<p>凤凰新媒体（Phoenix New Media ((FENG)）已召开 2026 年第一季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>凤凰新媒体最新的财报电话会议传达了谨慎乐观的语气，管理层强调了强劲的收入增长、付费服务的激增和显著改善的利润率。这些增长受到运营费用上升、持续但缩小的亏损以及持续的宏观和广告预算不确定性的制约，使投资者在动能与执行风险之间权衡。</p>
<h2>整体收入强劲增长</h2>
<p>凤凰新媒体报告 2026 年第一季度收入为 1.888 亿人民币，比去年同期的 1.552 亿人民币增长 21.6%。尽管广告环境波动和经济逆风，业绩仍显示出显著的收入加速。</p>
<h2>付费服务激增</h2>
<p>付费服务表现突出，收入同比增长 83%，从 3470 万人民币跃升至 6350 万人民币。管理层将此归功于通过第三方平台的迷你程序分发的数字阅读服务，显示出公司在传统广告之外的多元化取得了越来越大的吸引力。</p>
<h2>广告收入复苏</h2>
<p>广告收入出现复苏迹象，净广告收入同比增长 4%，从 1.205 亿人民币增至 1.253 亿人民币。增长主要来自酒类、互联网服务、汽车、家电、金融和零售等类别，尽管一些广告主仍在调整预算。</p>
<h2>毛利率显著改善</h2>
<p>毛利水平的盈利能力显著改善，毛利率从去年的 40.4% 扩大至 53.5%。收入成本下降 5.1% 至 8780 万人民币，推动了毛利率的提升，反映出更健康的收入结构和更好的成本控制。</p>
<h2>亏损缩小与盈利趋势</h2>
<p>运营亏损缩小至 2990 万人民币，较去年同期的 3840 万人民币有所改善。归属于凤凰新媒体的净亏损也改善至 1680 万人民币，较之前的 2970 万人民币有所减少，表明公司在持续投资的同时逐步向盈亏平衡迈进。</p>
<h2>内容参与度强和活动执行力</h2>
<p>管理层强调了由高调新闻报道和国际主题及体育活动驱动的强劲参与度。米兰冬季奥运会、阿布扎比大师赛和《旅程》系列等旗舰项目吸引了数千万的观看次数，增强了凤凰的品牌和受众覆盖。</p>
<h2>技术领域成功商业化</h2>
<p>公司强调通过展览加优质内容模式在技术领域获得的增长。参与和报道 CES、MWC 和 AWE 等重大展会，转化为技术领域的客户增加和收入增长。</p>
<h2>健康的流动性状况</h2>
<p>凤凰新媒体在本季度结束时拥有稳健的资产负债表，持有现金、定期存款、短期投资和受限现金共计 9.558 亿人民币（约合 1.386 亿美元）。这一流动性为公司提供了充足的灵活性，以资助增长计划并应对宏观波动。</p>
<h2>运营费用上升</h2>
<p>运营费用同比增长 29.5%，从 1.011 亿人民币增至 1.309 亿人民币，增速超过了收入增长。增加主要是由于与扩展数字阅读服务相关的销售和市场支出上升，给近期盈利能力带来了压力。</p>
<h2>持续的运营和净亏损</h2>
<p>尽管取得了明显进展，凤凰新媒体在运营和净层面仍处于亏损状态。2026 年第一季度的运营亏损为 2990 万人民币，归属于凤凰新媒体的净亏损为 1680 万人民币，表明实现持续盈利的道路尚未完成。</p>
<h2>广告预算压力和宏观不确定性</h2>
<p>管理层警告称，某些类别的广告主仍在调整预算，面临更广泛的宏观不确定性。这些逆风可能在中短期内持续，给收入带来持续风险，并可能减缓某些广告领域的复苏速度。</p>
<h2>付费服务指引低于第一季度水平</h2>
<p>尽管第一季度付费服务激增，但展望显示短期内可能回落。管理层预计第二季度付费服务收入将在 5390 万至 5890 万人民币之间，低于第一季度的 6350 万人民币，意味着在快速扩张后将出现 7% 至 15% 的环比下降。</p>
<h2>指引存在不确定性</h2>
<p>高管们强调，2026 年第二季度的展望仍然是初步的，并且存在重大不确定性。这一警告突显了预期与实际结果之间可能存在的波动，特别是在宏观敏感性和广告与付费服务之间不断变化的组合下。</p>
<h2>前瞻性指引</h2>
<p>对于 2026 年第二季度，凤凰新媒体预计总收入将在 1.957 亿至 2.107 亿人民币之间，意味着与第一季度相比增长 3.6% 至 11.6%。净广告收入预计将上升至 1.418 亿至 1.518 亿人民币，环比增长约 13% 至 21%，而付费服务预计将从第一季度的高基数中小幅回落。</p>
<p>凤凰新媒体的电话会议描绘了一幅数字媒体公司获得运营杠杆并多元化收入结构的图景，但仍在平衡增长与盈利能力。凭借强大的内容、改善的利润率和稳健的现金缓冲，投资者关注的关键点将是费用控制、广告市场的韧性以及付费服务在预期的短期暂停后是否能够重新加速。</p>

凤凰新媒体

<p>凤凰新媒体（FENG）报告称，2026 年第一季度收入为 1.888 亿人民币，同比增长 21.6%，主要受益于付费服务激增 83%。尽管运营费用上升和持续亏损，毛利率改善至 53.5%。公司预计第二季度收入将在 1.957 亿至 2.107 亿人民币之间，净广告收入预计将上升。然而，管理层对由于宏观经济不确定性和短期内付费服务收入下降可能带来的收入风险表示谨慎。建议投资者关注费用控制和广告市场的韧性，因为公司寻求在增长和盈利能力之间取得平衡</p>

<p>Phoenix New Media ((FENG)) has held its Q1 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>凤凰新媒体（Phoenix New Media ((FENG)）已召开 2026 年第一季度财报电话会议。以下是会议的主要亮点。</p>
</div><h3>Claim 55% Off TipRanks</h3>
<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
</ul>
