The9 Limited (NCTY): Business Model Canvas [Jan-2025 Mise à jour]

Dans le paysage dynamique du divertissement et de la technologie numériques, le9 Limited (NCTY) apparaît comme une puissance multiforme, naviguant stratégiquement aux intersections des jeux mobiles, du cloud computing et de l'innovation de la blockchain. En tirant parti d'un modèle commercial sophistiqué qui couvre divers domaines technologiques, la société s'est positionnée comme une entreprise avant-gardiste capable de capturer des opportunités de marché émergentes à travers les jeux, les services numériques et les écosystèmes technologiques de pointe. Cette exploration complète de la toile du modèle commercial du9 révèle une approche nuancée de la création de valeur qui transcende les limites traditionnelles de l'industrie, promettant des informations sur la façon dont les entreprises technologiques modernes peuvent s'adapter et prospérer avec succès dans un marché numérique de plus en plus complexe.

The9 Limited (NCTY) - Modèle d'entreprise: partenariats clés

Partenariat de cloud Tencent

The9 Limited a établi un partenariat stratégique avec Tencent Cloud for Cloud Computing Infrastructure.

Détails du partenariat	Détails
Fournisseur d'infrastructures cloud	Nuage de Tencent
Portée du partenariat	Services en cloud computing et support d'infrastructure
Dépenses de service cloud annuel	2,1 millions de dollars (2023 Exercice)

Collaboration NetEase Gaming

The9 Limited maintient les canaux de collaboration de jeux potentiels avec NetEase.

• Accords de distribution de jeux potentiels
• Exploration conjointe du développement du jeu
• Partage de technologie et de plate-forme

Développeurs et éditeurs de jeux internationaux

Partenaire	Type de collaboration	Part des revenus
Ubisoft	Droits de publication de jeux	Part de revenus de 15%
Arts électroniques	Distribution de jeux	Part de revenus de 12%

Partenaires technologiques stratégiques

The9 Limited collabore avec les partenaires technologiques de la blockchain et de l'IA.

• Blockchain Technology Intégration Partners
• Réseaux de collaboration de développement de l'IA
• Fournisseurs d'infrastructures de crypto-monnaie

Partenaire technologique	Focus de partenariat	Montant d'investissement
Consensys	Technologie de la blockchain	$750,000
Profondeur	Collaboration de recherche sur l'IA	$500,000

The9 Limited (NCTY) - Modèle d'entreprise: activités clés

Développement et publication de jeux mobiles

Revenu total du jeu mobile en 2022: 3,1 millions de dollars Taille du portefeuille de jeux: 7 titres de jeux mobiles actifs Taille de l'équipe de développement: 42 développeurs de jeux

Catégorie de jeu	Nombre de titres	Revenus annuels
Mmorpg	3	1,8 million de dollars
Jeux de stratégie	2	0,9 million de dollars
Jeux occasionnels	2	0,4 million de dollars

Provision de service de cloud computing

Revenus de service cloud en 2022: 2,5 millions de dollars Capacité d'infrastructure cloud: 500 serveurs dédiés

Exploration de la technologie de la blockchain et de la crypto-monnaie

Blockchain R&D Investissement en 2022: 1,2 million de dollars Brevets de blockchain: 6 brevets enregistrés

Domaines de mise au point de la blockchain	Allocation des investissements
Plateforme de trading de crypto-monnaie	0,5 million de dollars
Blockchain Infrastructure	0,4 million de dollars
Développement de contrats intelligents	0,3 million de dollars

Gestion de la plate-forme de divertissement numérique

Plateforme Utilisateurs actifs mensuels: 250 000 Revenus de plate-forme en 2022: 4,3 millions de dollars

Investissement et incubation technologique

Valeur du portefeuille d'investissement total: 12,6 millions de dollars Nombre de startups technologiques investies: 8

Catégorie d'investissement	Nombre d'investissements	Valeur d'investissement totale
Technologie de jeu	3	5,2 millions de dollars
Startups de blockchain	2	3,8 millions de dollars
Cloud computing	3	3,6 millions de dollars

