NASDAQ : NCTY
The9 Limited — Financial statements
Financials · Capital Markets · China
Last price 2.94 USD (Oct 30, 2026, 2:36 PM EDT) · Market cap 44.90M
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Financial statements
The9 Limited (NCTY) reported revenue of 63.51M CNY (TTM). Five years of income statement, balance sheet, cash flow and ratios below.
Income statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Operating Revenue | 63.51M | 107.90M | 111.71M | 174.04M | 104.93M | 135.58M |
| Revenue | 63.51M | 107.90M | 111.71M | 174.04M | 104.93M | 135.58M |
| Cost of Revenue | 55.71M | 106.09M | 113.32M | 213.18M | 152.31M | 87.80M |
| Gross Profit | 7.79M | 1.81M | -1.60M | -39.13M | -47.38M | 47.78M |
| Selling, General & Admin | 246.36M | 239.77M | 158.08M | 198.52M | 363.43M | 290.99M |
| Research & Development | 16.08M | 9.80M | 856.00K | 1.97M | 2.43M | 1.92M |
| Other Operating Expenses | 142.46M | 25.55M | -109.07M | -82.87M | 47.76M | 50.89M |
| Operating Expenses | 404.90M | 275.12M | 49.86M | 117.62M | 413.62M | 343.80M |
| Operating Income | -397.11M | -273.31M | -51.47M | -156.75M | -461.00M | -296.02M |
| Interest Expense | -39.92M | -23.26M | -34.22M | -31.38M | -23.34M | -119.17M |
| Interest & Investment Income | 449.00K | 449.00K | ||||
| Earnings From Equity Investments | -571.00K | -1.12M | -1.73M | |||
| Currency Exchange Gain (Loss) | 6.01M | 2.99M | -713.00K | -6.82M | -6.29M | -6.45M |
| Other Non Operating Income (Expenses) | 641.45M | -4.63M | 47.26M | 31.45M | 15.55M | 13.76M |
| EBT Excluding Unusual Items | 210.88M | -298.33M | -40.27M | -163.50M | -475.08M | -409.62M |
| Gain (Loss) on Sale of Investments | -142.80M | -103.47M | -7.17M | 5.16M | -46.50M | 9.65M |
| Gain (Loss) on Sale of Assets | -402.00K | -402.00K | -18.91M | -232.00K | 5.05M | 18.92M |
| Asset Writedown | -31.43M | -6.50M | -161.00M | -176.87M | -11.64M | |
| Other Unusual Items | -1.48M | -6.60M | -794.00K | 175.30M | ||
| Pretax Income | 34.76M | -408.81M | -73.64M | -144.28M | -693.41M | -392.69M |
| Income Tax Expense | -24.00K | 110.00K | ||||
| Earnings From Continuing Operations | 34.78M | -408.92M | -73.64M | -144.28M | -693.41M | -392.69M |
| Earnings From Discontinued Operations | 156.85M | -286.09M | -24.13M | |||
| Net Income to Company | 34.78M | -408.92M | -73.64M | 12.58M | -979.49M | -416.83M |
| Minority Interest in Earnings | 9.35M | 6.47M | 218.00K | 7.43M | 4.63M | 5.59M |
| Net Income | 44.13M | -402.45M | -73.42M | 20.00M | -974.86M | -411.23M |
| Net Income to Common | 44.13M | -402.45M | -73.42M | 20.00M | -974.86M | -411.23M |
| Shares Outstanding (Basic) | 9.99M | 7.58M | 4.68M | 3.37M | 2.40M | 1.65M |
| Shares Outstanding (Diluted) | 9.99M | 7.58M | 4.68M | 3.37M | 2.40M | 1.65M |
| EPS (Basic) | 4.42 | -53.10 | -15.70 | 5.94 | -406.06 | -249.08 |
| EPS (Diluted) | 4.42 | -53.10 | -15.70 | 5.94 | -406.06 | -249.08 |
| Free Cash Flow | -62.78M | -33.20M | -44.20M | -48.43M | -402.86M | -779.91M |
| Free Cash Flow Per Share | -6.29 | -4.38 | -9.45 | -14.37 | -167.80 | -472.38 |
| Gross Margin | 12.27% | 1.68% | -1.44% | -22.48% | -45.15% | 35.24% |
