FENG 6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

WASHINGTON D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

OF THE SECURITIES EXCHANGE ACT OF 1934

August 2026

Commission File Number: 001-35158

PHOENIX NEW MEDIA LIMITED

Floor 25, Tower B, POSCO Center

Hongtai East Street

Wangjing, Chaoyang District,

Beijing 100102

People’s Republic of China

(Address of principal executive offices)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether by furnishing the information contained in this Form, the registrant is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934.

Yes ☐ No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): N/A

TABLE OF CONTENTS

Exhibit 99.1 — Press release: Phoenix New Media Reports Second Quarter 2026 Unaudited Financial Results

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		PHOENIX NEW MEDIA LIMITED
		By:		/s/ Edward Lu
		Name:		Edward Lu
		Title:		Chief Financial Officer
Date: August 11, 2026

EX-99.1

Exhibit 99.1

Phoenix New Media Reports Second Quarter 2026 Unaudited Financial Results

Live Conference Call to be Held at 9:30 PM U.S. Eastern Time on August 11, 2026

BEIJING, China, August 12, 2026 — Phoenix New Media Limited (NYSE: FENG) (“Phoenix New Media”, “ifeng” or the “Company”), a leading new media company in China, today announced its unaudited financial results for the second quarter ended June 30, 2026.

Mr. Qi Li, CEO of Phoenix New Media, stated, “In the second quarter, we remained dedicated to driving operational excellence while expanding our commercial reach. Looking ahead, we will continue investing in trusted content, expand monetization opportunities across key verticals, and better align our content capabilities and commercial value creation. We expect these efforts will help us further reinforce our position as a trusted media company and support sustainable long-term development.”

Second Quarter 2026 Financial Results

REVENUES

Total revenues in the second quarter of 2026 increased by 15.8% to RMB216.7 million (US$31.9 million) from RMB187.1 million in the same period of 2025, primarily due to the year-over-year increase in the Company’s paid services revenues.

Net advertising revenues in the second quarter of 2026 decreased by 4.2% to RMB146.9 million (US$21.6 million) from RMB153.3 million in the same period of 2025.

Paid services revenues in the second quarter of 2026 increased by 106.5% to RMB69.8 million (US$10.3 million) from RMB33.8 million in the same period of 2025. Paid services revenues comprise (i) revenues from paid contents and (ii) revenues from E-commerce and others. Revenues from paid contents in the second quarter of 2026 increased by 114.3% to RMB65.8 million (US$9.7 million) from RMB30.7 million in the same period of 2025, driven by revenues generated from the Company's digital reading services offered through mini-programs on third-party applications. Revenues from E-commerce and others in the second quarter of 2026 increased by 29.0% to RMB4.0 million (US$0.6 million) from RMB3.1 million in the same period of 2025.

COST OF REVENUES AND GROSS PROFIT

Cost of revenues in the second quarter of 2026 decreased by 2.6% to RMB92.6 million (US$13.6 million) from RMB95.1 million in the same period of 2025, as a result of the Company’s strict cost control measures.

Gross profit in the second quarter of 2026 increased by 34.9% to RMB124.1 million (US$18.3 million) from RMB92.0 million in the same period of 2025. Gross margin in the second quarter of 2026 increased to 57.3% from 49.2% in the same period of 2025. The increase in gross margin was mainly attributable to higher gross margin of the digital reading services offered through mini-programs and significant increase in revenues from such services.

To supplement the financial measures presented in accordance with the United States Generally Accepted Accounting Principles (“GAAP”), the Company has presented certain non-GAAP financial measures in this press release, which excluded the impact of certain reconciling items as stated in the “Use of Non-GAAP Financial Measures” section below. The related reconciliations to GAAP financial measures are presented in the accompanying “Unaudited Reconciliations of Non-GAAP Results of Operation Measures to the Nearest Comparable GAAP Measures.”

Non-GAAP gross margin in the second quarter of 2026, which excluded share-based compensation, increased to 57.3% from 49.2% in the same period of 2025.

OPERATING EXPENSES AND LOSS FROM OPERATIONS

Total operating expenses in the second quarter of 2026 increased by 30.4% to RMB129.4 million (US$19.1 million) from RMB99.2 million in the same period of 2025, primarily attributable to higher sales and marketing expenses incurred for the digital reading services offered through mini-programs.

