The9 (NCTY) Registration filing summary

Company overview and business model

• Operates as a Cayman Islands holding company with contractual arrangements to a consolidated VIE in China, primarily engaged in online gaming and cryptocurrency mining since 2021.

• Reentered the online gaming market in China in 2024, launching a proprietary gaming platform and acquiring exclusive rights to several games and IPs.

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

• Business model relies on contractual VIE structure due to PRC restrictions on foreign investment in certain sectors.

Financial performance and metrics

• Reported consolidated net revenues of RMB 107.9 million in 2025, with a net loss attributable to shareholders of RMB 402.4 million.

• VIE contributed 32.8% of consolidated net revenues in 2025, up from 0.3% in 2024.

• Cash and cash equivalents as of December 31, 2025, were RMB 485,000.

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

Use of proceeds and capital allocation

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