This revision of the Securities Law summarizes years of practical experience in the reform and development of my country’s securities market, regulatory enforcement, and risk prevention and control. A series of new institutional reforms have been made on the basis of an in-depth analysis of the securities market’s operating laws and the characteristics of the development phases. Perfection has laid the foundation for the long-term and stable development of the capital market, and put forward higher requirements for listed companies. Since the beginning of this year, Phoenix Media has carried out the following work around the implementation of the new Securities Law.

        1. Deeply understand the essence of the new law and ensure that corporate governance advances with the times.

      The company actively organizes the company’s directors, supervisors, executives, relevant departments, and controlling shareholders to participate in the training of the new Securities Law organized by authoritative organizations to learn how to improve the securities issuance system, improve the securities trading system, improve the listed company acquisition system, and strengthen information disclosure Requirements, strengthen investor protection, significantly increase the cost of violations of securities laws and regulations, strengthen supervision and law enforcement and risk prevention and control, etc., understand the intent of supervision, master the regulations of **, and strive to know the law, understand the law and abide by the usage.

      Through the study and training, the relevant staff of the company not only feel the pressure doubled, but also feel full of hope. The pressure comes from the increasing requirements of laws and regulations for corporate governance, and the cost of violations of laws and regulations has increased significantly. The implementation of the registration system will inevitably lead to the polarization of companies, and many companies may be marginalized; the hope is that Phoenix Media will be used for three consecutive years. Companies that have been rated as Information Disclosure Grade A by the Shanghai Stock Exchange have a good foundation. As long as they can promptly comply with regulatory changes and improve their corporate governance and internal control levels, they will have the opportunity to stand out among many listed companies and achieve better results with the help of the capital market. Development. At present, the company has optimized and adjusted the "Company Insider Management System" and other rules and regulations in accordance with the requirements of the new law.

        2. Improve the quality of information disclosure and provide sufficient basis for value judgment.

        One of the cores of the registration system is that market entities conduct adequate, timely and verifiable information disclosure under the effective supervision of legal regulations and regulatory authorities. This amendment to the Securities Law includes a separate chapter for information disclosure, which highlights and strengthens the relevant requirements for market information disclosure. The main contents include: expanding the scope of information disclosure obligors; improving the content of information disclosure; emphasizing that investors should fully disclose the value judgments made by investors And information necessary for investment decisions. These regulations generally help to improve the quality of listed companies, further exert the function of the capital market, and create a better environment for all participating entities. The Shanghai Stock Exchange also issued the "Notice on Seriously Implementing the New Securities Law and Doing a Good Job in Information Disclosure of Listed Companies" in February this year.

        In addition to ensuring truthfulness, accuracy, completeness, timeliness, and fairness, Phoenix Media's information disclosure strives to be concise and clear, easy to understand, and easy for investors to read and understand. In the process of disclosing the annual report, actively disclose industry information, including the company’s business model, competitive advantages, and segmented operating data, to provide sufficient information for investors’ value judgments; and in accordance with the requirements of the new law, the scope of guarantees will range from directors to senior executives. The tube is broadened to supervisors. When making voluntary disclosures, adhere to the principle of prudence, especially when responding to investor questions on the SSE E interactive platform, the company can be objective and rational, and eliminate hot spots.

        3. Strengthen the management of investor relations and effectively maintain the interests of investors.

        The company always attaches great importance to the management of investor relations, and maintains smooth communication with various investors through various methods such as brokerage strategy meetings, investor meetings, inviting investors to investigate, teleconferences, and SSE E interactive platform. After the promulgation of the new law, the company’s attention has been further increased, especially during the epidemic period. Investors are very concerned about the development of online education and the impact of the epidemic. We have overcome difficulties and increased our communication with investors. Through CICC, China Merchants Securities, Well-known securities firms such as Founder Securities have organized a number of conference calls to fully communicate with institutional investors. Since the beginning of this year, they have responded to a total of 29 questions of various types through the Shanghai Stock Exchange e-interactive platform, and promptly answered the concerns of small and medium investors. After the disclosure of the 2019 annual report and the * quarterly report of 2020, we promptly organized performance briefings on the Shanghai Stock Exchange platform to fully communicate with investors on important issues such as business development status and cash dividends.

        The company has always insisted on rewarding investors with a high proportion of cash dividends. Since the company went public, it has implemented a total of 4.581 billion yuan in cash dividends, accounting for 106.09% of the funds raised, and it is in the forefront of listed companies. In the past two years, the company's cash dividend ratio has been close to 60%, which has been recognized by investors.