Loss from operations in the second quarter of 2026 was RMB5.3 million (US$0.8 million), compared to loss from operations of RMB7.2 million in the same period of 2025. Operating margin in the second quarter of 2026 was negative 2.4%, compared to negative 3.9% in the same period of 2025.

Non-GAAP loss from operations in the second quarter of 2026, which excluded share-based compensation, was RMB5.3 million (US$0.8 million), compared to non-GAAP loss from operations of RMB7.2 million in the same period of 2025. Non-GAAP operating margin in the second quarter of 2026, which excluded share-based compensation, was negative 2.4%, compared to negative 3.8%, in the same period of 2025.

OTHER INCOME OR LOSS

Other income or loss reflects net interest income, foreign currency exchange gain or loss, income or loss from equity investments, including impairment, fair value changes in investments, net, and others, net. Total net other income in the second quarter of 2026 was RMB12.8 million (US$1.9 million), compared to total net other income of RMB2.1 million recorded in the same period of 2025, which mainly consisted of the following items:

• Net interest income in the second quarter of 2026 was RMB4.4 million (US$0.6 million), compared to RMB6.1 million in the same period of 2025.
• Loss from equity method investments, including impairment, was RMB1.4 million (US$0.2 million) in the second quarter of 2026, compared to loss from equity method investments, including impairment, of RMB3.1 million in the same period of 2025, which were mainly attributable to the changes in estimated fair value of the underlying investments held by the Company through limited partnerships accounted for under the equity method
• Fair value changes in investments, net in the second quarter of 2026 was a gain of RMB9.0 million (US$1.3 million), compared to a loss of almost nil in the same period of 2025, which were mainly attributable to the changes in estimated fair value of the underlying investments held by the Company through a private equity fund accounted using NAV as a practical expedient under ASC 820.

NET INCOME OR LOSS ATTRIBUTABLE TO PHOENIX NEW MEDIA LIMITED

Net income attributable to Phoenix New Media Limited in the second quarter of 2026 was RMB6.5 million (US$1.0 million), compared to net loss attributable to Phoenix New Media Limited of RMB10.4 million in the same period of 2025. Net margin in the second quarter of 2026 was 3.0%, compared to negative 5.5% in the same period of 2025. Net income per basic and diluted ordinary share in the second quarter of 2026 was RMB0.01 (US$0.00), compared to net loss per basic and diluted ordinary share of RMB0.02 in the same period of 2025.

Non-GAAP net loss attributable to Phoenix New Media Limited, which excluded share-based compensation, income or loss from equity investments, including impairment, and fair value changes in investments, net, was RMB1.1 million (US$0.2 million) in the second quarter of 2026, compared to non-GAAP net loss attributable to Phoenix New Media Limited of RMB7.2 million in the same period of 2025. Non-GAAP net margin in the second quarter of 2026 was negative 0.5%, compared to negative 3.9% in the same period of 2025. Non-GAAP net loss per basic and diluted ADS in the second quarter of 2026 was RMB0.09 (US$0.01), compared to non-GAAP net loss per basic and diluted ADS of RMB0.60 in the same period of 2025. “ADS(s)” refers to the Company's American Depositary Share(s), each representing 48 Class A ordinary shares of the Company.

In the second quarter of 2026, the Company’s weighted average number of ADSs used in the computation of basic and diluted net loss per ADS was 12,010,776. As of June 30, 2026, the Company had a total of 576,517,237 ordinary shares outstanding, or the equivalent of 12,010,776 ADSs.

CERTAIN BALANCE SHEET ITEMS

As of June 30, 2026, the Company’s cash and cash equivalents, term deposits and short term investments and restricted cash were RMB990.0 million (US$145.9 million).

Business Outlook

For the third quarter of 2026, the Company expects its total revenues to be between RMB220.9million and RMB235.9 million; net advertising revenues are expected to be between RMB151.9 million and RMB161.9 million; and paid services revenues are expected to be between RMB69.0 million and RMB74.0 million.

All of the above forecasts reflect the current and preliminary view of the Company’s management, which are subject to changes and substantial uncertainty, particularly in view of the uncertainty of macroeconomic environment.

