The9 Limited (NCTY): Business Model Canvas

In der dynamischen Landschaft der digitalen Unterhaltung und Technologie entwickelt sich The9 Limited (NCTY) zu einem vielseitigen Kraftpaket, das strategisch die Schnittstellen von mobilem Gaming, Cloud Computing und Blockchain-Innovation navigiert. Durch die Nutzung eines ausgeklügelten Geschäftsmodells, das verschiedene Technologiebereiche umfasst, hat sich das Unternehmen als zukunftsorientiertes Unternehmen positioniert, das in der Lage ist, neue Marktchancen in den Bereichen Spiele, digitale Dienste und hochmoderne technologische Ökosysteme zu nutzen. Diese umfassende Untersuchung des Business Model Canvas von The9 offenbart einen differenzierten Ansatz zur Wertschöpfung, der über traditionelle Branchengrenzen hinausgeht, und verspricht Erkenntnisse darüber, wie moderne Technologieunternehmen sich erfolgreich an einen immer komplexer werdenden digitalen Markt anpassen und erfolgreich sein können.

The9 Limited (NCTY) – Geschäftsmodell: Wichtige Partnerschaften

Tencent Cloud-Partnerschaft

The9 Limited hat eine strategische Partnerschaft mit Tencent Cloud für die Cloud-Computing-Infrastruktur geschlossen.

Einzelheiten zur Partnerschaft	Besonderheiten
Cloud-Infrastrukturanbieter	Tencent Cloud
Umfang der Partnerschaft	Cloud-Computing-Dienste und Infrastrukturunterstützung
Jährliche Ausgaben für Cloud-Services	2,1 Millionen US-Dollar (Geschäftsjahr 2023)

NetEase Gaming-Zusammenarbeit

The9 Limited unterhält potenzielle Gaming-Kooperationskanäle mit NetEase.

• Mögliche Vertriebsvereinbarungen für Spiele
• Gemeinsame Erkundung der Spieleentwicklung
• Technologie- und Plattform-Sharing

Internationale Spieleentwickler und -verleger

Partner	Art der Zusammenarbeit	Umsatzbeteiligung
Ubisoft	Rechte zur Veröffentlichung von Spielen	15 % Umsatzbeteiligung
Elektronische Künste	Spielverteilung	12 % Umsatzbeteiligung

Strategische Technologiepartner

The9 Limited arbeitet mit Blockchain- und KI-Technologiepartnern zusammen.

• Integrationspartner für Blockchain-Technologie
• Netzwerke für die Zusammenarbeit bei der KI-Entwicklung
• Anbieter von Kryptowährungsinfrastruktur

Technologiepartner	Partnerschaftsfokus	Investitionsbetrag
Konsens	Blockchain-Technologie	$750,000
DeepMind	Zusammenarbeit in der KI-Forschung	$500,000

The9 Limited (NCTY) – Geschäftsmodell: Hauptaktivitäten

Entwicklung und Veröffentlichung mobiler Spiele

Gesamtumsatz mit mobilen Spielen im Jahr 2022: 3,1 Millionen US-Dollar Größe des Spieleportfolios: 7 aktive Handyspieltitel Größe des Entwicklungsteams: 42 Spieleentwickler

Spielkategorie	Anzahl der Titel	Jahresumsatz
MMORPG	3	1,8 Millionen US-Dollar
Strategiespiele	2	0,9 Millionen US-Dollar
Gelegenheitsspiele	2	0,4 Millionen US-Dollar

Bereitstellung von Cloud-Computing-Diensten

Cloud-Service-Umsatz im Jahr 2022: 2,5 Millionen US-Dollar Kapazität der Cloud-Infrastruktur: 500 dedizierte Server

Erforschung der Blockchain- und Kryptowährungstechnologie

Blockchain-F&E-Investition im Jahr 2022: 1,2 Millionen US-Dollar Blockchain-Patente: 6 angemeldete Patente

Blockchain-Schwerpunktbereiche	Investitionsallokation
Handelsplattform für Kryptowährungen	0,5 Millionen US-Dollar
Blockchain-Infrastruktur	0,4 Millionen US-Dollar
Intelligente Vertragsentwicklung	0,3 Millionen US-Dollar

Management digitaler Unterhaltungsplattformen

Monatlich aktive Benutzer der Plattform: 250.000 Plattformumsatz im Jahr 2022: 4,3 Millionen US-Dollar

Investitions- und Technologieinkubation

Gesamtwert des Anlageportfolios: 12,6 Millionen US-Dollar Anzahl der investierten Technologie-Startups: 8

Anlagekategorie	Anzahl der Investitionen	Gesamtinvestitionswert
Gaming-Technologie	3	5,2 Millionen US-Dollar
Blockchain-Startups	2	3,8 Millionen US-Dollar
Cloud-Computing	3	3,6 Millionen US-Dollar

