9F Inc. (JFU) Balance Sheet
JFU balance sheet, 2025
December 31, 2025 · Chinese yuanCN¥4.37B assets = CN¥597.1M liabilities + CN¥3.77B equity
Both columns are drawn to the same scale: what JFU owns equals what it owes plus shareholders’ equity. Hover a block for its value.
JFU financial health
Debt / equity0.01
Low leverage · CN¥0.01 of debt for each $1 of equity
Equity / assets85.0%
Equity-funded · of assets funded by shareholders
Cash / debt3,156.9%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles0.1%
Mostly tangible · of total assets
Descriptive bands, not a rating. Fiscal 2025.
JFU balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | CN¥2.15B2016 | CN¥4.37B2025 | +8.2%/yr | |
| Total liabilities | CN¥1.16B2016 | CN¥597.1M2025 | −7.1%/yr | |
| Shareholders’ equity | CN¥998.6M2016 | CN¥3.71B2025 | +15.7%/yr | |
| Cash & short-term investments | CN¥1.24B2016 | CN¥754.5M2025 | −5.4%/yr | |
| Total debt | CN¥785.4M2016 | CN¥23.9M2025 | −32.2%/yr | |
| Net cash (debt) | CN¥453.1M2016 | CN¥730.6M2025 | +CN¥277.4M | |
| Working capital | CN¥962.1M2016 | CN¥897.5M2025 | −CN¥64.6M | |
| Debt / equity | 0.792016 | 0.012025 | −0.78 | |
| Shares outstanding | 9.7M2016 | 11.8M2025 | +2.2%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
JFU assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
JFU liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
JFU debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
JFU balance sheet in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | CN¥754.5M | CN¥2.60B | CN¥2.46B | CN¥2.87B | CN¥2.70B | CN¥2.86B | CN¥4.71B | CN¥6.30B | CN¥4.48B | CN¥1.24B |
| Cash & equivalents | CN¥750.6M | CN¥379.4M | CN¥1.69B | CN¥2.43B | CN¥2.44B | CN¥2.73B | CN¥4.68B | CN¥5.47B | CN¥3.78B | CN¥1.24B |
| Short-term investments | CN¥3.8M | CN¥2.22B | CN¥774.6M | CN¥433.1M | CN¥253.1M | CN¥133.8M | CN¥24.0M | CN¥833.5M | CN¥700.0M | CN¥88.4M |
| Receivables | CN¥167.0M | CN¥83.1M | CN¥38.0M | CN¥354.6M | CN¥452.4M | CN¥178.0M | CN¥423.2M | CN¥1.08B | CN¥538.0M | CN¥374.7M |
| Inventory | CN¥998,000 | CN¥998,000 | CN¥1.2M | CN¥419.9M | CN¥1.03B | CN¥1.15B | CN¥1.21B | CN¥486.2M | CN¥489.6M | CN¥245.3M |
| Other current assets | CN¥0 | CN¥491.6M | CN¥362.2M | CN¥1.5M | CN¥0 | CN¥304.4M | CN¥885.0M | CN¥56.9M | CN¥35.4M | CN¥40.3M |
| Total current assets | CN¥921.4M | CN¥3.17B | CN¥2.86B | CN¥3.64B | CN¥4.18B | CN¥4.49B | CN¥7.22B | CN¥7.93B | CN¥5.54B | CN¥1.90B |
