The9 Limited (NCTY): Lienzo del Modelo de Negocio [Actualizado en Ene-2025]

En el panorama dinámico del entretenimiento y la tecnología digital, The9 Limited (NCTY) emerge como una potencia multifacética, navegando estratégicamente las intersecciones de los juegos móviles, la computación en la nube y la innovación de blockchain. Al aprovechar un modelo de negocio sofisticado que abarca diversos dominios tecnológicos, la compañía se ha posicionado como una empresa con visión de futuro capaz de capturar oportunidades de mercados emergentes en juegos, servicios digitales y ecosistemas tecnológicos de vanguardia. Esta exploración integral del modelo de modelo de negocio de la9 revela un enfoque matizado para la creación de valor que trasciende las fronteras tradicionales de la industria, prometiendo ideas sobre cómo las empresas tecnológicas modernas pueden adaptarse y prosperar con éxito en un mercado digital cada vez más complejo.

The9 Limited (NCTY) - Modelo de negocio: asociaciones clave

Asociación Tencent Cloud

The9 Limited ha establecido una asociación estratégica con Tencent Cloud para la infraestructura de computación en la nube.

Detalles de la asociación	Detalles específicos
Proveedor de infraestructura en la nube	Nube de tencent
Alcance de la asociación	Servicios de computación en la nube y soporte de infraestructura
Gasto anual de servicio en la nube	$ 2.1 millones (año fiscal 2023)

Colaboración de juegos de NetEase

The9 Limited mantiene posibles canales de colaboración de juegos con NetEase.

• Acuerdos potenciales de distribución del juego
• Exploración del desarrollo de juegos conjuntos
• Tecnología y plataforma compartido

Desarrolladores y editores de juegos internacionales

Pareja	Tipo de colaboración	Participación de ingresos
Ubisoft	Derechos de publicación de juegos	15% de participación de ingresos
Artes electrónicas	Distribución del juego	12% de participación de ingresos

Socios de tecnología estratégica

The9 Limited colabora con BLOCKchain y AI Technology Partners.

• Partners de integración de tecnología blockchain
• Redes de colaboración de desarrollo de IA
• Proveedores de infraestructura de criptomonedas

Socio tecnológico	Enfoque de asociación	Monto de la inversión
Consenso	Tecnología blockchain	$750,000
Profundo	Colaboración de investigación de IA	$500,000

The9 Limited (NCTY) - Modelo de negocio: actividades clave

Desarrollo y publicación de juegos móviles

Ingresos totales del juego móvil en 2022: $ 3.1 millones Tamaño de la cartera de juegos: 7 títulos de juegos móviles activos Tamaño del equipo de desarrollo: 42 desarrolladores de juegos

Categoría de juego	Número de títulos	Ingresos anuales
Mmorpg	3	$ 1.8 millones
Juegos de estrategia	2	$ 0.9 millones
Juegos informales	2	$ 0.4 millones

Provisión de servicios de computación en la nube

Ingresos del servicio en la nube en 2022: $ 2.5 millones Capacidad de infraestructura en la nube: 500 servidores dedicados

Exploración de tecnología de blockchain y criptomonedas

Inversión en I + D de blockchain en 2022: $ 1.2 millones Patentes de blockchain: 6 patentes registradas

Áreas de enfoque de blockchain	Asignación de inversión
Plataforma de comercio de criptomonedas	$ 0.5 millones
Infraestructura de blockchain	$ 0.4 millones
Desarrollo de contrato inteligente	$ 0.3 millones

Gestión de la plataforma de entretenimiento digital

Plataforma Usuarios activos mensuales: 250,000 Ingresos de la plataforma en 2022: $ 4.3 millones

Incubación de inversión y tecnología

Valor total de la cartera de inversiones: $ 12.6 millones Número de nuevas empresas de tecnología invertidas: 8

Categoría de inversión	Número de inversiones	Valor de inversión total
Tecnología de juego	3	$ 5.2 millones
Startups blockchain	2	$ 3.8 millones
Computación en la nube	3	$ 3.6 millones

