The9 (NCTY) exits MIR M pact, highlights Ultraman game growth

Rhea-AI Filing Summary

The9 Limited reports that its subsidiary China Crown Technology and Wemade Co., Ltd. have, by amicable negotiation, terminated the MIR M Game Publishing Agreement entered in May 2024 due to unstable factors related to the MIR M Chinese trademark. The parties have settled on a refund of the license fee and minimum payment fee that China Crown previously paid to Wemade.

The9 is instructing the joint venture partners for the MIR M operation to return the restricted shares it had issued to them; The9 will cancel these shares to reduce the total number of outstanding shares, and none of these restricted shares has been converted into ADS. The9 may continue working with these partners to promote its proprietary mobile game Ultraman: Hero Beyond Time, which currently has over 2.7 million registered users and 2 million monthly active users, with numbers described as growing rapidly.

Insights

Equity & gaming sector analyst

The9 exits MIR M deal with refunds and offsets impact via share cancellation and Ultraman user growth.

The9 has terminated its MIR M publishing agreement with Wemade because of unstable factors around the Chinese trademark. The parties agreed to refund the license and minimum payment fees already paid, which limits financial exposure from a project that is now discontinued.

The9 is instructing MIR M joint venture partners to return previously issued restricted shares so it can cancel them and reduce total shares outstanding. This removes potential equity overhang tied to a now-terminated project and simplifies the capital structure related to MIR M.

Management highlights that The9 may still collaborate with these partners on Ultraman: Hero Beyond Time, which has over 2.7 million registered users and 2 million monthly active users as of the announcement. While no revenue data is provided, this user scale suggests Ultraman has become a key title to watch within future company disclosures.

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: 001-34238

THE9 LIMITED

17 Floor, No. 130 Wu Song Road

Hong Kou District, Shanghai 200080

People’s Republic of China

(Address of principal executive offices)

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

Form 20-F  x            Form 40-F  ¨

MIR M Termination and Refund

The9 Limited (“The9”) today announced that due to certain unstable factors in relation with MIR M Chinese trademark, its wholly-owned subsidiary China Crown Technology Ltd. (the “China Crown”) and Wemade Co., Ltd. (the “Wemade”, China Crown and Wemade, hereinafter collectively referred to as the “Parties”) agreed to terminate the MIR M GAME PUBLISHING AGREEMENT (the “Original Agreement”) that the Parties entered into in May 2024, by amicable negotiation.

The Parties have reached settlements including the refund of license fee and the minimum payment fee that China Crown had already paid to Wemade under the Original Agreement.

In connection with the restricted shares The9 previously issued to the joint venture partners for the operation of MIR M game, The9 is instructing these joint venture partners to return the issued restricted shares to The9 and The9 will cancel them to reduce the total number of outstanding shares. None of such restricted shares has been converted into ADS. The9 may continue to work with these joint venture partners for the promotion of the proprietary mobile game Ultraman: Hero Beyond Time. As of today, there are over 2.7 million registered users for the game with 2 million monthly active users. The numbers are still growing rapidly.

Safe Harbor Statement

This current report contains forward-looking statements. These statements are made under the “safe harbor” provisions of the United States 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” and similar statements. Such statements are based upon management’s current expectations and current market 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 The9’s control. The9 may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (“SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including statements about The9’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: The9’s goal and strategies; The9’s expansion plans; The9’s future business development, financial condition and results of operations; The9’s expectations regarding demand for, and market acceptance of, its products and services; The9’s expectations regarding keeping and strengthening its relationships with business partners it collaborates with; general economic and business conditions; and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in The9’s filings with the SEC. All information provided in this announcement is as of the date hereof, and The9 does not undertake any obligation to update any forward-looking statement, except as required under applicable law.

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.

	THE9 LIMITED
	By	:	/s/ George Lai
	Name:	:	George Lai
	Title:	:	Director and Chief Financial Officer

Date: October 10, 2025

FAQ

What did The9 Limited (NCTY) announce about the MIR M game agreement?

The9 announced that its subsidiary China Crown Technology and Wemade Co., Ltd. agreed, by amicable negotiation, to terminate the MIR M Game Publishing Agreement entered in May 2024 due to unstable factors related to the MIR M Chinese trademark.

What financial settlement did The9 reach related to the MIR M agreement?

The parties agreed on settlements that include the refund of the license fee and the minimum payment fee that China Crown Technology had already paid to Wemade under the original MIR M publishing agreement.

How will the MIR M termination affect The9 Limited’s share count?

The9 is instructing the joint venture partners for the MIR M operation to return the restricted shares it previously issued to them, and The9 will cancel these shares to reduce the total number of outstanding shares; none of these restricted shares has been converted into ADS.

Is The9 Limited still working with its MIR M joint venture partners?

The9 states that it may continue to work with these joint venture partners for the promotion of its proprietary mobile game Ultraman: Hero Beyond Time.

How is The9’s Ultraman: Hero Beyond Time game performing?

The9 reports that Ultraman: Hero Beyond Time has over 2.7 million registered users and 2 million monthly active users as of the announcement, with the numbers described as growing rapidly.

Does the announcement include any forward-looking statements from The9 Limited?

Yes, the announcement contains forward-looking statements made under the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, covering areas such as The9’s goals, strategies, expansion plans, and future business development.