The9 (NCTY) Financial Statements & Analysis

The9 (NCTY) Income Statement

The9 reported revenue of CNY 107.90M in fiscal 2025 (fiscal year ended Dec 31, 2025), down 4.8% from CNY 113.30M a year earlier. The9 posted a net loss of CNY 402.45M, compared with a net loss of CNY 74.46M a year earlier. Gross margin was 1.7% and operating margin -260.5%. In the most recent quarter, Q2 fiscal 2026 (ended Jun 30, 2026), revenue was CNY 17.67M, down 29.6% from the same quarter a year earlier.

The9 Income Statement Analysis

Values in millions CNY

Income Statement Balance Sheet Cash Flow Ratios

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The9 Limited income statement - Annual data in millions CNY
Breakdown	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021	FY 2020	FY 2019	FY 2018	FY 2017
Period ending	Dec 2025	Dec 2024	Dec 2023	Dec 2022	Dec 2021	Dec 2020	Dec 2019	Dec 2018	Dec 2017
Revenue & Gross Profit
Revenue	107.90	113.30	174.02	104.93	135.58	0.63	0.34	18.11	71.31
Cost of Revenue	106.09	114.92	213.15	152.31	87.80	0.81	3.19	17.08	23.18
Gross Profit	1.81	-1.63	-39.13	-47.38	47.78	-0.19	-2.85	1.04	48.12
Operating Expenses
Research & Development	9.80	0.87	1.97	2.43	1.92	2.44	12.13	25.51	43.98
Selling, General & Administrative	239.77	160.32	198.49	363.43	290.99	109.39	114.74	95.49	114.95
Operating Expenses	282.92	161.19	200.46	365.86	355.44	111.81	126.88	121.01	158.93
Operating Income	-281.11	-162.81	-239.59	-413.24	-307.66	-111.99	-129.72	-119.97	-110.80
Other Income/Expense
Interest Income	-0.12	0.00	0.00	0.00	-1.73	0.43	0.02	0.19	0.03
Interest Expense	-23.26	34.22	31.38	23.34	-119.17	-4.07	34.50	104.78	83.92
Other Income/Expense	-127.69	88.13	95.33	-256.83	-85.03	-18.36	-65.92	-128.65	1.53
Income
Income Before Tax	-408.81	-74.69	-144.26	-693.41	-392.69	400.60	-195.64	-248.62	-109.27
Income Tax Expense	0.11	0.00	0.00	0.00	0.00	7.17	0.00	0.00	0.00
Net Income	-402.45	-74.46	-138.79	-974.86	-822.47	397.88	-190.11	-268.08	-170.88
Net Income - Continuous Operations	-402.45	-74.46	-138.79	-693.41	-392.69	397.88	-190.11	-268.08	-170.88
Net Income - Discontinued Operations	-	-	156.85	-286.09	-24.13	-	-	-	-
EBITDA	-259.72	-100.44	-152.74	-578.69	-248.59	-111.55	-126.95	-116.18	-105.64
EBIT	-273.31	-51.47	-156.75	-670.07	-296.02	-111.99	-	-	-
Depreciation & Amortization	15.12	62.37	86.85	91.38	47.44	0.45	2.77	3.79	5.17
Earnings Per Share
Basic EPS	-53.00	-16.00	-27.00	-408.00	-249.00	727.00	-576.00	-1245.00	-1572.00
Diluted EPS	-54.00	-16.00	-27.00	-408.00	-234.00	727.00	-537.00	-1245.00	-1572.00
Basic Shares Outstanding	7.58	4.68	4.93	2.40	1.65	0.55	0.33	0.21	0.11
Diluted Shares Outstanding	7.58	4.68	4.93	2.40	1.65	0.55	0.35	0.21	0.11

Source: Company financial statements from annual and quarterly filings. Data as of Jun 30, 2026. Data sources and methodology

Frequently Asked Questions About The9 Financial Statements

What was The9's revenue in fiscal 2025?

The9 reported revenue of CNY 107.90M in fiscal 2025 (fiscal year ended Dec 31, 2025). That was down 4.8% from CNY 113.30M a year earlier.

Is The9 profitable?

No. The9 reported a net loss of CNY 402.45M in fiscal 2025. In fiscal 2024 it lost CNY 74.46M.

What is The9's operating margin?

The9's operating income was −CNY 281.11M on revenue of CNY 107.90M in fiscal 2025, an operating margin of -260.5%, compared with -143.7% a year earlier.

What is net profit margin?

Net profit margin is net income divided by revenue. It shows how much of each dollar of sales a company keeps as profit after all costs, interest and taxes. Full definition