The9 Limited American Depository Shares (NCTY)

Nasdaq: NCTY · Finance Services · Shanghai, CN · filing with the SEC since 2004

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Grade4.5

◀ Past 5.6● Present 3.3▶ Future 4.5

2 est.

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The grade of The9 Limited American Depository Shares

Nine metrics read from its own filings, by tense

Headline grade

4.5/10

◀ Past5.640% of the headline

● Present3.335% of the headline

▶ Future4.525% of the headline

All three tenses have at least two readings, so the archetype blend applies as printed.

Of the nine metrics, 7 read as filed from the record and 2 are SI estimates, each with its reasoning, its confidence and what would change it on its card.

◀ Past

What did they actually do?

5.6/1040% of the headline grade · 2 of 3 filed, 1 estimated

Surviving crises

as filed

8.4/10

Has it survived what it has been through?

No warning events in its filings since 2017.

weight 45% of this tense · 84th percentile among 130 sector filers · read for itself

From the record

The9 Limited American Depository Shares' filings since 2017 show no warning events in the scan: no bankruptcy or receivership notice, no debt default notice, no exchange listing notice, no restatement warning, no auditor change, no material cyber incident and no late-report notice (its current reports).

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Track record

as filed

2.9/10

What has it actually done, year after year?

+7.5% a year over 10 filed years; profitable in 2 of 10.

weight 22% of this tense · 29th percentile among 104 sector filers · read for its customers

From the record

The9 Limited American Depository Shares' 10 filed years say what it did: revenue went from CNY 56 million in fiscal 2016 to CNY 108 million in fiscal 2025, up 7.5% a year; it rose in 4 of 9 years; the deepest fall was 100% from fiscal 2017 to fiscal 2019; net income was positive in 2 of 10 of those years (its annual reports).

What it rests on

revenue growth over the filed span7.5%bottom 39% of its family
the share of years revenue rosebottom 30% of its family
the share of filed years with a profitbottom 40% of its family
the deepest fall from a revenue peak99.5%bottom 8% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Shareholder treatment

SI estimate

3.6/10

How has it treated the people who own it?

SI estimate 3.6/10, confidence 35 of 100 (one part).

weight 33% of this tense · 36th percentile among 115 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: Read from one part only, the share count over the years, which ranks in the bottom 36% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
What the record cannot read: Fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income.
How it was reasoned: one part: the share count over the years, the one part on file, ranked among 115 in its family.
Confidence: 35 of 100
What would change it: A filing that carries the missing parts replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: The9 Limited American Depository Shares's shareholder treatment is put at 3.6 of 10 with a confidence of 35 of 100, because read from one part only, the share count over the years, which ranks in the bottom 36% of 115 in its family; fewer than two of the parts can be read: the share count over the years, and the cash returned against a positive operating cash flow or net income. A filing that carries the missing parts replaces this estimate with the filed reading.

● Present

What are they doing right now?

3.3/1035% of the headline grade · 2 of 3 filed, 1 estimated

Financial health

as filed

2.3/10

Is it financially healthy right now?

ROE -241%: lost 241¢ per shareholder dollar. Leverage 71%: owes 71¢ per asset dollar.

weight 45% of this tense · 23rd percentile among 117 sector filers · read for itself

From the record

Return on equity: in the fiscal year ended 2025-12-31, The9 Limited American Depository Shares lost about 241 cents for every dollar of shareholders' money, and gross profitability: its products earned about 0 cents per dollar of everything the company owns. Leverage: it owed about 71 cents per dollar of assets, and net share issuance: its share count grew 62.0% over the year (the filed statements).

What it rests on

what it owes per dollar of assetsbottom 32% of its family
return on equitybottom 7% of its family
gross profit against assetsbottom 17% of its family
the share count against the year beforebottom 36% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Industry position

as filed

3.1/10

How strong is its position in its industry?

bottom 31% of 114 in its family; net margin -379%.

weight 33% of this tense · 31st percentile among 114 sector filers · read for its customers

From the record

The9 Limited American Depository Shares' standing among 114 graded names in its industry family: revenue of CNY 108 million in fiscal 2025 is not ranked by size, since the family reports in another currency; a net margin of -379% ranks in the bottom 22%; revenue growth of 0.9% a year over the last 3 filed years ranks in the bottom 40% (its annual reports).

