Phoenix New Media Limited (FENG) Balance Sheet

NYSE: FENGAssets, liabilities, debt and equity over 10 years.

FENG balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥1.65B assets = CN¥541.8M liabilities + CN¥1.11B equity

Both columns are drawn to the same scale: what FENG owns equals what it owes plus shareholders’ equity. Hover a block for its value.

FENG financial health

Current ratio2.85

Comfortable · current assets cover current liabilities 2.85×

Debt / equity0.04

Low leverage · CN¥0.04 of debt for each $1 of equity

Equity / assets71.0%

Equity-funded · of assets funded by shareholders

Cash / debt2,349.6%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles1.3%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

FENG balance sheet trends, 2016–2025

Phoenix New Media Limited balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥3.17B2016	CN¥1.65B2025	−7.0%/yr
Total liabilities	CN¥1.01B2016	CN¥541.8M2025	−6.6%/yr
Shareholders’ equity	CN¥2.17B2016	CN¥1.17B2025	−6.6%/yr
Cash & short-term investments	CN¥984.0M2016	CN¥1.02B2025	+0.4%/yr
Total debt	CN¥358.6M2016	CN¥43.3M2025	−20.9%/yr
Net cash (debt)	CN¥625.4M2016	CN¥975.2M2025	+CN¥349.8M
Working capital	CN¥1.14B2016	CN¥920.6M2025	−CN¥219.0M
Current ratio	2.162016	2.852025	+0.69
Debt / equity	0.172016	0.042025	−0.13
Shares outstanding	12.0M2016	12.0M2025	−0.0%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