<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>Phoenix New Media’s latest earnings call struck a cautiously upbeat tone as management highlighted strong revenue growth, a surge in paid services and sharply improved margins. These gains were tempered by rising operating expenses, continued though narrowing losses and lingering macro and ad-budget uncertainty, leaving investors weighing momentum against execution risk.</p>
<div class="lb-trans"><p>凤凰新媒体最新的财报电话会议传达了谨慎乐观的语气，管理层强调了强劲的收入增长、付费服务的激增和显著改善的利润率。这些增长受到运营费用上升、持续但缩小的亏损以及持续的宏观和广告预算不确定性的制约，使投资者在动能与执行风险之间权衡。</p>
</div><h2>Strong Overall Revenue Growth</h2>
<div class="lb-trans"><h2>整体收入强劲增长</h2>
</div><p>Phoenix New Media reported Q1 2026 revenues of RMB188.8 million, up 21.6% from RMB155.2 million a year earlier. The performance underscores a meaningful acceleration in the top line despite a choppy advertising backdrop and ongoing economic headwinds.</p>
<div class="lb-trans"><p>凤凰新媒体报告 2026 年第一季度收入为 1.888 亿人民币，比去年同期的 1.552 亿人民币增长 21.6%。尽管广告环境波动和经济逆风，业绩仍显示出显著的收入加速。</p>
</div><h2>Paid Services Surge</h2>
<div class="lb-trans"><h2>付费服务激增</h2>
</div><p>Paid services were the standout, with revenue jumping 83% year on year to RMB63.5 million from RMB34.7 million. Management credited digital reading services distributed via mini programs on third‑party platforms, signaling growing traction in the company’s diversification beyond traditional ads.</p>
<div class="lb-trans"><p>付费服务表现突出，收入同比增长 83%，从 3470 万人民币跃升至 6350 万人民币。管理层将此归功于通过第三方平台的迷你程序分发的数字阅读服务，显示出公司在传统广告之外的多元化取得了越来越大的吸引力。</p>
</div><h2>Advertising Revenue Recovery</h2>
<div class="lb-trans"><h2>广告收入复苏</h2>
</div><p>Advertising showed signs of recovery, with net ad revenues rising 4% year on year to RMB125.3 million from RMB120.5 million. Growth was led by categories such as liquor, internet services, autos, home appliances, finance and retail, even as some advertisers continued to adjust budgets.</p>
<div class="lb-trans"><p>广告收入出现复苏迹象，净广告收入同比增长 4%，从 1.205 亿人民币增至 1.253 亿人民币。增长主要来自酒类、互联网服务、汽车、家电、金融和零售等类别，尽管一些广告主仍在调整预算。</p>
</div><h2>Material Gross Margin Improvement</h2>
<div class="lb-trans"><h2>毛利率显著改善</h2>
</div><p>Profitability at the gross level improved sharply, as gross margin expanded to 53.5% from 40.4% a year ago. A 5.1% decline in cost of revenues to RMB87.8 million helped drive the margin gain, reflecting a healthier revenue mix and better cost discipline.</p>
<div class="lb-trans"><p>毛利水平的盈利能力显著改善，毛利率从去年的 40.4% 扩大至 53.5%。收入成本下降 5.1% 至 8780 万人民币，推动了毛利率的提升，反映出更健康的收入结构和更好的成本控制。</p>
</div><h2>Narrowing Losses and Profitability Trends</h2>
<div class="lb-trans"><h2>亏损缩小与盈利趋势</h2>
</div><p>Loss from operations narrowed to RMB29.9 million, improving from RMB38.4 million in the prior year quarter. Net loss attributable to ifeng also improved to RMB16.8 million from RMB29.7 million, indicating a gradual move toward breakeven even as the company continues to invest.</p>