What it rests on

net margin-379.0%bottom 22% of its family
three-year revenue growth0.9%bottom 40% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Leadership

SI estimate

5.5/10

What are the people in charge doing?

SI estimate 5.5/10, confidence 20 of 100 (family median).

weight 22% of this tense · 50th percentile among 74 sector filers · read for its shareholders

SI estimate Inferred, not read as filed

Why it is an estimate: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-17 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 74 members with one.
What the record cannot read: It files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-17 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge.
How it was reasoned: family median, 74 readings behind it.
Confidence: 20 of 100
What would change it: Its next annual report on file with the inputs replaces this estimate with the filed reading.

From the record

SI estimate, not a filed reading: The9 Limited American Depository Shares's leadership is put at 5.5 of 10 with a confidence of 20 of 100, because it files no Form 8-K (a foreign issuer reports on Form 6-K), so officer and director changes cannot be read there; the record of its people begins on 2026-03-17 (a listing, a merger or a first filing under the rules) and most of the people in charge have filed since then, so the record shows a floor of 8 months and cannot see past it; a floor under five years is not read as years in charge, so the desk assumes the typical reading of its industry family, the median of 74 members with one. Its next annual report on file with the inputs replaces this estimate with the filed reading.

▶ Future

What are they set up to do next?

4.5/1025% of the headline grade · 3 of 3 filed

Room to expand

as filed

4.5/10

How much room does it have to grow?

bottom 45% of 108 in its family for room to expand.

weight 33% of this tense · 45th percentile among 108 sector filers · read for itself

From the record

The9 Limited American Depository Shares' room to grow, from the newest filed statements (fiscal 2025): cash of CNY 58 million against no long-term debt tagged leaves 9.9% of its assets as net cash, top 39% of its family; cash from operations less capital spending is -29.4% of revenue (top 44%); a gross margin of 1.7% (bottom 16%); research spending of 9.1% of revenue (bottom 45%) (its annual report).

What it rests on

cash less debt against assets9.9%top 39% of its family
cash from operations less capital spending against revenue-29.4%top 44% of its family
gross margin1.7%bottom 16% of its family
research spending against revenue9.1%bottom 45% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Growth drivers

as filed

4.8/10

What could actually drive growth from here?

bottom 48% of 100 in its family for growth drivers.

weight 33% of this tense · 48th percentile among 100 sector filers · read for its customers

From the record

The9 Limited American Depository Shares' growth drivers, from the filed years to fiscal 2025: revenue grew 0.9% a year over the last three filed years against 7.5% over all 10, slowing (bottom 34% of its family); the newest year grew -3.4% (bottom 31%); research spending grew 59.1% a year (top 20%) (its annual reports). The9 Limited American Depository Shares tags no split of its revenue by line in the annual report on file, so growth by line cannot be read here; research and capital spending are on the trend.

What it rests on

three-year growth against the whole span-6.6 points a yearbottom 34% of its family
the newest year's revenue growth-3.4%bottom 31% of its family
three-year growth of research spending59.1%top 20% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

Expectations vs reality

as filed

4.3/10

Did its newest year beat what its own record pointed to?

bottom 43% of 78 in its family for expectations against reality.

weight 33% of this tense · 43rd percentile among 78 sector filers · read for its shareholders

From the record

The9 Limited American Depository Shares' newest year against its own record: revenue of CNY 108 million in fiscal 2025 came in 6.4% below the CNY 115 million its prior three years' pace pointed to (bottom 43% of its family); net income of CNY 409 million against a prior three-year average of CNY 347 million (bottom 49%); a net margin of a loss larger than its revenue against losses larger than its revenue before (bottom 37%) (its annual reports).

What it rests on

revenue against the prior three years' pace-6.4%bottom 43% of its family
net income against the prior three years' average-18%bottom 49% of its family
net margin against its prior average-48.3 pointsbottom 37% of its family

A production reading, recomputed from the filings on every data build, read from EDGAR Nov 13, 2026.

The grade is the company against its own industry, from its filings. It is not a view on the share price. How the grade is made

SI Assistanton NCTY · research, not advice