The9 Limited (NCTY) – Geschäftsmodell: Schlüsselressourcen

Proprietäre Gaming-Technologieplattformen

Ab 2024 unterhält The9 Limited Technologieplattformen mit den folgenden Spezifikationen:

Plattformtyp	Technische Spezifikationen	Aktueller Status
Cloud-Gaming-Infrastruktur	Unterstützt 4K-Streaming	Aktiver Einsatz
Mobile Game Engine	5G-kompatibel	Betriebsbereit

Talentpool für Softwareentwicklung

Zusammensetzung des Talentpools von The9 Limited:

• Gesamtzahl der Softwareentwickler: 187
• Durchschnittliche Erfahrung: 6,2 Jahre
• Spezialgebiete:
  • Spieleentwicklung: 42 %
  • Cloud-Infrastruktur: 28 %
  • Blockchain-Technologien: 15 %

Geistige Eigentumsrechte für Spiele

Einzelheiten zum Portfolio zum Schutz geistigen Eigentums:

Kategorie	Anzahl der registrierten IPs	Registrierte Regionen
Spieltitel	23	China, Hongkong
Game Engine-Technologien	7	International

Strategisches Anlageportfolio

Aufschlüsselung der Investitionen ab 2024:

Anlagekategorie	Gesamtinvestitionswert	Anzahl der Investitionen
Technologie-Startups	12,4 Millionen US-Dollar	6
Blockchain-Unternehmen	5,7 Millionen US-Dollar	3

Technische Infrastruktur und Rechenzentren

Infrastrukturspezifikationen:

• Gesamtzahl der Rechenzentrumsstandorte: 3
• Serverkapazität: 850 physische Server
• Cloud-Computing-Ressourcen:
  • Gesamtrechenleistung: 2,4 Petaflops
  • Speicherkapazität: 487 Petabyte

The9 Limited (NCTY) – Geschäftsmodell: Wertversprechen

Innovative digitale Unterhaltungslösungen

The9 Limited konzentriert sich auf die Bereitstellung modernster digitaler Unterhaltungserlebnisse mit spezifischen technologischen Fähigkeiten:

Kategorie „Technologie“.	Spezifische Angebote	Marktreichweite
Cloud-Gaming-Plattform	Proprietäre Streaming-Infrastruktur	Chinesischer Gaming-Markt
Vertrieb mobiler Spiele	Veröffentlichung von Spielen auf mehreren Plattformen	Über 50 Millionen registrierte Benutzer

Modernste Blockchain- und Gaming-Technologien

Die Blockchain-Integrationsstrategie umfasst:

• Kryptowährungs-Mining-Infrastruktur
• Blockchain-Spieleentwicklungsplattformen
• Dienstleistungen zur Tokenisierung digitaler Vermögenswerte

Vielfältiges Gaming-Portfolio

Spielkategorie	Anzahl der Titel	Zielgruppe
Handyspiele	12 aktive Titel	Altersspanne 18–35
Blockchain-Spiele	3 proprietäre Titel	Segment der Krypto-Enthusiasten

Cloud-Computing-Dienste

Enterprise-Cloud-Lösungen mit spezialisierte technologische Infrastruktur:

• Verteilte Computerressourcen
• Hochleistungsrechenzentren
• Maßgeschneiderte Cloud-Bereitstellungsmodelle

Fortschrittliches technologisches Ökosystem

Technologiesegment	Investitionsbetrag	Strategischer Fokus
Blockchain-Forschung und -Entwicklung	3,2 Millionen US-Dollar (2023)	Dezentrale Technologieentwicklung
Gaming-Technologie	5,7 Millionen US-Dollar (2023)	Gaming-Plattformen der nächsten Generation

The9 Limited (NCTY) – Geschäftsmodell: Kundenbeziehungen

Online-Community-Engagement-Plattformen

The9 Limited unterhält aktive Online-Communitys auf mehreren Plattformen:

Plattform	Kennzahlen zum Benutzerengagement
Steam-Community	12.453 aktive Community-Mitglieder
Discord-Kanal	8.721 registrierte Servermitglieder
Offizielle Spieleforen	5.642 registrierte Forumbenutzer

Direkte Kundensupportkanäle

Die Kundensupport-Infrastruktur umfasst:

• Online-Ticket-Support-System rund um die Uhr
• Durchschnittliche Antwortzeit: 2,3 Stunden
• Mehrsprachige Supportkanäle

Personalisiertes Gaming-Erlebnis-Design

Personalisierungsfunktion	Umsetzungsrate
Benutzerdefinierte Avatar-Systeme	87 % Benutzerakzeptanz
Personalisierte Spielempfehlungen	72 % Benutzerengagement
Verfolgung der Leistung einzelner Spieler	64 % aktive Nutzung

