The9 Limited (NCTY) Balance Sheet

NASDAQ: NCTYAssets, liabilities, debt and equity over 10 years.

NCTY balance sheet, 2025

December 31, 2025 · Chinese yuan

CN¥594.1M assets = CN¥351.4M liabilities + CN¥242.7M equity

Both columns are drawn to the same scale: what NCTY owns equals what it owes plus shareholders’ equity. Hover a block for its value.

NCTY financial health

Current ratio1.00

Tight · current assets cover current liabilities 1.00×

Debt / equity0.89

Moderate leverage · CN¥0.89 of debt for each $1 of equity

Equity / assets44.4%

Equity-funded · of assets funded by shareholders

Cash / debt132.4%

Cash covers debt · cash & short-term investments vs total debt

Goodwill & intangibles2.7%

Mostly tangible · of total assets

Descriptive bands, not a rating. Fiscal 2025.

NCTY balance sheet trends, 2016–2025

The9 Limited balance sheet trends
Metric	Then	Latest	Change
Total assets	CN¥350.9M2016	CN¥594.1M2025	+6.0%/yr
Total liabilities	CN¥806.2M2016	CN¥351.4M2025	−8.8%/yr
Shareholders’ equity	−CN¥455.3M2016	CN¥263.7M2025	—
Cash & short-term investments	CN¥38.9M2016	CN¥310.9M2025	+26.0%/yr
Total debt	CN¥339.9M2016	CN¥234.8M2025	−4.0%/yr
Net cash (debt)	−CN¥301.1M2016	CN¥76.1M2025	+CN¥377.2M
Working capital	−CN¥485.7M2016	−CN¥958,6152025	+CN¥484.8M
Current ratio	0.152016	1.002025	+0.84
Debt / equity	0.132021	0.892025	+0.76
Shares outstanding	796K2016	7.6M2025	+28.5%/yr

Change is the average annual growth (CAGR) or the difference between the first and latest year.

NCTY assets

Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current

NCTY liabilities and equity

Current liabilitiesLong-term debtOther long-term liabilitiesEquity

NCTY debt vs cash

Total debtCash & ST investmentsNet cash (debt)

Debt includes short- and long-term borrowings and, where reported, lease obligations.

