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, focusing on online gaming and cryptocurrency mining.

• Shifted business focus to global blockchain and cryptocurrency mining since 2021, with a renewed push into online gaming in 2024-2025.

• Revenue from China increased to 32.8% in 2025, reflecting a strategic re-entry into the Chinese gaming market.

• Maintains exclusive publishing and development agreements for gaming IPs and invests in AI-powered entertainment formats.

• Corporate structure relies on VIE arrangements 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 of RMB 408.9 million.

• Net losses persisted over 2023-2025, with negative cash flows from operating activities in 2024 and 2025.

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

• Cash transfers within the group are subject to PRC and Hong Kong regulatory restrictions.

Use of proceeds and capital allocation

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