FENG assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

FENG liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

FENG debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

FENG balance sheet in Chinese yuan

Phoenix New Media Limited annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	CN¥1.02B	CN¥1.04B	CN¥1.09B	CN¥1.15B	CN¥1.50B	CN¥1.64B	CN¥1.61B	CN¥1.09B	CN¥1.10B	CN¥984.0M
Cash & equivalents	CN¥554.0M	CN¥607.6M	CN¥527.4M	CN¥96.0M	CN¥189.0M	CN¥357.8M	CN¥341.0M	CN¥174.0M	CN¥362.9M	CN¥202.7M
Short-term investments	CN¥464.5M	CN¥428.3M	CN¥558.8M	CN¥1.05B	CN¥1.31B	CN¥1.28B	CN¥1.27B	CN¥912.6M	CN¥737.7M	CN¥781.3M
Receivables	CN¥367.7M	CN¥403.2M	CN¥351.3M	CN¥478.2M	CN¥514.0M	CN¥708.2M	CN¥591.4M	CN¥488.2M	CN¥463.1M	CN¥410.2M
Inventory	CN¥0	CN¥0	CN¥1	CN¥9.1M	CN¥15.6M	CN¥31.0M	CN¥82.9M	CN¥269.6M	CN¥336.7M	CN¥408.9M
Other current assets	CN¥32.9M	CN¥35.2M	CN¥41.2M	CN¥28.9M	CN¥49.4M	CN¥42.8M	CN¥268.3M	CN¥176.1M	CN¥342.9M	CN¥319.6M
Total current assets	CN¥1.42B	CN¥1.47B	CN¥1.48B	CN¥1.66B	CN¥2.08B	CN¥2.42B	CN¥2.56B	CN¥2.02B	CN¥2.24B	CN¥2.12B
Property, plant & equipment (net)	CN¥52.7M	CN¥61.2M	CN¥75.2M	CN¥116.6M	CN¥70.4M	CN¥112.1M	CN¥187.4M	CN¥95.6M	CN¥64.5M	CN¥72.1M
Goodwill & intangible assets	CN¥20.8M	CN¥13.7M	CN¥20.1M	CN¥29.1M	CN¥22.5M	CN¥12.4M	CN¥460.4M	CN¥435.7M	CN¥6.7M	CN¥9.5M
Long-term investments	CN¥104.4M	CN¥85.7M	CN¥101.5M	CN¥114.7M	CN¥140.5M	CN¥131.5M	CN¥2.03B	CN¥2.00B	CN¥1.21B	CN¥948.2M
Other non-current assets	CN¥53.7M	CN¥76.9M	CN¥83.3M	CN¥108.7M	CN¥95.4M	CN¥96.6M	CN¥93.5M	CN¥83.6M	CN¥73.0M	CN¥16.0M
Total assets	CN¥1.65B	CN¥1.71B	CN¥1.76B	CN¥2.03B	CN¥2.41B	CN¥2.77B	CN¥5.32B	CN¥4.63B	CN¥3.60B	CN¥3.17B
Liabilities
Accounts payable	CN¥122.5M	CN¥144.7M	CN¥122.1M	CN¥177.0M	CN¥217.2M	CN¥221.2M	CN¥249.0M	CN¥264.8M	CN¥262.7M	CN¥260.9M
Short-term debt	CN¥14.1M	CN¥11.0M	CN¥19.9M	CN¥23.6M	CN¥25.8M	CN¥36.4M	CN¥37.9M	CN¥267.7M	CN¥330.0M	CN¥358.6M
Deferred revenue	CN¥26.2M	CN¥45.8M	CN¥52.1M	CN¥54.2M	CN¥67.2M	CN¥104.3M	CN¥55.9M	CN¥54.6M	CN¥65.2M	CN¥27.8M
Total current liabilities	CN¥498.6M	CN¥537.3M	CN¥527.0M	CN¥664.3M	CN¥967.0M	CN¥1.06B	CN¥1.51B	CN¥1.07B	CN¥1.07B	CN¥983.1M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥43.3M	CN¥56.7M	CN¥69.4M	CN¥104.6M	CN¥45.9M	CN¥53.0M	CN¥90.3M	CN¥0	CN¥0	CN¥0
Other long-term liabilities	CN¥43.2M	CN¥61.2M	CN¥68.1M	CN¥101.3M	CN¥49.7M	CN¥46.2M	CN¥275.4M	CN¥167.1M	CN¥26.0M	CN¥23.0M
Total liabilities	CN¥541.8M	CN¥598.5M	CN¥595.1M	CN¥765.6M	CN¥1.02B	CN¥1.11B	CN¥1.78B	CN¥1.24B	CN¥1.10B	CN¥1.01B
Shareholders' equity
Common stock & paid-in capital	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.5M	CN¥39.2M	CN¥38.9M
Retained earnings (deficit)	−CN¥567.8M	−CN¥467.6M	−CN¥513.4M	−CN¥411.1M	−CN¥300.4M	−CN¥88.2M	CN¥185.2M	CN¥159.6M	CN¥229.2M	CN¥195.1M
Treasury stock	—	—	—	—	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Accumulated other comprehensive income	−CN¥41.8M	−CN¥37.3M	CN¥58.9M	CN¥54.1M	CN¥59.2M	CN¥63.8M	CN¥1.49B	CN¥1.28B	CN¥651.5M	CN¥376.3M
Minority interest	−CN¥62.8M	−CN¥61.9M	−CN¥61.4M	−CN¥54.2M	—	—	CN¥0	CN¥0	CN¥0	CN¥0
Total shareholders' equity	CN¥1.17B	CN¥1.18B	CN¥1.23B	CN¥1.32B	CN¥1.43B	CN¥1.64B	CN¥3.33B	CN¥3.08B	CN¥2.51B	CN¥2.17B
Key figures
Total debt	CN¥43.3M	CN¥56.7M	CN¥69.4M	CN¥104.6M	CN¥45.9M	CN¥53.0M	CN¥90.3M	CN¥267.7M	CN¥330.0M	CN¥358.6M
Net cash (debt)	CN¥975.2M	CN¥979.2M	CN¥1.02B	CN¥1.04B	CN¥1.45B	CN¥1.58B	CN¥1.52B	CN¥819.0M	CN¥770.5M	CN¥625.4M
Working capital	CN¥920.6M	CN¥937.0M	CN¥951.6M	CN¥997.3M	CN¥1.11B	CN¥1.36B	CN¥1.05B	CN¥947.3M	CN¥1.17B	CN¥1.14B
Tangible book value	CN¥1.15B	CN¥1.16B	CN¥1.20B	CN¥1.29B	CN¥1.40B	CN¥1.62B	CN¥2.87B	CN¥2.64B	CN¥2.50B	CN¥2.16B
Shares outstanding	12.0M	12.0M	12.1M	12.1M	12.1M	12.1M	12.1M	12.1M	12.3M	12.0M
Current ratio	2.85	2.74	2.81	2.50	2.15	2.28	1.70	1.88	2.09	2.16
Quick ratio	2.78	2.68	2.73	2.44	2.08	2.21	1.46	1.47	1.46	1.42
Debt / equity	0.04	0.05	0.06	0.08	0.03	0.03	0.03	0.09	0.13	0.17
Equity / assets	71.0%	68.7%	69.7%	65.0%	59.3%	59.0%	62.6%	66.5%	69.7%	68.4%