NCTY balance sheet in Chinese yuan

The9 Limited annual balance sheet
	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
Assets
Cash & short-term investments	CN¥310.9M	CN¥10.9M	CN¥45.2M	CN¥58.1M	CN¥429.2M	CN¥31.7M	CN¥10.1M	CN¥4.3M	CN¥142.6M	CN¥38.9M
Cash & equivalents	CN¥58.5M	CN¥10.9M	CN¥45.2M	CN¥58.1M	CN¥428.4M	CN¥31.7M	CN¥10.1M	CN¥4.3M	CN¥142.6M	CN¥38.9M
Short-term investments	CN¥252.4M	—	—	CN¥0	CN¥800,000	CN¥0	—	CN¥0	CN¥0	CN¥0
Receivables	CN¥21.1M	CN¥7.7M	CN¥56,067	CN¥5.4M	CN¥66.0M	CN¥2,981	CN¥3.1M	CN¥2.4M	CN¥2.6M	CN¥28.4M
Inventory	CN¥0	CN¥0	CN¥82.9M	CN¥267.8M	CN¥469.1M	CN¥3.9M	CN¥134.6M	CN¥18.7M	CN¥28.8M	CN¥9.1M
Other current assets	CN¥10.6M	CN¥225.1M	CN¥94.6M	CN¥66.3M	CN¥86.1M	CN¥6.7M	CN¥6.6M	CN¥7.7M	CN¥9.1M	CN¥11.6M
Total current assets	CN¥342.7M	CN¥243.7M	CN¥222.8M	CN¥397.7M	CN¥1.05B	CN¥42.3M	CN¥154.5M	CN¥33.0M	CN¥183.1M	CN¥88.0M
Property, plant & equipment (net)	CN¥55.5M	CN¥20.8M	CN¥101.2M	CN¥154.9M	CN¥179.3M	CN¥6.1M	CN¥10.5M	CN¥17.4M	CN¥20.7M	CN¥26.8M
Goodwill & intangible assets	CN¥15.8M	CN¥9.0M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥62.6M	CN¥64.5M	CN¥66.4M
Long-term investments	CN¥171.6M	CN¥297.2M	CN¥35.3M	CN¥35.3M	CN¥73.9M	CN¥0	CN¥10.0M	CN¥45.2M	CN¥48.2M	CN¥163.0M
Other non-current assets	CN¥8.6M	CN¥65.9M	CN¥4.4M	CN¥11.2M	CN¥6.5M	CN¥0	CN¥6.5M	CN¥6.5M	CN¥6.5M	CN¥6.6M
Total assets	CN¥594.1M	CN¥636.6M	CN¥363.7M	CN¥599.1M	CN¥1.31B	CN¥48.4M	CN¥181.5M	CN¥164.7M	CN¥323.1M	CN¥350.9M
Liabilities
Accounts payable	CN¥15.9M	CN¥5.5M	CN¥9.6M	CN¥165.9M	CN¥39.9M	CN¥35.6M	CN¥38.2M	CN¥38.0M	CN¥37.1M	CN¥37.0M
Short-term debt	CN¥226.8M	CN¥135.0M	CN¥55.6M	CN¥66.8M	CN¥97.2M	CN¥24.4M	CN¥598.3M	CN¥487.7M	CN¥369.3M	CN¥107.5M
Deferred revenue	CN¥7.6M	CN¥10.8M	CN¥12.7M	CN¥17.7M	CN¥19.0M	CN¥38.0M	CN¥95.8M	CN¥39.8M	CN¥53.1M	CN¥42.6M
Total current liabilities	CN¥343.6M	CN¥205.6M	CN¥162.9M	CN¥564.2M	CN¥544.3M	CN¥364.4M	CN¥1.06B	CN¥908.4M	CN¥819.4M	CN¥573.7M
Long-term debt	CN¥0	CN¥0	CN¥16.7M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥232.4M
Lease obligations	CN¥12.0M	CN¥4.4M	CN¥7.2M	CN¥13.2M	CN¥6.9M	CN¥6.3M	CN¥9.7M	CN¥0	CN¥0	CN¥0
Other long-term liabilities	CN¥7.8M	CN¥3.5M	CN¥2.8M	CN¥7.4M	CN¥2.6M	CN¥351.5M	CN¥355.3M	CN¥341.1M	CN¥306.0M	CN¥0
Total liabilities	CN¥351.4M	CN¥209.1M	CN¥182.4M	CN¥571.6M	CN¥546.9M	CN¥715.9M	CN¥1.41B	CN¥1.25B	CN¥1.13B	CN¥806.2M
Shareholders' equity
Common stock & paid-in capital	CN¥322.1M	CN¥365.6M	CN¥96.3M	CN¥57.6M	CN¥46.2M	CN¥18.1M	CN¥8.0M	CN¥6.5M	CN¥3.3M	CN¥1.9M
Retained earnings (deficit)	−CN¥4.84B	−CN¥4.43B	−CN¥4.36B	−CN¥4.38B	−CN¥3.40B	−CN¥2.99B	−CN¥3.41B	−CN¥3.23B	−CN¥3.02B	−CN¥2.90B
Treasury stock	—	—	—	—	—	—	—	CN¥0	CN¥0	CN¥0
Accumulated other comprehensive income	−CN¥4.6M	−CN¥4.6M	−CN¥4.4M	−CN¥5.2M	−CN¥5.4M	−CN¥9.4M	CN¥24.3M	CN¥18.9M	CN¥11.6M	CN¥30.7M
Minority interest	−CN¥21.0M	−CN¥13.8M	−CN¥24.9M	−CN¥17.8M	—	—	—	CN¥0	CN¥0	CN¥0
Total shareholders' equity	CN¥263.7M	CN¥441.3M	CN¥206.3M	CN¥45.3M	CN¥776.5M	−CN¥287.7M	−CN¥839.0M	−CN¥711.6M	−CN¥473.8M	−CN¥455.3M
Key figures
Total debt	CN¥234.8M	CN¥136.6M	CN¥75.1M	CN¥74.2M	CN¥99.7M	CN¥26.9M	CN¥604.5M	CN¥487.7M	CN¥369.3M	CN¥339.9M
Net cash (debt)	CN¥76.1M	−CN¥125.7M	−CN¥29.9M	−CN¥16.1M	CN¥329.5M	CN¥4.8M	−CN¥594.4M	−CN¥483.5M	−CN¥226.7M	−CN¥301.1M
Working capital	−CN¥958,615	CN¥38.1M	CN¥59.9M	−CN¥166.5M	CN¥506.2M	−CN¥322.1M	−CN¥903.6M	−CN¥875.4M	−CN¥636.3M	−CN¥485.7M
Tangible book value	CN¥247.9M	CN¥432.3M	CN¥206.3M	CN¥45.3M	CN¥776.5M	−CN¥287.7M	−CN¥839.0M	−CN¥774.2M	−CN¥538.3M	−CN¥521.7M
Shares outstanding	7.6M	4.7M	4.9M	2.4M	1.7M	545K	355K	207K	111K	796K
Current ratio	1.00	1.19	1.37	0.70	1.93	0.12	0.15	0.04	0.22	0.15
Quick ratio	0.97	0.09	0.28	0.11	0.91	0.09	0.01	0.01	0.18	0.12
Debt / equity	0.89	0.31	0.36	1.64	0.13	—	—	—	—	—
Equity / assets	44.4%	69.3%	56.7%	7.6%	59.3%	−594.0%	−462.4%	−432.1%	−146.6%	−129.8%