| Operating Margin | -625.30% | -253.30% | -46.07% | -90.06% | -439.35% | -218.34% |
| Profit Margin | 69.50% | -372.99% | -65.72% | 11.49% | -929.06% | -303.32% |
| Free Cash Flow Margin | -98.86% | -30.77% | -39.56% | -27.83% | -383.93% | -575.25% |
| EBITDA | -380.71M | -259.72M | 10.00M | -69.89M | -369.62M | -248.59M |
| EBITDA Margin | -240.71% | 8.95% | -40.15% | -183.36% | ||
| D&A For EBITDA | 16.40M | 13.58M | 61.46M | 86.87M | 91.38M | 47.44M |
| EBIT | -397.11M | -273.31M | -51.47M | -156.75M | -461.00M | -296.02M |
| EBIT Margin | -253.30% | -46.07% | -90.06% | -218.34% | ||
| Revenue as Reported | 63.51M | 107.90M | 111.71M | 174.04M | 104.93M | 135.58M |
| Advertising Expenses | 400.00K | 200.00K | 10.10M | 20.00M |
Balance sheet
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Cash & Equivalents | 12.72M | 58.49M | 10.91M | 45.22M | 58.06M | 428.42M |
| Short-Term Investments | 800.00K | |||||
| Cash & Short-Term Investments | 12.72M | 58.49M | 10.91M | 45.22M | 58.06M | 429.22M |
| Accounts Receivable | 9.03M | 10.07M | 56.00K | 151.43K | 3.68M | |
| Other Receivables | 11.04M | 7.70M | 6.89M | 5.25M | 62.34M | |
| Receivables | 11.91M | 21.10M | 7.70M | 6.94M | 5.40M | 66.02M |
| Prepaid Expenses | 4.80M | 18.33M | ||||
| Other Current Assets | 832.69M | 258.05M | 206.75M | 128.18M | 329.96M | 555.27M |
| Total Current Assets | 857.33M | 342.44M | 243.69M | 180.34M | 393.43M | 1.05B |
| Property, Plant & Equipment | 25.11M | 55.42M | 20.83M | 101.20M | 154.91M | 179.34M |
| Long-Term Investments | 88.92M | 171.56M | 297.22M | 35.29M | 35.30M | 73.92M |
| Other Intangible Assets | 2.22M | 15.80M | 9.00M | |||
| Long-Term Deferred Charges | 9.00M | |||||
| Other Long-Term Assets | 4.74M | 1.23M | 56.90M | 46.90M | 15.47M | 6.55M |
| Total Assets | 993.08M | 593.75M | 636.64M | 363.73M | 599.11M | 1.31B |
| Accounts Payable | 19.53M | 19.48M | 5.53M | 9.60M | 7.15M | 39.90M |
| Accrued Expenses | 55.64M | 17.15M | 11.09M | 11.45M | 15.82M | 20.75M |
| Short-Term Debt | 145.54M | 174.48M | 89.10M | 3.26M | 13.45M | 14.10M |
| Current Portion of Long-Term Debt | 56.70M | 48.15M | 43.06M | 49.93M | 60.98M | 92.85M |
| Current Portion of Leases | 4.30M | 4.19M | 2.84M | 4.37M | 5.79M | 4.31M |
| Current Income Taxes Payable | 1.37M | 1.43M | 1.47M | 1.50M | 1.65M | 1.51M |
| Current Unearned Revenue | 8.80M | 7.56M | 10.80M | 12.71M | 17.75M | 18.98M |
| Other Current Liabilities | 42.17M | 70.96M | 41.71M | 70.02M | 441.57M | 351.90M |
| Total Current Liabilities | 334.05M | 343.40M | 205.61M | 162.85M | 564.16M | 544.30M |
| Long-Term Debt | 16.75M | |||||
| Long-Term Leases | 5.52M | 7.82M | 1.60M | 2.79M | 7.41M | 2.57M |
| Other Long-Term Liabilities | 72.70M | 72.70M | 104.56M | |||
| Total Liabilities | 412.26M | 423.91M | 311.77M | 182.39M | 571.57M | 546.86M |
| Common Stock | 327.19M | 321.89M | 262.97M | 96.32M | 57.60M | 46.18M |
| Additional Paid-In Capital | 4.74B | 4.71B | 4.51B | 4.47B | 4.37B | 4.14B |
| Retained Earnings | -4.45B | -4.83B | -4.42B | -4.35B | -4.37B | -3.40B |
| Comprehensive Income & Other | -11.93M | -11.92M | -11.89M | -11.74M | -12.53M | -12.69M |
| Total Common Equity | 603.81M | 190.88M | 338.65M | 206.27M | 45.31M | 776.47M |
