Document_and_Entity_Informatio
Document and Entity Information | 12 Months Ended |
Dec. 31, 2013 | |
Document Information [Line Items] | ' |
Document Type | '20-F |
Amendment Flag | 'false |
Document Period End Date | 31-Dec-13 |
Document Fiscal Year Focus | '2013 |
Document Fiscal Period Focus | 'FY |
Entity Registrant Name | 'Phoenix New Media Ltd |
Entity Central Index Key | '0001509646 |
Current Fiscal Year End Date | '--12-31 |
Entity Filer Category | 'Accelerated Filer |
Entity Current Reporting Status | 'Yes |
Entity Well-known Seasoned Issuer | 'No |
Trading Symbol | 'FENG |
Class A ordinary shares [Member] | ' |
Document Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 282,578,957 |
Class B ordinary shares [Member] | ' |
Document Information [Line Items] | ' |
Entity Common Stock, Shares Outstanding | 317,325,360 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Class A ordinary shares (US$0.01 par value, 680,000,000 shares authorized; 299,408,949 and 282,578,957 shares issued and outstanding as of December 31, 2012 and 2013, respectively) [Member] | Class A ordinary shares (US$0.01 par value, 680,000,000 shares authorized; 299,408,949 and 282,578,957 shares issued and outstanding as of December 31, 2012 and 2013, respectively) [Member] | Class A ordinary shares (US$0.01 par value, 680,000,000 shares authorized; 299,408,949 and 282,578,957 shares issued and outstanding as of December 31, 2012 and 2013, respectively) [Member] | Class B ordinary shares (US$0.01 par value, 320,000,000 shares authorized; 317,325,360 and 317,325,360 shares issued and outstanding as of December 31, 2012 and 2013, respectively) [Member] | Class B ordinary shares (US$0.01 par value, 320,000,000 shares authorized; 317,325,360 and 317,325,360 shares issued and outstanding as of December 31, 2012 and 2013, respectively) [Member] | Class B ordinary shares (US$0.01 par value, 320,000,000 shares authorized; 317,325,360 and 317,325,360 shares issued and outstanding as of December 31, 2012 and 2013, respectively) [Member] |
USD ($) | CNY | CNY | USD ($) | CNY | CNY | ||||
Current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash and cash equivalents | $216,089 | 1,308,138 | 916,169 | ' | ' | ' | ' | ' | ' |
Restricted cash | 1,652 | 10,000 | 0 | ' | ' | ' | ' | ' | ' |
Term deposits | 15,474 | 93,672 | 235,000 | ' | ' | ' | ' | ' | ' |
Accounts receivable, net | 58,374 | 353,379 | 280,987 | ' | ' | ' | ' | ' | ' |
Amounts due from related parties | 20,675 | 125,158 | 63,811 | ' | ' | ' | ' | ' | ' |
Prepayment and other current assets | 4,610 | 27,911 | 42,557 | ' | ' | ' | ' | ' | ' |
Deferred tax assets | 3,763 | 22,779 | 17,504 | ' | ' | ' | ' | ' | ' |
Total current assets | 320,637 | 1,941,037 | 1,556,028 | ' | ' | ' | ' | ' | ' |
Non-current assets: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment, net | 15,714 | 95,126 | 102,547 | ' | ' | ' | ' | ' | ' |
Intangible assets, net | 1,308 | 7,919 | 9,488 | ' | ' | ' | ' | ' | ' |
Other non-current assets | 2,094 | 12,678 | 13,104 | ' | ' | ' | ' | ' | ' |
Total non-current assets | 19,116 | 115,723 | 125,139 | ' | ' | ' | ' | ' | ' |
Total assets | 339,753 | 2,056,760 | 1,681,167 | ' | ' | ' | ' | ' | ' |
Current liabilities (including amounts of the consolidated VIEs without recourse to the Company of RMB269,152 and RMB381,897 (US$63,085) as of December 31, 2012 and 2013, respectively. Note 1): | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | 36,111 | 218,604 | 154,637 | ' | ' | ' | ' | ' | ' |
Amounts due to related parties | 3,475 | 21,034 | 1,806 | ' | ' | ' | ' | ' | ' |
Advances from customers | 1,773 | 10,732 | 5,884 | ' | ' | ' | ' | ' | ' |
Taxes payable | 9,604 | 58,140 | 40,156 | ' | ' | ' | ' | ' | ' |
Salary and welfare payable | 16,326 | 98,831 | 63,631 | ' | ' | ' | ' | ' | ' |
Accrued expenses and other current liabilities | 10,267 | 62,153 | 40,717 | ' | ' | ' | ' | ' | ' |
Total current liabilities | 77,556 | 469,494 | 306,831 | ' | ' | ' | ' | ' | ' |
Long-term liabilities (including amounts of the consolidated VIEs without recourse to the Company of RMB7,996 and RMB12,231 (US$2,020) as of December 31, 2012 and 2013, respectively. Note 1) | 2,020 | 12,231 | 7,996 | ' | ' | ' | ' | ' | ' |
Total liabilities | 79,576 | 481,725 | 314,827 | ' | ' | ' | ' | ' | ' |
Commitments and contingencies (Note 18) | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders' equity: | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary shares | ' | ' | ' | 3,061 | 18,530 | 19,575 | 3,643 | 22,053 | 22,053 |
Additional paid-in capital | 286,600 | 1,734,993 | 1,785,597 | ' | ' | ' | ' | ' | ' |
Treasury stock (40,800 and nil shares as of December 31,2012 and 2013, respectively) | 0 | 0 | -112 | ' | ' | ' | ' | ' | ' |
Statutory reserves | 8,314 | 50,330 | 31,985 | ' | ' | ' | ' | ' | ' |
Accumulated deficit | -32,146 | -194,601 | -455,810 | ' | ' | ' | ' | ' | ' |
Accumulated other comprehensive loss | -9,932 | -60,127 | -36,948 | ' | ' | ' | ' | ' | ' |
Total Phoenix New Media Limited shareholders' equity | 259,540 | 1,571,178 | 1,366,340 | ' | ' | ' | ' | ' | ' |
Noncontrolling interests | 637 | 3,857 | 0 | ' | ' | ' | ' | ' | ' |
Total shareholders' equity | 260,177 | 1,575,035 | 1,366,340 | ' | ' | ' | ' | ' | ' |
Total liabilities and shareholders' equity | $339,753 | 2,056,760 | 1,681,167 | ' | ' | ' | ' | ' | ' |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | USD ($) | CNY | CNY |
Current liabilities of consolidated VIEs without recourse to the Company | $63,085 | 381,897 | 269,152 |
Long-term liabilities of consolidated VIEs without recourse to the Company | $2,020 | 12,231 | 7,996 |
Treasury stock, shares | 0 | 0 | 40,800 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Income | 12 Months Ended | |||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
USD ($) | CNY | CNY | CNY | |||||
Revenues: | ' | ' | ' | ' | ||||
Net advertising revenues | $142,679 | [1] | 863,737 | [1] | 610,160 | [1] | 465,824 | [1] |
Paid service revenues | 92,627 | [1] | 560,738 | [1] | 500,844 | [1] | 484,768 | [1] |
Total revenues | 235,306 | [1] | 1,424,475 | [1] | 1,111,004 | [1] | 950,592 | [1] |
Cost of revenues | -115,030 | [1] | -696,355 | [1] | -631,299 | [1] | -554,676 | [1] |
Gross profit | 120,276 | 728,120 | 479,705 | 395,916 | ||||
Operating expenses: | ' | ' | ' | ' | ||||
Sales and marketing expenses | -45,162 | [1] | -273,399 | [1] | -197,038 | [1] | -164,082 | [1] |
General and administrative expenses | -16,164 | [1] | -97,849 | [1] | -106,736 | [1] | -77,078 | [1] |
Technology and product development expenses | -17,953 | [1] | -108,683 | [1] | -91,292 | [1] | -69,021 | [1] |
Total operating expenses | -79,279 | [1] | -479,931 | [1] | -395,066 | [1] | -310,181 | [1] |
Income from operations | 40,997 | 248,189 | 84,639 | 85,735 | ||||
Other income: | ' | ' | ' | ' | ||||
Interest income | 5,414 | 32,775 | 32,869 | 9,682 | ||||
Foreign currency exchange gain | 3,252 | 19,687 | 1,897 | 19,343 | ||||
Others, net | 2,471 | 14,960 | 4,931 | 2,861 | ||||
Income before tax | 52,134 | 315,611 | 124,336 | 117,621 | ||||
Income tax expense | -6,209 | -37,588 | -16,977 | -15,146 | ||||
Net income | 45,925 | 278,023 | 107,359 | 102,475 | ||||
Net loss attributable to noncontrolling interests | 253 | 1,531 | 0 | 0 | ||||
Net income attributable to Phoenix New Media Limited | 46,178 | 279,554 | 107,359 | 102,475 | ||||
Accretion to convertible redeemable preferred share redemption value | ' | ' | ' | -773,623 | ||||
Income allocation to participating preferred shares | 0 | 0 | 0 | -6,172 | ||||
Net (loss)/income attributable to ordinary shareholders | 46,178 | 279,554 | 107,359 | -677,320 | ||||
Net income | 45,925 | 278,023 | 107,359 | 102,475 | ||||
Other comprehensive loss, net of tax: foreign currency translation adjustment | -3,829 | -23,179 | -1,979 | -33,968 | ||||
Comprehensive income | 42,096 | 254,844 | 105,380 | 68,507 | ||||
Comprehensive loss attributable to noncontrolling interests | 253 | 1,531 | 0 | 0 | ||||
Comprehensive income attributable to Phoenix New Media Limited | 42,349 | 256,375 | 105,380 | 68,507 | ||||
Net (loss)/income attributable to ordinary shareholders | $46,178 | 279,554 | 107,359 | -677,320 | ||||
[1] | Revenues, cost of revenues and operating expenses include transactions with related parties as follows: 2011 2012 2013 2013 RMB RMB RMB US$ Net advertising revenues 26,201 35,438 45,127 7,454 Paid service revenues 445,096 429,125 413,407 68,290 Cost of revenues (73,833) (67,481) (76,491) (12,635) Sales and marketing expenses (663) (916) (1,040) (172) General and administrative expenses (1,139) (646) (404) (67) Technology and product development expenses (533) - - - |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Income (Parenthetical) | 12 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | Class A ordinary shares [Member] | Class A ordinary shares [Member] | Class A ordinary shares [Member] | |
Number of ordinary shares that each ADS represents | ' | ' | ' | ' | 8 | 8 | 8 |
Revenues, cost of revenues and operating expenses include transactions with related parties as follows: | ' | ' | ' | ' | ' | ' | ' |
Net advertising revenues | $7,454 | 45,127 | 35,438 | 26,201 | ' | ' | ' |
Paid service revenues | 68,290 | 413,407 | 429,125 | 445,096 | ' | ' | ' |
Cost of revenues | -12,635 | -76,491 | -67,481 | -73,833 | ' | ' | ' |
Sales and marketing expenses | -172 | -1,040 | -916 | -663 | ' | ' | ' |
General and administrative expenses | -67 | -404 | -646 | -1,139 | ' | ' | ' |
Technology and product development expenses | $0 | 0 | 0 | -533 | ' | ' | ' |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity/(Deficit) | Class A ordinary shares [Member] | Class A ordinary shares [Member] | Class B ordinary shares [Member] | Class B ordinary shares [Member] | Treasury stock [Member] | Additional paid-in capital [Member] | Additional paid-in capital [Member] | Statutory reserves [Member] | Statutory reserves [Member] | Accumulated other comprehensive loss [Member] | Accumulated other comprehensive loss [Member] | Accumulated deficit [Member] | Accumulated deficit [Member] | Noncontrolling interests [Member] | Noncontrolling interests [Member] | Total | Total |
In Thousands, except Share data | USD ($) | CNY | USD ($) | CNY | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY |
Balance at Dec. 31, 2010 | ' | 2,901 | ' | 22,239 | ' | ' | ' | ' | 10,314 | ' | -1,001 | ' | -129,411 | ' | ' | ' | -94,958 |
Balance, number of shares at Dec. 31, 2010 | ' | 43,497,237 | ' | 320,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of ordinary shares upon initial public offering ("IPO"), net of issuance costs | ' | 6,984 | ' | ' | ' | ' | 853,737 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 860,721 |
Issuance of ordinary shares upon initial public offering ("IPO"), net of issuance costs, number of shares | ' | 107,321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of series A convertible redeemable preferred shares upon IPO | ' | 8,464 | ' | ' | ' | ' | 1,155,342 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,163,806 |
Conversion of series A convertible redeemable preferred shares upon IPO, number of shares | ' | 130,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of ordinary shares in the assured entitlement distribution | ' | 186 | ' | -186 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Conversion of ordinary shares in the assured entitlement distribution, number of shares | ' | 2,674,640 | ' | -2,674,640 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted shares | ' | 1,238 | ' | ' | ' | ' | -1,238 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Issuance of restricted shares, number of shares | ' | 19,008,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' | ' | ' | 66,092 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 66,092 |
Issuance of ordinary shares upon settlement of share-based awards | ' | 228 | ' | ' | ' | ' | 414 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 642 |
Issuance of ordinary shares upon settlement of share-based awards, number of shares | ' | 3,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shareholders' contribution related to waiver of short-term loan by Phoenix TV Group | ' | ' | ' | ' | ' | ' | 15,596 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15,596 |
Appropriation to statutory reserves | ' | ' | ' | ' | ' | ' | ' | ' | 14,333 | ' | ' | ' | -14,333 | ' | ' | ' | ' |
Accretion to series A convertible redeemable preferred shares redemption | ' | ' | ' | ' | ' | ' | -259,061 | ' | ' | ' | ' | ' | -514,562 | ' | ' | ' | -773,623 |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -33,968 | ' | ' | ' | ' | ' | -33,968 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 102,475 | ' | ' | ' | 102,475 |
Balance at Dec. 31, 2011 | ' | 20,001 | ' | 22,053 | ' | ' | 1,830,882 | ' | 24,647 | ' | -34,969 | ' | -555,831 | ' | ' | ' | 1,306,783 |
Balance, number of shares at Dec. 31, 2011 | ' | 306,101,077 | ' | 317,325,360 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' | ' | ' | 6,759 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,759 |
Issuance of ordinary shares upon settlement of share-based awards | ' | 723 | ' | ' | ' | ' | -123 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 600 |
Issuance of ordinary shares upon settlement of share-based awards, number of shares | ' | 11,456,632 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of ordinary shares | ' | ' | ' | ' | -52,466 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -52,466 |
Repurchase of ordinary shares, number of shares | ' | ' | ' | ' | -18,189,560 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of repurchased ordinary shares | ' | -1,149 | ' | ' | 52,354 | ' | -51,921 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -716 |
Cancellation of repurchased ordinary shares, number of shares | ' | -18,148,760 | ' | ' | 18,148,760 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Appropriation to statutory reserves | ' | ' | ' | ' | ' | ' | ' | ' | 7,338 | ' | ' | ' | -7,338 | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -1,979 | ' | ' | ' | ' | ' | -1,979 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 107,359 | ' | ' | ' | 107,359 |
Balance at Dec. 31, 2012 | ' | 19,575 | ' | 22,053 | -112 | ' | 1,785,597 | ' | 31,985 | ' | -36,948 | ' | -455,810 | ' | ' | ' | 1,366,340 |
Balance, number of shares at Dec. 31, 2012 | ' | 299,408,949 | ' | 317,325,360 | -40,800 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Share-based compensation | ' | ' | ' | ' | ' | ' | 16,723 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 16,723 |
Issuance of ordinary shares upon settlement of share-based awards | ' | 291 | ' | ' | ' | ' | 228 | ' | ' | ' | ' | ' | ' | ' | ' | ' | 519 |
Issuance of ordinary shares upon settlement of share-based awards, number of shares | ' | 4,707,400 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Repurchase of ordinary shares | ' | ' | ' | ' | -72,611 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -72,611 |
Repurchase of ordinary shares, number of shares | ' | ' | ' | ' | -20,196,592 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of repurchased ordinary shares | ' | -1,256 | ' | ' | 72,723 | ' | -72,247 | ' | ' | ' | ' | ' | ' | ' | ' | ' | -780 |
Cancellation of repurchased ordinary shares, number of shares | ' | -20,237,392 | ' | ' | 20,237,392 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of restricted shares | ' | -80 | ' | ' | ' | ' | 80 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cancellation of restricted shares, number of shares | ' | -1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Appropriation to statutory reserves | ' | ' | ' | ' | ' | ' | ' | ' | 18,345 | ' | ' | ' | -18,345 | ' | ' | ' | ' |
Foreign currency translation adjustment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -23,179 | ' | ' | ' | ' | -3,829 | -23,179 |
Capital contribution received from noncontrolling shareholders | ' | ' | ' | ' | ' | ' | 4,612 | ' | ' | ' | ' | ' | ' | ' | 5,388 | ' | 10,000 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 279,554 | ' | -1,531 | 45,925 | 278,023 |
Balance at Dec. 31, 2013 | $3,061 | 18,530 | $3,643 | 22,053 | ' | $286,600 | 1,734,993 | $8,314 | 50,330 | ($9,932) | -60,127 | ($32,146) | -194,601 | $637 | 3,857 | $260,177 | 1,575,035 |
Balance, number of shares at Dec. 31, 2013 | 282,578,957 | ' | 317,325,360 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Cash flows from operating activities: | ' | ' | ' | ' |
Net income | $45,925 | 278,023 | 107,359 | 102,475 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' | ' |
Share-based compensation | 2,762 | 16,723 | 6,759 | 66,092 |
Provision for allowance for doubtful accounts | 428 | 2,590 | 25,902 | 11,926 |
Depreciation and amortization expense | 5,198 | 31,465 | 21,130 | 12,292 |
Deferred income tax | -871 | -5,275 | -5,573 | -11,318 |
Loss on disposal of property and equipment | 166 | 1,003 | 486 | 2 |
Foreign currency exchange gain | -3,252 | -19,687 | -1,897 | -19,343 |
Changes in operating assets and liabilities: | ' | ' | ' | ' |
Accounts receivable | -12,386 | -74,982 | -104,792 | -136,980 |
Prepayment and other current assets | 1,064 | 6,439 | 12,603 | -26,713 |
Amounts due from related parties | -10,134 | -61,347 | 577 | -47,901 |
Note receivable | 0 | 0 | 0 | 1,150 |
Other non-current assets | 70 | 426 | -976 | -9,645 |
Accounts payable | 11,479 | 69,493 | 27,135 | 66,795 |
Advance from customers | 801 | 4,848 | -1,307 | -590 |
Salary and welfare payable | 5,815 | 35,200 | 18,512 | 19,055 |
Taxes payable | 2,971 | 17,984 | 4,334 | 25,852 |
Amounts due to related parties | 3,176 | 19,228 | -2,083 | -21,843 |
Accrued expenses and other current liabilities | 3,541 | 21,436 | -1,081 | 31,310 |
Long-term liabilities | 700 | 4,235 | 2,492 | 2,021 |
Net cash provided by operating activities | 57,453 | 347,802 | 109,580 | 64,637 |
Cash flows from investing activities: | ' | ' | ' | ' |
Purchase of property and equipment and intangible assets | -4,830 | -29,238 | -79,583 | -33,477 |
Placement of term deposits | -30,792 | -186,407 | -1,221,801 | -1,560,002 |
Maturity of term deposits | 54,068 | 327,309 | 1,772,414 | 775,979 |
Cash received from liquidation of PHOENIXi | 0 | 0 | 0 | 14,300 |
Net cash (used in)/provided by investing activities | 18,446 | 111,664 | 471,030 | -803,200 |
Cash flows from financing activities: | ' | ' | ' | ' |
Proceeds from issuance of ordinary shares upon IPO | 0 | 0 | 0 | 893,098 |
Proceeds from exercise of stock options | 86 | 519 | 1,050 | 183 |
Payment of IPO related expenses | 0 | 0 | 0 | -30,101 |
Repurchase of ordinary shares | -10,770 | -65,198 | -52,752 | 0 |
Prepayment for share repurchases | 0 | 0 | -8,408 | 0 |
Net cash provided by/(used in) financing activities | -10,684 | -64,679 | -60,110 | 863,180 |
Effect of exchange rate changes on cash and cash equivalents | -466 | -2,818 | -1,497 | -14,624 |
Net increase in cash and cash equivalents | 64,749 | 391,969 | 519,003 | 109,993 |
Cash and cash equivalents at the beginning of the year | 151,340 | 916,169 | 397,166 | 287,173 |
Cash and cash equivalents at the end of the year | 216,089 | 1,308,138 | 916,169 | 397,166 |
Supplemental disclosure of cash flow information: | ' | ' | ' | ' |
Cash paid during the year for income taxes | 3,237 | 19,598 | 15,968 | 13,518 |
Supplemental disclosures of non-cash investing and financing activities: | ' | ' | ' | ' |
Conversion of series A convertible redeemable preferred shares into ordinary shares | 0 | 0 | 0 | 1,163,806 |
Short-term loan waived by Phoenix TV Group | 0 | 0 | 0 | 15,596 |
Issuance of ordinary shares upon vesting of restricted share units | 12 | 72 | 348 | 1,314 |
Purchase of property and equipment and intangible assets included in accounts payable | 336 | 2,034 | 7,406 | 0 |
Restricted cash related to capital contribution financed by noncontrolling shareholders | $1,652 | 10,000 | 0 | 0 |
Organization_and_Principal_Act
Organization and Principal Activities | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Organization and Principal Activities [Abstract] | ' | |||||||||
Organization and Principal Activities | ' | |||||||||
1. Organization and Principal Activities | ||||||||||
Phoenix New Media Limited (“PNM”, or the “Company”) was incorporated in the Cayman Islands on November 22, 2007 by Phoenix Satellite Television (B.V.I.) Holding Limited (the “Parent”), a subsidiary of Phoenix Satellite Television Holdings Ltd. (the “Phoenix TV”). Phoenix TV, its subsidiaries and variable interest entities (“VIEs”) are collectively referred to as the Phoenix TV Group. As of December 31, 2013, the Company had seven subsidiaries, two VIEs for which a subsidiary of the Company is the primary beneficiary, and five subsidiaries of a VIE. The Company, its subsidiaries, VIEs and subsidiaries of one of the VIEs are hereinafter collectively referred to as the “Group”. The Group generates revenues from providing advertising services on its websites and paid services, which include mobile value-add services (“MVAS”) and games and others. The VIEs, each of which is owned by two People’s Republic of China (“PRC”) citizens, hold the necessary licenses and approvals to operate Internet-related businesses in the PRC. In addition, the VIEs are in the process of applying for certain licenses for the operations of their businesses, including Internet audio-visual program transmission license and Internet news license. | ||||||||||
The details of the subsidiaries, VIEs and the subsidiaries of one of the VIEs as of December 31, 2013 are set out below: | ||||||||||
Percentage | ||||||||||
of Direct or | ||||||||||
Indirect | ||||||||||
Place of | Date of | Economic | Principal | |||||||
Name | Incorporation | Incorporation | Ownership | 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 FM Limited | Cayman Islands | August 29, 2013 | 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% | Technical consulting | ||||||
Phoenix FM (Hong Kong) Company Limited | Hong Kong | October 24, 2013 | 100% | Investment holding | ||||||
VIEs: | ||||||||||
Beijing Tianying Jiuzhou Network Technology Co., Ltd. (“Tianying Jiuzhou”) | PRC | April 18, 2000 | 100% | Advertising, MVAS, and games and others | ||||||
Yifeng Lianhe (Beijing) Technology Co., Ltd. (“Yifeng Lianhe”) | PRC | June 16, 2006 | 100% | MVAS | ||||||
Direct subsidiaries of Tianying Jiuzhou: | ||||||||||
Beijing Tianying Chuangzhi Advertising Co., Ltd. (“Tianying Chuangzhi”) | PRC | February 8, 2010 | 100% | Advertising | ||||||
Beijing Jirong Wenhua Culture Communication Co., Ltd. (“Jirong Wenhua”) | PRC | June 1, 2012 | 100% | Publishing | ||||||
Tianjin Fenghuang Mingdao Culture Communication Co., Ltd. (“Fenghuang Mingdao”) | PRC | May 24, 2013 | 100% | Advertising | ||||||
Beijing Fenghuang Tianbo Network Technology Co., Ltd. (“Fenghuang Tianbo”) | PRC | May 31, 2013 | 51% | Advertising | ||||||
Beijing Tianying Chuangzhan Culture Communication Co., Ltd. (“Tianying Chuangzhan”) | PRC | July 29, 2013 | 100% | Advertising | ||||||
In order to comply with Chinese laws and regulations that prohibit or restrict foreign ownership of companies that operate Internet content and advertising businesses, for the years presented prior to December 31, 2009, Fenghuang On-line has entered into technical service agreement (“Service Agreement”) with Tianying Jiuzhou, the PRC legal entity that has the licenses to operate such businesses, and was effectively absorbing the majority of Tianying Jiuzhou’s residual returns and expected losses. | ||||||||||
The paid-in capital of Yifeng Lianhe, which also has licenses to operate Internet content businesses in PRC, was loaned by Tianying Jiuzhou. Through the aforementioned activities, Tianying Jiuzhou and Yifeng Lianhe are considered VIEs in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”). Fenghuang On-line is entitled to substantially all the economic risks and rewards associated with Tianying Jiuzhou and Yifeng Lianhe, and is the primary beneficiary of these entities. On December 31, 2009, a series of agreements (the “Contractual Agreements”) were entered into among Fenghuang On-line, Tianying Jiuzhou, Yifeng Lianhe and the VIEs’ legal shareholders. Fenghuang On-line also repaid the paid-in-capital of Tianying Jiuzhou to its legal shareholders amounted to RMB7.9 million upon entering into the Contractual Agreements in 2010. | ||||||||||
Voting Right Entrustment Agreements | ||||||||||
Pursuant to the voting right entrustment agreements among the VIEs, their legal shareholders and Fenghuang On-line, each legal shareholder of the VIEs has agreed to grant a person designated by Fenghuang On-line the right to exercise their rights as shareholders, including all voting rights, as well as rights to attend and propose the convening of shareholder meetings. Unless otherwise required by law, the voting right entrustment agreements will remain in effect indefinitely unless both parties agree to terminate the agreement in writing, or unless Fenghuang On-line decides in its discretion to terminate the relevant agreement. | ||||||||||
Exclusive Equity Option Agreements | ||||||||||
Under the exclusive equity option agreement among the VIEs, their legal shareholders and Fenghuang On-line, the legal shareholders of the VIEs irrevocably granted Fenghuang On-line or its designated person an irrevocable, unconditional and exclusive option to purchase, to the extent permitted by applicable PRC laws, all of the equity interest in the VIEs from the legal shareholders. The purchase price for the entire equity interest is to be calculated based on the paid-up amount of the relevant equity interest or the minimum price permitted by applicable PRC laws. The exclusive equity option agreement will remain in effect until all of the equity interests in the VIEs have been duly transferred to Fenghuang On-line or its designated representative. | ||||||||||
Loan Agreements | ||||||||||
Pursuant to the loan agreements among Fenghuang On-line and the VIEs’ legal shareholders, Fenghuang On-line granted interest-free loans to the legal shareholders of the VIEs in the amount that is equal to their respective capital contribution in the VIEs. The loans can be repaid only with proceeds from the sale of all of the respective shareholder’s equity interests in the applicable VIE to Fenghuang On-line or its designated representatives pursuant to the applicable exclusive equity option agreement. The term of each loan is ten years, and may be extended upon mutual agreement of the parties. | ||||||||||
Equity Pledge Agreements | ||||||||||
Under the equity pledge agreement among the VIEs, their legal shareholders and Fenghuang On-line, the legal shareholders of the VIEs have pledged their respective equity interests in the VIEs to Fenghuang On-line to secure the performance of the obligations of the VIEs and their legal shareholders under the applicable exclusive technical licensing and services agreement, voting right entrustment agreement, exclusive equity option agreement and loan agreement. The equity pledge agreements will remain in effect until the secured obligations have been fully performed by the VIEs or released by Fenghuang On-line. | ||||||||||
Exclusive Technical Licensing and Service Agreements | ||||||||||
Under the exclusive technical licensing and service agreements between Fenghuang On-line and each of the VIEs, Fenghuang On-line has the exclusive right to provide technical and consulting services to the VIEs, including developing and upgrading various software, developing system technology, maintaining operational hardware and providing various training and consulting services, among other services. The VIEs have agreed to pay a service fee to Fenghuang On-line equal to a certain percentage of their respective annual revenues plus a special service fee for certain services rendered by Fenghuang On-line at the request of the VIEs. The technical service agreements also transfer all of the economic benefit of intellectual property created by the VIEs to Fenghuang On-line. Each exclusive technical services agreement will remain in effect indefinitely and can be terminated only by Fenghuang On-line unless otherwise required by law. | ||||||||||
The Group has evaluated the relationship among the Company, Fenghuang On-line and the VIEs in accordance with U.S. GAAP. Pursuant to the voting right entrustment agreements, the Company has obtained power, as granted to the legal shareholders by the applicable PRC law and under the articles of association of the VIEs, to direct all significant activities of the VIEs, which include but are not limited to budgeting, financing, and making other strategic and operational decisions, and will significantly impact the VIEs’ economic performance. Pursuant to the exclusive technical licensing and service agreements and other agreements, the Company has the right to receive benefits of the VIEs in the form of technical service fees, which could potentially be significant to the VIEs’ net income. In addition, the Company has right to receive all the residual assets of the VIEs through exercise of the exclusive equity option agreements. As a result, the Company, through Fenghuang On-line, is considered the primary beneficiary of the VIEs and therefore includes the VIEs’ assets, liabilities and operating results in its consolidated financial statements. With the Contractual Agreements with the VIEs, the Company has power to direct activities of the VIEs, and can freely have assets transferred out of the VIEs without any restrictions. Only the registered capital and PRC statutory reserves of the VIEs amounted to RMB25.5 million (US$4.2 million) as of December 31, 2013 can be used to solely settle obligations of the VIEs. As both the consolidated VIEs are incorporated as limited liability companies under the PRC Company Law, the creditors of the VIEs’ liabilities do not have recourse to the general credit of the Company. The amounts of the consolidated VIEs current liabilities without recourse to the Company disclosed on the face of the consolidated balance sheets have excluded the amounts due to inter-company entities. | ||||||||||
The following tables set forth the assets, liabilities, results of operations and cash flows of the consolidated VIEs: | ||||||||||
As of December 31, | ||||||||||
2012 | 2013 | 2013 | ||||||||
RMB | RMB | US$ | ||||||||
Current assets | 613,359 | 1,132,220 | 187,029 | |||||||
Non-current assets | 50,442 | 43,736 | 7,225 | |||||||
Total assets | 663,801 | 1,175,956 | 194,254 | |||||||
Accounts payable | 150,367 | 217,556 | 35,938 | |||||||
Amounts due to related parties | 2,167 | 509 | 84 | |||||||
Amounts due to inter-company entities | 314,966 | 676,275 | 111,713 | |||||||
Advances from customers | 5,335 | 10,519 | 1,738 | |||||||
Taxes payable | 29,605 | 15,631 | 2,582 | |||||||
Salary and welfare payable | 49,199 | 87,293 | 14,420 | |||||||
Accrued expenses and other current liabilities | 32,479 | 50,389 | 8,323 | |||||||
Current liabilities | 584,118 | 1,058,172 | 174,798 | |||||||
Long-term liabilities | 7,996 | 12,231 | 2,020 | |||||||
Total liabilities | 592,114 | 1,070,403 | 176,818 | |||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Revenues | 939,954 | 1,105,053 | 1,418,693 | 234,351 | ||||||
Net (loss)/income | (6,757 | ) | 16,359 | 14,851 | 2,453 | |||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Net cash provided by operating activities | 46,032 | 118,870 | 406,898 | 67,215 | ||||||
Net cash used in investing activities | (16,144 | ) | (29,578 | ) | (8,202 | ) | (1,355 | ) | ||
Net cash used in financing activities | (4,066 | ) | — | — | — | |||||
As of December 31, 2013, the total assets for the consolidated VIEs mainly comprised of cash and cash equivalents, restricted cash, accounts receivable, prepayment and other current assets, amounts due from related parties and property and equipment, there was no pledge or collateralization of these assets. Unrecognized revenue-producing assets that are held by the VIEs comprise of the Internet Content Provision License, the Online Culture Operating Permit, the Internet Publication License, the Permit for Production and Operation of Radio and TV Programs, the Value-added Telecommunications Business Operating License, trademark, and domain name. Recognized revenue-producing assets that are held by the VIEs comprise of Property and Equipment. As of December 31, 2013, the total liabilities for the consolidated VIEs mainly comprised accounts payable, amounts due to related parties, amounts due to inter-company entities, advances from customers, salary and welfare payable, taxes payable and accrued expenses and other current liabilities. The inter-company technical services fees charged by other entities of the Group to the consolidated VIEs were included in the net (loss)/income of the consolidated VIEs amounted to RMB192.6 million, RMB186.0 million and RMB380.9 million (US$62.9 million) for the years ended December 31, 2011, 2012 and 2013, respectively. The balances and transactions of the consolidated VIEs were reflected in the Company's consolidated financial statements with inter-company transactions eliminated. | ||||||||||
