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The9 LTD

NCTY Clue Score25
Cayman Islands Fiscal year ends December CIK 0001296774
$3.54 +1.87% Close, 9 Oct 2026
Alert on the numbers Alert on insider trades
Price $3.54 −70.47% Close, 9 Oct 2026

Closing prices at the end of each trading day, from 12 Oct 2016. Not a live quote. Adjusted for share splits, so the line has no step at a split; dividends are not added back.

Revenue and profit

What the business sells, and what is left of it. Point at a year for the detail.
RevenueOperating incomeNet income
Fiscal year 2016Revenue56.3Operating income−295.6Net income−593.8Fiscal year 2017Revenue73.1 +30.0%Operating income−113.3Net income−118.2Fiscal year 2018Revenue17.4 −76.2%Operating income−104.8Net income−217.1Fiscal year 2019Revenue0.3 −98.0%Operating income−163.7Net income−177.8EPS, diluted−1.79Fiscal year 2020Revenue0.6 +83.2%Operating income336.7Net income397.9EPS, diluted2.42Fiscal year 2021Revenue135.6 +21,575.3%Operating income−307.7Net income−411.2 −203.4%EPS, diluted−0.83Fiscal year 2022Revenue104.9 −22.6%Operating income−661.5Net income−974.9EPS, diluted−1.36Fiscal year 2023Revenue174.0 +65.9%Operating income−317.8Net income20.0EPS, diluted0.02Fiscal year 2024Revenue111.7 −35.8%Operating income−58.8Net income−73.4 −467.1%EPS, diluted−0.05Fiscal year 2025Revenue107.9 −3.4%Operating income−281.1Net income−408.9EPS, diluted−0.18
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Revenue 56.3 73.1 17.4 0.3 0.6 135.6 104.9 174.0 111.7 107.9
Growth +30.0% −76.2% −98.0% +83.2% +21,575.3% −22.6% +65.9% −35.8% −3.4%
Operating income −295.6 −113.3 −104.8 −163.7 336.7 −307.7 −661.5 −317.8 −58.8 −281.1
Net income −593.8 −118.2 −217.1 −177.8 397.9 −411.2 −974.9 20.0 −73.4 −408.9
Growth −203.4% −467.1%
EPS, diluted n/a n/a n/a −1.79 2.42 −0.83 −1.36 0.02 −0.05 −0.18

Margins

How much of each dollar of revenue it keeps. Point at a year for the detail.
Gross marginOperating marginNet margin
Fiscal year 2016Gross margin13.6%Operating margin−525.2%Net margin−1,054.9%Fiscal year 2017Gross margin67.5%Operating margin−154.9%Net margin−161.5%Fiscal year 2018Gross margin5.7%Operating margin−601.0%Net margin−1,245.4%Fiscal year 2019Gross margin−293.1%Operating margin−47,941.2%Net margin−52,063.8%Fiscal year 2020Gross margin−30.2%Operating margin53,831.3%Net margin63,611.7%Fiscal year 2021Gross margin35.2%Operating margin−226.9%Net margin−303.3%Fiscal year 2022Gross margin−45.2%Operating margin−630.5%Net margin−929.1%Fiscal year 2023Gross margin−22.5%Operating margin−182.6%Net margin11.5%Fiscal year 2024Gross margin−1.4%Operating margin−52.6%Net margin−65.7%Fiscal year 2025Gross margin1.7%Operating margin−260.5%Net margin−379.0%
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Gross margin 13.6% 67.5% 5.7% −293.1% −30.2% 35.2% −45.2% −22.5% −1.4% 1.7%
Operating margin −525.2% −154.9% −601.0% −47,941.2% 53,831.3% −226.9% −630.5% −182.6% −52.6% −260.5%
Net margin −1,054.9% −161.5% −1,245.4% −52,063.8% 63,611.7% −303.3% −929.1% 11.5% −65.7% −379.0%