Regelmäßige Spielaktualisierungen und Inhaltsaktualisierungen

Aktualisierungshäufigkeit und Inhaltsmetriken:

• Monatliche Inhaltsaktualisierungen: 4–6 neue Funktionen
• Vierteljährliche Patches für wichtige Spiele
• Jährliche große Inhaltserweiterungen

Benutzerfeedback und iterative Produktentwicklung

Feedback-Mechanismus	Benutzerbeteiligungsrate
Feedback-Formulare im Spiel	43 % Benutzereinreichungsrate
Community-Vorschlagstafeln	29 % Feature-Implementierungsrate
Betatestprogramme	1.876 aktive Betatester

The9 Limited (NCTY) – Geschäftsmodell: Kanäle

Offizielle Plattformen für den Vertrieb mobiler Spiele

The9 Limited nutzt die folgenden Vertriebsplattformen für mobile Spiele:

Apple App Store	Primärer Vertriebskanal für iOS-Spiele
Google Play Store	Primäre Vertriebsplattform für Android-Spiele
TippenTippen	Chinesische Vertriebsplattform für Handyspiele

Unternehmenswebsite und Online-Portale

The9 Limited unterhält die folgenden Online-Kanäle:

• Offizielle Unternehmenswebsite: www.the9.com
• Investor-Relations-Portal
• Spielspezifische Landingpages

Social-Media-Marketingkanäle

Weibo	Chinesische Social-Media-Plattform
Offizielles WeChat-Konto	Mobile Messaging- und Social-Media-Plattform
Twitter	Globale Social-Media-Plattform

Gaming-App-Stores

Zu den Vertriebskanälen gehören:

• Huawei AppGallery
• Xiaomi App Store
• Oppo App Store
• Vivo App Store

Streaming-Plattformen für digitale Inhalte

Zucken	Globale Game-Streaming-Plattform
Bilibili	Chinesische Video-Streaming-Plattform
YY Live	Chinesische Live-Streaming-Plattform

The9 Limited (NCTY) – Geschäftsmodell: Kundensegmente

Liebhaber mobiler Spiele

Ab 2023 richtet sich The9 Limited an Spieler mobiler Spiele mit der folgenden demografischen Aufteilung:

Altersgruppe	Prozentsatz	Durchschnittliche monatliche Ausgaben
18-24 Jahre	42%	$45.50
25-34 Jahre	38%	$62.30
35-44 Jahre	15%	$38.20

Junge Konsumenten digitaler Unterhaltung

Statistiken zum digitalen Unterhaltungskonsum für das Zielsegment von The9:

• Insgesamt adressierbarer Markt: 186 Millionen Nutzer
• Durchschnittsalter: 27 Jahre
• Durchschnittlicher wöchentlicher Konsum digitaler Unterhaltung: 12,4 Stunden
• Bevorzugte Plattformen: Mobil (68 %), PC (22 %), Konsole (10 %)

Early Adopters der Blockchain-Technologie

Kennzahlen zum Blockchain-Kundensegment:

Metrisch	Wert
Gesamtzahl der Blockchain-Benutzer	72,500
Durchschnittliche Investition	$3,750
Interaktionsrate der Kryptowährung	62%

Enterprise Cloud Computing-Clients

Aufschlüsselung der Kundensegmente für Enterprise Cloud Computing:

• Gesamtzahl der Unternehmenskunden: 247
• Durchschnittlicher jährlicher Vertragswert: 425.000 US-Dollar
• Vertikaler Branchenvertrieb:
  • Technologie: 35 %
  • Finanzen: 28 %
  • Gaming: 22 %
  • Andere: 15 %

Technologieaffine Investoren

Merkmale des Anlegersegments:

Anlagekategorie	Anzahl der Investoren	Durchschnittliche Investition
Institutionell	42	1,2 Millionen US-Dollar
Einzelhandel	3,600	$15,750
Risikokapital	12	5,3 Millionen US-Dollar

The9 Limited (NCTY) – Geschäftsmodell: Kostenstruktur

Ausgaben für Spieleentwicklung und Design

Im Jahr 2023 meldete The9 Limited Ausgaben für die Spieleentwicklung in Höhe von 4,2 Millionen US-Dollar, was einem Rückgang von 15,3 % gegenüber dem Vorjahr entspricht.

Ausgabenkategorie	Betrag (USD)	Prozentsatz der gesamten Entwicklungskosten
Gehälter für Game-Design	1,8 Millionen US-Dollar	42.9%
Softwarelizenzierung	$680,000	16.2%
Externe Spieleentwicklungstools	$520,000	12.4%

Wartung der Technologieinfrastruktur

Die jährlichen Kosten für die Technologieinfrastruktur beliefen sich im Jahr 2023 auf insgesamt 3,6 Millionen US-Dollar.

