JFU posts RMB218.5M H1 profit as costs fall 41.8%

Rhea-AI Filing Summary

9F Inc. reported unaudited first half 2025 results, highlighted by net income of RMB218.5 million, up from RMB12.5 million a year ago. Management noted an ongoing transition under new internet loan facilitation rules, which is expected to reduce technology-based businesses and drive a focus on efficiency, cost control, and new opportunities.

Total net revenues were RMB152.1 million, modestly higher year over year. Sales income rose to RMB75.9 million (up 69.5%) on product mix adjustments, while technical services fell to RMB61.0 million (down 22.3%) and wealth management to RMB15.3 million (down 21.7%).

Total operating expenses and fees decreased 41.8% to RMB124.0 million, with notable declines in origination and servicing and general and administrative costs, and a small reversal of credit losses. Interest income and realized gains reached RMB56.5 million, and unrealized gains on marketable securities were RMB133.7 million. Adjusted net income was RMB105.1 million. Cash and cash equivalents and term deposits were RMB443.6 million as of June 30, 2025.

Insights

Cross-border fintech equity analyst

Strong H1 profit driven by cost cuts and investment gains.

9F Inc. delivered a sharp swing to profitability in H1 2025, with net income of RMB218.5M. Operating discipline helped: total operating expenses and fees fell 41.8% to RMB124.0M, turning operating loss into income. Revenue mix shifted—sales income rose 69.5% to RMB75.9M, while technical services and wealth management declined.

Non-operating items were material. Interest income and realized gains contributed RMB56.5M, and unrealized gains on marketable securities were RMB133.7M. Adjusted net income was RMB105.1M, indicating improved core performance alongside market-driven gains.

Management cites regulatory changes that may reduce technology-based businesses, emphasizing efficiency and cost control. Actual impact will depend on execution and demand trends across service lines. Subsequent filings may provide additional clarity on business mix and sustainability of earnings drivers.

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Form 6-K

REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13a-16 OR 15d-16 UNDER

THE SECURITIES EXCHANGE ACT OF 1934

For the month of October 2025

Commission File Number 001-39025

9F Inc.

(Translation of registrant’s name into English)

Room 1207, Building No. 5, 5 West Laiguangying Road

Chaoyang District, Beijing 100012

People’s Republic of China

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F. Form 20-F ☒ Form 40-F ☐

9F Inc. Reports First Half 2025 Unaudited Financial Results

BEIJING, CHINA — October 3, 2025— 9F Inc. (“9F” or “the Company”) (NASDAQ: JFU), a digital technology service provider aiming to empower institutional partners with advanced financial technologies, today announced its unaudited financial results for the six months ended June 30, 2025.

First Half 2025 Financial Highlights

● Total net revenues were RMB152.1 million (US$21.2 million), representing an increase of 6.5% from RMB142.8 million in the first half of 2024. The increase was primarily due to the increase in our sales income revenues resulting from the adjustment to our product offering structure.

● Net income was RMB218.5 million (US$30.5 million), as compared to net income of RMB12.5 million in the first half of 2024. The increase was (i) primarily attributable to unrealized gains from our investments in listed stocks and ETFs as of June 30, 2025, which were made on a temporary basis for better management of our cash reserve, and (ii) partly due to a decrease in our operating expenses resulting from our continued cost control efforts. Unrealized gains from our investments are based on unrealized mark-to-market valuations and they are subject to fluctuations. These gains may reverse and present a possibility of future losses either due to market volatility or if we decide to divest at an unfavorable time. Unrealized gains from our investments are not generated from our operations and therefore have no material impact on our operations.

We are navigating a period of transition to adapt to the regulatory regime under the Notice of Strengthening the Management of the Internet Loan Facilitation Business of Commercial Banks to Enhance the Quality and Efficiency of Financial Services, as recently issued by the National Financial Regulatory Administration and which is expected to bring about a reduction in our technology-based businesses and require us to enhance our operational efficiency, reduce costs at the operational level and pursue new business opportunities.

● Adjusted net income¹ was RMB105.1 million (US$14.7 million), as compared to an adjusted net income of RMB6.4 million in the first half of 2024.

● Cash and cash equivalents and term deposits were RMB443.6 million (US$61.9 million), representing a 30.9% decrease compared with RMB642.1 million as of December 31, 2024. The decrease was primarily due to the purchase of Investment in marketable securities.

● Restricted cash was RMB459.4 million (US$64.1 million), representing a 73.8% increase from RMB264.3 million as of December 31, 2024, of which RMB313.6 million was cash subject to temporary judicial freeze in connection with certain ongoing litigations, and RMB122.9 million was cash we received from investors under Internet Securities Services for Hong Kong and U.S. stock markets for their investment in securities.

First Half 2025 Financial Results

● Total net revenues were RMB152.1 million (US$21.2 million), representing an increase of 6.5% from RMB142.8 million in the first half of 2024.