The9 Limited quarterly balance sheet
	Jun '26	Mar '26	Dec '25	Jun '25	Mar '25	Dec '24	Jun '24	Mar '24	Dec '23	Jun '23	Mar '23	Dec '22
Assets
Cash & short-term investments	CN¥12.7M	CN¥310.9M	CN¥58.5M	CN¥36.1M	CN¥10.9M	CN¥10.9M	CN¥14.2M	CN¥45.2M	CN¥45.2M	CN¥20.9M	CN¥58.1M	CN¥58.1M
Cash & equivalents	CN¥12.7M	CN¥58.5M	CN¥58.5M	CN¥36.1M	CN¥10.9M	CN¥10.9M	CN¥14.2M	CN¥45.2M	CN¥45.2M	CN¥20.9M	CN¥58.1M	CN¥58.1M
Short-term investments	—	CN¥252.4M	—	CN¥307.0M	—	—	—	—	—	—	—	CN¥0
Receivables	CN¥9.0M	CN¥21.1M	CN¥3.8M	CN¥3.9M	CN¥7.7M	CN¥0	CN¥745,000	CN¥56,067	CN¥56,000	CN¥94,000	CN¥94,000	CN¥5.4M
Inventory	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥82.9M	CN¥0	CN¥262,000	CN¥267.8M	CN¥267.8M
Other current assets	CN¥835.6M	CN¥10.6M	CN¥280.2M	CN¥334.1M	CN¥225.1M	CN¥232.8M	CN¥236.3M	CN¥94.6M	CN¥135.1M	CN¥138.1M	CN¥67.4M	CN¥66.3M
Total current assets	CN¥857.3M	CN¥342.7M	CN¥342.4M	CN¥374.1M	CN¥243.7M	CN¥243.7M	CN¥251.3M	CN¥222.8M	CN¥180.3M	CN¥159.4M	CN¥393.4M	CN¥397.7M
Property, plant & equipment (net)	CN¥25.1M	CN¥55.5M	CN¥55.4M	CN¥12.6M	CN¥20.8M	CN¥20.8M	CN¥69.3M	CN¥101.2M	CN¥101.2M	CN¥142.2M	CN¥154.9M	CN¥154.9M
Goodwill & intangible assets	CN¥2.2M	CN¥15.8M	CN¥15.8M	CN¥9.0M	CN¥9.0M	CN¥9.0M	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0
Long-term investments	CN¥88.9M	CN¥171.5M	CN¥171.6M	CN¥239.0M	CN¥0	CN¥297.2M	CN¥300.9M	CN¥0	CN¥35.3M	CN¥39.9M	CN¥0	CN¥35.3M
Other non-current assets	CN¥19.5M	CN¥8.7M	CN¥8.5M	CN¥78.7M	CN¥363.1M	CN¥65.9M	CN¥46.3M	CN¥39.7M	CN¥46.9M	CN¥11.2M	CN¥50.8M	CN¥11.2M
Total assets	CN¥993.1M	CN¥594.1M	CN¥593.7M	CN¥713.3M	CN¥636.6M	CN¥636.6M	CN¥667.8M	CN¥363.7M	CN¥363.7M	CN¥352.7M	CN¥599.1M	CN¥599.1M
Liabilities
Accounts payable	CN¥19.5M	CN¥15.9M	CN¥19.5M	CN¥7.8M	CN¥5.5M	CN¥5.5M	CN¥8.8M	CN¥9.6M	CN¥9.6M	CN¥9.2M	CN¥7.1M	CN¥165.9M
Short-term debt	CN¥206.5M	CN¥226.8M	—	CN¥160.0M	CN¥135.0M	—	CN¥106.0M	CN¥55.6M	—	CN¥87.3M	CN¥66.8M	CN¥66.8M
Deferred revenue	—	CN¥7.6M	—	CN¥10.7M	CN¥10.8M	—	CN¥11.9M	CN¥12.7M	—	CN¥18.0M	CN¥17.7M	CN¥17.7M
Total current liabilities	CN¥334.0M	CN¥343.6M	CN¥343.4M	CN¥243.1M	CN¥205.6M	CN¥205.6M	CN¥205.1M	CN¥162.9M	CN¥162.9M	CN¥530.6M	CN¥564.2M	CN¥564.2M