Phoenix New Media Limited quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Sep '25	Jun '25	Mar '25	Dec '24	Sep '24	Jun '24	Mar '24	Dec '23	Sep '23
Assets
Cash & short-term investments	CN¥986.3M	CN¥952.2M	CN¥1.02B	CN¥993.8M	CN¥975.9M	CN¥974.8M	CN¥1.04B	CN¥965.4M	CN¥982.3M	CN¥1.03B	CN¥1.09B	CN¥1.03B
Cash & equivalents	CN¥502.8M	CN¥510.9M	CN¥554.0M	CN¥488.3M	CN¥734.8M	CN¥636.2M	CN¥607.6M	CN¥393.9M	CN¥387.1M	CN¥453.3M	CN¥527.4M	CN¥92.5M
Short-term investments	CN¥483.5M	CN¥441.3M	CN¥464.5M	CN¥505.5M	CN¥241.1M	CN¥338.6M	CN¥428.3M	CN¥571.5M	CN¥595.2M	CN¥572.7M	CN¥558.8M	CN¥934.8M
Receivables	CN¥337.6M	CN¥365.0M	CN¥367.7M	CN¥368.0M	CN¥348.1M	CN¥358.8M	CN¥403.2M	CN¥434.8M	CN¥424.7M	CN¥358.7M	CN¥351.3M	CN¥379.5M
Inventory	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥6.8M	CN¥6.6M	CN¥1	CN¥7.2M
Other current assets	CN¥45.4M	CN¥41.4M	CN¥32.9M	CN¥40.1M	CN¥42.8M	CN¥40.3M	CN¥35.2M	CN¥33.8M	CN¥23.8M	CN¥28.3M	CN¥41.2M	CN¥30.2M
Total current assets	CN¥1.37B	CN¥1.36B	CN¥1.42B	CN¥1.40B	CN¥1.37B	CN¥1.37B	CN¥1.47B	CN¥1.43B	CN¥1.44B	CN¥1.42B	CN¥1.48B	CN¥1.44B
Property, plant & equipment (net)	CN¥45.4M	CN¥48.9M	CN¥52.7M	CN¥56.3M	CN¥59.8M	CN¥62.3M	CN¥61.2M	CN¥57.1M	CN¥57.2M	CN¥62.6M	CN¥75.2M	CN¥82.8M
Goodwill & intangible assets	CN¥8.8M	CN¥19.8M	CN¥20.8M	CN¥11.2M	CN¥12.0M	CN¥12.8M	CN¥13.7M	CN¥14.5M	CN¥16.1M	CN¥17.5M	CN¥20.1M	CN¥22.0M
Long-term investments	CN¥117.4M	CN¥109.8M	CN¥104.4M	CN¥91.5M	CN¥82.4M	CN¥85.5M	CN¥85.7M	CN¥97.5M	CN¥98.0M	CN¥101.4M	CN¥101.5M	CN¥114.2M
Other non-current assets	CN¥66.3M	CN¥53.9M	CN¥53.7M	CN¥68.7M	CN¥74.0M	CN¥78.0M	CN¥76.9M	CN¥81.9M	CN¥81.5M	CN¥82.9M	CN¥83.3M	CN¥102.4M
Total assets	CN¥1.61B	CN¥1.59B	CN¥1.65B	CN¥1.63B	CN¥1.59B	CN¥1.61B	CN¥1.71B	CN¥1.69B	CN¥1.69B	CN¥1.68B	CN¥1.76B	CN¥1.77B
Liabilities
Accounts payable	CN¥118.9M	CN¥118.6M	CN¥122.5M	CN¥136.6M	CN¥106.1M	CN¥111.3M	CN¥144.7M	CN¥140.4M	CN¥129.5M	CN¥132.0M	CN¥122.1M	CN¥132.2M
Short-term debt	CN¥12.6M	CN¥13.5M	CN¥14.1M	CN¥14.0M	CN¥10.6M	CN¥10.6M	CN¥11.0M	CN¥19.0M	CN¥17.5M	CN¥17.7M	—	CN¥20.9M
Deferred revenue	—	CN¥26.0M	CN¥26.2M	CN¥28.2M	CN¥26.3M	CN¥30.9M	—	CN¥27.8M	CN¥24.7M	CN¥28.5M	—	CN¥29.6M