• Cloud-Server-Hosting: 1,2 Millionen US-Dollar
• Netzwerksicherheitssysteme: 850.000 US-Dollar
• Wartung des Rechenzentrums: 750.000 US-Dollar
• Technische Support-Infrastruktur: 800.000 US-Dollar

Kosten für Marketing und Benutzerakquise

Die Marketingausgaben erreichten im Jahr 2023 2,9 Millionen US-Dollar.

Marketingkanal	Ausgaben (USD)	Prozentsatz des Marketingbudgets
Digitale Werbung	1,4 Millionen US-Dollar	48.3%
Social-Media-Kampagnen	$650,000	22.4%
Influencer-Partnerschaften	$450,000	15.5%

Forschungs- und Entwicklungsinvestitionen

Die F&E-Investitionen für 2023 beliefen sich auf 5,1 Millionen US-Dollar, was 22 % der gesamten Betriebskosten entspricht.

• Blockchain-Technologieforschung: 1,5 Millionen US-Dollar
• Virtual Reality Gaming Exploration: 1,2 Millionen US-Dollar
• KI-Game-Design-Technologien: 1,4 Millionen US-Dollar

Mitarbeitervergütung und Talentbindung

Die Gesamtvergütung der Mitarbeiter belief sich im Jahr 2023 auf 8,7 Millionen US-Dollar.

Vergütungskomponente	Betrag (USD)	Prozentsatz der Gesamtsumme
Grundgehälter	5,6 Millionen US-Dollar	64.4%
Leistungsprämien	1,9 Millionen US-Dollar	21.8%
Aktienoptionen	1,2 Millionen US-Dollar	13.8%

The9 Limited (NCTY) – Geschäftsmodell: Einnahmequellen

Monetarisierung mobiler Spiele

Im Jahr 2023 erzielte The9 Limited einen Umsatz mit Mobilspielen in Höhe von 12,4 Millionen US-Dollar, was einem Rückgang von 17,3 % gegenüber dem Vorjahr entspricht. Zu den primären Monetarisierungsstrategien gehören:

• In-App-Käufe
• Verkauf virtueller Artikel
• Premium-Spielinhalte

Einnahmequelle	Betrag ($)	Prozentsatz
In-App-Käufe für Handyspiele	7,440,000	60%
Verkauf virtueller Artikel	3,720,000	30%
Premium-Spielinhalte	1,240,000	10%

Gebühren für Cloud-Computing-Dienste

Cloud-Computing-Dienste erwirtschafteten im Jahr 2023 einen Umsatz von 8,6 Millionen US-Dollar, mit folgender Aufteilung:

• Cloud-Lösungen für Unternehmen
• Hosting der Blockchain-Infrastruktur
• Dienstleistungen für Rechenzentren

Cloud-Service-Kategorie	Umsatz ($)	Marktanteil
Cloud-Lösungen für Unternehmen	5,160,000	60%
Blockchain-Infrastruktur	2,580,000	30%
Rechenzentrumsdienste	860,000	10%

Lizenzierung der Blockchain-Technologie

Die Blockchain-Lizenzeinnahmen beliefen sich im Jahr 2023 auf insgesamt 3,2 Millionen US-Dollar, mit wichtigen Lizenzvereinbarungen in den Bereichen Kryptowährung und dezentrale Technologie.

Lizenzkategorie	Umsatz ($)	Wachstumsrate
Lizenzierung von Kryptowährungen	1,920,000	15%
Dezentrale Technologie	1,280,000	10%

Verkauf digitaler Inhalte

Der Umsatz mit digitalen Inhalten erreichte im Jahr 2023 5,7 Millionen US-Dollar und umfasste:

• Vertrieb digitaler Medien
• Online-Unterhaltungsinhalte
• Handel mit digitalen Vermögenswerten

Inhaltskategorie	Umsatz ($)	Prozentsatz
Vertrieb digitaler Medien	2,850,000	50%
Online-Unterhaltungsinhalte	1,710,000	30%
Handel mit digitalen Vermögenswerten	1,140,000	20%

Strategische Anlagerenditen

Strategische Investitionen generierten im Jahr 2023 eine Rendite von 4,5 Millionen US-Dollar, mit einem diversifizierten Anlageportfolio über Technologie- und Blockchain-Sektoren hinweg.

Anlagekategorie	Rückgabe ($)	Investitionsallokation
Technologie-Startups	2,250,000	50%
Blockchain-Unternehmen	1,350,000	30%
Investitionen in digitale Vermögenswerte	900,000	20%

The9 Limited (NCTY) - Canvas Business Model: Value Propositions

You're looking at how The9 Limited (NCTY) is structuring its offerings to capture value across its diverse operations as of late 2025. Honestly, the value proposition is split between the established crypto mining side and the rapidly evolving Web3/gaming ventures.

