9F Inc. (JFU) Income Statement
JFU 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanJFU revenue and net income
Where JFU's revenue goes
2025Each bar shows an amount and its share of revenue. JFU kept 35.6% of revenue as net income.
JFU profit margins
JFU growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +48.3% | −6.5% | −18.2% | — |
| Gross profit | +64.6% | −9.3% | −14.1% | — |
| Operating income | — | — | — | — |
| Net income | +227.3% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
JFU income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥459.6M | CN¥310.0M | CN¥412.4M | CN¥561.7M | CN¥761.5M | CN¥1.26B | CN¥4.42B | CN¥5.56B | CN¥6.74B | CN¥2.26B |
| Cost of revenue | CN¥126.8M | CN¥107.8M | CN¥115.2M | CN¥115.4M | CN¥106.2M | CN¥545.8M | CN¥1.14B | CN¥444.8M | CN¥502.1M | CN¥168.0M |
| Gross profit | CN¥332.8M | CN¥202.1M | CN¥297.3M | CN¥446.2M | CN¥655.3M | CN¥710.2M | CN¥3.29B | CN¥5.11B | CN¥6.24B | CN¥2.09B |
| Research & development | — | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥0 |
| Sales, general & admin | CN¥222.9M | CN¥237.0M | CN¥298.1M | CN¥437.1M | CN¥688.3M | CN¥1.64B | CN¥3.50B | CN¥2.91B | CN¥5.32B | CN¥1.70B |
| Total operating expenses | −CN¥212.2M | CN¥355.4M | CN¥490.8M | CN¥596.5M | CN¥710.7M | CN¥1.99B | CN¥5.84B | CN¥2.94B | CN¥5.24B | CN¥1.67B |
| Operating income | CN¥545.0M | −CN¥45.5M | −CN¥193.6M | −CN¥150.3M | −CN¥55.5M | −CN¥1.28B | −CN¥2.36B | CN¥2.21B | CN¥920.6M | CN¥396.6M |
| Interest income | CN¥182.4M | CN¥84.6M | CN¥97.7M | CN¥47.6M | CN¥47.5M | CN¥102.4M | CN¥242.0M | CN¥208.3M | CN¥73.6M | CN¥13.4M |
| Interest expense | — | — | — | CN¥945.7M | CN¥357.7M | CN¥989.3M | CN¥91.3M | CN¥0 | CN¥0 | CN¥0 |
| Income before taxes | CN¥217.6M | CN¥27.0M | −CN¥132.6M | −CN¥583.3M | −CN¥206.9M | −CN¥1.71B | −CN¥2.33B | CN¥2.38B | CN¥1.08B | CN¥432.8M |
| Income taxes | CN¥54.8M | — | CN¥7.7M | CN¥11.6M | CN¥26.7M | CN¥538.3M | −CN¥174.6M | CN¥402.4M | CN¥352.4M | CN¥271.1M |
| Net income | CN¥163.6M | CN¥50.0M | −CN¥140.2M | −CN¥594.7M | −CN¥234.9M | −CN¥2.26B | −CN¥2.17B | CN¥1.72B | CN¥401.3M | CN¥142.3M |
| EBITDA | CN¥239.7M | −CN¥23.1M | −CN¥176.0M | −CN¥129.3M | −CN¥23.9M | −CN¥1.26B | −CN¥2.32B | CN¥2.23B | CN¥932.4M | CN¥405.9M |
| Gross margin | 72.4% | 65.2% | 72.1% | 79.4% | 86.1% | 56.5% | 74.3% | 92.0% | 92.6% | 92.6% |
| Operating margin | 118.6% | −14.7% | −46.9% | −26.8% | −7.3% | −102.1% | −53.3% | 39.7% | 13.7% | 17.5% |
| Net margin | 35.6% | 16.1% | −34.0% | −105.9% | −30.9% | −179.8% | −49.0% | 31.0% | 6.0% | 6.3% |
| Mar '26 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | Sep '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥68.9M | CN¥68.9M | CN¥76.1M | CN¥76.1M | CN¥83.6M | CN¥71.4M | CN¥71.4M | CN¥76.2M | CN¥130.0M | CN¥130.0M | CN¥117.0M | CN¥117.0M |
| Cost of revenue | CN¥21.9M | CN¥21.9M | CN¥20.6M | CN¥20.6M | CN¥15.9M | CN¥38.0M | CN¥38.0M | CN¥24.0M | CN¥33.5M | CN¥33.5M | CN¥1.9M | CN¥1.9M |
