The9 Limited

The9 Limited

NCTY
The9 LimitedUS flagNASDAQ Capital Market
3.96
USD
-0.02
- -
18.50MMarket Cap
2013 Y
2014 Y
2015 Y
2016 Y
2017 Y
2018 Y
2019 Y
2020 Y
2021 Y
2022 Y
2023 Y
2024 Y
2025 Y
TTM
Revenue per Share
1,356.34
832.43
599.22
706.2
656.51
84.19
0.96
1.15
82.12
43.71
51.65
23.88
14.24
18,652.16
Basic EPS, GAAP
-6,812.54
-1,394.78
-4,966.03
-8,503.04
-1,060.53
-1,048.51
-501.27
729.62
-249.08
-406.06
5.94
-15.7
-53.1
891.39
Free Cash Flow per Basic Share
-4,726.63
-3,525.5
-2,404.44
-2,363.68
-781.78
-489.87
-154.99
-195.5
-482.32
-167.8
-14.37
-13.3
-5.77
7,498.75
Dividend per Share
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
Book Value per Share
-24,734.15
-25,866.49
-29,722.58
-36,389.43
-27,038.34
-15,583.55
-9,593.97
-5,453.79
-2,033.47
-1,799.71
-1,264.36
-869.02
-585.55
5,977.86
Tangible Book Value per Share
-264.28
243.82
-2,840.98
-6,555.85
-7,780.05
-5,541.69
-3,473.23
-583.86
462.42
11.47
53.82
89.48
29.92
26,753.31
Basic Weighted Avg Shares
- -
- -
- -
- -
- -
- -
- -
1
2
2
3
5
8
- -
Sales/Revenue/Turnover
105
64
46
56
73
17
- -
1
136
105
174
112
108
1,723
Operating Margin (%)
-500.61
-507.53
-710.69
-386.2
-154.9
-661.08
-38,080.38
-17,905.03
-180.81
-393.83
-137.68
-143.7
-229.62
11.77
Depreciation Expense
44
46
33
19
7
6
4
- -
47
91
87
61
15
- -
Net Income, GAAP
-526
-87
-305
-594
-118
-217
-178
398
-411
-975
20
-73
-402
82
Effective Tax Rate (%)
- -
- -
- -
- -
- -
- -
- -
1.78
- -
- -
- -
- -
- -
37.09
Profit Margin (%)
-502.27
-134.76
-656.8
-1,056.56
-161.54
-1,245.38
-52,063.77
63,611.67
-303.32
-929.07
11.49
-65.72
-372.99
4.78
Working Capital
-112
-41
-351
-486
-636
-875
-904
-322
506
-171
17
38
-1
1,950
LT Debt
- -
- -
167
232
- -
- -
6
2
3
7
20
2
8
- -
Total Equity
190
196
-62
-455
-802
-1,085
-1,232
-318
763
28
181
428
243
2,719
Return on Invested Capital (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
4.49
Return on Capital (%)
- -
- -
- -
- -
- -
- -
- -
-13
- -
- -
- -
- -
- -
15.19
Return on Common Equity (%)
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
- -
14.9

Capital Structure

FRC

in mil. unless spec.
Jun'08
Sep'08
Dec'08
ST Debt
- -
- -
- -
LT Borrowings
- -
- -
- -
LT Finance Leases
- -
- -
- -
Preferred Equity and Hybrid Capital
- -
- -
- -
Shares Outstanding
28
28
27
Market Capitalization
4,394
3,195
2,528

Working Capital

FRC

in mil. unless spec.
Jun'08
Sep'08
Dec'08
Total Current Assets
2,299
2,505
2,494
Cash, Cash Equivalents & STI
2,071
2,256
2,221
Accounts Receivable, Net
24
25
8
Inventories
- -
- -
- -
Total Current Liabilities
515
564
544
Payables & Accruals
26
28
199
ST Debt
- -
- -
- -
Deferred Revenue
195
196
202

Growth Rates

FRC

in mil. unless spec.

(avg. rate of change)

10 years
5 years
1 year
Total Equity
89.44%
42.96%
-43.27%
Free Cash Flow
52.01%
101.65%
-29.72%
Net Income, GAAP
-43.08%
-37.46%
448.11%
Sales/Revenue/Turnover
2,153.95%
4,315.86%
-3.42%
Total Cash Common Dividend
- -
- -
- -

Quarterly Revenue

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
174
2024
- -
- -
- -
- -
112
2025
- -
- -
- -
- -
108

Quarterly Earnings Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
5.94
2024
- -
- -
- -
- -
-15.7
2025
- -
- -
- -
- -
-53.1

Quarterly Dividends Per Share

FRC

in mil. unless spec.