The9 Limited (NCTY) - Modelo de negocio: recursos clave

Plataformas de tecnología de juego patentadas

A partir de 2024, The9 Limited mantiene plataformas tecnológicas con las siguientes especificaciones:

Tipo de plataforma	Especificaciones técnicas	Estado actual
Infraestructura de juegos en la nube	Admite transmisión 4K	Despliegue activo
Motor de juego móvil	5G compatible	Operacional

Grupo de talentos de desarrollo de software

Composición de la piscina de talento de The9 Limited:

• Ingenieros de software totales: 187
• Experiencia promedio: 6.2 años
• Áreas de especialización:
  • Desarrollo del juego: 42%
  • Infraestructura en la nube: 28%
  • Blockchain Technologies: 15%

Derechos de propiedad intelectual para juegos

Detalles de la cartera de propiedad intelectual:

Categoría	Número de IP registradas	Regiones registradas
Títulos de juego	23	China, Hong Kong
Tecnologías de motor de juego	7	Internacional

Cartera de inversiones estratégicas

Desglose de inversión a partir de 2024:

Categoría de inversión	Valor de inversión total	Número de inversiones
Startups tecnológicas	$ 12.4 millones	6
Blockchain Ventures	$ 5.7 millones	3

Infraestructura técnica y centros de datos

Especificaciones de infraestructura:

• Ubicaciones totales de centros de datos: 3
• Capacidad del servidor: 850 servidores físicos
• Recursos de computación en la nube:
  • Potencia informática total: 2.4 Petaflops
  • Capacidad de almacenamiento: 487 petabytes

The9 Limited (NCTY) - Modelo de negocio: propuestas de valor

Soluciones de entretenimiento digital innovadoras

The9 Limited se centra en ofrecer experiencias de entretenimiento digital de vanguardia con capacidades tecnológicas específicas:

Categoría de tecnología	Ofertas específicas	Alcance del mercado
Plataforma de juegos en la nube	Infraestructura de transmisión	Mercado de juegos chino
Distribución de juegos móviles	Publicación de juegos multiplataforma	Más de 50 millones de usuarios registrados

Tecnologías de blockchain y juegos de vanguardia

La estrategia de integración de blockchain incluye:

• Infraestructura minera de criptomonedas
• Plataformas de desarrollo de juegos blockchain
• Servicios de tokenización de activos digitales

Cartera de juegos diversa

Categoría de juego	Número de títulos	Demografía objetivo
Juegos móviles	12 títulos activos	18-35 rango de edad
Juegos de blockchain	3 títulos patentados	Segmento de criptofusias

Servicios de computación en la nube

Enterprise Cloud Solutions con infraestructura tecnológica especializada:

• Recursos informáticos distribuidos
• Centros de datos de alto rendimiento
• Modelos de implementación de nube personalizados

Ecosistema tecnológico avanzado

Segmento tecnológico	Monto de la inversión	Enfoque estratégico
Blockchain R&D	$ 3.2 millones (2023)	Desarrollo de tecnología descentralizada
Tecnología de juego	$ 5.7 millones (2023)	Plataformas de juegos de próxima generación

The9 Limited (NCTY) - Modelo de negocio: relaciones con los clientes

Plataformas de participación de la comunidad en línea

The9 Limited mantiene comunidades en línea activas en múltiples plataformas:

Plataforma	Métricas de participación del usuario
Comunidad de vapor	12,453 miembros activos de la comunidad
Canal de discordia	8.721 miembros del servidor registrado
Foros de juegos oficiales	5.642 usuarios de foro registrados

Canales directos de atención al cliente

La infraestructura de atención al cliente incluye:

• Sistema de soporte de boletos en línea 24/7
• Tiempo de respuesta promedio: 2.3 horas
• Canales de soporte de varios idiomas

Diseño de experiencia de juego personalizado

Característica de personalización	Tasa de implementación
Sistemas de avatar personalizados	87% de adopción del usuario
Recomendaciones de juego personalizadas	72% de participación del usuario
Seguimiento de rendimiento del jugador individual	64% de uso activo

