For fiscal 2025 (ended Dec 31, 2025), The9 Limited reported CN¥107.90M of revenue and -CN¥402.45M of net income. Figures are in CNY, the currency of its SEC filings.
NCTY revenue was CN¥107.90M for fiscal 2025 (ended Dec 31, 2025), down 3.4% from fiscal 2024. Compound annual growth was +180.1% over 5 years and +8.8% over 10 years. It rose in 5 of the last 10 fiscal years.
NCTY net income was -CN¥402.45M for fiscal 2025 (ended Dec 31, 2025), compared with -CN¥73.42M in fiscal 2024.
NCTY diluted EPS was -CN¥0.18 for fiscal 2025 (ended Dec 31, 2025).
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥107.90M | CN¥111.71M | CN¥174.04M | CN¥104.93M | CN¥135.58M | CN¥625.5K | CN¥343.1K | CN¥17.49M | CN¥73.21M | CN¥56.29M |
| Cost of revenue | CN¥106.09M | CN¥113.32M | CN¥213.18M | CN¥152.31M | CN¥87.80M | CN¥814.1K | CN¥1.34M | CN¥16.44M | CN¥23.78M | CN¥48.52M |
| Gross profit | CN¥1.81M | -CN¥1.60M | -CN¥39.13M | -CN¥47.38M | CN¥47.78M | -CN¥188.6K | -CN¥1.00M | CN¥996.3K | CN¥49.37M | CN¥7.68M |
| Research and development | CN¥9.80M | CN¥856.0K | CN¥1.97M | CN¥2.43M | CN¥1.92M | CN¥2.44M | CN¥13.09M | CN¥24.56M | CN¥45.11M | CN¥77.99M |
| Selling, general and admin | CN¥205.82M | CN¥157.83M | CN¥196.79M | CN¥359.94M | CN¥290.32M | CN¥108.75M | CN¥113.87M | CN¥89.58M | CN¥108.82M | CN¥129.05M |
| Operating income | -CN¥281.11M | -CN¥58.76M | -CN¥317.75M | -CN¥661.53M | -CN¥307.66M | CN¥336.71M | -CN¥163.72M | -CN¥104.77M | -CN¥113.31M | -CN¥295.61M |
| Interest expense | CN¥23.26M | CN¥34.22M | CN¥31.38M | CN¥23.34M | CN¥119.17M | CN¥4.07M | CN¥34.50M | CN¥104.78M | CN¥83.92M | CN¥56.47M |
| Pre-tax income | -CN¥408.81M | -CN¥73.64M | CN¥12.58M | -CN¥693.41M | -CN¥390.97M | CN¥402.76M | -CN¥193.32M | -CN¥234.99M | -CN¥169.70M | -CN¥562.63M |
| Income tax | CN¥110.0K | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥7.17M | CN¥0 | CN¥0 | CN¥0 | -CN¥6.08M |
| Net income | -CN¥402.45M | -CN¥73.42M | CN¥20.00M | -CN¥974.86M | -CN¥411.23M | CN¥397.88M | -CN¥177.80M | -CN¥217.09M | -CN¥118.17M | -CN¥593.78M |
| EPS, basic | -CN¥0.18 | -CN¥0.05 | CN¥0.02 | -CN¥1.36 | -CN¥0.78 | CN¥2.42 | -CN¥1.79 | -CN¥4.15 | -CN¥5.24 | -CN¥28.34 |
| EPS, diluted | -CN¥0.18 | -CN¥0.05 | CN¥0.02 | -CN¥1.36 | -CN¥0.78 | CN¥2.42 | -CN¥1.79 | -CN¥4.15 | -CN¥5.24 | -CN¥28.34 |
| Diluted shares | 2.27B | 1.40B | 1.01B | 720,237 | 495.3M | 163.6M | 106.4M | 62.1M | 33.4M | 23.9M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | CN¥58.49M | CN¥10.91M | CN¥45.22M | CN¥58.06M | CN¥428.42M | CN¥31.70M | CN¥10.11M | CN¥4.26M | CN¥142.62M | CN¥38.88M |
| Short-term investments | - | - | - | - | CN¥800.0K | - | - | - | - | - |
| Receivables | - | - | CN¥56.0K | CN¥151.4K | CN¥3.68M | CN¥3.0K | CN¥110.4K | CN¥592.9K | CN¥2.61M | CN¥8.61M |
| Current assets | CN¥342.44M | CN¥243.69M | CN¥180.34M | CN¥393.43M | CN¥1.05B | CN¥42.32M | CN¥154.47M | CN¥33.01M | CN¥183.11M | CN¥88.04M |
| Goodwill | - | - | - | - | - | - | - | CN¥0 | CN¥0 | CN¥0 |
| Total assets | CN¥593.75M | CN¥636.64M | CN¥363.73M | CN¥599.11M | CN¥1.31B | CN¥48.44M | CN¥181.46M | CN¥164.69M | CN¥323.11M | CN¥350.89M |
| Current liabilities | CN¥343.40M | CN¥205.61M | CN¥162.85M | CN¥564.16M | CN¥544.30M | CN¥364.37M | CN¥1.06B | CN¥908.42M | CN¥819.45M | CN¥573.75M |
| Short-term debt | CN¥174.48M | CN¥89.10M | CN¥0 | - | - | - | CN¥117.53M | CN¥112.46M | CN¥108.74M | CN¥107.52M |
| Long-term debt | - | - | CN¥16.75M | - | - | - | - | - | - | - |
