losses are not allocated to other participating securities if based on their contractual terms they are not obligated to share in the losses.

The liquidation and dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting. As the liquidation and dividend rights are identical, the net incomes are allocated on a proportionate basis.

Basic net income or loss per share is computed by dividing net income or loss attributable to ordinary shareholders by the weighted average number of ordinary shares and contingently issuable shares outstanding during the period.

Diluted net income or loss per share is calculated by dividing net income or loss attributable to ordinary shareholders, as adjusted for the effect of dilutive potential ordinary shares, if any, by the weighted average number of ordinary shares outstanding and dilutive potential ordinary shares during the period. Potential ordinary shares are excluded in the denominator of the diluted net income or loss per share calculation if their effects would be anti-dilutive.

Treasury stock

(ad) Treasury stock

The Company accounts for treasury shares using the cost method. Under this method, the cost incurred to purchase the shares is recorded in the treasury stock account on the consolidated balance sheets. Treasury stock is shown separately in the shareholders’ equity before the ultimate disposition of those shares acquired. At retirement of the treasury shares, the ordinary shares account is charged only for the aggregate par value of the shares. The excess of the acquisition cost of treasury shares over the aggregate par value is allocated between additional paid-in capital and retained earnings. Alternatively, the excess may be charged entirely to retained earnings in recognition of the fact that a corporation can always capitalize or allocate retained earnings for such purposes. If a portion of the excess is allocated to additional paid-in capital, it shall be limited to the sum of both of the following: (i). all additional paid-in capital arising from previous retirements and net gains on sales of treasury stock of the same issue, (ii). the pro rata portion of additional paid-in capital, voluntary transfers of retained earnings, capitalization of stock dividends, and so forth, on the same issue. For this purpose, any remaining additional paid-in capital applicable to issues fully retired (formal or constructive) is deemed to be applicable pro rata to shares of common stock. Refer to Note 15 for details.

Comprehensive income/(loss)

(ae) Comprehensive income/(loss)

Comprehensive income or loss is defined as the change in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income or loss is reported in the consolidated statements of comprehensive income/(loss). Accumulated other comprehensive income or loss, as presented on the Group’s consolidated balance sheets, includes the foreign currency translation adjustment and fair value remeasurement for available-for-sale debt investments. The tax effects of pre-tax changes to other comprehensive income or loss should be recorded net against the pre-tax changes in other comprehensive income or loss.

Segment reporting

(af) Segment reporting

The Group’s segments are business units that offer different services and are reviewed separately by the chief operating decision maker (the “CODM”) in deciding how to allocate resources and in assessing performance. The Group’s CODM has been identified as the Chief Executive Officer. As the Group’s long-lived assets and revenues are substantially located in and derived from the PRC, no geographical segments are presented.

The Group’s organizational structure is based on a number of factors that the CODM uses to evaluate, view and run the Group’s business operations, which include, but are not limited to, customer base, homogeneity of products and technology. The Group’s operating segments are based on its organizational structure and information reviewed by the Group’s CODM to evaluate the operating segment results.

Recent accounting pronouncements

(ag) Recent accounting pronouncements

In November 2023, the Financial Accounting Standards Board (“FASB”) issued ASU No. 2023-07, Improvements to Reportable Segment Disclosures (Topic 280). This ASU updates reportable segment disclosure requirements by requiring disclosures of significant reportable segment expenses that are regularly provided to the Chief Operating Decision Maker (“CODM”) and included within each reported measure of a segment’s profit or loss. This ASU also requires disclosure of the title and position of the individual identified as the CODM and an explanation of how the CODM uses the reported measures of a segment’s profit or loss in assessing segment’s performance and deciding how to allocate resources. The ASU is effective for annual periods beginning after December 15, 2023, and interim periods within fiscal years beginning after December 15, 2024. Adoption of the ASU should be applied retrospectively to all prior periods presented in the financial statements. Early adoption is also permitted. This ASU will likely result in additional required disclosures when adopted. The Group is currently evaluating the impact of the new guidance on its consolidated financial statements and expects to adopt them for the year ending December 31, 2024.

In December 2023, the FASB issued ASU 2023-09, Improvements to Income Tax Disclosures (Topic 740). The ASU requires specific disaggregated information about a reporting entity’s effective tax rate reconciliation as well as additional information on income taxes paid. The ASU is effective on a prospective basis for annual periods beginning after December 15, 2024. Early adoption is permitted for annual financial statements that have not yet been issued or made available for issuance. This ASU will result in the required additional disclosures being included in the consolidated financial statements, once adopted. The Group is in the process of evaluating the impact of the new guidance and does not expect it to have a significant impact on its consolidated financial statements.

Accounts Receivable, Net - Additional Information (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Reversal of allowance for expected credit losses	¥ 14,682	¥ (23,769)	¥ 185,520

Consolidated Statements of Cash Flows (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Provision for (reversal of) allowance for expected credit losses	¥ 14,337	¥ (23,536)	¥ 186,520
Related Party
Provision for (reversal of) allowance for expected credit losses	¥ 150	¥ (4,122)	¥ 1,000

Certain Risks and Concentration

12 Months Ended

Dec. 31, 2023

Risks and Uncertainties [Abstract]

Certain Risks and Concentration

3. Certain Risks and Concentration

(a) Major customers

There is no customer with revenues or receivables over 10% of total revenues or total accounts receivable and due from related parties, respectively.

(b) Credit risk

The Group’s credit risk arises from cash and cash equivalents, term deposits, short-term investments and restricted cash as well as credit exposures to receivables due from its customers, related parties and other parties and available-for-sale debt securities.

The Group expects that there is no significant credit risk associated with cash and cash equivalents, term deposits, short-term investments and restricted cash which were held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries, VIEs and the subsidiaries of the VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality.

Except for the accounts receivable from Evergrande Group, which represented 21.8% and nil of the total gross accounts receivables as of December 31, 2022 and 2023, respectively, the Group has no other significant concentrations of credit risk with respect to its customers, related parties and other parties. The Group assesses the credit quality of and sets credit limits on its customers by taking into account their financial position, the availability of guarantee from third parties, their credit history and other factors such as current market conditions. Refer to Note 4 for details.