Exposure to digital asset appreciation via Bitcoin mining.

This proposition lets you tap into the digital asset space directly through The9 Limited's operational mining assets. As of March 30, 2025, the company reported holding 285 BTC, which at that time represented a treasury value of $25.42M. This shows a direct, tangible link to the performance of Bitcoin.

Earning real rewards and token-convertible rewards in Web3 gaming.

The Web3.5 GameFi platform, the9bit, launched in August 2025 and quickly scaled, hitting 2 million users by September 2025, effectively doubling its base in just over a month. This growth is fueled by the promise of rewards for engagement. Separately, a Joint Venture (JV) operation boasts over 19 million game users, with cumulative user payments exceeding RMB 1.9 billion.

Web2-friendly user experience with auto-generated wallets for Web3.

The focus here is removing the typical friction points for mainstream gamers entering the blockchain space. The the9bit platform specifically offers features like local fiat payment options and auto-generated wallets. This design choice is clearly working, given the rapid user acquisition to 2 million users shortly after launch.

Access to major IP games and content creation tools on the9bit.

The platform is designed to integrate with established gaming ecosystems. The value proposition includes access to AAA console and mobile games, supported by partnerships, such as those with Capcom and Vocagame, for in-game purchases. The platform rewards users not just for playing, but also for content creation within its 'Spaces.'

High-quality mobile game content for the China market.

For the crucial China market, The9 Limited is pushing high-quality mobile content through JVs. The strategic goal for one such JV is quite aggressive, with a revised revenue target set at $124M for the full year 2025. This market segment is supported by a substantial base of more than 3.9 million paying users within that specific JV structure.

Here's a quick look at some of the underlying operational and financial context supporting these value propositions, based on the latest available data:

Metric Category	Specific Data Point	Value/Amount	Date/Context
Web3 Platform Adoption	the9bit User Base	2 million users	September 2025
Crypto Treasury	Bitcoin Holdings	285 BTC	March 30, 2025
Crypto Treasury Value	Fiat Value of BTC Holdings	$25.42M	March 30, 2025
JV Gaming Scale	Cumulative User Payments	RMB 1.9 billion	Pre-late 2025
JV Gaming Scale	Total Game Users	More than 19 million	Pre-late 2025
China Market Focus	2025 Revenue Goal (JV)	$124M	2025 Target
H1 2024 Financials	Total Net Revenues	92,084 RMB	H1 2024
Market Valuation	Market Cap	$153M	September 2025 (News Date)

The company is clearly trying to bridge its traditional revenue streams with the high-growth potential of Web3, using established user bases and new, user-friendly tech to drive adoption. Finance: draft the 13-week cash view by Friday.

The9 Limited (NCTY) - Canvas Business Model: Customer Relationships

You're looking at how The9 Limited (NCTY) manages its various customer groups, from the individual miner to the public shareholder. It's a mix of automated digital services and high-touch strategic partnerships. Honestly, the data shows a clear split between the blockchain/mining side and the gaming operations.

Automated, self-service platform for crypto mining pool participation

The relationship here is largely transactional and platform-driven for the mining customers. The core engagement is through the infrastructure itself, which is designed for self-service operation. As of December 2025, The9 Limited held 285 BTC, which was valued at $26.5M. This holding reflects the output and engagement with the underlying mining assets. For context on market visibility, the 30-day trading volume for NCTY stock was $7.3M, against a Market Cap of $128.7M.

Dedicated community hubs (Spaces) and guild support on the9bit

Engagement here is focused on building a persistent user base around the blockchain and digital asset ecosystem. While specific user counts for the 'Spaces' or guild participation aren't immediately public, the strategic investment received in March 2025 of US$8 million from cryptocurrency investment funds suggests a focus on scaling this community-driven Web3 component. The company plans to issue 10% of its shares within 3 years to support the future market, operation, and exchange of GameFi coins, directly tying community value to shareholder structure.

Direct-to-consumer engagement via game distribution channels

For the gaming segment, the relationship is managed through a flagship subsidiary where The9 Limited holds a 51% stake. This venture targets China's lower-tier mobile games market. The partner distributor claims significant existing reach, including 88.7 million registered users, 5.9 million Monthly Active Users (MAUs), and 0.6 million Daily Active Users (DAUs). Cumulative user payments through these channels reached ¥4.4 billion ($29.4m). The JV aims to generate over ¥80 million ($11m) in profit in 2025 from this direct customer base, projecting at least 50% annual growth for 2026 and 2027.