Currently there is no contractual arrangement that could require the Company to provide additional financial support to the VIEs. As the Company is conducting its Internet-related business mainly through the VIEs, the Company may provide such support on a discretional basis in the future, which could expose the Company to a loss. | ||||||||||
It is possible that the Company's operation of certain of its operations and businesses through VIEs could be found by PRC authorities to be in violation of PRC laws and regulations prohibiting or restricting foreign ownership of companies that engage in such operations and businesses. If such a finding were made, regulatory authorities with jurisdiction over the licensing and operation of such operations businesses would have broad discretion in dealing with such a violation, including levying fines, confiscating the Company's income, revoking the business or operating licenses of the affected businesses, requiring the Company to restructure its ownership structure or operations, or requiring the Company to discontinue all or any portion of its operations. Any of these actions could cause significant disruption to the Company's business operations, and have a materially adverse impact on the Company's cash flows, financial position and operating performance. Base on the fact that the Group did not receive any notice of warning from PRC regulatory authorities as of December 31, 2013, the Company's management considers the possibility of such a finding by PRC regulatory authorities to be remote. | ||||||||||
In addition, it is possible that the contracts with the Company, the Company's VIEs and shareholders of its VIEs would not be enforceable in China if PRC government authorities or courts were to find that such contracts contravene PRC laws and regulations or are otherwise not enforceable for public policy reasons. In the event that the Company was unable to enforce these contractual arrangements, the Company would not be able to exert effective control over the affected VIEs. Consequently, such VIE's results of operations, assets and liabilities would not be included in the Company's consolidated financial statements. If such were the case, the Company's cash flows, financial position and operating performance would be materially adversely affected. The Company's contractual arrangements with respect to its consolidated VIEs are approved and in place. The Company's management believes that such contracts are enforceable, and considers the possibility remote that PRC regulatory authorities with jurisdiction over the Company's operations and contractual relationships would find the contracts to be unenforceable. | ||||||||||
There is no entity in the Group for which the Company has variable interest but is not the primary beneficiary as of December 31, 2013. |
Principal_Accounting_Policies
Principal Accounting Policies | 12 Months Ended | ||
Dec. 31, 2013 | |||
Principal Accounting Policies [Abstract] | ' | ||
Principal Accounting Policies | ' | ||
2. Principal Accounting Policies | |||
(a) Basis of presentation, principles of consolidation, recognition of noncontrolling interests and cost allocations | |||
The consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIEs, and the subsidiaries of one of its VIEs. The consolidated financial statements have been prepared in accordance with U.S. GAAP and on a going concern basis with the ownership interests of minority shareholders reported as noncontrolling interests. All significant transactions and balances among the Company, its subsidiaries, its VIEs and the subsidiaries of the VIE have been eliminated upon consolidation. Based on the Contractual Arrangements (see Note 1), the Company consolidates the VIEs as required by Accounting Standards Codification (“ASC”) 810 Consolidation, because Fenghuang On-line holds all the variable interests of the VIEs and has been determined to be the primary beneficiary of the VIEs. | |||
The Group and Phoenix TV Group have engaged in various mutual cooperation activities in content, branding and promotions, technical support and corporate management. There was no payment for these arrangements until November 2009, when the Group entered into a cooperation agreement with Phoenix TV which stipulates the costs and expenses charged to the Group related to content and other services provided by Phoenix TV Group (See Note 18(a)). The agreement was effective as of January 1, 2010. Accordingly, the related costs and expenses were recorded by the Group based on the cooperation agreement for the years ended December 31, 2011, 2012 and 2013. | |||
Apart from the above cooperation agreement, Phoenix TV Group also paid certain expenses on behalf of the Group, such as technical support services, data line usage and other general and administrative expenses, which the Group needed to settle with Phoenix TV Group based on the actual amount, and were recorded in the consolidated statements of comprehensive income. | |||
(b) Use of estimates | |||
The preparation of the Group’s consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates. These estimates and assumptions include, but are not limited to, the accounting for advertising and paid service revenues, the determination of estimated selling prices of multiple elements revenues contract, accounting for income taxes and uncertain tax positions, allowances for doubtful accounts, share-based compensation, consolidation, determination of the estimated useful lives of property and equipment and intangible assets, assessment of impairment of long-lived assets, determination of the fair value of financial instruments, determination of the fair value of series A convertible redeemable preferred shares and foreign currency. | |||
(c) Foreign currency translation | |||
The Group uses Renminbi (“RMB”) as its reporting currency. The Company’s operations in China and in international regions use their respective currencies as their functional currencies. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use US$ or HK$ as their functional currency, have been translated into RMB at the exchange rates quoted by the People’s Bank of China (the “PBOC”). Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains, and losses are translated using the average rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments and have been shown as a component of other comprehensive loss in the consolidated statements of shareholders’ equity/(deficit) and the consolidated statements of comprehensive income. | |||
Foreign currency transactions denominated in currencies other than functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign exchange gain resulting from the settlement of such transactions and from remeasurement at period-end is recognized in foreign currency exchange gain in the consolidated statements of comprehensive income. | |||
(d) Convenience translation | |||
Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 =MB6.0537 on December 31, 2013 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. | |||
(e) Fair value of financial instruments | |||
The Group’s financial instruments include cash equivalents, term deposits, restricted cash, accounts receivable, amounts due from related parties, prepayment and other current assets, accounts payable, amounts due to related parties, advances from customers, salary and welfare payable, accrued expense and other current liabilities and other non-current assets. Refer to Note 15 for details. | |||
(f) Cash and cash equivalents | |||
Cash and cash equivalents represent cash on hand, demand deposits, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal or use, and which have original maturities of three months or less. | |||
(g) Term deposits and restricted cash | |||
Term deposits represent time deposits placed with banks with original maturities of more than three months and up to one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive income. | |||
Restricted cash represents deposits placed with banks which are restricted as to withdrawal or usage. | |||
(h) Accounts receivable, net | |||
The carrying value of accounts receivable is reduced by an allowance that reflects the Group’s best estimate of the amounts that will not be collected. Many factors are considered in estimating the general allowance, including but not limited to reviewing accounts receivable balances, historical bad debt rates, aging analysis, customer credit worthiness and industry trend analysis. The Group also makes the specific allowance if there is evidence showing that the receivable is unlikely to be collected. Accounts receivable balances are written off against the allowance when they are determined to be uncollectible. Refer to Note 4 for details. | |||
(i) Property and equipment, net | |||
Property and equipment are stated at cost less accumulated depreciation and impairment. Property and equipment are depreciated over the following estimated useful lives on a straight-line basis: | |||
Estimated Useful Lives | |||
Computer, equipment and furniture | 5 years | ||
Motor vehicles | 5 years | ||
Leasehold improvements | Lesser of lease terms or the estimated useful lives of the assets | ||
Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive income. | |||
(j) Intangible assets, net | |||
Intangible assets mainly consist of computer software purchased from unrelated third parties and an Internet domain name. Intangible assets are stated at cost less impairment and accumulated amortization, which is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are 5 years for computer software, and 10 years for the Internet domain name. | |||
(k) Impairment of long-lived assets | |||
Long-lived assets such as property and equipment and intangible assets are reviewed for impairment whenever events or changes in the circumstances indicate that the carrying value of an asset may not be recoverable. When these events occur, the Group assesses the recoverability of the long-lived assets by comparing the carrying amount to the estimated future undiscounted cash flows associated from the use of the asset and its eventual disposition, and recognize an impairment of long-lived assets when the carrying value of such assets exceeds the estimated future undiscounted cash flows such assets is expected to generate. If the Group identifies an impairment, the Group reduces the carrying amount of the assets group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. No impairment of long-lived assets was recognized for any of the years presented. | |||
(l) Revenue recognition | |||
Revenue is recognized when persuasive evidence of an arrangement exists, the price is fixed or determinable, service is performed and the collectability of the related fee is reasonably assured. In October 2009, the Financial Accounting Standards Board (the ‘‘FASB’’) issued Accounting Standards Update (“ASU”) 2009-13, Multiple Deliverable Revenue Arrangements, to address the accounting for multiple-deliverable arrangements. The Group has applied ASU 2009-13 through a retrospective application to all revenue arrangements for all years presented of the financial statements. | |||
(i) Net advertising revenues | |||
Advertising revenues are derived principally from advertising arrangements where the advertisers pay to place their advertisements on the Group’s website in different formats over a particular period of time. Such formats generally include but are not limited to banners, text-links, videos, logos, buttons, and rich media. Advertisements on the Group’s website are generally charged on the basis of duration, and advertising contracts are signed to establish the fixed price and the advertising services to be provided. Where collectability is reasonably assured, advertising revenues from advertising contracts are recognized ratably over the contract period of display. | |||
The majority of the Group’s advertising revenue arrangements involve multiple element deliverables, including placements of different advertisement formats on the Group’s website over different periods of time. The Group breaks down the multiple element arrangements into single units of accounting when possible, and allocates total consideration to each single unit of accounting using the relative selling price method. The Group mainly uses (a) vendor-specific objective evidence of selling price, if it exists; otherwise, (b) third-party evidence of selling price. If neither (a) nor (b) exists, the Group will use (c) management’s best estimate of the selling price for that deliverable. The Group recognizes revenue on the elements delivered and defers the recognition of revenue for the fair value of the undelivered elements until the remaining obligations have been satisfied. Where all of the elements within an arrangement are delivered uniformly over the agreement period, the revenues are recognized on a straight line basis over the contract period. | |||
Agency service fees to third-party advertising agencies | |||
The Group provides cash incentives in the form of agency service fees to certain third-party advertising agencies based on sales performance, and accounts for such incentives as a reduction of revenue in accordance with ASC 605-50-25, Customer Payments and Incentives: Recognition. The Group has estimated and recorded RMB49.1 million, RMB77.7 million and RMB135.9 million (US$22.4 million) in agency service fees to third-party advertising agencies for the years ended December 31, 2011, 2012 and 2013, respectively. | |||
Barter transactions | |||
The Group enters into barter transaction involving advertising services and follows ASC 605-20, Revenue Recognition: Services. Such barter transactions should be recorded at fair value only if such value of the advertising surrendered in the transaction is determinable within reasonable limits. The Group did not recognize revenue and expenses for advertising-for-advertising barter transactions since the fair value of the advertising services surrendered/received in the transaction is not determinable for the years ended December 31, 2011, 2012 and 2013. Except for advertising-for-advertising barter transactions, the Group recognized revenue from barter transactions involving exchanging advertising services for content, technical and marketing services amounted to RMB2.3 million, RMB2.3 million and nil for the years ended December 31, 2011, 2012 and 2013, respectively. | |||
(ii) Paid service revenues | |||
In the beginning of the year 2013, the Company reclassified its paid service revenues presentation from previously mobile Internet value-added services, or MIVAS, and video value-added services, or VVAS, into currently MVAS and games and others. | |||
MVAS | |||
MVAS revenues are derived from providing mobile phone users with mobile digital reading services, mobile game services, mobile video services, wireless value-added services (“WVAS”). WVAS include short messaging services (“SMS”), multi-media messaging services (“MMS”), music services such as ring-back tone (“RBT”), interactive voice response (“IVR”) and wireless application protocol (“WAP”) services. Revenues from mobile digital reading services, mobile game services, mobile video services, and WVAS are charged on a monthly or per-usage basis. Revenues from MVAS are recognized in the period in which the service is performed, provided that no significant obligation remains, collection of the receivables is reasonably assured and the amounts can be accurately estimated. | |||
The Group contracts with China Mobile Communication Corporation and its subsidiaries (“CMCC”), and to a lesser degree, with other mobile operators, for billing, collection and transmission services related to the MVAS offered to its users. The determination of whether to record these revenues using the gross or net method is based on an assessment of various factors; the primary factors are whether the Group is acting as the principal in offering services to the customer or as an agent in the transaction, and the specific requirement of each contract. CMCC is related party of the Group, see Note 19. | |||
For most of mobile game services and WVAS, the Group is responsible to provide desired services to the customers and has primary responsibility and broad discretion to establish price, therefore the Group is considered the primary obligor in these transactions, and revenues from these services are recorded on a gross basis. Revenues from mobile digital reading services, music services and mobile video services are recorded on a net basis as the Group is acting as an agent of operators in these transactions. | |||
Due to the time lag between when the services are rendered and when the operator billing statements are received, most MVAS revenues are estimated based on the Group’s internal billing records and transmissions for the month, adjusting for prior periods’ confirmation rates with operators and prior periods’ discrepancies between internally estimated revenues and actual revenues confirmed by operators. There was no significant difference between the Group’s estimates and the operators’ billing statements for all the years presented. | |||
The Group also contracts with CMCC to provide news contents and other services to support CMCC’s own mobile newspaper products. A fixed fee is charged for the contract period, and is recognized as revenue using straight-line method. | |||
Games and others | |||
Games and others include web-based games, online digital reading, content sales, and other online and mobile paid services through the Company’s own platforms. Revenues from these services are recognized over the periods in which the services are performed, provided that no significant obligations remain, collection of the receivables is reasonably assured and the amounts can be accurately estimated. | |||
For web-based game service, all of the web-based games provided on the Group’s platform are developed by third-party game developers and can be accessed and played by game players without downloading separate software. The Group primarily views the game developers to be its customers and considers its responsibility under its agreements with the game developers to be promotion of the game developers’ games. The Group collects payments from game players in connection with the sale of in-game virtual currencies and remits certain agreed-upon percentages of the proceeds to the game developers. Revenue from the sale of in-game virtual currency is recorded net of remittances to game developers and deferred until the estimated consumption date of the virtual items, which is within a short period of time, typically a few days, after purchase of the in-game virtual currency. | |||
The Group also provides online literature and provides video programming through its online subscription and pay-per-view services to the customers. Revenues from these services which recorded on a gross basis are recognized evenly in the subscription period, or in the period in which pay-per-view service is provided. | |||
The Group generates revenues from video content sales agreements for television programming mainly produced by Phoenix TV Group. The video content sales agreements the Group enters into involve the transfer of non-exclusive broadcasting rights to other third-party websites or other Internet and mobile media companies for a definitive license period. In accordance with ASC 926-605, Entertainment-Films, Revenue Recognition, the Group recognizes revenues in respect of its video content sales arrangements when the following criteria are met: persuasive evidence of a video content sales arrangement with a customer exists, the content has been delivered or is available for immediate and unconditional delivery, the sublicense period of the arrangement has begun and the customer can begin its exhibition, the arrangement fee is fixed or determinable and collection of the arrangement fee is reasonably assured. Pursuant to the cooperation agreement signed with Phoenix TV, the Group pays Phoenix TV 50% of the revenues generated from sales of Phoenix TV’s video content, which is recorded in cost of revenues. Refer to Note 18(a) for details. | |||
(m) Cost of revenues | |||
The Group’s cost of revenues consists primarily of (i) revenue sharing fees, including service fees retained by mobile telecommunications operators which are recognized as cost of revenues for revenues recorded on gross basis and revenue sharing fees paid to the Group’s channel and content partners, (ii) content and operational costs, including personnel-related cost associated with content production and certain advertisement sales support personnel, content procurement costs to third-party professional media companies and to Phoenix TV, administrative costs related to in-house content production, channel testing costs, rental cost, depreciation and amortization and other miscellaneous costs, (iii) bandwidth costs, and (iv) sales taxes and surcharges, sales taxes include business tax and value added tax. The sales taxes and surcharges in cost of revenues for the years ended December 31, 2011, 2012 and 2013 were RMB59.5 million, RMB72.1 million and RMB92.9 million (US$15.4 million), respectively. | |||
In China, business tax is imposed by the government on the revenues reported by the selling entities for the provision of taxable services in China, transfer of intangible assets and the sale of immovable properties in China. The business tax rate varies depending on the nature of the revenues. The applicable business tax and surcharges rate for the group’s revenues generally ranges from 3.3% to 5.5%. | |||
On November 16, 2011, Ministry of Finance and the State Administration of Taxation announced the Business Tax to Value Added Tax Transformation Pilot Program, or the VAT Pilot Program. Productive service industries, such as the transportation industry and certain modern services industries, were the first in the pilot regions to implement the VAT Pilot Program. The implementation of the VAT Pilot Program began on January 1, 2012 in Shanghai and on September 1, 2012 in Beijing, and was then expanded to seven other provinces and municipalities by the end of 2012. Commencing on August 1, 2013, the implementation of VAT Pilot Program has expanded to all regions in the PRC. As a result of the VAT Pilot Program, the advertising revenues and other modern services revenues, such as web-based game service revenues earned by the Group’s entities and technical service fees paid by VIEs to Fenghuang On-line pursuant to the Contractual Agreement are subject to value-added tax and surcharges at a rate of approximately 6.6%. Most of the Group’s MVAS revenues are not within the scope of the VAT Pilot Program and, thus, are still subject to business tax. | |||
The Group is also subject to a cultural development fee on the provision of advertising services in China. The applicable tax rate is 3% of the advertising services revenues. | |||
(n) Sales and marketing expenses | |||
Sales and marketing expenses comprise primarily of: (i) personnel-related expenses including sales commissions related to the sales and marketing personnel; (ii) advertising and promotion expenses; and (iii) rental expense, depreciation and amortization expenses. The Group expenses advertising costs as incurred. Total advertising expenses were RMB17.5 million, RMB31.1 million and RMB54.2 million (US$8.9 million) for the years ended December 31, 2011, 2012 and 2013, respectively. | |||
(o) Technology and product development expenses | |||
Technology and product development expenses mainly consist of: (i) personnel-related expenses associated with the development of, enhancement to, and maintenance of the Group’s websites; (ii) expenses associated with new technology and product development and enhancement; and (iii) rental expense and depreciation of servers. The Group expenses technology and product development expenses as incurred for all the years presented. | |||
(p) Operating leases | |||
Leases where substantially all the rewards and risks of ownership of assets remain with the leaser are accounted for as operating leases. Payments made under operating leases are charged to the consolidated statements of comprehensive income on a straight-line basis over the lease term. The Group normalizes rental expense on operating leases that involve rent concessions. | |||
(q) Share-based compensation | |||
The Company has incentive plans for the granting of share-based awards, including share options, restricted shares and restricted share units. The Company measures the cost of employee services received in exchange for share-based compensation at the grant date fair value of the award. The Company recognizes the share-based compensation as costs and/or expenses in the consolidated statements of comprehensive income, net of estimated forfeitures, on a graded-vesting basis over the vesting term of the awards. | |||
Cancellation of an award accompanied by the grant of a replacement award is accounted for as a modification of the terms of the cancelled award (“modification awards”). The compensation costs associated with the modification awards are recognized if either the original vesting condition or the new vesting condition has been achieved. Such compensation costs cannot be less than the grant-date fair value of the original award. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modification awards, the Company recognizes share-based compensation over the vesting periods of the new awards, which comprises (i) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (ii) any unrecognized compensation cost of original award, using either the original term or the new term, whichever is higher for each reporting period. | |||
The Company adopts the Black-Scholes option pricing model to determine the fair value of share options, and determines the fair value of restricted share and restricted share units based on the fair value of the underlying ordinary shares at the grant date considering the dilutive effect of restricted share and restricted share units. | |||
Forfeiture rate are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. The Group uses historical data to estimate pre-vesting option and restricted share units forfeitures and record share-based compensation only for those awards that are expected to vest. Refer to Note 14 for further information regarding share-based compensation assumptions and expenses. | |||
(r) Income taxes | |||
Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized. | |||
Uncertain tax positions | |||
The Group adopted the provisions of ASC 740-10, Income Taxes: Overall, on January 1, 2007, which clarified the accounting for uncertainty in income taxes by prescribing the recognition and measurement thresholds a tax position is required to meet before being recognized in the financial statements. The guidance prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Significant judgment is required in evaluating the Group’s uncertain tax positions and determining its provision for income taxes. Refer to Note 11 for details of the Group’s tax positions. | |||
(s) Employee social security and welfare benefits | |||
Full-time employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed. Employee social benefits included as expenses in the accompanying consolidated statements of comprehensive income were RMB31.7 million, RMB47.2 million and RMB57.4 million (US$9.5million) for the years ended December 31, 2011, 2012 and 2013, respectively. | |||
(t) Statutory reserves | |||
In accordance with the laws applicable to China’s Foreign Investment Enterprises, those of the Company’s China-based subsidiaries that are considered under PRC law to be a wholly foreign-owned enterprise are required to make appropriations from their after-tax profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of the People’s Republic of China (“PRC GAAP”)) to non-distributable reserve funds including (i) general reserve fund, (ii) enterprise expansion fund and (iii) staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the respective company. Appropriations to the other two reserve funds are at the respective companies’ discretion. | |||
In accordance with the China Company Laws, those of the Company’s China-based subsidiaries that are considered under PRC law to be domestically funded enterprises, as well as the Company’s VIEs are required to make appropriations from their after-tax profit (as determined under PRC GAAP) to non-distributable reserve funds including (i) statutory surplus fund and (ii) discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary surplus fund is at the discretion of the respective company. | |||
General reserve fund and statutory surplus fund are restricted for set off against losses, expansion of production and operation or increase in register capital of the respective company. The Group has made appropriations of RMB14.3 million, RMB7.3 million and RMB18.3 million (US$3.0 million) to these funds for the years ended December 31, 2011, 2012 and 2013, respectively. | |||
(u) Related parties | |||
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation. | |||
(v) Dividends | |||
Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2011 and 2012 and 2013, respectively. The Group does not have any present plan to pay dividends on ordinary shares in the foreseeable future. The Group currently intends to retain the available funds and future earnings to operate and expand its business. | |||
(w) Net (loss)/income per share | |||
The Company computes net (loss)/income per Class A and Class B ordinary share in accordance with ASC 260-10, Earnings Per Share: Overall, using the two class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Net losses are not allocated to other participating securities if based on their contractual terms they are not obligated to share in the losses. | |||
Basic net (loss)/income per share is computed by dividing net (loss)/income attributable to ordinary shareholders, considering the accretion of redemption feature and amortization of beneficial conversion feature related to its convertible redeemable preferred shares (see Note 12), by the weighted average number of ordinary shares and contingently issuable shares outstanding during the period except that it does not include unvested restricted shares and repurchased ordinary shares subject to cancellation. | |||
The liquidation and dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting. As a result, and in accordance with ASC 260-10, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B ordinary shares. As the liquidation and dividend rights are identical, the net (loss)/income are allocated on a proportionate basis. | |||
Diluted net (loss)/income per share is calculated by dividing net (loss)/income attributable to ordinary shareholders, as adjusted for the effect of dilutive potential ordinary shares, if any, by the weighted average number of ordinary shares outstanding and dilutive potential ordinary shares during the period. Potential ordinary shares are excluded in the denominator of the diluted net (loss)/income per share calculation if their effects would be anti-dilutive. Potential ordinary shares consist of ordinary shares issuable upon the conversion of the series A convertible redeemable preferred shares using the if-converted method, and ordinary shares issuable upon the exercise of share options and the vesting of restricted share units and restricted shares using the treasury stock method. | |||
(x) Treasury stock | |||
The Company accounted for those shares repurchased as treasury stock at cost in accordance with ASC 505-30, Treasury Stock, and is shown separately in the shareholders’ equity as the Company has not yet decided on the ultimate disposition of those shares acquired. When the Company decides to cancel the treasury stock, the difference between the original issuance price and the repurchase price is debited into additional paid-in capital. Refer to Note 17 for details. | |||
(y) Comprehensive income | |||
Comprehensive income is defined as the change in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income is reported in the consolidated statements of comprehensive income. Accumulated other comprehensive loss, as presented on the Group’s consolidated balance sheets, includes the foreign currency translation adjustment. | |||
(z) Segment reporting | |||
Based on the criteria established by ASC 280, Segment Reporting, the Group’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group has internal reporting of cost and expenses that does not distinguish between segments, and reports costs and expenses by nature as a whole. The Group does not distinguish between markets or segments for the purpose of internal reporting. Hence, the Group has only one operating segment. As the Group’s long-lived assets and revenue are substantially located in and derived from the PRC, no geographical segments are presented. | |||
(aa) Recently issued accounting pronouncements | |||