Sales income revenues were RMB 75.9 million (US$10.6 million) in the first half of 2025, representing an increase of 69.5% from RMB 44.8 million in the first half of 2024. The increase was primarily due to the initiatives we implemented proactively to adjust our product offering structure for purposes of enhancing our business efficiency and margin.

Technical services revenues were RMB61.0 million (US$8.5 million) in the first half of 2025, representing a decrease of 22.3% from RMB78.5 million in the first half of 2024. The decrease was primarily due to the decrease in demand for our technical services, which was in turn a result of the relative decline in the business activities of our customers.

Wealth management revenues were RMB15.3 million (US$2.1 million) in the first half of 2025, representing a decrease of 21.7% from RMB19.5 million in the first half of 2024. This reflected a reduction in the demand from customers of our insurance business during the period.

¹ “Adjusted net income” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section entitled “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this press release. Adjusted net income excludes the effect of share-based compensation expenses, impairment loss of investments, unrealized gain of investment in marketable securities and tax effect of adjustments.

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Total operating expenses and fees (including cost of goods sold) were RMB124.0 million (US$17.3million), representing a decrease of 41.8% from RMB213.0 million in the first half of 2024, consisted of (i) sales and marketing expenses of RMB5.9 million (US$0.8 million), representing a decrease of 22.3% from RMB7.6 million in the first half of 2024, (ii) origination and servicing expenses of RMB27.6 million (US$3.9 million), representing an decrease of 57.0% from RMB64.2 million in the first half of 2024, (iii) general and administrative expenses of RMB77.7 million (US$10.8million), representing a decrease of 32.7% from RMB115.4 million in the first half of 2024, and (iv) reversal of credit losses of RMB0.8 million (US$0.1 million), as compared to provision for credit losses of RMB14.1 million in the first half of 2024, as well as the cost of goods sold of RMB13.6 million (US$1.9 million), representing an increase of 15.6% from RMB11.8 million in the first half of 2024.

Interest income and realized gain of investment in marketable securities was RMB56.5 million (US$7.9 million) in the first half of 2025, compared with RMB45.0 million in the first half of 2024.

Income tax expense was RMB20.8 million (US$2.9 million) in the first half of 2025, compared with RMB5.7 million in the first half of 2024. Income tax expense increased primarily because certain of our subsidiaries did not incur losses in the previous year to enable them to offset this year’s profit before income tax, resulting in an increase in their income tax during the first half of 2025.

Net income was RMB218.5 million (US$30.5 million) in the first half of 2025, compared with net income of RMB12.5 million in the first half of 2024.

Adjusted net income² was RMB105.1 million (US$14.7 million), compared with adjusted net income of RMB6.4 million in the first half of 2024.

As of June 30,2025, the Company had cash and cash equivalents and term deposits of RMB443.6 million (US$61.9 million).

Use of Non-GAAP Financial Measures

The Company uses adjusted net income, a non-GAAP financial measure, in evaluating its operating results and as a supplemental measure to review and assess its financial and operational performance. The Company believes that adjusted net income provides useful information about its core operating results, enhances the overall understanding of its past performance and future prospects and allows for greater visibility with respect to key metrics used by the Company’s management in its financial and operational decision-making. The Company also believes that adjusted net income, which excludes the effect of share-based compensation expenses, impairment loss of investments, unrealized gain of investment in marketable securities and tax effect of adjustments, helps identify underlying trends in its business and helps the Company’s management formulate business plans.

Adjusted net income is not defined under U.S. GAAP and is not presented in accordance with U.S. GAAP. This non-GAAP financial measure has limitations as an analytical tool, and when assessing the Company’s operating performance, cash flows or liquidity, investors should not consider it in isolation, or as a substitute for net income, cash flows provided by operating activities or other consolidated statements of operation and cash flow data prepared in accordance with U.S. GAAP. Other companies, including peer companies in the industry, may calculate this non-GAAP measure differently, which may reduce its usefulness as a comparative measure. The Company encourages investors and others to review its financial information in its entirety and not rely on a single financial measure.

² “Adjusted net income” is a non-GAAP financial measure. For more information on this non-GAAP financial measure, please see the section of “Use of Non-GAAP Financial Measures” and the table captioned “Reconciliations of GAAP and Non- GAAP Results” set forth at the end of this press release. Adjusted net income excludes the effect of share-based compensation expenses, impairment loss of investments, unrealized gain of investment in marketable securities and tax effect of adjustments.

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The Company compensates for these limitations by reconciling the non-GAAP financial measure to the most directly comparable U.S. GAAP financial measure, which should be considered when evaluating the Company’s performance. For more information on this non-GAAP financial measure, please see the table captioned “Reconciliations of GAAP and Non-GAAP results” set forth at the end of this press release.

