Editoria e Media
Chinese publishing powerhouse Phoenix Publishing & Media's record turnover helps it retain its place in global top ten publishing companies
Phoenix is one of the largest and most influential publishing groups in China , ranked No.1 in China with an operating revenue of RMB 13.59 billion ( USD 1.992 billion ) in 2022, an increase of 1.1% year-on-year. It is a listed Chinese publishing company with a net profit of more than RMB 2 billion (a net profit of RMB 2.80 billion , USD 287.60 million ) in 2022. In the first half of 2023 Phoenix reported an operating revenue of RMB 7.18 billion , a net profit of RMB 1.56 billion .
The demand in the book retail market in China is slowly recovering after the pandemic disrupted sales, with growth led by new titles. According to OpenBook, in the first half of 2023, the book retail market in China fell by 2.41% year-on-year, but there were more than 87,000 new titles on sale, an increase of 5.14% to the previous year.
Mr Zhang Chaoyang, Chairman of Phoenix Publishing & Media Group (PPMG) said,
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