| Gross profit | CN¥47.0M | CN¥47.0M | CN¥55.4M | CN¥55.4M | CN¥67.7M | CN¥33.4M | CN¥33.4M | CN¥52.1M | CN¥96.5M | CN¥96.5M | CN¥115.1M | CN¥115.1M |
| Sales, general & admin | CN¥55.4M | CN¥55.4M | CN¥41.4M | CN¥41.4M | CN¥55.3M | CN¥68.5M | CN¥68.5M | CN¥91.7M | CN¥153.7M | CN¥153.7M | CN¥105.9M | CN¥105.9M |
| Total operating expenses | CN¥55.4M | CN¥55.4M | CN¥41.4M | CN¥41.4M | CN¥55.3M | CN¥68.5M | CN¥68.5M | CN¥91.0M | CN¥174.4M | CN¥174.4M | CN¥351.7M | CN¥351.7M |
| Operating income | −CN¥8.4M | −CN¥8.4M | CN¥14.0M | CN¥14.0M | CN¥12.4M | −CN¥35.1M | −CN¥35.1M | −CN¥39.6M | −CN¥57.2M | −CN¥57.2M | CN¥9.2M | CN¥9.2M |
| Income before taxes | −CN¥7.8M | −CN¥7.8M | CN¥119.7M | CN¥119.7M | CN¥23.0M | CN¥9.1M | CN¥9.1M | −CN¥4.3M | −CN¥62.0M | −CN¥62.0M | −CN¥227.5M | −CN¥227.5M |
| Income taxes | CN¥17.8M | CN¥17.8M | CN¥10.4M | CN¥10.4M | CN¥4.2M | CN¥2.8M | CN¥2.8M | −CN¥2.0M | CN¥5.9M | CN¥5.9M | CN¥5.8M | CN¥5.8M |
| Net income | −CN¥25.2M | −CN¥25.2M | CN¥109.3M | CN¥109.3M | CN¥18.7M | CN¥6.2M | CN¥6.2M | −CN¥2.3M | −CN¥67.8M | −CN¥67.8M | −CN¥235.0M | −CN¥235.0M |
| EBITDA | −CN¥4.8M | −CN¥5.1M | CN¥17.4M | CN¥17.4M | CN¥16.8M | −CN¥30.7M | −CN¥30.7M | −CN¥34.3M | −CN¥52.0M | −CN¥52.0M | CN¥14.5M | CN¥17.1M |
| Gross margin | 68.2% | 68.2% | 72.9% | 72.9% | 80.9% | 46.8% | 46.8% | 68.4% | 74.2% | 74.2% | 98.4% | 98.4% |
| Operating margin | −12.2% | −12.2% | 18.5% | 18.5% | 14.8% | −49.2% | −49.2% | −51.9% | −44.0% | −44.0% | 7.9% | 7.9% |
| Net margin | −36.6% | −36.6% | 143.7% | 143.7% | 22.4% | 8.8% | 8.8% | −3.0% | −52.2% | −52.2% | −200.9% | −200.9% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in JFU's financial statements (latest annual report filed April 30, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
JFU financial results
In fiscal year 2025 (ended December 31, 2025), 9F reported revenue of CN¥459.6 million, up 48.3% from the year before. It had net income of CN¥163.6 million (up 227.3%), a net profit margin of 35.6%. Over five years revenue grew at an average rate of −18.2% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the JFU stock overview for the latest quote and news, or the JFU chart for price history and technical indicators.
JFU income statement FAQ
What is 9F's annual revenue?
9F reported total revenue of CN¥459.6 million for fiscal year 2025, which ended on December 31, 2025. That was up 48.3% from CN¥310.0 million the previous year.
Is 9F profitable?
Yes. 9F reported net income of CN¥163.6 million in fiscal 2025, a net profit margin of 35.6%; its operating margin was 118.6%.
What is 9F's gross margin?
9F's gross margin was 72.4% in fiscal 2025: for every $100 of revenue, 9F kept $72 after the direct cost of its products and services.
How fast is 9F growing?
Revenue grew −18.2% a year on average over the last five fiscal years, from CN¥1.3 billion to CN¥459.6 million.
When does 9F's fiscal year end?
9F's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 30, 2026.