Actualizaciones regulares del juego y refrigerio de contenido

Actualizar la frecuencia y las métricas de contenido:

• Actualizaciones mensuales de contenido: 4-6 nuevas funciones
• Parches trimestrales del juego principal
• Expansiones anuales de contenido principal

Comentarios de los usuarios y desarrollo de productos iterativos

Mecanismo de retroalimentación	Tasa de participación del usuario
Formularios de retroalimentación en el juego	43% de tasa de envío de usuarios
Juntas de sugerencias de la comunidad	Tasa de implementación de características del 29%
Programas de pruebas beta	1.876 probadores beta activos

The9 Limited (NCTY) - Modelo de negocio: canales

Plataformas oficiales de distribución de juegos móviles

The9 Limited utiliza las siguientes plataformas de distribución de juegos móviles:

Apple App Store	Canal de distribución de juegos de iOS primario
Google Play Store	Plataforma de distribución de juegos de Android primario
Taptap	Plataforma de distribución de juegos móviles chino

Sitio web de la empresa y portales en línea

The9 Limited mantiene los siguientes canales en línea:

• Sitio web corporativo oficial: www.the9.com
• Portal de relaciones con los inversores
• Páginas de destino específicas del juego

Canales de comercialización de redes sociales

Weibo	Plataforma de redes sociales chinas
Cuenta oficial de WeChat	Mensajes móviles y plataforma de redes sociales
Gorjeo	Plataforma de redes sociales globales

Tiendas de aplicaciones de juego

Los canales de distribución incluyen:

• Huawei AppGallery
• Tienda de aplicaciones de Xiaomi
• App Store Oppo
• Tienda de aplicaciones Vivo

Plataformas de transmisión de contenido digital

Contracción nerviosa	Plataforma de transmisión de juegos globales
Bilibili	Plataforma de transmisión de video chino
Yy vive	Plataforma de transmisión en vivo china

The9 Limited (NCTY) - Modelo de negocio: segmentos de clientes

Entusiastas del juego móvil

A partir de 2023, The9 Limited apunta a los jugadores de juegos móviles con el siguiente desglose demográfico:

Grupo de edad	Porcentaje	Gasto mensual promedio
18-24 años	42%	$45.50
25-34 años	38%	$62.30
35-44 años	15%	$38.20

Jóvenes consumidores de entretenimiento digital

Estadísticas de consumo de entretenimiento digital para el segmento objetivo de The9:

• Mercado total direccionable: 186 millones de usuarios
• Edad media: 27 años
• Consumo promedio de entretenimiento digital semanal: 12.4 horas
• Plataformas preferidas: móvil (68%), PC (22%), consola (10%)

Tecnología blockchain temprano adoptantes

Métricas de segmento de clientes blockchain:

Métrico	Valor
Usuarios totales de blockchain	72,500
Inversión promedio	$3,750
Tasa de interacción de criptomonedas	62%

Clientes de computación en la nube empresarial

Enterprise Cloud Computing Desglose del segmento de clientes:

• Total de clientes empresariales: 247
• Valor promedio del contrato anual: $ 425,000
• Distribución vertical de la industria:
  • Tecnología: 35%
  • Finanzas: 28%
  • Juego: 22%
  • Otros: 15%

Inversores expertos en tecnología

Características del segmento de inversores:

Categoría de inversión	Número de inversores	Inversión promedio
Institucional	42	$ 1.2 millones
Minorista	3,600	$15,750
Capital de riesgo	12	$ 5.3 millones

The9 Limited (NCTY) - Modelo de negocio: Estructura de costos

Desarrollo de juegos y gastos de diseño

En 2023, The9 Limited informó gastos de desarrollo del juego de $ 4.2 millones, lo que representa una disminución del 15.3% respecto al año anterior.

