Reported Earnings • Apr 17
Full year 2025 earnings released: CN¥53.10 loss per share (vs CN¥15.70 loss in FY 2024) Full year 2025 results: CN¥53.10 loss per share (further deteriorated from CN¥15.70 loss in FY 2024). Revenue: CN¥107.9m (down 3.4% from FY 2024). Net loss: CN¥402.4m (loss widened 448% from FY 2024). Over the last 3 years on average, earnings per share has increased by 96% per year but the company’s share price has fallen by 15% per year, which means it is significantly lagging earnings. New Risk • Feb 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 11% per year over the past 5 years. Shareholders have been substantially diluted in the past year (62% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (11% average weekly change). Market cap is less than US$100m (US$76.2m market cap). Reported Earnings • Dec 24
First half 2025 earnings released: CN¥12.02 loss per share (vs CN¥0.053 profit in 1H 2024) First half 2025 results: CN¥12.02 loss per share (down from CN¥0.053 profit in 1H 2024). Revenue: CN¥62.1m (down 33% from 1H 2024). Net loss: CN¥68.9m (down CN¥69.1m from profit in 1H 2024). Over the last 3 years on average, earnings per share has increased by 103% per year but the company’s share price has only increased by 9% per year, which means it is significantly lagging earnings growth. New Risk • Nov 14
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2024. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported December 2024 fiscal period end). Share price has been volatile over the past 3 months (12% average weekly change). Market cap is less than US$100m (US$85.4m market cap). Announcement • Nov 13
The9 Limited, Annual General Meeting, Dec 22, 2025 The9 Limited, Annual General Meeting, Dec 22, 2025, at 14:00 China Standard Time. Location: bny mellon office, room no. 2602,26/f three pacific place, 1queens road east, wanchai., Hong Kong Announcement • Sep 23
The9 Limited Announces Impersonation of the9bit on A Crypto Platform The9 Limited announced to the9bit community and the wider public that accounts and token listings on a crypto platform are impersonating the9bit and claiming affiliation with the9bit. These accounts and tokens are unauthorized, fraudulent, and not connected to the9bit in any way. Please note: the9bit has not launched nor endorsed any tokens on any crypto exchange yet. Currently any listings, messages, or wallets claiming to represent the9bit are scams. Do not interact with, send funds to, or otherwise engage with these impersonating listings. What the9bit is doing to protect the community: the9bit has contacted that crypto platform's legal team and their support channels to report the impersonation and are actively working with them to determine what actions can be taken to remove the fraudulent listings and prevent further abuse. the9bit is monitoring the situation closely and will share updates through the official channels. New Risk • Aug 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 11% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (11% average weekly change). New Risk • Aug 12
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$95.8m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$95.8m market cap). New Risk • Jun 17
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$99.6m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (39% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$99.6m market cap). New Risk • Apr 29
New major risk - Revenue and earnings growth Earnings have declined by 18% per year over the past 5 years. This is considered a major risk. Ultimately, shareholders want to see a good return on their investment and that generally comes from sharing in the company's profits. If profits are declining over an extended period, then in most cases the share price will decline over time unless the company can turn around its fortunes. A trend of falling earnings can be very difficult to turn around. If the company is well already established it may also be a sign the company has matured and is in decline. In addition, if the company pays dividends it will also likely need to reduce or cut them, striking a dual blow to total shareholder returns. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 18% per year over the past 5 years. Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Minor Risk Share price has been volatile over the past 3 months (13% average weekly change). Valuation Update With 7 Day Price Move • Apr 24
Investor sentiment improves as stock rises 24% After last week's 24% share price gain to US$12.68, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 31x in the Software industry in the US. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Apr 10