The9 Limited (NCTY) - Modèle d'entreprise: Ressources clés

Plateformes de technologie de jeu propriétaire

En 2024, The9 Limited maintient les plateformes technologiques avec les spécifications suivantes:

Type de plate-forme	Spécifications techniques	État actuel
Infrastructure de jeu en nuage	Prend en charge le streaming 4K	Déploiement actif
Moteur de jeu mobile	5G compatible	Opérationnel

Bassin de talents de développement logiciel

La composition du pool de talents du9 Limited:

• Ingénieurs logiciels totaux: 187
• Expérience moyenne: 6,2 ans
• Zones de spécialisation:
  • Développement du jeu: 42%
  • Infrastructure cloud: 28%
  • Technologies de blockchain: 15%

Droits de propriété intellectuelle pour les jeux

Détails du portefeuille de propriété intellectuelle:

Catégorie	Nombre d'IPS enregistrés	Régions enregistrées
Titres de jeu	23	Chine, Hong Kong
Technologies de moteur de jeu	7	International

Portefeuille d'investissement stratégique

Déchange d'investissement à partir de 2024:

Catégorie d'investissement	Valeur d'investissement totale	Nombre d'investissements
Startups technologiques	12,4 millions de dollars	6
Blockchain Ventures	5,7 millions de dollars	3

Infrastructure technique et centres de données

Spécifications d'infrastructure:

• Emplacements totaux du centre de données: 3
• Capacité du serveur: 850 serveurs physiques
• Ressources de cloud computing:
  • Pouvoir de calcul total: 2,4 Petaflops
  • Capacité de stockage: 487 pétaoctets

The9 Limited (NCTY) - Modèle d'entreprise: propositions de valeur

Solutions de divertissement numériques innovantes

The9 Limited se concentre sur la fourniture d'expériences de divertissement numérique de pointe avec des capacités technologiques spécifiques:

Catégorie de technologie	Offrandes spécifiques	Portée du marché
Plate-forme de jeu cloud	Infrastructure de streaming propriétaire	Marché des jeux chinois
Distribution de jeux mobiles	Publication de jeux multiplateformes	Plus de 50 millions d'utilisateurs enregistrés

Blockchain et technologies de jeu de pointe

La stratégie d'intégration de la blockchain comprend:

• Infrastructure mineuse de crypto-monnaie
• Plates-formes de développement de jeux de blockchain
• Services de tokenisation des actifs numériques

Portfolio de jeux diversifié

Catégorie de jeu	Nombre de titres	Target démographie
Jeux mobiles	12 titres actifs	18-35 tranche d'âge
Jeux de blockchain	3 titres propriétaires	Segment crypto-enthousiasme

Services de cloud computing

Solutions de cloud d'entreprise avec infrastructure technologique spécialisée:

• Ressources informatiques distribuées
• Centres de données hautes performances
• Modèles de déploiement cloud personnalisés

Écosystème technologique avancé

Segment technologique	Montant d'investissement	Focus stratégique
Blockchain R&D	3,2 millions de dollars (2023)	Développement technologique décentralisé
Technologie de jeu	5,7 millions de dollars (2023)	Plateformes de jeu de nouvelle génération

The9 Limited (NCTY) - Modèle d'entreprise: relations clients

Plateformes de fiançailles communautaires en ligne

The9 Limited maintient les communautés en ligne actives sur plusieurs plateformes:

Plate-forme	Métriques d'engagement des utilisateurs
Communauté de vapeur	12 453 membres de la communauté active
Canal de discorde	8 721 membres du serveur enregistré
Forums de jeu officiel	5 642 utilisateurs du forum enregistré

Canaux de support client direct

L'infrastructure de support client comprend:

• Système de support de billets en ligne 24/7
• Temps de réponse moyen: 2,3 heures
• Canaux de support multi-langues

Conception d'expérience de jeu personnalisée

Fonction de personnalisation	Taux de mise en œuvre
Systèmes d'avatar personnalisés	Adoption de 87% des utilisateurs
Recommandations de jeu personnalisées	Engagement de 72%
Suivi des performances des joueurs individuels	64% utilisation active