Long-term debt	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥0	CN¥16.7M	CN¥0	CN¥16.7M	CN¥2.7M	CN¥0	CN¥0
Lease obligations	CN¥9.8M	CN¥11.0M	CN¥12.0M	CN¥3.8M	—	CN¥4.4M	CN¥6.6M	—	CN¥7.2M	CN¥9.4M	—	CN¥13.2M
Other long-term liabilities	CN¥78.2M	CN¥7.8M	CN¥7.8M	CN¥2.3M	CN¥3.5M	CN¥3.5M	CN¥9.5M	CN¥19.5M	CN¥2.8M	CN¥4.5M	CN¥7.4M	CN¥7.4M
Total liabilities	CN¥412.3M	CN¥351.4M	CN¥351.2M	CN¥245.5M	CN¥209.1M	CN¥209.1M	CN¥231.4M	CN¥182.4M	CN¥182.4M	CN¥537.8M	CN¥571.6M	CN¥571.6M
Shareholders' equity
Common stock & paid-in capital	CN¥327.2M	CN¥322.1M	—	CN¥368.5M	CN¥365.6M	—	CN¥305.6M	CN¥96.3M	—	CN¥64.1M	CN¥57.6M	CN¥57.6M
Retained earnings (deficit)	−CN¥4.45B	−CN¥4.84B	−CN¥4.83B	−CN¥4.50B	−CN¥4.43B	−CN¥4.43B	−CN¥4.36B	−CN¥4.36B	−CN¥4.36B	−CN¥4.65B	−CN¥4.38B	−CN¥4.38B
Accumulated other comprehensive income	−CN¥11.9M	−CN¥4.6M	—	−CN¥4.6M	−CN¥4.6M	—	−CN¥4.6M	−CN¥4.4M	—	−CN¥11.4M	−CN¥5.2M	−CN¥5.2M
Minority interest	−CN¥23.0M	−CN¥22.2M	−CN¥21.0M	−CN¥12.2M	—	−CN¥13.8M	—	—	—	—	—	—
Total shareholders' equity	CN¥603.8M	CN¥263.7M	CN¥263.6M	CN¥480.1M	CN¥441.3M	CN¥441.3M	CN¥463.9M	CN¥206.3M	CN¥206.3M	−CN¥163.7M	CN¥45.3M	CN¥45.3M
Key figures
Total debt	CN¥212.1M	CN¥234.8M	—	CN¥162.3M	CN¥136.6M	—	CN¥124.5M	CN¥75.1M	CN¥16.7M	CN¥94.5M	CN¥74.2M	CN¥74.2M
Net cash (debt)	−CN¥199.3M	CN¥76.1M	—	−CN¥126.2M	−CN¥125.7M	—	−CN¥110.3M	−CN¥29.9M	CN¥28.5M	−CN¥73.6M	−CN¥16.1M	−CN¥16.1M
Working capital	CN¥523.3M	−CN¥958,615	−CN¥958,000	CN¥130.9M	CN¥38.1M	CN¥38.1M	CN¥46.2M	CN¥59.9M	CN¥17.5M	−CN¥371.2M	−CN¥170.7M	−CN¥166.5M
Tangible book value	CN¥601.6M	CN¥247.9M	CN¥247.8M	CN¥471.1M	CN¥432.3M	CN¥432.3M	CN¥463.9M	CN¥206.3M	CN¥206.3M	−CN¥163.7M	CN¥45.3M	CN¥45.3M
Shares outstanding	10.6M	15.2M	4.57B	5.7M	5.1M	3.74B	4.3M	3.8M	1.41B	2.9M	2.6M	861.0M
Current ratio	2.57	1.00	1.00	1.54	1.19	1.19	1.23	1.37	1.11	0.30	0.70	0.70
Quick ratio	0.07	0.97	0.18	0.16	0.09	0.05	0.07	0.28	0.28	0.04	0.10	0.11
Debt / equity	0.35	0.89	—	0.34	0.31	—	0.27	0.36	0.08	—	1.64	1.64
Equity / assets	60.8%	44.4%	44.4%	67.3%	69.3%	69.3%	69.5%	56.7%	56.7%	−46.4%	7.6%	7.6%

Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed April 16, 2026); data from EODHD.

NCTY financial position

At the end of fiscal 2025 (December 31, 2025), The9 had total assets of CN¥594.1 million (down 6.7% from a year earlier), total liabilities of CN¥351.4 million and shareholders' equity of CN¥263.7 million. It held CN¥310.9 million in cash and short-term investments against CN¥234.8 million of debt, a net cash position of CN¥76.1 million. Its current ratio was 1.00. In the latest quarter (ended June 30, 2026) total assets were CN¥993.1 million and equity CN¥603.8 million.

Related: NCTY income statement, NCTY cash flow statement, NCTY key metrics. See the NCTY stock overview for the latest quote and news.

NCTY balance sheet FAQ

What are The9's total assets?

The9 reported total assets of CN¥594.1 million at the end of fiscal 2025 (December 31, 2025), compared with CN¥636.6 million a year earlier.

How much debt does The9 have?

The9 had CN¥234.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.89.

How much cash does The9 have?

The9 held CN¥310.9 million in cash and short-term investments at the end of fiscal 2025; with CN¥234.8 million of debt that is net cash of CN¥76.1 million.

What is The9's book value?

The9's shareholders' equity (book value) was CN¥263.7 million at the end of fiscal 2025.

What is The9's current ratio?

The9 had current assets of CN¥342.7 million and current liabilities of CN¥343.6 million, a current ratio of 1.00 (current liabilities exceed current assets).

How much goodwill does The9 have?

The9 carried CN¥15.8 million of goodwill and intangible assets, 2.7% of total assets, at the end of fiscal 2025.