The9 Limited (NCTY): Modelo de Negócios Canvas [Jan-2025 Atualizado]

No cenário dinâmico de entretenimento e tecnologia digital, o The9 Limited (NCTY) surge como uma potência multifacetada, navegando estrategicamente nos cruzamentos de jogos móveis, computação em nuvem e inovação em blockchain. Ao alavancar um modelo de negócios sofisticado que abrange diversos domínios tecnológicos, a empresa se posicionou como uma empresa de visão de futuro capaz de capturar oportunidades de mercado emergentes em jogos, serviços digitais e ecossistemas tecnológicos de ponta. Essa exploração abrangente da tela de modelo de negócios da 9 revela uma abordagem diferenciada para a criação de valor que transcende os limites tradicionais da indústria, prometendo informações sobre como as empresas de tecnologia modernas podem se adaptar e prosperar com sucesso em um mercado digital cada vez mais complexo.

The9 Limited (NCTY) - Modelo de Negócios: Principais Parcerias

Tencent Cloud Partnership

A The9 Limited estabeleceu uma parceria estratégica com a Tencent Cloud para a infraestrutura de computação em nuvem.

Detalhes da parceria	Especificidades
Provedor de infraestrutura em nuvem	Tencent Cloud
Escopo da parceria	Serviços de computação em nuvem e suporte de infraestrutura
Despesas anuais de serviço em nuvem	US $ 2,1 milhões (2023 ano fiscal)

NetEase Gaming Collaboration

O The9 Limited mantém os possíveis canais de colaboração de jogos com o NetEase.

• Acordos de distribuição de jogos em potencial
• Exploração de desenvolvimento de jogos conjuntos
• Tecnologia e compartilhamento de plataforma

Desenvolvedores e editores internacionais de jogos

Parceiro	Tipo de colaboração	Participação de receita
Ubisoft	Direitos de publicação de jogos	15% de participação na receita
Artes eletrônicas	Distribuição de jogos	12% de participação na receita

Parceiros de Tecnologia Estratégica

The9 Limited colabora com os parceiros de tecnologia Blockchain e AI.

• Blockchain Technology Integration Partners
• Redes de colaboração de desenvolvimento de IA
• Provedores de infraestrutura de criptomoeda

Parceiro de tecnologia	Foco em parceria	Valor do investimento
Consensys	Tecnologia Blockchain	$750,000
DeepMind	Colaboração de pesquisa de IA	$500,000

The9 Limited (NCTY) - Modelo de negócios: Atividades -chave

Desenvolvimento de jogos para celular e publicação

Receita total do jogo para celular em 2022: US $ 3,1 milhões Tamanho do portfólio de jogos: 7 títulos ativos de jogos para celular Tamanho da equipe de desenvolvimento: 42 desenvolvedores de jogos

Categoria de jogo	Número de títulos	Receita anual
Mmorpg	3	US $ 1,8 milhão
Jogos de estratégia	2	US $ 0,9 milhão
Jogos casuais	2	US $ 0,4 milhão

Duneira de serviço de computação em nuvem

Receita de serviço em nuvem em 2022: US $ 2,5 milhões Capacidade da infraestrutura em nuvem: 500 servidores dedicados

Blockchain e exploração de tecnologia de criptomoeda

Blockchain R&D Investment em 2022: US $ 1,2 milhão Patentes de blockchain: 6 patentes registradas

Áreas de foco em blockchain	Alocação de investimento
Plataforma de negociação de criptomoedas	US $ 0,5 milhão
Infraestrutura de blockchain	US $ 0,4 milhão
Desenvolvimento de contratos inteligentes	US $ 0,3 milhão

Gerenciamento de plataforma de entretenimento digital

Usuários ativos mensais da plataforma: 250.000 Receita da plataforma em 2022: US $ 4,3 milhões

Incubação de investimento e tecnologia

Valor da carteira total de investimentos: US $ 12,6 milhões Número de startups de tecnologia investidas: 8