Conference Call Information

The Company will hold a conference call at 9:30 p.m. U.S. Eastern Time on August 11, 2026 (August 12, 2026 at 9:30 a.m. Beijing/Hong Kong time) to discuss its second quarter 2026 unaudited financial results and operating performance.

To participate in the call, please register in advance of the conference by clicking here (https://register-conf.media-server.com/register/BI3297165329ae4b33982333a7f2eef05c). Upon registering, each participant will receive the participant dial-in numbers and a unique access PIN, which will be used to join the conference call. Please dial in 10 minutes before the call is scheduled to begin.

A live and archived webcast of the conference call will also be available at the Company’s investor relations website at http://ir.ifeng.com.

Use of Non-GAAP Financial Measures

To supplement the consolidated financial statements presented in accordance with the United States Generally Accepted Accounting Principles (“GAAP”), Phoenix New Media Limited uses non-GAAP gross profit, non-GAAP gross margin, non-GAAP income or loss from operations, non-GAAP operating margin, non-GAAP net income or loss attributable to Phoenix New Media Limited, non-GAAP net margin and non-GAAP net income or loss per diluted ADS, each of which is a non-GAAP financial measure. Non-GAAP gross profit is gross profit excluding share-based compensation. Non-GAAP gross margin is non-GAAP gross profit divided by total revenues. Non-GAAP income or loss from operations is income or loss from operations excluding share-based compensation. Non-GAAP operating margin is non-GAAP income or loss from operations divided by total revenues. Non-GAAP net income or loss attributable to Phoenix New Media Limited is net income or loss attributable to Phoenix New Media Limited excluding share-based compensation, income or loss from equity investments, including impairment and fair value changes in investments, net. Non-GAAP net margin is non-GAAP net income or loss attributable to Phoenix New Media Limited divided by total revenues. Non-GAAP net income or loss per diluted ADS is non-GAAP net income or loss attributable to Phoenix New Media Limited divided by weighted average number of diluted ADSs. The Company believes that separate analysis and exclusion of the aforementioned non-GAAP to GAAP reconciling items add clarity to the constituent parts of its performance. The Company reviews these non-GAAP financial measures together with the related GAAP financial measures to obtain a better understanding of its operating performance. It uses these non-GAAP financial measures for planning, forecasting and measuring results against the forecast. The Company believes that using these non-GAAP financial measures to evaluate its business allows both management and investors to assess the Company’s performance against its competitors and ultimately monitor its capacity to generate returns for investors. The Company also believes that these non-GAAP financial measures are useful supplemental information for investors and analysts to assess its operating performance without the effect of items like share-based compensation, income or loss from equity investments, including impairment, and fair value changes in investments, net, which have been and will continue to be significant recurring items. However, the use of these non-GAAP financial measures has material limitations as an analytical tool. One of the limitations of using these non-GAAP financial measures is that they do not include all items that impact the Company’s gross profit, income or loss from operations and net income or loss attributable to Phoenix New Media Limited for the period. In addition, because these non-GAAP financial measures are not calculated in the same manner by all companies, they may not be comparable to other similarly titled measures used by other companies. In light of the foregoing limitations, you should not consider these non-GAAP financial measures in isolation from, or as an alternative to, the financial measures prepared in accordance with GAAP.

Exchange Rate

This announcement contains translations of certain RMB amounts into U.S. dollars (“USD”) at specified rates solely for the convenience of the readers. Unless otherwise stated, all translations from RMB to USD were made at the rate of RMB6.7851 to US$1.00, the noon buying rate in effect on June 30, 2026 in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or USD amounts referred could be converted into USD or RMB, as the case may be, at any particular rate or at all. For analytical presentations, all percentages are calculated using the numbers presented in the financial information contained in this earnings release.

About Phoenix New Media Limited

Phoenix New Media Limited (NYSE: FENG) is a leading new media company providing premium content on an integrated Internet platform, including PC and mobile, in China. Having originated from a leading global Chinese language TV network based in Hong Kong, Phoenix TV, the Company enables consumers to access professional news and other quality information on the Internet through their PCs and mobile devices. Phoenix New Media's platform includes its PC channel, consisting of ifeng.com website, which comprises interest-based verticals and interactive services; its mobile channel, consisting of mobile news applications, mobile video application, digital reading applications and mobile Internet website; and its operations with the telecom operators that provides mobile value-added services.

