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20-F

Annual Report (Foreign)

The9 LTD NCTY

0001104659-26-043910

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Filed
Apr 16, 2026 12:00 AM ET
Period of report
Restated figures. One or more values in this filing restate previously reported amounts.

On SEC.gov

Financials in this filing

Metric Period Value
Shares Diluted FY 2025 · Dec 31, 2025 2.27B sh
Shares Diluted restated FY 2025 · Dec 31, 2024 1.4B sh
Shares Diluted restated FY 2025 · Dec 31, 2023 1.01B sh
Shares Outstanding FY 2025 · Dec 31, 2025 4.57B sh
Operating Cash Flow FY 2025 · Dec 31, 2025 −$4.54M
Operating Cash Flow FY 2025 · Dec 31, 2025 −¥31.76M
Operating Cash Flow FY 2025 · Dec 31, 2024 −¥44.2M
Operating Cash Flow restated FY 2025 · Dec 31, 2023 −¥46.32M
Short Term Debt FY 2025 · Dec 31, 2025 $24.95M
Short Term Debt FY 2025 · Dec 31, 2025 ¥174.48M
Short Term Debt FY 2025 · Dec 31, 2024 $12.21M
Short Term Debt FY 2025 · Dec 31, 2024 ¥89.1M
Cash And Equivalents FY 2025 · Dec 31, 2025 $8.36M
Cash And Equivalents FY 2025 · Dec 31, 2025 ¥58.49M
Cash And Equivalents FY 2025 · Dec 31, 2024 ¥10.91M
Stockholders Equity FY 2025 · Dec 31, 2025 $27.3M
Stockholders Equity FY 2025 · Dec 31, 2025 ¥190.88M
Stockholders Equity FY 2025 · Dec 31, 2024 ¥338.65M
Current Liabilities FY 2025 · Dec 31, 2025 $49.1M
Current Liabilities FY 2025 · Dec 31, 2025 ¥343.4M
Current Liabilities FY 2025 · Dec 31, 2024 ¥205.61M
Total Liabilities FY 2025 · Dec 31, 2025 $50.22M
Total Liabilities FY 2025 · Dec 31, 2025 ¥351.21M
Total Liabilities FY 2025 · Dec 31, 2024 ¥209.13M
Current Assets FY 2025 · Dec 31, 2025 $48.97M
Current Assets FY 2025 · Dec 31, 2025 ¥342.44M
Current Assets FY 2025 · Dec 31, 2024 ¥243.69M
Total Assets FY 2025 · Dec 31, 2025 $84.9M
Total Assets FY 2025 · Dec 31, 2025 ¥593.75M
Total Assets FY 2025 · Dec 31, 2024 ¥636.64M
Eps Diluted FY 2025 · Dec 31, 2025 −$0.03
Eps Diluted FY 2025 · Dec 31, 2025 −¥0.18
Eps Diluted FY 2025 · Dec 31, 2024 −¥0.05
Eps Diluted FY 2025 · Dec 31, 2023 ¥0.02
Eps Basic FY 2025 · Dec 31, 2025 −$0.03
Eps Basic FY 2025 · Dec 31, 2025 −¥0.18
Eps Basic FY 2025 · Dec 31, 2024 −¥0.05
Eps Basic FY 2025 · Dec 31, 2023 ¥0.02
Sga Expense FY 2025 · Dec 31, 2025 $29.43M
Sga Expense FY 2025 · Dec 31, 2025 ¥205.82M
Sga Expense FY 2025 · Dec 31, 2024 ¥157.83M
Sga Expense restated FY 2025 · Dec 31, 2023 ¥196.79M
Rd Expense FY 2025 · Dec 31, 2025 $1.4M
Rd Expense FY 2025 · Dec 31, 2025 ¥9.8M
Rd Expense FY 2025 · Dec 31, 2024 ¥856K
Rd Expense restated FY 2025 · Dec 31, 2023 ¥1.97M
Operating Income FY 2025 · Dec 31, 2025 −$40.2M
Operating Income FY 2025 · Dec 31, 2025 −¥281.11M
Operating Income FY 2025 · Dec 31, 2024 −¥58.76M
Operating Income restated FY 2025 · Dec 31, 2023 −¥317.75M
Gross Profit FY 2025 · Dec 31, 2025 $259K
Gross Profit FY 2025 · Dec 31, 2025 ¥1.81M
Gross Profit FY 2025 · Dec 31, 2024 −¥1.6M
Gross Profit restated FY 2025 · Dec 31, 2023 −¥39.13M
Revenue FY 2025 · Dec 31, 2025 $15.43M
Revenue FY 2025 · Dec 31, 2025 ¥107.9M
Revenue FY 2025 · Dec 31, 2024 ¥111.71M
Revenue restated FY 2025 · Dec 31, 2023 ¥174.05M