The Group’s operating transactions and its assets and liabilities are mainly denominated in RMB. RMB is not freely convertible into foreign currencies. The value of the RMB is subject to changes by the central government policies and to international economic and political developments. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by PBOC. Remittances in currencies other than RMB by the Group in the PRC must be processed through PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance.

(d) PRC regulations

The Group is exposed to certain macro-economic and regulatory risks and uncertainties in the Chinese market. These uncertainties affect the ability of the Group to provide online advertising, mobile and Internet related services through Contractual Arrangements in the PRC since these industries remain highly regulated. The Chinese government may issue from time to time new laws or new interpretations on existing laws to regulate these industries. Regulatory risk also encompasses the interpretation by the tax authorities of current tax laws and the Group’s legal structure and scope of operations in the PRC, which could be subject to further restrictions resulting in limitations on the Group’s ability to conduct business in the PRC. The PRC government may also require the Group to restructure its operations entirely if it finds that its Contractual Arrangements do not comply with applicable laws and regulations. It is unclear how a restructuring could impact the Group’s business and operating results, as the PRC court has not yet rendered a verdict deciding on any such Contractual Arrangements' falling within the contract void circumstances as stipulated in the Civil Code of People's Republic of China. However, any such restructuring may cause significant disruption to the Group’s business operations.

The Group faces various legal and operational risks and uncertainties associated with being based in or having its operations primarily in China and the country’s complex and evolving laws and regulations. For example, the Group faces risks associated with regulatory approvals on offerings conducted overseas by and foreign investment in China-based issuers, anti-monopoly regulatory actions, and oversight on cybersecurity and data privacy, which may impact its ability to conduct certain businesses, accept foreign investments, or list on a United States or other foreign exchange outside of China.

In addition, the Group is required to obtain certain licenses to operate the Internet information services. As of the date of the annual report, the Group is in the process of applying for licenses for certain operations of the businesses, including an Internet audio-visual program transmission license and an Internet news license. Without these licenses, the PRC government may order the Group to cease its services, which may materially and adversely affect its business and operating results.

3. Certain Risks and Concentration (Continued)

(d) PRC regulations (continued)

Regulatory authorities in China have increased their supervision of content platforms similar to the Group’s websites and mobile applications. In addition to the contents that are considered to be violating PRC laws and regulations, such oversight tends to pay more attention to content that is or may be deemed misleading, obscene, pornographic, detrimental, and/or contradicting to social values and moral prevailing in China. The Group may face regulatory inquiries and oral warnings made by relevant regulatory authorities from time to time. The Group may also be required to limit or even suspend its services due to regulatory requirements or sanctions. Any of these events could severely impair the attractiveness of the Group’s applications and websites to users, reduce its user traffic and affect its revenue, and its business, financial condition and results of operation may be materially adversely affected.

(e) Investments risk

The Group has made and may undertake in the future investments in subsidiaries, affiliates and other business alliance partners in various Internet-related businesses. It is uncertain whether the Group will receive the expected benefits from these investments, due to any adverse regulatory changes, worsening of economic conditions, increased competition or other factors that may negatively affect the related business activities. Some of the businesses the Group has invested in are subject to intensive regulation. Any adverse regulatory change may have a material adverse impact on the business and financial performance of the subsidiaries, affiliates and other business alliance partners. Furthermore, unanticipated costs and liabilities may be incurred in connection with those business strategies, including liabilities from the claims related to the businesses prior to the business alliances, and cost from actions by regulatory authorities.

Consolidated Statements of Shareholders' Equity - CNY (¥) ¥ in Thousands	Total	Ordinary Shares Class A ordinary shares	Ordinary Shares Class B ordinary shares	Treasury Stock	Additional paid-in capital	Statutory reserves	Accumulated deficits	Accumulated other comprehensive income/(loss)	Noncontrolling interests
Balance at Dec. 31, 2020	¥ 1,663,973	¥ 17,499	¥ 22,053		¥ 1,620,580	¥ 92,017	¥ (88,191)	¥ (28,214)	¥ 28,229
Balance (in shares) at Dec. 31, 2020		264,998,965	317,325,360
Share-based compensation	9,582				8,434				1,148
Appropriation to statutory reserves						6,465	(6,465)
Fair value changes of available-for-sale debt investments, net of tax	(6,611)							(6,611)
Foreign currency translation adjustment	(4,483)							(4,483)
Dividends declared and paid	(240)								(240)
Net loss	(273,066)						(205,701)		(67,365)
Balance at Dec. 31, 2021	1,389,155	¥ 17,499	¥ 22,053		1,629,014	98,482	(300,357)	(39,308)	(38,228)
Balance (in shares) at Dec. 31, 2021		264,998,965	317,325,360
Share-based compensation	7,881				7,808				73
Appropriation to statutory reserves						1,065	(1,065)
Fair value changes of available-for-sale debt investments, net of tax	(24,010)							(24,010)
Foreign currency translation adjustment	17,916							17,916
Net loss	(125,719)						(109,652)		(16,067)
Balance at Dec. 31, 2022	1,265,223	¥ 17,499	¥ 22,053		1,636,822	99,547	(411,074)	(45,402)	(54,222)
Balance (in shares) at Dec. 31, 2022		264,998,965	317,325,360
Share-based compensation	3,713				3,713
Repurchase of ordinary shares	(655)			¥ (655)
Repurchase of ordinary shares (in shares)				(2,044,080)
Foreign currency translation adjustment	5,005							5,005
Disposition of subsidiaries	(548)					(205)	205		(548)
Net loss	(109,115)						(102,496)		(6,619)
Balance at Dec. 31, 2023	¥ 1,163,623	¥ 17,499	¥ 22,053	¥ (655)	¥ 1,640,535	¥ 99,342	¥ (513,365)	¥ (40,397)	¥ (61,389)
Balance (in shares) at Dec. 31, 2023		264,998,965	317,325,360	(2,044,080)

Income Taxes - Movement of valuation allowance of deferred tax assets (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Balance as of January 1,	¥ 263,229	¥ 187,396	¥ 127,809
Additions	50,151	75,833	61,716
Reversals	(5,562)		(2,129)
Balance as of December 31,	¥ 307,818	¥ 263,229	¥ 187,396