Safe Harbor Statement

This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates” and similar statements. Among other things, the business outlook and quotations from management in this announcement, as well as Phoenix New Media’s strategic and operational plans, contain forward-looking statements. Phoenix New Media may also make written or oral forward−looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”) on Forms 20−F and 6−K, in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about Phoenix New Media’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the Company’s goals and strategies; the Company’s future business development, financial condition and results of operations; the expected growth of online and mobile advertising, online video and mobile paid services markets in China; the Company’s reliance on online and mobile advertising for a majority of its total revenues; the Company’s expectations regarding demand for and market acceptance of its services; the Company’s expectations regarding maintaining and strengthening its relationships with advertisers, partners and customers; the Company’s investment plans and strategies; fluctuations in the Company’s quarterly operating results; the Company’s plans to enhance its user experience, infrastructure and services offerings; competition in its industry in China; and relevant government policies and regulations relating to the Company. Further information regarding these and other risks is included in the Company’s filings with the SEC, including its registration statement on Form F−1, as amended, and its annual reports on Form 20−F. All information provided in this press release and in the attachments is as of the date of this press release, and Phoenix New Media does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

For investor and media inquiries please contact:

Phoenix New Media Limited

Muzi Guo

Email: [email protected]

Phoenix New Media Limited

Unaudited Condensed Consolidated Balance Sheets

(Amounts in thousands)

		December 31,				June 30,				June 30,
		2025				2026				2026
		RMB				RMB				US
ASSETS
Current assets:
Cash and cash equivalents			537,549				502,801				74,104
Term deposits and short term investments			464,226				483,526				71,263
Restricted cash			16,102				3,705				546
Accounts receivable, net			293,119				269,007				39,647
Amounts due from related parties			74,392				68,599				10,110
Prepayment and other current assets			32,905				41,696				6,145
Total current assets			1,418,293				1,369,334				201,815
Non-current assets:
Property and equipment, net			10,728				9,117				1,344
Intangible assets, net			10,415				8,848				1,304
Available-for-sale debt investments			306				297				45
Equity investments, net			104,124				117,115				17,259
Deferred tax assets			53,331				57,157				8,424
Operating lease right-of-use assets, net			41,957				36,277				5,347
Other non-current assets			10,635				9,188				1,354
Total non-current assets			231,496				237,999				35,077
Total assets			1,649,789				1,607,333				236,892
LIABILITIES AND SHAREHOLDERS’ EQUITY
Current liabilities:
Accounts payable			122,420				118,878				17,520
Amounts due to related parties			29,144				32,137				4,736
Advances from customers			26,203				24,209				3,568
Taxes payable			176,404				171,024				25,206
Salary and welfare payable			73,203				62,141				9,159
Accrued expenses and other current liabilities			56,782				53,416				7,873
Operating lease liabilities			14,098				12,621				1,860
Total current liabilities			498,254				474,426				69,922
Non-current liabilities:
Long-term liabilities			13,996				13,996				2,063
Operating lease liabilities			29,224				25,942				3,823
Total non-current liabilities			43,220				39,938				5,886
Total liabilities			541,474				514,364				75,808
Shareholders' equity:
Phoenix New Media Limited shareholders' equity:
Class A ordinary shares			17,499				17,499				2,579
Class B ordinary shares			22,053				22,053				3,250
Additional paid-in capital			1,642,094				1,642,094				242,015
Treasury stock			(1,480	)			(1,480	)			(218	)
Statutory reserves			100,214				100,214				14,770
Accumulated deficit			(567,455	)			(577,701	)			(85,143	)
Accumulated other comprehensive loss			(41,782	)			(45,962	)			(6,774	)
Total Phoenix New Media Limited shareholders' equity			1,171,143				1,156,717				170,479
Noncontrolling interests			(62,828	)			(63,748	)			(9,395	)
Total shareholders' equity			1,108,315				1,092,969				161,084
Total liabilities and shareholders' equity			1,649,789				1,607,333				236,892

All values are in US Dollars.

