The9 Limited (NCTY) Income Statement
NCTY 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanNCTY revenue and net income
Where NCTY's revenue goes
2025Each bar shows an amount and its share of revenue. NCTY kept −373.0% of revenue as net income.
NCTY profit margins
NCTY growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | −4.8% | +0.9% | +180.1% | +8.5% |
| Gross profit | — | — | — | — |
| Operating income | — | — | — | — |
| Net income | — | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
NCTY income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥107.9M | CN¥113.3M | CN¥174.0M | CN¥104.9M | CN¥134.1M | CN¥625,488 | CN¥340,570 | CN¥18.1M | CN¥71.3M | CN¥58.8M |
| Cost of revenue | CN¥106.1M | CN¥114.9M | CN¥213.2M | CN¥152.3M | CN¥86.9M | CN¥769,689 | CN¥3.2M | CN¥17.1M | CN¥23.2M | CN¥50.8M |
| Gross profit | CN¥1.8M | −CN¥1.6M | −CN¥39.1M | −CN¥47.4M | CN¥47.2M | −CN¥188,648 | −CN¥2.8M | CN¥1.0M | CN¥48.1M | CN¥8.0M |
| Research & development | CN¥9.8M | CN¥868,126 | CN¥2.0M | CN¥2.4M | CN¥1.9M | CN¥2.3M | CN¥12.1M | CN¥25.5M | CN¥44.0M | CN¥81.6M |
| Sales, general & admin | CN¥239.8M | CN¥158.1M | CN¥198.5M | CN¥363.4M | CN¥293.8M | CN¥108.7M | CN¥116.0M | CN¥91.9M | CN¥117.9M | CN¥150.3M |
| Total operating expenses | CN¥249.6M | CN¥161.2M | CN¥200.5M | CN¥614.2M | CN¥313.0M | −CN¥336.9M | CN¥126.9M | CN¥121.0M | CN¥158.9M | CN¥238.8M |
| Operating income | −CN¥247.8M | −CN¥162.8M | −CN¥239.6M | −CN¥661.5M | −CN¥265.8M | CN¥336.7M | −CN¥129.7M | −CN¥120.0M | −CN¥110.8M | −CN¥230.8M |
| Interest income | CN¥449,000 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥429,732 | CN¥18,576 | CN¥193,928 | CN¥30,525 | CN¥161,144 |
| Interest expense | CN¥23.3M | CN¥34.2M | CN¥31.4M | CN¥23.3M | CN¥119.2M | CN¥4.1M | CN¥34.5M | CN¥104.8M | CN¥83.9M | CN¥56.5M |
| Income before taxes | −CN¥408.8M | −CN¥74.7M | −CN¥144.3M | −CN¥693.4M | −CN¥411.4M | CN¥400.6M | −CN¥195.6M | −CN¥248.6M | −CN¥109.3M | −CN¥704.1M |
| Income taxes | CN¥110,000 | CN¥1.1M | CN¥50.7M | CN¥398.5M | CN¥70.7M | CN¥7.2M | CN¥28.3M | −CN¥25.4M | CN¥37.1M | −CN¥6.4M |
| Net income | −CN¥402.4M | −CN¥74.5M | −CN¥138.8M | −CN¥974.9M | −CN¥405.9M | CN¥397.9M | −CN¥190.1M | −CN¥268.1M | −CN¥170.9M | −CN¥707.8M |
| EBITDA | −CN¥369.8M | −CN¥101.3M | −CN¥152.7M | −CN¥369.6M | −CN¥218.3M | −CN¥111.5M | −CN¥127.0M | −CN¥114.4M | −CN¥103.6M | −CN¥211.4M |
| Gross margin | 1.7% | −1.4% | −22.5% | −45.2% | 35.2% | −30.2% | −835.5% | 5.7% | 67.5% | 13.7% |
| Operating margin | −229.6% | −143.7% | −137.7% | −630.5% | −198.2% | 53,831.3% | −38,089.6% | −662.4% | −155.4% | −392.6% |
| Net margin | −373.0% | −65.7% | −79.8% | −929.1% | −302.7% | 63,611.7% | −55,820.6% | −1,480.1% | −239.6% | −1,204.1% |
| Jun '26 | Mar '26 | Jun '25 | Mar '25 | Jun '24 | Mar '24 | Jun '23 | Mar '23 | Jun '22 | Mar '22 | Jun '21 | Dec '20 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥17.7M | CN¥45.0M | CN¥61.3M | CN¥20.0M | CN¥92.7M | CN¥82.0M | CN¥97.0M | CN¥62.6M | CN¥45.8M | CN¥10.0M | CN¥125.7M | CN¥159,762 |
| Cost of revenue | CN¥13.0M | CN¥43.5M | CN¥62.6M | CN¥28.7M | CN¥85.7M | CN¥106.2M | CN¥105.7M | CN¥98.5M | CN¥56.8M | CN¥49.6M | CN¥69.1M | CN¥345,848 |
| Gross profit | CN¥4.7M | CN¥3.1M | −CN¥1.3M | −CN¥8.7M | CN¥7.0M | −CN¥24.2M | −CN¥8.7M | −CN¥36.0M | −CN¥11.0M | −CN¥39.6M | CN¥56.6M | −CN¥186,086 |