<div class="lb-trans"><p>运营亏损缩小至 2990 万人民币，较去年同期的 3840 万人民币有所改善。归属于凤凰新媒体的净亏损也改善至 1680 万人民币，较之前的 2970 万人民币有所减少，表明公司在持续投资的同时逐步向盈亏平衡迈进。</p>
</div><h2>Strong Content Engagement and Event Execution</h2>
<div class="lb-trans"><h2>内容参与度强和活动执行力</h2>
</div><p>Management emphasized robust engagement driven by high‑profile news coverage and events across international topics and sports. Flagship properties like the Milan Winter Olympics, Abu Dhabi Masters and the Journey series delivered tens of millions of views, reinforcing Phoenix’s brand and audience reach.</p>
<div class="lb-trans"><p>管理层强调了由高调新闻报道和国际主题及体育活动驱动的强劲参与度。米兰冬季奥运会、阿布扎比大师赛和《旅程》系列等旗舰项目吸引了数千万的观看次数，增强了凤凰的品牌和受众覆盖。</p>
</div><h2>Successful Commercialization in Tech Verticals</h2>
<div class="lb-trans"><h2>技术领域成功商业化</h2>
</div><p>The company highlighted growing traction in technology verticals through its exhibition plus premium content model. Active participation and coverage at major shows such as CES, MWC and AWE translated into substantial client additions and revenue gains in the tech sector.</p>
<div class="lb-trans"><p>公司强调通过展览加优质内容模式在技术领域获得的增长。参与和报道 CES、MWC 和 AWE 等重大展会，转化为技术领域的客户增加和收入增长。</p>
</div><h2>Healthy Liquidity Position</h2>
<div class="lb-trans"><h2>健康的流动性状况</h2>
</div><p>Phoenix New Media closed the quarter with a solid balance sheet, holding RMB955.8 million in cash, term deposits, short‑term investments and restricted cash. This liquidity, roughly USD138.6 million, provides ample flexibility to fund growth initiatives and weather macro volatility.</p>
<div class="lb-trans"><p>凤凰新媒体在本季度结束时拥有稳健的资产负债表，持有现金、定期存款、短期投资和受限现金共计 9.558 亿人民币（约合 1.386 亿美元）。这一流动性为公司提供了充足的灵活性，以资助增长计划并应对宏观波动。</p>
</div><h2>Rising Operating Expenses</h2>
<div class="lb-trans"><h2>运营费用上升</h2>
</div><p>Operating expenses climbed 29.5% year on year to RMB130.9 million from RMB101.1 million, outpacing revenue growth. The increase was driven mainly by higher sales and marketing spend tied to expanding digital reading services, pressuring near‑term profitability.</p>
<div class="lb-trans"><p>运营费用同比增长 29.5%，从 1.011 亿人民币增至 1.309 亿人民币，增速超过了收入增长。增加主要是由于与扩展数字阅读服务相关的销售和市场支出上升，给近期盈利能力带来了压力。</p>
</div><h2>Continued Operating and Net Losses</h2>
<div class="lb-trans"><h2>持续的运营和净亏损</h2>
</div><p>Despite clear progress, Phoenix New Media remains in the red at both operating and net levels. The Q1 2026 operating loss of RMB29.9 million and net loss attributable to ifeng of RMB16.8 million underscore that the path to sustained profitability is not yet complete.</p>
<div class="lb-trans"><p>尽管取得了明显进展，凤凰新媒体在运营和净层面仍处于亏损状态。2026 年第一季度的运营亏损为 2990 万人民币，归属于凤凰新媒体的净亏损为 1680 万人民币，表明实现持续盈利的道路尚未完成。</p>