In February 2013, the FASB issued ASU No. 2013-02 (“ASU 2013-02”), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which is intended to improve the reporting of reclassifications out of accumulated other comprehensive income. It does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the standard requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012, with early adoption permitted. The Group adopted ASU 2013-02 beginning January 1, 2013 and its adoption did not have a material impact on its consolidated financial statements. | |||
In July 2013, the FASB issued guidance on “Income Taxes - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments clarify that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss, similar tax loss, or tax credit carryforward, except as noted in the following sentence. To the extent a net operating loss, similar tax loss, or tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such a purpose, then under this exception the unrecognized tax benefit is to be presented in the financial statements as a liability and should not be combined with (netted with) the deferred tax asset(s). The assessment of whether a deferred tax asset is “available” is based on the unrecognized tax benefit and deferred tax asset amounts that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Group will adopt ASU 2013-11 beginning January 1, 2014 and does not expect the adoption to have a material impact on its consolidated financial statements. |
Certain_Risks_and_Concentratio
Certain Risks and Concentration | 12 Months Ended |
Dec. 31, 2013 | |
Certain Risks and Concentration [Abstract] | ' |
Certain Risks and Concentration | ' |
3. Certain Risks and Concentration | |
(a) Major customers | |
A significant portion of Group’s MVAS generates through and from CMCC, which is also a related party as a result of being a shareholder of Phoenix TV. CMCC is a major mobile network operator in China. It provides billing, collection and transmission services related to the paid services offered by most of the wireless service and content providers in China. The revenues generated through and from CMCC for the years ended December 31, 2011, 2012 and 2013 were RMB447.3 million, RMB434.8 million and RMB429.6 million (US$71.0 million), respectively, which accounted for 47.1%, 39.1% and 30.2% of respective years’ total revenues. | |
The accounts receivable from CMCC as of December 31, 2012 and 2013 were RMB58.5 million and RMB73.1 million (US$12.1 million), respectively, which is included on the consolidated balance sheets as ‘‘Amounts due from related parties’’. Except for CMCC, there is no other customer with revenues or receivables over 10% of total revenues or total accounts receivable, respectively. | |
(b) Credit risk | |
The Group’s credit risk arises from cash and cash equivalents, term deposits, restricted cash, as well as credit exposures to receivables due from its customers, related parties and other parties. | |
The Group expects that there is no significant credit risk associated with cash and cash equivalents, term deposits and restricted cash which were held by reputable financial institutions in the jurisdictions where the Company, its subsidiaries, VIEs and the subsidiaries of one of the VIEs are located. The Group believes that it is not exposed to unusual risks as these financial institutions have high credit quality. | |
The Group has no significant concentrations of credit risk with respect to its customers, except for the from CMCC as discussed above. The Group assesses the credit quality of and sets credit limits on its customers by taking into account their financial position, the availability of guarantee from third parties, their credit history and other factors such as current market conditions. | |
(c) Currency convertibility risk | |
The Group’s operating transactions and its assets and liabilities are mainly denominated in RMB. RMB is not freely convertible into foreign currencies. The value of the RMB is subject to changes by the central government policies and to international economic and political developments. In the PRC, certain foreign exchange transactions are required by law to be transacted only by authorized financial institutions at exchange rates set by PBOC. Remittances in currencies other than RMB by the Group in China must be processed through PBOC or other China foreign exchange regulatory bodies which require certain supporting documentation in order to affect the remittance. | |
(d) PRC regulations | |
The Group is exposed to certain macro-economic and regulatory risks and uncertainties in the Chinese market. These uncertainties affect the ability of the Group to provide online advertising, mobile and Internet related services through contractual arrangements in the PRC since these industries remains highly regulated. The Chinese government may issue from time to time new laws or new interpretations on existing laws to regulate these industries. Regulatory risk also encompasses the interpretation by the tax authorities of current tax laws, the status of properties leased for the Group’s operations and the Group’s legal structure and scope of operations in the PRC, which could be subject to further restrictions resulting in limitations on the Group’s ability to conduct business in the PRC. The PRC government may also require the Group to restructure its operations entirely if it finds that its contractual arrangements do not comply with applicable laws and regulations. It is unclear how a restructuring could impact the Group’s business and operating results, as the PRC government has not yet found any such contractual arrangements to be in noncompliance. However, any such restructuring may cause significant disruption to the Group’s business operations. |
Accounts_Receivable_Net
Accounts Receivable, Net | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||||
Accounts Receivable, Net | ' | |||||||||
4. Accounts Receivable, Net | ||||||||||
The following table sets out the balance of accounts receivable as of December 31, 2012 and 2013: | ||||||||||
As of December 31, | ||||||||||
2012 | 2013 | 2013 | ||||||||
RMB | RMB | US$ | ||||||||
Accounts receivable, gross | 303,185 | 373,963 | 61,774 | |||||||
Allowance for doubtful accounts | (22,198 | ) | (20,584 | ) | (3,400 | ) | ||||
Accounts receivable, net | 280,987 | 353,379 | 58,374 | |||||||
The following table presents movement of the allowance for doubtful accounts: | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Balance as of January 1, | 2,447 | 8,404 | 22,198 | 3,667 | ||||||
Additional provision charged to bad debt expenses | 11,926 | 25,902 | 2,590 | 428 | ||||||
Write-off of bad debt provision | (5,969 | ) | (12,108 | ) | (4,204 | ) | (695 | ) | ||
Balance as of December 31, | 8,404 | 22,198 | 20,584 | 3,400 | ||||||
Prepayment_and_Other_Current_A
Prepayment and Other Current Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Prepayment and Other Current Assets [Abstract] | ' | |||||||
Prepayment and Other Current Assets | ' | |||||||
5. Prepayment and Other Current Assets | ||||||||
The following is a summary of prepayment and other current assets: | ||||||||
As of December 31, | ||||||||
2012 | 2013 | 2013 | ||||||
RMB | RMB | US$ | ||||||
Prepaid rental and deposits | 3,404 | 3,280 | 542 | |||||
Prepayment to suppliers and other business related expenses | 34,029 | 19,299 | 3,187 | |||||
Receivables related to exercise of employee options | 3,285 | 3,981 | 658 | |||||
Others | 1,839 | 1,351 | 223 | |||||
Total | 42,557 | 27,911 | 4,610 | |||||
Prepayment to suppliers and other business related expenses mainly consist of business related staff advance, and the Group’s prepaid content licenses fee to third-party content suppliers for the rights to access and present on the Group’s website the contents produced by these suppliers during a certain period. These content licenses generally have a licensing period of one to three years, and are amortized over the license period on a straight-line basis. The portion of the prepaid content license cost that relates to a license period more than 12 months from the balance sheet date is classified as other non-current assets. | ||||||||
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property and Equipment, Net [Abstract] | ' | |||||||
Property and Equipment, Net | ' | |||||||
6. Property and Equipment, Net | ||||||||
The following is a summary of property and equipment, net: | ||||||||
As of December 31, | ||||||||
2012 | 2013 | 2013 | ||||||
RMB | RMB | US$ | ||||||
Computer, equipment and furniture | 86,346 | 110,209 | 18,206 | |||||
Motor vehicles | 5,393 | 5,732 | 947 | |||||
Leasehold improvements | 43,055 | 35,555 | 5,873 | |||||
Total | 134,794 | 151,496 | 25,026 | |||||
Less: accumulated depreciation | (32,247 | ) | (56,370 | ) | (9,312 | ) | ||
Net book value | 102,547 | 95,126 | 15,714 | |||||
Depreciation expenses for the years ended December 31, 2011, 2012 and 2013 were RMB11.3 million, RMB19.2 million and RMB28.7 million (US$4.7 million), respectively. | ||||||||
Intangible_Assets_Net
Intangible Assets, Net | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Intangible Assets, Net [Abstract] | ' | |||||||
Intangible Assets, Net | ' | |||||||
7. Intangible Assets, Net | ||||||||
The following table summarizes the Group’s intangible assets, net: | ||||||||
As of December 31, | ||||||||
2012 | 2013 | 2013 | ||||||
RMB | RMB | US$ | ||||||
Software | 12,665 | 13,305 | 2,198 | |||||
Domain name | 54 | 54 | 9 | |||||
Total | 12,719 | 13,359 | 2,207 | |||||
Less: accumulated amortization | (3,231 | ) | (5,440 | ) | (899 | ) | ||
Net book value | 9,488 | 7,919 | 1,308 | |||||
Amortization expenses for the years ended December 31, 2011, 2012 and 2013 were RMB1.0 million, RMB1.9 million and RMB2.8 million (US$0.5 million), respectively. Based on the current amount of intangible assets subject to amortization, the estimated amortization expenses for each of the following five years are as follows: 2014: RMB2.6 million, 2015: RMB2.3 million, 2016: RMB1.8 million, 2017: RMB1.0 million, and 2018: RMB0.2 million. | ||||||||
Other_NonCurrent_Assets
Other Non-Current Assets | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Non-Current Assets [Abstract] | ' | |||||||
Other Non-Current Assets | ' | |||||||
8. Other Non-Current Assets | ||||||||
The following is a summary of other non-current assets: | ||||||||
As of December 31, | ||||||||
2012 | 2013 | 2013 | ||||||
RMB | RMB | US$ | ||||||
Rental deposits | 8,061 | 7,460 | 1,232 | |||||
Non-current portion of prepayment to suppliers and other business related expenses | 5,043 | 5,218 | 862 | |||||
Total | 13,104 | 12,678 | 2,094 | |||||
Accrued_Expenses_and_Other_Cur
Accrued Expenses and Other Current Liabilities | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | ' | |||||||
Accrued Expenses and Other Current Liabilities | ' | |||||||
9. Accrued Expenses and Other Current Liabilities | ||||||||
Accrued expenses and other current liabilities are comprised of: | ||||||||
As of December 31, | ||||||||
2012 | 2013 | 2013 | ||||||
RMB | RMB | US$ | ||||||
Deposits from advertising agencies | 11,149 | 14,844 | 2,452 | |||||
Accrued professional fees | 4,406 | 4,593 | 759 | |||||
General operating expenses payables | 23,754 | 40,117 | 6,627 | |||||
Others | 1,408 | 2,599 | 429 | |||||
Total | 40,717 | 62,153 | 10,267 | |||||
Cost_of_Revenues
Cost of Revenues | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Cost of Revenues [Abstract] | ' | |||||||||
Cost of Revenues | ' | |||||||||
10. Cost of Revenues | ||||||||||
The cost of revenues is as follows: | ||||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Revenue sharing fees | 285,960 | 263,518 | 249,797 | 41,264 | ||||||
Content and operational costs | 171,707 | 227,934 | 277,038 | 45,763 | ||||||
Bandwidth costs | 37,462 | 67,721 | 76,583 | 12,651 | ||||||
Sales taxes and surcharges | 59,547 | 72,126 | 92,937 | 15,352 | ||||||
Total | 554,676 | 631,299 | 696,355 | 115,030 | ||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Income Taxes | ' | |||||||||
11. Income Taxes | ||||||||||
Income Tax Expense and Effective Tax Rate | ||||||||||
The provisions for income tax expense are summarized as follows: | ||||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Current tax expense | 26,464 | 22,550 | 42,863 | 7,080 | ||||||
Deferred tax benefit | (11,318 | ) | (5,573 | ) | (5,275 | ) | (871 | ) | ||
Income tax expense | 15,146 | 16,977 | 37,588 | 6,209 | ||||||
The components of income before tax and income tax expense for PRC and non-PRC operations are as follows: | ||||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Income arising from PRC operations | 155,625 | 103,168 | 292,333 | 48,289 | ||||||
(Loss)/profit arising from non-PRC operations | (38,004 | ) | 21,168 | 23,278 | 3,845 | |||||
Income before tax | 117,621 | 124,336 | 315,611 | 52,134 | ||||||
Income tax expense relating to PRC operations | 15,122 | 16,961 | 37,573 | 6,207 | ||||||
Income tax expense relating to non-PRC operations | 24 | 16 | 15 | 2 | ||||||
Income tax expense | 15,146 | 16,977 | 37,588 | 6,209 | ||||||
Effective tax rate for PRC operations | 9.7 | % | 16.4 | % | 12.9 | % | 12.9 | % | ||
Cayman Islands (“Cayman”) | ||||||||||
Under the current laws of the Cayman Islands, the Company is not subject to tax on income or capital gain. Additionally, upon payments of dividends to the shareholders, no Cayman Islands withholding tax will be imposed. | ||||||||||
British Virgin Islands (“BVI”) | ||||||||||
The Group is exempted from income tax on its foreign-derived income in the BVI. There are no withholding taxes in the BVI. | ||||||||||
Hong Kong | ||||||||||
An entity incorporated in Hong Kong is subject to the tax rate 16.5% on the estimated assessable profit arising in Hong Kong in 2013. | ||||||||||
PRC | ||||||||||
Prior to January 1, 2008, companies established in China were generally subject to state and local corporate income taxes, or EIT, at statutory rates of 30% and 3%, respectively. Pursuant to the income tax laws and rules then effective, an enterprise qualified as a ‘‘New Technology Enterprise’’ was entitled to a preferential EIT rate of 15% and was further entitled to a three-year EIT exemption for the first three years from the date of incorporation, and a 50% reduction of its applicable EIT rates for the succeeding three years. In addition, an enterprise qualified as a “High and New Technology Enterprise” (“HNTE”) was entitled to a preferential EIT rate of 15%. Fenghuang On-line was qualified as a New Technology Enterprise. | ||||||||||
On March 16, 2007, the National People’s Congress of PRC enacted a new Corporate Income Tax Law (“EIT Law”), under which foreign investment enterprises (“FIEs”) and domestic companies would be subject to EIT at a uniform rate of 25%. There will be a five-year transition period for FIEs, during which FIEs are allowed to continue to enjoy their existing preferential tax treatments. Preferential tax treatments will continue to be granted to entities which conduct businesses in certain encouraged sectors and to entities otherwise classified as “Software Enterprises” and/or HNTE, irrespective of whether they are FIEs or domestic companies. The EIT Law became effective on January 1, 2008. | ||||||||||
In addition, the EIT Law provides grandfather treatment for enterprises which were qualified as “New Technology Enterprises” under the previous income tax laws and were established before March 16, 2007, if they continue to meet the criteria for New Technology Enterprises after January 1, 2008. The grandfather provision allows these enterprises continue to enjoy their unexpired tax holiday provided by the previous income tax laws and rules. | ||||||||||
Under the previous income tax laws and rules prior to January 1, 2008, Fenghuang On-line has been qualified as a New Technology Enterprise, could enjoy a favorable tax rate of 15% and was exempted from income tax for three years beginning with its first year of operations, and was entitled to a 50% tax reduction to 7.5% for the subsequent three years and then had an income tax rate of 15% thereafter. Fenghuang On-line continued to meet the criteria for New Technology Enterprise from 2008 to 2010, and it has also been qualified as HNTE under the EIT Law in 2008, and it can continue to enjoy its unexpired tax holidays. In 2011, Fenghuang On-line resubmitted applications for qualification as a HNTE, which were approved in October 2011. Therefore, Fenghuang On-line was entitled to tax exemption from 2006 to 2008, a 50% reduction of its applicable EIT rate to 7.5% from 2009 to 2011 and was subject to a 15% income tax rate for the years 2012 and 2013. | ||||||||||
In April 2010, the State Administration of Tax (“SAT”) issued Circular 157, which seeks to provide additional guidance on the interaction of certain preferential tax rates under the transitional rules of the EIT Law. Prior to Circular 157, the Group interpreted the law to mean that if an entity was in a period where it was entitled to a 50% reduction in the tax rate and was also entitled to a 15% rate of tax due to HNTE status under the EIT Law, then it was entitled to pay tax at the rate of 7.5%. Circular 157 appears to have the effect that such an entity is entitled to pay tax at either 15% or 50% of the applicable PRC tax rate. The effect of Circular 157 is retrospective and would apply to 2008 and 2009. | ||||||||||
However, to date, the Beijing local-level tax bureau has not implemented Circular 157 and is holding the view that the relevant provisions might not apply to HNTE in Science & Technology Park of Haidian District, where Fenghuang On-line is located. Therefore Fenghuang On-line has kept its current practice unchanged. The Group expects more guidance to be issued in the future. Upon the issuance of such guidance, Fenghuang On-line’s effective tax rate might increase. If Circular 157 were implemented with a retroactive effect, Fenghuang On-line would be liable to pay additional taxes for its historical earnings before the implementation of Circular 157. The Group did not recognize liability for this uncertainty as it believes the probability of a retroactive implementation is remote. | ||||||||||
In 2008, Tianying Jiuzhou has been qualified as HNTE under the EIT Law. Therefore, Tianying Jiuzhou was entitled to the preferential tax rate of 15% from 2008 to 2010. In 2011, Tianying Jiuzhou resubmitted applications for qualification as an HNTE, which were approved in October 2011. Therefore, Tianying Jiuzhou was subject to a 15% income tax rate from 2011 to 2013. | ||||||||||
Yifeng Lianhe was qualified as an HNTE under the EIT Law in 2011, and therefore was subject to 15% income tax rate from 2011 to 2012. In 2013, Yifeng Lianhe was no longer qualified as an HNTE pursuant to the joint annual inspection by the Ministry of Science and Technology, the Ministry of Finance and the State Administration of Taxation, and was subject to a 25% EIT rate for the year 2013. | ||||||||||
Tianying Chuangzhi, Fenghuang Mingdao, Fenghuang Tianbo, Tianying Chuangzhan, Fenghuang Feiyang and Jirong Wenhua were subject to a 25% EIT rate for all the years presented. | ||||||||||
In 2012, Fenghuang Yutian has been qualified as a Software Enterprise. As 2013 was the first year Fenghuang Yutian generated taxable profit, it is exempted from EIT for years 2013 and 2014, and will be subject to a 50% tax reduction in its EIT rate for the subsequent three years. | ||||||||||
The EIT Law also provides that an enterprise established under the Laws of foreign countries or regions but whose “de facto management body” is located in the PRC be treated as a resident enterprise for PRC tax purposes and consequently be subject to the PRC income tax at the rate of 25% for its global income. The Implementing Rules of the EIT Law merely define the location of the “de facto management body” as “the place where the exercising, in substance, of the overall management and control of the production and business operation, personnel, accounting, properties, etc., of a non-PRC company is located.” Based on a review of surrounding facts and circumstances, the Group does not believe that it is likely that its operations outside of the PRC should be considered a resident enterprise for PRC tax purposes. However, due to limited guidance and implementation history of the EIT Law, if PNM is treated as a resident enterprise for PRC tax purposes, the Company would be subject to PRC tax on worldwide income at a uniform tax rate of 25% retroactive to January 1, 2008. | ||||||||||
Withholding Tax on Undistributed Dividends | ||||||||||
EIT Law imposes a withholding tax for any dividends to be distributed by an FIE to its immediate holding company outside of China, if such immediate holding company is considered a non-resident enterprise without any establishment or place within China or if the received dividends have no connection with the establishment or place of such immediate holding company within China, unless such immediate holding company's jurisdiction of incorporation has a tax treaty with China that provides for a different withholding arrangement. All FIEs are subject to the withholding tax from January 1, 2008. | ||||||||||
The current dividend policy approved by the Company's Board of Directors allows the Company to distribute PRC earnings offshore only if the Company does not have to pay dividend tax. Accordingly, the Company does not intend to have its PRC subsidiaries distribute any undistributed profits of such subsidiaries to their direct overseas parent companies, but rather intends that such profits will be permanently reinvested in such subsidiaries to further expand their business in the PRC. As of December 31, 2013, the Company did not record any withholding tax on the retained earnings of its FIEs in the PRC. Aggregate undistributed earnings of the Group's entities located in the PRC that are available for distribution to the Company as of December 31, 2012 and 2013 are approximately RMB304.4 million and RMB542.3 million (US$89.6 million), respectively. The amount of the unrecognized deferred tax liability on the permanently reinvested earnings was RMB30.4 million and RMB54.2 million (US$9.0 million) as of December 31, 2012 and 2013, respectively. | ||||||||||
Reconciliation of the Differences between Statutory Tax Rate and the Effective Tax Rate | ||||||||||
Reconciliation of the differences between PRC statutory income tax rate and the Group’s effective income tax rate for PRC operations for the years ended December 31, 2011, 2012 and 2013 is as follows: | ||||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | ||||||||
% | % | % | ||||||||
Statutory income tax rate | 25 | 25 | 25 | |||||||
Permanent differences | (2.4 | ) | (5.8 | ) | (1.5 | ) | ||||
Change in valuation allowance | (0.7 | ) | 1 | 1.1 | ||||||
Effect of preferential tax benefits | (13.5 | ) | (6.1 | ) | (13.2 | ) | ||||
Uncertain tax positions | 1.3 | 2.4 | 1.4 | |||||||
Others | — | (0.1 | ) | 0.1 | ||||||
Effective income tax rate | 9.7 | 16.4 | 12.9 | |||||||
The combined effects of the income tax expense exemption and reduction available to the Group are as follows: | ||||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Preferential tax rate effect | 20,950 | 6,281 | 38,534 | 6,365 | ||||||
Basic net income per share effect | 0.04 | 0.01 | 0.06 | 0.01 | ||||||
Deferred Tax Assets and Liabilities | ||||||||||
The tax effects of temporary differences that give rise to the deferred tax assets balances at December 31, 2012 and 2013 are as follows: | ||||||||||
As of December 31, | ||||||||||
2012 | 2013 | 2013 | ||||||||
RMB | RMB | US$ | ||||||||
Deferred tax assets - current: | ||||||||||
Provision of allowance for doubtful accounts | 5,312 | 4,361 | 720 | |||||||
Accrued payroll and expense | 12,192 | 18,418 | 3,043 | |||||||
Total current deferred tax assets | 17,504 | 22,779 | 3,763 | |||||||
Deferred tax assets - non-current: | ||||||||||
Net operating loss carryforward | 1,743 | 5,569 | 920 | |||||||
Less: valuation allowance | (1,743 | ) | (5,569 | ) | (920 | ) | ||||
Total non-current deferred tax assets, net | — | — | — | |||||||
As of December 31, 2013, the Group had net operating loss carryforward of approximately RMB22.3 million (US$3.7 million), which can be carried forward to offset future taxable income. Net operating loss carryforward of RMB4.0 million, RMB1.0 million, RMB5.9 million and RMB11.4 million will expire in 2014, 2016, 2017 and 2018, respectively, if not utilized. | ||||||||||
Movement of Valuation Allowance | ||||||||||
Valuation allowance is provided against deferred tax assets when the Group determines that it is more likely than not that the deferred tax assets will not be utilized in the future. In making such determination, the Group considered factors including future reversals of existing taxable temporary differences, future profitability, and tax planning strategies. Valuation allowance was provided for net operating loss carryforward because it was more likely than not that such deferred tax assets will not be realized based on the Group’s estimate of its future taxable income. | ||||||||||
The following table sets forth the movement of the valuation allowance for deferred tax assets: | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Balance as of January 1, | 1,856 | 750 | 1,743 | 288 | ||||||
Current year addition | — | 993 | 3,826 | 632 | ||||||
Current year reversal | (1,106 | ) | — | — | — | |||||
Balance as of December 31, | 750 | 1,743 | 5,569 | 920 | ||||||
Uncertain Tax Positions | ||||||||||
As of January 1, 2007 when the guidance on accounting for uncertainty in income taxes was adopted, the Group did not have any unrecognized tax benefits and thus, no interest and penalties related to unrecognized tax benefits were recorded. | ||||||||||
A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax benefits is as follows: | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Balance as of January 1, | 3,483 | 5,504 | 7,996 | 1,321 | ||||||
Increase related to current year tax positions | 2,021 | 2,492 | 4,235 | 699 | ||||||
Balance as of December 31, | 5,504 | 7,996 | 12,231 | 2,020 | ||||||
The Group did not accrue any potential penalties and interest related to these unrecognized tax benefits for all years presented on the basis that the likelihood of penalties and interest being charged is not considered to be high. | ||||||||||
The amounts of unrecognized tax benefits listed above are based on the recognition and measurement criteria of ASC 740. However, due to the uncertain and complex application of tax regulations, it is possible that the ultimate resolution of uncertain tax positions may result in liabilities which could be materially different from these estimates. In such an event, the Group will record additional tax expense or tax benefit in the period in which such resolution occurs. The Group does not expect changes in unrecognized tax benefits recognized as of December 31, 2013 to be material in the next twelve months. In accordance with PRC Tax Administration Law on the Levying and Collection of Taxes, the PRC tax authorities generally have up to five years to claw back underpaid tax plus penalties and interest for PRC entities’ tax filings. In the case of tax evasion, which is not clearly defined in the law, there is no limitation on the tax years open for investigation. Accordingly, the PRC entities’ tax years from 2009 to 2013 remain subject to examination by tax authorities. There are no ongoing examinations by tax authorities as of December 31, 2013. | ||||||||||
Series_A_Convertible_Redeemabl
Series A Convertible Redeemable Preferred Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Series A Convertible Redeemable Preferred Share [Abstract] | ' | |||||||||
Series A Convertible Redeemable Preferred Share | ' | |||||||||
12. Series A Convertible Redeemable Preferred Share | ||||||||||
In November 2009, the Company issued 130,000,000 series A convertible redeemable preferred shares (“Series A Preferred Shares”) for an aggregate purchase price of US$25.0 million (RMB170.7 million) or US$0.1923 per Series A Preferred Share, including issuance cost of US$0.2 million (RMB1.0 million). The Company has determined that the Series A Preferred Shares should not be classified as liabilities since the Series A Preferred Shares are contingently redeemable and that conversion and redemption features embedded in Series A Preferred Shares are not required to be bifurcated and accounted for as a derivative since the embedded features do not permit or require net settlement and therefore do not meet the definition of a derivative. The Company assessed the beneficial conversion feature attributable to the Series A Preferred Shares in accordance with ASC 470-20 and determined that there was a beneficial conversion feature with an amount of US$2.5 million (RMB17.1 million) which was bifurcated from the carrying value of Series A Preferred Shares as a contribution to additional paid-in capital upon issuance of Series A Preferred Shares. The discount resulting from the recognition of the beneficial conversion feature is amortized immediately as a deemed dividend to preferred shareholders and charged against additional paid-in capital in the absence of retained earnings. | ||||||||||
All Series A Preferred Shares have a par value of US$0.01 per share. The rights, preferences and privileges of the Series A Preferred Shares are as follows: | ||||||||||
Conversion | ||||||||||
Each Series A Preferred Share is convertible, at the option of the holder, at any time after the date of issuance of such preferred shares into such number of ordinary shares according to a conversion ratio determined by dividing the original issuance price by the applicable conversion price, and is subject to adjustments for dilution as follows: | ||||||||||
· Additional ordinary shares issued with no consideration or for a consideration at a price lower than the effective conversion price; | ||||||||||
· Dividends on and distribution of ordinary shares; | ||||||||||
· Reorganization or reclassification of ordinary shares; | ||||||||||
· Receipt of any distribution payable in securities of the Company other than ordinary shares; | ||||||||||
· Subdivision or combination of the ordinary shares; | ||||||||||
· Subdivision of Preferred Shares. | ||||||||||
The initial conversion price of Series A Preferred Shares is the same as its original issuance price. The conversion provisions include certain performance-based adjustments related to certain targets of net profits after tax for the year ending December 31, 2010. In the event that the target profit is not met, the conversion price of the Series A Preferred Shares shall be adjusted in accordance with a pre-determined formula such that the Series A Preferred Shareholders’ percentage ownership on an as-converted basis would decrease, while in no event the conversion price shall be adjusted by more than 25% from the initial conversion price. The Company met the target profit for the year ended December 31, 2010. | ||||||||||
Each Series A Preferred Share is automatically convertible into an ordinary share upon the closing of a Qualified IPO (as defined), based on the then-effective conversion price. The Qualified IPO shall mean a firm-commitment underwritten registered public offering by the Company of its ordinary shares on the NASDAQ Global Select Market or the New York Stock Exchange in the United States or any other exchange in any other jurisdiction (on any combination of such exchanges and jurisdictions) acceptable to the holders of a majority of the then outstanding Series A Preferred Shares and to the Company with gross proceeds to the Company of at least US$80.0 million implying a valuation of the Company, as a result of such public offering, of no less than US$400.0 million. | ||||||||||
All 130,000,000 series A Preferred Shares were automatically converted to ordinary shares upon the completion of the Company’s IPO on May 17, 2011. The conversion price was the price to public of US$1.375 per share. | ||||||||||
Redemption | ||||||||||
The holders of Series A Preferred Shares may redeem all, but not less than all, of Series A Preferred Shares at a redemption price equal to the greater of (i) the Series A Preferred Shares issuance price plus such amount necessary to provide an internal rate of return of 20% per annum from the Series A Preferred Shares issuance date through the redemption closing date plus all declared and unpaid dividends payable at any time following December 31, 2013, and (ii) the fair market value of the Series A Preferred Shares. | ||||||||||
Due to its redemption features described above, the Company classified the Series A Preferred Shares in the mezzanine equity section of the consolidated balance sheets in accordance with ASC 480-10-S99. The Series A Preferred Shares was accreted from its carrying value to their expected redemption amount using the effective interest method. The accretion was recorded against retained earnings, or in the absence of retained earnings, by charges against additional paid-in capital. Once additional paid-in capital has been exhausted, additional charges should be recorded by increasing accumulated deficit. | ||||||||||