Phoenix New Media Limited

Unaudited Condensed Consolidated Statements of Comprehensive Income/(loss)

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

	Three Months Ended																Six Months Ended
	June 30,				March 31,				June 30,				June 30,			June 30,				June 30,				June 30,
	2025				2026				2026				2026			2025				2026				2026
	RMB				RMB				RMB				US			RMB				RMB				US
Revenues:
Net advertising revenues		153,307				125,350				146,902				21,651				273,854				272,252				40,125
Paid service revenues		33,846				63,462				69,830				10,292				68,511				133,292				19,645
Total revenues		187,153				188,812				216,732				31,943				342,365				405,544				59,770
Cost of revenues		(95,131	)			(87,827	)			(92,590	)			(13,646	)			(187,612	)			(180,417	)			(26,590	)
Gross profit		92,022				100,985				124,142				18,297				154,753				225,127				33,180
Operating expenses:
Sales and marketing expenses		(68,545	)			(90,597	)			(93,494	)			(13,779	)			(131,583	)			(184,091	)			(27,132	)
General and administrative expenses		(14,135	)			(25,245	)			(21,231	)			(3,129	)			(35,168	)			(46,476	)			(6,850	)
Technology and product development expenses		(16,553	)			(15,063	)			(14,669	)			(2,162	)			(33,578	)			(29,732	)			(4,382	)
Total operating expenses		(99,233	)			(130,905	)			(129,394	)			(19,070	)			(200,329	)			(260,299	)			(38,364	)
Loss from operations		(7,211	)			(29,920	)			(5,252	)			(773	)			(45,576	)			(35,172	)			(5,184	)
Other income/(loss):
Interest income, net		6,090				4,751				4,413				650				11,154				9,164				1,351
Foreign currency exchange (loss)/gain		(1,023	)			(155	)			744				110				(1,082	)			589				87
Loss from equity method investments, including impairment		(3,115	)			(113	)			(1,415	)			(209	)			(3,302	)			(1,528	)			(225	)
Fair value changes in investments, net		(10	)			5,505				9,030				1,331				(78	)			14,535				2,142
Others, net		193				321				4				1				453				325				48
(Loss)/income before income taxes		(5,076	)			(19,611	)			7,524				1,110				(38,431	)			(12,087	)			(1,781	)
Income tax (expense)/benefit		(4,627	)			1,207				(285	)			(42	)			(1,526	)			922				136
Net (loss)/income		(9,703	)			(18,404	)			7,239				1,068				(39,957	)			(11,165	)			(1,645	)
Net (income)/loss attributable to noncontrolling interests		(652	)			1,613				(694	)			(102	)			(124	)			919				135
Net (loss)/income attributable to Phoenix New Media Limited		(10,355	)			(16,791	)			6,545				966				(40,081	)			(10,246	)			(1,510	)
Net (loss)/income		(9,703	)			(18,404	)			7,239				1,068				(39,957	)			(11,165	)			(1,645	)
Other comprehensive income/(loss), net of tax: foreign currency translation adjustment		710				(1,655	)			(2,525	)			(372	)			596				(4,180	)			(616	)
Comprehensive (loss)/income		(8,993	)			(20,059	)			4,714				696				(39,361	)			(15,345	)			(2,261	)
Comprehensive (income)/loss attributable to noncontrolling interests		(652	)			1,613				(694	)			(102	)			(124	)			919				135
Comprehensive (loss)/income attributable to Phoenix New Media Limited		(9,645	)			(18,446	)			4,020				594				(39,485	)			(14,426	)			(2,126	)
Net (loss)/income per Class A and Class B ordinary share:
Basic		(0.02	)			(0.03	)			0.01				0.00				(0.07	)			(0.02	)			(0.00	)
Diluted		(0.02	)			(0.03	)			0.01				0.00				(0.07	)			(0.02	)			(0.00	)
Net (loss)/income per ADS (1 ADS represents 48 Class A ordinary shares):
Basic		(0.86	)			(1.40	)			0.54				0.08				(3.34	)			(0.85	)			(0.13	)
Diluted		(0.86	)			(1.40	)			0.54				0.08				(3.34	)			(0.85	)			(0.13	)
Weighted average number of Class A and Class B ordinary shares used in computing net (loss)/income per share:
Basic		576,517,237				576,517,237				576,517,237				576,517,237				576,517,237				576,517,237				576,517,237
Diluted		576,517,237				576,517,237				576,517,237				576,517,237				576,517,237				576,517,237				576,517,237

All values are in US Dollars.