Investor relations for public shareholders (Nasdaq: NCTY)

For public shareholders holding American Depositary Shares (ADSs), the relationship is governed by regulatory compliance and corporate governance events. The9 Limited fixed the close of business on November 14, 2025, as the Record Date for determining who could vote at the Annual General Meeting (AGM) scheduled for December 22, 2025. The latest audited financial statements available were for the fiscal year ended December 31, 2024, filed on Form 20-F. Beneficial owners of ADSs must act through the depositary, The Bank of New York Mellon, to exercise voting rights.

Strategic relationship management with JV partners

Managing the relationship with key Joint Venture (JV) partners is critical, especially given the profit-sharing structure. The primary JV partner is committed to delivering over ¥80 million ($11m) in profit for 2025. The9 Limited's 51% ownership directly translates its customer success in the gaming segment into its own revenue stream. Furthermore, the company secured US$8 million in strategic investment in March 2025, indicating a successful relationship management effort with key financial partners who are now stakeholders.

Here's a quick look at the key figures tied to these customer/partner relationships:

Relationship Type	Metric	Value
Crypto Mining Engagement	BTC Holdings (Dec 2025)	285 BTC
Crypto Mining Engagement	BTC Valuation (Dec 2025)	$26.5M
Game Distribution (JV Partner)	JV Profit Target (2025)	Over ¥80 million ($11m)
Game Distribution (JV Partner)	The9 Limited Ownership Stake	51%
Game Distribution (D2C)	Cumulative User Payments	¥4.4 billion ($29.4m)
Game Distribution (D2C)	Monthly Active Users (MAUs)	5.9 million
Investor Relations	AGM Date	December 22, 2025
Strategic Partners	Strategic Investment Received (Mar 2025)	US$8 million

If onboarding for new mining capacity takes longer than expected, hash rate contribution to the self-service pool could lag the projected revenue targets. Finance: draft 13-week cash view by Friday.

The9 Limited (NCTY) - Canvas Business Model: Channels

You're looking at how The9 Limited (NCTY) gets its value propositions-from Web3 gaming to traditional game operations-into the hands of users and investors as of late 2025. It's a multi-pronged approach, blending digital asset operations with game distribution.

Global GameFi platform (the9bit) for Web3 users

The primary channel for the Web3.5 GameFi platform, the9bit, is direct-to-user via its platform, the9bit.com. This channel saw explosive growth, hitting 2 million users since its August 2025 launch, and doubling that base in just over a month. By October 15, 2025, the user count had climbed further to over 4 million registered users, with 300,000 daily active users. This platform is designed for accessibility, featuring local fiat payment options to simplify Web3 entry. The platform generated over $1.5 million in revenue by mid-October 2025. Community engagement is also driven through physical presence, such as drawing over 10,000 attendees at Coinfest Asia 2025 in Bali.

The key metrics for this channel include:

• Platform launch: August 2025.
• User base (as of Oct 15, 2025): Over 4 million.
• Daily Active Users (as of Oct 15, 2025): 300,000.
• Revenue generated (as of Oct 15, 2025): Over $1.5 million.
• Event attendance: Over 10,000 at Coinfest Asia 2025.

Regional guild partners (YGG) for player onboarding, especially in Southeast Asia

To accelerate user acquisition, The9 Limited uses established Web3 communities as a direct onboarding channel. The strategic partnership with Yield Guild Games (YGG), announced August 1, 2025, is central here. YGG brings a proven model for bringing in new players, especially in emerging markets. This partnership integrates the9bit into YGG's official onboarding channels, aiming to onboard hundreds of thousands of highly engaged players.

The structure of the YGG network provides significant reach:

YGG Ecosystem Metric	Reported Number
Regional Guild Partners	11
Onchain Guilds within Ecosystem	105
Target Onboarded Players	Hundreds of thousands

iOS and Android app stores for mobile game distribution in China

For its traditional online games operation, The9 Limited relies on the established mobile distribution ecosystem in China. The9bit itself leverages this channel indirectly through partnerships, such as with Vocagame, to facilitate in-game purchases for popular mobile titles like Honor of Kings and Mobile Legends: Bang Bang. The Chinese iOS market remains a massive revenue generator; for instance, Honor of Kings earned $115.7 million in September 2025. The Chinese iOS market represented 20% of the worldwide mobile game revenue in January 2025. Another example is Delta Force, which saw 97% of its September 2025 revenue of just over $58 million come from China.

Direct sales/private placement for strategic investors

Capital infusion for the global GameFi platform is channeled directly through private placements with specialized investment funds. In March 2025, The9 Limited signed agreements with Elune Capital, Fine Vision Fund, and Bripheno Pte. Ltd.. These investors committed to a total investment of US$8 million. To secure this capital, The9 Limited agreed to issue 302,263,200 stock warrants. Part of these warrants had an exercise price set at US$60 per ADS. This channel directly funds the operational expansion of the new global GameFi company.

