Reading the annual reports…
First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.
First time this company is opened: we are analysing its official reports. This can take up to a minute; after that the page loads instantly.
NCTY · Nasdaq · United States · Finance Services
In shortThe9 LTD is loss-making.
Financial health
Weak
Built from five areas over the last five annual reports. Tap an area to see the figures behind it. Bank or insurer: tests that do not apply to them are left out.
| Operating marginShare of each sale left after running the business, before interest and tax. | -260.5% | 0/100 |
|---|---|---|
| Net marginShare of each sale left as profit after every cost, interest and tax. | -373.0% | 0/100 |
| Return on equityProfit earned on the money shareholders put in. Above 15% is strong. | -152.0% | 0/100 |
Weight in the score: 25%
| Free cash flow marginCash left from each sale after investments. The money that can pay dividends or reduce debt. | -29.4% | n/a |
|---|---|---|
| Free cash flow / net incomeHow much accounting profit turns into real cash. Near 1 or above is healthy. | – | n/a |
| Years with positive free cash flow (last 5) | 0 of 5 | n/a |
Weight in the score: 20%
| Profitable years (last 5) | 1 of 5 | 20/100 |
|---|---|---|
| Years of revenue decline (last 5) | 3 of 5 | 0/100 |
| Revenue growth volatility | 9648.4% | 0/100 |
| Operating margin volatility | 216.1% | 0/100 |
Weight in the score: 20%
| Revenue growth, 3-year average | 0.9% | 22/100 |
|---|---|---|
| EPS growth, 3-year average | – | n/a |
Weight in the score: 10%
Fiscal year 2025 · change vs prior year
Annual figures as reported. Hover a bar or point for the exact value.
5 older years available with the 10-year history. Essential plan, from €8.25/month →
The last 5 fiscal years from the company's annual reports.
CNY millions; negative values in parentheses.
| Fiscal year | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Revenue | 136 | 105 | 174 | 112 | 108 |
| Cost of revenue | 88 | 152 | 213 | 113 | 106 |
| Gross profit | 48 | (47) | (39) | (1.6) | 1.8 |
| Research & development | 1.9 | 2.4 | 2 | 0.9 | 9.8 |
| Operating income | (308) | (662) | (318) | (59) | (281) |
| Interest expense | 119 | 23 | 31 | 34 | 23 |
| Pre-tax income | (391) | (693) | 13 | (74) | (409) |
| Income tax | 0 | 0 | 0 | 0 | 0.1 |
| Net income | (411) | (975) | 20 | (73) | (402) |
| Diluted EPS | −¥0.83 | −¥1.36 | ¥0.02 | −¥0.05 | −¥0.18 |
| Diluted shares (millions) | 495 | 0.7 | 1,011 | 1,403 | 2,274 |
5 older years available with the 10-year history. Essential plan, from €8.25/month →
Not computed: the model does not apply to banks and insurers.
3/9
Nine yes-or-no tests on profitability, debt, liquidity and efficiency versus the prior year. 7 to 9 is strong, 0 to 3 is weak.
All figures: SEC EDGAR. Ratios and scores are computed by Scorvest (see how it works). Information only, not investment advice. How it works
Latest annual report: Dec 31, 2025 · Data updated Apr 16, 2026