Categoria de investimento	Número de investimentos	Valor total de investimento
Tecnologia de jogos	3	US $ 5,2 milhões
Startups de blockchain	2	US $ 3,8 milhões
Computação em nuvem	3	US $ 3,6 milhões

The9 Limited (NCTY) - Modelo de negócios: Recursos -chave

Plataformas proprietárias de tecnologia de jogos

A partir de 2024, o The9 Limited mantém plataformas de tecnologia com as seguintes especificações:

Tipo de plataforma	Especificações técnicas	Status atual
Infraestrutura de jogos em nuvem	Suporta streaming em 4K	Implantação ativa
Engine de jogo para celular	5G Compatível	Operacional

Pool de talentos de desenvolvimento de software

A composição do pool de talentos da THE9 LIMITED:

• Total de engenheiros de software: 187
• Experiência média: 6,2 anos
• Áreas de especialização:
  • Desenvolvimento de jogos: 42%
  • Infraestrutura em nuvem: 28%
  • Blockchain Technologies: 15%

Direitos de propriedade intelectual para jogos

Detalhes da carteira de propriedade intelectual:

Categoria	Número de IPs registrados	Regiões registradas
Títulos de jogo	23	China, Hong Kong
Tecnologias de mecanismo de jogo	7	Internacional

Portfólio de investimentos estratégicos

Redução de investimentos a partir de 2024:

Categoria de investimento	Valor total de investimento	Número de investimentos
Startups de tecnologia	US $ 12,4 milhões	6
Blockchain Ventures	US $ 5,7 milhões	3

Infraestrutura técnica e data centers

Especificações de infraestrutura:

• Locais totais de data center: 3
• Capacidade do servidor: 850 servidores físicos
• Recursos de computação em nuvem:
  • Poder de computação total: 2.4 Petaflops
  • Capacidade de armazenamento: 487 petabytes

The9 Limited (NCTY) - Modelo de Negócios: Proposições de Valor

Soluções inovadoras de entretenimento digital

O The9 Limited se concentra em oferecer experiências de entretenimento digital de ponta com recursos tecnológicos específicos:

Categoria de tecnologia	Ofertas específicas	Alcance do mercado
Plataforma de jogos em nuvem	Infraestrutura de streaming proprietária	Mercado de jogos chinês
Distribuição de jogos para celular	Publicação de jogos com várias plataformas	Mais de 50 milhões de usuários registrados

Blockchain de ponta e tecnologias de jogos

A estratégia de integração de blockchain inclui:

• Infraestrutura de mineração de criptomoedas
• Plataformas de desenvolvimento de jogos de blockchain
• Serviços de tokenização de ativos digitais

Portfólio de jogos diversificado

Categoria de jogo	Número de títulos	Demografia alvo
Jogos para celular	12 títulos ativos	18-35 faixa etária
Blockchain Games	3 títulos proprietários	Segmento cripto-entusiasta

Serviços de computação em nuvem

Enterprise Cloud Solutions com Infraestrutura tecnológica especializada:

• Recursos de computação distribuídos
• Centers de dados de alto desempenho
• Modelos personalizados de implantação em nuvem

Ecossistema tecnológico avançado

Segmento de tecnologia	Valor do investimento	Foco estratégico
Blockchain P&D	US $ 3,2 milhões (2023)	Desenvolvimento de tecnologia descentralizado
Tecnologia de jogos	US $ 5,7 milhões (2023)	Plataformas de jogos de próxima geração

The9 Limited (NCTY) - Modelo de Negócios: Relacionamentos do Cliente

Plataformas de engajamento da comunidade online

The9 Limited mantém comunidades on -line ativas em várias plataformas:

Plataforma	Métricas de engajamento do usuário
Comunidade a vapor	12.453 membros ativos da comunidade
Discord Channel	8.721 membros do servidor registrado
Fóruns oficiais de jogo	5.642 usuários de fórum registrados

Canais diretos de suporte ao cliente

A infraestrutura de suporte ao cliente inclui:

• Sistema de suporte on -line 24/7 online
• Tempo médio de resposta: 2,3 horas
• Canais de suporte multi-linguagem