Investor sentiment deteriorates as stock falls 18% After last week's 18% share price decline to US$10.74, the stock trades at a trailing P/E ratio of 5.6x. Average trailing P/E is 30x in the Software industry in the US. Total loss to shareholders of 62% over the past three years. New Risk • Apr 09
New minor risk - Market cap size The company's market capitalization is less than US$100m. Market cap: US$97.6m This is considered a minor risk. Companies with a small market capitalization are most likely businesses that have not yet released a product to market or are simply a very small company without a wide reach. Either way, risk is elevated with these companies because there is a chance the product may not come to fruition or the company's addressable market or demand may not be as large as expected. In addition, if the company's size is the main factor, it is less likely to have many investors and analysts following it and scrutinizing its performance and outlook. Currently, the following risks have been identified for the company: Major Risk Shareholders have been substantially diluted in the past year (67% increase in shares outstanding). Minor Risks Share price has been volatile over the past 3 months (12% average weekly change). Large one-off items impacting financial results. Market cap is less than US$100m (US$97.6m market cap). Announcement • Apr 01
The9 Limited announced that it expects to receive $8 million in funding from Bripheno Pte. Ltd. and other investors The9 Limited announced that it has entered into a purchase agreement to issue class A common shares for the gross proceeds of $8 million on March 31, 2025. The shares issued are subject to statutory lock-up period. The transaction will include participation from Bripheno Pte. Ltd., Elune Capital, Fine Vision Fund. Valuation Update With 7 Day Price Move • Mar 27
Investor sentiment improves as stock rises 22% After last week's 22% share price gain to US$14.60, the stock trades at a trailing P/E ratio of 7.5x. Average trailing P/E is 29x in the Software industry in the US. Total loss to shareholders of 51% over the past three years. Valuation Update With 7 Day Price Move • Feb 25
Investor sentiment deteriorates as stock falls 17% After last week's 17% share price decline to US$12.71, the stock trades at a trailing P/E ratio of 6.5x. Average trailing P/E is 38x in the Software industry in the US. Total loss to shareholders of 68% over the past three years. Valuation Update With 7 Day Price Move • Jan 13
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to US$14.10, the stock trades at a trailing P/E ratio of 7.3x. Average trailing P/E is 39x in the Software industry in the US. Total loss to shareholders of 76% over the past three years. Reported Earnings • Jan 05
First half 2024 earnings released: EPS: CN¥0.053 (vs CN¥91.33 loss in 1H 2023) First half 2024 results: EPS: CN¥0.053 (up from CN¥91.33 loss in 1H 2023). Revenue: CN¥92.1m (down 5.1% from 1H 2023). Net income: CN¥226.0k (up CN¥268.6m from 1H 2023). Profit margin: 0.2% (up from net loss in 1H 2023). Over the last 3 years on average, earnings per share has increased by 39% per year but the company’s share price has fallen by 35% per year, which means it is significantly lagging earnings. Announcement • Nov 20
The9 Limited, Annual General Meeting, Dec 27, 2024 The9 Limited, Annual General Meeting, Dec 27, 2024, at 14:00 China Standard Time. Location: bny mellon office, room no. 4, 26/f three pacific place, 1 queen`s road east, hong kong, China New Risk • Nov 01
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2023. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Earnings have declined by 33% per year over the past 5 years. Shareholders have been substantially diluted in the past year (123% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported December 2023 fiscal period end). Share price has been volatile over the past 3 months (10.0% average weekly change). Market cap is less than US$100m (US$74.5m market cap). Announcement • Jun 05
The9 Limited (NasdaqCM:NCTY) agreed to acquire 19% stake in Wuhan Weixiang Science And Technology Co., Ltd for $ 8.16 million. The9 Limited (NasdaqCM:NCTY) signed a definitive share purchase agreement to acquire 19% stake in Wuhan Weixiang Science And Technology Co., Ltd for $8.16 million on June 3, 2024. The consideration consists of $1.5 million in cash and issuance of 948,218 ADSs. Announcement • May 25
