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The9
The9 (NCTY) investor relations material
The9 Q4 2024 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2024 earnings summary28 Apr, 2025
Executive summary
Revenue for 2024 was RMB111.7 million (US$15.3 million), down 35.8% from 2023, mainly due to suspension of cryptocurrency mining in the US and Kazakhstan.
Net loss attributable to shareholders was RMB73.4 million (US$10.1 million) in 2024, compared to net income of RMB20.0 million in 2023, reflecting lower revenue and continued operating expenses.
The company pivoted back to online gaming in 2024, establishing joint ventures for the MIR M game in China, while maintaining cryptocurrency mining as a core business.
Cash and cash equivalents at year-end 2024 were RMB10.9 million (US$1.5 million), with positive working capital of RMB38.1 million (US$5.2 million).
The company completed several equity and debt financings in 2024 and early 2025, including private placements and convertible notes.
Financial highlights
Cryptocurrency mining revenue was RMB110.7 million (US$15.2 million) in 2024, down from RMB168.3 million in 2023.
Gross loss for 2024 was RMB1.6 million (US$0.2 million), compared to RMB39.1 million in 2023.
Operating expenses decreased to RMB57.2 million (US$7.8 million) in 2024, from RMB278.6 million in 2023, mainly due to lower impairment charges and administrative costs.
Realized gain on exchange cryptocurrencies was RMB60.8 million (US$8.3 million) in 2024, up from RMB42.8 million in 2023.
No impairment of cryptocurrencies was recognized in 2024 or 2023, following adoption of fair value accounting.
Outlook and guidance
The company expects to expand online gaming operations in China through joint ventures, with MIR M game revenue and profit targets set for 2025 and beyond.
Plans to continue cryptocurrency mining, with future performance dependent on Bitcoin prices, mining difficulty, and regulatory environment.
Management believes current cash and working capital, plus access to additional financing, are sufficient for obligations over the next 12 months.
What % of net revenues came from Shanghai IT?
What are the risks of HFCAA?
What are the joint ventures' operational targets?
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excellent app, it gives me free access to company earnings calls and annual reports. I also love the convenience of calls being available offline so I can listen in whilst doing other things and even when internet or WiFi isn't available.
Leroy DaleyApp Store
One of the very few apps you could call perfect. If something was to add to it, maybe the share price of the company when you search for it, but it's already excellent.
Eferix Drawings Google Play
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@theshortbearx.com
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@ankurshah47_ x.com
Love the app! Quartr makes it really easy to keep track of earnings calls. It also includes the reports and slides to make it easier to follow along.
Amina0781App Store
Quartr is amazing, no way around it. It is the best right now for earnings calls, presentations, and the like.
@theshortbearx.com
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