FENG 凤凰新媒体 2024年第3季度财报电话会议文字稿中英文

Operator

感谢各位的耐心等待。欢迎参加凤凰新媒体2024年第三季度财报电话会议。目前所有参会者均处于只听模式。演讲嘉宾发言结束后，将进入问答环节。[接线员说明]请注意，今天的会议正在录音。现在我将会议交给今天的发言人，投资者关系部的郭慕梓。请开始。

Muzi Guo

谢谢大家，欢迎参加凤凰新媒体2024年第三季度财报电话会议。在今天的电话会议中，我们将首先概述季度业绩，随后进行问答环节。您可以在我们网站ir.ifeng.com的本次电话会议网络直播中找到季度财务业绩。在继续之前，请注意我们财报新闻稿中包含的安全港声明，该声明适用于电话会议期间做出的任何前瞻性陈述。此外，除非另有说明，所有提及的数字均以人民币计。今天与我一同参会的是我们的首席财务官陆先生。现在我将电话会议交给他，代表我们的首席执行官孙玉胜先生发表准备好的讲话。

Edward Lu

谢谢，穆总。大家好。我很高兴代表我们的CEO孙先生发表今天的开场致辞。第三季度，我们继续专注于制作高质量的原创内容，迅速覆盖重大新闻事件。这提升了我们的媒体影响力，并转化为商业成功。在巴黎奥运会期间，我们的团队提供了多样化的现场报道、专业评论和引人入胜的视频，展示了我们独特的视角。我们不仅关注比赛结果，还关注全球奥运人物的励志故事以及热门话题，特别是那些有争议的话题。我们的体育专栏制作了8篇深度文章，在各大平台引发了广泛讨论，获得了资深媒体专业人士的认可。我们的视频内容总观看量达到1.6亿次，其中抖音平台观看量超过9000万次。在微博上，相关内容登上热搜超过50次，进一步巩固了凤凰网在重大事件中的领先媒体地位。奥运会也成为我们的一大商业成功，我们协助超过10家客户在法国开展营销活动。尽管面临挑战，每个项目都让客户满意，创造了国际内容传播和营销的典范案例，实现了认可度和盈利的双重目标。在财经领域，我们的频道继续保持领先地位。9月，我们举办了'新机遇、新活力——2024凤凰湾区财经论坛'，邀请了政界和学术界的知名嘉宾。论坛上的许多演讲和讨论在互联网上广泛传播，涵盖经济趋势、资本市场和医疗健康等话题。总观看量接近10亿次，短视频观看量达到1.8亿次，同时在微博和抖音上产生了众多热搜话题。这一活动不仅巩固了凤凰在财经领域的品牌影响力，还为解决经济关切提供了平台，帮助人们重拾信心。同时，我们通过优化商业资源与客户的匹配，不断提升商业化效率。今年，针对快速增长的公共部门，我们将文化、旅游和美食内容定位为行业客户营销策略的关键载体。一个例子是《交给时间·山西》，这是一部探索山西古建筑、潮流街区、产业特色和晋菜的文化旅游纪录片，展现了这些城市的独特个性和魅力。此外，我们为湖北省商务厅量身定制了一系列内容和活动，聚焦'寻味之旅'，将这一千年美食传统推向全球舞台，同时继续推进凤凰'金梧桐'中国餐厅指南评价体系，促进真味美食的复兴和文化交流。通过这些商业举措，我们展示了在旅游目的地品牌建设方面的强大影响力和传播优势，为当地文化和旅游注入新活力。总体而言，第三季度我们继续优先考虑高质量内容和目的地，通过独家报道和原创内容增强媒体影响力。同时，通过拓展营销资源和优化客户组合，我们持续加强变现能力。展望未来，我们仍致力于将自身打造为差异化的媒体平台，实现变现目标，以应对充满挑战的市场环境。以上是我们CEO孙先生的致辞内容。现在我将带您了解2024年第三季度的财务表现。所有提及的数字均以人民币为单位。我们的总收入为1.643亿元人民币，较去年同期的1.53亿元增长7%。具体而言，净广告收入为1.484亿元，较去年同期的1.343亿元增长10.5%。付费服务收入为1590万元，去年同期为1930万元。2024年第三季度的收入成本为1.02亿元，去年同期为1.012亿元。第三季度的毛利率从去年同期的34.1%提升至37.9%。运营亏损为2590万元，较去年同期的3850万元运营亏损有所改善，这得益于严格的成本控制措施。归属于凤凰网的净亏损为1850万元，去年同期归属于凤凰网的净亏损为2150万元。接下来看我们的资产负债表，截至2024年9月30日，公司的现金及现金等价物、定期存款、短期投资和受限现金总额为9.718亿元人民币，约合1.385亿美元。最后，我想提供2024年第四季度的业务展望。我们预计总收入将在1.979亿元至2.129亿元之间。净广告收入预计在1.082亿元至1.902亿元之间。付费服务收入预计在1770万元至2270万元之间。这一预测反映了我们当前和初步的看法，可能会发生变化并存在重大不确定性。这是我们电话会议的准备部分。我们现在准备回答问题。主持人，请继续。

