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Organization and Principal Activities (Tables)

12 Months Ended

Dec. 31, 2022

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, 2022 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
Fread Limited	Cayman Islands	May 20, 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
I Game (Hong Kong) Company Limited	Hong Kong	June 10, 2014		100	%	Investment holding
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	%	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

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 from continuing operations of the consolidated VIEs and their subsidiaries (in thousands):


	As of December 31,
	2021		2022
	RMB		RMB
Cash and cash equivalents		41,856		33,626
Term deposits and short-term investments		126,172		14,207
Accounts receivable, net		178,439		175,544
Amounts due from related parties		41,753		34,225
Amounts due from inter-company entities		104,215		124,932
Other current assets		38,261		19,017
Current assets		530,696		401,551
Equity investments, net		98,128		101,389
Deferred income tax assets, net		48,192		46,769
Operating lease right-of-use assets, net		18,520		46,294
Other non-current assets		24,860		40,680
Non-current assets		189,700		235,132
Total assets		720,396		636,683
Accounts payable		63,685		57,363
Amounts due to related parties		26,035		27,296
Amounts due to inter-company entities		673,246		650,800
Advances from customers		18,633		20,653
Taxes payable		88,212		82,355
Salary and welfare payable		61,082		53,844
Accrued expenses and other current liabilities		87,914		69,183
Current liabilities		1,018,807		961,494
Non-current liabilities		32,169		49,000
Total liabilities		1,050,976		1,010,494


	For the Years Ended December 31,
	2020			2021			2022
	RMB			RMB			RMB
Revenues		521,414			487,323			376,120
Net loss from continuing operations		(52,834	)		(153,574	)		(43,898	)
Net loss from discontinued operation		(62,366	)		—			—

Notes:

(1)

For the years ended December 31, 2020, 2021 and 2022, the VIEs have incurred revenues of RMB11.0 million, RMB27.0 million and RMB26.4 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, 2020, 2021 and 2022, the VIEs have incurred costs of RMB17.4 million, RMB16.8 million and RMB13.5 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.

1. Organization and Principal Activities (Continued)


	For the Years Ended December 31,
	2020			2021			2022
	RMB			RMB			RMB
Cash flow from operating activities：
Net cash provided by/(used in) transactions with inter-company entities		55,402			(44,528	)		45,768
Net cash used in transactions with third parties		(83,169	)		(75,240	)		(62,108	)
Net cash used in operating activities		(27,767	)		(119,768	)		(16,340	)
Cash flow from investing activities：
Loans collected from/(paid to) inter-company entities		155,085			(12,523	)		(77,751	)
Net cash (used in)/provided by other investing activities		(123,199	)		93,034			79,148
Net cash provided by investing activities		31,886			80,511			1,397
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		(380,560	)		(20,890	)		123
Net cash provided by/(used in) other financing activities		4,365			(240	)		—
Net cash (used in)/provided by financing activities		(376,195	)		(30,730	)		123

- 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.

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