Income Taxes - Cayman Islands ("Cayman"), Hong Kong, PRC, Withholding Tax on Undistributed Dividends and Withholding Tax on gain from disposal of available-for-sale debt investments in Particle (Details) ¥ in Millions, $ in Millions	1 Months Ended	12 Months Ended	24 Months Ended	36 Months Ended
	Sep. 30, 2022 CNY (¥)	Dec. 31, 2023 HKD ($)	Dec. 31, 2022 CNY (¥)	Dec. 31, 2023 CNY (¥)
Schedule of income taxes
Accrued withholding taxes of gain on disposal of available-for-sale debt investments	¥ 176.0
Accrued withholding tax on gain from the disposal of income tax benefit	¥ 64.4
Hong Kong
Schedule of income taxes
Statutory income tax rate		16.50%
Threshold amount of profit for lower tax rate \| $		$ 2
Percentage of lower tax rate on first profits		8.25%
Preferential withholding tax rate on dividends, foreign invested enterprises		5.00%
PRC
Schedule of income taxes
Statutory income tax rate		25.00%
Percentage of voting board members or senior executives habitually reside in prc		50.00%
Withholding tax rate on dividends, foreign invested enterprises to their immediate holding companies		10.00%
Threshold percentage of equity interest in PRC foreign invested enterprise to enjoy preferential withholding tax rate		25.00%
Aggregate undistributed earnings of the Group's entities located in the PRC			¥ 449.8	¥ 373.2
Unrecognized deferred tax liability on the permanently reinvested earnings			¥ 45.0	¥ 37.3
Withholding tax rate on gain from disposal of available-for-sale debt investments		10.00%
PRC \| All other PRC incorporated entities of the Group
Schedule of income taxes
Preferential income tax rate		25.00%
PRC \| High and New Technology Enterprises
Schedule of income taxes
Preferential income tax rate		15.00%
Number of years of reapplication for the status		3 years
PRC \| High and New Technology Enterprises \| Fenghuang Yutian
Schedule of income taxes
Preferential income tax rate				15.00%
PRC \| High and New Technology Enterprises \| Fenghuang Borui
Schedule of income taxes
Preferential income tax rate				15.00%
PRC \| High and New Technology Enterprises \| Fenghuang On-line
Schedule of income taxes
Preferential income tax rate				15.00%
PRC \| High and New Technology Enterprises \| Tianying Jiuzhou
Schedule of income taxes
Preferential income tax rate		25.00%	15.00%

Fair Value Measurements

12 Months Ended

Dec. 31, 2023

Fair Value Disclosures [Abstract]

Fair Value Measurements

18. Fair Value Measurements

Assets and Liabilities Measured and Disclosed at Fair Value on a Recurring Basis

In accordance with ASC 820, the Group measures term deposits and short-term investments, restricted cash and available-for-sale debt investments at fair value on a recurring basis.

The following table sets forth the financial instruments, measured at fair value on a recurring basis, by level within the fair value hierarchy (in thousands):


	Fair Value Measurements at Reporting Date Using
	Carrying Value on Balance Sheets		Quote Prices in Active Market for Identical Assets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)
	RMB		RMB		RMB		RMB
As of December 31, 2022:
Assets:
Term deposits and short-term investments		1,049,555		—		1,049,555		—
Restricted cash		9,055		9,055		—		—
Available-for-sale debt investments		304		—		—		304
As of December 31, 2023:
Assets:
Term deposits and short-term investments		558,765		—		558,765		—
Restricted cash		7,049		7,049		—		—
Available-for-sale debt investments		309		—		—		309

18. Fair Value Measurements (Continued)

Assets and Liabilities Measured and Disclosed at Fair Value on a Recurring Basis (Continued)

The following table sets forth the reconciliation of the fair value measurements of available-for-sale debt investments from January 1, 2021 to December 31, 2023 (in thousands):


	Fair Value Measurements of Available-for-sale Debt Investments
	RMB
Ending balance as of January 1, 2021		36,662
Change in fair value		(6,611	)
Currency translation adjustment		(650	)
Ending balance as of December 31, 2021		29,401
Change in fair value		(24,010	)
Impairment		(5,980	)
Currency translation adjustment		893
Ending balance as of December 31, 2022		304
Change in fair value		—
Currency translation adjustment		5
Ending balance as of December 31, 2023		309

Term deposit and short-term investments. The Group’s term deposit and short-term investments consist of wealth management products and structured deposits issued by commercial banks and other financial institutions with original maturity of more than three months and up to one year, which contain a variable interest rate. The Group elected the fair value method at the date of initial recognition and carried these investments at fair value. Changes in the fair value are reflected in the consolidated statements of comprehensive income/(loss) as interest income. To estimate fair value, the Group refers to the quoted rate of return provided by banks at the end of each period using the discounted cash flow method. The Group classifies the valuation techniques that use these inputs as Level 2 of fair value measurements.

Restricted cash. The Group’s restricted cash represents deposits that are restricted to withdrawal or usage. The fair values of restricted cash are determined based on the pervasive interest rate in the market. The Group classifies the valuation techniques that use the pervasive interest rates input as Level 1 of fair value measurement.

Available-for-sale debt investments. Available-for-sale debt investments mainly represent the investments of convertible redeemable preferred shares in Particle. In accordance with ASC 820, the Group measures available-for-sale debt investments at fair value on a recurring basis. The fair values of the investments in Particle as of December 31, 2021, 2022 and 2023 were determined based on a valuation technique under the market approach, known as guideline company method, where financial ratios of comparable companies were analyzed to determine the value of Particle, as well as using observable transactions of Particle’s shares. The Group classifies the valuation techniques that use unobservable inputs as Level 3 of fair value measurements.

The key inputs used in valuation of available-for-sale debt investments in Particle as of December 31, 2021, 2022 and 2023 were as follow:


	As of December 31,
	2021	2022	2023
Lack of marketability discount (“DLOM”)	20%	20%	20%
Volatility	49.0%	50.0%	50.0%

18. Fair Value Measurements (Continued)

Assets and Liabilities Measured and Disclosed at Fair Value on a Non-Recurring Basis

The Group’s non-financial long-lived assets, such as equity method investments, intangible assets and fixed assets, would be measured at fair value only if they were determined to be impaired on an other-than-temporary basis. The Group uses a combination of valuation methodologies, including market and income approaches based on the Group’s best estimate to determine the fair value of these non-financial assets. Inputs used in these methodologies primarily included future cash flows, discount rate, expected volatility and the selection of comparable companies operating in similar businesses.