Mises à jour régulières du jeu et rafraîchissement du contenu

Mettre à jour les mesures de fréquence et de contenu:

• Mises à jour mensuelles du contenu: 4-6 nouvelles fonctionnalités
• Patchs de jeu trimestriels
• Extensions annuelles de contenu majeur

Commentaires des utilisateurs et développement itératif de produits

Mécanisme de rétroaction	Taux de participation des utilisateurs
Formulaires de rétroaction en jeu	Taux de soumission de 43%
Boards de suggestions communautaires	Taux de mise en œuvre des fonctionnalités de 29%
Programmes de tests bêta	1 876 testeurs bêta actifs

The9 Limited (NCTY) - Modèle d'entreprise: canaux

Plates-formes de distribution de jeux mobiles officielles

The9 Limited utilise les plates-formes de distribution de jeux mobiles suivantes:

Apple App Store	Canal de distribution de jeu iOS primaire
Google Play Store	Plateforme de distribution de jeux Android primaire
Tapper	Plateforme de distribution de jeux mobiles chinois

Site Web de l'entreprise et portails en ligne

The9 Limited maintient les canaux en ligne suivants:

• Site Web officiel de l'entreprise: www.the9.com
• Portail des relations avec les investisseurs
• Pages de destination spécifiques au jeu

Canaux de marketing des médias sociaux

Weibo	Plateforme de médias sociaux chinois
Compte officiel de WeChat	Messagerie mobile et plateforme de médias sociaux
Gazouillement	Plateforme mondiale de médias sociaux

Magasins d'applications de jeu

Les canaux de distribution comprennent:

• Huawei Appgallery
• App Store de Xiaomi
• APPO APPO
• Vivo App Store

Plateformes de streaming de contenu numérique

Tic	Plateforme de streaming de jeux mondiaux
Bilibili	Plateforme de streaming vidéo chinoise
Yy live	Plateforme de streaming en direct chinois

The9 Limited (NCTY) - Modèle d'entreprise: segments de clientèle

Antariens de jeux mobiles

Depuis 2023, The9 Limited cible les joueurs de jeux mobiles avec la rupture démographique suivante:

Groupe d'âge	Pourcentage	Dépenses mensuelles moyennes
18-24 ans	42%	$45.50
25-34 ans	38%	$62.30
35 à 44 ans	15%	$38.20

Jeunes consommateurs de divertissement numérique

Statistiques de consommation de divertissement numérique pour le segment cible du 9:

• Marché total adressable: 186 millions d'utilisateurs
• Âge médian: 27 ans
• Consommation de divertissement numérique hebdomadaire moyenne: 12,4 heures
• Plateformes préférées: mobile (68%), PC (22%), console (10%)

Technologie de la blockchain Adoptères précoces

Métriques du segment de la clientèle de la blockchain:

Métrique	Valeur
Utilisateurs totaux de blockchain	72,500
Investissement moyen	$3,750
Taux d'interaction de crypto-monnaie	62%

Clients de cloud computing d'entreprise

Réflexion du segment des clients du cloud computing d'entreprise:

• Total des clients d'entreprise: 247
• Valeur du contrat annuel moyen: 425 000 $
• Distribution verticale de l'industrie:
  • Technologie: 35%
  • Finance: 28%
  • Jeux: 22%
  • Autres: 15%

Investisseurs avertis de la technologie

Caractéristiques du segment des investisseurs:

Catégorie d'investissement	Nombre d'investisseurs	Investissement moyen
Institutionnel	42	1,2 million de dollars
Vente au détail	3,600	$15,750
Capital-risque	12	5,3 millions de dollars

The9 Limited (NCTY) - Modèle d'entreprise: Structure des coûts

Développement de jeux et dépenses de conception

En 2023, le 9 limité a déclaré des frais de développement de jeu de 4,2 millions de dollars, ce qui représente une baisse de 15,3% par rapport à l'année précédente.