The9 Limited announced that it expects to receive $3.5 million in funding from Finewill Capital The9 Limited announced a private placement of class A ordinary shares for the gross proceeds of $3.5 million on May 24, 2024. The transaction will include participation from new investor, Fine Vision Fund , a fund managed by, Finewill Capital. These shares to be issued are subject to the statutory lock-up period. The invetsor will invest with upfront investment of $2.5 million and second installment of $1 million which is based on a pre-agreed condition. Announcement • May 21
The9 Limited (NasdaqCM:NCTY) signed a definitive share purchase agreement to acquire 15% stake in Kuaijin Times (Xiamen) Technology Co.,Ltd. The9 Limited (NasdaqCM:NCTY) signed a definitive share purchase agreement to acquire 15% stake in Kuaijin Times (Xiamen) Technology Co.,Ltd. on May 20, 2024. Pursuant to the Agreement, The9 will pay cash consideration of $1.5 million and will issue 318,448,800 restricted Class A ordinary shares (equivalent to 1,061,496 ADSs) to KuaiJin, which will be subject to lock-up conditions. The9 is also granted a purchase option to purchase up to 51% of the total shares of KuaiJin. The purchase option is exercisable within 2 years and will be based on KuaiJin's valuation at $60 million. Reported Earnings • Apr 17
Full year 2023 earnings released: CN¥40.61 loss per share (vs CN¥406 loss in FY 2022) Full year 2023 results: CN¥40.61 loss per share (improved from CN¥406 loss in FY 2022). Revenue: CN¥179.0m (up 51% from FY 2022). Net loss: CN¥136.8m (loss narrowed 86% from FY 2022). Announcement • Mar 27
The9 Limited (NasdaqCM:NCTY) entered into a definitive share purchase agreement to acquire additional 21.7% stake in WM Therapeutics Co., Ltd. for approximately $6.1 million. The9 Limited (NasdaqCM:NCTY) entered into a definitive share purchase agreement to acquire additional 21.7% stake in WM Therapeutics Co., Ltd. for approximately $6.1 million on March 26, 2024. The consideration includes cash consideration of $1.5 million and issuance of 251.3 million restricted Class A ordinary shares equivalent to 0.84 million ADSs. Prior to the transaction, The9 Limited (NasdaqCM:NCTY) held 8.3%. The9 is also granted a purchase option to purchase up to 51% of the total shares of WM Therapeutic under certain conditions. Announcement • Feb 22
The9 Limited signed an term sheet to acquire 19% stake in Zhejiang Fazhidao Information Technology Co., Ltd. for $15.6 million. The9 Limited signed an term sheet to acquire 19% stake in Zhejiang Fazhidao Information Technology Co., Ltd. for $15.6 million on February 21, 2024. New Risk • Dec 31
New major risk - Negative shareholders equity The company has negative equity. Total equity: -CN¥185m This is considered a major risk. Being in negative equity means that the company's liabilities exceed its assets, meaning it owes more to creditors than it has in owned assets. While this doesn't mean the company is about to collapse, in the long-term, this is unsustainable. The company may have issues meeting financial obligations, is at risk of becoming insolvent and may have difficulty raising capital, especially more debt, if needed. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (21% average weekly change). Negative equity (-CN¥185m). Earnings have declined by 41% per year over the past 5 years. Shareholders have been substantially diluted in the past year (92% increase in shares outstanding). Minor Risk Market cap is less than US$100m (US$34.0m market cap). Announcement • Nov 30
The9 Limited announced that it has received $12 million in funding from Bripheno Pte. Ltd., The9 Limited announced that it has announced a private placement of 150,000,000 class A ordinary shares at a price of $0.04 per share for the gross proceeds $6 million and two-year 3% per annum convertible promissory note at a price of $6 million and warrants for the gross proceeds of $12 million on November 30, 2023. The notes will be convertible into American depository shares with the conversion price of $15 per share and warrants to purchase an aggregate of 120,000,000 class A ordinary shares at an exercise price of $60 per ADS. The warrants will expire two years from the date of issuance. The issued securities are subject to a 6-month lock up period. The transaction will include participation from new investor, Bripheno Pte. Ltd., Announcement • Nov 17
The9 Limited, Annual General Meeting, Dec 22, 2023 The9 Limited, Annual General Meeting, Dec 22, 2023, at 14:00 China Standard Time. Location: BNY Mellon Office, Room No. 2602, 26/F Three Pacific Place 1 Queen's Road East Wanchai Hong Kong New Risk • Nov 17
