6-K 1 tm2534079d1_6k.htm FORM 6-K

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

SEC Form 6-K filed by The9 Limited