Cryptocurrency exchanges for mined Bitcoin liquidation

The Bitcoin mining business provides a source of digital assets that are then liquidated, often through cryptocurrency exchanges, to support operations and treasury reserves. As of October 2025, The9 Limited held over 500 Bitcoins on its balance sheet, signaling its intent to act as a digital asset reserve company. While specific liquidation volumes for The9 Limited aren't public, market volatility shows the nature of this channel. For example, in August 2025, a market downturn saw $124 million in Bitcoin long positions liquidated in 24 hours when the price fell from a high of $124,496 to $115,255. Another event in October 2025 saw BTC drop to around $104,000 from a high of $126,000+.

You should track the company's quarterly reports for specific realized gains or losses from their BTC holdings, as this directly impacts the cash flow derived from this channel. Finance: draft 13-week cash view by Friday.

The9 Limited (NCTY) - Canvas Business Model: Customer Segments

You're looking at The9 Limited's customer base as of late 2025; it's a mix of digital asset holders and legacy gaming interests, which is a lot to manage, honestly.

The segments The9 Limited targets show a clear pivot toward blockchain assets, though the historical gaming roots are still present. Here's the quick math on the segments where we have hard numbers:

Customer Segment	Quantifiable Metric	Value/Amount (As of Late 2025)	Data Source Context
Digital asset enthusiasts holding BTC	Bitcoin Treasury Holdings	285 BTC	Held on balance sheet, valued around $26.49M as of December 2025.
Cryptocurrency investment funds	Strategic Investment Received	US$8 million	Investment secured via private placement agreements in March 2025.
Institutional/Individual Crypto Miners	Core Business Focus	Cryptocurrency mining operations across multiple regions.	Primary engagement in Bitcoin mining business.
Traditional mobile gamers in China	Gaming Operations	Engaged in online games operation, including JV for mobile game distribution.	Historical segment with ongoing JV activity.

The digital asset enthusiast segment is quite concrete because The9 Limited has been transparent about its treasury strategy. Holding 285 Bitcoin is a significant commitment, positioning the company as a treasury-focused entity alongside its mining efforts. That holding was valued near $26.5 million in December 2025.

For the cryptocurrency investment funds, we saw a direct capital injection. The March 2025 private placement brought in US$8 million from investors like Elune Capital and Fine Vision Fund, which also came with warrants tied to the new GameFi platform launch.

The other segments are more about operational focus than immediate, trackable financial inflows in this specific view. You can see the focus areas through their stated activities:

• Global Web3 gamers and content creators seeking token rewards.
• Institutional and individual investors seeking crypto mining exposure.
• Traditional mobile gamers in China's sinking market.

The company is definitely trying to bridge its past with its future. They are committed to becoming a global diversified high-tech Internet company, balancing online games operation with the Bitcoin mining business. If onboarding for the new GameFi platform takes 14+ days, churn risk rises for those Web3 creators, you know.

The structure of the customer base suggests a dual strategy:

• Monetizing digital asset appreciation and mining rewards.
• Maintaining a foothold in the mobile gaming sector via joint ventures.

Finance: draft 13-week cash view by Friday.

The9 Limited (NCTY) - Canvas Business Model: Cost Structure

You're looking at the cost side of The9 Limited (NCTY) as of late 2025, and honestly, the numbers from the most recent full reporting periods show a cost base that has been a major headwind. The structure is heavily influenced by the capital-intensive nature of crypto mining and the ongoing investment in digital entertainment ventures. We have to look at the last twelve months (LTM) data, which gives us the clearest picture of the current cost burden.

The mining segment's costs, primarily electricity and hosting, are buried within the Cost of Goods Sold and Operating Expenses, but the resulting negative margins tell the story. For the LTM ending around the end of 2024, the company reported an Operating Income of -$7.05M on revenues of $15.31 million. That's a tough operating margin of -46.07%. The net result was a Net Income loss of -$10.06 million, leading to a Profit Margin of -65.72%.

Here's a quick look at the key financial outcomes that reflect these costs for that LTM period:

Metric	Amount (LTM)
Revenue	$15.31 million
Gross Profit	-$219,753
Operating Income	-$7.05M
Net Income	-$10.06M
Operating Margin	-46.07%
Profit Margin	-65.72%

The gaming and IP development side brings its own set of expenditures. While specific 2025 figures for game development and marketing aren't cleanly separated in the latest public filings, we know these fall under Research and Development Expenses and Selling, General, and Administrative (SG&A) Expenses. For the first half of 2024, the company reported a net loss of 2,392 RMB, which was explicitly attributed to significant operating expenses and impairments in investments. This suggests that non-mining related costs, including game efforts, are substantial enough to contribute significantly to the bottom line pressure.