| Total debt | - | - | CN¥16.75M | - | - | - | - | - | - | - |
| Total liabilities | CN¥351.21M | CN¥209.13M | CN¥182.39M | CN¥571.57M | CN¥546.86M | CN¥366.84M | CN¥1.06B | CN¥908.42M | CN¥819.45M | CN¥806.18M |
| Shareholders' equity | CN¥190.88M | CN¥338.65M | CN¥181.34M | CN¥27.54M | CN¥763.46M | -CN¥667.44M | -CN¥1.23B | -CN¥1.08B | -CN¥802.35M | -CN¥702.05M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -CN¥31.76M | -CN¥44.20M | -CN¥46.32M | -CN¥154.04M | -CN¥704.29M | -CN¥106.25M | -CN¥54.18M | -CN¥101.20M | -CN¥86.65M | -CN¥179.77M |
| Investing cash flow | CN¥1.11M | -CN¥57.02M | CN¥4.47M | -CN¥249.64M | -CN¥125.48M | CN¥438.26M | CN¥60.88M | -CN¥17.32M | CN¥161.92M | -CN¥9.99M |
| Financing cash flow | CN¥78.47M | CN¥69.77M | CN¥32.47M | CN¥33.06M | CN¥1.23B | -CN¥310.69M | CN¥40.92M | -CN¥18.36M | CN¥44.07M | CN¥190.09M |
| Stock-based compensation | CN¥116.05M | CN¥44.67M | CN¥70.76M | CN¥202.35M | CN¥150.17M | CN¥55.06M | CN¥21.75M | CN¥3.90M | CN¥38.03M | CN¥28.05M |
| Depreciation and amortization | - | - | CN¥86.87M | CN¥91.38M | CN¥47.44M | - | - | CN¥3.65M | CN¥5.30M | CN¥7.32M |
| Line item | Dec 31, 2025 | Dec 31, 2024 | Dec 31, 2023 | Dec 31, 2022 | Dec 31, 2021 | Dec 31, 2020 | Dec 31, 2019 | Dec 31, 2018 | Dec 31, 2017 | Dec 31, 2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue growth, YoY | -3.4% | -35.8% | 65.9% | -22.6% | 21575.3% | 82.3% | -98.0% | -76.1% | 30.1% | 20.8% |
| Gross margin | 1.7% | -1.4% | -22.5% | -45.2% | 35.2% | -30.2% | -291.7% | 5.7% | 67.4% | 13.6% |
| Operating margin | -260.5% | -52.6% | -182.6% | -630.5% | -226.9% | 53831.3% | -47720.1% | -598.9% | -154.8% | -525.2% |
| Net margin | -373.0% | -65.7% | 11.5% | -929.1% | -303.3% | 63611.7% | -51823.7% | -1241.1% | -161.4% | -1054.9% |
| Return on equity | -210.8% | -21.7% | 11.0% | -3540.1% | -53.9% | - | - | - | - | - |
| Return on assets | -67.8% | -11.5% | 5.5% | -162.7% | -31.4% | 821.4% | -98.0% | -131.8% | -36.6% | -169.2% |
| Current ratio | 1.00 | 1.19 | 1.11 | 0.70 | 1.93 | 0.12 | 0.15 | 0.04 | 0.22 | 0.15 |
| Debt to equity | - | - | 0.09 | - | - | - | - | - | - | - |
Source: XBRL data The9 Limited files with the SEC, latest filing dated Apr 16, 2026 (see filings on SEC EDGAR). Provided for information only, not investment advice. Check the filing before relying on a number.
Per-share figures are as filed. The filings show no stock split in these periods.
EPS growth is left out where the share count moved enough to suggest a split the filings do not show. Growth rates need a positive starting figure. CAGR is compound annual growth between fiscal years. The CSV holds every period on file, in full figures, from the same SEC filings.
Foreign private issuers file annual reports with the SEC, so there are no quarterly statements here.
| Company | Revenue | Growth | Net income | Net margin | Market cap |
|---|---|---|---|---|---|
| NCTY | CN¥107.90M | -3.4% | -CN¥402.45M | -373.0% | $43.1M |
| AXP | $77.59B | +10.2% | $12.26B | 15.8% | $217.47B |
| SPGI | $17.21B | +18.2% | $4.99B | 29.0% | $136.57B |
| MCO | $8.18B | +9.0% | $2.88B | 35.3% | $88.11B |
| NU | $15.77B | +37.0% | $2.87B | 18.2% | $60.02B |
| RKT | $11.46B | +90.4% | $1.30B | 11.4% | $43.11B |
| COIN | $5.63B | -26.6% | -$701.62M | -12.5% | $36.03B |
| AFRM | $4.59B | +32.7% | $2.01B | 43.9% | $23.06B |
| SYF | $19.31B | +2.6% | $3.33B | 17.3% | $22.80B |