The following table sets forth the changes of Series A Preferred Shares: | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Balance as of January 1, | 390,183 | — | — | — | ||||||
Accretion of redemption feature | 773,623 | — | — | — | ||||||
Conversion to ordinary share upon IPO | (1,163,806 | ) | — | — | — | |||||
Balance as of December 31, | — | — | — | — | ||||||
The Company engaged an independent valuation specialist to assist it in determining the fair values of the Series A Preferred Shares which were estimated as of the date of issuance and at each financial statements reporting dates before conversion into ordinary shares upon the completion of the Company’s IPO using the following assumptions: | ||||||||||
December 31, 2009 | December 31, 2010 | |||||||||
Risk-free interest rate | 2.91 | % | 3.15 | % | ||||||
Volatility rate | 56.41 | % | 55.26 | % | ||||||
Dividend yield | — | — | ||||||||
Discount rate | 22.97 | % | 20.43 | % | ||||||
The Company estimated the risk-free interest rate based on yield-to-maturities in continuous compounding of the PRC government bonds with the time-to-maturities being similar to those of the Series A Preferred Shares. The Company estimated volatility at the date of appraisal based on averages/medians of industry annualized historical stock price volatility. The Company has no history or expectation of paying dividends on its Series A Preferred Shares. Discount rate is estimated by weighted average costs of capital as at the appraisal date. In addition to the above assumptions adopted, the Company’s projections of future performance were also factored into the determination of the fair values of the Series A Preferred Shares. | ||||||||||
The expected redemption amount of the Series A Preferred Shares based on its fair value as of May 17, 2011, when the Company completed its IPO, was considered to be the same as the IPO price of US$1.375 per share as the Series A Preferred Shares were subject to automatic conversion. The Series A Preferred Shares was therefore accreted to IPO date fair value immediately before its automatic conversion. Upon the completion of the Company’s IPO, all Series A Preferred Shares outstanding were converted into Class A ordinary shares on a one for one basis, with the corresponding balance transferred to the Company’s paid-in capital and additional paid-in capital accounts. | ||||||||||
Liquidation | ||||||||||
In the event of any liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of Series A Preferred Shares shall be entitled to receive an amount per share equal to 130% of the issuance price plus all dividends declared and unpaid (“Preference Amount”). If the assets of the Company are insufficient to permit the payment of the full Preference Amount, the assets of the Company available for distribution shall be distributed ratably among the holders of Series A Preferred Shares. After the distribution to the holders of Series A Preferred Shares are made, any remaining legally available assets shall be distributed to the holders of ordinary shares and Series A Preferred Shares prorated on an as-converted basis until the holders of Series A Preferred Shares has received an aggregate distribution or payment, inclusive of the Preference Amount, equal to four times the Preference Amount for each Series A Preferred Shares. | ||||||||||
Dividends | ||||||||||
The holders of the Series A Preferred Shares are entitled to receive in preference to any payment to the ordinary shares, non-cumulative dividend of 8% per annum as and when declared by the Board of Directors. As long as Series A Preferred Shares are outstanding, the Company may not pay any dividend to ordinary shareholders until all dividends declared and payable to the preferred shareholders have been paid. In the event the Company shall declare a dividend to the holders of ordinary shares, then in each such case, the holders of Series A Preferred Shares shall be entitled to a proportionate share of such dividend on an as-converted basis. | ||||||||||
Voting rights | ||||||||||
The holder of each Series A Preferred Share shall be entitled to the number of votes equal to the number of ordinary share into which such Series A Preferred Share could be converted at the record date for determination of the members entitled to vote on such matter, or, if no such record date is established, at the date such vote is taken or any written consent of members is solicited. The holders of Series A Preferred Shares shall vote together with ordinary shareholders, and not as a separate class or series, on all matters put before the members. | ||||||||||
Ordinary_Shares
Ordinary Shares | 12 Months Ended |
Dec. 31, 2013 | |
Ordinary Shares [Abstract] | ' |
Ordinary Shares | ' |
13. Ordinary Shares | |
The Company was incorporated in the Cayman Islands on November 22, 2007 by the Parent. Upon its incorporation, 1 ordinary share was issued at a par value of US$0.01 per share. In May 2008, the Company issued 319,999,999 ordinary shares to the Parent and became the holding company of the Group. All share and per share data have been revised to reflect the retroactive effect of the share issuance in May 2008. | |
The Company completed the IPO on May 17, 2011 and the underwriters subsequently exercised their over-allotment option on June 8, 2011. A total of 13,415,125 ADSs were issued and sold in these transactions, each ADS represents eight Class A ordinary shares. Immediately following the closing of the IPO, the Memorandum and Articles of Association were amended and restated such that the authorized share capital consisted of 1,000,000,000 ordinary shares at a par value of US$0.01 per share, of which 680,000,000 shares were designated as Class A ordinary shares, 320,000,000 as Class B ordinary shares. The impact of dividing of Class A and Class B ordinary shares has been retroactively reflected in the Company’s capital structure in the financial statements. Upon the completion of the Company’s IPO, all 130,000,000 Series A Preferred Shares were automatically converted to Class A ordinary shares, and the preferred share shareholders sold 1,267,500 ADSs. In addition, Phoenix TV, through the Parent converted 2,674,640 Class B ordinary shares into Class A ordinary shares, and distributed the Class A ordinary shares to its shareholders in an assured entitlement distribution. | |
Holders of Class A ordinary shares and Class B ordinary shares have the same rights except that holders of Class A ordinary shares are entitled to one vote per share, while holders of Class B ordinary shares are entitled to 1.3 votes per share. The Parent, which is wholly owned by Phoenix TV, holds Class B ordinary shares, each of which is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. | |
As of December 31, 2012, there were 299,408,949 and 317,325,360 Class A and Class B ordinary shares issued and outstanding, respectively. | |
As of December 31, 2013, there were 282,578,957 and 317,325,360 Class A and Class B ordinary shares issued and outstanding, respectively. The Class A ordinary shares issued and outstanding decreased for the years ended December 31, 2012 and 2013 mainly due to the share repurchase program. Refer to Note 17 for details. | |
Sharebased_Compensation
Share-based Compensation | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Share-based Compensation [Abstract] | ' | |||||||||
Share-based Compensation | ' | |||||||||
14. Share-based Compensation | ||||||||||
Share-based compensation expenses were recognized in costs and expenses for the years ended December 31, 2011, 2012 and 2013 as follows: | ||||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Cost of revenues | 19,526 | 958 | 7,293 | 1,205 | ||||||
Sales and marketing expenses | 18,254 | 1,423 | 3,922 | 648 | ||||||
General and administrative expenses | 17,470 | 4,085 | 3,662 | 605 | ||||||
Technology and product development expenses | 10,842 | 293 | 1,846 | 304 | ||||||
Total | 66,092 | 6,759 | 16,723 | 2,762 | ||||||
The Company recognized share-based compensation, net of estimated forfeitures, on a graded- vesting basis over the vesting term of the awards. There was no income tax benefit recognized in the consolidated statements of comprehensive income for share-based compensation and the Company did not capitalize any of the share-based compensation as part of the cost of any asset in the years ended December 31, 2011, 2012 and 2013. | ||||||||||
Share Options | ||||||||||
In June 2008, the Company adopted the Share Option Scheme (the “June 2008 Scheme”) that provides for the granting of options to key employees to acquire ordinary shares of the Company. The June 2008 Scheme permits the grant of options to its eligible recipients for up to 10% of the ordinary shares in issue (the “Limit”) on the effective date of the June 2008 Scheme. The total number of ordinary shares which may be issued upon exercise of all outstanding options granted and yet to be exercised under the June 2008 Scheme and any other share option schemes of the Company shall not exceed 30% of the ordinary shares in issue from time to time. The Company may seek approval from its shareholders to refresh the Limit provided that the Limit as refreshed shall not exceed 10% of the ordinary shares of the Company in issue as at the date of approval, and options previously granted will not be counted for the purpose of calculating the Limit as refreshed. Any outstanding option lapse in accordance with the terms of the June 2008 Scheme will not be counted for the purpose of calculating the Limit. In August 2012, the Company’s shareholders approved to refresh the Limit, permitting the Company to grant no more than 31,410,107 additional options under the June 2008 Scheme. | ||||||||||
The June 2008 Scheme will terminate automatically 10 years after its adoption, unless terminated earlier at the Company’s shareholders’ approval. Option awards are granted with an exercise price determined by the Board of Directors. Those option awards vest over a period of four years and expire in ten years. | ||||||||||
A summary of the Company’s share option activities for the years ended December 31, 2011, 2012 and 2013 is presented below: | ||||||||||
Weighted Average | ||||||||||
Number of | Weighted Average | Remaining | Aggregate | |||||||
Options | Exercise Price | Contractual Life | Intrinsic Value | |||||||
US$ | Years | US$ in Million | ||||||||
Outstanding as of January 1, 2011 | 42,221,805 | 0.03 | 7.5 | 19.5 | ||||||
Granted | — | — | ||||||||
Cancelled to grant restricted share | (18,778,200 | ) | 0.03 | |||||||
Forfeited and expired | (656,286 | ) | 0.03 | |||||||
Exercised | (3,445,623 | ) | 0.03 | 2.3 | ||||||
Outstanding as of December 31, 2011 | 19,341,696 | 0.03 | 6.4 | 13 | ||||||
Granted | — | — | ||||||||
Forfeited and expired | (456,870 | ) | 0.03 | |||||||
Exercised | (4,887,757 | ) | 0.03 | 3.1 | ||||||
Outstanding as of December 31, 2012 | 13,997,069 | 0.03 | 5.4 | 5.9 | ||||||
Granted | 30,732,900 | 0.58 | ||||||||
Forfeited and expired | (1,408,938 | ) | 0.44 | |||||||
Exercised | (3,550,910 | ) | 0.03 | 3.6 | ||||||
Outstanding as of December 31, 2013 | 39,770,121 | 0.44 | 8.1 | 30.2 | ||||||
Vested and exercisable as of December 31, 2013 | 10,222,571 | 0.03 | 4.4 | 12 | ||||||
The aggregate intrinsic value of options outstanding and exercisable as of December 31, 2013 was calculated as the difference between the Company’s closing stock price of US$9.63 per ADS, or US$1.20 per share as of that date, and the exercise price of the underlying options. The aggregate intrinsic value of options exercised was calculated as the difference between the market value on the date of exercise and the exercise price of the underlying options. | ||||||||||
As disclosed in Note 2(q), the Company’s share-based compensation is measured at the value of the award as calculated under the Black-Scholes option pricing model. The Company estimated the expected volatility at the date of grant based on average annualized standard deviation of the share price of comparable listed companies. The Company has no history or expectation of paying dividends on its ordinary shares. The Company estimated the expected term based on the vesting schedule and the exercise period of the options. Risk-free interest rates are based on the derived market yield of the US$ denominated Chinese government bonds for the term approximating the expected life of award at the time of grant. No options were granted during the years ended December 31, 2011 and 2012. The assumptions used in determining the fair value of options granted during the year ended December 31, 2013 are as follows: | ||||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | ||||||||
Expected volatility rate | — | — | 57.6%-58.42% | |||||||
Expected dividend yield | — | — | - | |||||||
Expected term (years) | — | — | 6.16 | |||||||
Risk-free interest rate (per annum) | — | — | 1.54%-1.88% | |||||||
The weighted-average grant date fair value of options granted for the year ended December 31, 2013 was US$0.50. | ||||||||||
During 2009, 2010 and 2011, some employees voluntarily left the Company and exercised their vested share options in exchange for future entitlement of the Company’s shares issuable after completion of the Company’s IPO and upon the request of the former employees. The proceeds from the exercise of these options cannot be refunded to the former employees in any event, including the Company does not complete an IPO. Accordingly, these share options are considered to be exercised and the proceeds have been included in the additional paid-in capital of the Company. The proceeds received from exercise of these options amounted to RMB1.4 million (US$0.2 million) as of December 31, 2013. The Company completed its IPO on May 17, 2011 and 4,448,873 shares have been issued to the former employees after that. There were 3,201,342 and 2,263,518 contingently issuable shares to be issued upon the former employees’ request as of December 31, 2012 and 2013, respectively. | ||||||||||
For the years ended December 31, 2011, 2012 and 2013, the Company has recognized share-based compensation expenses for options of approximately RMB4.0 million, negative RMB0.1 million and RMB16.8 million (US$2.8 million), respectively. | ||||||||||
As of December 31, 2013, there was RMB59.5 million (US$9.8 million) of unrecognized share-based compensation for options, adjusted for estimated forfeitures. The unrecognized share-based compensation is expected to be recognized over a weighted-average period of 3.47 years. | ||||||||||
Restricted Share Units | ||||||||||
In March 2011, the Company adopted the 2011 restricted share and restricted share unit scheme. On March 17, 2011, the Company granted 10,050,958 restricted share units to the employees. Those restricted share units vest over a period of four years. | ||||||||||
A summary of restricted share units activity for the years ended December 31, 2011, 2012 and 2013 is presented below: | ||||||||||
Weighted-Average | ||||||||||
Restricted Share Units | Number of Units | Grant-Date | ||||||||
Fair Value | ||||||||||
US$ | ||||||||||
Unvested as of January 1, 2011 | — | — | ||||||||
Granted | 10,050,958 | 1.07 | ||||||||
Vested | (4,756,956 | ) | 1.07 | |||||||
Forfeited | (1,037,394 | ) | 1.07 | |||||||
Unvested as of December 31, 2011 | 4,256,608 | 1.07 | ||||||||
Granted | — | — | ||||||||
Vested | (1,966,987 | ) | 1.07 | |||||||
Forfeited | (602,443 | ) | 1.07 | |||||||
Unvested as of December 31, 2012 | 1,687,178 | 1.07 | ||||||||
Granted | — | — | ||||||||
Vested | (1,156,282 | ) | 1.07 | |||||||
Forfeited | (105,317 | ) | 1.07 | |||||||
Unvested as of December 31, 2013 | 425,579 | 1.07 | ||||||||
For the years ended December 31, 2011, 2012 and 2013, total share-based compensation recognized for restricted share units were RMB53.6 million, RMB3.1 million and RMB1.3 million (US$0.2 million), respectively. | ||||||||||
As of December 31, 2013, there was RMB0.3 million (US$0.05 million) of unrecognized share-based compensation related to unvested restricted share units, adjusted for estimated forfeitures. The unrecognized share-based compensation is expected to be recognized over a weighted average period of 0.8 year. The total fair value based on the respective vesting dates of the restricted share units vested was US$5.1 million, US$2.1 million and US$1.2 million during the years ended December 31, 2011, 2012 and 2013, respectively. | ||||||||||
Restricted Shares | ||||||||||
On March 15, 2011, the Company cancelled 18,778,200 stock options granted historically, and granted 19,008,200 restricted shares to 22 employees on March 17, 2011. Those restricted shares vest over a period of four years. The incremental share-based compensation is US$0.5 million. Total amount of unrecognized share-based compensation of unvested option and incremental share-based compensation is US$2.2 million, including US$0.2 million was recognized immediately, and US$2.0 million was recognized during the rest of vesting period of restricted share. | ||||||||||
A summary of restricted share activity for the years ended December 31, 2011, 2012 and 2013 is presented below: | ||||||||||
Weighted-Average | ||||||||||
Restricted Shares | Number of Shares | Grant-Date | ||||||||
Fair Value | ||||||||||
US$ | ||||||||||
Unvested as of January 1, 2011 | — | — | ||||||||
Granted | 19,008,200 | 1.07 | ||||||||
Vested | (9,296,370 | ) | 1.07 | |||||||
Forfeited | — | — | ||||||||
Unvested as of December 31, 2011 | 9,711,830 | 1.07 | ||||||||
Granted | — | — | ||||||||
Vested | (4,702,050 | ) | 1.07 | |||||||
Forfeited | (250,000 | ) | 1.07 | |||||||
Unvested as of December 31, 2012 | 4,759,780 | 1.07 | ||||||||
Granted | — | — | ||||||||
Vested | (2,864,780 | ) | 1.07 | |||||||
Forfeited | (1,050,000 | ) | 1.07 | |||||||
Unvested as of December 31, 2013 | 845,000 | 1.07 | ||||||||
For the years ended December 31, 2011, 2012 and 2013, total share-based compensation recognized for restricted shares were RMB8.5 million, RMB3.7 million and negative RMB1.3 million (US$0.2 million), respectively. | ||||||||||
As of December 31, 2013, there was RMB0.2 million (US$0.03 million) of unrecognized share-based compensation related to unvested restricted shares. The unrecognized share-based compensation is expected to be recognized over a weighted average period of 0.9 year. The total fair value based on the respective vesting dates of the restricted shares vested was US$10.0 million, US$5.1 million and US$3.1 million during the years ended December 31, 2011, 2012 and 2013, respectively. | ||||||||||
The fair value of the restricted shares and restricted share units on March 17, 2011 was US$1.07 and the fair value of the underlying ordinary shares was US$1.14. | ||||||||||
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||
Fair Value Measurements | ' | |||||||||
15. Fair Value Measurements | ||||||||||
Effective January 1, 2008, the Group adopted ASC 820-10, Fair Value Measurements and Disclosures, which defines fair value, establishes a framework for measuring fair value and expands disclosures about fair value measurements. Although adoption did not impact the Group’s consolidated financial statements, ASC 820-10 requires additional disclosures to be provided on fair value measurements. | ||||||||||
ASC 820-10 establishes a three-tier fair value hierarchy, which prioritizes the inputs used in measuring fair value as follows: | ||||||||||
Level 1—Observable inputs that reflect quoted prices (unadjusted) for identical assets or liabilities in active markets | ||||||||||
Level 2— Include other inputs that are directly or indirectly observable in the marketplace | ||||||||||
Level 3—Unobservable inputs which are supported by little or no market activity | ||||||||||
ASC 820-10 describes three main approaches to measuring the fair value of assets and liabilities: (1) market approach; (2) income approach and (3) cost approach. The market approach uses prices and other relevant information generated from market transactions involving identical or comparable assets or liabilities. The income approach uses valuation techniques to convert future amounts to a single present value amount. The measurement is based on the value indicated by current market expectations about those future amounts. The cost approach is based on the amount that would currently be required to replace an asset. When available, the Group uses quoted market prices to determine the fair value of an asset or liability. If quoted market prices are not available, the Group will measure fair value using valuation techniques that use, when possible, current market-based or independently sourced market parameters, such as interest rates and currency rates. The Group measured and reported on its consolidated balance sheets at fair value on a recurring basis. | ||||||||||
The following table sets forth the financial instruments, measured at fair value, by level within the fair value hierarchy: | ||||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||
Total Fair Value | Quote Prices in | Significant | Significant | |||||||
and Carrying | Active Market for | Other | Unobservable | |||||||
Value | Identical Assets | Observable Inputs | Inputs | |||||||
on Balance Sheets | (Level 1) | (Level 2) | (Level 3) | |||||||
RMB | RMB | RMB | RMB | |||||||
As of December 31, 2012 | ||||||||||
Cash equivalents | 577,169 | 577,169 | — | — | ||||||
Term deposits | 235,000 | 235,000 | — | — | ||||||
As of December 31, 2013 | ||||||||||
Cash equivalents | 1,111,473 | 1,111,473 | — | — | ||||||
Term deposits | 93,672 | 93,672 | — | — | ||||||
Restricted cash | 10,000 | 10,000 | — | — | ||||||
Cash equivalents The Group’s cash equivalents consisted of demand deposits and time deposits placed with banks with original maturities of three months or less. The fair values of demand deposits and time deposits placed with banks are determined based on the pervasive interest rate in the market, which are also the interest rates as stated in the contracts with the banks. The Group classifies the valuation techniques that use the pervasive interest rates input as Level 1 of fair value measurement. | ||||||||||
Term deposits The fair values of term deposits placed with banks with original maturities of more than three months and up to one year are determined based on the interest rates as stated in the contracts with the banks. The Group classifies the valuation techniques that use the interest rates input as Level 1 of fair value measurement. | ||||||||||
Restricted cash Restricted cash represents deposits placed with banks which are restricted as to withdrawal or usage. The cash balance is in verification account which considered being restricted because it cannot be used for operations before the completion of one subsidiary of one of the VIEs registration process. On February 20, 2014, the restrictions were removed and the related cash balance was reclassified to cash and cash equivalents. The fair values of restricted cash are determined based on the pervasive interest rate in the market. The Group classifies the valuation techniques that use the pervasive interest rates input as Level 1 of fair value measurement. | ||||||||||
The following are other financial instruments not measured at fair value in the balance sheets but for which the fair value is estimated for disclosure purposes. | ||||||||||
Short-term receivables and payables Accounts receivable, prepayment and other current assets, and amounts due from related parties are financial assets with carrying values that approximate fair value due to their short term nature. Accounts payable, amounts due to related parties, advances from customers, salary and welfare payable, and accrued expenses and other current liabilities are financial liabilities with carrying values that approximate fair value due to their short term nature. The Group estimated fair values of short-term receivables and payables using the discounted cash flow method. The Group classifies the valuation technique as Level 3 of fair value measurement, as it uses estimated cash flow input which is unobservable in the market. | ||||||||||
Other non-current assets Other non-current assets are financial assets with carrying values that approximate fair value due to the change in fair value after considering the discount rate, being immaterial. The Group estimated fair values of other non-current assets using the discounted cash flow method. The Group classifies the valuation technique as Level 3 of fair value measurement, as it uses estimated cash flow input which is unobservable in the market. | ||||||||||
Net_LossIncome_per_Share
Net (Loss)/Income per Share | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Net (Loss)/Income per Share [Abstract] | ' | |||||||||
Net (Loss)/Income per Share | ' | |||||||||
16. Net (Loss)/income per Share | ||||||||||
The following table sets forth the computation of basic and diluted net (loss)/income per share for the years indicated: | ||||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Net (loss)/income per Class A and Class B ordinary share - basic: | ||||||||||
Numerator: | ||||||||||
Net income attributable to Phoenix New Media Limited | 102,475 | 107,359 | 279,554 | 46,178 | ||||||
Accretion to convertible redeemable preferred share redemption value | (773,623 | ) | — | — | — | |||||
Income allocation to participating preferred shares | (6,172 | ) | — | — | — | |||||
Net (loss)/income attributable to ordinary shareholders | (677,320 | ) | 107,359 | 279,554 | 46,178 | |||||
Denominator: | ||||||||||
Weighted average number of Class A and Class B ordinary shares outstanding | 519,227,660 | 619,849,313 | 602,991,298 | 602,991,298 | ||||||
Weighted average number of contingently issuable shares | — | 4,160,957 | 2,997,099 | 2,997,099 | ||||||
Denominator used in computing net (loss)/income per share — basic | 519,227,660 | 624,010,270 | 605,988,397 | 605,988,397 | ||||||
Net (loss)/income per Class A and Class B ordinary share — basic | (1.30 | ) | 0.17 | 0.46 | 0.08 | |||||
Net (loss)/income per Class A and Class B ordinary share - diluted: | ||||||||||
Numerator: | ||||||||||
Net income attributable to Phoenix New Media Limited | 102,475 | 107,359 | 279,554 | 46,178 | ||||||
Accretion to convertible redeemable preferred share redemption value | (773,623 | ) | — | — | — | |||||
Income allocation to participating preferred shares | (6,172 | ) | — | — | — | |||||
Net (loss)/income attributable to ordinary shareholders | (677,320 | ) | 107,359 | 279,554 | 46,178 | |||||
Denominator: | ||||||||||
Denominator used in computing net (loss)/income per share — basic | 519,227,660 | 624,010,270 | 605,988,397 | 605,988,397 | ||||||
Share-based awards | — | 19,737,876 | 16,432,062 | 16,432,062 | ||||||
Denominator used in computing net (loss)/income per share — diluted | 519,227,660 | 643,748,146 | 622,420,459 | 622,420,459 | ||||||
Net (loss)/income per Class A and Class B ordinary share — diluted | (1.30 | ) | 0.17 | 0.45 | 0.07 | |||||
Net (loss)/income per ADS (1 ADS represents 8 Class A ordinary shares): | ||||||||||
Denominator used in computing net (loss)/income per ADS — basic | 64,903,458 | 78,001,284 | 75,748,550 | 75,748,550 | ||||||
Denominator used in computing net (loss)/income per ADS — diluted | 64,903,458 | 80,468,518 | 77,802,557 | 77,802,557 | ||||||
Net (loss)/income per ADS — basic | (10.44 | ) | 1.38 | 3.69 | 0.61 | |||||
Net (loss)/income per ADS — diluted | (10.44 | ) | 1.33 | 3.59 | 0.59 | |||||
The Company has included 4,160,957 and 2,997,099 contingently issuable shares in the denominator used in computing basic and diluted net income per share for the years ended December 31, 2012 and 2013, respectively. These shares are contingently issuable upon the holder’s request without other substantive conditions and for no further consideration. The impact of these contingently issuable shares was not material to year 2011, and was excluded from the 2011 net loss per share calculation. There were totaling 21,081,709 options to purchase ordinary shares, 48,794,521 Series A Preferred Shares, 9,598,955 unvested restricted shares and 4,553,447 unvested restricted shares units have been excluded from the computation of diluted net loss per share for the year ended December 31, 2011 as their effects would be anti-dilutive. There were 7,371,269 options to purchase ordinary shares have been excluded from the computation of diluted net income per share for the year ended December 31, 2013 as their effects would be anti-dilutive. | ||||||||||
Treasury_Stock
Treasury Stock | 12 Months Ended |
Dec. 31, 2013 | |
Treasury stock [Abstract] | ' |
Treasury stock | ' |
17. Treasury Stock | |
On July 30, 2012, the Company’s Board of Directors approved a share repurchase program. Under the terms of the approved program (“Share Repurchase Program”), the Company may repurchase and cancel up to US$20.0 million worth of its outstanding ADSs from time to time for a period not to exceed twelve months. | |
During the years ended December 31, 2012 and 2013, the Company had repurchased 2,273,695 and 2,524,574 ADSs, respectively, on the open market for considerations of US$8.3 million (RMB52.5 million) and US$11.7 million (RMB72.6 million), respectively. As of December 31, 2013, the Company has repurchased a total of 4,798,269 ADSs for a total consideration of US$20.0 million (RMB125.1 million). | |
As of December 31, 2013, all treasury stocks repurchased had been cancelled for an aggregate consideration of US$20.2 million (RMB126.6 million) including cancellation fees of US$0.2 million (RMB1.5 million). | |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Commitments and Contingencies [Abstract] | ' | |||||||||||||||
Commitments and Contingencies | ' | |||||||||||||||
18. Commitments and Contingencies | ||||||||||||||||
(a) Commitments | ||||||||||||||||
As of December 31, 2013, future minimum commitments under non-cancelable agreements were as follows: | ||||||||||||||||
Rental | Bandwidth | Cooperation | Content | Property and | Others | Total | ||||||||||
Purchases | with | Purchases | Equipment, | |||||||||||||
Phoenix TV | and Intangible | |||||||||||||||
Group* | Assets | |||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||
2014 | 35,018 | 11,576 | 3,906 | 11,143 | 286 | 2,455 | 64,384 | |||||||||
2015 | 33,854 | 63 | 4,883 | 6,373 | — | 376 | 45,549 | |||||||||
2016 | 32,526 | — | 1,526 | 871 | — | 110 | 35,033 | |||||||||
2017 | 13,687 | — | — | 79 | — | — | 13,766 | |||||||||
2018 and thereafter | — | — | — | — | — | — | — | |||||||||
Total | 115,085 | 11,639 | 10,315 | 18,466 | 286 | 2,941 | 158,732 | |||||||||
* The Group and Phoenix TV Group have been involved in various cooperation arrangements, including content sharing, branding and co-promotion, technical support and corporate management (Refer to Note 2(a)). There was no payment for these arrangements until November 2009 when a cooperation agreement was signed between Phoenix TV and the Group to stipulate the cost and expenses charged to the Group for the year 2010 and going forward. Based on the agreement, the Group will pay Phoenix TV 50% of revenue generated from certain contents provided by Phoenix TV Group, plus a fixed amount of payment to cover other services provided by Phoenix TV Group. The fixed amount was RMB1.6 million for the first year of the agreement, and increases by 25% annually. On March 28, 2011, Phoenix TV and the Group amended their cooperation agreement to extend the expiration of cooperation period from November 2014 to March 2016. The consideration arrangements for the cooperation remained unchanged. This fixed amount has been included in above table as a commitment to Phoenix TV Group. | ||||||||||||||||
The rental expenses were approximately RMB15.3 million, RMB32.3 million and RMB37.8 million (US$6.3 million), during the years ended December 31, 2011, 2012 and 2013, respectively, and were charged to the consolidated statements of comprehensive income when incurred. | ||||||||||||||||
The Group did not have any significant capital and other commitments, long-term obligations, or guarantees as of December 31, 2012 and 2013. | ||||||||||||||||
(b) Litigation | ||||||||||||||||
From time to time, the Group is involved in claims and legal proceedings that arise in the ordinary course of business. The Group is not currently a party to any legal proceedings, investigations or claim which in the opinion of its management is reasonably possible to have a material adverse effect, individually or in the aggregate, on the Group’s financial position, results of operations or cash flows. However, litigation is subject to inherent uncertainties and the Group’s view of these matters may change in the future. Were an unfavorable outcome to occur, there exists the possibility of a material adverse impact on the Group’s financial position, results of operations or cash flows for the period in which the unfavorable outcome occurs, and potentially in future periods. | ||||||||||||||||