Design de experiência de jogo personalizada

Recurso de personalização	Taxa de implementação
Sistemas de avatar personalizados	87% de adoção do usuário
Recomendações de jogo personalizadas	72% de envolvimento do usuário
Rastreamento individual de desempenho do jogador	64% de uso ativo

Atualizações regulares de jogos e refresco de conteúdo

Atualizar métricas de frequência e conteúdo:

• Atualizações mensais de conteúdo: 4-6 novos recursos
• Patches de jogos principais trimestrais
• Grandes expansões anuais de conteúdo

Feedback do usuário e desenvolvimento iterativo do produto

Mecanismo de feedback	Taxa de participação do usuário
Formulários de feedback no jogo	43% Taxa de envio do usuário
Placas de sugestão da comunidade	29% de taxa de implementação de recursos
Programas de teste beta	1.876 testadores beta ativos

The9 Limited (NCTY) - Modelo de Negócios: Canais

Plataformas oficiais de distribuição de jogos para celular

The9 Limited utiliza as seguintes plataformas de distribuição de jogos para celular:

Apple App Store	Canal de distribuição de jogos para iOS primário
Google Play Store	Plataforma primária de distribuição de jogos Android
Taptap	Plataforma de distribuição de jogos para celular chinesa

Site da empresa e portais online

The9 Limited mantém os seguintes canais on -line:

• Site corporativo oficial: www.the9.com
• Portal de Relações com Investidores
• Páginas de destino específicas para o jogo

Canais de marketing de mídia social

Weibo	Plataforma de mídia social chinesa
Conta oficial do WeChat	Mensagens móveis e plataforma de mídia social
Twitter	Plataforma global de mídia social

Lojas de aplicativos para jogos

Os canais de distribuição incluem:

• Huawei AppGallery
• Xiaomi App Store
• Appo App Store
• Vivo App Store

Plataformas de streaming de conteúdo digital

Contração muscular	Plataforma de streaming de jogos global
Bilibili	Plataforma de streaming de vídeo chinês
Yy vive	Plataforma de transmissão ao vivo chinesa

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

Entusiastas do jogo para celular

A partir de 2023, o The9 Limited tem como alvo os jogadores de jogos para celular com a seguinte quebra demográfica:

Faixa etária	Percentagem	Gasto mensal médio
18-24 anos	42%	$45.50
25-34 anos	38%	$62.30
35-44 anos	15%	$38.20

Jovens consumidores de entretenimento digital

Estatísticas de consumo de entretenimento digital para o segmento -alvo do 9:

• Mercado endereçável total: 186 milhões de usuários
• Idade média: 27 anos
• Consumo médio de entretenimento digital semanal: 12,4 horas
• Plataformas preferidas: Mobile (68%), PC (22%), Console (10%)

Tecnologia Blockchain Primeiros adotantes

Métricas de segmento de clientes blockchain:

Métrica	Valor
Usuários totais de blockchain	72,500
Investimento médio	$3,750
Taxa de interação de criptomoeda	62%

Clientes de computação em nuvem corporativa

Enterprise Cloud Computing Customer Segment Dobrown:

• Total de clientes corporativos: 247
• Valor médio anual do contrato: US $ 425.000
• Distribuição vertical da indústria:
  • Tecnologia: 35%
  • Finanças: 28%
  • Jogos: 22%
  • Outros: 15%

Investidores com experiência em tecnologia

Características do segmento de investidores:

Categoria de investimento	Número de investidores	Investimento médio
Institucional	42	US $ 1,2 milhão
Varejo	3,600	$15,750
Capital de risco	12	US $ 5,3 milhões

The9 Limited (NCTY) - Modelo de negócios: estrutura de custos

Desenvolvimento de jogos e despesas de design

Em 2023, o The9 Limited relatou despesas de desenvolvimento de jogos de US $ 4,2 milhões, representando uma diminuição de 15,3% em relação ao ano anterior.