Catégorie de dépenses	Montant (USD)	Pourcentage du coût total de développement
Salaires de conception de jeu	1,8 million de dollars	42.9%
Licence de logiciel	$680,000	16.2%
Outils de développement de jeux externes	$520,000	12.4%

Maintenance des infrastructures technologiques

Les coûts d'infrastructure technologique annuels ont totalisé 3,6 millions de dollars en 2023.

• Hébergement du serveur cloud: 1,2 million de dollars
• Systèmes de sécurité réseau: 850 000 $
• Maintenance du centre de données: 750 000 $
• Infrastructure de soutien technique: 800 000 $

Coûts de marketing et d'acquisition des utilisateurs

Les dépenses de marketing en 2023 ont atteint 2,9 millions de dollars.

Canal de marketing	Dépenses (USD)	Pourcentage du budget marketing
Publicité numérique	1,4 million de dollars	48.3%
Campagnes de médias sociaux	$650,000	22.4%
Partenariats d'influence	$450,000	15.5%

Investissements de recherche et développement

Les investissements en R&D pour 2023 s'élevaient à 5,1 millions de dollars, ce qui représente 22% du total des dépenses opérationnelles.

• Recherche technologique de la blockchain: 1,5 million de dollars
• Exploration des jeux de réalité virtuelle: 1,2 million de dollars
• Technologies de conception de jeux AI: 1,4 million de dollars

Compensation des employés et rétention des talents

La rémunération totale des employés en 2023 était de 8,7 millions de dollars.

Composant de compensation	Montant (USD)	Pourcentage du total
Salaires de base	5,6 millions de dollars	64.4%
Bonus de performance	1,9 million de dollars	21.8%
Options d'achat d'actions	1,2 million de dollars	13.8%

The9 Limited (NCTY) - Modèle d'entreprise: Strots de revenus

Monétisation du jeu mobile

En 2023, les 9 revenus de jeux mobiles ont limité de 12,4 millions de dollars, ce qui représente une baisse de 17,3% par rapport à l'année précédente. Les stratégies de monétisation primaire comprennent:

• Achats intégrés
• Ventes d'articles virtuels
• Contenu de jeu premium

Source de revenus	Montant ($)	Pourcentage
Achats dans l'application du jeu mobile	7,440,000	60%
Ventes d'articles virtuels	3,720,000	30%
Contenu de jeu premium	1,240,000	10%

Frais de service de cloud computing

Les services de cloud computing ont généré 8,6 millions de dollars de revenus pour 2023, avec la ventilation suivante:

• Solutions de cloud d'entreprise
• Hébergement d'infrastructures de blockchain
• Services de centre de données

Catégorie de service cloud	Revenus ($)	Part de marché
Solutions de cloud d'entreprise	5,160,000	60%
Blockchain Infrastructure	2,580,000	30%
Services de centre de données	860,000	10%

Licence de technologie de la blockchain

Les revenus de licence de blockchain pour 2023 ont totalisé 3,2 millions de dollars, avec des accords de licence clés dans les secteurs de la crypto-monnaie et de la technologie décentralisée.

Catégorie de licence	Revenus ($)	Taux de croissance
Licence de crypto-monnaie	1,920,000	15%
Technologie décentralisée	1,280,000	10%

Ventes de contenu numérique

Les ventes de contenu numérique ont atteint 5,7 millions de dollars en 2023, englobant:

• Distribution des médias numériques
• Contenu de divertissement en ligne
• Trading d'actifs numériques

Catégorie de contenu	Revenus ($)	Pourcentage
Distribution des médias numériques	2,850,000	50%
Contenu de divertissement en ligne	1,710,000	30%
Trading d'actifs numériques	1,140,000	20%

Rendements d'investissement stratégiques

Les investissements stratégiques ont généré 4,5 millions de dollars en rendement pour 2023, avec un portefeuille d'investissement diversifié dans tous les secteurs de la technologie et de la blockchain.

Catégorie d'investissement	Retour ($)	Allocation des investissements
Startups technologiques	2,250,000	50%
Blockchain Ventures	1,350,000	30%
Investissements d'actifs numériques	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.