(c) Long-term Liabilities for Uncertain Tax Positions | ||||||||||||||||
As aforementioned in Note 11, as of December 31, 2013, the Group had recorded uncertain tax positions of RMB12.2 million (US$2.0 million). | ||||||||||||||||
Related_Party_Transactions
Related Party Transactions | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Related Party Transactions [Abstract] | ' | |||||||||
Related Party Transactions | ' | |||||||||
19. Related Party Transactions | ||||||||||
The table below sets forth the major related parties and their relationships with the Group: | ||||||||||
Related Parties | Relationships with the Group | |||||||||
Entities within the non US listed part of the Phoenix TV Group | Under common control by Phoenix TV | |||||||||
CMCC | A shareholder of Phoenix TV | |||||||||
Mr. Gao Ximin and Mr. Qiao Haiyan | Legal shareholders of Tianying Jiuzhou, employees of the Group | |||||||||
Mr. He Yansheng | Legal shareholder of Yifeng Lianhe, employee of the Group | |||||||||
Mr. Li Ya | Chief operating official of the Group | |||||||||
During the years ended December 31, 2011, 2012 and 2013, significant related party transactions were as follows: | ||||||||||
Transactions with the Non US Listed Part of Phoenix TV Group: | ||||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Contents provided by Phoenix TV Group | (4,923 | ) | (3,153 | ) | (3,477 | ) | (574 | ) | ||
Data line services provided by Phoenix TV Group | (367 | ) | (375 | ) | (392 | ) | (65 | ) | ||
Advertising and promotion expenses charged by Phoenix TV Group | (663 | ) | (916 | ) | (1,040 | ) | (172 | ) | ||
Technical support provided by Phoenix TV Group | (533 | ) | — | — | — | |||||
Corporate administrative expenses charged by Phoenix TV Group | (1,139 | ) | (646 | ) | (404 | ) | (67 | ) | ||
Advertising revenues earned from Phoenix TV Group and its customers | 21,619 | 29,754 | 28,911 | 4,775 | ||||||
Paid service revenues earned from Phoenix TV Group | 2,400 | — | — | — | ||||||
Transactions with CMCC: | ||||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Advertising revenues earned from CMCC | 4,582 | 5,684 | 16,216 | 2,679 | ||||||
Paid service revenues earned from and through CMCC | 442,696 | 429,125 | 413,407 | 68,290 | ||||||
Revenue sharing fees and bandwidth costs to CMCC | (68,543 | ) | (63,953 | ) | (72,622 | ) | (11,996 | ) | ||
As of December 31, 2012 and 2013, the amounts due from and due to related parties were as follows: | ||||||||||
As of December 31, | ||||||||||
2012 | 2013 | 2013 | ||||||||
RMB | RMB | US$ | ||||||||
Amounts due from related parties: | ||||||||||
Accounts receivable from CMCC | 58,524 | 73,113 | 12,078 | |||||||
Due from Phoenix TV Group | 5,057 | 52,042 | 8,597 | |||||||
Staff advance | 230 | 3 | — | |||||||
Total | 63,811 | 125,158 | 20,675 | |||||||
Amounts due to related parties: | ||||||||||
Due to CMCC | 1,806 | 248 | 41 | |||||||
Due to Phoenix TV Group | — | 20,786 | 3,434 | |||||||
Total | 1,806 | 21,034 | 3,475 | |||||||
The amounts due from or amounts due to Phoenix TV Group were net amounts of other operating funds provided by Phoenix TV, expenses paid by Phoenix TV Group on behalf of the Group, expenses charged by Phoenix TV Group under the cooperation agreement (Refer to Note 18(a)), accounts receivable from Phoenix TV Group for the advertising services provided to its customers. | ||||||||||
Restricted_Net_Assets
Restricted Net Assets | 12 Months Ended |
Dec. 31, 2013 | |
Restricted Net Assets [Abstract] | ' |
Restricted Net Assets | ' |
20. Restricted Net Assets | |
Relevant PRC laws and regulations permit payments of dividends by the Company’s subsidiaries, the VIEs and the subsidiaries of one of the VIEs incorporated in the PRC only out of their retained earnings, if any, as determined in accordance with PRC accounting standards and regulations. In addition, the Company’s subsidiaries, the VIEs and the subsidiaries of one of the VIEs incorporated in the PRC are required to annually appropriate 10% of their net after-tax income to the general reserve fund or the statutory surplus fund prior to payment of any dividends, unless such reserve funds have reached 50% of their respective registered capital. As a result of these and other restrictions under PRC laws and regulations, and in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), General Notes to Financial Statements, the Company’s subsidiaries, the VIEs and the subsidiaries of one of the VIEs incorporated in the PRC are restricted in their ability to transfer a portion of their net assets to the Company either in the form of dividends, loans or advances, which the restricted portion amounted to approximately RMB100.9 million and RMB205.8 million (US$34.0 million) as of December 31, 2012 and 2013, respectively. Even though the Company currently does not require any such dividends, loans or advances from the PRC entities for working capital and other funding purposes, the Company may in the future require additional cash resources from them due to changes in business conditions, to fund future acquisitions and development, or merely to declare and pay dividends or distributions to the company’s shareholders. Except for the above, there is no other restriction on use of proceeds generated by the Company’s subsidiaries, the VIEs and the subsidiaries of one of the VIEs to satisfy any obligations of the Company. | |
The Company performed a test on the restricted net assets of the Company’s subsidiaries, the VIEs and the subsidiaries of one of the VIEs (the “restricted net assets”) in accordance with Securities and Exchange Commission Regulation S-X Rule 4-08 (e) (3), General Notes to Financial Statements and concluded that the restricted net assets did not exceed 25% of the consolidated net assets of the Company as of December 31, 2013 and the condensed financial information of the Company are not required. | |
Investment_in_PHOENIXi
Investment in PHOENIXi | 12 Months Ended |
Dec. 31, 2013 | |
Investment in PHOENIXi [Abstract] | ' |
Investment in PHOENIXi | ' |
21. Investment in PHOENIXi | |
PHOENIXi was a subsidiary of the Company and was liquidated on December 21, 2011. The Company deconsolidated PHOENIXi and its subsidiaries upon the commencement of the liquidation and accounted for PHOENIXi using the cost method as it no longer exercised control or significant influence. | |
In November 2000, Phoenix TV made a US$5.0 million interest-free, payable-in-demand loan to Phoenix Satellite Television Information Limited (the “BVI Company”), which was accounted as short term loan due to Phoenix TV Group by the Company, and the BVI Company then advanced the US$5.0 million to PHOENIXi in the form of the promissory note. The note represents the only debt that PHOENIXi held when it was put into liquidation and the Company is PHOENIXi’s sole creditor. The Company determined there was an other than temporary impairment to its investment in PHOENIXi as it is insolvent, then wrote off the cost method investment in October 2006, and revalued the note on an annual basis to the present value of cash flow expected to receive from PHOENIXi, which will include all the cash and cash equivalents owned by PHOENIXi, with the changes to the carrying value included in the consolidated statements of comprehensive income. | |
The note receivable was RMB17.6 million as of December 31, 2010. During the PHOENIXi’s liquidation process in 2011, PHOENIXi repaid US$2.2 million, or RMB14.3 million to the Company directly, and RMB2.2 million to Phoenix TV Group on the Company’s behalf. The difference has been recognized in the consolidated statements of comprehensive income. | |
With the completion of the liquidation in December 2011, Phoenix TV and the Company agreed to settle the US$5.0 million short term loan arising from PHOENIXi. The Company will repay the same amount which was received from PHOENIXi to Phoenix TV Group. For the remaining balance of RMB15.6 million of the short term loan due to Phoenix TV Group was waived and accounted for a shareholders’ contribution in the Group’s consolidated statements of shareholders’ equity/(deficit). | |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
22. Subsequent Events | |
In March 2014, IDG-Accel China Growth Fund III L.P. and IDG-Accel China III Investors L.P. (“IDG-Accel Funds”) acquired US$3.0 million convertible preferred shares of Phoenix FM Limited to accelerate development of the ifeng FM application business which provide audio news and other audio content. | |
On March 14, 2014, the Company granted up to 1,330,000 options to its employees under the refreshed Limit of the June 2008 Scheme, the exercise price of the option was US$1.31, or US$10.4797 per ADS, the fair value of the option as of the grant date was US$0.8336. |
Principal_Accounting_Policies_
Principal Accounting Policies (Policies) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Principal Accounting Policies [Abstract] | ' | ||
Basis of presentation, principles of consolidation, recognition of noncontrolling interests and cost allocations | ' | ||
(a) Basis of presentation, principles of consolidation, recognition of noncontrolling interests and cost allocations | |||
The consolidated financial statements include the financial statements of the Company, its subsidiaries, its VIEs, and the subsidiaries of one of its VIEs. The consolidated financial statements have been prepared in accordance with U.S. GAAP and on a going concern basis with the ownership interests of minority shareholders reported as noncontrolling interests. All significant transactions and balances among the Company, its subsidiaries, its VIEs and the subsidiaries of the VIE have been eliminated upon consolidation. Based on the Contractual Arrangements (see Note 1), the Company consolidates the VIEs as required by Accounting Standards Codification (“ASC”) 810 Consolidation, because Fenghuang On-line holds all the variable interests of the VIEs and has been determined to be the primary beneficiary of the VIEs. | |||
The Group and Phoenix TV Group have engaged in various mutual cooperation activities in content, branding and promotions, technical support and corporate management. There was no payment for these arrangements until November 2009, when the Group entered into a cooperation agreement with Phoenix TV which stipulates the costs and expenses charged to the Group related to content and other services provided by Phoenix TV Group (See Note 18(a)). The agreement was effective as of January 1, 2010. Accordingly, the related costs and expenses were recorded by the Group based on the cooperation agreement for the years ended December 31, 2011, 2012 and 2013. | |||
Apart from the above cooperation agreement, Phoenix TV Group also paid certain expenses on behalf of the Group, such as technical support services, data line usage and other general and administrative expenses, which the Group needed to settle with Phoenix TV Group based on the actual amount, and were recorded in the consolidated statements of comprehensive income. | |||
Use of estimates | ' | ||
(b) Use of estimates | |||
The preparation of the Group’s consolidated financial statements in conformity with the U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ materially from such estimates. These estimates and assumptions include, but are not limited to, the accounting for advertising and paid service revenues, the determination of estimated selling prices of multiple elements revenues contract, accounting for income taxes and uncertain tax positions, allowances for doubtful accounts, share-based compensation, consolidation, determination of the estimated useful lives of property and equipment and intangible assets, assessment of impairment of long-lived assets, determination of the fair value of financial instruments, determination of the fair value of series A convertible redeemable preferred shares and foreign currency. | |||
Foreign currency translation | ' | ||
(c) Foreign currency translation | |||
The Group uses Renminbi (“RMB”) as its reporting currency. The Company’s operations in China and in international regions use their respective currencies as their functional currencies. In the consolidated financial statements, the financial information of the Company and its subsidiaries, which use US$ or HK$ as their functional currency, have been translated into RMB at the exchange rates quoted by the People’s Bank of China (the “PBOC”). Assets and liabilities are translated at the exchange rates on the balance sheet date, equity amounts are translated at historical exchange rates, and revenues, expenses, gains, and losses are translated using the average rate for the period. Translation adjustments arising from these are reported as foreign currency translation adjustments and have been shown as a component of other comprehensive loss in the consolidated statements of shareholders’ equity/(deficit) and the consolidated statements of comprehensive income. | |||
Foreign currency transactions denominated in currencies other than functional currency are translated into the functional currency using the exchange rates prevailing at the dates of the transactions. Monetary assets and liabilities denominated in foreign currencies at the balance sheet date are remeasured at the applicable rates of exchange in effect at that date. Foreign exchange gain resulting from the settlement of such transactions and from remeasurement at period-end is recognized in foreign currency exchange gain in the consolidated statements of comprehensive income. | |||
Convenience translation | ' | ||
(d) Convenience translation | |||
Translations of amounts from RMB into US$ for the convenience of the reader were calculated at the noon buying rate of US$1.00 =MB6.0537 on December 31, 2013 as set forth in the H.10 statistical release of the U.S. Federal Reserve Board. No representation is made that the RMB amounts could have been, or could be, converted into US$ at such rate. | |||
Fair value of financial instruments | ' | ||
(e) Fair value of financial instruments | |||
The Group’s financial instruments include cash equivalents, term deposits, restricted cash, accounts receivable, amounts due from related parties, prepayment and other current assets, accounts payable, amounts due to related parties, advances from customers, salary and welfare payable, accrued expense and other current liabilities and other non-current assets. Refer to Note 15 for details. | |||
Cash and cash equivalents | ' | ||
(f) Cash and cash equivalents | |||
Cash and cash equivalents represent cash on hand, demand deposits, time deposits and highly liquid investments placed with banks or other financial institutions, which are unrestricted as to withdrawal or use, and which have original maturities of three months or less. | |||
Term deposits and restricted cash | ' | ||
(g) Term deposits and restricted cash | |||
Term deposits represent time deposits placed with banks with original maturities of more than three months and up to one year. Interest earned is recorded as interest income in the consolidated statements of comprehensive income. | |||
Restricted cash represents deposits placed with banks which are restricted as to withdrawal or usage. | |||
Accounts receivable, net | ' | ||
(h) Accounts receivable, net | |||
The carrying value of accounts receivable is reduced by an allowance that reflects the Group’s best estimate of the amounts that will not be collected. Many factors are considered in estimating the general allowance, including but not limited to reviewing accounts receivable balances, historical bad debt rates, aging analysis, customer credit worthiness and industry trend analysis. The Group also makes the specific allowance if there is evidence showing that the receivable is unlikely to be collected. Accounts receivable balances are written off against the allowance when they are determined to be uncollectible. Refer to Note 4 for details. | |||
Property and equipment, net | ' | ||
(i) Property and equipment, net | |||
Property and equipment are stated at cost less accumulated depreciation and impairment. Property and equipment are depreciated over the following estimated useful lives on a straight-line basis: | |||
Estimated Useful Lives | |||
Computer, equipment and furniture | 5 years | ||
Motor vehicles | 5 years | ||
Leasehold improvements | Lesser of lease terms or the estimated useful lives of the assets | ||
Expenditures for maintenance and repairs are expensed as incurred. The gain or loss on the disposal of property and equipment is the difference between the net sales proceeds and the carrying amount of the relevant assets and is recognized in the consolidated statements of comprehensive income. | |||
Intangible assets, net | ' | ||
(j) Intangible assets, net | |||
Intangible assets mainly consist of computer software purchased from unrelated third parties and an Internet domain name. Intangible assets are stated at cost less impairment and accumulated amortization, which is computed using the straight-line method over the estimated useful lives of the assets. The estimated useful lives are 5 years for computer software, and 10 years for the Internet domain name. | |||
Impairment of long-lived assets | ' | ||
(k) Impairment of long-lived assets | |||
Long-lived assets such as property and equipment and intangible assets are reviewed for impairment whenever events or changes in the circumstances indicate that the carrying value of an asset may not be recoverable. When these events occur, the Group assesses the recoverability of the long-lived assets by comparing the carrying amount to the estimated future undiscounted cash flows associated from the use of the asset and its eventual disposition, and recognize an impairment of long-lived assets when the carrying value of such assets exceeds the estimated future undiscounted cash flows such assets is expected to generate. If the Group identifies an impairment, the Group reduces the carrying amount of the assets group to its estimated fair value based on a discounted cash flow approach or, when available and appropriate, to comparable market values. No impairment of long-lived assets was recognized for any of the years presented. | |||
Revenue recognition | ' | ||
(l) Revenue recognition | |||
Revenue is recognized when persuasive evidence of an arrangement exists, the price is fixed or determinable, service is performed and the collectability of the related fee is reasonably assured. In October 2009, the Financial Accounting Standards Board (the ‘‘FASB’’) issued Accounting Standards Update (“ASU”) 2009-13, Multiple Deliverable Revenue Arrangements, to address the accounting for multiple-deliverable arrangements. The Group has applied ASU 2009-13 through a retrospective application to all revenue arrangements for all years presented of the financial statements. | |||
(i) Net advertising revenues | |||
Advertising revenues are derived principally from advertising arrangements where the advertisers pay to place their advertisements on the Group’s website in different formats over a particular period of time. Such formats generally include but are not limited to banners, text-links, videos, logos, buttons, and rich media. Advertisements on the Group’s website are generally charged on the basis of duration, and advertising contracts are signed to establish the fixed price and the advertising services to be provided. Where collectability is reasonably assured, advertising revenues from advertising contracts are recognized ratably over the contract period of display. | |||
The majority of the Group’s advertising revenue arrangements involve multiple element deliverables, including placements of different advertisement formats on the Group’s website over different periods of time. The Group breaks down the multiple element arrangements into single units of accounting when possible, and allocates total consideration to each single unit of accounting using the relative selling price method. The Group mainly uses (a) vendor-specific objective evidence of selling price, if it exists; otherwise, (b) third-party evidence of selling price. If neither (a) nor (b) exists, the Group will use (c) management’s best estimate of the selling price for that deliverable. The Group recognizes revenue on the elements delivered and defers the recognition of revenue for the fair value of the undelivered elements until the remaining obligations have been satisfied. Where all of the elements within an arrangement are delivered uniformly over the agreement period, the revenues are recognized on a straight line basis over the contract period. | |||
Agency service fees to third-party advertising agencies | |||
The Group provides cash incentives in the form of agency service fees to certain third-party advertising agencies based on sales performance, and accounts for such incentives as a reduction of revenue in accordance with ASC 605-50-25, Customer Payments and Incentives: Recognition. The Group has estimated and recorded RMB49.1 million, RMB77.7 million and RMB135.9 million (US$22.4 million) in agency service fees to third-party advertising agencies for the years ended December 31, 2011, 2012 and 2013, respectively. | |||
Barter transactions | |||
The Group enters into barter transaction involving advertising services and follows ASC 605-20, Revenue Recognition: Services. Such barter transactions should be recorded at fair value only if such value of the advertising surrendered in the transaction is determinable within reasonable limits. The Group did not recognize revenue and expenses for advertising-for-advertising barter transactions since the fair value of the advertising services surrendered/received in the transaction is not determinable for the years ended December 31, 2011, 2012 and 2013. Except for advertising-for-advertising barter transactions, the Group recognized revenue from barter transactions involving exchanging advertising services for content, technical and marketing services amounted to RMB2.3 million, RMB2.3 million and nil for the years ended December 31, 2011, 2012 and 2013, respectively. | |||
(ii) Paid service revenues | |||
In the beginning of the year 2013, the Company reclassified its paid service revenues presentation from previously mobile Internet value-added services, or MIVAS, and video value-added services, or VVAS, into currently MVAS and games and others. | |||
MVAS | |||
MVAS revenues are derived from providing mobile phone users with mobile digital reading services, mobile game services, mobile video services, wireless value-added services (“WVAS”). WVAS include short messaging services (“SMS”), multi-media messaging services (“MMS”), music services such as ring-back tone (“RBT”), interactive voice response (“IVR”) and wireless application protocol (“WAP”) services. Revenues from mobile digital reading services, mobile game services, mobile video services, and WVAS are charged on a monthly or per-usage basis. Revenues from MVAS are recognized in the period in which the service is performed, provided that no significant obligation remains, collection of the receivables is reasonably assured and the amounts can be accurately estimated. | |||
The Group contracts with China Mobile Communication Corporation and its subsidiaries (“CMCC”), and to a lesser degree, with other mobile operators, for billing, collection and transmission services related to the MVAS offered to its users. The determination of whether to record these revenues using the gross or net method is based on an assessment of various factors; the primary factors are whether the Group is acting as the principal in offering services to the customer or as an agent in the transaction, and the specific requirement of each contract. CMCC is related party of the Group, see Note 19. | |||
For most of mobile game services and WVAS, the Group is responsible to provide desired services to the customers and has primary responsibility and broad discretion to establish price, therefore the Group is considered the primary obligor in these transactions, and revenues from these services are recorded on a gross basis. Revenues from mobile digital reading services, music services and mobile video services are recorded on a net basis as the Group is acting as an agent of operators in these transactions. | |||
Due to the time lag between when the services are rendered and when the operator billing statements are received, most MVAS revenues are estimated based on the Group’s internal billing records and transmissions for the month, adjusting for prior periods’ confirmation rates with operators and prior periods’ discrepancies between internally estimated revenues and actual revenues confirmed by operators. There was no significant difference between the Group’s estimates and the operators’ billing statements for all the years presented. | |||
The Group also contracts with CMCC to provide news contents and other services to support CMCC’s own mobile newspaper products. A fixed fee is charged for the contract period, and is recognized as revenue using straight-line method. | |||
Games and others | |||
Games and others include web-based games, online digital reading, content sales, and other online and mobile paid services through the Company’s own platforms. Revenues from these services are recognized over the periods in which the services are performed, provided that no significant obligations remain, collection of the receivables is reasonably assured and the amounts can be accurately estimated. | |||
For web-based game service, all of the web-based games provided on the Group’s platform are developed by third-party game developers and can be accessed and played by game players without downloading separate software. The Group primarily views the game developers to be its customers and considers its responsibility under its agreements with the game developers to be promotion of the game developers’ games. The Group collects payments from game players in connection with the sale of in-game virtual currencies and remits certain agreed-upon percentages of the proceeds to the game developers. Revenue from the sale of in-game virtual currency is recorded net of remittances to game developers and deferred until the estimated consumption date of the virtual items, which is within a short period of time, typically a few days, after purchase of the in-game virtual currency. | |||
The Group also provides online literature and provides video programming through its online subscription and pay-per-view services to the customers. Revenues from these services which recorded on a gross basis are recognized evenly in the subscription period, or in the period in which pay-per-view service is provided. | |||
The Group generates revenues from video content sales agreements for television programming mainly produced by Phoenix TV Group. The video content sales agreements the Group enters into involve the transfer of non-exclusive broadcasting rights to other third-party websites or other Internet and mobile media companies for a definitive license period. In accordance with ASC 926-605, Entertainment-Films, Revenue Recognition, the Group recognizes revenues in respect of its video content sales arrangements when the following criteria are met: persuasive evidence of a video content sales arrangement with a customer exists, the content has been delivered or is available for immediate and unconditional delivery, the sublicense period of the arrangement has begun and the customer can begin its exhibition, the arrangement fee is fixed or determinable and collection of the arrangement fee is reasonably assured. Pursuant to the cooperation agreement signed with Phoenix TV, the Group pays Phoenix TV 50% of the revenues generated from sales of Phoenix TV’s video content, which is recorded in cost of revenues. Refer to Note 18(a) for details. | |||
Cost of revenues | ' | ||
(m) Cost of revenues | |||
The Group’s cost of revenues consists primarily of (i) revenue sharing fees, including service fees retained by mobile telecommunications operators which are recognized as cost of revenues for revenues recorded on gross basis and revenue sharing fees paid to the Group’s channel and content partners, (ii) content and operational costs, including personnel-related cost associated with content production and certain advertisement sales support personnel, content procurement costs to third-party professional media companies and to Phoenix TV, administrative costs related to in-house content production, channel testing costs, rental cost, depreciation and amortization and other miscellaneous costs, (iii) bandwidth costs, and (iv) sales taxes and surcharges, sales taxes include business tax and value added tax. The sales taxes and surcharges in cost of revenues for the years ended December 31, 2011, 2012 and 2013 were RMB59.5 million, RMB72.1 million and RMB92.9 million (US$15.4 million), respectively. | |||
In China, business tax is imposed by the government on the revenues reported by the selling entities for the provision of taxable services in China, transfer of intangible assets and the sale of immovable properties in China. The business tax rate varies depending on the nature of the revenues. The applicable business tax and surcharges rate for the group’s revenues generally ranges from 3.3% to 5.5%. | |||
On November 16, 2011, Ministry of Finance and the State Administration of Taxation announced the Business Tax to Value Added Tax Transformation Pilot Program, or the VAT Pilot Program. Productive service industries, such as the transportation industry and certain modern services industries, were the first in the pilot regions to implement the VAT Pilot Program. The implementation of the VAT Pilot Program began on January 1, 2012 in Shanghai and on September 1, 2012 in Beijing, and was then expanded to seven other provinces and municipalities by the end of 2012. Commencing on August 1, 2013, the implementation of VAT Pilot Program has expanded to all regions in the PRC. As a result of the VAT Pilot Program, the advertising revenues and other modern services revenues, such as web-based game service revenues earned by the Group’s entities and technical service fees paid by VIEs to Fenghuang On-line pursuant to the Contractual Agreement are subject to value-added tax and surcharges at a rate of approximately 6.6%. Most of the Group’s MVAS revenues are not within the scope of the VAT Pilot Program and, thus, are still subject to business tax. | |||
The Group is also subject to a cultural development fee on the provision of advertising services in China. The applicable tax rate is 3% of the advertising services revenues. | |||
Sales and marketing expenses | ' | ||
(n) Sales and marketing expenses | |||
Sales and marketing expenses comprise primarily of: (i) personnel-related expenses including sales commissions related to the sales and marketing personnel; (ii) advertising and promotion expenses; and (iii) rental expense, depreciation and amortization expenses. The Group expenses advertising costs as incurred. Total advertising expenses were RMB17.5 million, RMB31.1 million and RMB54.2 million (US$8.9 million) for the years ended December 31, 2011, 2012 and 2013, respectively. | |||
Technology and product development expenses | ' | ||
(o) Technology and product development expenses | |||
Technology and product development expenses mainly consist of: (i) personnel-related expenses associated with the development of, enhancement to, and maintenance of the Group’s websites; (ii) expenses associated with new technology and product development and enhancement; and (iii) rental expense and depreciation of servers. The Group expenses technology and product development expenses as incurred for all the years presented. | |||
Operating leases | ' | ||
(p) Operating leases | |||
Leases where substantially all the rewards and risks of ownership of assets remain with the leaser are accounted for as operating leases. Payments made under operating leases are charged to the consolidated statements of comprehensive income on a straight-line basis over the lease term. The Group normalizes rental expense on operating leases that involve rent concessions. | |||
Share-based compensation | ' | ||
(q) Share-based compensation | |||
The Company has incentive plans for the granting of share-based awards, including share options, restricted shares and restricted share units. The Company measures the cost of employee services received in exchange for share-based compensation at the grant date fair value of the award. The Company recognizes the share-based compensation as costs and/or expenses in the consolidated statements of comprehensive income, net of estimated forfeitures, on a graded-vesting basis over the vesting term of the awards. | |||
