Phoenix New Media Ltd is a company principally engaged in the provision of content and services through multiple internet platforms. The Company operates primarily through two segments: Net Advertising Services and Paid Services. The Net Advertising Services segment focuses on delivering advertising solutions across its online platforms, including mobile and PC websites. The Paid Services segment provides subscription-based services, mobile value-added services, and other content-related offerings. The Company's content is organized in verticals such as news, military affairs, video, technology, finance, entertainment, automobile, sports, real estate, and home living. The Company's products and services are widely applied in online media, digital advertising, and mobile internet sectors. The Company mainly operates its businesses in the domestic Chinese market.