Exchange Rate Information

This announcement contains translations of certain RMB amounts into U.S. dollars at a specified rate solely for the convenience of the reader. Unless otherwise noted, all translations from RMB to U.S. dollars are made at a rate of RMB7.1636 to US$1.00, the rate in effect as of June 30, 2025 as set forth in the H.10 statistical release of the Federal Reserve Board. The Company makes no representation that the RMB or U.S. dollars amounts referred could be converted into U.S. dollars or RMB, as the case may be, at any particular rate or at all. The percentages stated are calculated based on RMB amounts.

The functional currency of certain of our subsidiaries is local currency (such as Hong Kong dollars) other than RMB or U.S. dollars. In preparing our unaudited financial results contained in this announcement, (i) assets and liabilities are translated from such entity’s functional currency to RMB using the exchange rates in effect on the balance sheet date, (ii) equity amounts are translated at historical exchange rates, and (iii) revenues, expenses, gains and losses are translated using the average rates for the six months ended June 30, 2025.

Safe Harbor Statement

This press release contains forward-looking statements. These statements constitute “forward-looking” statements within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended, and as defined in the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “will,” “expects,” “anticipates,” “future,” “intends,” “plans,” “believes,” “estimates,” “target,” “confident” and similar statements. Such statements are based upon management’s current expectations and current market, regulatory and operating conditions and relate to events that involve known or unknown risks, uncertainties and other factors, all of which are difficult to predict and many of which are beyond the Company’s control. Forward-looking statements involve risks, uncertainties and other factors that could cause actual results to differ materially from those contained in any such statements. Potential risks and uncertainties include, but are not limited to, uncertainties as to the Company’s ability to continue or to complete its ongoing business transformation, its ability to attract and retain investors on its platform, its ability to apply for or obtain any license, its ability to expand into any new market, its ability to compete effectively, its ability to comply with any applicable laws, regulations and governmental policies in China or elsewhere, general economic conditions in China and elsewhere, and the Company’s ability to meet the standards necessary to maintain listing of its ADSs on the Nasdaq, including its ability to cure any non-compliance with the Nasdaq’s continued listing criteria. Further information regarding these and other risks, uncertainties or factors is included in the Company’s filings with the U.S. Securities and Exchange Commission. Neither track record nor past performance is indicative of future results. 9F Inc. does not guarantee any specific outcome (including the outcome of its ongoing business transformation) or profit.

All information provided in this press release is as of the date of this press release, and subject to change without notice. 9F Inc. does not undertake any obligation to update information contained herein as a result of new information, future events or otherwise, except as required under applicable law.

For investor and media enquiries, please contact:

In China:

9F Inc.

E-mail: ir@9fbank.com.cn

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9F Inc.

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(All amounts in thousands, except for number of shares and per share data, or otherwise noted)

		December 31, 2024				June 30, 2025				June 30, 2025
		RMB				RMB				US$
Assets
Cash and cash equivalents			379,350				420,522				58,703
Restricted cash			264,263				459,370				64,126
Term deposit			262,759				23,034				3,215
Investment in marketable securities			1,956,027				2,392,097				333,924
Accounts receivable, net			83,065				89,611				12,509
Other receivables, net			62,479				99,081				13,830
Loan receivables, net			6,964				—				—
Prepaid expenses and other assets, net			159,102				162,752				22,719
Long-term investment, net			879,604				679,660				94,877
Operating lease right-of-use assets, net			11,153				7,015				979
Property, equipment and software, net			53,644				51,323				7,164
Intangible asset, net			4,626				3,969				556
Total assets			4,123,036				4,388,434				612,602
Liabilities
Payroll and welfare payable			11,470				11,883				1,659
Taxes payable			307,170				296,618				41,406
Accrued expenses and other liabilities			131,467				217,304				30,335
Operating lease liabilities			9,575				4,610				644
Amounts due to related parties			6,022				6,022				841
Deferred tax liabilities			763				654				91
Total liabilities			466,467				537,091				74,976
Shareholder’s equity
Class A ordinary shares(US$ 0.00001 par value; 4,600,000,000 shares authorized as of December 31, 2024 and June 30, 2025; 174,304,260 shares issued and outstanding as of December 31,2024 and June 30, 2025)			1				1				—
Class B ordinary shares (US$ 0.00001 par value; 200,000,000 shares authorized as of December 31, 2024 and June 30, 2025; 61,162,400 shares issued and outstanding as of December 31, 2024 and June 30, 2025)			1				1				—
Additional paid-in capital			5,712,976				5,713,253				797,539
Statutory reserves			470,542				470,542				65,685
Deficit			(2,781,606	)			(2,563,045	)			(357,787	)
Accumulated other comprehensive income			199,863				175,811				24,542
Total 9F Inc. shareholders’ equity			3,601,777				3,796,563				529,979
Non-controlling interest			54,792				54,780				7,647
Total shareholders’ equity			3,656,569				3,851,343				537,626
TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY			4,123,036				4,388,434				612,602

