NCTY 6-K
The9 LTD (NCTY)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2025
Commission File Number: 001-34238
THE9 LIMITED
17 Floor, No. 130 Wu Song Road
Hong Kou District, Shanghai 200080
People’s Republic of China
(Address of principal executive offices)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F x Form 40-F ¨
The9 Limited Announces Unaudited Financial Information
As of and For the Six Months Ended June 30, 2025
In compliance with NASDAQ Rule 5250(c)(2), The9 Limited (the “Company”) hereby announces its unaudited condensed consolidated statements of operations and comprehensive loss for the six months ended June 30, 2025 and its unaudited condensed consolidated balance sheet as of June 30, 2025.
THE9 LIMITED
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS INFORMATION
(Expressed in Renminbi - RMB and US Dollars - US$. All amounts in thousands, except for per share data, or otherwise noted.)
| Six months ended June 30, | ||||||||||||
| 2024 | 2025 | 2025 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| (Note 1) | ||||||||||||
| Revenues: | ||||||||||||
| Cryptocurrency mining revenue | 91,332 | 40,320 | 5,629 | |||||||||
| Online game services and other revenues | 752 | 21,745 | 3,036 | |||||||||
| Total net revenues | 92,084 | 62,065 | 8,665 | |||||||||
| Cost of cryptocurrency mining | (79,416 | ) | (48,313 | ) | (6,744 | ) | ||||||
| Cost of online game services and other revenues | (5,689 | ) | (15,048 | ) | (2,101 | ) | ||||||
| Total cost | (85,105 | ) | (63,361 | ) | (8,845 | ) | ||||||
| Gross profit (loss) | 6,979 | (1,296 | ) | (180 | ) | |||||||
| Operating income (expenses): | ||||||||||||
| Product development | (405 | ) | (292 | ) | (41 | ) | ||||||
| Sales and marketing | (97 | ) | (218 | ) | (30 | ) | ||||||
| General and administrative | (59,237 | ) | (67,368 | ) | (9,404 | ) | ||||||
| Realized gain on exchange cryptocurrencies | 35,029 | 10,627 | 1,483 | |||||||||
| Fair value change on cryptocurrencies | 2,055 | 23,435 | 3,271 | |||||||||
| Other operating expenses | (87 | ) | - | - | ||||||||
| Total operating expenses | (22,742 | ) | (33,816 | ) | (4,721 | ) | ||||||
| Loss from operations | (15,763 | ) | (35,112 | ) | (4,901 | ) | ||||||
| Loss on disposal of subsidiaries | (9 | ) | - | - | ||||||||
| Impairment on equity investments (Note 2) | - | (42,771 | ) | (5,971 | ) | |||||||
| Impairment on other investments | (3,764 | ) | (581 | ) | (81 | ) | ||||||
| Interest expenses, net | (6,912 | ) | (6,361 | ) | (888 | ) | ||||||
| Gain on fair value of derivative | 17,947 | 14,825 | 2,070 | |||||||||
| Changes in fair value on other investments | - | 46 | 6 | |||||||||
| Other income, net | 2,754 | 2,178 | 304 | |||||||||
| Foreign transaction exchange gain | 3,685 | 511 | 71 | |||||||||
| Loss from continuing operations before income taxes and share of loss in equity method investments | (2,062 | ) | (67,265 | ) | (9,390 | ) | ||||||
| Income tax expense | - | (134 | ) | (19 | ) | |||||||
| Share of loss in equity method investments | (330 | ) | (571 | ) | (80 | ) | ||||||
| Net loss (Note 2) | (2,392 | ) | (67,970 | ) | (9,489 | ) | ||||||
| Net income (loss) attributable to noncontrolling interest | (2,618 | ) | 928 | 128 | ||||||||
| Net income (loss) attributable to The9 Limited | 226 | (68,898 | ) | (9,617 | ) | |||||||
| Other comprehensive loss: | ||||||||||||
| Currency translation adjustments | 629 | (150 | ) | (21 | ) | |||||||
| Total comprehensive loss | (1,763 | ) | (68,120 | ) | (9,510 | ) | ||||||
| Comprehensive income (loss) attributable to: | ||||||||||||
| Noncontrolling interest | (2,618 | ) | 928 | 129 | ||||||||
| The9 Limited | 855 | (69,048 | ) | (9,639 | ) | |||||||
| Net income (loss) attributable to holders of ordinary shares per share | ||||||||||||
| - Basic and diluted | - | (0.04 | ) | (0.01 | ) | |||||||
| Weighted average number of shares outstanding | ||||||||||||
| - Basic and diluted | 1,275,183 | 1,719,077 | 1,719,077 | |||||||||
THE9 LIMITED
CONDENSED CONSOLIDATED BALANCE SHEETS INFORMATION
(Expressed in Renminbi - RMB and US Dollars - US$. All amounts in thousands, except for share data, or otherwise noted.)
