NCTYNasdaqFinance ServicesFiscal year ends December 31

The9 LTD

Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on Apr 16, 2026

$3.28−0.09 (-2.67%)

Close on Oct 19, 2026

The9 LTD income statement

AnnualQuarterlyTTM

CNY USD

Millions of CNY, except per-share data. Shares in millions.

Line item	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31	FY 2020 2020-12-31	FY 2019 2019-12-31	FY 2018 2018-12-31	FY 2017 2017-12-31	FY 2016 2016-12-31	FY 2015 2015-12-31	FY 2014 2014-12-31	FY 2013 2013-12-31	FY 2012 2012-12-31	FY 2011 2011-12-31	FY 2010 2010-12-31	FY 2009 2009-12-31
Revenue	108	112	174	105	136	0.63	0.34	17	73	56	47	65	107	164	112	109	803
Cost of Revenue	106	113	213	152	88	0.81	1.34	16	24	49	68	86	108	69	39	103	712
Gross Profit	1.81	-1.60	-39	-47	48	-0.19	-1.00	1.00	49	7.68	-21	-22	-3.03	85	67	-0.42	48
Research & Development	9.80	0.86	1.97	2.43	1.92	2.44	13	25	45	78	135	156	213	301	212	139	114
Selling, General & Admin	240	158	199	363	291	109	116	92	118	150	163	163	279	357	265	176	338
Selling & Marketing	34	0.25	1.73	3.50	0.67	0.65	2.11	2.33	9.09	21	32	52	117	187	90	63	113
General & Administrative	206	158	197	360	290	109	114	90	109	129	132	111	162	170	175	113	225
Advertising Expenses	0.40	0	0.20	10	20	0.10	0.20	0.30	0.90	2.50	3.20	23	53	85	33	24	–
Operating Expenses	283	57	279	614	355	-337	163	106	163	307	304	139	527	678	477	353	531
Operating Income	-281	-59	-318	-662	-308	337	-164	-105	-113	-296	-327	-161	-530	-592	-384	-354	-483
Interest Expense	23	34	31	23	119	4.07	35	105	84	56	6.40	–	–	–	–	–	–
Interest & Investment Income	0.45	–	–	–	–	0.43	0.02	0.19	0.03	0.16	0.78	3.41	8.38	–	–	–	–
Income from Equity Investments	-0.57	-1.12	0	0	-1.73	-2.17	-2.85	-4.29	-2.94	-111	-13	-3.71	-2.38	-6.35	-3.34	-11	-2.56
Other Non-Operating Income	2.20	-5.08	8.32	11	-45	2.01	9.37	1.60	4.67	3.18	5.40	-0.96	9.30	4.64	-0.65	19	62
Merger & Restructuring Charges	–	–	–	–	–	–	–	–	–	–	–	-14	35	0.57	0	38	79
Asset Impairment Charges	7.81	0.79	4.38	159	–	21	35	0	0	11	8.44	3.56	30	0	0	4.93	21
Gain (Loss) on Investments	–	-0.01	1.67	0.71	0	0.17	0.69	0	0.12	-1.22	–	33	0	16	44	6.83	0
Gain (Loss) on Sale of Assets	1.10	–	50	8.80	3.90	0.03	2.20	0.20	0.02	–	–	–	–	–	–	–	–
Pretax Income	-409	-74	13	-693	-391	403	-193	-235	-170	-563	-341	-125	-561	–	–	–	–
Income Tax Expense	0.11	0	0	0	0	7.17	0	0	0	-6.08	0	0	0	0	0.00	7.37	-5.54
Income from Continuing Operations	-409	-74	-144	-693	-393	–	–	–	–	–	–	–	–	–	–	–	–
Income from Discontinued Operations	–	–	157	-286	-24	–	–	–	–	–	–	–	–	–	–	–	–
Net Income incl. Noncontrolling Interests	-409	-74	13	-979	-417	393	-196	-239	-112	-667	-354	-129	-563	-560	-313	-519	-410
Minority Interest in Earnings	-6.47	-0.22	-7.43	-4.63	-5.59	–	–	-16	3.96	-59	-17	-21	-37	-46	-29	-19	-4.78
Net Income	–	-73	20	-975	-411	398	-178	-217	-118	-594	-385	-108	-526	-514	-284	-500	-405
Net Income to Common	-402	-73	20	-975	-411	397	-191	-258	-175	-677	-305	-87	-526	-514	–	–	–
EPS (Basic)(per share)	-0.18	-0.05	0.02	-1.36	-0.83	2.42	-1.79	-4.15	-5.24	-28.34	-16.55	-4.65	-22.71	-20.98	-11.39	-19.89	-15.94
EPS (Diluted)(per share)	-0.18	-0.05	0.02	-1.36	-0.83	2.42	-1.79	-4.15	-5.24	-28.34	-16.55	-4.65	-22.71	-20.98	-11.39	-19.89	-15.94
Shares Outstanding (Basic, Weighted)(shares)	2,274	1,403	1,011	0.72	495	164	106	62	33	24	23	23	23	24	25	25	–
Shares Outstanding (Diluted, Weighted)(shares)	2,274	1,403	1,011	0.72	495	164	106	62	33	24	23	23	23	24	25	25	–
EBITDA	–	–	-231	-570	-260	–	–	-101	-108	-288	-315	-145	-511	–	–	–	–
Net Interest Income	–	–	–	–	–	–	–	–	–	–	–	3.41	8.38	22	30	23	31

Italic numbers are calculated by StockData (for example Q4 = full year − nine months). Per-share data and share counts are adjusted for stock splits. Hover a number for its source; click it to open the filing on SEC.gov. Click a row to chart it.

Ratios

Latest available, balances at Dec 31, 2025

Profitability, FY2025

Gross margin: 1.7%
Operating margin: -260.5%
Net margin: –
Return on equity, FY2025: –

Financial strength

Current ratio: 1.00
Debt to equity: –
Debt to assets: –
Cash to current liabilities: 17.0%

Valuation

P/E ratio: –
Price to sales: –
Price to book: –
Dividend yield: –

Valuation ratios need the share price and fill in once daily prices are connected.