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 revenue by segment
By business segment
| Revenue | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | % of revenue | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cryptocurrency Mining | CN¥56.35M | CN¥110.74M | CN¥168.32M | CN¥97.86M | CN¥134.12M | – | – | – | – | 52.2% | -49.1% |
| Online game services | CN¥51.55M | CN¥975.00K | CN¥5.72M | – | – | – | – | – | – | 47.8% | +5186.8% |
| Corporate | – | – | CN¥5.72M | CN¥7.07M | CN¥1.45M | CN¥625.49K | – | – | – | – | – |
| NFT Business | – | – | – | CN¥10.03M | CN¥298.82K | – | – | – | – | – | – |
| Corporate and Other | – | – | – | CN¥7.07M | CN¥1.45M | – | – | – | – | – | – |
| Corporate and Others | – | CN¥975.00K | CN¥5.72M | CN¥7.07M | – | – | – | – | – | – | – |
| Operating income | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | YoY |
|---|---|---|---|---|---|---|---|---|---|---|
| Cryptocurrency Mining | -CN¥65.35M | CN¥57.72M | -CN¥163.29M | -CN¥387.87M | -CN¥67.25M | – | – | – | – | -213.2% |
| Online game services | -CN¥215.77M | -CN¥116.48M | -CN¥154.46M | – | – | – | – | – | – | +85.2% |
| Corporate | – | – | -CN¥145.32M | -CN¥288.40M | -CN¥229.11M | CN¥336.71M | – | – | – | – |
| NFT Business | – | – | – | -CN¥275.27M | -CN¥20.41M | – | – | – | – | – |
| Corporate and Other | – | – | – | -CN¥262.80M | -CN¥240.41M | – | – | – | – | – |
| Corporate and Others | – | -CN¥116.48M | -CN¥154.46M | -CN¥273.66M | – | – | – | – | – | – |
By product or service
| Revenue | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | % of revenue | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Cryptocurrency mining revenue | CN¥56.35M | CN¥110.74M | CN¥168.32M | CN¥97.86M | CN¥134.12M | – | – | – | – | 52.2% | -49.1% |
| Online Game Services [Member] | – | – | – | – | – | CN¥625.49K | CN¥303.58K | CN¥16.55M | CN¥71.56M | – | – |
| Other Revenues [Member] | – | – | – | – | – | – | CN¥39.50K | CN¥941.34K | CN¥1.64M | – | – |
| Online game services and other revenues | – | CN¥975.00K | CN¥5.72M | CN¥7.07M | CN¥1.45M | CN¥625.49K | CN¥343.08K | – | – | – | – |
By region
| Revenue | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | % of revenue | YoY |
|---|---|---|---|---|---|---|---|---|---|---|---|
| Asia/Eastern Europe | CN¥64.39M | CN¥102.96M | CN¥134.30M | CN¥38.70M | CN¥134.12M | – | – | – | – | 59.7% | -37.5% |
| China | CN¥35.43M | CN¥289.00K | CN¥428.00K | CN¥655.00K | CN¥1.28M | CN¥625.49K | CN¥182.11K | CN¥16.43M | CN¥19.69M | 32.8% | +12159.9% |
| North America | CN¥8.07M | CN¥8.47M | CN¥39.31M | CN¥65.57M | CN¥174.45K | – | CN¥0 | CN¥0 | CN¥51.16M | 7.5% | -4.7% |
| Other areas | – | – | – | – | CN¥134.60M | CN¥0 | CN¥159.39K | CN¥1.00M | CN¥2.30M | – | – |
From the segment and revenue-disaggregation notes of The9's 10-K and 10-Q filings (XBRL). Fourth-quarter figures are the fiscal year less the first nine months. Segment names follow the company's own labels and can change when it reorganizes.