Total current liabilities	CN¥474.4M	CN¥466.5M	CN¥498.6M	CN¥515.0M	CN¥467.8M	CN¥475.3M	CN¥537.3M	CN¥522.0M	CN¥501.9M	CN¥488.0M	CN¥527.0M	CN¥530.0M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Lease obligations	CN¥38.6M	CN¥40.0M	CN¥43.3M	CN¥47.8M	CN¥49.2M	CN¥50.2M	CN¥56.7M	CN¥53.4M	CN¥52.8M	CN¥57.5M	CN¥69.4M	CN¥75.2M
Other long-term liabilities	CN¥39.9M	CN¥40.3M	CN¥43.2M	CN¥49.3M	CN¥54.1M	CN¥55.1M	CN¥61.2M	CN¥53.1M	CN¥54.0M	CN¥58.3M	CN¥68.1M	CN¥74.7M
Total liabilities	CN¥514.4M	CN¥506.8M	CN¥541.8M	CN¥564.4M	CN¥521.8M	CN¥530.4M	CN¥598.5M	CN¥575.1M	CN¥555.9M	CN¥546.3M	CN¥595.1M	CN¥604.7M
Shareholders' equity
Common stock & paid-in capital	CN¥39.6M	CN¥39.4M	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.6M	CN¥39.6M
Retained earnings (deficit)	−CN¥477.5M	−CN¥582.1M	−CN¥567.8M	−CN¥512.6M	−CN¥606.8M	−CN¥596.4M	−CN¥467.6M	−CN¥563.3M	−CN¥544.8M	−CN¥539.4M	−CN¥414.0M	−CN¥521.5M
Accumulated other comprehensive income	−CN¥46.0M	CN¥56.6M	−CN¥41.8M	−CN¥39.6M	CN¥62.4M	CN¥61.7M	−CN¥37.3M	CN¥55.6M	CN¥60.5M	CN¥59.6M	−CN¥40.4M	CN¥62.8M
Minority interest	−CN¥63.7M	−CN¥64.4M	−CN¥62.8M	−CN¥62.8M	−CN¥62.7M	—	—	—	—	—	—	—
Total shareholders' equity	CN¥1.16B	CN¥1.15B	CN¥1.17B	CN¥1.13B	CN¥1.14B	CN¥1.15B	CN¥1.18B	CN¥1.17B	CN¥1.20B	CN¥1.20B	CN¥1.23B	CN¥1.22B
Key figures
Total debt	CN¥38.6M	CN¥39.8M	CN¥43.3M	CN¥47.8M	CN¥49.2M	CN¥50.2M	CN¥56.7M	CN¥53.4M	CN¥52.8M	CN¥57.5M	CN¥49.5M	CN¥75.2M
Net cash (debt)	CN¥947.8M	CN¥912.4M	CN¥975.2M	CN¥945.9M	CN¥926.7M	CN¥924.6M	CN¥979.2M	CN¥911.9M	CN¥929.4M	CN¥968.5M	CN¥1.04B	CN¥952.0M
Working capital	CN¥894.9M	CN¥892.0M	CN¥920.6M	CN¥886.8M	CN¥899.0M	CN¥898.6M	CN¥937.0M	CN¥912.0M	CN¥935.7M	CN¥931.6M	CN¥951.6M	CN¥914.1M
Tangible book value	CN¥1.15B	CN¥1.13B	CN¥1.15B	CN¥1.12B	CN¥1.12B	CN¥1.13B	CN¥1.16B	CN¥1.16B	CN¥1.18B	CN¥1.18B	CN¥1.20B	CN¥1.20B
Shares outstanding	12.0M	12.0M	250K	12.0M	12.0M	12.0M	12.0M	12.0M	11.5M	12.1M	12.1M	12.1M
Current ratio	2.89	2.91	2.85	2.72	2.92	2.89	2.74	2.75	2.86	2.91	2.81	2.72
Quick ratio	2.79	2.82	2.78	2.64	2.83	2.81	2.68	2.68	2.80	2.84	2.73	2.65
Debt / equity	0.03	0.03	0.04	0.04	0.04	0.04	0.05	0.05	0.04	0.05	0.04	0.06
Equity / assets	72.0%	72.2%	71.0%	69.2%	71.2%	71.0%	68.7%	69.6%	70.7%	71.3%	69.7%	69.2%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 29, 2026); data from EODHD.