| Minority Interest | -23.00M | -21.04M | -13.78M | -24.94M | -17.77M | -13.02M |
| Shareholders' Equity | 580.82M | 169.84M | 324.87M | 181.34M | 27.54M | 763.46M |
| Total Liabilities & Equity | 993.08M | 593.75M | 636.64M | 363.73M | 599.11M | 1.31B |
| Total Debt | 212.06M | 234.63M | 136.61M | 77.10M | 87.64M | 113.82M |
| Net Cash (Debt) | -199.33M | -176.14M | -125.70M | -31.88M | -29.57M | 315.40M |
| Net Cash Per Share | -19.95 | -23.24 | -26.87 | -9.46 | -12.32 | 191.03 |
| Filing Date Shares Outstanding | 15.27M | 15.27M | 14.06M | 5.58M | 3.14M | 2.36M |
| Total Common Shares Outstanding | 15.27M | 15.23M | 12.46M | 4.68M | 2.87M | 2.30M |
| Working Capital | 523.28M | -958.00K | 38.08M | 17.49M | -170.74M | 506.22M |
| Book Value Per Share | 39.53 | 12.54 | 27.17 | 44.04 | 15.79 | 336.92 |
| Tangible Book Value | 601.60M | 175.08M | 329.65M | 206.27M | 45.31M | 776.47M |
| Tangible Book Value Per Share | 39.39 | 11.50 | 26.45 | 44.04 | 15.79 | 336.92 |
| Machinery | 78.91M | 180.50M | 276.08M | 270.15M | 221.19M | |
| Leasehold Improvements | 1.02M |
Cash flow statement
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Net Income | 44.13M | -402.45M | -73.42M | 20.00M | -974.86M | -411.23M |
| Depreciation & Amortization | 16.40M | 13.58M | 61.46M | 86.87M | 91.38M | 47.44M |
| Other Amortization | 4.80M | 4.14M | 23.20M | 120.63M | ||
| Loss (Gain) From Sale of Assets | 1.47M | 431.00K | 18.95M | 232.00K | -5.09M | -18.92M |
| Asset Writedown & Restructuring Costs | 31.43M | 6.50M | 161.00M | 176.87M | 11.64M | |
| Loss (Gain) From Sale of Investments | 142.80M | 103.47M | 7.17M | -5.16M | 46.50M | -9.65M |
| Loss (Gain) on Equity Investments | 571.00K | 1.12M | 1.73M | |||
| Stock-Based Compensation | 118.99M | 116.05M | 44.67M | 70.76M | 202.35M | 150.17M |
| Provision & Write-off of Bad Debts | 320.73K | |||||
| Other Operating Activities | -393.01M | 135.87M | -104.93M | -195.04M | 162.41M | -133.62M |
| Change in Accounts Receivable | -12.57M | -10.97M | -54.00K | 95.00K | 3.53M | -13.63M |
| Change in Inventory | -2.91M | -2.35M | 30.00K | 2.75M | -2.75M | |
| Change in Accounts Payable | 1.98M | 6.95M | -1.26M | 2.37M | 121.75M | 38.80M |
| Change in Unearned Revenue | -1.90M | -3.25M | 222.00K | 267.00K | -1.24M | -2.13M |
| Change in Other Net Operating Assets | -12.94M | 6.18M | -4.64M | -28.94M | -3.60M | -483.07M |
| Operating Cash Flow | -61.33M | -31.76M | -44.20M | -46.32M | -154.04M | -704.29M |
| Capital Expenditures | -1.46M | -1.45M | -2.11M | -248.82M | -75.62M | |
| Sale of Property, Plant & Equipment | 524.00K | 89.00K | 145.00K | 4.00K | 407.00K | 11.73M |
| Divestitures | -426.00K | -426.00K | -82.00K | -85.00K | -239.18K | |
| Sale (Purchase) of Intangibles | -1.51M | -1.51M | -9.00M | |||
| Investment in Securities | 2.54M | 2.54M | -39.08M | 5.16M | -5.72M | -61.35M |
| Other Investing Activities | -7.98M | 1.87M | -9.00M | 1.50M | 4.50M | |
| Investing Cash Flow | -6.15M | 1.11M | -57.02M | 4.47M | -249.64M | -125.48M |
| Short-Term Debt Issued | 88.11M | 1.43M | 2.47M | |||
| Long-Term Debt Issued | 78.36M | 85.35M | 33.70M | 161.59M | ||