Categoría de gastos	Cantidad (USD)	Porcentaje de costos totales de desarrollo
Salarios de diseño de juegos	$ 1.8 millones	42.9%
Licencia de software	$680,000	16.2%
Herramientas de desarrollo de juegos externos	$520,000	12.4%

Mantenimiento de la infraestructura tecnológica

Los costos anuales de infraestructura tecnológica totalizaron $ 3.6 millones en 2023.

• Alojamiento del servidor en la nube: $ 1.2 millones
• Sistemas de seguridad de red: $ 850,000
• Mantenimiento del centro de datos: $ 750,000
• Infraestructura de soporte técnico: $ 800,000

Costos de marketing y adquisición de usuarios

El gasto de marketing en 2023 alcanzó los $ 2.9 millones.

Canal de marketing	Gasto (USD)	Porcentaje del presupuesto de marketing
Publicidad digital	$ 1.4 millones	48.3%
Campañas de redes sociales	$650,000	22.4%
Asociaciones de influencia	$450,000	15.5%

Inversiones de investigación y desarrollo

Las inversiones en I + D para 2023 ascendieron a $ 5.1 millones, lo que representa el 22% de los gastos operativos totales.

• Investigación de tecnología blockchain: $ 1.5 millones
• Exploración de juegos de realidad virtual: $ 1.2 millones
• AI Game Design Technologies: $ 1.4 millones

Compensación de empleados y retención de talento

La compensación total de los empleados en 2023 fue de $ 8.7 millones.

Componente de compensación	Cantidad (USD)	Porcentaje de total
Salarios base	$ 5.6 millones	64.4%
Bonos de rendimiento	$ 1.9 millones	21.8%
Opciones sobre acciones	$ 1.2 millones	13.8%

The9 Limited (NCTY) - Modelo de negocios: flujos de ingresos

Monetización del juego móvil

En 2023, The9 Limited generó ingresos de juegos móviles de $ 12.4 millones, lo que representa una disminución del 17.3% respecto al año anterior. Las estrategias de monetización primaria incluyen:

• Compras en la aplicación
• Venta de artículos virtuales
• Contenido del juego premium

Fuente de ingresos	Monto ($)	Porcentaje
Compras de juegos móviles en la aplicación	7,440,000	60%
Venta de artículos virtuales	3,720,000	30%
Contenido del juego premium	1,240,000	10%

Tarifas de servicio de computación en la nube

Los servicios de computación en la nube generaron $ 8.6 millones en ingresos para 2023, con el siguiente desglose:

• Soluciones de nube empresarial
• Alojamiento de infraestructura blockchain
• Servicios de centro de datos

Categoría de servicio en la nube	Ingresos ($)	Cuota de mercado
Soluciones de nube empresarial	5,160,000	60%
Infraestructura de blockchain	2,580,000	30%
Servicios de centro de datos	860,000	10%

Licencias de tecnología blockchain

Los ingresos por licencia de blockchain para 2023 totalizaron $ 3.2 millones, con acuerdos clave de licencia en criptomonedas y sectores de tecnología descentralizada.

Categoría de licencias	Ingresos ($)	Índice de crecimiento
Licencia de criptomonedas	1,920,000	15%
Tecnología descentralizada	1,280,000	10%

Ventas de contenido digital

Las ventas de contenido digital alcanzaron $ 5.7 millones en 2023, abarcando:

• Distribución de medios digitales
• Contenido de entretenimiento en línea
• Comercio de activos digitales

Categoría de contenido	Ingresos ($)	Porcentaje
Distribución de medios digitales	2,850,000	50%
Contenido de entretenimiento en línea	1,710,000	30%
Comercio de activos digitales	1,140,000	20%

Rendimientos de inversión estratégica

Las inversiones estratégicas generaron $ 4.5 millones en rendimientos para 2023, con una cartera de inversiones diversificada en los sectores de tecnología y blockchain.

Categoría de inversión	Devoluciones ($)	Asignación de inversión
Startups tecnológicas	2,250,000	50%
Blockchain Ventures	1,350,000	30%
Inversiones de activos digitales	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.