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 in 2021, then re-entered the online gaming market in 2024-2025.

• Revenue from China increased to 32.8% in 2025, with significant operations through subsidiaries and the VIE.

• Holds exclusive licenses for game publishing and is expanding into AI-powered interactive content.

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.

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

• No dividends or distributions paid to the parent company or U.S. investors for 2023-2025.

• Cash transfers within the group are subject to regulatory restrictions, especially in China.

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.