The9 (NCTY) Registration filing summary

Company overview and business model

• Operates as a Cayman Islands holding company with contractual arrangements to consolidate a variable interest entity (VIE) in mainland China, primarily for online gaming and blockchain/cryptocurrency mining businesses.

• Historically focused on online games, pivoted to global blockchain and cryptocurrency mining in 2021, and reentered the online gaming market in 2024, expanding partnerships and proprietary platforms.

• The VIE structure is used to comply with PRC restrictions on foreign investment in certain sectors, with the VIE contributing 32.8% of consolidated net revenues in 2025.

• Recent business developments include exclusive publishing agreements, acquisitions, and the launch of a proprietary gaming hub surpassing 8 million users.

Financial performance and metrics

• Net revenues for 2025 were RMB 107.9 million, with a consolidated net loss of RMB 402.4 million.

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

• No dividends or distributions were paid to U.S. investors in 2023–2025; cash transfers between entities are subject to internal controls and regulatory restrictions.

• The company has experienced negative cash flows from operating activities and negative working capital positions in recent years.

Use of proceeds and capital allocation

• Net proceeds from securities sales are intended for general corporate purposes unless otherwise specified in a prospectus supplement.