Cancellation of an award accompanied by the grant of a replacement award is accounted for as a modification of the terms of the cancelled award (“modification awards”). The compensation costs associated with the modification awards are recognized if either the original vesting condition or the new vesting condition has been achieved. Such compensation costs cannot be less than the grant-date fair value of the original award. The incremental compensation cost is measured as the excess of the fair value of the replacement award over the fair value of the cancelled award at the cancellation date. Therefore, in relation to the modification awards, the Company recognizes share-based compensation over the vesting periods of the new awards, which comprises (i) the amortization of the incremental portion of share-based compensation over the remaining vesting term and (ii) any unrecognized compensation cost of original award, using either the original term or the new term, whichever is higher for each reporting period. | |||
The Company adopts the Black-Scholes option pricing model to determine the fair value of share options, and determines the fair value of restricted share and restricted share units based on the fair value of the underlying ordinary shares at the grant date considering the dilutive effect of restricted share and restricted share units. | |||
Forfeiture rate are estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from initial estimates. The Group uses historical data to estimate pre-vesting option and restricted share units forfeitures and record share-based compensation only for those awards that are expected to vest. Refer to Note 14 for further information regarding share-based compensation assumptions and expenses. | |||
Income taxes | ' | ||
(r) Income taxes | |||
Current income taxes are provided on the basis of net income for financial reporting purposes, adjusted for income and expense items which are not assessable or deductible for income tax purposes, in accordance with the regulations of the relevant tax jurisdictions. Deferred income taxes are provided using an asset and liability method. Under this method, deferred income taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. The tax base of an asset or liability is the amount attributed to that asset or liability for tax purpose. The effect on deferred taxes of a change in tax rates is recognized in the consolidated statements of comprehensive income in the period of change. A valuation allowance is provided to reduce the amount of deferred tax assets if it is considered more likely than not that some portion of, or all of the deferred tax assets will not be realized. | |||
Uncertain tax positions | |||
The Group adopted the provisions of ASC 740-10, Income Taxes: Overall, on January 1, 2007, which clarified the accounting for uncertainty in income taxes by prescribing the recognition and measurement thresholds a tax position is required to meet before being recognized in the financial statements. The guidance prescribes a more likely than not threshold for financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Significant judgment is required in evaluating the Group’s uncertain tax positions and determining its provision for income taxes. Refer to Note 11 for details of the Group’s tax positions. | |||
Employee social security and welfare benefits | ' | ||
(s) Employee social security and welfare benefits | |||
Full-time employees of the Group in the PRC are entitled to staff welfare benefits including pension, work-related injury benefits, maternity insurance, medical insurance, unemployment benefit and housing fund plans through a PRC government-mandated multi-employer defined contribution plan. The Group is required to accrue for these benefits based on certain percentages of the employees’ salaries, up to a maximum amount specified by the local government. The Group is required to make contributions to the plans out of the amounts accrued. The PRC government is responsible for the medical benefits and the pension liability to be paid to these employees and the Group’s obligations are limited to the amounts contributed. Employee social benefits included as expenses in the accompanying consolidated statements of comprehensive income were RMB31.7 million, RMB47.2 million and RMB57.4 million (US$9.5million) for the years ended December 31, 2011, 2012 and 2013, respectively. | |||
Statutory reserves | ' | ||
(t) Statutory reserves | |||
In accordance with the laws applicable to China’s Foreign Investment Enterprises, those of the Company’s China-based subsidiaries that are considered under PRC law to be a wholly foreign-owned enterprise are required to make appropriations from their after-tax profit (as determined under the Accounting Standards for Business Enterprises as promulgated by the Ministry of Finance of the People’s Republic of China (“PRC GAAP”)) to non-distributable reserve funds including (i) general reserve fund, (ii) enterprise expansion fund and (iii) staff bonus and welfare fund. The appropriation to the general reserve fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the general reserve fund has reached 50% of the registered capital of the respective company. Appropriations to the other two reserve funds are at the respective companies’ discretion. | |||
In accordance with the China Company Laws, those of the Company’s China-based subsidiaries that are considered under PRC law to be domestically funded enterprises, as well as the Company’s VIEs are required to make appropriations from their after-tax profit (as determined under PRC GAAP) to non-distributable reserve funds including (i) statutory surplus fund and (ii) discretionary surplus fund. The appropriation to the statutory surplus fund must be at least 10% of the after-tax profits calculated in accordance with PRC GAAP. Appropriation is not required if the statutory surplus fund has reached 50% of the registered capital of the respective company. Appropriation to the discretionary surplus fund is at the discretion of the respective company. | |||
General reserve fund and statutory surplus fund are restricted for set off against losses, expansion of production and operation or increase in register capital of the respective company. The Group has made appropriations of RMB14.3 million, RMB7.3 million and RMB18.3 million (US$3.0 million) to these funds for the years ended December 31, 2011, 2012 and 2013, respectively. | |||
Related parties | ' | ||
(u) Related parties | |||
Parties are considered to be related if one party has the ability, directly or indirectly, to control the other party or exercise significant influence over the other party in making financial and operating decisions. Parties are also considered to be related if they are subject to common control or significant influence, such as a family member or relative, shareholder, or a related corporation. | |||
Dividends | ' | ||
(v) Dividends | |||
Dividends are recognized when declared. No dividends were declared for the years ended December 31, 2011 and 2012 and 2013, respectively. The Group does not have any present plan to pay dividends on ordinary shares in the foreseeable future. The Group currently intends to retain the available funds and future earnings to operate and expand its business. | |||
Net (loss)/income per share | ' | ||
(w) Net (loss)/income per share | |||
The Company computes net (loss)/income per Class A and Class B ordinary share in accordance with ASC 260-10, Earnings Per Share: Overall, using the two class method. Under the two-class method, net income is allocated between ordinary shares and other participating securities based on their participating rights. Net losses are not allocated to other participating securities if based on their contractual terms they are not obligated to share in the losses. | |||
Basic net (loss)/income per share is computed by dividing net (loss)/income attributable to ordinary shareholders, considering the accretion of redemption feature and amortization of beneficial conversion feature related to its convertible redeemable preferred shares (see Note 12), by the weighted average number of ordinary shares and contingently issuable shares outstanding during the period except that it does not include unvested restricted shares and repurchased ordinary shares subject to cancellation. | |||
The liquidation and dividend rights of the holders of the Company’s Class A and Class B ordinary shares are identical, except with respect to voting. As a result, and in accordance with ASC 260-10, the undistributed earnings for each year are allocated based on the contractual participation rights of the Class A and Class B ordinary shares. As the liquidation and dividend rights are identical, the net (loss)/income are allocated on a proportionate basis. | |||
Diluted net (loss)/income per share is calculated by dividing net (loss)/income attributable to ordinary shareholders, as adjusted for the effect of dilutive potential ordinary shares, if any, by the weighted average number of ordinary shares outstanding and dilutive potential ordinary shares during the period. Potential ordinary shares are excluded in the denominator of the diluted net (loss)/income per share calculation if their effects would be anti-dilutive. Potential ordinary shares consist of ordinary shares issuable upon the conversion of the series A convertible redeemable preferred shares using the if-converted method, and ordinary shares issuable upon the exercise of share options and the vesting of restricted share units and restricted shares using the treasury stock method. | |||
Treasury stock | ' | ||
(x) Treasury stock | |||
The Company accounted for those shares repurchased as treasury stock at cost in accordance with ASC 505-30, Treasury Stock, and is shown separately in the shareholders’ equity as the Company has not yet decided on the ultimate disposition of those shares acquired. When the Company decides to cancel the treasury stock, the difference between the original issuance price and the repurchase price is debited into additional paid-in capital. Refer to Note 17 for details. | |||
Comprehensive income | ' | ||
(y) Comprehensive income | |||
Comprehensive income is defined as the change in equity of the Group during a period arising from transactions and other events and circumstances excluding transactions resulting from investments by shareholders and distributions to shareholders. Comprehensive income is reported in the consolidated statements of comprehensive income. Accumulated other comprehensive loss, as presented on the Group’s consolidated balance sheets, includes the foreign currency translation adjustment. | |||
Segment reporting | ' | ||
(z) Segment reporting | |||
Based on the criteria established by ASC 280, Segment Reporting, the Group’s chief operating decision maker has been identified as the Chief Executive Officer, who reviews consolidated results when making decisions about allocating resources and assessing performance of the Group. The Group has internal reporting of cost and expenses that does not distinguish between segments, and reports costs and expenses by nature as a whole. The Group does not distinguish between markets or segments for the purpose of internal reporting. Hence, the Group has only one operating segment. As the Group’s long-lived assets and revenue are substantially located in and derived from the PRC, no geographical segments are presented. | |||
Recently issued accounting pronouncements | ' | ||
(aa) Recently issued accounting pronouncements | |||
In February 2013, the FASB issued ASU No. 2013-02 (“ASU 2013-02”), Reporting of Amounts Reclassified Out of Accumulated Other Comprehensive Income, which is intended to improve the reporting of reclassifications out of accumulated other comprehensive income. It does not change the current requirements for reporting net income or other comprehensive income in financial statements. However, the standard requires an entity to provide information about the amounts reclassified out of accumulated other comprehensive income by component. For public entities, the amendments are effective prospectively for reporting periods beginning after December 15, 2012, with early adoption permitted. The Group adopted ASU 2013-02 beginning January 1, 2013 and its adoption did not have a material impact on its consolidated financial statements. | |||
In July 2013, the FASB issued guidance on “Income Taxes - Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists.” The amendments clarify that an unrecognized tax benefit, or a portion of an unrecognized tax benefit, should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss, similar tax loss, or tax credit carryforward, except as noted in the following sentence. To the extent a net operating loss, similar tax loss, or tax credit carryforward is not available at the reporting date under the tax law of the applicable jurisdiction to settle any additional income taxes that would result from the disallowance of a tax position or the tax law of the applicable jurisdiction does not require the entity to use, and the entity does not intend to use, the deferred tax asset for such a purpose, then under this exception the unrecognized tax benefit is to be presented in the financial statements as a liability and should not be combined with (netted with) the deferred tax asset(s). The assessment of whether a deferred tax asset is “available” is based on the unrecognized tax benefit and deferred tax asset amounts that exist at the reporting date and should be made presuming disallowance of the tax position at the reporting date. The amendments are effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The Group will adopt ASU 2013-11 beginning January 1, 2014 and does not expect the adoption to have a material impact on its consolidated financial statements. |
Organization_and_Principal_Act1
Organization and Principal Activities (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Organization and Principal Activities [Abstract] | ' | |||||||||
Schedule of subsidiaries, VIEs and subsidiaries of VIEs | ' | |||||||||
Percentage | ||||||||||
of Direct or | ||||||||||
Indirect | ||||||||||
Place of | Date of | Economic | Principal | |||||||
Name | Incorporation | Incorporation | Ownership | 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 FM Limited | Cayman Islands | August 29, 2013 | 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% | Technical consulting | ||||||
Phoenix FM (Hong Kong) Company Limited | Hong Kong | October 24, 2013 | 100% | Investment holding | ||||||
VIEs: | ||||||||||
Beijing Tianying Jiuzhou Network Technology Co., Ltd. (“Tianying Jiuzhou”) | PRC | April 18, 2000 | 100% | Advertising, MVAS, and games and others | ||||||
Yifeng Lianhe (Beijing) Technology Co., Ltd. (“Yifeng Lianhe”) | PRC | June 16, 2006 | 100% | MVAS | ||||||
Direct subsidiaries of Tianying Jiuzhou: | ||||||||||
Beijing Tianying Chuangzhi Advertising Co., Ltd. (“Tianying Chuangzhi”) | PRC | February 8, 2010 | 100% | Advertising | ||||||
Beijing Jirong Wenhua Culture Communication Co., Ltd. (“Jirong Wenhua”) | PRC | June 1, 2012 | 100% | Publishing | ||||||
Tianjin Fenghuang Mingdao Culture Communication Co., Ltd. (“Fenghuang Mingdao”) | PRC | May 24, 2013 | 100% | Advertising | ||||||
Beijing Fenghuang Tianbo Network Technology Co., Ltd. (“Fenghuang Tianbo”) | PRC | May 31, 2013 | 51% | Advertising | ||||||
Beijing Tianying Chuangzhan Culture Communication Co., Ltd. (“Tianying Chuangzhan”) | PRC | July 29, 2013 | 100% | Advertising | ||||||
Schedule of consolidated financial information of Group's VIEs | ' | |||||||||
As of December 31, | ||||||||||
2012 | 2013 | 2013 | ||||||||
RMB | RMB | US$ | ||||||||
Current assets | 613,359 | 1,132,220 | 187,029 | |||||||
Non-current assets | 50,442 | 43,736 | 7,225 | |||||||
Total assets | 663,801 | 1,175,956 | 194,254 | |||||||
Accounts payable | 150,367 | 217,556 | 35,938 | |||||||
Amounts due to related parties | 2,167 | 509 | 84 | |||||||
Amounts due to inter-company entities | 314,966 | 676,275 | 111,713 | |||||||
Advances from customers | 5,335 | 10,519 | 1,738 | |||||||
Taxes payable | 29,605 | 15,631 | 2,582 | |||||||
Salary and welfare payable | 49,199 | 87,293 | 14,420 | |||||||
Accrued expenses and other current liabilities | 32,479 | 50,389 | 8,323 | |||||||
Current liabilities | 584,118 | 1,058,172 | 174,798 | |||||||
Long-term liabilities | 7,996 | 12,231 | 2,020 | |||||||
Total liabilities | 592,114 | 1,070,403 | 176,818 | |||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Revenues | 939,954 | 1,105,053 | 1,418,693 | 234,351 | ||||||
Net (loss)/income | (6,757 | ) | 16,359 | 14,851 | 2,453 | |||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Net cash provided by operating activities | 46,032 | 118,870 | 406,898 | 67,215 | ||||||
Net cash used in investing activities | (16,144 | ) | (29,578 | ) | (8,202 | ) | (1,355 | ) | ||
Net cash used in financing activities | (4,066 | ) | — | — | — |
Principal_Accounting_Policies_1
Principal Accounting Policies (Tables) | 12 Months Ended | ||
Dec. 31, 2013 | |||
Principal Accounting Policies [Abstract] | ' | ||
Estimated useful lives of property and equipment | ' | ||
Estimated Useful Lives | |||
Computer, equipment and furniture | 5 years | ||
Motor vehicles | 5 years | ||
Leasehold improvements | Lesser of lease terms or the estimated useful lives of the assets |
Accounts_Receivable_Net_Tables
Accounts Receivable, Net (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Accounts Receivable, Net [Abstract] | ' | |||||||||
Accounts Receivable, Net | ' | |||||||||
As of December 31, | ||||||||||
2012 | 2013 | 2013 | ||||||||
RMB | RMB | US$ | ||||||||
Accounts receivable, gross | 303,185 | 373,963 | 61,774 | |||||||
Allowance for doubtful accounts | (22,198 | ) | (20,584 | ) | (3,400 | ) | ||||
Accounts receivable, net | 280,987 | 353,379 | 58,374 | |||||||
Allowance for doubtful accounts receivable | ' | |||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Balance as of January 1, | 2,447 | 8,404 | 22,198 | 3,667 | ||||||
Additional provision charged to bad debt expenses | 11,926 | 25,902 | 2,590 | 428 | ||||||
Write-off of bad debt provision | (5,969 | ) | (12,108 | ) | (4,204 | ) | (695 | ) | ||
Balance as of December 31, | 8,404 | 22,198 | 20,584 | 3,400 |
Prepayment_and_Other_Current_A1
Prepayment and Other Current Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Prepayment and Other Current Assets [Abstract] | ' | |||||||
Prepayment and Other Current Assets | ' | |||||||
As of December 31, | ||||||||
2012 | 2013 | 2013 | ||||||
RMB | RMB | US$ | ||||||
Prepaid rental and deposits | 3,404 | 3,280 | 542 | |||||
Prepayment to suppliers and other business related expenses | 34,029 | 19,299 | 3,187 | |||||
Receivables related to exercise of employee options | 3,285 | 3,981 | 658 | |||||
Others | 1,839 | 1,351 | 223 | |||||
Total | 42,557 | 27,911 | 4,610 |
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Property and Equipment, Net [Abstract] | ' | |||||||
Summary of property and equipment, net | ' | |||||||
As of December 31, | ||||||||
2012 | 2013 | 2013 | ||||||
RMB | RMB | US$ | ||||||
Computer, equipment and furniture | 86,346 | 110,209 | 18,206 | |||||
Motor vehicles | 5,393 | 5,732 | 947 | |||||
Leasehold improvements | 43,055 | 35,555 | 5,873 | |||||
Total | 134,794 | 151,496 | 25,026 | |||||
Less: accumulated depreciation | (32,247 | ) | (56,370 | ) | (9,312 | ) | ||
Net book value | 102,547 | 95,126 | 15,714 |
Intangible_Assets_Net_Tables
Intangible Assets, Net (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Intangible Assets, Net [Abstract] | ' | |||||||
Summary of Intangible Assets, Net | ' | |||||||
As of December 31, | ||||||||
2012 | 2013 | 2013 | ||||||
RMB | RMB | US$ | ||||||
Software | 12,665 | 13,305 | 2,198 | |||||
Domain name | 54 | 54 | 9 | |||||
Total | 12,719 | 13,359 | 2,207 | |||||
Less: accumulated amortization | (3,231 | ) | (5,440 | ) | (899 | ) | ||
Net book value | 9,488 | 7,919 | 1,308 |
Other_NonCurrent_Assets_Tables
Other Non-Current Assets (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Other Non-Current Assets [Abstract] | ' | |||||||
Summary of other non-current assets | ' | |||||||
As of December 31, | ||||||||
2012 | 2013 | 2013 | ||||||
RMB | RMB | US$ | ||||||
Rental deposits | 8,061 | 7,460 | 1,232 | |||||
Non-current portion of prepayment to suppliers and other business related expenses | 5,043 | 5,218 | 862 | |||||
Total | 13,104 | 12,678 | 2,094 |
Accrued_Expenses_and_Other_Cur1
Accrued Expenses and Other Current Liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Accrued Expenses and Other Current Liabilities [Abstract] | ' | |||||||
Accrued expenses and other current liabilities | ' | |||||||
As of December 31, | ||||||||
2012 | 2013 | 2013 | ||||||
RMB | RMB | US$ | ||||||
Deposits from advertising agencies | 11,149 | 14,844 | 2,452 | |||||
Accrued professional fees | 4,406 | 4,593 | 759 | |||||
General operating expenses payables | 23,754 | 40,117 | 6,627 | |||||
Others | 1,408 | 2,599 | 429 | |||||
Total | 40,717 | 62,153 | 10,267 |
Cost_of_Revenues_Tables
Cost of Revenues (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Cost of Revenues [Abstract] | ' | |||||||||
Cost of Revenues | ' | |||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Revenue sharing fees | 285,960 | 263,518 | 249,797 | 41,264 | ||||||
Content and operational costs | 171,707 | 227,934 | 277,038 | 45,763 | ||||||
Bandwidth costs | 37,462 | 67,721 | 76,583 | 12,651 | ||||||
Sales taxes and surcharges | 59,547 | 72,126 | 92,937 | 15,352 | ||||||
Total | 554,676 | 631,299 | 696,355 | 115,030 |
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Income Taxes [Abstract] | ' | |||||||||
Summary of provisions for income tax expenses | ' | |||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Current tax expense | 26,464 | 22,550 | 42,863 | 7,080 | ||||||
Deferred tax benefit | (11,318 | ) | (5,573 | ) | (5,275 | ) | (871 | ) | ||
Income tax expense | 15,146 | 16,977 | 37,588 | 6,209 | ||||||
Components of income before tax and income tax expenses for PRC and non-PRC operations | ' | |||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Income arising from PRC operations | 155,625 | 103,168 | 292,333 | 48,289 | ||||||
(Loss)/profit arising from non-PRC operations | (38,004 | ) | 21,168 | 23,278 | 3,845 | |||||
Income before tax | 117,621 | 124,336 | 315,611 | 52,134 | ||||||
Income tax expense relating to PRC operations | 15,122 | 16,961 | 37,573 | 6,207 | ||||||
Income tax expense relating to non-PRC operations | 24 | 16 | 15 | 2 | ||||||
Income tax expense | 15,146 | 16,977 | 37,588 | 6,209 | ||||||
Effective tax rate for PRC operations | 9.7 | % | 16.4 | % | 12.9 | % | 12.9 | % | ||
Reconciliation of differences between statutory tax rate and effective tax rate | ' | |||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | ||||||||
% | % | % | ||||||||
Statutory income tax rate | 25 | 25 | 25 | |||||||
Permanent differences | (2.4 | ) | (5.8 | ) | (1.5 | ) | ||||
Change in valuation allowance | (0.7 | ) | 1 | 1.1 | ||||||
Effect of preferential tax benefits | (13.5 | ) | (6.1 | ) | (13.2 | ) | ||||
Uncertain tax positions | 1.3 | 2.4 | 1.4 | |||||||
Others | — | (0.1 | ) | 0.1 | ||||||
Effective income tax rate | 9.7 | 16.4 | 12.9 | |||||||
Combined effects of income tax expense exemption and reduction | ' | |||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Preferential tax rate effect | 20,950 | 6,281 | 38,534 | 6,365 | ||||||
Basic net income per share effect | 0.04 | 0.01 | 0.06 | 0.01 | ||||||
Tax effects of temporary differences, give rise to deferred tax assets | ' | |||||||||
As of December 31, | ||||||||||
2012 | 2013 | 2013 | ||||||||
RMB | RMB | US$ | ||||||||
Deferred tax assets - current: | ||||||||||
Provision of allowance for doubtful accounts | 5,312 | 4,361 | 720 | |||||||
Accrued payroll and expense | 12,192 | 18,418 | 3,043 | |||||||
Total current deferred tax assets | 17,504 | 22,779 | 3,763 | |||||||
Deferred tax assets - non-current: | ||||||||||
Net operating loss carryforward | 1,743 | 5,569 | 920 | |||||||
Less: valuation allowance | (1,743 | ) | (5,569 | ) | (920 | ) | ||||
Total non-current deferred tax assets, net | — | — | — | |||||||
Movement of valuation allowance | ' | |||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Balance as of January 1, | 1,856 | 750 | 1,743 | 288 | ||||||
Current year addition | — | 993 | 3,826 | 632 | ||||||
Current year reversal | (1,106 | ) | — | — | — | |||||
Balance as of December 31, | 750 | 1,743 | 5,569 | 920 | ||||||
Reconciliation of liabilities associated with uncertain tax positions | ' | |||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Balance as of January 1, | 3,483 | 5,504 | 7,996 | 1,321 | ||||||
Increase related to current year tax positions | 2,021 | 2,492 | 4,235 | 699 | ||||||
Balance as of December 31, | 5,504 | 7,996 | 12,231 | 2,020 |
Series_A_Convertible_Redeemabl1
Series A Convertible Redeemable Preferred Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Series A Convertible Redeemable Preferred Share [Abstract] | ' | |||||||||
Changes of Series A convertible redeemable preferred shares | ' | |||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Balance as of January 1, | 390,183 | — | — | — | ||||||
Accretion of redemption feature | 773,623 | — | — | — | ||||||
Conversion to ordinary share upon IPO | (1,163,806 | ) | — | — | — | |||||
Balance as of December 31, | — | — | — | — | ||||||
Determine fair values of Series A Preferred shares, valuation assumptions | ' | |||||||||
December 31, 2009 | December 31, 2010 | |||||||||
Risk-free interest rate | 2.91 | % | 3.15 | % | ||||||
Volatility rate | 56.41 | % | 55.26 | % | ||||||
Dividend yield | — | — | ||||||||
Discount rate | 22.97 | % | 20.43 | % |
Sharebased_Compensation_Tables
Share-based Compensation (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Share-based Compensation [Abstract] | ' | |||||||||
Share-based compensation expenses recognized in costs and expenses | ' | |||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Cost of revenues | 19,526 | 958 | 7,293 | 1,205 | ||||||
Sales and marketing expenses | 18,254 | 1,423 | 3,922 | 648 | ||||||
General and administrative expenses | 17,470 | 4,085 | 3,662 | 605 | ||||||
Technology and product development expenses | 10,842 | 293 | 1,846 | 304 | ||||||
Total | 66,092 | 6,759 | 16,723 | 2,762 | ||||||
Summary of share option activities | ' | |||||||||
Weighted Average | ||||||||||
Number of | Weighted Average | Remaining | Aggregate | |||||||
Options | Exercise Price | Contractual Life | Intrinsic Value | |||||||
US$ | Years | US$ in Million | ||||||||
Outstanding as of January 1, 2011 | 42,221,805 | 0.03 | 7.5 | 19.5 | ||||||
Granted | — | — | ||||||||
Cancelled to grant restricted share | (18,778,200 | ) | 0.03 | |||||||
Forfeited and expired | (656,286 | ) | 0.03 | |||||||
Exercised | (3,445,623 | ) | 0.03 | 2.3 | ||||||
Outstanding as of December 31, 2011 | 19,341,696 | 0.03 | 6.4 | 13 | ||||||
Granted | — | — | ||||||||
Forfeited and expired | (456,870 | ) | 0.03 | |||||||
Exercised | (4,887,757 | ) | 0.03 | 3.1 | ||||||
Outstanding as of December 31, 2012 | 13,997,069 | 0.03 | 5.4 | 5.9 | ||||||
Granted | 30,732,900 | 0.58 | ||||||||
Forfeited and expired | (1,408,938 | ) | 0.44 | |||||||
Exercised | (3,550,910 | ) | 0.03 | 3.6 | ||||||
Outstanding as of December 31, 2013 | 39,770,121 | 0.44 | 8.1 | 30.2 | ||||||
Vested and exercisable as of December 31, 2013 | 10,222,571 | 0.03 | 4.4 | 12 | ||||||
Share options valuation assumption | ' | |||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | ||||||||
Expected volatility rate | — | — | 57.6%-58.42% | |||||||
Expected dividend yield | — | — | - | |||||||
Expected term (years) | — | — | 6.16 | |||||||
Risk-free interest rate (per annum) | — | — | 1.54%-1.88% | |||||||
Summary of restricted share units activities | ' | |||||||||
Weighted-Average | ||||||||||
Restricted Share Units | Number of Units | Grant-Date | ||||||||
Fair Value | ||||||||||
US$ | ||||||||||
Unvested as of January 1, 2011 | — | — | ||||||||
Granted | 10,050,958 | 1.07 | ||||||||
Vested | (4,756,956 | ) | 1.07 | |||||||
Forfeited | (1,037,394 | ) | 1.07 | |||||||
Unvested as of December 31, 2011 | 4,256,608 | 1.07 | ||||||||
Granted | — | — | ||||||||
Vested | (1,966,987 | ) | 1.07 | |||||||
Forfeited | (602,443 | ) | 1.07 | |||||||
Unvested as of December 31, 2012 | 1,687,178 | 1.07 | ||||||||
Granted | — | — | ||||||||
Vested | (1,156,282 | ) | 1.07 | |||||||
Forfeited | (105,317 | ) | 1.07 | |||||||
Unvested as of December 31, 2013 | 425,579 | 1.07 | ||||||||
Summary of restricted share activities | ' | |||||||||
Weighted-Average | ||||||||||
Restricted Shares | Number of Shares | Grant-Date | ||||||||
Fair Value | ||||||||||
US$ | ||||||||||
Unvested as of January 1, 2011 | — | — | ||||||||
Granted | 19,008,200 | 1.07 | ||||||||
Vested | (9,296,370 | ) | 1.07 | |||||||
Forfeited | — | — | ||||||||
Unvested as of December 31, 2011 | 9,711,830 | 1.07 | ||||||||
Granted | — | — | ||||||||
Vested | (4,702,050 | ) | 1.07 | |||||||
Forfeited | (250,000 | ) | 1.07 | |||||||
Unvested as of December 31, 2012 | 4,759,780 | 1.07 | ||||||||
Granted | — | — | ||||||||
Vested | (2,864,780 | ) | 1.07 | |||||||
Forfeited | (1,050,000 | ) | 1.07 | |||||||
Unvested as of December 31, 2013 | 845,000 | 1.07 |
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Fair Value Measurements [Abstract] | ' | |||||||||
Fair Value Measurements | ' | |||||||||
Fair Value Measurements at Reporting Date Using | ||||||||||
Total Fair Value | Quote Prices in | Significant | Significant | |||||||
and Carrying | Active Market for | Other | Unobservable | |||||||
Value | Identical Assets | Observable Inputs | Inputs | |||||||
on Balance Sheets | (Level 1) | (Level 2) | (Level 3) | |||||||
RMB | RMB | RMB | RMB | |||||||
As of December 31, 2012 | ||||||||||
Cash equivalents | 577,169 | 577,169 | — | — | ||||||
Term deposits | 235,000 | 235,000 | — | — | ||||||
As of December 31, 2013 | ||||||||||
Cash equivalents | 1,111,473 | 1,111,473 | — | — | ||||||
Term deposits | 93,672 | 93,672 | — | — | ||||||
Restricted cash | 10,000 | 10,000 | — | — |
Net_LossIncome_per_Share_Table
Net (Loss)/Income per Share (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Net (Loss)/Income per Share [Abstract] | ' | |||||||||
Basic and Diluted Net (Loss)/Income per Share | ' | |||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Net (loss)/income per Class A and Class B ordinary share - basic: | ||||||||||
Numerator: | ||||||||||
Net income attributable to Phoenix New Media Limited | 102,475 | 107,359 | 279,554 | 46,178 | ||||||
Accretion to convertible redeemable preferred share redemption value | (773,623 | ) | — | — | — | |||||
Income allocation to participating preferred shares | (6,172 | ) | — | — | — | |||||
Net (loss)/income attributable to ordinary shareholders | (677,320 | ) | 107,359 | 279,554 | 46,178 | |||||
Denominator: | ||||||||||
Weighted average number of Class A and Class B ordinary shares outstanding | 519,227,660 | 619,849,313 | 602,991,298 | 602,991,298 | ||||||
Weighted average number of contingently issuable shares | — | 4,160,957 | 2,997,099 | 2,997,099 | ||||||
Denominator used in computing net (loss)/income per share — basic | 519,227,660 | 624,010,270 | 605,988,397 | 605,988,397 | ||||||
Net (loss)/income per Class A and Class B ordinary share — basic | (1.30 | ) | 0.17 | 0.46 | 0.08 | |||||
Net (loss)/income per Class A and Class B ordinary share - diluted: | ||||||||||
Numerator: | ||||||||||
Net income attributable to Phoenix New Media Limited | 102,475 | 107,359 | 279,554 | 46,178 | ||||||
Accretion to convertible redeemable preferred share redemption value | (773,623 | ) | — | — | — | |||||
Income allocation to participating preferred shares | (6,172 | ) | — | — | — | |||||
Net (loss)/income attributable to ordinary shareholders | (677,320 | ) | 107,359 | 279,554 | 46,178 | |||||
Denominator: | ||||||||||
Denominator used in computing net (loss)/income per share — basic | 519,227,660 | 624,010,270 | 605,988,397 | 605,988,397 | ||||||
Share-based awards | — | 19,737,876 | 16,432,062 | 16,432,062 | ||||||
Denominator used in computing net (loss)/income per share — diluted | 519,227,660 | 643,748,146 | 622,420,459 | 622,420,459 | ||||||
Net (loss)/income per Class A and Class B ordinary share — diluted | (1.30 | ) | 0.17 | 0.45 | 0.07 | |||||
Net (loss)/income per ADS (1 ADS represents 8 Class A ordinary shares): | ||||||||||
Denominator used in computing net (loss)/income per ADS — basic | 64,903,458 | 78,001,284 | 75,748,550 | 75,748,550 | ||||||
Denominator used in computing net (loss)/income per ADS — diluted | 64,903,458 | 80,468,518 | 77,802,557 | 77,802,557 | ||||||
Net (loss)/income per ADS — basic | (10.44 | ) | 1.38 | 3.69 | 0.61 | |||||
Net (loss)/income per ADS — diluted | (10.44 | ) | 1.33 | 3.59 | 0.59 |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Commitments and Contingencies [Abstract] | ' | |||||||||||||||
Commitments | ' | |||||||||||||||
Rental | Bandwidth | Cooperation | Content | Property and | Others | Total | ||||||||||
