9F Inc. filed a Form 6-K with the SEC on November 6, 2026, reporting unaudited financial results for the six months ended June 30, 2026, disclosing a sharp decline in total net revenues alongside a large increase in net income driven by unrealized investment gains.

Key Highlights

  • Total net revenues fell 48.3%: Revenues were RMB78.7 million (US$11.6 million) for the first half of 2026, down from RMB152.1 million in the first half of 2025, according to the filing.
  • Net income rose sharply: Net income was RMB704.6 million (US$103.8 million), compared with RMB218.6 million in the first half of 2025, primarily attributable to unrealized gains on marketable securities.
  • Adjusted net income increased: The non-GAAP adjusted net income was RMB153.9 million (US$22.7 million), up from RMB105.1 million in the first half of 2025.
  • Cash and term deposits surged 157.7%: Cash and cash equivalents and term deposits were RMB1,129.6 million (US$166.5 million) as of June 30, 2026, versus RMB438.4 million as of December 31, 2025.
  • Restricted cash declined 10.5%: Restricted cash was RMB282.5 million (US$41.6 million), down from RMB315.6 million as of December 31, 2025, with RMB198.3 million subject to a temporary judicial freeze related to ongoing litigation.
  • General and administrative expenses increased 44.0%: G&A expenses were RMB111.8 million (US$16.5 million), up from RMB77.7 million in the first half of 2025.

9F Inc. First Half 2026: Revenue Pressures and Investment Gains Shape Results

According to the filing, 9F Inc. (NASDAQ:JFU) reported total net revenues of RMB78.7 million (US$11.6 million) for the six months ended June 30, 2026, a 48.3% decrease from RMB152.1 million in the same period of 2025. The company disclosed that the decline was driven by lower sales income revenues, which fell 58.1% to RMB31.8 million (US$4.7 million), reduced technical services revenues, which declined 34.6% to RMB39.9 million (US$5.9 million), and decreased wealth management revenues, which dropped 53.9% to RMB7.0 million (US$1.0 million). The filing attributed these declines to reduced customer demand, lower order volume, and the contraction of institutional partners' business activities amid what the company described as a "challenging market environment marked by continued industry contraction and tighter regulatory oversight."

Despite the revenue decline, the company reported net income of RMB704.6 million (US$103.8 million), a substantial increase from RMB218.6 million in the first half of 2025. The filing stated that this increase "was primarily attributable to unrealized gains from our investments in marketable securities as of June 30, 2026, which were made on a temporary basis for better management of our cash reserve." The company cautioned that such gains "are subject to significant volatility" and that "if the Company chooses to dispose of these assets at an unfavorable time, such gains could turn negative and result in losses." The filing also noted that "there is a possibility that operating-level profits may continue to decline and turn into losses."

Total operating expenses and fees were RMB123.9 million (US$18.3 million), nearly flat compared with RMB124.0 million in the first half of 2025, a decrease of 0.1%. Income tax expense increased to RMB35.5 million (US$5.2 million) from RMB20.8 million in the first half of 2025, primarily due to deferred tax expense from the increase in fair value of marketable securities. Interest income and realized gain on marketable securities was RMB39.1 million (US$5.8 million), compared with RMB56.5 million in the prior-year period.

What Was Disclosed

9F Inc. filed a 6-K reporting unaudited first half 2026 financial results, showing a 48.3% revenue decline to RMB78.7 million, net income of RMB704.6 million largely from unrealized investment gains, and cash and term deposits of RMB1,129.6 million as of June 30, 2026.