Year

Q1
Q2
Q3
Q4
FY
2023
- -
- -
- -
- -
- -
2024
- -
- -
- -
- -
- -
2025
- -
- -
- -
- -
- -

Company Description

APIChatGPT
CEO
Jun Zhu
Full Time Employees
44
Sector
Technology
Industry
Electronic Gaming & Multimedia
Address
No. 130 Wu Song Road Shanghai SH People's Republic of China 200080
IPO Date
Dec 15, 2004
Website
the9.com
Business
The9 Limited (NCTY) is a China-based Internet holding company principally engaged in online games operation, cryptocurrency mining, and AI-related investments. The company develops and operates a diverse portfolio of games including massively multiplayer online role-playing games (MMORPGs) such as Legend of Immortals and The World of Kings; massively multiplayer online first-person shooter games (MMOFPSs) like CrossFire; mobile games including MIR M; web games, social games, and television games; as well as publishing and servicing titles like MIR M. It also conducts cryptocurrency mining operations providing hash rate to Bitcoin mining pools; offers IT technical services encompassing systematic solutions for internet websites, computer and internet facility rentals, server and database maintenance, software development, and consulting; and operates the non-fungible token platform NFTSTAR alongside blockchain-related services. The9 provides computing power and related equipment sales primarily to customers in Greater China, Eastern Europe, Asia, and North America, targeting gaming enthusiasts, cryptocurrency miners, and tech enterprises. Founded in 1999 and headquartered at 17th Floor, No. 130 Wu Song Road, Hong Kou District, Shanghai, China, The9 conducts business through subsidiaries in mainland China, the United States, Singapore, and Hong Kong. The company listed on Nasdaq in 2004 under the ticker NCTY and employs approximately 50 people. In recent developments, The9 established a joint venture with Zhejiang Huanyu Network Technology in June 2025, acquiring a 51% controlling stake to operate the mobile and PC game MIR M, with Huanyu committing to RMB600 million in revenue and RMB200 million in profit for 2025, increasing 30% annually through 2027, and The9 granting restricted shares worth RMB98 million based on performance milestones. Additionally, in October 2025, The9's Singapore investee Nanyang Biologics Pte. Ltd. (NYB) announced a US$1.5 billion business combination with SPAC RF Acquisition Corp II to list on Nasdaq, focusing on AI-curated natural compound libraries for drug discovery in partnership with Nvidia, HP, and Equinix.

Company News

APIChatGPT
  • The9 Owns 950,000,000 9BIT with Market Price of US$0.02 Each as of February 24, 2026, Surges Sevenfold Since Listing

  • The9 Announces AI-Powered Short Drama and AI-Assisted Interactive Movie Game Development Initiative Based on Licensed TVB Classic IP The Greed of Man

  • The9 Limited Announces Result of Annual General Meeting

  • The9 Limited to Hold Annual General Meeting on December 22, 2025

  • AI Drug Discovery Pioneer, Nanyang Biologics Pte. Ltd., Enters into Business Combination Agreement with RF Acquisition Corp II in US$1.5B Transaction to Pursue Public Listing

  • The9's Singapore Investee NYB Announce Plan to Go Nasdaq via US$1.5 Billion Business Combination with SPAC RF Acquisition Corp II

  • Impersonation of the9bit on a Crypto Platform

  • The9 Announces JV Acquisition to Operate Proprietary Mobile Games Ultraman: Hero Beyond Time and Glory All Stars

  • 3 Lucky Players Share $180,000 in the9bit's August Fiesta Finale

  • 135 Public Companies That Hold Bitcoin — And Why It Matters

  • The9 Limited Receives Strategic Investment from Cryptocurrency Investment Funds to Operate Global GameFi Platform

  • The9 Establishes Joint Venture to Focus on Mobile Game Operation and Distribution in China's Sinking Market

  • The9 Establishes Another Joint Venture to Operate AI Mobile Advertising Business

  • The9 Joint Venture Partner Increased Committed Annual Revenue to RMB900 Million and Profit to RMB300 Million from RMB600 and RMB200M Respectively

  • NIP Group Expands Esports Portfolio Through Strategic Partnership with The9 Limited

  • The9 Limited to Hold Annual General Meeting on December 27, 2024, and to Issue Class B Ordinary Shares to its Chief Executive Officer

  • NCTY Surges Following Joint Venture Agreement in AI and Big Data Marketing

  • The9 Establishes Joint Venture to Operate AI Algorithms Marketing Business

  • Zhejiang Huanyu and The9 Establish Joint Venture and Signed Non-Exclusive Agreement to Operate New MIR Game with Annual Revenue Commitment of RMB600 Million, Profit Commitment of RMB200 Million and Annual Increase of 30%

  • The9 Signed a Definitive Share Purchase Agreement to Invest in AI-Powered Educational Technology Company