Edward Lu

Thank you, Mu. Hello, everyone. I'm pleased to deliver today's opening remarks on behalf of our CEO, Mr. Sun. In the third quarter, we continued to focus on producing high quality original content, swiftly covering significant news events. This elevated our media presence, which translated into commercial success. During the Paris Olympics, our team provided diverse coverage on the ground reports, professional commentary and engaging videos, showcasing our unique perspectives. We focused not only on the outcomes of the games, but also on inspiring stories from Olympic figures worldwide, as well as trending topics, particularly the controversial ones. Our Sports column produced 8 in-depth pieces that sparked extensive discussions across major platforms, earning endorsements from seasoned media professionals. Our video content achieved a total view count of 160 million with over 90 million views Douyin. On Weibo, it reached trending topics more than 50 times, further solidifying Feng's leading media position in major events. The Olympics also became a major commercial success for us, as we assisted over 10 clients with their marketing campaigns in France. Despite the challenges, each project was delivered to the client's satisfaction, creating exemplary cases of international content, dissemination and marketing that achieved both recognition and profitability. In the finance sector, our channel continues to lead. In September, we hosted the new opportunities, new vitality, Feng’s Bay Area Finance Forum 2024, featuring prominent guests from politics and academia. Many speech and the discussions from the forum went viral across the Internet, covering topics such as economic trends, capital markets, and healthcare. The total number of views approached nearly 1 billion with short video views reaching 180 million alongside numerous trending topics on Weibo and Douyin. This event not only solidified Feng’s brand influence in the finance sector, but also provided a platform for addressing economic concerns, helping individuals regain their confidence. At the same time, we are continuously enhancing our commercialization efficiency by optimizing the alignment of commercial resources with our clients. This year, targeting the rapidly growing public sector, we positioned culture, tourism and culinary content as key vehicles for our industry clients' marketing strategies. One example is handing time over to Shanxi, a culture travel documentary that explores Shanxi's ancient architecture, trendy districts, industrial features, and Jin Cuisine, highlighting the unique character and the charm of these cities. Additionally, we tailored a series of content and activities for the Hubei Department of Commerce focused on the journey to discover true cuisine, bringing this millennial old culinary tradition to a global stage, while continuing Feng's Golden Wutong China restaurant guide evaluation system, fostering a renaissance of true cuisine and the culture exchange. Through this commercial initiative, we demonstrated our strong influence and communication advantages in travel destination branding, injecting new vitality into local culture and tourism. Overall, in the third quarter, we continue to prioritize quality content, destination, enhancing our media influence through exclusive reports and original content. Meanwhile, by expanding our marketing resources and optimizing our client portfolio, we continuously strengthened our monetization capabilities. Looking ahead, we remain committed to differentiating ourselves as a media platform and achieving our monetization goals to navigate the challenging market environment. This concludes our CEO, Mr. Sun's prepared remarks. I will now walk you through our financial performance for the third quarter of 2024. All figures mentioned will be in RMB. Our total revenues were RMB164.3 million, representing an increase of 7% from RMB153 million in the same period of last year. Specifically, net advertising revenues were RMB148.4 million, representing an increase of 10.5% from RMB134.3 million in the same period of last year. Paid services revenues were RMB15.9 million compared to RMB19.3 million in the same period of last year. Cost of revenues in the third quarter of 2024 were RMB102 million compared to RMB101.2 million in the same period of last year. Gross margin in the third quarter increased to 37.9% from 34.1% in the same period of last year. Loss from operations was RMB25.9 million, an improvement from operating loss of RMB38.5 million in the same period of last year, due to strict cost control measures. Net loss attributable to ifeng was RMB18.5 million compared to net loss attributable to ifeng of RMB21.5 million in the same period of last year. Moving on to our balance sheet, as of September 30, 2024, the company's cash and cash equivalents, term deposits, short term investments, and restricted cash were RMB971.8 million or approximately RMB138.5 million. Finally, I'd like to provide our business outlook for the fourth quarter of 2024. We are forecasting total revenues to be between RMB197.9 million and RMB212.9 million. For net advertising revenues, we are forecasting between RMB108.2 million and RMB190.2 million. For paid service revenues, we are forecasting between RMB17.7 million and RMB22.7 million. This forecast reflects our current and the preliminary view, which are subject to changes and substantial uncertainties. This concludes the prepared portion of our call. We are now ready for questions. Operator, please go ahead.