| As
of December 31, 2024 | As
of June 30, 2025 | As
of June 30, 2025 | ||||||||||
| RMB | RMB | US$ | ||||||||||
| (UNAUDITED) | (UNAUDITED) | |||||||||||
| (Note 1) | ||||||||||||
| Assets | ||||||||||||
| Current Assets: | ||||||||||||
| Cash and cash equivalents | 10,911 | 36,095 | 5,039 | |||||||||
| Accounts receivable, net of allowance for doubtful accounts | - | 1,123 | 157 | |||||||||
| Prepayments and other current assets, net of allowance for doubtful accounts | 26,047 | 26,172 | 3,653 | |||||||||
| Advances to suppliers | - | 840 | 117 | |||||||||
| Amounts due from related parties | 600 | 583 | 81 | |||||||||
| Cryptocurrencies | 12,192 | 35,384 | 4,939 | |||||||||
| Cryptocurrencies, restricted | 193,938 | 271,701 | 37,928 | |||||||||
| Loan receivable-short term | - | 2,156 | 301 | |||||||||
| Total current assets | 243,688 | 374,054 | 52,215 | |||||||||
| Investments | 297,223 | 239,018 | 33,366 | |||||||||
| Call option assets | 15,843 | 28,715 | 4,008 | |||||||||
| Property, equipment and software, net | 16,549 | 8,720 | 1,217 | |||||||||
| Operating lease right-of-use assets | 4,283 | 3,834 | 535 | |||||||||
| License assets | 9,000 | 9,000 | 1,256 | |||||||||
| Deferred royalty costs | 9,000 | 9,000 | 1,256 | |||||||||
| Other long-lived assets, net | 41,058 | 40,977 | 5,720 | |||||||||
| Total Assets | 636,644 | 713,318 | 99,573 | |||||||||
| Liabilities, Redeemable Noncontrolling Interest and Shareholders' Equity | ||||||||||||
| Current Liabilities: | ||||||||||||
| Accounts payable | 5,528 | 7,835 | 1,091 | |||||||||
| Other taxes payable | 1,466 | 1,491 | 208 | |||||||||
| Advances from customers | 10,228 | 10,228 | 1,428 | |||||||||
| Amounts due to related parties | 9,658 | 9,658 | 1,348 | |||||||||
| Loan, net | 89,102 | 142,589 | 19,905 | |||||||||
| Convertible notes | 43,061 | 15,912 | 2,221 | |||||||||
| Conversion feature derivative liability | - | 8,067 | 1,126 | |||||||||
| Interest payables | 1,480 | 2,523 | 352 | |||||||||
| Accrued expense and other current liabilities | 41,666 | 42,681 | 5,958 | |||||||||
| Current portion of operating lease liabilities of the consolidated VIE without recourse to the Group | 2,841 | 1,497 | 209 | |||||||||
| Deferred revenue | 577 | 469 | 66 | |||||||||
| Put option liability | - | 188 | 26 | |||||||||
| Total current liabilities | 205,607 | 243,138 | 33,938 | |||||||||
| Put option liability | 1,923 | - | - | |||||||||
| Non-current portion of operating lease liabilities of the consolidated VIE without recourse to the Group | 1,604 | 2,319 | 324 | |||||||||
| Total Liabilities | 209,134 | 245,457 | 34,262 | |||||||||
| Ordinary shares contingently redeemable | 102,638 | 72,699 | 10,148 | |||||||||
| Shareholders' Equity | ||||||||||||
| Class A ordinary shares (US$0.01 par value; 4,300,000,000 shares authorized, 3,675,467,659 and 4,473,978,301 shares issued and outstanding as of December 31, 2024 and June 30, 2025, respectively) | 258,481 | 291,315 | 40,666 | |||||||||
| Class B ordinary shares (US$0.01 par value; 600,000,000 shares authorized, 63,607,334 and 63,607,334 shares issued and outstanding as of December 31, 2024 and June 30, 2025, respectively) | 4,490 | 4,533 | 633 | |||||||||
| Additional paid-in capital | 4,510,451 | 4,615,183 | 644,255 | |||||||||
| Statutory reserves | 7,327 | 7,327 | 1,023 | |||||||||
| Accumulated other comprehensive loss | (11,890 | ) | (11,892 | ) | (1,660 | ) | ||||||
| Accumulated deficit | (4,430,210 | ) | (4,499,108 | ) | (628,052 | ) | ||||||
| The9 Limited shareholders' equity | 338,649 | 407,358 | 56,865 | |||||||||
| Noncontrolling interest | (13,777 | ) | (12,196 | ) | (1,702 | ) | ||||||
| Total shareholder's equity | 324,872 | 395,162 | 55,163 | |||||||||
| Total liabilities, ordinary shares contingently redeemable and shareholders' equity | 636,644 | 713,318 | 99,573 | |||||||||
Note 1: The United States dollar (“US dollar” or “US$”) amounts disclosed in the accompanying financial statements are presented solely for the convenience of the readers at the rate of US$1.00 = RMB7.1636, representing the noon buying rate on the last trading day of June 2025 (June 30, 2025) as set forth in the H.10 statistical release of the U.S. Federal Reserve Board.
Note 2: The Company's net loss was mainly attributable to an impairment loss on equity investments, primarily relating to Beijing Weimingnaonao Science And Technology Co., Ltd., for the six months ended June 30, 2025. During the period in which the Company invested in Beijing Weimingnaonao Science And Technology Co., Ltd., its operating performance remained weak and its development prospects were uncertain. As a result, the Company recognized an impairment loss of RMB42.8 million (US$6.0 million) for the six months ended June 30, 2025.
About The9 Limited
The9 Limited (The9) is an Internet company listed on Nasdaq in 2004. The9 is committed to becoming a global diversified high-tech Internet company and is engaged in online games operation, Bitcoin mining business and AI-driven drug discovery investment.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| THE9 LIMITED | |||
| By | : | /s/ George Lai | |
| Name: | : | George Lai | |
| Title: | : | Director and Chief Financial Officer | |
Date: December 22, 2025