The Chairman and Chief Executive Officer of Phoenix Media Investment (Holdings) Limited (the "Company" and its subsidiaries, collectively the "Group", "Phoenix" or "Phoenix TV"), Mr. XU Wei, said today that in the first half of 2025, facing both market and performance pressures, the Company tackled challenges and stabilised the fundamentals with innovative measures. Its business development steadily progressed amidst stability, demonstrating stronger resilience. The revenue of the Group for the six months ended 30 June 2025 (the "Period") was approximately HK$873,671,000, which represented a decrease of 16.2% in comparison with the same period last year, mainly due to the decrease in advertising revenue caused by intensified competition and shift in consumer preferences in the outdoor media business. Operating costs of the Group for the Period decreased by 5.8% to approximately HK$1,153,403,000, due to effective cost control measures taken by the Group. The fair value loss of approximately HK$8,332,000 was recognised for the investment properties in Beijing, Shenzhen and London. The loss attributable to owners of the Company increased to approximately HK$205,264,000, which represented an increase of 11.3% in comparison with the same period last year.
As an international media group targeting the global community, Phoenix TV will always maintains its high-quality corporate governance, build an efficient operation system, and consolidate the cornerstone of sustainable development. Phoenix TV will constantly persist in the development philosophy of openness and inclusiveness, and leverage on its credibility, brand power, communication strength and influence to serve the Chinese community and global audience. Phoenix TV strives to become a torchbearer of civilisation, an architect of civilisational communication and a companion for human evolution, so as to fulfill the expectations of our stakeholders and shareholders.
RESULTS
The revenue of the Group for the Period was approximately HK$873,671,000 (six months ended 30 June 2024: HK$1,042,746,000), which represented a decrease of 16.2% in comparison with the same period last year, mainly due to the decrease in advertising revenue caused by intensified competition and shift in consumer preferences in the outdoor media business.
Operating costs of the Group for the Period decreased by 5.8% to approximately HK$1,153,403,000 (six months ended 30 June 2024: HK$1,224,550,000), due to effective cost control measures taken by the Group.
The fair value loss of approximately HK$8,332,000 (six months ended 30 June 2024: HK$29,625,000) was recognised for the investment properties in Beijing, Shenzhen and London.
The loss attributable to owners of the Company increased to approximately HK$205,264,000 (six months ended 30 June 2024: HK$184,457,000), which represented an increase of 11.3% in comparison with the same period last year.
The chart below summarises the performance of the Group for the six months ended 30 June 2025 and the same period in 2024 respectively.
COMMENTS ON SEGMENTAL INFORMATION
Revenue from television broadcasting, comprising advertising, subscription and other revenue sources, which accounted for 35.0% of the total revenue of the Group for the Period, decreased by 20.0% to approximately HK$306,018,000 (six months ended 30 June 2024: HK$382,584,000), the segmental loss for television broadcasting business was approximately HK$103,785,000 for the Period (six months ended 30 June 2024: HK$43,979,000).
Revenue from Phoenix Chinese Channel and Phoenix InfoNews Channel, which accounted for 22.6% of the total revenue of the Group for the Period, decreased by 27.3% to approximately HK$197,174,000 (six months ended 30 June 2024: HK$271,049,000).
The total revenue of Phoenix Hong Kong Channel, Phoenix Movies Channel, Phoenix North America Chinese Channel, Phoenix Chinese News and Entertainment Channel, Fengshows and others decreased by 2.4% to approximately HK$108,844,000 (six months ended 30 June 2024: HK$111,535,000).
The revenue of the internet media business for the Period increased by 5.1% to approximately HK$371,475,000 (six months ended 30 June 2024: HK$353,308,000). The segmental loss of the internet media business for the Period was approximately HK$35,620,000 (six months ended 30 June 2024: HK$28,513,000).
The revenue of the outdoor media business for the Period decreased by 42.7% to approximately HK$140,730,000 (six months ended 30 June 2024: HK$245,565,000). The segmental loss of the outdoor media business for the Period was approximately HK$60,830,000 (six months ended 30 June 2024: HK$4,687,000).