Purchases | with | Purchases | Equipment, | |||||||||||||
Phoenix TV | and Intangible | |||||||||||||||
Group* | Assets | |||||||||||||||
RMB | RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||
2014 | 35,018 | 11,576 | 3,906 | 11,143 | 286 | 2,455 | 64,384 | |||||||||
2015 | 33,854 | 63 | 4,883 | 6,373 | — | 376 | 45,549 | |||||||||
2016 | 32,526 | — | 1,526 | 871 | — | 110 | 35,033 | |||||||||
2017 | 13,687 | — | — | 79 | — | — | 13,766 | |||||||||
2018 and thereafter | — | — | — | — | — | — | — | |||||||||
Total | 115,085 | 11,639 | 10,315 | 18,466 | 286 | 2,941 | 158,732 | |||||||||
* The Group and Phoenix TV Group have been involved in various cooperation arrangements, including content sharing, branding and co-promotion, technical support and corporate management (Refer to Note 2(a)). There was no payment for these arrangements until November 2009 when a cooperation agreement was signed between Phoenix TV and the Group to stipulate the cost and expenses charged to the Group for the year 2010 and going forward. Based on the agreement, the Group will pay Phoenix TV 50% of revenue generated from certain contents provided by Phoenix TV Group, plus a fixed amount of payment to cover other services provided by Phoenix TV Group. The fixed amount was RMB1.6 million for the first year of the agreement, and increases by 25% annually. On March 28, 2011, Phoenix TV and the Group amended their cooperation agreement to extend the expiration of cooperation period from November 2014 to March 2016. The consideration arrangements for the cooperation remained unchanged. This fixed amount has been included in above table as a commitment to Phoenix TV Group. | ||||||||||||||||
Related_Party_Transactions_Tab
Related Party Transactions (Tables) | 12 Months Ended | |||||||||
Dec. 31, 2013 | ||||||||||
Related Party Transaction [Line Items] | ' | |||||||||
Major related parties and relationships with Group | ' | |||||||||
Related Parties | Relationships with the Group | |||||||||
Entities within the non US listed part of the Phoenix TV Group | Under common control by Phoenix TV | |||||||||
CMCC | A shareholder of Phoenix TV | |||||||||
Mr. Gao Ximin and Mr. Qiao Haiyan | Legal shareholders of Tianying Jiuzhou, employees of the Group | |||||||||
Mr. He Yansheng | Legal shareholder of Yifeng Lianhe, employee of the Group | |||||||||
Mr. Li Ya | Chief operating official of the Group | |||||||||
Amounts due from and due to related parties | ' | |||||||||
As of December 31, | ||||||||||
2012 | 2013 | 2013 | ||||||||
RMB | RMB | US$ | ||||||||
Amounts due from related parties: | ||||||||||
Accounts receivable from CMCC | 58,524 | 73,113 | 12,078 | |||||||
Due from Phoenix TV Group | 5,057 | 52,042 | 8,597 | |||||||
Staff advance | 230 | 3 | — | |||||||
Total | 63,811 | 125,158 | 20,675 | |||||||
Amounts due to related parties: | ||||||||||
Due to CMCC | 1,806 | 248 | 41 | |||||||
Due to Phoenix TV Group | — | 20,786 | 3,434 | |||||||
Total | 1,806 | 21,034 | 3,475 | |||||||
Entities within non US listed part of Phoenix TV Group [Member] | ' | |||||||||
Related Party Transaction [Line Items] | ' | |||||||||
Schedule of related party transactions | ' | |||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Contents provided by Phoenix TV Group | (4,923 | ) | (3,153 | ) | (3,477 | ) | (574 | ) | ||
Data line services provided by Phoenix TV Group | (367 | ) | (375 | ) | (392 | ) | (65 | ) | ||
Advertising and promotion expenses charged by Phoenix TV Group | (663 | ) | (916 | ) | (1,040 | ) | (172 | ) | ||
Technical support provided by Phoenix TV Group | (533 | ) | — | — | — | |||||
Corporate administrative expenses charged by Phoenix TV Group | (1,139 | ) | (646 | ) | (404 | ) | (67 | ) | ||
Advertising revenues earned from Phoenix TV Group and its customers | 21,619 | 29,754 | 28,911 | 4,775 | ||||||
Paid service revenues earned from Phoenix TV Group | 2,400 | — | — | — | ||||||
CMCC [Member] | ' | |||||||||
Related Party Transaction [Line Items] | ' | |||||||||
Schedule of related party transactions | ' | |||||||||
For the Years Ended December 31, | ||||||||||
2011 | 2012 | 2013 | 2013 | |||||||
RMB | RMB | RMB | US$ | |||||||
Advertising revenues earned from CMCC | 4,582 | 5,684 | 16,216 | 2,679 | ||||||
Paid service revenues earned from and through CMCC | 442,696 | 429,125 | 413,407 | 68,290 | ||||||
Revenue sharing fees and bandwidth costs to CMCC | (68,543 | ) | (63,953 | ) | (72,622 | ) | (11,996 | ) |
Organization_and_Principal_Act2
Organization and Principal Activities (Details of subsidiaries, VIEs and subsidiaries of VIE) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Phoenix Satellite Television Information Limited [Member] | Direct subsidiaries [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'British Virgin Islands ("BVI") |
Date of Incorporation | 1-Sep-99 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Investment holding |
Phoenix New Media (Hong Kong) Company Limited [Member] | Direct subsidiaries [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'Hong Kong |
Date of Incorporation | 24-Feb-11 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Advertising |
Phoenix FM Limited [Member] | Direct subsidiaries [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'Cayman Islands |
Date of Incorporation | 29-Aug-13 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Investment holding |
Fenghuang On-line (Beijing) Information Technology Co., Ltd. ("Fenghuang On-line") [Member] | Indirect subsidiaries [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'PRC |
Date of Incorporation | 20-Dec-05 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Technical consulting |
Beijing Fenghuang Yutian Software Technology Co., Ltd. ("Fenghuang Yutian") [Member] | Indirect subsidiaries [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'PRC |
Date of Incorporation | 15-Jun-12 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Software development |
Fenghuang Feiyang (Beijing) New Media Information Technology Co., Ltd. ("Fenghuang Feiyang") [Member] | Indirect subsidiaries [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'PRC |
Date of Incorporation | 25-Oct-13 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Technical consulting |
Phoenix FM (Hong Kong) Company Limited [Member] | Indirect subsidiaries [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'Hong Kong |
Date of Incorporation | 24-Oct-13 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Investment holding |
Beijing Tianying Jiuzhou Network Technology Co., Ltd. ("Tianying Jiuzhou") [Member] | VIEs [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'PRC |
Date of Incorporation | 18-Apr-00 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Advertising, MVAS, and games and others |
Yifeng Lianhe (Beijing) Technology Co., Ltd. ("Yifeng Lianhe") [Member] | VIEs [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'PRC |
Date of Incorporation | 16-Jun-06 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'MVAS |
Beijing Tianying Chuangzhi Advertising Co., Ltd. ("Tianying Chuangzhi") [Member] | Direct subsidiaries of Tianying Jiuzhou [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'PRC |
Date of Incorporation | 8-Feb-10 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Advertising |
Beijing Jirong Wenhua Culture Communication Co., Ltd. ("Jirong Wenhua") [Member] | Direct subsidiaries of Tianying Jiuzhou [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'PRC |
Date of Incorporation | 1-Jun-12 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Publishing |
Tianjin Fenghuang Mingdao Culture Communication Co., Ltd.("Fenghuang Mingdao") [Member] | Direct subsidiaries of Tianying Jiuzhou [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'PRC |
Date of Incorporation | 24-May-13 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Advertising |
Beijing Fenghuang Tianbo Network Technology Co., Ltd. ("Fenghuang Tianbo") [Member] | Direct subsidiaries of Tianying Jiuzhou [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'PRC |
Date of Incorporation | 31-May-13 |
Percentage of Direct or Indirect Economic Ownership | 51.00% |
Principal Activity | 'Advertising |
Beijing Tianying Chuangzhan Culture Communication Co., Ltd. ("Tianying Chuangzhan") [Member] | Direct subsidiaries of Tianying Jiuzhou [Member] | ' |
Schedule of Subsidiaries, VIEs and Subsidiaries of VIE [Line Items] | ' |
Place of Incorporation | 'PRC |
Date of Incorporation | 29-Jul-13 |
Percentage of Direct or Indirect Economic Ownership | 100.00% |
Principal Activity | 'Advertising |
Organization_and_Principal_Act3
Organization and Principal Activities (Narrative) (Details) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2013 |
CNY | USD ($) | CNY | |
Organization and Principal Activities [Abstract] | ' | ' | ' |
Repaid paid-in-capital of VIE to VIE's shareholders | 7.9 | ' | ' |
Registered capital and PRC statutory reserves of VIEs used to solely settle obligations of VIE | ' | $4.20 | 25.5 |
Organization_and_Principal_Act4
Organization and Principal Activities (Financial information of consolidated VIEs) (Details) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |||||
USD ($) | CNY | CNY | CNY | Consolidated VIEs without recourse to the Company [Member] | Consolidated VIEs without recourse to the Company [Member] | Consolidated VIEs without recourse to the Company [Member] | Consolidated VIEs without recourse to the Company [Member] | |||||
USD ($) | CNY | CNY | CNY | |||||||||
Variable Interest Entity [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ||||
Current assets | $320,637,000 | 1,941,037,000 | 1,556,028,000 | ' | $187,029,000 | 1,132,220,000 | 613,359,000 | ' | ||||
Non-current assets | 19,116,000 | 115,723,000 | 125,139,000 | ' | 7,225,000 | 43,736,000 | 50,442,000 | ' | ||||
Total assets | 339,753,000 | 2,056,760,000 | 1,681,167,000 | ' | 194,254,000 | 1,175,956,000 | 663,801,000 | ' | ||||
Accounts payable | 36,111,000 | 218,604,000 | 154,637,000 | ' | 35,938,000 | 217,556,000 | 150,367,000 | ' | ||||
Amounts due to related parties | 3,475,000 | 21,034,000 | 1,806,000 | ' | 84,000 | 509,000 | 2,167,000 | ' | ||||
Amounts due to inter-company entities | ' | ' | ' | ' | 111,713,000 | 676,275,000 | 314,966,000 | ' | ||||
Advances from customers | 1,773,000 | 10,732,000 | 5,884,000 | ' | 1,738,000 | 10,519,000 | 5,335,000 | ' | ||||
Taxes payable | 9,604,000 | 58,140,000 | 40,156,000 | ' | 2,582,000 | 15,631,000 | 29,605,000 | ' | ||||
Salary and welfare payable | 16,326,000 | 98,831,000 | 63,631,000 | ' | 14,420,000 | 87,293,000 | 49,199,000 | ' | ||||
Accrued expenses and other current liabilities | 10,267,000 | 62,153,000 | 40,717,000 | ' | 8,323,000 | 50,389,000 | 32,479,000 | ' | ||||
Current liabilities | 77,556,000 | 469,494,000 | 306,831,000 | ' | 174,798,000 | 1,058,172,000 | 584,118,000 | ' | ||||
Long-term liabilities | 2,020,000 | 12,231,000 | 7,996,000 | ' | 2,020,000 | 12,231,000 | 7,996,000 | ' | ||||
Total liabilities | 79,576,000 | 481,725,000 | 314,827,000 | ' | 176,818,000 | 1,070,403,000 | 592,114,000 | ' | ||||
Revenues | 235,306,000 | [1] | 1,424,475,000 | [1] | 1,111,004,000 | [1] | 950,592,000 | [1] | 234,351,000 | 1,418,693,000 | 1,105,053,000 | 939,954,000 |
Net (loss)/income | 45,925,000 | 278,023,000 | 107,359,000 | 102,475,000 | 2,453,000 | 14,851,000 | 16,359,000 | -6,757,000 | ||||
Net cash provided by operating activities | 57,453,000 | 347,802,000 | 109,580,000 | 64,637,000 | 67,215,000 | 406,898,000 | 118,870,000 | 46,032,000 | ||||
Net cash used in investing activities | 18,446,000 | 111,664,000 | 471,030,000 | -803,200,000 | -1,355,000 | -8,202,000 | -29,578,000 | -16,144,000 | ||||
Net cash used in financing activities | -10,684,000 | -64,679,000 | -60,110,000 | 863,180,000 | 0 | 0 | 0 | -4,066,000 | ||||
Inter-company technical services fees | ' | ' | ' | ' | $62,900,000 | 380,900,000 | 186,000,000 | 192,600,000 | ||||
[1] | Revenues, cost of revenues and operating expenses include transactions with related parties as follows: 2011 2012 2013 2013 RMB RMB RMB US$ Net advertising revenues 26,201 35,438 45,127 7,454 Paid service revenues 445,096 429,125 413,407 68,290 Cost of revenues (73,833) (67,481) (76,491) (12,635) Sales and marketing expenses (663) (916) (1,040) (172) General and administrative expenses (1,139) (646) (404) (67) Technology and product development expenses (533) - - - |
Principal_Accounting_Policies_2
Principal Accounting Policies (Additional information) (Details) | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
USD ($) | CNY | CNY | CNY | |
Convenience translation [Abstract] | ' | ' | ' | ' |
Convenience translation, noon buying rate of US$ using RMB | ' | 6.0537 | ' | ' |
Impairment of long-lived assets [Abstract] | ' | ' | ' | ' |
Impairment of long-lived assets recognized | ' | 0 | 0 | 0 |
Sales and marketing expenses [Abstract] | ' | ' | ' | ' |
Advertising expenses | 8,900,000 | 54,200,000 | 31,100,000 | 17,500,000 |
Employee social benefits [Abstract] | ' | ' | ' | ' |
Employee social benefits | $9,500,000 | 57,400,000 | 47,200,000 | 31,700,000 |
Principal_Accounting_Policies_3
Principal Accounting Policies (Property and equipment, net) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Computer, equipment and furniture [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Lives | '5 years |
Motor vehicles [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Lives | '5 years |
Leasehold improvements [Member] | ' |
Property, Plant and Equipment [Line Items] | ' |
Estimated Useful Lives | 'Lesser of lease terms or the estimated useful lives of the assets |
Principal_Accounting_Policies_4
Principal Accounting Policies (Intangible assets, net) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Computer software [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful lives | '5 years |
Internet domain name [Member] | ' |
Finite-Lived Intangible Assets [Line Items] | ' |
Estimated useful lives | '10 years |
Principal_Accounting_Policies_5
Principal Accounting Policies (Revenue recognition) (Details) | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | |
USD ($) | CNY | CNY | CNY | Phoenix TV [Member] | |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ' | ' | ' | ' | ' |
Agency service fees to third-party advertising agencies | $22,400,000 | 135,900,000 | 77,700,000 | 49,100,000 | ' |
Revenue from barter transactions involving exchanging advertising services for content, technical and marketing services | ' | 0 | 2,300,000 | 2,300,000 | ' |
Percentage of revenues generated from sales of Phoenix TV's video content paid to Phoenix TV (as a percent) | ' | ' | ' | ' | 50.00% |
Principal_Accounting_Policies_6
Principal Accounting Policies (Cost of revenues) (Details) | 12 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | CNY | CNY | CNY | Minimum [Member] | Maximum [Member] | |
Taxation [Line Items] | ' | ' | ' | ' | ' | ' |
Sales taxes and surcharges | $15,352 | 92,937 | 72,126 | 59,547 | ' | ' |
Applicable business tax and surcharges rate | ' | ' | ' | ' | 3.30% | 5.50% |
Tax rate of value added tax and surcharges | 6.60% | 6.60% | ' | ' | ' | ' |
Applicable tax rate of cultural development fee for advertising services revenues | 3.00% | 3.00% | ' | ' | ' | ' |
Principal_Accounting_Policies_7
Principal Accounting Policies (Statutory reserves) (Details) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 |
USD ($) | CNY | CNY | CNY | Wholly foreign-owned enterprise [Member] | Domestically funded enterprises [Member] | |
Schedule of Statutory Reserves [Line Items] | ' | ' | ' | ' | ' | ' |
Portion of after-tax profit to be allocated to general reserve under PRC law (as a percent) | ' | ' | ' | ' | 10.00% | 10.00% |
Required general reserve/registered capital ratio to de-force compulsory net profit allocation to general reserve (as a percent) | ' | ' | ' | ' | 50.00% | 50.00% |
Appropriations to statutory reserves | $3 | 18.3 | 7.3 | 14.3 | ' | ' |
Certain_Risks_and_Concentratio1
Certain Risks and Concentration (Major Customers) (Details) (Customer concentration risk [Member]) | 12 Months Ended | ||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
CMCC [Member] | CMCC [Member] | CMCC [Member] | CMCC [Member] | Total revenues [Member] | Total revenues [Member] | Total revenues [Member] | Total revenues [Member] | Total revenues [Member] | Total accounts receivable [Member] | Total accounts receivable [Member] | |
USD ($) | CNY | CNY | CNY | CMCC [Member] | CMCC [Member] | CMCC [Member] | Other Customers [Member] | Other Customers [Member] | Other Customers [Member] | Other Customers [Member] | |
Concentration Risk [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues generated through and from CMCC | $71 | 429.6 | 434.8 | 447.3 | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable from CMCC | $12.10 | 73.1 | 58.5 | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of concentration risk | ' | ' | ' | ' | 30.20% | 39.10% | 47.10% | ' | ' | ' | ' |
Threshold of business risk associated with percentage of quantitative amount generated by any single customer of the Group (as a percent) | ' | ' | ' | ' | ' | ' | ' | 10.00% | 10.00% | 10.00% | 10.00% |
Accounts_Receivable_Net_Detail
Accounts Receivable, Net (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
In Thousands, unless otherwise specified | USD ($) | CNY | USD ($) | CNY | CNY | CNY |
Accounts Receivable, Net [Abstract] | ' | ' | ' | ' | ' | ' |
Accounts receivable, gross | $61,774 | 373,963 | ' | 303,185 | ' | ' |
Allowance for doubtful accounts | -3,400 | -20,584 | -3,667 | -22,198 | -8,404 | -2,447 |
Accounts receivable, net | $58,374 | 353,379 | ' | 280,987 | ' | ' |
Accounts_Receivable_Net_Allowa
Accounts Receivable, Net (Allowance for Doubtful Accounts) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Accounts Receivable, Net [Abstract] | ' | ' | ' | ' |
Balance as of January 1 | $3,667 | 22,198 | 8,404 | 2,447 |
Additional provision charged to bad debt expenses | 428 | 2,590 | 25,902 | 11,926 |
Write-off of bad debt provision | -695 | -4,204 | -12,108 | -5,969 |
Balance as of December 31 | $3,400 | 20,584 | 22,198 | 8,404 |
Prepayment_and_Other_Current_A2
Prepayment and Other Current Assets (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Prepayment and Other Current Assets [Abstract] | ' | ' | ' |
Prepaid rental and deposits | $542 | 3,280 | 3,404 |
Prepayment to suppliers and other business related expenses | 3,187 | 19,299 | 34,029 |
Receivables related to exercise of employee options | 658 | 3,981 | 3,285 |
Others | 223 | 1,351 | 1,839 |
Total | $4,610 | 27,911 | 42,557 |
Property_and_Equipment_Net_Sum
Property and Equipment, Net (Summary of property and equipment, net) (Details) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | |
USD ($) | CNY | CNY | CNY | Computer, equipment and furniture [Member] | Computer, equipment and furniture [Member] | Computer, equipment and furniture [Member] | Motor vehicles [Member] | Motor vehicles [Member] | Motor vehicles [Member] | Leasehold improvements [Member] | Leasehold improvements [Member] | Leasehold improvements [Member] | |
USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | |||||
Property, Plant and Equipment [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total gross value | $25,026,000 | 151,496,000 | 134,794,000 | ' | $18,206,000 | 110,209,000 | 86,346,000 | $947,000 | 5,732,000 | 5,393,000 | $5,873,000 | 35,555,000 | 43,055,000 |
Less: accumulated depreciation | -9,312,000 | -56,370,000 | -32,247,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net book value | 15,714,000 | 95,126,000 | 102,547,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Depreciation expenses | $4,700,000 | 28,700,000 | 19,200,000 | 11,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible_Assets_Net_Summary_
Intangible Assets, Net (Summary of Intangible Assets, Net) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | Software [Member] | Software [Member] | Software [Member] | Domain name [Member] | Domain name [Member] | Domain name [Member] |
USD ($) | CNY | CNY | USD ($) | CNY | CNY | ||||
Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total gross value | $2,207 | 13,359 | 12,719 | $2,198 | 13,305 | 12,665 | $9 | 54 | 54 |
Less: accumulated amortization | -899 | -5,440 | -3,231 | ' | ' | ' | ' | ' | ' |
Net book value | $1,308 | 7,919 | 9,488 | ' | ' | ' | ' | ' | ' |
Intangible_Assets_Net_Narrativ
Intangible Assets, Net (Narrative) (Details) | 12 Months Ended | |||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Intangible Assets, Net [Abstract] | ' | ' | ' | ' |
Amortization expenses | $0.50 | 2.8 | 1.9 | 1 |
Estimated amortization expenses [Abstract] | ' | ' | ' | ' |
2014 | ' | 2.6 | ' | ' |
2015 | ' | 2.3 | ' | ' |
2016 | ' | 1.8 | ' | ' |
2017 | ' | 1 | ' | ' |
2018 | ' | 0.2 | ' | ' |
Other_NonCurrent_Assets_Detail
Other Non-Current Assets (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Other Non-Current Assets [Abstract] | ' | ' | ' |
Rental deposits | $1,232 | 7,460 | 8,061 |
Non-current portion of prepayment to suppliers and other business related expenses | 862 | 5,218 | 5,043 |
Total | $2,094 | 12,678 | 13,104 |
Accrued_Expenses_and_Other_Cur2
Accrued Expenses and Other Current Liabilities (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY |
Accrued Expenses and Other Current Liabilities [Abstract] | ' | ' | ' |
Deposits from advertising agencies | $2,452 | 14,844 | 11,149 |
Accrued professional fees | 759 | 4,593 | 4,406 |
General operating expenses payables | 6,627 | 40,117 | 23,754 |
Others | 429 | 2,599 | 1,408 |
Total | $10,267 | 62,153 | 40,717 |
Cost_of_Revenues_Details
Cost of Revenues (Details) | 12 Months Ended | |||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | ||||
USD ($) | CNY | CNY | CNY | |||||
Cost of Revenues [Abstract] | ' | ' | ' | ' | ||||
Revenue sharing fees | $41,264 | 249,797 | 263,518 | 285,960 | ||||
Content and operational costs | 45,763 | 277,038 | 227,934 | 171,707 | ||||
Bandwidth costs | 12,651 | 76,583 | 67,721 | 37,462 | ||||
Sales taxes and surcharges | 15,352 | 92,937 | 72,126 | 59,547 | ||||
Total | $115,030 | [1] | 696,355 | [1] | 631,299 | [1] | 554,676 | [1] |
[1] | Revenues, cost of revenues and operating expenses include transactions with related parties as follows: 2011 2012 2013 2013 RMB RMB RMB US$ Net advertising revenues 26,201 35,438 45,127 7,454 Paid service revenues 445,096 429,125 413,407 68,290 Cost of revenues (73,833) (67,481) (76,491) (12,635) Sales and marketing expenses (663) (916) (1,040) (172) General and administrative expenses (1,139) (646) (404) (67) Technology and product development expenses (533) - - - |
Income_Taxes_Summary_of_provis
Income Taxes (Summary of provisions for income tax expenses) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Current tax expense | $7,080 | 42,863 | 22,550 | 26,464 |
Deferred tax benefit | -871 | -5,275 | -5,573 | -11,318 |
Income tax expense | $6,209 | 37,588 | 16,977 | 15,146 |
Income_Taxes_Components_of_inc
Income Taxes (Components of income before tax and income tax expenses for PRC and non-PRC operations) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Income arising from PRC operations | $48,289 | 292,333 | 103,168 | 155,625 |
(Loss)/profit arising from non-PRC operations | 3,845 | 23,278 | 21,168 | -38,004 |
Income before tax | 52,134 | 315,611 | 124,336 | 117,621 |
Income tax expense relating to PRC operations | 6,207 | 37,573 | 16,961 | 15,122 |
Income tax expense relating to non-PRC operations | 2 | 15 | 16 | 24 |
Income tax expense | $6,209 | 37,588 | 16,977 | 15,146 |
Effective tax rate for PRC operations | 12.90% | 12.90% | 16.40% | 9.70% |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) | 12 Months Ended | 36 Months Ended | 12 Months Ended | 36 Months Ended | 12 Months Ended | 36 Months Ended | 24 Months Ended | |||||||||||||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2017 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2007 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2008 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2012 |
Hong Kong [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | PRC [Member] | |
USD ($) | CNY | CNY | Yifeng Lianhe [Member] | Tianying Chuangzhi [Member] | Fenghuang Yutian [Member] | Jirong Wenhua [Member] | Fenghuang Mingdao [Member] | Fenghuang Tianbo [Member] | Tianying Chuangzhan [Member] | Fenghuang Feiyang [Member] | New Technology Enterprise [Member] | New Technology Enterprise [Member] | New Technology Enterprise [Member] | New Technology Enterprise [Member] | New Technology Enterprise [Member] | High and New Technology Enterprises [Member] | High and New Technology Enterprises [Member] | High and New Technology Enterprises [Member] | High and New Technology Enterprises [Member] | |||
Fenghuang On-line [Member] | Fenghuang On-line [Member] | Fenghuang On-line [Member] | Fenghuang On-line [Member] | Tianying Jiuzhou [Member] | Tianying Jiuzhou [Member] | Yifeng Lianhe [Member] | ||||||||||||||||
Schedule of Income Taxes [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
State corporate income taxes before 2008, statutory rates | ' | 30.00% | 30.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Local corporate income taxes before 2008, statutory rates | ' | 3.00% | 3.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferential EIT rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 15.00% | 15.00% | 15.00% | ' | ' | 15.00% | 15.00% | 15.00% | 15.00% |
Number of years of tax exemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | ' | '3 years | ' | ' | ' | ' |
Reduction rate upon applicable EIT rates | ' | ' | ' | ' | ' | ' | ' | 50.00% | ' | ' | ' | ' | ' | 50.00% | ' | ' | 50.00% | ' | ' | ' | ' | ' |
Number of years of tax rate reduction subsequent to years of tax exemption | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 years | ' | ' | '3 years | ' | ' | ' | ' | ' |
Statutory income tax rate | 16.50% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ' | 25.00% | 25.00% | 25.00% | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Transition period for FIEs to continue to enjoy existing preferential tax treatments | ' | '5 years | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Practical income tax rate after any reduction of applicable EIT rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7.50% | ' | ' | ' | ' | ' |
Tax rate uncertainty under Circular 157 issued by State Administration of Tax | ' | 'In April 2010, the State Administration of Tax ("SAT") issued Circular 157, which seeks to provide additional guidance on the interaction of certain preferential tax rates under the transitional rules of the EIT Law. Prior to Circular 157, the Group interpreted the law to mean that if an entity was in a period where it was entitled to a 50% reduction in the tax rate and was also entitled to a 15% rate of tax due to HNTE status under the EIT Law, then it was entitled to pay tax at the rate of 7.5%. Circular 157 appears to have the effect that such an entity is entitled to pay tax at either 15% or 50% of the applicable PRC tax rate. The effect of Circular 157 is retrospective and would apply to 2008 and 2009. | 'In April 2010, the State Administration of Tax ("SAT") issued Circular 157, which seeks to provide additional guidance on the interaction of certain preferential tax rates under the transitional rules of the EIT Law. Prior to Circular 157, the Group interpreted the law to mean that if an entity was in a period where it was entitled to a 50% reduction in the tax rate and was also entitled to a 15% rate of tax due to HNTE status under the EIT Law, then it was entitled to pay tax at the rate of 7.5%. Circular 157 appears to have the effect that such an entity is entitled to pay tax at either 15% or 50% of the applicable PRC tax rate. The effect of Circular 157 is retrospective and would apply to 2008 and 2009. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate undistributed earnings of the Company's subsidiaries located in the PRC | ' | $89.60 | 542.3 | 304.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized deferred tax liability on the permanently reinvested earnings | ' | $9 | 54.2 | 30.4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income_Taxes_Reconciliation_of
Income Taxes (Reconciliation of Differences Between Statutory Tax Rate and Effective Tax Rate) (Details) (PRC [Member]) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
PRC [Member] | ' | ' | ' |
Schedule of Income Taxes [Line Items] | ' | ' | ' |
Statutory income tax rate | 25.00% | 25.00% | 25.00% |
Permanent differences | -1.50% | -5.80% | -2.40% |
Change in valuation allowance | 1.10% | 1.00% | -0.70% |
Effect of preferential tax benefits | -13.20% | -6.10% | -13.50% |
Uncertain tax positions | 1.40% | 2.40% | 1.30% |
Others | 0.10% | -0.10% | 0.00% |
Effective income tax rate | 12.90% | 16.40% | 9.70% |
Income_Taxes_Combined_effects_
Income Taxes (Combined effects of income tax expense exemption and reduction) (Details) | 12 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Preferential tax rate effect | $6,365 | 38,534 | 6,281 | 20,950 |
Basic net income per share effect | $0.01 | 0.06 | 0.01 | 0.04 |
Income_Taxes_Tax_effects_of_te
Income Taxes (Tax effects of temporary differences, give rise to deferred tax assets) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
USD ($) | CNY | USD ($) | CNY | CNY | CNY | |
Deferred tax assets - current: | ' | ' | ' | ' | ' | ' |
Provision of allowance for doubtful accounts | $720,000 | 4,361,000 | ' | 5,312,000 | ' | ' |
Accrued payroll and expense | 3,043,000 | 18,418,000 | ' | 12,192,000 | ' | ' |
Total current deferred tax assets | 3,763,000 | 22,779,000 | ' | 17,504,000 | ' | ' |
Deferred tax assets - non-current: | ' | ' | ' | ' | ' | ' |
Net operating loss carryforward | 920,000 | 5,569,000 | ' | 1,743,000 | ' | ' |
Less: valuation allowance | -920,000 | -5,569,000 | -288,000 | -1,743,000 | -750,000 | -1,856,000 |
Total non-current deferred tax assets, net | 0 | 0 | ' | 0 | ' | ' |
Net operating loss carryforward | 3,700,000 | 22,300,000 | ' | ' | ' | ' |
Net operating tax loss carryforward, expire in 2014 | ' | 4,000,000 | ' | ' | ' | ' |
Net operating tax loss carryforward, expire in 2016 | ' | 1,000,000 | ' | ' | ' | ' |
Net operating tax loss carryforward, expire in 2017 | ' | 5,900,000 | ' | ' | ' | ' |
Net operating tax loss carryforward, expire in 2018 | ' | 11,400,000 | ' | ' | ' | ' |
Income_Taxes_Movement_of_the_v
Income Taxes (Movement of the valuation allowance) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Balance as of January 1 | $288 | 1,743 | 750 | 1,856 |
Current period addition | 632 | 3,826 | 993 | 0 |
Current period reversal | 0 | 0 | 0 | -1,106 |
Balance as of December 31 | $920 | 5,569 | 1,743 | 750 |
Income_Taxes_Reconciliation_of1
Income Taxes (Reconciliation of liabilities associated with uncertain tax positions) (Details) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Income Taxes [Abstract] | ' | ' | ' | ' |
Balance as of January 1 | $1,321 | 7,996 | 5,504 | 3,483 |
Increase related to current year tax positions | 699 | 4,235 | 2,492 | 2,021 |
Balance as of December 31 | $2,020 | 12,231 | 7,996 | 5,504 |
Series_A_Convertible_Redeemabl2
Series A Convertible Redeemable Preferred Share (Narrative) (Details) (Series A Preferred Shares [Member]) | 0 Months Ended | 1 Months Ended | 12 Months Ended | |
In Millions, except Share data, unless otherwise specified | 17-May-11 | Nov. 30, 2009 | Nov. 30, 2009 | Dec. 31, 2013 |
USD ($) | USD ($) | CNY | ||
Temporary Equity [Line Items] | ' | ' | ' | ' |
Shares issued | ' | 130,000,000 | 130,000,000 | ' |
Aggregate purchase price | ' | $25 | 170.7 | ' |
Aggregate purchase price per share (US$ per share) | ' | $0.19 | ' | ' |
Issuance cost | ' | 0.2 | 1 | ' |
Allocation to beneficial conversion feature | ' | 2.5 | 17.1 | ' |
Par value (US$ per share) | ' | $0.01 | ' | ' |
Maximum adjustment ratio of conversion price from initial conversion price (as a percent) | ' | 25.00% | 25.00% | ' |
Required minimum gross proceeds from issuance in defining Qualified IPO | ' | 80 | ' | ' |
Required minimum valuation of company from issuance in defining Qualified IPO | ' | $400 | ' | ' |
Number of shares automatically converted to ordinary shares | 130,000,000 | ' | ' | ' |
Conversion price per share (US$ per share) | $1.38 | ' | ' | ' |
Method to calculate redemption price, description | ' | ' | ' | 'Equal to the greater of (i) the Series A Preferred Shares issuance price plus such amount necessary to provide an internal rate of return of 20% per annum from the Series A Preferred Shares issuance date through the redemption closing date plus all declared and unpaid dividends payable at any time following December 31, 2013, and (ii) the fair market value of the Series A Preferred Shares. |
The expected redemption price per share of the Series A Preferred Shares (US$ per share) | $1.38 | ' | ' | ' |
Method to calculate Preference Amount, description | ' | ' | ' | 'In the event of any liquidation, dissolution or winding up of the Company, either voluntarily or involuntarily, the holders of Series A Preferred Shares shall be entitled to receive an amount per share equal to 130% of the issuance price plus all dividends declared and unpaid ("Preference Amount"). |