| Property, plant & equipment (net) | CN¥45.5M | CN¥64.8M | CN¥79.9M | CN¥78.0M | CN¥62.1M | CN¥92.1M | CN¥232.2M | CN¥86.3M | CN¥54.7M | CN¥20.1M |
| Goodwill & intangible assets | CN¥3.3M | CN¥4.6M | CN¥29.5M | CN¥59.9M | CN¥59.4M | CN¥66.5M | CN¥145.7M | CN¥58.1M | CN¥59.1M | CN¥28.5M |
| Long-term investments | CN¥315.6M | CN¥879.6M | CN¥1.07B | CN¥530.2M | CN¥727.4M | CN¥738.3M | CN¥775.6M | CN¥954.2M | CN¥509.7M | CN¥152.0M |
| Other non-current assets | CN¥3.08B | CN¥253,000 | CN¥0 | CN¥0 | CN¥22.3M | CN¥0 | CN¥504.0M | CN¥84.3M | CN¥111.1M | CN¥54.2M |
| Total assets | CN¥4.37B | CN¥4.12B | CN¥4.04B | CN¥4.31B | CN¥5.05B | CN¥5.39B | CN¥8.88B | CN¥9.11B | CN¥6.28B | CN¥2.15B |
| Liabilities | ||||||||||
| Accounts payable | CN¥57.2M | CN¥57.2M | CN¥43.0M | CN¥153.7M | CN¥273.8M | CN¥405.7M | CN¥125.4M | CN¥47.5M | CN¥20.0M | CN¥32.1M |
| Short-term debt | CN¥23.9M | — | CN¥395.6M | — | CN¥480.0M | CN¥592.5M | CN¥1.40B | CN¥984.5M | CN¥1.30B | CN¥785.4M |
| Deferred revenue | CN¥1.3M | — | CN¥5.3M | CN¥9.0M | CN¥47.0M | CN¥82.6M | CN¥788.9M | CN¥346.8M | CN¥384.1M | CN¥94.2M |
| Total current liabilities | CN¥23.9M | CN¥453.7M | CN¥446.0M | CN¥584.2M | CN¥834.0M | CN¥1.12B | CN¥2.41B | CN¥1.46B | CN¥1.74B | CN¥936.8M |
| Long-term debt | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Lease obligations | CN¥1.1M | CN¥9.6M | CN¥14.7M | CN¥8.3M | CN¥17.9M | CN¥29.5M | CN¥125.4M | CN¥0 | CN¥0 | CN¥0 |
| Other long-term liabilities | CN¥573.2M | CN¥12.7M | CN¥20.8M | CN¥15.4M | CN¥25.6M | CN¥38.8M | CN¥142.6M | CN¥1.39B | CN¥829.7M | CN¥218.3M |
| Total liabilities | CN¥597.1M | CN¥466.5M | CN¥466.7M | CN¥599.6M | CN¥859.7M | CN¥1.16B | CN¥2.55B | CN¥2.85B | CN¥2.57B | CN¥1.16B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | CN¥2,001 | — | CN¥2,000 | CN¥2,000 | CN¥2,000 | CN¥2,000 | CN¥2,000 | CN¥0 | CN¥0 | CN¥0 |
| Retained earnings (deficit) | −CN¥2.62B | −CN¥2.78B | −CN¥2.83B | −CN¥2.69B | −CN¥2.06B | −CN¥1.82B | CN¥488.2M | CN¥2.67B | CN¥987.7M | CN¥640.2M |
| Treasury stock | — | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥0 |
| Accumulated other comprehensive income | CN¥618.3M | — | CN¥630.5M | CN¥556.5M | CN¥411.4M | CN¥459.4M | CN¥551.2M | CN¥526.5M | CN¥162.2M | CN¥95.3M |
| Minority interest | CN¥59.3M | CN¥54.8M | CN¥54.6M | CN¥54.8M | — | — | — | CN¥0 | CN¥0 | CN¥0 |
| Total shareholders' equity | CN¥3.71B | CN¥3.60B | CN¥3.52B | CN¥3.66B | CN¥4.13B | CN¥4.17B | CN¥6.28B | CN¥6.25B | CN¥3.70B | CN¥998.6M |
| Key figures | ||||||||||