For equity investments without readily determinable fair values accounted for under the measurement alternative, when there are observable price changes in orderly transactions for identical or similar investments of the same issuer, the investments are re-measured to fair value. The non-recurring fair value measurements to the carrying amount of an investment usually requires management to estimate a price adjustment for the different rights and obligations between a similar instrument of the same issuer with an observable price change in an orderly transaction and the investment held by the Company. These non-recurring fair value measurements were measured as of the observable transaction dates. The valuation methodologies involved require management to use the observable transaction price at the transaction date and other unobservable inputs (level 3) such as volatility of comparable companies and probability of exit events as it relates to liquidation and redemption preferences.

Accounts receivable, notes receivable, amounts due from related parties, prepayments and other current assets, accounts payable, amounts due to related parties and accrued expense and other current liabilities are financial assets or liabilities with carrying values that approximate fair value due to their short term nature.

- Definition

The entire disclosure for the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments as well as disclosures related to the fair value of non-financial assets and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value, disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the entity is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risks are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.

+ References + Details

Income Taxes - Deferred Tax Assets Balance (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Deferred tax assets:
Allowances for expected credit loss of receivables	¥ 30,296	¥ 80,025
Accrued payroll and expenses and others	26,416	24,914
Net operating loss carryforward	321,276	247,350
Less: valuation allowance	(307,818)	(263,229)	¥ (187,396)	¥ (127,809)
Total deferred tax assets, net	¥ 70,170	¥ 89,060

Net Income/(Loss) per Share

12 Months Ended

Dec. 31, 2023

Earnings Per Share [Abstract]

Net Income/(Loss) per Share

19. Net Income/(Loss) per Share

The following table sets forth the computation of basic and diluted net income/(loss) per share for the years indicated (amounts in thousands, except for number of shares and per share data):


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Net loss per Class A and Class B ordinary share — basic:
Numerator:
Net loss attributable to Phoenix New Media Limited		(205,701	)		(109,652	)		(102,496	)
Denominator:
Denominator used in computing net loss per share — basic		582,324,325			582,324,325			582,241,827
Net loss per Class A and Class B ordinary share — basic		(0.35	)		(0.19	)		(0.18	)
Net loss per Class A and Class B ordinary share — diluted:
Numerator:
Net loss attributable to Phoenix New Media Limited		(205,701	)		(109,652	)		(102,496	)
Denominator:
Denominator used in computing net loss per share — basic		582,324,325			582,324,325			582,241,827
Share-based awards		—			—			—
Denominator used in computing net loss per share — diluted		582,324,325			582,324,325			582,241,827
Net loss per Class A and Class B ordinary share — diluted		(0.35	)		(0.19	)		(0.18	)
Net loss per ADS (1 ADS represents 48 Class A ordinary shares):
Denominator used in computing net loss per ADS — basic		12,131,757			12,131,757			12,130,038
Denominator used in computing net loss per ADS — diluted		12,131,757			12,131,757			12,130,038
Net loss per ADS — basic		(16.96	)		(9.04	)		(8.45	)
Net loss per ADS — diluted		(16.96	)		(9.04	)		(8.45	)

There were 37,838,136, 38,975,848 and 27,063,618 options to purchase ordinary shares have been excluded from the computation of diluted net income/(loss) per share for the years ended December 31, 2021, 2022 and 2023, respectively, as their effects would be anti-dilutive.

Income Taxes - Components of income/(loss) before tax and income tax expense/(benefit) for PRC and non-PRC operations (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Income Tax Disclosure [Abstract]
Income/(loss) arising from PRC operations	¥ (85,525)	¥ (158,671)	¥ (235,019)
Income/(loss) arising from non-PRC operations	(10,614)	(37,442)	(17,466)
Loss before income taxes	(96,139)	(196,113)	(252,485)
Income tax expense/(benefit) relating to PRC operations	12,976	(6,037)	20,581
Income tax expense/(benefit) relating to non-PRC operations		(64,357)
Income tax expense/(benefit)	¥ 12,976	¥ (70,394)	¥ 20,581
Effective tax rate for PRC	(15.20%)	3.80%	(8.80%)
Effective tax rate for the Group	(13.50%)	35.90%	(8.20%)

- Definition

Amount of income (loss) from continuing operations, including income (loss) from equity method investments, before deduction of income tax expense (benefit), and income (loss) attributable to noncontrolling interest.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 944
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.7-04(11))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483586/944-220-S99-1

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 22
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-22

Reference 3: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 30
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-30

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (f)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 5: http://www.xbrl.org/2003/role/exampleRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 31
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-31

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Topic 280
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 32
-Subparagraph (c)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147482810/280-10-50-32

Reference 7: http://www.xbrl.org/2003/role/disclosureRef
-Topic 942
-SubTopic 235
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-05(b)(2))
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-SubTopic 20
-Topic 940
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481913/940-20-25-1

Reference 9: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 220
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 2
-Subparagraph (SX 210.5-03(10))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483621/220-10-S99-2

Reference 10: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 942
-SubTopic 220
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.9-04(15))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147483589/942-220-S99-1

+ Details

- Definition

Amount of current income tax expense (benefit) and deferred income tax expense (benefit) pertaining to continuing operations.