New minor risk - Financial data availability The company's latest financial reports are more than 6 months old. Last reported fiscal period ended December 2022. This is considered a minor risk. If the company has not reported its earnings on time, it may have been delayed due to audit problems or it may be finding it difficult to reconcile its accounts. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (17% average weekly change). Earnings have declined by 34% per year over the past 5 years. Shareholders have been substantially diluted in the past year (71% increase in shares outstanding). Minor Risks Latest financial reports are more than 6 months old (reported December 2022 fiscal period end). Market cap is less than US$100m (US$29.3m market cap). New Risk • Oct 02
New major risk - Shareholder dilution The company's shareholders have been substantially diluted in the past year. Increase in shares outstanding: 71% This is considered a major risk. Shareholder dilution occurs when there is an increase in the number of shares on issue that is not proportionally distributed between all shareholders. Often due to the company raising equity capital or some options being converted into stock. All else being equal, if there are more shares outstanding then each existing share will be entitled to a lower proportion of the company's total earnings, thus reducing earnings per share (EPS). While dilution might not always result in lower EPS (like if the company is using the capital to fund an EPS accretive acquisition) in a lot cases it does, along with lower dividends per share and less voting power at shareholder meetings. Currently, the following risks have been identified for the company: Major Risks Share price has been highly volatile over the past 3 months (14% average weekly change). Earnings have declined by 34% per year over the past 5 years. Shareholders have been substantially diluted in the past year (71% increase in shares outstanding). New Risk • Aug 14
New major risk - Share price stability The company's share price has been highly volatile over the past 3 months. It is more volatile than 90% of American stocks, typically moving 15% a week. This is considered a major risk. Share price volatility increases the risk of potential losses in the short-term as the stock tends to have larger drops in price more frequently than other stocks. It may also indicate the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CN¥408m free cash flow). Share price has been highly volatile over the past 3 months (15% average weekly change). Earnings have declined by 34% per year over the past 5 years. Minor Risks Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (US$25.9m market cap). New Risk • Jul 11
New major risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of American stocks, typically moving 14% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Major Risks Less than 1 year of cash runway based on free cash flow trend (-CN¥408m free cash flow). Earnings have declined by 34% per year over the past 5 years. Minor Risks Share price has been volatile over the past 3 months (14% average weekly change). Shareholders have been diluted in the past year (33% increase in shares outstanding). Market cap is less than US$100m (US$30.0m market cap). Reported Earnings • Dec 26
First half 2022 earnings released: CN¥26.75 loss per share (vs CN¥11.19 loss in 1H 2021) First half 2022 results: CN¥26.75 loss per share (further deteriorated from CN¥11.19 loss in 1H 2021). Net loss: CN¥579.7m (loss widened 361% from 1H 2021). Over the last 3 years on average, earnings per share has increased by 13% per year but the company’s share price has fallen by 59% per year, which means it is significantly lagging earnings. Board Change • Nov 16
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. CFO & Director George Lai was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Reported Earnings • May 03
Full year 2021 earnings: Revenues miss analyst expectations Full year 2021 results: Revenue: CN¥135.9m (up CN¥135.2m from FY 2020). Net loss: CN¥411.2m (down 204% from profit in FY 2020). Revenue missed analyst estimates by 54%. Board Change • Apr 27
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. CFO & Director George Lai was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Board Change • Apr 15
Insufficient new directors No new directors have joined the board in the last 3 years. The company's board is composed of: No new directors. 2 experienced directors. 3 highly experienced directors. CFO & Director George Lai was the last director to join the board, commencing their role in 2016. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model.