Priority for dividends, description | ' | ' | ' | 'The holders of the Series A Preferred Shares are entitled to receive in preference to any payment to the ordinary shares, non-cumulative dividend of 8% per annum as and when declared by the Board of Directors. |
Series_A_Convertible_Redeemabl3
Series A Convertible Redeemable Preferred Share (Changes of Series A convertible redeemable preferred shares) (Details) (Series A Preferred Shares [Member]) | 12 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | |
Temporary Equity [Line Items] | ' | ' | ' | ' |
Balance as of January 1 | $0 | 0 | 0 | 390,183 |
Accretion of redemption feature | 0 | 0 | 0 | 773,623 |
Conversion to ordinary share upon IPO | 0 | 0 | 0 | -1,163,806 |
Balance as of December 31 | $0 | 0 | 0 | 0 |
Series_A_Convertible_Redeemabl4
Series A Convertible Redeemable Preferred Share (Assumptions used in determining fair values of Series A Preferred shares) (Details) | 12 Months Ended | |
Dec. 31, 2010 | Dec. 31, 2009 | |
Series A Convertible Redeemable Preferred Share [Abstract] | ' | ' |
Risk-free interest rate (as a percent) | 3.15% | 2.91% |
Volatility rate (as a percent) | 55.26% | 56.41% |
Dividend yield (as a percent) | 0.00% | 0.00% |
Discount rate (as a percent) | 20.43% | 22.97% |
Ordinary_Shares_Details
Ordinary Shares (Details) (USD $) | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | |||||||
Dec. 31, 2013 | Nov. 22, 2007 | 31-May-08 | 17-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | 17-May-11 | Dec. 31, 2013 | Dec. 31, 2012 | 17-May-11 | 17-May-11 | 17-May-11 | 17-May-11 | |
Ordinary Shares [Member] | Ordinary Shares [Member] | Ordinary Shares [Member] | Class A ordinary shares [Member] | Class A ordinary shares [Member] | Class A ordinary shares [Member] | Class B ordinary shares [Member] | Class B ordinary shares [Member] | Class B ordinary shares [Member] | Class B ordinary shares [Member] | ADS [Member] | Series A Preferred Shares [Member] | ||
Phoenix TV [Member] | |||||||||||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares, issued | ' | 1 | 319,999,999 | ' | ' | ' | ' | ' | ' | ' | ' | 13,415,125 | ' |
Ordinary shares, par value | ' | $0.01 | ' | $0.01 | $0.01 | $0.01 | ' | $0.01 | $0.01 | ' | ' | ' | ' |
Ordinary shares, authorized | ' | ' | ' | 1,000,000,000 | 680,000,000 | 680,000,000 | 680,000,000 | 320,000,000 | 320,000,000 | 320,000,000 | ' | ' | ' |
Number of shares automatically converted to ordinary shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 130,000,000 |
Shares offered by preferred share shareholders | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,267,500 | ' |
Conversion among ordinary shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | -2,674,640 | ' | ' |
Ordinary shares, voting rights | ' | ' | ' | ' | 'Holders of Class A ordinary shares are entitled to one vote per share | ' | ' | 'Holders of Class B ordinary shares are entitled to 1.3 votes per share | ' | ' | ' | ' | ' |
Ordinary shares, conversion features | 'The Parent, which is wholly owned by Phoenix TV, holds Class B ordinary shares, each of which is convertible into one Class A ordinary share at any time by the holder thereof. Class A ordinary shares are not convertible into Class B ordinary shares under any circumstances. | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Ordinary shares, shares issued | ' | ' | ' | ' | 282,578,957 | 299,408,949 | ' | 317,325,360 | 317,325,360 | ' | ' | ' | ' |
Ordinary shares, shares outstanding | ' | ' | ' | ' | 282,578,957 | 299,408,949 | ' | 317,325,360 | 317,325,360 | ' | ' | ' | ' |
Sharebased_Compensation_Alloca
Share-based Compensation (Allocation of recognized period costs and expenses) (Details) | 12 Months Ended | |||||||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | Cost of revenues | Cost of revenues | Cost of revenues | Cost of revenues | Sales and marketing expenses | Sales and marketing expenses | Sales and marketing expenses | Sales and marketing expenses | General and administrative expenses | General and administrative expenses | General and administrative expenses | General and administrative expenses | Technology and product development expenses | Technology and product development expenses | Technology and product development expenses | Technology and product development expenses | |
USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | |||||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Allocation of share-based compensation expenses | $2,762 | 16,723 | 6,759 | 66,092 | $1,205 | 7,293 | 958 | 19,526 | $648 | 3,922 | 1,423 | 18,254 | $605 | 3,662 | 4,085 | 17,470 | $304 | 1,846 | 293 | 10,842 |
Sharebased_Compensation_Share_
Share-based Compensation (Share Options, June 2008 Scheme) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Maximum percentage of ordinary shares in issue upon exercise of all outstanding options granted and yet to be exercised | 30.00% |
Share Option Scheme, June 2008 Scheme [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Maximum percentage of ordinary shares in issue on effective date of option scheme ("Limit") | 10.00% |
Maximum percentage of ordinary shares in issue on effective date of limit as refreshed ("Refreshed Limit") | 10.00% |
Maximum number of additional options authorized to grant | 31,410,107 |
Share options, expiration period (in years) | '10 years |
Award vesting period | '4 years |
Sharebased_Compensation_Share_1
Share-based Compensation (Share Option Activities) (Details) (USD $) | 0 Months Ended | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Mar. 15, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Number of Options | ' | ' | ' | ' |
Number of Options, Outstanding, Beginning Balance | ' | 13,997,069 | 19,341,696 | 42,221,805 |
Number of Options, Granted | ' | 30,732,900 | 0 | 0 |
Number of Options, Cancelled to grant restricted share | -18,778,200 | ' | ' | -18,778,200 |
Number of Options, Forfeited and expired | ' | -1,408,938 | -456,870 | -656,286 |
Number of Options, Exercised | ' | -3,550,910 | -4,887,757 | -3,445,623 |
Number of Options, Outstanding, Ending Balance | ' | 39,770,121 | 13,997,069 | 19,341,696 |
Number of Options, Vested and exercisable | ' | 10,222,571 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' | ' |
Weighted Average Exercise Price, Outstanding, Beginning Balance (US$ per share) | ' | $0.03 | $0.03 | $0.03 |
Weighted Average Exercise Price, Granted (US$ per share) | ' | $0.58 | $0 | $0 |
Weighted Average Exercise Price, Cancelled to grant restricted share (US$ per share) | ' | ' | ' | $0.03 |
Weighted Average Exercise Price, Forfeited and expired (US$ per share) | ' | $0.44 | $0.03 | $0.03 |
Weighted Average Exercise Price, Exercised (US$ per share) | ' | $0.03 | $0.03 | $0.03 |
Weighted Average Exercise Price, Outstanding, Ending Balance (US$ per share) | ' | $0.44 | $0.03 | $0.03 |
Weighted Average Exercise Price, Vested and exercisable (US$ per share) | ' | $0.03 | ' | ' |
Weighted Average Remaining Contractual Life | ' | ' | ' | ' |
Weighted Average Remaining Contractual Life, Outstanding, Beginning Balance (in years) | ' | '5 years 4 months 24 days | '6 years 4 months 24 days | '7 years 6 months 0 days |
Weighted Average Remaining Contractual Life, Outstanding, Ending Balance (in years) | ' | '8 years 1 month 6 days | '5 years 4 months 24 days | '6 years 4 months 24 days |
Weighted Average Remaining Contractual Life, Vested and exercisable (in years) | ' | '4 years 4 months 24 days | ' | ' |
Aggregate Intrinsic Value | ' | ' | ' | ' |
Aggregate Intrinsic Value, Outstanding, Beginning Balance (US$ in million) | ' | $5.90 | $13 | $19.50 |
Aggregate Intrinsic Value, Exercised (US$ in million) | ' | 3.6 | 3.1 | 2.3 |
Aggregate Intrinsic Value, Outstanding, Ending Balance (US$ in million) | ' | 30.2 | 5.9 | 13 |
Aggregate Intrinsic Value, Vested and exercisable (US$ in million) | ' | $12 | ' | ' |
Sharebased_Compensation_Share_2
Share-based Compensation (Share Options, Additional Information) (Details) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | |
USD ($) | CNY | CNY | CNY | Share Options [Member] | Share Options [Member] | Share Options [Member] | Share Options [Member] | Former employees [Member] | Former employees [Member] | Former employees [Member] | ADS [Member] | Ordinary Shares [Member] | |
USD ($) | CNY | CNY | CNY | Share Options [Member] | Share Options [Member] | Share Options [Member] | Share Options [Member] | Share Options [Member] | |||||
USD ($) | CNY | USD ($) | USD ($) | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Closing stock price (US$ per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $9.63 | $1.20 |
Number of options granted | 30,732,900 | 30,732,900 | 0 | 0 | ' | ' | 0 | 0 | ' | ' | ' | ' | ' |
Weighted-average grant date fair values of options granted (US$ per share) | ' | ' | ' | ' | $0.50 | ' | ' | ' | ' | ' | ' | ' | ' |
Cash received from former employees' exercise of options | ' | ' | ' | ' | ' | ' | ' | ' | $200,000 | 1,400,000 | ' | ' | ' |
Shares issued to former employees after IPO (number of shares) | ' | ' | ' | ' | ' | ' | ' | ' | 4,448,873 | 4,448,873 | ' | ' | ' |
Contingently issuable shares to be issued upon former employees' request (number of shares) | ' | ' | ' | ' | ' | ' | ' | ' | 2,263,518 | 2,263,518 | 3,201,342 | ' | ' |
Recognized Share-based compensation expenses | 2,762,000 | 16,723,000 | 6,759,000 | 66,092,000 | 2,800,000 | 16,800,000 | -100,000 | 4,000,000 | ' | ' | ' | ' | ' |
Unrecognized share-based compensation expenses for options | ' | ' | ' | ' | $9,800,000 | 59,500,000 | ' | ' | ' | ' | ' | ' | ' |
Period for recognition | ' | ' | ' | ' | '3 years 5 months 19 days | '3 years 5 months 19 days | ' | ' | ' | ' | ' | ' | ' |
Sharebased_Compensation_Share_3
Share-based Compensation (Share Option Assumptions) (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected dividend yield (as a percent) | 0.00% |
Expected term (years) | '6 years 1 month 28 days |
Maximum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected volatility rate (as a percent) | 58.42% |
Risk-free interest rate (per annum) (as a percent) | 1.88% |
Minimum [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Expected volatility rate (as a percent) | 57.60% |
Risk-free interest rate (per annum) (as a percent) | 1.54% |
Sharebased_Compensation_Restri
Share-based Compensation (Restricted Share Units) (Details) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | 17-May-11 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | |
USD ($) | CNY | CNY | CNY | Restricted Share Units (RSUs) [Member] | Restricted Share Units (RSUs) [Member] | Restricted Share Units (RSUs) [Member] | Restricted Share Units (RSUs) [Member] | Restricted Share Units (RSUs) [Member] | Restricted Share Units (RSUs) [Member] | Restricted Share Units (RSUs) [Member] | |
USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | '4 years | '4 years | ' | ' | ' | ' |
Number of Units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Unvested, Beginning Balance | ' | ' | ' | ' | ' | 1,687,178 | 1,687,178 | 4,256,608 | 4,256,608 | 0 | 0 |
Number of Units, Granted | ' | ' | ' | ' | 10,050,958 | 0 | 0 | 0 | 0 | 10,050,958 | 10,050,958 |
Number of Units, Vested | ' | ' | ' | ' | ' | -1,156,282 | -1,156,282 | -1,966,987 | -1,966,987 | -4,756,956 | -4,756,956 |
Number of Units, Forfeited | ' | ' | ' | ' | ' | -105,317 | -105,317 | -602,443 | -602,443 | -1,037,394 | -1,037,394 |
Number of Shares, Unvested, Ending Balance | ' | ' | ' | ' | ' | 425,579 | 425,579 | 1,687,178 | 1,687,178 | 4,256,608 | 4,256,608 |
Weighted-Average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, Unvested, Beginning Balance (US$ per share) | ' | ' | ' | ' | ' | $1.07 | ' | $1.07 | ' | $0 | ' |
Weighted-Average Grant-Date Fair Value, Granted (US$ per share) | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | $1.07 | ' |
Weighted-Average Grant-Date Fair Value, Vested (US$ per share) | ' | ' | ' | ' | ' | $1.07 | ' | $1.07 | ' | $1.07 | ' |
Weighted-Average Grant-Date Fair Value, Forfeited (US$ per share) | ' | ' | ' | ' | ' | $1.07 | ' | $1.07 | ' | $1.07 | ' |
Weighted-Average Grant-Date Fair Value, Unvested, Ending Balance (US$ per share) | ' | ' | ' | ' | ' | $1.07 | ' | $1.07 | ' | $1.07 | ' |
Recognized Share-based compensation expenses | $2,762,000 | 16,723,000 | 6,759,000 | 66,092,000 | ' | $200,000 | 1,300,000 | ' | 3,100,000 | ' | 53,600,000 |
Unrecognized compensation expense | ' | ' | ' | ' | ' | 50,000 | 300,000 | ' | ' | ' | ' |
Unrecognized compensation expenses, weighted average period for recognition (in years) | ' | ' | ' | ' | ' | '9 months 18 days | '9 months 18 days | ' | ' | ' | ' |
Total fair value of restricted share units vested | ' | ' | ' | ' | ' | $1,200,000 | ' | $2,100,000 | ' | $5,100,000 | ' |
Sharebased_Compensation_Restri1
Share-based Compensation (Restricted Shares) (Details) | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||||||||||||
Mar. 15, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 17, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 17, 2011 | Mar. 17, 2011 | |
USD ($) | CNY | CNY | CNY | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares [Member] | Restricted Shares and Restricted Share Units [Member] | Restricted Shares and Restricted Share Units [Member] | Restricted Shares and Restricted Share Units [Member] | Restricted Shares and Restricted Share Units [Member] | Ordinary Shares [Member] | ||
USD ($) | USD ($) | CNY | USD ($) | CNY | USD ($) | CNY | USD ($) | USD ($) | USD ($) | USD ($) | USD ($) | ||||||
employee | |||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of stock options cancelled | 18,778,200 | ' | ' | ' | 18,778,200 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted shares, number of employees granted | ' | ' | ' | ' | ' | 22 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Award vesting period | ' | ' | ' | ' | ' | ' | '4 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Incremental share-based compensation | ' | ' | ' | ' | ' | $500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount of unrecognized share-based compensation of unvested option and incremental share-based compensation | ' | ' | ' | ' | ' | 2,200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount of unrecognized share-based compensation of unvested option and incremental share-based compensation, recognized immediately | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total amount of unrecognized share-based compensation of unvested option and incremental share-based compensation, recognized during rest of vesting period of restricted share | ' | ' | ' | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Number of Shares, Unvested, Beginning Balance | ' | ' | ' | ' | ' | ' | 4,759,780 | 4,759,780 | 9,711,830 | 9,711,830 | 0 | 0 | ' | ' | ' | ' | ' |
Number of Shares, Granted | ' | ' | ' | ' | ' | 19,008,200 | 0 | 0 | 0 | 0 | 19,008,200 | 19,008,200 | ' | ' | ' | ' | ' |
Number of Shares, Vested | ' | ' | ' | ' | ' | ' | -2,864,780 | -2,864,780 | -4,702,050 | -4,702,050 | -9,296,370 | -9,296,370 | ' | ' | ' | ' | ' |
Number of Shares, Forfeited | ' | ' | ' | ' | ' | ' | -1,050,000 | -1,050,000 | -250,000 | -250,000 | 0 | 0 | ' | ' | ' | ' | ' |
Number of Shares, Unvested, Ending Balance | ' | ' | ' | ' | ' | ' | 845,000 | 845,000 | 4,759,780 | 4,759,780 | 9,711,830 | 9,711,830 | ' | ' | ' | ' | ' |
Weighted-Average Grant-Date Fair Value | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, Unvested, Beginning Balance (US$ per share) | ' | ' | ' | ' | ' | ' | $1.07 | ' | $1.07 | ' | $0 | ' | ' | ' | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, Granted (US$ per share) | ' | ' | ' | ' | ' | ' | $0 | ' | $0 | ' | $1.07 | ' | ' | ' | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, Vested (US$ per share) | ' | ' | ' | ' | ' | ' | $1.07 | ' | $1.07 | ' | $1.07 | ' | ' | ' | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, Forfeited (US$ per share) | ' | ' | ' | ' | ' | ' | $1.07 | ' | $1.07 | ' | $0 | ' | ' | ' | ' | ' | ' |
Weighted-Average Grant-Date Fair Value, Unvested, Ending Balance (US$ per share) | ' | ' | ' | ' | ' | ' | $1.07 | ' | $1.07 | ' | $1.07 | ' | ' | ' | ' | ' | ' |
Recognized Share-based compensation expenses | ' | 2,762,000 | 16,723,000 | 6,759,000 | 66,092,000 | ' | -200,000 | -1,300,000 | ' | 3,700,000 | ' | 8,500,000 | ' | ' | ' | ' | ' |
Unrecognized compensation expense | ' | ' | ' | ' | ' | ' | 30,000 | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation expenses, weighted average period for recognition (in years) | ' | ' | ' | ' | ' | ' | '10 months 24 days | '10 months 24 days | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of restricted share vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $3,100,000 | $5,100,000 | $10,000,000 | ' | ' |
Fair value of restricted shares and restricted share units (US$ per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.07 | ' |
Fair value of underlying ordinary shares (US$ per share) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.14 |
Fair_Value_Measurements_Detail
Fair Value Measurements (Details) (CNY) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 1,111,473 | 577,169 |
Term deposits | 93,672 | 235,000 |
Restricted cash | 10,000 | ' |
Quote Prices in Active Market for Identical Assets (Level 1) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 1,111,473 | 577,169 |
Term deposits | 93,672 | 235,000 |
Restricted cash | 10,000 | ' |
Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Term deposits | 0 | 0 |
Restricted cash | 0 | ' |
Significant Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 0 | 0 |
Term deposits | 0 | 0 |
Restricted cash | 0 | ' |
Net_LossIncome_per_Share_Detai
Net (Loss)/Income per Share (Details) | 12 Months Ended | |||||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | Class A and Class B ordinary share [Member] | Class A and Class B ordinary share [Member] | Class A and Class B ordinary share [Member] | Class A and Class B ordinary share [Member] | ADS (1 ADS represents 8 Class A ordinary shares) [Member] | ADS (1 ADS represents 8 Class A ordinary shares) [Member] | ADS (1 ADS represents 8 Class A ordinary shares) [Member] | ADS (1 ADS represents 8 Class A ordinary shares) [Member] | |
USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | |||||
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Phoenix New Media Limited | $46,178 | 279,554 | 107,359 | 102,475 | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion to convertible redeemable preferred share redemption value | ' | ' | ' | -773,623 | ' | ' | ' | ' | ' | ' | ' | ' |
Income allocation to participating preferred shares | 0 | 0 | 0 | -6,172 | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss)/income attributable to ordinary shareholders | 46,178 | 279,554 | 107,359 | -677,320 | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average number of shares outstanding | ' | ' | ' | ' | 602,991,298 | 602,991,298 | 619,849,313 | 519,227,660 | ' | ' | ' | ' |
Weighted average number of contingently issuable shares | ' | ' | ' | ' | 2,997,099 | 2,997,099 | 4,160,957 | 0 | ' | ' | ' | ' |
Denominator used in computing net (loss)/income per share - basic | ' | ' | ' | ' | 605,988,397 | 605,988,397 | 624,010,270 | 519,227,660 | 75,748,550 | 75,748,550 | 78,001,284 | 64,903,458 |
Net (loss)/income per share - basic | ' | ' | ' | ' | $0.08 | 0.46 | 0.17 | -1.3 | $0.61 | 3.69 | 1.38 | -10.44 |
Numerator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income attributable to Phoenix New Media Limited | 46,178 | 279,554 | 107,359 | 102,475 | ' | ' | ' | ' | ' | ' | ' | ' |
Accretion to convertible redeemable preferred share redemption value | ' | ' | ' | -773,623 | ' | ' | ' | ' | ' | ' | ' | ' |
Income allocation to participating preferred shares | 0 | 0 | 0 | -6,172 | ' | ' | ' | ' | ' | ' | ' | ' |
Net (loss)/income attributable to ordinary shareholders | $46,178 | 279,554 | 107,359 | -677,320 | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Denominator used in computing net (loss)/income per share - basic | ' | ' | ' | ' | 605,988,397 | 605,988,397 | 624,010,270 | 519,227,660 | 75,748,550 | 75,748,550 | 78,001,284 | 64,903,458 |
Share-based awards | ' | ' | ' | ' | 16,432,062 | 16,432,062 | 19,737,876 | 0 | ' | ' | ' | ' |
Denominator used in computing net (loss)/income per share - diluted | ' | ' | ' | ' | 622,420,459 | 622,420,459 | 643,748,146 | 519,227,660 | 77,802,557 | 77,802,557 | 80,468,518 | 64,903,458 |
Net (loss)/income per share - diluted | ' | ' | ' | ' | $0.07 | 0.45 | 0.17 | -1.3 | $0.59 | 3.59 | 1.33 | -10.44 |
Net_LossIncome_per_Share_Narra
Net (Loss)/Income per Share (Narrative) (Details) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2011 | |
Options to purchase ordinary shares [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of diluted net loss per share (number of shares) | 7,371,269 | 21,081,709 |
Series A Preferred Shares [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of diluted net loss per share (number of shares) | ' | 48,794,521 |
Unvested restricted shares [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of diluted net loss per share (number of shares) | ' | 9,598,955 |
Unvested restricted shares units [Member] | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' |
Anti-dilutive securities excluded from computation of diluted net loss per share (number of shares) | ' | 4,553,447 |
Treasury_Stock_Details
Treasury Stock (Details) (ADS [Member]) | 0 Months Ended | 12 Months Ended | |||
In Millions, except Share data, unless otherwise specified | Jul. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2012 |
USD ($) | USD ($) | CNY | USD ($) | CNY | |
Equity, Class of Treasury Stock [Line Items] | ' | ' | ' | ' | ' |
Share repurchase program, authorized amount | $20 | ' | ' | ' | ' |
Share repurchase program, period in force | '12 months | ' | ' | ' | ' |
Share repurchase program, shares, repurchased during period | ' | 2,524,574 | 2,524,574 | 2,273,695 | 2,273,695 |
Share repurchase program, consideration, repurchased during period | ' | 11.7 | 72.6 | 8.3 | 52.5 |
Aggregate shares repurchased, number of shares | ' | 4,798,269 | 4,798,269 | ' | ' |
Shares repurchased, consideration | ' | 20 | 125.1 | ' | ' |
Aggregate consideration of cancellation of repurchased shares | ' | 20.2 | 126.6 | ' | ' |
Cancellation fees | ' | $0.20 | 1.5 | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies (Commitments) (Details) (CNY) | Dec. 31, 2013 | |
In Thousands, unless otherwise specified | ||
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | |
2014 | 64,384 | |
2015 | 45,549 | |
2016 | 35,033 | |
2017 | 13,766 | |
2018 and thereafter | 0 | |
Total | 158,732 | |
Rental [Member] | ' | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | |
2014 | 35,018 | |
2015 | 33,854 | |
2016 | 32,526 | |
2017 | 13,687 | |
2018 and thereafter | 0 | |
Total | 115,085 | |
Bandwidth Purchases [Member] | ' | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | |
2014 | 11,576 | |
2015 | 63 | |
2016 | 0 | |
2017 | 0 | |
2018 and thereafter | 0 | |
Total | 11,639 | |
Cooperation with Phoenix TV Group [Member] | ' | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | |
2014 | 3,906 | [1] |
2015 | 4,883 | [1] |
2016 | 1,526 | [1] |
2017 | 0 | [1] |
2018 and thereafter | 0 | [1] |
Total | 10,315 | [1] |
Content Purchases [Member] | ' | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | |
2014 | 11,143 | |
2015 | 6,373 | |
2016 | 871 | |
2017 | 79 | |
2018 and thereafter | 0 | |
Total | 18,466 | |
Property and Equipment, and Intangible Assets [Member] | ' | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | |
2014 | 286 | |
2015 | 0 | |
2016 | 0 | |
2017 | 0 | |
2018 and thereafter | 0 | |
Total | 286 | |
Others [Member] | ' | |
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | |
2014 | 2,455 | |
2015 | 376 | |
2016 | 110 | |
2017 | 0 | |
2018 and thereafter | 0 | |
Total | 2,941 | |
[1] | The Group and Phoenix TV Group have been involved in various cooperation arrangements, including content sharing, branding and co-promotion, technical support and corporate management (Refer to Note 2(a)). There was no payment for these arrangements until November 2009 when a cooperation agreement was signed between Phoenix TV and the Group to stipulate the cost and expenses charged to the Group for the year 2010 and going forward. Based on the agreement, the Group will pay Phoenix TV 50% of revenue generated from certain contents provided by Phoenix TV Group, plus a fixed amount of payment to cover other services provided by Phoenix TV Group. The fixed amount was RMB1.6 million for the first year of the agreement, and increases by 25% annually. On March 28, 2011, Phoenix TV and the Group amended their cooperation agreement to extend the expiration of cooperation period from November 2014 to March 2016. The consideration arrangements for the cooperation remained unchanged. This fixed amount has been included in above table as a commitment to Phoenix TV Group. |
Commitments_and_Contingencies_2
Commitments and Contingencies (Narrative) (Details) | 12 Months Ended | |||||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2010 |
USD ($) | CNY | CNY | CNY | Phoenix TV [Member] | Phoenix TV [Member] | |
CNY | ||||||
Unrecorded Unconditional Purchase Obligation [Line Items] | ' | ' | ' | ' | ' | ' |
Percentage of revenue generated from certain contents provided by Phoenix TV Group, group will pay (as a percent) | ' | ' | ' | ' | 50.00% | ' |
Fixed amount of payment to cover other services provided by Phoenix TV Group, group will pay for the first year | ' | ' | ' | ' | ' | 1.6 |
Percentage of annual growth on fixed amount of payment, group will pay | ' | ' | ' | ' | 25.00% | ' |
Rental expenses | 6.3 | 37.8 | 32.3 | 15.3 | ' | ' |
Uncertain tax positions | $2 | 12.2 | ' | ' | ' | ' |
Related_Party_Transactions_Det
Related Party Transactions (Details) | 12 Months Ended |
Dec. 31, 2013 | |
Entities within non US listed part of Phoenix TV Group [Member] | ' |
Related Party Transaction [Line Items] | ' |
Relationships with Group | 'Under common control by Phoenix TV |
CMCC [Member] | ' |
Related Party Transaction [Line Items] | ' |
Relationships with Group | 'A shareholder of Phoenix TV |
Mr. Gao Ximin and Mr. Qiao Haiyan [Member] | ' |
Related Party Transaction [Line Items] | ' |
Relationships with Group | 'Legal shareholders of Tianying Jiuzhou, employees of the Group |
Mr. He Yansheng [Member] | ' |
Related Party Transaction [Line Items] | ' |
Relationships with Group | 'Legal shareholder of Yifeng Lianhe, employee of the Group |
Mr. Li Ya [Member] | ' |
Related Party Transaction [Line Items] | ' |
Relationships with Group | 'Chief operating official of the Group |
Related_Party_Transactions_Tra
Related Party Transactions (Transactions with Non US Listed Part of Phoenix TV Group and CMCC) (Details) | 12 Months Ended | |||||||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
USD ($) | CNY | CNY | CNY | Phoenix TV Group [Member] | Phoenix TV Group [Member] | Phoenix TV Group [Member] | Phoenix TV Group [Member] | Phoenix TV Group and its customers [Member] | Phoenix TV Group and its customers [Member] | Phoenix TV Group and its customers [Member] | Phoenix TV Group and its customers [Member] | CMCC [Member] | CMCC [Member] | CMCC [Member] | CMCC [Member] | |
USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | USD ($) | CNY | CNY | CNY | |||||
Related Party Transaction [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contents provided by related party | ' | ' | ' | ' | ($574) | -3,477 | -3,153 | -4,923 | ' | ' | ' | ' | ' | ' | ' | ' |
Data line services provided by related party | ' | ' | ' | ' | -65 | -392 | -375 | -367 | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising and promotion expenses charged by related party | -172 | -1,040 | -916 | -663 | -172 | -1,040 | -916 | -663 | ' | ' | ' | ' | ' | ' | ' | ' |
Technical support provided by related party | 0 | 0 | 0 | -533 | 0 | 0 | 0 | -533 | ' | ' | ' | ' | ' | ' | ' | ' |
Corporate administrative expenses charged by related party | -67 | -404 | -646 | -1,139 | -67 | -404 | -646 | -1,139 | ' | ' | ' | ' | ' | ' | ' | ' |
Advertising revenues earned from related party | 7,454 | 45,127 | 35,438 | 26,201 | ' | ' | ' | ' | 4,775 | 28,911 | 29,754 | 21,619 | 2,679 | 16,216 | 5,684 | 4,582 |
Paid service revenues earned from and through related party | 68,290 | 413,407 | 429,125 | 445,096 | 0 | 0 | 0 | 2,400 | ' | ' | ' | ' | 68,290 | 413,407 | 429,125 | 442,696 |
Revenue sharing fees and bandwidth costs to related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ($11,996) | -72,622 | -63,953 | -68,543 |
Related_Party_Transactions_Amo
Related Party Transactions (Amounts Due from and Due to Related Parties) (Details) | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | USD ($) | CNY | CNY | CMCC [Member] | CMCC [Member] | CMCC [Member] | Management [Member] | Management [Member] | Management [Member] | Phoenix TV Group [Member] | Phoenix TV Group [Member] | Phoenix TV Group [Member] |
USD ($) | CNY | CNY | USD ($) | CNY | CNY | USD ($) | CNY | CNY | ||||
Amounts due from related parties: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts receivable from related party | ' | ' | ' | $12,078 | 73,113 | 58,524 | ' | ' | ' | ' | ' | ' |
Due from related party | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8,597 | 52,042 | 5,057 |
Staff advance | ' | ' | ' | ' | ' | ' | 0 | 3 | 230 | ' | ' | ' |
Total | 20,675 | 125,158 | 63,811 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amounts due to related parties: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Due to related party | ' | ' | ' | 41 | 248 | 1,806 | ' | ' | ' | 3,434 | 20,786 | 0 |
Total | $3,475 | 21,034 | 1,806 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted_Net_Assets_Narrativ
Restricted Net Assets (Narrative) (Details) (Group's subsidiaries, VIEs and subsidiaries of VIE incorporated in PRC [Member]) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 |
USD ($) | CNY | CNY | |
Schedule of Restricted Net Assets [Line Items] | ' | ' | ' |
Portion of after-tax profit to be allocated to general reserve under PRC law (as a percent) | 10.00% | 10.00% | ' |
Required general reserve/registered capital ratio to de-force compulsory net profit allocation to general reserve (as a percent) | 50.00% | 50.00% | ' |
Restricted Net Assets | $34 | 205.8 | 100.9 |
Whether restricted net assets exceed 25% of consolidated net assets of the Company | 'No | 'No | ' |
Investment_in_PHOENIXi_Details
Investment in PHOENIXi (Details) | 12 Months Ended | 12 Months Ended | 12 Months Ended | |||||||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 30, 2000 | Dec. 31, 2011 | Dec. 31, 2011 | Dec. 31, 2010 | Nov. 30, 2000 | Dec. 31, 2011 | |
USD ($) | CNY | CNY | CNY | BVI Company [Member] | PHOENIXi [Member] | PHOENIXi [Member] | PHOENIXi [Member] | PHOENIXi [Member] | PHOENIXi [Member] | |
USD ($) | Phoenix New Media Limited [Member] | Phoenix New Media Limited [Member] | BVI Company [Member] | BVI Company [Member] | Phoenix TV Group [Member] | |||||
USD ($) | CNY | CNY | USD ($) | CNY | ||||||
Income Statement, Balance Sheet and Additional Disclosures by Disposal Groups, Including Discontinued Operations [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short term loan due to Phoenix TV Group | ' | ' | ' | ' | $5,000,000 | ' | ' | ' | ' | ' |
Promissory note | ' | ' | ' | ' | ' | ' | ' | 17,600,000 | 5,000,000 | ' |
Repayment of note receivable | ' | ' | ' | ' | ' | 2,200,000 | 14,300,000 | ' | ' | 2,200,000 |
Short-term loan waived by Phoenix TV Group | $0 | 0 | 0 | 15,596,000 | ' | ' | ' | ' | ' | 15,600,000 |
Subsequent_Events_IDGAccel_Fun
Subsequent Events (IDG-Accel Funds acquired convertible preferred shares of Phoenix FM Limited) (Details) (Phoenix FM Limited [Member], Convertible Preferred Stock [Member], Subsequent Event [Member], USD $) | 1 Months Ended |
In Millions, unless otherwise specified | Mar. 31, 2014 |
Phoenix FM Limited [Member] | Convertible Preferred Stock [Member] | Subsequent Event [Member] | ' |
Subsequent Event [Line Items] | ' |
Shares acquired by IDG-Accel Funds, value | $3 |
Subsequent_Events_The_Company_
Subsequent Events (The Company granted options to its employees) (Details) (USD $) | 12 Months Ended | 0 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Mar. 14, 2014 | Mar. 14, 2014 | Mar. 14, 2014 | |
Subsequent Event [Member] | Subsequent Event [Member] | Subsequent Event [Member] | ||||
Share Option Scheme, June 2008 Scheme [Member] | Share Option Scheme, June 2008 Scheme [Member] | Share Option Scheme, June 2008 Scheme [Member] | ||||
Ordinary Shares [Member] | ADS [Member] | |||||
Subsequent Event [Line Items] | ' | ' | ' | ' | ' | ' |
Number of options granted | 30,732,900 | 0 | 0 | 1,330,000 | ' | ' |
Exercise price of the options (US$ per share) | $0.58 | $0 | $0 | ' | $1.31 | $10.48 |
Fair value of the option as of the grant date (US$ per share) | ' | ' | ' | $0.83 | ' | ' |