| Total debt | CN¥23.9M | — | CN¥14.7M | CN¥8.3M | CN¥17.9M | CN¥29.5M | CN¥125.4M | CN¥984.5M | CN¥1.30B | CN¥785.4M |
| Net cash (debt) | CN¥730.6M | — | CN¥2.45B | CN¥2.86B | CN¥2.68B | CN¥2.83B | CN¥4.58B | CN¥5.32B | CN¥3.18B | CN¥453.1M |
| Working capital | CN¥897.5M | CN¥2.72B | CN¥2.42B | CN¥3.06B | CN¥3.34B | CN¥3.37B | CN¥4.81B | CN¥6.46B | CN¥3.80B | CN¥962.1M |
| Tangible book value | CN¥3.71B | CN¥3.60B | CN¥3.49B | CN¥3.60B | CN¥4.07B | CN¥4.10B | CN¥6.14B | CN¥6.20B | CN¥3.65B | CN¥970.1M |
| Shares outstanding | 11.8M | 235.5M | 11.8M | 11.7M | 10.7M | 9.9M | 8.7M | 9.7M | 9.7M | 9.7M |
| Current ratio | 38.53 | 6.99 | 6.42 | 6.24 | 5.01 | 3.99 | 3.00 | 5.42 | 3.18 | 2.03 |
| Quick ratio | 38.53 | 5.91 | 5.60 | 5.51 | 3.78 | 2.70 | 2.13 | 5.05 | 2.88 | 1.72 |
| Debt / equity | 0.01 | — | 0.00 | 0.00 | 0.00 | 0.01 | 0.02 | 0.16 | 0.35 | 0.79 |
| Equity / assets | 85.0% | 87.4% | 87.1% | 84.8% | 81.9% | 77.4% | 70.7% | 68.7% | 59.0% | 46.4% |
| Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | Jun '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | CN¥3.29B | CN¥3.29B | CN¥3.29B | CN¥2.84B | CN¥2.84B | CN¥2.60B | CN¥2.60B | CN¥2.59B | CN¥2.59B | CN¥2.46B | CN¥2.46B | CN¥2.88B |
| Cash & equivalents | CN¥434.5M | CN¥434.5M | CN¥434.5M | CN¥420.5M | CN¥420.5M | CN¥379.4M | CN¥379.4M | CN¥1.04B | CN¥1.04B | CN¥1.69B | CN¥1.69B | CN¥2.18B |
| Short-term investments | CN¥2.85B | CN¥2.85B | CN¥2.85B | CN¥2.42B | CN¥2.42B | CN¥2.22B | CN¥2.22B | CN¥1.55B | CN¥1.55B | CN¥774.6M | CN¥775.8M | CN¥697.4M |
| Receivables | CN¥166.9M | CN¥87.4M | CN¥87.4M | CN¥89.6M | CN¥89.6M | CN¥83.1M | CN¥83.1M | CN¥42.2M | CN¥42.2M | CN¥38.0M | CN¥38.0M | CN¥226.1M |
| Inventory | CN¥1.1M | CN¥1.1M | CN¥1.1M | CN¥998,000 | CN¥0 | CN¥998,000 | CN¥998,000 | CN¥189.3M | CN¥189.3M | CN¥1.9M | CN¥1 | CN¥188.3M |
| Other current assets | CN¥479.7M | CN¥559.2M | CN¥559.2M | CN¥720.2M | CN¥721.2M | CN¥491.6M | CN¥491.6M | CN¥219.7M | CN¥219.7M | CN¥361.1M | CN¥360.0M | CN¥211.9M |
| Total current assets | CN¥3.93B | CN¥3.93B | CN¥3.93B | CN¥3.65B | CN¥3.65B | CN¥3.17B | CN¥3.17B | CN¥3.04B | CN¥3.04B | CN¥2.86B | CN¥2.86B | CN¥3.50B |
| Property, plant & equipment (net) | CN¥45.5M | CN¥45.5M | CN¥45.5M | CN¥58.3M | CN¥58.3M | CN¥64.8M | CN¥64.8M | CN¥72.0M | CN¥72.0M | CN¥79.9M | CN¥79.9M | CN¥83.4M |
| Goodwill & intangible assets | CN¥3.3M | CN¥3.3M | CN¥3.3M | CN¥4.0M | CN¥4.0M | CN¥4.6M | CN¥4.6M | CN¥27.1M | CN¥27.1M | CN¥29.5M | CN¥29.5M | CN¥57.9M |