+ References + Details

Commitments and Contingencies - Litigation, Long-term Liabilities for Uncertain Tax Positions (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Loss Contingencies
Uncertain tax positions	¥ 18,598	¥ 20,333	¥ 28,330	¥ 28,182

Equity Investments - Equity method investments - (Details) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2020
Schedule Of Equity Method Investments [Line Items]
Investment capital contribution returned	¥ 1,100
Income (loss) from investments	(11,125)	¥ (8,195)	¥ 401
Investments in Two Limited Partnerships
Schedule Of Equity Method Investments [Line Items]
Investment amounts	39,100	51,800
Total considerations				¥ 60,000
Income (loss) from investments	¥ (11,600)	¥ (8,200)	¥ 400

Accounts Receivable, Net (Tables)

12 Months Ended

Dec. 31, 2023

Accounts Receivable, after Allowance for Credit Loss [Abstract]

Balance of accounts receivable and notes receivable

The following table sets out the balance of accounts receivable excluding notes receivable as of December 31, 2022 and 2023 (in thousands):


	As of December 31,
	2022			2023
	RMB			RMB
Accounts receivable, gross		740,575			377,086
Allowance for expected credit losses		(312,170	)		(106,654	)
Accounts receivable, net		428,405			270,432

The following table sets out the balance of notes receivable as of December 31, 2022 and 2023 (in thousands):


	As of December 31,
	2022			2023
	RMB			RMB
Notes receivable, gross		248			23,435
Allowance for expected credit losses		(66	)		(13	)
Notes receivable, net		182			23,422

Movement of the allowance for doubtful accounts

The following table presents the movement of the allowance for expected credit losses (in thousands):


	2021		2022			2023
	RMB		RMB			RMB
Balance as of January 1,		194,454		379,974			312,236
Additional provision for/(reversal of) allowance for expected credit losses, net of recoveries		185,520		(23,769	)		14,682
Write-off		—		(43,969	)		(220,251	)
Balance as of December 31,		379,974		312,236			106,667

Intangible Assets, Net (Tables)

12 Months Ended

Dec. 31, 2023

Intangible Assets, Net (Excluding Goodwill) [Abstract]

Summary of intangible assets, net

The following table summarizes the Group’s intangible assets, net (in thousands):


	As of December 31,
	2022			2023
	RMB			RMB
Computer software		24,307			21,918
Licensed copyrights of reading content		43,788			48,016
Audio content		15,646			17,041
Trademark and Domain name		191			137
Total		83,932			87,112
Less: amortization		(42,880	)		(55,136	)
impairment		(11,926	)		(11,926	)
Net book value		29,126			20,050

Consolidated Statements of Comprehensive Income/ (Loss) (Parenthetical) - CNY (¥) ¥ in Thousands	12 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021
Transactions with related parties included in revenues, cost of revenues and operating expenses are as follows (Note 21):
Net advertising revenues	¥ 9,612	¥ 17,068	¥ 28,629
Paid services revenues	18,075	23,516	29,959
Cost of revenues	(50,914)	(52,942)	(24,500)
Sales and marketing expenses	(4,290)	(1,168)	(2,465)
General and administrative expenses	¥ (6,491)	¥ (4,874)	¥ (5,361)
Class A ordinary shares
Number of ordinary shares that each ADS represents	48	48	48

Subsequent Events

12 Months Ended

Dec. 31, 2023

Subsequent Events [Abstract]

Subsequent Events

23. Subsequent Events

No subsequent event that had a material impact on the Group was identified through the date of issuance of the financial statements.

Equity Investments

12 Months Ended

Dec. 31, 2023

Equity Investments [Abstract]

Equity Investments

9. Equity Investments

Equity method investments

The Group applies the equity method of accounting to account for its equity investments in common stock or in-substance common stock and limited-partnership investments in entities, over which it has significant influence but does not own a majority equity interest or otherwise control.

The Group used equity method to account for investments in limited partnership unless the Group’s interest is so minor and has virtually no influence over the operating and financial policies of the partnership. In 2020, the Group made new investments in two limited partnerships with total considerations of RMB60.0 million, and accounted for the investments under equity method as significant influence could be imposed by the Group. The two limited partnerships mainly engage in private equity investments. In December 2023, one of the two limited partnerships returned investment capital contribution of RMB1.1 million to the Group, which was calculated on a pro rata basis. The carrying value of investments in the two limited partnerships were RMB51.8 million and RMB39.1 million as of December 31, 2022 and 2023, respectively. The Group recognized income from investments in these limited partnerships of RMB0.4 million in 2021, loss from investments in these limited partnerships of RMB8.2 million in 2022 and loss from investments in these limited partnerships of RMB11.6 million in 2023. The income or losses from investments in these limited partnerships were mainly attributable to the changes in estimated fair value of the underlying investments held by the limited partnerships.

Other equity investments

In November 2018, the Group acquired 10% equity interest of Yitong Technology (Hangzhou) Limited (“Yitong Technology”) by investing in newly issued shares of Yitong Technology with a total consideration of RMB13.0 million. Yitong Technology mainly engages in big data application development and operation in China. As the Group’s equity investment in Yitong Technology has preferred liquidation rights, it is not considered as in-substance common stock, and should be measured at fair value, with changes in the fair value recognized through net income/(loss). As the investments in Yitong Technology lack readily determinable fair values, the Group elects to record the investments at cost, less impairment, plus or minus subsequent adjustments for observable price changes (referred to as the measurement alternative). Under this measurement alternative, changes in the carrying value of the investments will be recognized in consolidated statement of comprehensive income/(loss), whenever there are observable price changes in orderly transactions for the identical or similar investment of the same issuer. As of December 31, 2022 and 2023, the carrying value of equity investment in Yitong Technology was RMB13.0 million and RMB13.0 million, respectively.

In December 2020 and January 2021, the Group acquired totally 5.67% equity interest in Guangzhou Kesheng Jiada Network Partnership (“Kesheng Jiada”), representing 1.5% indirect equity interest in 4K Garden Network Technology (Guangzhou) Co., Ltd. (“4K Garden”) with a total consideration of RMB15.0 million. 4K Garden focuses on developing 4K ultra HD content ecosystem and related technology and 5G+ ultra HD application technology platform and Kesheng Jiada is a special purpose vehicle that holds equity interest in 4K Garden. As the investments in Kesheng Jiada lack readily determinable fair values, the Group elects to use the measurement alternative. As of December 31, 2022 and 2023, the carrying value of the equity investment was RMB15.0 million and RMB15.0 million, respectively.

In December 2020, the Group entered into an investment agreement with a private equity fund to invest a total of RMB30.0 million in it and had invested the total RMB30.0 million in it by January 2022. As of December 31, 2022 and 2023, the carrying value of equity investment in the private equity fund was RMB34.6 million and RMB34.1 million, respectively. The Group accounts for the investment using NAV as a practical expedient under ASC 820. The Group recognized gain of fair value changes in the equity investment in the private equity fund of RMB1.9 million, RMB2.7 million and loss of fair value changes in the equity investment in the private equity fund of RMB0.4 million in the years ended December 31, 2021, 2022 and 2023, respectively. The fair value changes in the equity investment in the private equity fund were mainly attributable to the changes in estimated fair value of the underlying investments held by the private equity fund.

