The9 (NCTY) Balance Sheet: Assets & Liabilities

The9 (NCTY) Balance Sheet

As of Dec 31, 2025 (end of fiscal 2025), The9 reported total assets of CNY 594.13M and total liabilities of CNY 351.44M. Shareholders' equity was CNY 263.75M, down 40.2% from CNY 441.29M a year earlier. Total debt stood at CNY 234.64M against CNY 310.89M in cash and short-term investments, a net cash position of CNY 76.26M. That puts debt-to-equity at 0.89, compared with 0.30 a year earlier.

The9 Balance Sheet Analysis

Values in billions CNY

Income Statement Balance Sheet Cash Flow Ratios

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Balance sheet showing assets, liabilities, and shareholders' equity for The9 Limited (NCTY) - Annual data in billions 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
Current Assets
Cash and Cash Equivalents	0.06	0.01	0.05	0.06	0.43	0.03	0.01	0.00	0.14
Short-Term Investments	0.25	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Cash & Short-Term Investments	0.31	0.01	0.05	0.06	0.43	0.03	0.01	0.00	0.14
Accounts Receivable	0.02	0.01	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Inventory	0.00	0.00	0.00	0.00	0.47	0.00	0.13	0.00	0.03
Other Current Assets	0.01	0.01	0.20	0.33	0.62	0.01	0.01	0.03	0.01
Total Current Assets	0.34	0.24	0.22	0.39	1.05	0.04	0.15	0.03	0.18
Non-Current Assets
Property, Plant & Equipment (Net)	0.06	0.02	0.10	0.15	0.18	0.01	0.01	0.02	0.02
Long-Term Investments	0.18	0.30	0.04	0.04	0.07	0.00	0.01	0.05	0.05
Intangible Assets	0.02	0.01	0.00	0.00	0.00	0.00	0.00	0.06	0.06
Other Non-Current Assets	0.00	0.00	0.00	0.02	0.01	0.00	0.01	0.01	0.01
Total Non-Current Assets	0.25	0.39	0.14	0.21	0.26	0.01	0.03	0.13	0.14
Total Assets	0.59	0.64	0.36	0.60	1.31	0.05	0.18	0.16	0.32
Current Liabilities
Accounts Payable	0.02	0.01	0.01	0.01	0.04	0.04	0.04	0.04	0.04
Short-Term Debt	0.23	0.13	0.06	0.06	0.09	0.02	0.60	0.49	0.37
Current Portion of Long-Term Debt	0.05	0.04	0.05	0.06	0.09	-	-	-	-
Accrued Liabilities	0.06	0.04	0.05	0.07	0.14	0.02	-	-	-
Deferred Revenue	0.01	0.01	0.01	0.02	0.02	0.04	0.10	0.04	0.05
Other Current Liabilities	0.09	0.06	0.10	0.40	0.25	0.27	0.32	0.34	0.36
Total Current Liabilities	0.34	0.21	0.16	0.56	0.54	0.36	1.06	0.91	0.82
Non-Current Liabilities
Long-Term Debt	0.01	0.00	0.02	0.01	0.00	0.00	0.01	0.00	0.00
Other Non-Current Liabilities	0.00	0.00	0.00	0.00	0.00	0.35	0.35	0.34	0.31
Total Non-Current Liabilities	0.01	0.00	0.02	0.01	0.00	0.35	0.36	0.34	0.31
Total Liabilities	0.35	0.21	0.18	0.57	0.55	0.72	1.41	1.25	1.13
Stockholders' Equity
Common Stock	0.32	0.37	0.10	0.06	0.05	0.02	0.01	0.01	0.00
Retained Earnings	-4.84	-4.43	-4.36	-4.37	-3.40	-2.99	-3.41	-3.23	-3.02
Accumulated Other Comprehensive Income	0.00	0.00	0.00	-0.01	-0.01	-0.01	0.02	0.02	0.01
Additional Paid-in Capital	4.71	4.51	4.47	4.37	4.14	2.70	2.54	2.50	2.56
Minority Interest	-0.02	-0.01	-0.02	-0.02	-0.01	-0.38	-0.39	-0.37	-0.33
Shares Outstanding	4.57	3.74	1.41	0.86	0.69	-	-	-	-
Total Stockholders' Equity	0.26	0.44	0.21	0.03	0.76	-0.29	-0.84	-0.71	-0.47
Total Liabilities & Equity	0.59	0.64	0.36	0.60	1.31	0.05	0.18	0.16	0.32

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

Frequently Asked Questions About The9 Balance Sheet

How much debt does The9 have?

The9 had total debt of CNY 234.64M as of Dec 31, 2025, against CNY 310.89M in cash and short-term investments. Its debt-to-equity ratio was 0.89. Total debt was CNY 133.77M a year earlier.

What are The9's total assets?

The9 reported total assets of CNY 594.13M as of Dec 31, 2025, down 6.7% from CNY 636.64M a year earlier. Total liabilities were CNY 351.44M.

What is The9's shareholders' equity?

The9's shareholders' equity was CNY 263.75M as of Dec 31, 2025, or about CNY 0.06 of book value per share.

What is the debt-to-equity ratio?

The debt-to-equity ratio divides a company's total debt by its shareholders' equity. It shows how much of the business is financed with borrowed money; normal levels vary widely by industry. Full definition