The9 (NCTY) Registration filing summary

Company overview and business model

• Operates as a Cayman Islands holding company with contractual arrangements to consolidate a VIE in China, primarily engaged in online gaming and cryptocurrency mining.

• Shifted focus to global blockchain and cryptocurrency mining since 2021, with a renewed expansion into online gaming in 2024 and 2025.

• Revenue sources have shifted, with 32.8% of 2025 revenues from mainland China, up from less than 1% in prior years.

• Maintains multiple subsidiaries in Hong Kong for holding and operational purposes, with business activities conducted outside Hong Kong.

• Recent business developments include exclusive game publishing agreements, AI-powered content initiatives, and strategic investments in biotech.

Financial performance and metrics

• Reported consolidated net losses of RMB 408.9 million in 2025, RMB 73.6 million in 2024, and net income of RMB 12.6 million in 2023.

• Net revenues for 2025 were RMB 107.9 million, with a gross profit of RMB 1.8 million.

• Cash and cash equivalents as of December 31, 2025, were RMB 58.5 million.

• No dividends or distributions were paid to U.S. investors in 2023–2025.

• Cash transfers between entities are subject to regulatory restrictions and internal controls, with significant intercompany advances for working capital.

Use of proceeds and capital allocation

• Net proceeds from securities offerings will be used for general corporate purposes unless otherwise specified in a prospectus supplement.