Share-based Compensation - Allocation of recognized period costs and expenses (Details) - CNY (¥) ¥ in Thousands	12 Months Ended			36 Months Ended
	Dec. 31, 2023	Dec. 31, 2022	Dec. 31, 2021	Dec. 31, 2023
Share-based Compensation, Recognized in costs and expenses
Share-based compensation recognized in costs and expenses	¥ 3,713	¥ 7,881	¥ 9,582
Income tax benefit recognized for share-based compensation				¥ 0
Cost of revenues
Share-based Compensation, Recognized in costs and expenses
Share-based compensation recognized in costs and expenses	1,737	2,802	3,052
Sales and marketing expenses
Share-based Compensation, Recognized in costs and expenses
Share-based compensation recognized in costs and expenses	1,115	1,842	1,704
General and administrative expenses
Share-based Compensation, Recognized in costs and expenses
Share-based compensation recognized in costs and expenses	273	2,215	3,244
Technology and product development expenses
Share-based Compensation, Recognized in costs and expenses
Share-based compensation recognized in costs and expenses	588	1,022	1,582
Share Options and Restricted Share Unit
Share-based Compensation, Recognized in costs and expenses
Share-based compensation recognized in costs and expenses	¥ 3,700	¥ 7,900	¥ 9,600

Principal Accounting Policies - Equity Investments (Details) - ASU 2016-1	Dec. 31, 2023
New Accounting Pronouncements Or Change In Accounting Principle [Line Items]
Change in Accounting Principle, Accounting Standards Update, Adoption Date	Jan. 01, 2018
Change in Accounting Principle, Accounting Standards Update, Adopted [true false]	true

- Definition

Indicates (true false) whether accounting standards update was adopted.

+ References

+ Details

- Definition

Date accounting standards update was adopted, in YYYY-MM-DD format.

+ References

+ Details

- Definition

Line items represent financial concepts included in a table. These concepts are used to disclose reportable information associated with domain members defined in one or many axes to the table.

+ References

+ Details

Principal Accounting Policies - Intangible assets, net (Details)	12 Months Ended
	Dec. 31, 2023
Computer software
Intangible assets, Net
Estimated useful lives	5 years
Licensed copyrights of reading content
Intangible assets, Net
Estimated useful lives	Lesser of the licensed period or 5 years
Trademark and Domain names
Intangible assets, Net
Estimated useful lives	10 years
Audio content
Intangible assets, Net
Estimated useful lives	Lesser of the licensed period or 5 years

Accounts Receivable, Net - Balance of notes receivable (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accounts Receivable, after Allowance for Credit Loss [Abstract]
Notes receivable, gross	¥ 23,435	¥ 248
Allowance for expected credit losses	(13)	(66)
Notes receivable, net	¥ 23,422	¥ 182

- Definition

Amount of allowance for credit loss on financing receivable. Excludes allowance for financing receivable covered under loss sharing agreement.

+ References + Details

- Definition

Amortized cost, before allowance for credit loss, of financing receivable. Excludes financing receivable covered under loss sharing agreement and net investment in lease.

+ References

Reference 1: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 80
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-80

Reference 2: http://www.xbrl.org/2003/role/exampleRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 55
-Paragraph 79
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479294/326-20-55-79

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 326
-SubTopic 20
-Name Accounting Standards Codification
-Section 45
-Paragraph 1
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479344/326-20-45-1

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 210
-SubTopic 10
-Name Accounting Standards Codification
-Section S99
-Paragraph 1
-Subparagraph (SX 210.5-02(3)(b))
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147480566/210-10-S99-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (1)
-Publisher SEC

Reference 6: http://www.xbrl.org/2003/role/disclosureRef
-Name Regulation S-K (SK)
-Number 229
-Section 1405
-Paragraph (a)
-Subparagraph (2)
-Publisher SEC

Reference 7: http://www.xbrl.org/2009/role/commonPracticeRef
-Name Regulation S-K (SK)
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Reference 8: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Name Accounting Standards Codification
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-Publisher FASB
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Reference 9: http://www.xbrl.org/2003/role/disclosureRef
-Name Accounting Standards Codification
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-Topic 310
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147481962/310-10-50-7A

Reference 10: http://www.xbrl.org/2003/role/disclosureRef
-Topic 326
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-Section 50
-Paragraph 5
-Subparagraph (b)
-Publisher FASB
-URI https://asc.fasb.org//1943274/2147479319/326-20-50-5

+ Details

Certain Risks and Concentration (Details)	12 Months Ended
Certain Risks and Concentration (Details)	Dec. 31, 2023	Dec. 31, 2022
Account Receivable \| Credit Concentration Risk \| Evergrande Group
Accounts, Notes, Loans and Financing Receivable [Line Items]
Concentration risk percentage	0.00%	21.80%

Income Taxes (Tables)

12 Months Ended

Dec. 31, 2023

Income Tax Disclosure [Abstract]

Summary of provisions for income tax expense/(benefit)

The provisions for income tax expense/(benefit) are summarized as follows (in thousands):


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Current tax expense/(benefit)		25,903			(72,211	)		(5,914	)
Deferred tax (benefit)/expense		(5,322	)		1,817			18,890
Income tax expense/(benefit)		20,581			(70,394	)		12,976

Components of income/(loss) before tax and income tax expense/(benefit) for PRC and non-PRC operations

The components of income/(loss) before tax and income tax expense/(benefit) for PRC and non-PRC operations are as follows (in thousands):


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Income/(loss) arising from PRC operations		(235,019	)		(158,671	)		(85,525	)
Income/(loss) arising from non-PRC operations		(17,466	)		(37,442	)		(10,614	)
Income/(loss) before tax		(252,485	)		(196,113	)		(96,139	)
Income tax expense/(benefit) relating to PRC operations		20,581			(6,037	)		12,976
Income tax expense/(benefit) relating to non-PRC operations		—			(64,357	)		—
Income tax expense/(benefit)		20,581			(70,394	)		12,976
Effective tax rate for PRC		(8.8	)%		3.8	%		(15.2	)%
Effective tax rate for the Group		(8.2	)%		35.9	%		(13.5	)%