| Long-term investments | CN¥0 | CN¥315.6M | CN¥0 | CN¥0 | CN¥0 | CN¥879.6M | CN¥0 | CN¥973.4M | CN¥0 | CN¥1.07B | CN¥0 | CN¥551.7M |
| Other non-current assets | CN¥315.9M | CN¥286,000 | CN¥315.9M | CN¥679.7M | CN¥679.7M | CN¥253,000 | CN¥879.9M | CN¥0 | CN¥973.4M | CN¥329,000 | CN¥1.07B | CN¥0 |
| Total assets | CN¥4.30B | CN¥4.30B | CN¥4.30B | CN¥4.39B | CN¥4.39B | CN¥4.12B | CN¥4.12B | CN¥4.11B | CN¥4.11B | CN¥4.04B | CN¥4.04B | CN¥4.19B |
| Liabilities | ||||||||||||
| Accounts payable | CN¥100.6M | CN¥100.6M | — | CN¥57.2M | — | CN¥57.2M | — | — | CN¥43.0M | CN¥50.5M | CN¥43.0M | — |
| Short-term debt | CN¥22.7M | — | CN¥23.9M | — | — | — | CN¥8.6M | — | CN¥395.6M | — | CN¥7.1M | — |
| Deferred revenue | CN¥10.5M | — | — | CN¥1.3M | — | — | — | — | CN¥5.3M | — | CN¥5.3M | CN¥8.0M |
| Total current liabilities | CN¥509.1M | CN¥509.1M | CN¥508.2M | CN¥525.8M | CN¥525.8M | CN¥453.7M | CN¥463.3M | CN¥480.4M | CN¥480.4M | CN¥442.3M | CN¥447.7M | CN¥527.5M |
| Long-term debt | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Lease obligations | — | CN¥1.1M | — | — | — | CN¥9.6M | — | CN¥11.6M | — | CN¥14.7M | — | CN¥16.3M |
| Other long-term liabilities | CN¥18.0M | CN¥18.0M | CN¥18.9M | CN¥11.3M | CN¥11.3M | CN¥12.7M | CN¥3.1M | CN¥27.1M | CN¥27.1M | CN¥24.4M | CN¥19.0M | CN¥23.0M |
| Total liabilities | CN¥527.1M | CN¥527.1M | CN¥527.1M | CN¥537.1M | CN¥537.1M | CN¥466.5M | CN¥466.5M | CN¥507.5M | CN¥507.5M | CN¥466.7M | CN¥466.7M | CN¥550.5M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | CN¥2,000 | — | CN¥2,000 | CN¥2,000 | CN¥2,000 | — | CN¥2,000 | CN¥2,000 | CN¥2,000 | — | CN¥2,000 | CN¥2,000 |
| Retained earnings (deficit) | −CN¥2.62B | −CN¥2.62B | −CN¥2.14B | −CN¥2.09B | −CN¥2.09B | −CN¥2.78B | −CN¥2.31B | −CN¥2.36B | −CN¥2.36B | −CN¥2.83B | −CN¥2.36B | −CN¥2.82B |
| Accumulated other comprehensive income | CN¥617.9M | — | CN¥141.7M | CN¥175.8M | CN¥175.8M | — | CN¥199.9M | CN¥195.1M | CN¥195.1M | — | CN¥165.0M | CN¥621.8M |
| Minority interest | — | CN¥59.3M | — | — | — | CN¥54.8M | — | — | — | — | — | — |
| Total shareholders' equity | CN¥3.71B | CN¥3.71B | CN¥3.71B | CN¥3.80B | CN¥3.80B | CN¥3.60B | CN¥3.60B | CN¥3.55B | CN¥3.55B | CN¥3.52B | CN¥3.52B | CN¥3.59B |
| Key figures | ||||||||||||
| Total debt | CN¥23.9M | — | CN¥23.9M | CN¥4.6M | CN¥4.6M | — | CN¥9.6M | CN¥11.6M | CN¥11.6M | — | CN¥14.7M | CN¥16.3M |
| Net cash (debt) | CN¥3.26B | — | CN¥3.26B | CN¥2.83B | CN¥2.83B | — | CN¥2.59B | CN¥2.58B | CN¥2.58B | — | CN¥2.45B | CN¥2.86B |