FENG financial position

At the end of fiscal 2025 (December 31, 2025), Phoenix New Media had total assets of CN¥1.7 billion (down 3.6% from a year earlier), total liabilities of CN¥541.8 million and shareholders' equity of CN¥1.2 billion. It held CN¥1.0 billion in cash and short-term investments against CN¥43.3 million of debt, a net cash position of CN¥975.2 million. Its current ratio was 2.85. In the latest quarter (ended June 30, 2026) total assets were CN¥1.6 billion and equity CN¥1.2 billion.

Related: FENG income statement, FENG cash flow statement, FENG key metrics. See the FENG stock overview for the latest quote and news.

FENG balance sheet FAQ

What are Phoenix New Media's total assets?

Phoenix New Media reported total assets of CN¥1.7 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥1.7 billion a year earlier.

How much debt does Phoenix New Media have?

Phoenix New Media had CN¥43.3 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.04.

How much cash does Phoenix New Media have?

Phoenix New Media held CN¥1.0 billion in cash and short-term investments at the end of fiscal 2025; with CN¥43.3 million of debt that is net cash of CN¥975.2 million.

What is Phoenix New Media's book value?

Phoenix New Media's shareholders' equity (book value) was CN¥1.2 billion at the end of fiscal 2025.

What is Phoenix New Media's current ratio?

Phoenix New Media had current assets of CN¥1.4 billion and current liabilities of CN¥498.6 million, a current ratio of 2.85 (it can cover its short-term obligations).

How much goodwill does Phoenix New Media have?

Phoenix New Media carried CN¥20.8 million of goodwill and intangible assets, 1.3% of total assets, at the end of fiscal 2025.