Cash flow

The cash the business makes, what it reinvests, and what it hands back. Point at a year for the detail.
Operating cash flow
Fiscal year 2016Operating cash flow−179.8Fiscal year 2017Operating cash flow−86.7Fiscal year 2018Operating cash flow−101.2Fiscal year 2019Operating cash flow−54.2Fiscal year 2020Operating cash flow−106.3Fiscal year 2021Operating cash flow−704.3Fiscal year 2022Operating cash flow−154.0Fiscal year 2023Operating cash flow−46.3Fiscal year 2024Operating cash flow−44.2Fiscal year 2025Operating cash flow−31.8
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Operating cash flow −179.8 −86.7 −101.2 −54.2 −106.3 −704.3 −154.0 −46.3 −44.2 −31.8

Balance sheet

What it holds against what it owes, at each year end. Point at a year for the detail.
Cash
Fiscal year 2016Cash38.9Shareholders’ equity−339.6Fiscal year 2017Cash142.6Shareholders’ equity−473.8Fiscal year 2018Cash4.3Shareholders’ equity−711.6Fiscal year 2019Cash10.1Shareholders’ equity−839.0Fiscal year 2020Cash31.7Shareholders’ equity−287.7Fiscal year 2021Cash428.4Shareholders’ equity776.5Fiscal year 2022Cash58.1Shareholders’ equity45.3Fiscal year 2023Cash45.2Shareholders’ equity206.3Fiscal year 2024Cash10.9Shareholders’ equity338.6Fiscal year 2025Cash58.5Shareholders’ equity190.9
FY2016FY2017FY2018FY2019FY2020FY2021FY2022FY2023FY2024FY2025
Cash 38.9 142.6 4.3 10.1 31.7 428.4 58.1 45.2 10.9 58.5
Shareholders’ equity −339.6 −473.8 −711.6 −839.0 −287.7 776.5 45.3 206.3 338.6 190.9

In millions of CNY, except per-share figures and ratios. Fiscal years, as last filed with the SEC.

Financial statements FY2025 · 10-K

Balance sheet

In millions of CNY, except per-share figures; shares in millions. Fiscal years ending December, each column as last filed with the SEC.
Click a line to chart it
Fiscal year FY2016 31 Dec 2016 FY2017 31 Dec 2017 FY2018 31 Dec 2018 FY2019 31 Dec 2019 FY2020† 31 Dec 2020 FY2021† 31 Dec 2021 FY2022† 31 Dec 2022 FY2023† 31 Dec 2023 FY2024 31 Dec 2024 FY2025† 31 Dec 2025
Assets
38.9 142.6 4.3 10.1 31.7 428.4 58.1 45.2 10.9 58.5
8.6 2.6 0.6 0.1 0.0 3.7 0.2 0.1 n/a n/a
26.8 20.7 17.4 1.2 1.0 173.0 142.8 94.3 16.5 43.6
0.0 0.0 0.0 n/a n/a n/a n/a n/a n/a n/a
350.9 323.1 164.7 181.5 48.4 1,310.3 599.1 363.7 636.6 593.7
Growth −7.9% −49.0% +10.2% −73.3% +2,605.0% −54.3% −39.3% +75.0% −6.7%
Liabilities
806.2 819.4 908.4 1,064.3 366.8 546.9 571.6 182.4 209.1 351.2
Equity
−2,897.8 −3,016.0 −3,233.1 −3,410.9 −2,992.2 −3,403.5 −4,378.3 −4,356.8 −4,430.2 −4,832.7
−339.6 −473.8 −711.6 −839.0 −287.7 776.5 45.3 206.3 338.6 190.9
Growth −94.2% +355.3% +64.2% −43.6%
Per share and net cash
57.3 96.6 146.7 121.8 n/a n/a n/a 1,675 n/a 4,568
calc −5.93 −4.91 −4.85 −6.89 n/a n/a n/a 0.12 n/a 0.04

† The diluted share count jumps at 2020 and 2021 and 2022 and 2023 and 2025, so per-share figures either side of that column are not comparable. Usually a split, but the break lands on the restatement boundary rather than on the split date, because every column is that period’s latest filing.

Lines marked calc are worked out here from filed figures; point at one for how. Shown in CNY as filed; the screener converts to dollars.