9F Inc.
JFU · Finance Services · EDGAR filings ↗
Grade
C58Chinese fintech/finance-services firm transitioning off a wound-down lending business, profitable on paper but with weak underlying returns and governance red flags.
Strengths
- Strong liquidity (cash 84th pct) and high gross margin (81st pct)
- Returned to net profitability with positive operating cash flow
Risks
- Net margin >100% (97th pct) is an artifact; ROE only 4.5% and total revenue has declined multi-year
- China VIE structure, unlicensed cross-border securities exposure, and regulatory tightening
Notable findings
- RestatementThe negative list will be issued by, amended or restated upon approval by the State Council, from time to time 8-K ↗
- Strong balance sheetStrong balance sheet — $107M cash & investments
Key metrics
Gross margin
81.2%
Operating margin
8.4%
Net margin
125.2%
Return on equity
4.5%
Return on assets
3.9%
Revenue growth (QoQ)
12.2%
Net-income growth
251.2%
Tangible book value
$530M
Cash & investments
$107M
Stock comp / revenue
0.0%
Recent filings
| Form | Filed | Period | Accession |
|---|---|---|---|
| 20-F | 2026-04-30 | 2025-12-31 | 0001213900-26-050184 ↗ |
| 20-F | 2025-08-08 | 2024-12-31 | 0001213900-25-073649 ↗ |
| 20-F | 2024-05-15 | 2023-12-31 | 0001213900-24-043661 ↗ |
| 20-F | 2023-05-16 | 2022-12-31 | 0001213900-23-040143 ↗ |
| 20-F | 2022-05-17 | 2021-12-31 | 0001104659-22-061935 ↗ |
| 20-F | 2021-05-18 | 2020-12-31 | 0001104659-21-068349 ↗ |
| 20-F | 2020-06-24 | 2019-12-31 | 0001104659-20-076269 ↗ |