Phoenix New Media Limited

Unaudited Condensed Segments Information

(Amounts in thousands)

	Three Months Ended																Six Months Ended
	June 30,				March 31,				June 30,				June 30,			June 30,				June 30,				June 30,
	2025				2026				2026				2026			2025				2026				2026
	RMB				RMB				RMB				US			RMB				RMB				US
Revenues:
Net advertising service		153,307				125,350				146,902				21,651				273,854				272,252				40,125
Paid services		33,846				63,462				69,830				10,292				68,511				133,292				19,645
Total revenues		187,153				188,812				216,732				31,943				342,365				405,544				59,770
Cost of revenues
Net advertising service		89,353				81,736				84,926				12,516				175,949				166,662				24,563
Paid services		5,778				6,091				7,664				1,130				11,663				13,755				2,027
Total cost of revenues		95,131				87,827				92,590				13,646				187,612				180,417				26,590
Gross profit
Net advertising service		63,954				43,614				61,976				9,135				97,905				105,590				15,562
Paid services		28,068				57,371				62,166				9,162				56,848				119,537				17,618
Total gross profit		92,022				100,985				124,142				18,297				154,753				225,127				33,180

All values are in US Dollars.

Phoenix New Media Limited

Unaudited Condensed Information of Cost of Revenues

(Amounts in thousands)

	Three Months Ended																Six Months Ended
	June 30,				March 31,				June 30,				June 30,			June 30,				June 30,				June 30,
	2025				2026				2026				2026			2025				2026				2026
	RMB				RMB				RMB				US			RMB				RMB				US
Revenue sharing fees		1,671				1,661				760				112				4,519				2,421				357
Content and operational costs		88,219				82,549				88,235				13,004				171,246				170,784				25,170
Bandwidth costs		5,241				3,617				3,595				530				11,847				7,212				1,063
Total cost of revenues		95,131				87,827				92,590				13,646				187,612				180,417				26,590

All values are in US Dollars.

Phoenix New Media Limited

Unaudited Reconciliations of Non-GAAP Results of Operations Measures to the Nearest Comparable GAAP Measures

(Amounts in thousands, except for number of ADSs and per ADS data)

	Three Months Ended June 30, 2025														Three Months Ended March 31, 2026														Three Months Ended June 30, 2026
	GAAP				Non-GAAP<br>Adjustments						Non-GAAP				GAAP				Non-GAAP<br>Adjustments						Non-GAAP				GAAP				Non-GAAP<br>Adjustments				Non-GAAP
	RMB				RMB						RMB				RMB				RMB						RMB				RMB				RMB				RMB
Gross profit		92,022				7			(1	)		92,029				100,985				-			(1	)		100,985				124,142				-		(1)		124,142
Gross margin		49.2	%									49.2	%			53.5	%									53.5	%			57.3	%							57.3	%
Loss from operations		(7,211	)			7			(1	)		(7,204	)			(29,920	)			-			(1	)		(29,920	)			(5,252	)			-		(1)		(5,252	)
Operating margin		(3.9	)%									(3.8	)%			(15.8	)%									(15.8	)%			(2.4	)%							(2.4	)%
						7			(1	)										-			(1	)										-		(1)
						3,115			(2	)										113			(2	)										1,415		(2)
						10			(3	)										(5,505	)		(3	)										(9,030	)	(3)
Net (loss)/income attributable to Phoenix New Media Limited		(10,355	)			3,132						(7,223	)			(16,791	)			(5,392	)					(22,183	)			6,545				(7,615	)			(1,070	)
Net margin		(5.5	)%									(3.9	)%			(8.9	)%									(11.7	)%			3.0	%							(0.5	)%
Net (loss)/income per ADS-basic and diluted		(0.86	)									(0.60	)			(1.40	)									(1.85	)			0.54								(0.09	)
Weighted average number of ADSs used in computing basic and diluted net (loss)/income per ADS		12,010,776										12,010,776				12,010,776										12,010,776				12,010,776								12,010,776

(1) Share-based compensation

(2) Loss from equity investments, including impairment

(3) Fair value changes in investments, net