The9 LTD
NCTY · Finance Services · EDGAR filings ↗
Grade
D44China-VIE small-cap with deeply negative margins, a large accumulated deficit and a repeatedly shifting business model.
Strengths
- Sizable cash and investments ($230M, 70th pct) provide a near-term cushion
- Low current-liability pressure (quick ratio ~1.0)
Risks
- Operating margin -260% and gross margin 1.7%; negative operating cash flow and ~RMB4.8B accumulated deficit
- VIE structure and PRC regulatory exposure, plus serial pivots (games→crypto→NFT→games) and multiple terminated JVs
Notable findings
- Net lossNet loss (net margin -379.0%)
- Weak liquidityCurrent ratio 1.00 (<1)
Key metrics
Gross margin
1.7%
Operating margin
-260.5%
Net margin
-379.0%
Return on equity
-214.2%
Return on assets
-68.9%
Revenue growth (QoQ)
0.8%
Current ratio
1.0×
Tangible book value
$25M
Cash & investments
$33M
Stock comp / revenue
107.6%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-16 | 2025-12-31 | 0001104659-26-043910 ↗ |
| 20-F | 2025-04-28 | 2024-12-31 | 0001410578-25-000945 ↗ |
| 20-F | 2024-04-15 | 2023-12-31 | 0001104659-24-047294 ↗ |
| 20-F | 2023-05-01 | 2022-12-31 | 0001410578-23-000860 ↗ |
| 20-F | 2022-05-02 | 2021-12-31 | 0001410578-22-001128 ↗ |
| 20-F | 2021-03-29 | 2020-12-31 | 0001104659-21-043144 ↗ |
| 20-F | 2020-04-30 | 2019-12-31 | 0001104659-20-054433 ↗ |
| 20-F | 2019-04-29 | 2018-12-31 | 0001144204-19-021931 ↗ |
| 20-F | 2018-04-27 | 2017-12-31 | 0001193125-18-136946 ↗ |
| 20-F | 2017-04-07 | 2016-12-31 | 0001193125-17-114887 ↗ |
| 20-F | 2016-04-11 | 2015-12-31 | 0001193125-16-536257 ↗ |
| 20-F | 2015-03-27 | 2014-12-31 | 0001193125-15-109616 ↗ |