| Total Debt Issued | 77.43M | 78.36M | 88.11M | 86.78M | 36.17M | 161.59M |
| Short-Term Debt Repaid | -32.05M | -2.83M | -11.68M | -3.15M | -6.38M | |
| Long-Term Debt Repaid | -34.39M | -42.90M | ||||
| Total Debt Repaid | -43.48M | -32.05M | -37.22M | -54.58M | -3.15M | -6.38M |
| Net Debt Issued (Repaid) | 33.95M | 46.31M | 50.89M | 32.20M | 33.02M | 155.21M |
| Issuance of Common Stock | 9.93M | 31.50M | 17.78M | 40.00K | 1.08B | |
| Other Financing Activities | 654.00K | 654.00K | 1.10M | 262.00K | -3.72M | |
| Financing Cash Flow | 44.53M | 78.47M | 69.77M | 32.47M | 33.06M | 1.23B |
| Foreign Exchange Rate Adjustments | -423.00K | -249.00K | -2.86M | -3.46M | 251.00K | -945.05K |
| Net Cash Flow | -23.37M | 47.58M | -34.31M | -12.84M | -370.36M | 396.72M |
| Free Cash Flow | -62.78M | -33.20M | -44.20M | -48.43M | -402.86M | -779.91M |
| Free Cash Flow Margin | -98.86% | -30.77% | -39.56% | -27.83% | -383.93% | -575.25% |
| Free Cash Flow Per Share | -6.29 | -4.38 | -9.45 | -14.37 | -167.80 | -472.38 |
| Levered Free Cash Flow | -598.19M | -59.73M | -88.76M | -140.47M | 102.21M | -534.51M |
| Unlevered Free Cash Flow | -573.24M | -45.19M | -67.37M | -120.86M | 93.60M | -580.65M |
| Cash Interest Paid | 1.43M | 1.43M | 1.56M | 5.53M | ||
| Cash Income Tax Paid | 134.00K | 134.00K | ||||
| Change in Working Capital | -28.34M | -3.43M | -5.73M | -26.18M | 123.20M | -462.78M |
Ratios
Fiscal year January - December; amounts in CNY.
| TTM | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | |
|---|---|---|---|---|---|---|
| Market Capitalization | 45.67M | 96.35M | 135.78M | 33.97M | 13.36M | 139.38M |
| Enterprise Value | 75.01M | 112.27M | 147.17M | 41.17M | 9.85M | 19.84M |
| Last Close Price | 2.99 | 6.37 | 14.54 | 7.49 | 5.67 | 67.00 |
| PE Ratio | 4.60 | 12.04 | ||||
| PS Ratio | 4.88 | 6.25 | 8.87 | 1.38 | 0.88 | 6.53 |
| PB Ratio | 0.51 | 3.97 | 3.05 | 1.33 | 3.35 | 1.16 |
| P/TBV Ratio | 0.52 | 3.85 | 3.01 | 1.17 | 2.03 | 1.14 |
| EV/Sales Ratio | 8.02 | 7.28 | 9.62 | 1.68 | 0.65 | 0.93 |
| EV/EBITDA Ratio | 107.43 | |||||
| Debt / Equity Ratio | 0.36 | 1.38 | 0.42 | 0.42 | 3.18 | 0.15 |
| Debt / EBITDA Ratio | 9.30 | |||||
| Net Debt / Equity Ratio | 0.34 | 1.04 | 0.39 | 0.18 | 1.07 | -0.41 |
| Net Debt / EBITDA Ratio | -0.52 | -0.68 | 12.57 | -0.46 | -0.08 | 1.27 |
| Net Debt / FCF Ratio | -3.17 | -5.30 | -2.84 | -0.66 | -0.07 | 0.40 |
| Asset Turnover | 0.07 | 0.17 | 0.22 | 0.36 | 0.11 | 0.20 |
| Quick Ratio | 0.07 | 0.23 | 0.09 | 0.32 | 0.11 | 0.91 |
| Current Ratio | 2.57 | 1.00 | 1.19 | 1.11 | 0.70 | 1.93 |
| Return on Equity (ROE) | 7.13% | -165.32% | -29.09% | -138.15% | -175.32% | -176.47% |
| Return on Assets (ROA) | -29.09% | -27.77% | -6.43% | -20.35% | -30.18% | -27.23% |
| Return on Invested Capital (ROIC) | -60.65% | -68.62% | -15.51% | -115.97% | -182.51% | -448.10% |
| Return on Capital Employed (ROCE) | -60.30% | -109.20% | -11.90% | -78.00% | -1,319.30% | -38.60% |
| Earnings Yield | 21.75% | -59.72% | -7.41% | 8.30% | -1,057.60% | -46.45% |
| FCF Yield | -20.64% | -4.93% | -4.46% | -20.10% | -437.05% | -88.09% |
| Buyback Yield / Dilution | -84.42% | -62.05% | -38.80% | -40.36% | -45.41% | -202.75% |