Reconciliation of the differences between PRC statutory income tax rate and the Group's effective income tax rate

Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rate for the years ended December 31, 2021, 2022 and 2023 is as follows:


	For the Years Ended December 31,
	2021			2022			2023
	%			%			%
Statutory income tax rate		25.0			25.0			25.0
Permanent differences (1)		(2.4	)		24.2			16.3
Change in valuation allowance		(23.6	)		(38.7	)		(46.4	)
Effect of preferential tax treatment		(5.3	)		(6.7	)		(7.4	)
Uncertain tax positions		(0.1	)		4.1			1.8
Effect of withholding tax on gain on disposal of available-for-sale debt investments (2)		—			32.8			—
Tax rate difference from statutory rate in other jurisdictions		(1.8	)		(4.8	)		(2.8	)
Effective income tax rate		(8.2	)		35.9			(13.5	)

Notes:

(1)

(2)

Combined effects of the income tax exemption and other preferential tax treatment

The combined effects of the income tax exemption and other preferential tax treatment available to the Group are as follows (in thousands, except per share data):


	For the Years Ended December 31,
	2021			2022			2023
	RMB			RMB			RMB
Effect of preferential tax treatment		(13,468	)		(13,050	)		(7,139	)
Basic net loss per share effect		(0.02	)		(0.02	)		(0.01	)

Tax effects of temporary differences that give rise to deferred tax assets balance

The tax effects of temporary differences that give rise to the deferred tax assets balance as of December 31, 2022 and 2023 are as follows (in thousands):


	As of December 31,
	2022			2023
	RMB			RMB
Deferred tax assets:
Allowances for expected credit loss of receivables		80,025			30,296
Accrued payroll and expenses and others		24,914			26,416
Net operating loss carryforward		247,350			321,276
Less: valuation allowance		(263,229	)		(307,818	)
Total deferred tax assets, net		89,060			70,170

Movement of valuation allowance for deferred tax assets

The following table sets forth the movement of the valuation allowance for deferred tax assets (in thousands):


	2021			2022		2023
	RMB			RMB		RMB
Balance as of January 1,		127,809			187,396		263,229
Additions		61,716			75,833		50,151
Reversals		(2,129	)		—		(5,562	)
Balance as of December 31,		187,396			263,229		307,818

Reconciliation of liabilities associated with uncertain tax positions

A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax positions is as follows (in thousands):


	2021		2022			2023
	RMB		RMB			RMB
Balance as of January 1,		28,182		28,330			20,333
Reversal of uncertain tax positions over 10 years		—		(7,997	)		(4,236	)
Increase related to current year tax positions		148		—			2,501
Balance as of December 31,		28,330		20,333			18,598

Principal Accounting Policies

12 Months Ended

Dec. 31, 2023

Accounting Policies [Abstract]

Principal Accounting Policies

2. Principal Accounting Policies

(a) Basis of presentation, principles of consolidation, and cost allocations

2. Principal Accounting Policies (Continued)

(b) Use of estimates

2. Principal Accounting Policies (Continued)

(d) Foreign currency translation

(e) Fair value of financial instruments

Level 1— Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets

Level 2— Include other inputs that are directly or indirectly observable in the marketplace

Level 3— Unobservable inputs which are supported by little or no market activity

(f) Cash and cash equivalents

2. Principal Accounting Policies (Continued)

(g) Term deposits, short-term investments

Term deposits represent term deposits placed with banks with original maturities of more than three months and up to one year.

(h) Restricted cash

Restricted cash represents deposits placed in accounts co-managed with third-parties related to the real estate services, which are restricted to withdrawal or usage.

(i) Accounts receivable, net

(j) Expected credit loss

The Group adopted ASC 326 Financial Instruments—Credit Losses beginning from January 1, 2020, which introduces new guidance for expected credit losses on instruments within its scope.

2. Principal Accounting Policies (Continued)

(k) Property and equipment, net

Property and equipment are stated at cost less accumulated depreciation and impairment. Property and equipment are depreciated over the following estimated useful lives on a straight-line basis:


		Estimated Useful Lives
Computers		3 years
Equipment, furniture and motor vehicles		5 years
Leasehold improvements		Lesser of lease terms or the estimated useful lives of the assets

(l) Intangible assets, net


		Estimated Useful Lives
Computer software		5 years
Licensed copyrights of reading content		Lesser of the licensed period or 5 years
Trademark and Domain names		10 years
Audio content		Lesser of the licensed period or 5 years

The Group amortizes the licensed copyrights for reading content and audio content in “cost of revenues” on a straight-line basis.

(m) Available-for-sale debt investments

2. Principal Accounting Policies (Continued)

(n) Equity investments

Equity investments accounted for using the equity method

Equity investments measured at Measurement Alternative

Equity investments measured at NAV practical expedient

(o) Impairment of long-lived assets

2. Principal Accounting Policies (Continued)

(p) ASC 606 Revenue from Contracts with Customers


	For the Years Ended December 31,
	2021		2022		2023
	RMB		RMB		RMB
Net advertising revenues		930,025		696,664		619,260
Paid services revenues		100,306		89,043		72,760
Revenues from paid contents		43,113		33,847		34,917
Revenues from E-commerce and others		57,193		55,196		37,843
Total		1,030,331		785,707		692,020

Contract balances

Practical expedients

The Group has used the following practical expedients as allowed under ASC 606:

ii.

iii.

The Group generally expenses sales commissions when incurred because the amortization period would be one year or less. These costs are recorded within sales and marketing expenses.

2. Principal Accounting Policies (Continued)

(q) Revenue recognition

The Group adopts the five-step model for recognizing revenue from contracts with customers:

Step 1: Identify the contract(s) with a customer,

Step 2: Identify the performance obligations in the contract,

Step 3: Determine the transaction price,

Step 4: Allocate the transaction price to the performance obligations in the contract,

Step 5: Recognize revenue when (or as) the entity satisfies a performance obligation.