</div><h2>Advertising Budget Pressure and Macro Uncertainty</h2>
<div class="lb-trans"><h2>广告预算压力和宏观不确定性</h2>
</div><p>Management cautioned that advertisers in some categories are still adjusting budgets amid broader macro uncertainty. These headwinds may persist in the near to medium term, posing ongoing revenue risk and potentially muting the pace of recovery in certain ad segments.</p>
<div class="lb-trans"><p>管理层警告称，某些类别的广告主仍在调整预算，面临更广泛的宏观不确定性。这些逆风可能在中短期内持续，给收入带来持续风险，并可能减缓某些广告领域的复苏速度。</p>
</div><h2>Paid Services Guidance Below Q1 Run‑Rate</h2>
<div class="lb-trans"><h2>付费服务指引低于第一季度水平</h2>
</div><p>While paid services surged in Q1, the outlook calls for a short‑term pullback. Management guided Q2 paid services revenue to RMB53.9–58.9 million, below the Q1 level of RMB63.5 million, implying a 7–15% sequential decline after a period of rapid expansion.</p>
<div class="lb-trans"><p>尽管第一季度付费服务激增，但展望显示短期内可能回落。管理层预计第二季度付费服务收入将在 5390 万至 5890 万人民币之间，低于第一季度的 6350 万人民币，意味着在快速扩张后将出现 7% 至 15% 的环比下降。</p>
</div><h2>Guidance Subject to Uncertainty</h2>
<div class="lb-trans"><h2>指引存在不确定性</h2>
</div><p>Executives stressed that the Q2 2026 outlook remains preliminary and subject to substantial uncertainties. This caveat highlights potential volatility between expectations and actual results, particularly given macro sensitivity and the evolving mix between ads and paid services.</p>
<div class="lb-trans"><p>高管们强调，2026 年第二季度的展望仍然是初步的，并且存在重大不确定性。这一警告突显了预期与实际结果之间可能存在的波动，特别是在宏观敏感性和广告与付费服务之间不断变化的组合下。</p>
</div><h2>Forward‑Looking Guidance</h2>
<div class="lb-trans"><h2>前瞻性指引</h2>
</div><p>For Q2 2026, Phoenix New Media expects total revenue of RMB195.7–210.7 million, implying 3.6–11.6% quarter‑on‑quarter growth from Q1. Net advertising revenues are projected to rise to RMB141.8–151.8 million, up roughly 13–21% sequentially, while paid services are forecast to ease modestly from Q1’s elevated base.</p>
<div class="lb-trans"><p>对于 2026 年第二季度，凤凰新媒体预计总收入将在 1.957 亿至 2.107 亿人民币之间，意味着与第一季度相比增长 3.6% 至 11.6%。净广告收入预计将上升至 1.418 亿至 1.518 亿人民币，环比增长约 13% 至 21%，而付费服务预计将从第一季度的高基数中小幅回落。</p>
</div><p>Phoenix New Media’s call painted a picture of a digital media company gaining operational leverage and diversifying its revenue mix, yet still balancing growth and profitability. With strong content, improving margins and a solid cash buffer, the key watchpoints for investors will be expense control, ad‑market resilience and whether paid services can reaccelerate after an expected near‑term pause.</p>
<div class="lb-trans"><p>凤凰新媒体的电话会议描绘了一幅数字媒体公司获得运营杠杆并多元化收入结构的图景，但仍在平衡增长与盈利能力。凭借强大的内容、改善的利润率和稳健的现金缓冲，投资者关注的关键点将是费用控制、广告市场的韧性以及付费服务在预期的短期暂停后是否能够重新加速。</p>
</div>

凤凰新媒体虽然实现了增长，但仍然处于亏损状态