Operator

谢谢。[操作员说明] 我们的第一个问题来自第一上海的Alice Tang。请提问。

Alice Tang

早上好。感谢您回答我的问题。第三季度，公司广告收入实现了同比增长，延续了上半年的趋势。那么管理层能否[听不清]展望未来。

Edward Lu

好的，早上好。感谢您的提问。实际上，今年我们的广告收入表现优于整个互联网媒体广告市场。这一成功主要归功于我们改进的内容变现策略和战术调整，包括销售团队重组、内容团队激励措施以及鼓励创新的举措。这些努力促进了我们与内容团队之间的紧密合作，创造了显著的协同效应。在内容方面，公众越来越重视内容质量、以人为本的叙事以及通过媒体传达的情感连接。这些是我们始终坚持的核心特质。从我们的商业化成果来看，这些品质显然得到了市场和客户的肯定与认可。基于这一坚实基础，我们继续强调我们营销策略的独特性。我们将自己定位为一个高度关注国际内容、传播和营销的媒体平台。例如，我们持续报道全球重大事件和活动，同时也涉足有影响力的中国公司感兴趣的领域。这使我们能够协助这些公司执行有效的海外营销活动，将我们的内容优势与营销专长无缝结合。例如，在奥运会期间，我们在传统表现不佳的快消品领域实现了显著的同比增长。同样，内容和变现方面的创新也推动了公共部门和酒类饮料等行业在第三季度的强劲增长。话虽如此，我们观察到客户广告支出下降的趋势。我们需要更好、更快地将我们的内容资源与客户需求对接。另一个挑战是项目执行的复杂性和成本不断增加。我们必须继续关注成本控制，确保以最高效的运营实现收入增长。尽管面临这些挑战，我们相信市场仍存在许多机会。谢谢，Alice。

Edward Lu

Okay, good morning. Thank you for your question. Actually, this year, our advertising revenue has outperformed the overall Internet media advertising market. This success is primarily due to our improved content monetization strategy and tactical adjustments, including the restructuring of the sales team, content team incentives and measures to encourage innovation. These efforts have fostered close collaboration between ourselves and the content teams, creating significant synergy. In terms of content, the public increasingly values content quality, human centered narratives and emotional connections conveyed through media. These are the core attributes we have consistently maintained. Looking at the result of our commercialization, it's clear that these qualities have been affirmed and recognized by both the market and our clients. Building on this solid foundation, we continue to emphasize the uniqueness of our marketing strategy. We have positioned ourselves as a media platform with a strong focus on international content, dissemination and marketing. For example, we consistently cover major global events and activities, while also engaging areas of interest for influential Chinese companies. This enables us to assist these companies in executing effective overseas marketing campaigns, seamlessly combining our content strength with our marketing expertise. For instance, during the Olympics, we saw a significant year over year revenue increase in the traditionally underperforming FMCG sector. Similarly, innovations in content and monetization have also driven strong growth in sectors like the public sector and the alcoholic beverages in the third quarter. That said, we have observed a trend of declining advertising spend per customer. We need to better and more quickly align our content resources with client needs. Another challenge is the increasing complexity and the cost of project execution. We must continue to focus on cost control to ensure we meet revenue growth with the most efficient operations. Despite these challenges, we are confident that the market still holds many opportunities. Thank you, Alice.

Alice Tang

谢谢。

Operator

谢谢。目前我没有看到更多问题。现在我将会议交还给Muzi。

Muzi Guo

谢谢。我们的问答环节和电话会议到此结束。如果您有任何其他问题，请随时与我们联系。感谢您今天的参与，祝您有美好的一天。

Operator

今天的电话会议到此结束。感谢您的参与。您现在可以断开连接。