The segmental profit of the real estate business for the Period was approximately HK$228,000 (six months ended 30 June 2024: segmental loss of HK$28,094,000), which included the net fair value loss of approximately HK$8,332,000 (six months ended 30 June 2024: HK$29,625,000), recognised for the investment properties.
BUSINESS OVERVIEW AND PROSPECTS
In the first half of 2025, facing both market and performance pressures, the Company tackled challenges and stabilised the fundamentals with innovative measures. Its business development steadily progressed amidst stability, demonstrating stronger resilience. Mr. Xu Wei, the Chairman of the Board and Chief Executive Officer, emphasises that Phoenix TV, with a mission to spread Chinese culture and promote international exchange, firmly positioned in Hong Kong with a global perspective, and focusing on core media business and innovative development, to continuously build a leading Chinese language media group.
We have consistently upheld the principle of "watching the happening of major events on Phoenix TV". Adhering to the standards of professionalism, accuracy and timeliness, it delivers first-hand news and information to audiences worldwide, and continues to enhance the media credibility and international influence of Phoenix TV. During the first half of the year, Phoenix TV focused on global hot topics, comprehensively analyzed international current affairs and conducted in-depth reports on important diplomatic events, such as Chinese President Xi Jinping's visits to Southeast Asia and Central Asia as well as his state visit to Russia. Phoenix TV also comprehensively tracked major international events, such as the ceasefire negotiations between Russia and Ukraine, South Korea elections and political shifts, global tariff wars initiated by the U.S. President Trump, the India-Pakistan aerial warfare and the Israel-Iran war. Phoenix TV fully capitalised its global comprehensive advantages and presented a comprehensive coverage regarding the trends of the Sino-U.S. high-level economic and trade negotiations in Geneva and London through the delivery of real-time updates on the talks' critical details and accurate reports of their developments globally. This demonstrated the authority and influence of Chinese-language media in the reporting of international major topics. Meanwhile, Phoenix TV presented a full range of prominent news of the Chinese-language world. Key reports on major news events in Mainland China, Hong Kong and Taiwan, such as the Two Sessions in China, the establishment of the International Organization for Mediation in Hong Kong and the Strait Thunder - 2025A Island Blockade Military Exercise were conducted, delivering high-quality news information to the Chinese around the world.
We consistently uphold world-class professional production standards. The programs produced have received multiple awards in international events over the years such as the New York Festivals TV & Film Awards, the Asian Television Awards, the Asian Academy Creative Awards and the AIBs International Media Excellence Awards. In addition, the Company's brand value continued to increase and consecutively ranked among the "Asia's 500 Most Influential Brands" and "China's 500 Most Valuable Brands" lists released by the World Brand Lab, and maintained its position as one of the top four Asian television brands, demonstrating Phoenix TV's reputation and prestige in the fields of media and culture.
With our advantages of global presence, global coverage and global dissemination, we stand out uniquely among the Chinese-language media. Phoenix TV has a global coverage through various channels, including satellite, radio spectrum, cable networks, mobile internet, IPTV and OTT platforms, social media, and smart distribution platforms, with a global audience scale of over 2 billion, of which there are more than 500 million television audience and more than 200 million overseas new media audience. The number of overseas social media users of Phoenix TV grew rapidly and has already exceeded 10 million by now. Specifically, Phoenix TV's YouTube channel has shown a 49% increase in its number of subscribers during the first half of the year, securing a leading position in terms of subscriptions among the Chinese-language media channels in Hong Kong on YouTube. In the future, the Company will continue to innovate lightweight content products on global major streaming media platforms, expand the application of artificial intelligence tools, continuously innovate expression methods of audiovisual content and deepen the integrated capabilities in TV-web collaboration and multi-screen coordination to continuously promote global and omni-media communication.
For more information, please visit https://doc.irasia.com/listco/hk/phoenixtv/interim/2025/intpress.pdf.
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