The9 Limited Income Statement

Financials in millions CNY. Fiscal year is January - December.

Millions CNY. Fiscal year is Jan - Dec.

Fiscal Year	FY 2025	FY 2024	FY 2023	FY 2022	FY 2021
Period Ending	Dec '25 Dec 31, 2025	Dec '24 Dec 31, 2024	Dec '23 Dec 31, 2023	Dec '22 Dec 31, 2022	Dec '21 Dec 31, 2021
Revenue	107.9	111.71	174.05	104.93	135.58
Revenue Growth (YoY)	-3.42%	-35.81%	65.87%	-22.61%	21575.24%
Cost of Revenue	106.09	113.32	213.18	152.31	87.8
Gross Profit	1.81	-1.6	-39.13	-47.38	47.78
Selling, General & Admin	239.77	158.08	198.52	363.43	290.99
Research & Development	9.8	0.86	1.97	2.43	1.92
Other Operating Expenses	33.36	-101.77	78.13	248.29	62.53
Total Operating Expenses	282.92	57.16	278.62	614.15	355.44
Operating Income	-281.11	-58.76	-317.75	-661.53	-307.66
Interest Income	-0.12	-1.12	-	-	-1.73
Interest Expense	-23.26	-34.22	-31.38	-23.34	-119.17
Other Non-Operating Income (Expense)	-104.31	20.47	204.86	-8.54	35.87
Total Non-Operating Income (Expense)	-127.69	-14.88	173.48	-31.87	-85.03
Pretax Income	-408.81	-73.64	-144.28	-693.41	-392.69
Provision for Income Taxes	0.11	-	-	-	-
Net Income	-402.45	-73.42	176.86	-974.86	-411.24
Minority Interest in Earnings	-6.47	-0.22	-7.43	-4.63	-5.59
Earnings From Discontinued Operations	-	-	156.85	-286.09	-24.13
Net Income to Common	-402.45	-73.42	176.86	-974.86	-411.24
Shares Outstanding (Basic)	8	5	3	2	2
Shares Outstanding (Diluted)	8	5	3	2	2
Shares Change (YoY)	62.05%	38.80%	40.36%	45.41%	202.75%
EPS (Basic)	-54.00	-15.00	6.00	-408.00	-234.00
EPS (Diluted)	-54.00	-15.00	6.00	-408.00	-234.00
Shares Outstanding	15.23	12.46	4.68	861.05	691.39
Free Cash Flow	-33.2	-44.2	-48.43	-402.86	-779.91
Free Cash Flow Per Share	-4.38	-9.45	-14.37	-167.80	-472.38
Gross Margin	1.68%	-1.44%	-22.48%	-45.15%	35.24%
Operating Margin	-260.54%	-52.60%	-182.57%	-630.46%	-226.93%
Profit Margin	-378.98%	-65.92%	7.23%	-933.48%	-307.45%
FCF Margin	-30.77%	-39.56%	-27.83%	-383.93%	-575.25%
EBITDA	-265.99	2.7	-230.89	-570.15	-260.23
EBITDA Margin	-246.52%	2.42%	-132.66%	-543.37%	-191.94%
EBIT	-281.11	-58.76	-317.75	-661.53	-307.66
EBIT Margin	-260.54%	-52.60%	-182.57%	-630.46%	-226.93%
Effective Tax Rate	-0.03%	0.00%	0.00%	0.00%	0.00%

Updated Dec 31, 2025. Data Source: Fiscal.ai. Standard template. Financial Sources.

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