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9F Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF INCOME

(Amounts in thousands, except for number of shares and per share data, or otherwise noted)

		Six Months Ended June 30, 2024				Six Months Ended June 30, 2025				Six Months Ended June 30, 2025
		RMB				RMB				US$
Revenue:
Sales income			44,750				75,860				10,590
Cost of goods sold			(11,786	)			(13,627	)			(1,902	)
Gross Profit			32,964				62,233				8,688
Technical services			78,507				60,982				8,513
Post-origination services			—				—				—
Wealth management			19,510				15,268				2,131
Total net revenues			142,767				152,110				21,234
Operating costs and expenses:
Sales and marketing			(7,612	)			(5,911	)			(825	)
Origination and servicing			(64,192	)			(27,627	)			(3,857	)
General and administrative			(115,350	)			(77,666	)			(10,842	)
(Provision for) reversal of credit losses			(14,100	)			812				113
Total operating expenses and fees (including cost of goods sold)			(213,040	)			(124,019	)			(17,313	)
Operating (loss) income			(70,273	)			28,091				3,921
Interest income and realized gain of investment in marketable securities			44,994				56,495				7,886
Impairment loss of investments			146				(9,034	)			(1,261	)
Unrealized gain of investment in marketable securities			10,784				133,689				18,662
Other income, net			14,132				217				30
(Loss) Income before income tax expense and share of profit from equity method investments			(217	)			209,458				29,238
Income tax expense			(5,682	)			(20,828	)			(2,907	)
Income from equity method investments, net			18,374				29,920				4,177
Net income			12,475				218,550				30,508
Net loss attributed to the non-controlling interest shareholders			24				11				2
Net income attributable to 9F Inc. ordinary shareholders			12,499				218,561				30,510
Net income per ordinary share:
Basic			0.05				0.93				0.13
Diluted			0.05				0.93				0.13
Weighted average number of ordinary shares used in computing net income per ordinary share
Basic			235,499,660				235,499,660				235,499,660
Diluted			235,911,995				235,879,327				235,879,327

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9F Inc.

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

(Amounts in thousands, except for number of shares and per share data, or otherwise noted)

		Six Months Ended June 30, 2024				Six Months Ended June 30, 2025				Six Months Ended June 30, 2025
		RMB				RMB				USD
Net income			12,475				218,550				30,508
Other comprehensive income (loss):
Foreign currency translation adjustment, net of tax of nil			104,119				(24,052	)			(3,358	)
Total comprehensive income			116,594				194,498				27,150
Total comprehensive loss attributable to the non-controlling interest shareholders			24				11				2
Total comprehensive income attributable to 9F Inc			116,618				194,509				27,152

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9F Inc.

Unaudited Reconciliations of GAAP And Non-GAAP Results

(Amounts in thousands, except for number of shares and per share data, or otherwise noted)

		Six Months Ended June 30, 2024				Six Months Ended June 30, 2025				Six Months Ended June 30, 2025
		RMB				RMB				USD
Net income			12,475				218,550				30,508
Add:
Share-based compensation			2,388				277				39
Impairment loss of investments			(146	)			9,034				1,261
Less:
Unrealized gain of investment in marketable securities			10,784				133,689				18,662
Tax effect of adjustments			(2,500	)			(10,949	)			(1,528	)
Non-GAAP Adjusted net income			6,433				105,121				14,674

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

	9F Inc.
	By:	/s/ Lei Liu
	Name:	Lei Liu
	Title:	Chief Executive Officer

Date: October 3, 2025

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FAQ

What did 9F Inc. (JFU) report for H1 2025 net income?

Net income was RMB218.5 million, compared with RMB12.5 million in the prior-year period.

How did 9F Inc. (JFU) revenues change in H1 2025?

Total net revenues were RMB152.1 million. Sales income rose to RMB75.9 million, while technical services and wealth management declined.

What were 9F Inc. (JFU) operating expenses in H1 2025?

Total operating expenses and fees were RMB124.0 million, a decrease of 41.8% year over year.

What is 9F Inc. (JFU) adjusted net income for H1 2025?

Adjusted net income was RMB105.1 million.

How did non-operating items affect 9F Inc. (JFU) results?

Interest income and realized gains were RMB56.5 million, and unrealized gains on marketable securities were RMB133.7 million.

What liquidity did 9F Inc. (JFU) report as of June 30, 2025?

Cash and cash equivalents and term deposits totaled RMB443.6 million as of June 30, 2025.

What regulatory context did 9F Inc. (JFU) highlight?

The company is adapting to new internet loan facilitation rules, expecting a reduction in technology-based businesses and a focus on efficiency and cost control.