(i) Net advertising revenues

2. Principal Accounting Policies (Continued)

(q) Revenue recognition (continued)

(i) Net advertising revenues (continued)

CPD model

CPM model

CPC model

Agency service fees to third-party advertising agencies

Noncash transactions

2. Principal Accounting Policies (Continued)

(q) Revenue recognition (continued)

(ii) Paid services revenues

Paid services revenues comprise (i) revenues from paid contents and (ii) revenues from E-commerce and others.

Paid contents

Paid contents revenues mainly comprise of revenues generated from digital reading, audio books and other content-related sales activities.

Digital reading

Audio books

Share-based Compensation - Share options, additional information (Details) ¥ in Millions	12 Months Ended
	Dec. 31, 2023 CNY (¥) $ / shares	Dec. 31, 2022 $ / shares	Dec. 31, 2021 $ / shares	Dec. 31, 2023 $ / shares
Share Options
Share Options
Weighted-average grant date fair value of options granted (US$ per share)	$ 0	$ 0	$ 0.21
Unrecognized share-based compensation for options \| ¥	$ 0.2
Remaining weighted-average period for recognition	9 months 3 days
Ordinary Shares
Share Options
Closing stock price (US$ per share)				$ 0.03
ADS
Share Options
Closing stock price (US$ per share)				$ 1.36

Document and Entity Information	12 Months Ended
Document and Entity Information	Dec. 31, 2023 shares
Document Information
Document Type	20-F
Amendment Flag	false
Document Period End Date	Dec. 31, 2023
Document Fiscal Year Focus	2023
Document Fiscal Period Focus	FY
Entity Registrant Name	Phoenix New Media Limited
Entity Central Index Key	0001509646
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Interactive Data Current	Yes
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Well-known Seasoned Issuer	No
Entity Shell Company	false
Entity Emerging Growth Company	false
Entity File Number	001-35158
Entity Incorporation, State or Country Code	E9
Entity Address, Address Line One	Sinolight Plaza
Entity Address, Address Line Two	Floor 16
Entity Address, Address Line Three	No. 4 Qiyang Road
Entity Address, City or Town	Wangjing, Chaoyang District, Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100102
Document Annual Report	true
Document Transition Report	false
Document Shell Company Report	false
Document Registration Statement	false
Document Financial Statement Error Correction [Flag]	false
ICFR Auditor Attestation Flag	true
Document Accounting Standard	U.S. GAAP
Auditor Firm ID	1424
Auditor Name	PricewaterhouseCoopers Zhong Tian LLP
Auditor Location	Beijing, the People’s Republic of China
Business Contact
Document Information
Contact Personnel Name	Mr. Edward Lu
Entity Address, Address Line One	Sinolight Plaza
Entity Address, Address Line Two	Floor 16
Entity Address, Address Line Three	No. 4 Qiyang Road
Entity Address, City or Town	Wangjing, Chaoyang District, Beijing
Entity Address, Country	CN
Entity Address, Postal Zip Code	100102
City Area Code	86 10
Local Phone Number	6067-6869
Class A ordinary shares
Document Information
Entity Common Stock, Shares Outstanding	262,954,885
Class B ordinary shares
Document Information
Entity Common Stock, Shares Outstanding	317,325,360
American Depositary Shares, each representing forty eight Class A ordinary shares
Document Information
Title of 12(b) Security	American Depositary Shares, each representing forty-eightClass A ordinary shares
Trading Symbol	FENG
Security Exchange Name	NYSE
Class A ordinary shares, par value $0.01 per share
Document Information
Title of 12(b) Security	Class A ordinary shares, par value $0.01 per share
No Trading Symbol Flag	true
Security Exchange Name	NYSE

Accrued Expenses and Other Current Liabilities (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Accrued Liabilities, Current [Abstract]
Deposits from advertising agencies and customers	¥ 10,354	¥ 12,114
Accrued professional fees	3,003	3,545
Advertising and promotion expenses payables and accruals	217	1,267
General operating expenses payables and accruals	37,910	49,799
Deposits from potential house buyers	7,577	10,113
Others	12,595	12,204
Total	¥ 71,656	¥ 89,042

Prepayments and Other Current Assets - Additional information (Details) - Prepaid content licenses	Dec. 31, 2023
Minimum
Amortization period (in year)	1 year
Maximum
Amortization period (in year)	3 years

Property and Equipment, Net (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Property and Equipment
Total gross value	¥ 94,606	¥ 127,213
Less: accumulated depreciation	(87,369)	(114,122)
Net book value	7,237	13,091
Computers, equipment and furniture
Property and Equipment
Total gross value	41,179	73,526
Motor vehicles
Property and Equipment
Total gross value	5,461	5,721
Leasehold improvements
Property and Equipment
Total gross value	¥ 47,966	¥ 47,966

Other Non-Current Assets (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Other Assets, Noncurrent [Abstract]
Rental deposits	¥ 5,958	¥ 7,750
Prepayments for real estate and non-current portion of prepayments to suppliers	6,732	11,413
Others	489	489
Total	¥ 13,179	¥ 19,652

Organization and Principal Activities - Loan Agreements (Details)		12 Months Ended
	Dec. 31, 2019	Dec. 31, 2023
Contractual Agreements Between Primary Beneficiaries And Variable Interest Entities [Abstract]
Term of each loan agreements		10 years
Extended term of loan upon expiration of original term	10 years

Organization and Principal Activities (Details)	Dec. 31, 2023 Subsidiary Item
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Subsidiaries \| Subsidiary	11
Number of VIE's	2
Number of subsidiaries of VIE's	18

Fair Value Measurements - Financial instruments measured at fair value on recurring basis by level within the fair value hierarchy (Details) - CNY (¥) ¥ in Thousands	Dec. 31, 2023	Dec. 31, 2022
Assets:
Available-for-sale debt investments	¥ 309	¥ 304
Carrying Value
Assets:
Term deposits and short term investments	558,765	1,049,555
Restricted cash	7,049	9,055
Available-for-sale debt investments	309	304
Fair Value Recurring Basis \| Level 1 \| Fair Value
Assets:
Restricted cash	7,049	9,055
Fair Value Recurring Basis \| Level 2 \| Fair Value
Assets:
Term deposits and short term investments	558,765	1,049,555
Fair Value Recurring Basis \| Level 3 \| Fair Value
Assets:
Available-for-sale debt investments	¥ 309	¥ 304