Categoria de despesa	Quantidade (USD)	Porcentagem de custos totais de desenvolvimento
Salários de design de jogos	US $ 1,8 milhão	42.9%
Licenciamento de software	$680,000	16.2%
Ferramentas de desenvolvimento de jogos externas	$520,000	12.4%

Manutenção de infraestrutura de tecnologia

Os custos anuais de infraestrutura de tecnologia totalizaram US $ 3,6 milhões em 2023.

• Hospedagem de servidor em nuvem: US $ 1,2 milhão
• Sistemas de segurança de rede: US $ 850.000
• Manutenção do data center: US $ 750.000
• Infraestrutura de suporte técnico: US $ 800.000

Custos de marketing e aquisição de usuários

As despesas de marketing em 2023 atingiram US $ 2,9 milhões.

Canal de marketing	Gastos (USD)	Porcentagem de orçamento de marketing
Publicidade digital	US $ 1,4 milhão	48.3%
Campanhas de mídia social	$650,000	22.4%
Parcerias de influenciadores	$450,000	15.5%

Investimentos de pesquisa e desenvolvimento

Os investimentos em P&D em 2023 totalizaram US $ 5,1 milhões, representando 22% do total de despesas operacionais.

• Pesquisa de tecnologia blockchain: US $ 1,5 milhão
• Exploração de jogos de realidade virtual: US $ 1,2 milhão
• Tecnologias de design de jogos da IA: US $ 1,4 milhão

Compensação de funcionários e retenção de talentos

A compensação total dos funcionários em 2023 foi de US $ 8,7 milhões.

Componente de compensação	Quantidade (USD)	Porcentagem de total
Salários da base	US $ 5,6 milhões	64.4%
Bônus de desempenho	US $ 1,9 milhão	21.8%
Opções de ações	US $ 1,2 milhão	13.8%

The9 Limited (NCTY) - Modelo de negócios: fluxos de receita

Monetização de jogos para celular

Em 2023, o The9 Limited gerou receita de jogos móveis de US $ 12,4 milhões, representando uma diminuição de 17,3% em relação ao ano anterior. As estratégias primárias de monetização incluem:

• Compras no aplicativo
• Vendas de itens virtuais
• Conteúdo do jogo premium

Fonte de receita	Valor ($)	Percentagem
Compras de jogo para celular no aplicativo	7,440,000	60%
Vendas de itens virtuais	3,720,000	30%
Conteúdo do jogo premium	1,240,000	10%

Taxas de serviço de computação em nuvem

Os serviços de computação em nuvem geraram US $ 8,6 milhões em receita para 2023, com a seguinte quebra:

• Enterprise Cloud Solutions
• Hospedagem de infraestrutura de blockchain
• Serviços de data center

Categoria de serviço em nuvem	Receita ($)	Quota de mercado
Enterprise Cloud Solutions	5,160,000	60%
Infraestrutura de blockchain	2,580,000	30%
Serviços de data center	860,000	10%

Licenciamento de tecnologia blockchain

A receita de licenciamento da blockchain para 2023 totalizou US $ 3,2 milhões, com os principais acordos de licenciamento nos setores de criptomoeda e tecnologia descentralizada.

Categoria de licenciamento	Receita ($)	Taxa de crescimento
Licenciamento de criptomoeda	1,920,000	15%
Tecnologia descentralizada	1,280,000	10%

Vendas de conteúdo digital

As vendas de conteúdo digital atingiram US $ 5,7 milhões em 2023, abrangendo:

• Distribuição de mídia digital
• Conteúdo de entretenimento online
• Negociação de ativos digitais

Categoria de conteúdo	Receita ($)	Percentagem
Distribuição de mídia digital	2,850,000	50%
Conteúdo de entretenimento online	1,710,000	30%
Negociação de ativos digitais	1,140,000	20%

Retornos estratégicos de investimento

Os investimentos estratégicos geraram US $ 4,5 milhões em retornos para 2023, com portfólio diversificado de investimentos nos setores de tecnologia e blockchain.

Categoria de investimento	Retorna ($)	Alocação de investimento
Startups de tecnologia	2,250,000	50%
Blockchain Ventures	1,350,000	30%
Investimentos de ativos digitais	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.