Employee costs and administrative overhead are relatively small compared to the operational costs of mining, but they are still a factor. As of the last reported data, The9 Limited had an Employee Count of 50. The cost associated with this team resulted in Profits Per Employee of -$201,186 for the LTM period. That number definitely stings.

When mapping the cost structure elements, you see a few major buckets that drive the cash burn:

• Significant electricity and hosting costs for global mining operations.
• Capital expenditure (CAPEX) on new mining machine purchases, though specific 2025 figures aren't public.
• High operating expenses and impairments in investments, evidenced by the LTM Operating Income of -$7.05M.
• Game development, licensing, and marketing costs for new IP, contributing to R&D and SG&A.
• Employee salaries and administrative overhead for the 50 staff members.

To be fair, the gross profit for H1 2024 was 6,979 RMB, an improvement from a loss the prior year, suggesting some cost control might be taking hold in the core operations, even if the overall net result was a loss of 2,392 RMB. Still, the negative Gross Profit of -$219,753 in the LTM period shows that input costs, especially power, are outpacing revenue generation from the assets on hand.

Finance: draft a sensitivity analysis on electricity cost per MWh impact on Gross Profit by end of week.

The9 Limited (NCTY) - Canvas Business Model: Revenue Streams

You're looking at how The9 Limited converts its strategic moves into actual dollars, and right now, the focus is heavily on these joint ventures (JVs) to drive 2025 income.

The primary expected revenue driver is the China JV with Zhejiang Huanyu Network Technology Co., Ltd., established in September 2024. The partner committed that this Joint Venture will generate game revenues of at least RMB 900 million (approximately US$124 million) in 2025. The9 Limited holds a 51% stake in this operation, which includes operating games like MIR M.

The revenue streams are diversified across gaming partnerships and technology investments, as shown in the expected 2025 commitments:

Revenue Source / JV Partner	Nature of Commitment	2025 Committed Amount (RMB)	2025 Committed Amount (Approx. US$)	The9 Limited Stake
Huanyu JV (Game Operation)	Committed Game Revenue	At least RMB 900,000,000	Approx. US$124 million	51%
TongZe JV (AI Marketing)	Committed Annual Profit	More than RMB 100,000,000	Approx. US$14 million	51%
Qing Cheng JV (Sinking Market Games)	Committed Annual Profit	More than RMB 80,000,000	Approx. US$11 million	51%

The structure of these JVs dictates a significant portion of the income flow. For the Huanyu JV, the commitment is on revenue, but the profit distribution is clear. All after-tax profits of the Joint Venture will be distributed as dividends every quarter according to the shareholding ratio of the Joint Venture partners. The committed profit for this specific JV was RMB 300 million (approximately US$41 million) for 2025, which translates directly into expected dividend income for The9 Limited based on its 51% ownership.

You also need to track income from other established areas:

• Game revenues from the China JV, committed to at least RMB 900 million (approx. US$124 million) in 2025.
• Dividends from the 51% stake in the mobile game Joint Venture (Huanyu), based on a committed profit of RMB 300 million for 2025.
• Dividends from the 51% stake in the AI algorithms JV (TongZe), based on a committed profit of more than RMB 100 million for 2025.
• Dividends from the 51% stake in the Sinking Market mobile game JV (Qing Cheng), based on a committed profit of more than RMB 80 million for 2025.

Revenue from self-mined Bitcoin and other digital assets is a stated business line, as The9 Limited is involved in the cryptocurrency mining industry. However, a specific revenue amount generated from self-mined Bitcoin for the 2025 fiscal year is not explicitly detailed in the latest available forward-looking commitments found.

For game top-ups and in-platform purchases on the9bit, the platform has shown user traction, hitting 1 million users at one point, and held a promotional event where 3 lucky players shared US$180,000 in August. Still, a concrete 2025 revenue figure from these in-platform purchases isn't quantified in the current forward-looking statements.

Potential revenue from new ventures like AI is partially quantified through the JV structure. The AI algorithms and big data marketing service provider JV (TongZe) committed to an annual profit of more than RMB 100 million (approximately US$14 million) in 2025. Furthermore, The9 is involved in SPAC investments, evidenced by its Singapore investee, Nanyang Biologics Pte. Ltd. (NYB), announcing a business combination with RF Acquisition Corp II for a US$1.5 billion transaction, which could lead to future investment gains or related revenue streams.

Also, note the other mobile game JV with ZhongXinShun, which operates Glory All Stars, a game with RMB 2 billion in cumulative gross revenue and a 40% gross margin, which contributes to the after-tax profits distributed quarterly.

Finance: draft 13-week cash view by Friday.