| Research & development | CN¥6.6M | CN¥1.3M | CN¥288,339 | CN¥458,561 | CN¥407,858 | CN¥1.1M | CN¥886,136 | CN¥1.8M | CN¥662,721 | CN¥870,257 | CN¥1.0M | CN¥1.5M |
| Sales, general & admin | CN¥74.2M | CN¥37.2M | CN¥34.2M | CN¥98.7M | CN¥59.3M | CN¥72.1M | CN¥132.6M | CN¥138.2M | CN¥238.2M | CN¥212.1M | CN¥103.1M | CN¥51.4M |
| Total operating expenses | CN¥195.0M | CN¥182.5M | CN¥67.0M | CN¥100.8M | CN¥60.2M | CN¥13.2M | CN¥271.7M | CN¥131.3M | CN¥240.0M | CN¥210.8M | CN¥104.1M | −CN¥3.6M |
| Operating income | −CN¥190.3M | −CN¥179.4M | −CN¥68.3M | −CN¥109.5M | −CN¥53.2M | −CN¥37.3M | −CN¥280.4M | −CN¥167.3M | −CN¥251.0M | −CN¥250.4M | −CN¥47.5M | CN¥3.4M |
| Interest expense | CN¥11.5M | CN¥2.4M | CN¥6.3M | CN¥27.8M | CN¥6.9M | CN¥7.5M | CN¥3.4M | CN¥2.5M | CN¥933,223 | CN¥34.47B | CN¥6.9M | CN¥34.47B |
| Income before taxes | CN¥375.7M | −CN¥341.8M | −CN¥67.0M | −CN¥72.4M | −CN¥2.4M | CN¥127.7M | −CN¥272.0M | −CN¥182.9M | −CN¥524.2M | −CN¥285.2M | −CN¥128.7M | CN¥33.5M |
| Income taxes | — | −CN¥22,317 | CN¥132,317 | CN¥1.1M | — | −CN¥3.8M | −CN¥3.6M | −CN¥5,235 | CN¥5,235 | CN¥2.85B | −CN¥3.0M | CN¥6.9M |
| Net income | CN¥377.7M | −CN¥334.4M | −CN¥68.0M | −CN¥74.9M | CN¥227,593 | CN¥289.8M | −CN¥269.8M | −CN¥387.8M | −CN¥599.3M | −CN¥282.6M | −CN¥125.7M | CN¥35.2M |
| EBITDA | −CN¥148.4M | −CN¥19.2M | −CN¥68.3M | −CN¥48.0M | −CN¥53.2M | CN¥14.6M | −CN¥84.5M | −CN¥73.8M | −CN¥251.0M | −CN¥219.1M | −CN¥31.0M | −CN¥53.3M |
| Gross margin | 26.5% | 6.9% | −2.1% | −43.7% | 7.6% | −29.5% | −8.9% | −57.5% | −24.0% | −395.8% | 45.0% | −116.5% |
| Operating margin | −1,077.0% | −398.9% | −111.5% | −548.6% | −57.4% | −45.5% | −289.0% | −267.3% | −548.3% | −2,504.8% | −37.8% | 2,118.7% |
| Net margin | 2,137.1% | −743.4% | −111.0% | −375.2% | 0.2% | 353.4% | −278.0% | −619.6% | −1,309.2% | −2,826.6% | −100.0% | 22,024.7% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in NCTY's financial statements (latest annual report filed April 16, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
NCTY financial results
In fiscal year 2025 (ended December 31, 2025), The9 reported revenue of CN¥107.9 million, down 4.8% from the year before. It had a net loss of CN¥402.4 million, a net profit margin of −373.0%. Over five years revenue grew at an average rate of 180.1% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the NCTY stock overview for the latest quote and news, or the NCTY chart for price history and technical indicators.
NCTY income statement FAQ
What is The9's annual revenue?
The9 reported total revenue of CN¥107.9 million for fiscal year 2025, which ended on December 31, 2025. That was down 4.8% from CN¥113.3 million the previous year.
Is The9 profitable?
No. The9 reported a net loss of CN¥402.4 million in fiscal 2025, a net profit margin of −373.0%; its operating margin was −229.6%.
What is The9's gross margin?
The9's gross margin was 1.7% in fiscal 2025: for every $100 of revenue, The9 kept $2 after the direct cost of its products and services.
How much does The9 spend on research and development?
The9 spent CN¥9.8 million on research and development in fiscal 2025, 9.1% of revenue.
How fast is The9 growing?
Revenue grew 180.1% a year on average over the last five fiscal years, from CN¥0.6 million to CN¥107.9 million.
When does The9's fiscal year end?
The9's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on April 16, 2026.