JFUNasdaqFinance ServicesFiscal year ends December 31
9F Inc.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 30, 2026
$2.62−0.08 (-2.96%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
81.2%+81.0 pts over 5 years
Operating margin
8.4%+110.5 pts over 5 years
Net margin
125.2%+305.1 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +7.5% | -4.6% | -36.1% | – | |
| Gross profit | +14.5% | +0.2% | +119.2% | – | |
| Net income | +236.5% | – | – | – | |
| EPS, diluted | +238.1% | – | – | – | |
| Free cash flow | +352.0% | +78.4% | – | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -43.2% | 4.6% | |
| Return on assets | – | -31.7% | 4.0% | |
| Inventory turnover | – | – | 24.3× | |
| Capex to revenue | – | – | 2.0% | |
| Diluted shares | – | 199M | 236M |
Where the cash went
Fiscal 2021 to 2025, five years combined
9F generated CN¥611.33M from operations and spent CN¥62.10M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥611.33M
Used
CN¥62.10M
Capital expenditureCN¥62.10M100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin125.2%
×Asset turnover0.03×
×Equity multiplier1.15×
=Return on equity, FY20254.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | 125.2% | 0.03× | 1.15× | 4.6% |
| FY2024 | 40.0% | 0.03× | 1.15× | 1.4% |
| FY2023 | -98.3% | 0.03× | 1.16× | -3.9% |
| FY2022 | -383.9% | 0.03× | 1.20× | -15.3% |
| FY2021 | -30.9% | 0.15× | 1.26× | -5.7% |
| FY2020 | -179.8% | 0.18× | 1.37× | -43.2% |
| FY2019 | -48.8% | 0.49× | 1.44× | -34.5% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
6of 7 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zeroCN¥168.20M
- Cash generatingOperating cash flow above zeroCN¥207.66M
- Return on assets improvedROA up on the prior year1.2% → 4.1%
- Earnings backed by cashOperating cash flow above net incomeCN¥207.66M vs CN¥168.20M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose– → –
- No dilutionShare count did not rise236M → 236M
- Gross margin improvedGross margin up on the prior year76.19% → 81.17%
- More efficientAsset turnover rose0.03 → 0.03