The9 Limited Achieved 66% Increase in Net Revenues and Turned Net Loss into Net Income for the Year Ended December 31, 2023

Core Viewpoint - The9 Limited reported significant growth in its financial performance for 2023, highlighting a shift from a net loss in 2022 to a net income in 2023, driven by its cryptocurrency mining business and expansion into AI applications [2][3]. Financial Highlights - Net revenues increased by 66% year-over-year, rising from RMB108 million in 2022 to RMB179 million (US$25 million) in 2023 [2]. - The company achieved a net income of RMB13 million (US$2 million) in 2023, a substantial recovery from a net loss of RMB975 million in 2022 [2]. Management Comments - The Chairman and CEO, Jun Zhu, emphasized the growth in the cryptocurrency mining sector and the company's commitment to seeking environmentally friendly energy solutions [3]. - The9 is actively participating in Web3 games and exploring AI applications across various industries, recognizing the transformative impact of GenAI [3]. - As of the report date, The9 has a total of 1,675,281,127 issued and outstanding shares, comprising 1,661,673,793 Class A ordinary shares and 13,607,334 Class B ordinary shares [3]. Company Overview - The9 Limited is a Nasdaq-listed Internet company established in 2004, focusing on becoming a diversified high-tech Internet company engaged in blockchain and cryptocurrency mining [5]. - The company is also venturing into AI applications across different sectors [5].