| Working capital | CN¥3.42B | CN¥3.42B | CN¥3.43B | CN¥3.12B | CN¥3.12B | CN¥2.72B | CN¥2.71B | CN¥2.56B | CN¥2.56B | CN¥2.42B | CN¥2.41B | CN¥2.97B |
| Tangible book value | CN¥3.71B | CN¥3.71B | CN¥3.71B | CN¥3.79B | CN¥3.79B | CN¥3.60B | CN¥3.60B | CN¥3.53B | CN¥3.53B | CN¥3.49B | CN¥3.49B | CN¥3.53B |
| Shares outstanding | 11.8M | 235.5M | 11.8M | 11.8M | 11.8M | 235.5M | 11.8M | 11.8M | 11.8M | 235.5M | 11.8M | 11.7M |
| Current ratio | 7.73 | 7.73 | 7.74 | 6.94 | 6.94 | 6.99 | 6.85 | 6.33 | 6.33 | 6.47 | 6.39 | 6.64 |
| Quick ratio | 6.78 | 6.63 | 6.64 | 5.56 | 5.56 | 5.91 | 5.79 | 5.48 | 5.48 | 5.65 | 5.58 | 5.88 |
| Debt / equity | 0.01 | — | 0.01 | 0.00 | 0.00 | — | 0.00 | 0.00 | 0.00 | — | 0.00 | 0.00 |
| Equity / assets | 86.4% | 86.4% | 86.4% | 86.5% | 86.5% | 87.4% | 87.4% | 86.3% | 86.3% | 87.1% | 87.1% | 85.6% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 30, 2026); data from EODHD.
JFU financial position
At the end of fiscal 2025 (December 31, 2025), 9F had total assets of CN¥4.4 billion (up 6.0% from a year earlier), total liabilities of CN¥597.1 million and shareholders' equity of CN¥3.7 billion. It held CN¥754.5 million in cash and short-term investments against CN¥23.9 million of debt, a net cash position of CN¥730.6 million. Its current ratio was 38.53. In the latest quarter (ended March 31, 2026) total assets were CN¥4.3 billion and equity CN¥3.7 billion.
Related: JFU income statement, JFU cash flow statement, JFU key metrics. See the JFU stock overview for the latest quote and news.
JFU balance sheet FAQ
What are 9F's total assets?
9F reported total assets of CN¥4.4 billion at the end of fiscal 2025 (December 31, 2025), compared with CN¥4.1 billion a year earlier.
How much debt does 9F have?
9F had CN¥23.9 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.01.
How much cash does 9F have?
9F held CN¥754.5 million in cash and short-term investments at the end of fiscal 2025; with CN¥23.9 million of debt that is net cash of CN¥730.6 million.
What is 9F's book value?
9F's shareholders' equity (book value) was CN¥3.7 billion at the end of fiscal 2025.
What is 9F's current ratio?
9F had current assets of CN¥921.4 million and current liabilities of CN¥23.9 million, a current ratio of 38.53 (it can cover its short-term obligations).
How much goodwill does 9F have?
9F carried CN¥3.3 million of goodwill and intangible assets, 0.1% of total assets, at the end of fiscal 2025.