Phoenix New Media Limited (FENG)

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Start Time: 20:03

End Time: 21:01

Phoenix New Media Limited (FENG)

Q4 2013 Earnings Conference Call

February 25, 2014 8:00 PM ET


Matthew Zhao – Manager-Investor Relations

Shuang Liu – Chief Executive Officer

Betty Yip Ho – Chief Financial Officer

Ya Li – Chief Operating Officer


Philip Wan – Morgan Stanley Asia Ltd

Alex Yao – JPMorgan Securities

George Meng – Macquarie Capital Securities Ltd.

Eddie Leung – Merrill Lynch Far East Ltd.

George Wu – Legends Asset Management



Ladies and gentlemen thank you for standing by and welcome to the Phoenix New Media Fourth Quarter and Fiscal Year 2013 Earnings Call. At this time, all participants are in a listen-only mode. There will be a presentation followed by a question-and-answer session (Operator Instructions) I must advise you that this conference is being recorded today, Wednesday, the 26 of February 2014.

I would now like to hand the conference over to your first speaker today Mr. Matthew Zhao. Thank you. Please go ahead, sir.

Matthew Zhao

Thank you, operator. And thank you and welcome to Phoenix New Media fourth quarter and fiscal year 2013 earnings conference call. I’m joined here by our Chief Executive Officer, Mr. Shuang Liu; our Chief Operating Officer, Mr. Ya Li; and our Chief Financial Officer, Ms. Betty Ho.

For today’s agenda, management will provide us with a review on the quarter and also include a Q&A session after the management’s prepared remarks. The fourth quarter and the fiscal year 2013 financial results and the webcast of this conference call are available at the Investor Relations sections of A replay of the call will be available on the website in a few hours.

Before we continue, I refer you to our Safe Harbor statements in our earnings press release, which applies to this call, as we will make forward-looking statements. Finally, please note that unless otherwise stated, all figures mentioned during this conference call are in Renminbi.

With that, I would like to turn the call over to Mr. Liu Shuang, our CEO.

Shuang Liu

Thank you, Matthew. Good morning and good evening everyone. We are very pleased to close our 2013 is another strong quarter and heading to 2014 on a high note. We achieved robust top line growth of 32% year-over-year, which comparably beat our guidance and non-GAAP net income growth of 254%, which significantly beat the 3%.

Our strong financial performance was fueled by the glowing popularity of our highly recognized brand and expanding platform, on the portal side daily unique visitors on iFeng increased by 23.4% year-over-year to over a $40 million in December. According to iResearch, and our daily page views increased over $375 million making the iFeng homepage, now the second most visited homepage among all Chinese media website after [indiscernible].

Looking beyond our financial and operational success, 2013 saw the evolution of company from a news focus portal leader, into a diversified news and lifestyle of the company, as we expanded into several new verticals such as videos, [indiscernible] as well as hosting many media events on broader subjects further expanding our impact across China’s media front.

On today’s call I would like to highlight a couple of recent initiatives on our progress before we discuss our 2014plan as well as financials. First in conjunction with our convergence strategy, we’re simultaneously focusing on the development of our mobile and video elements. Some of our regional mobile initiatives in 2013 such as a release of an updated mobile app with improved interface and usability as well as our partnership with our China Unicom to offer a mobile video package to their 3G subscribers has already began to show encouraging initial results.

In December of 2013, our mobile internet daily unique visitors have increased to 10% quarter-over-quarter to 24.2 million helping to further drive increase in viewership across our various platforms. In late 2013, we also released another major update to our mobile video mix application which integrates video conference, especially tailored to the iOS7, enhancing our user experience and increasing engagement on this platform, and also innovatively imported some of the best features, layouts and design from a PC website to our mobile application.

Additionally, in the fourth quarter we saw mobile app sales increase at impressive 65% year-over-year, which now accounts for 11% of our total advertising sales. For 2014, we will be emphasizing direct monetization of the mobile platform in sales and stimulus convergence with the group’s overall TV and Internet properties, further advancing our strategy to capitalize on the synergies and economies of scale inherent in our expanding media business.

Turning to our video content offering, in the past quarters we launched the first pair of talk show program Super Mummy which offers new mothers professional advice and tips about nursing and educating babies. The show attracted more than 1 million hits in the first on air week; in order to further advance our reputation in the documentary category on November 13 we hosted the second annual iFeng documentary awards, which was the first documentary award in China awarded by a major internet media company.

From a culture and media industry perspective, we established a new and dedicated platform for identifying and promoting new artists and documentaries. From iFeng’s perspective, this award ceremony along with other initiatives surrounding the expansion of our documentary content help us to forge relationships with emerging artists and content providers as well as enrich our video content library with differentiated and thoughtful contents.

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