Revenue growth has stabilized at a modest 6.5% as of 2025Q2, while gross margins remain volatile, fluctuating from a low of 46.8% in 2024Q2 to 72.9% in 2025Q2.
| Sales/Revenue | 319.32M | 459.62M | 309.97M | 412.45M | 561.67M | 761.45M | 1.26B | 4.42B | 5.56B | 6.74B | 2.26B |
| Revenue Growth % | 8.19% | 48.28% | -24.85% | -26.57% | -26.24% | -39.38% | -71.62% | -20.36% | -17.58% | 198.22% | - |
| Cost of Goods Sold | 73.12M | 126.83M | 107.85M | 115.18M | 115.44M | 106.18M | 545.77M | 1.14B | 444.83M | 502.05M | 168.02M |
| COGS % of Revenue | - | 27.59% | 34.79% | 27.93% | 20.55% | 13.94% | 43.45% | 25.71% | 8.01% | 7.45% | 7.43% |
| Gross Profit | 246.19M | 332.78M | 202.13M | 297.27M | 446.23M | 655.27M | 710.23M | 3.29B | 5.11B | 6.24B | 2.09B |
| Gross Margin % | 77.1% | 72.41% | 65.21% | 72.07% | 79.45% | 86.06% | 56.55% | 74.29% | 91.99% | 92.55% | 92.57% |
| Gross Profit Growth % | - | 64.64% | -32.01% | -33.38% | -31.9% | -7.74% | -78.4% | -35.69% | -18.08% | 198.18% | - |
| Operating Expenses | 193.28M | -212.23M | 247.58M | 490.85M | 596.5M | 710.72M | 1.99B | 5.84B | 2.94B | 5.24B | 1.67B |
| OpEx % of Revenue | - | -46.18% | 79.87% | 119.01% | 106.2% | 93.34% | 158.63% | 132.01% | 52.95% | 77.68% | 74.02% |
| Selling, General & Admin | 193.28M | 0 | 237.02M | 298.09M | 437.13M | 688.3M | 1.64B | 3.5B | 2.91B | 5.32B | 1.7B |
| SG&A % of Revenue | - | - | 76.46% | 72.27% | 77.83% | 90.39% | 130.94% | 79.08% | 52.3% | 78.87% | 75.03% |
| Research & Development | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| R&D % of Revenue | - | - | - | - | - | - | - | - | - | - | - |
| Other Operating Expenses | 0 | -212.23M | 10.56M | 192.76M | 159.38M | 22.42M | 347.8M | 2.34B | 0 | 0 | 0 |
| Operating Income | 52.91M | 545.02M | -45.46M | -193.58M | -150.28M | -55.45M | -1.28B | -2.36B | 2.21B | 920.55M | 396.57M |
| Operating Margin % | 16.57% | 118.58% | -14.66% | -46.93% | -26.76% | -7.28% | -102.08% | -53.34% | 39.74% | 13.65% | 17.54% |
| Operating Income Growth % | - | 1299% | 76.52% | -28.81% | -171.01% | 95.68% | 45.68% | -206.89% | 139.87% | 132.13% | - |
| EBITDA | 67.22M | 567.06M | -23.11M | -175.99M | -129.28M | -23.91M | -1.26B | -2.32B | 2.23B | 932.44M | 405.93M |
| EBITDA Margin % | 21.05% | 123.38% | -7.46% | -42.67% | -23.02% | -3.14% | -100.16% | -52.49% | 40.08% | 13.83% | 17.96% |
| EBITDA Growth % | 151.32% | 2553.42% | 86.87% | -36.13% | -440.65% | 98.1% | 45.84% | -204.31% | 138.83% | 129.7% | - |
| D&A (Non-Cash Add-back) | 14.31M | 22.04M | 22.34M | 17.59M | 21M | 31.54M | 24.22M | 37.47M | 18.76M | 11.89M | 9.36M |
| EBIT | 52.91M | 217.63M | -45.46M | -193.58M | -150.28M | -55.45M | -1.28B | -2.36B | 2.21B | 920.55M | 396.57M |
| Net Interest Income | 100.29M | 177.45M | 84.62M | 97.67M | 47.59M | 47.51M | 102.42M | 225.75M | 208.35M | 73.64M | 13.42M |
| Interest Income | 43.8M | 177.45M | 84.62M | 97.67M | 47.59M | 47.51M | 102.42M | 225.75M | 208.35M | 73.64M | 13.42M |
| Interest Expense | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Other Income/Expense | 232.45M | -327.39M | 109.59M | 60.97M | -433.03M | -151.48M | -430.71M | 32.06M | 169.42M | 155.63M | 36.19M |
| Pretax Income | 285.36M | 217.63M | 64.14M | -132.6M | -583.31M | -206.94M | -1.71B | -2.33B | 2.38B | 1.08B | 432.76M |
| Pretax Margin % | 89.37% | 47.35% | 20.69% | -32.15% | -103.85% | -27.18% | -136.38% | -52.62% | 42.79% | 15.96% | 19.14% |
| Income Tax | 29.13M | 54.8M | 13.98M | 7.75M | 11.62M | 26.73M | 538.32M | -174.6M | 402.4M | 352.43M | 271.13M |
| Effective Tax Rate % | 10.21% | 25.18% | 21.8% | -5.84% | -1.99% | -12.92% | -31.43% | 7.5% | 16.92% | 32.75% | 62.65% |
| Net Income | 256.05M | 163.62M | 49.98M | -140.19M | -594.74M | -234.91M | -2.26B | -2.17B | 1.72B | 401.31M | 142.31M |
| Net Margin % | 80.19% | 35.6% | 16.13% | -33.99% | -105.89% | -30.85% | -179.85% | -49.05% | 30.95% | 5.95% | 6.3% |
| Net Income Growth % | 3107.39% | 227.34% | 135.65% | 76.43% | -153.18% | 89.6% | -4.08% | -226.18% | 328.6% | 181.99% | - |
| Net Income (Continuing) | 256.23M | 162.83M | 50.16M | -140.35M | -594.94M | -233.67M | -2.25B | -2.15B | 2.02B | 659.05M | 146.58M |
| Discontinued Operations | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Minority Interest | 54.78M | 59.38M | 54.79M | 54.62M | 54.78M | 55.75M | 54.74M | 47.05M | 10.45M | 16.2M | 11.98M |
| EPS (Diluted) | 21.71 | 13.80 | 4.20 | -12.00 | -51.00 | -22.00 | -227.40 | -248.60 | 188.12 | 58.57 | 21.34 |
| EPS Growth % | 3067.65% | 228.57% | 135% | 76.47% | -131.82% | 90.33% | 8.53% | -232.15% | 221.19% | 174.46% | - |
| EPS (Basic) | - | 14.00 | 4.20 | -12.00 | -51.00 | -22.00 | -227.40 | -248.60 | 211.47 | 64.51 | 22.97 |
| Diluted Shares Outstanding | 11.79M | 11.8M | 11.8M | 11.77M | 11.66M | 10.68M | 9.93M | 8.73M | 9.69M | 9.69M | 9.69M |
| Basic Shares Outstanding | 11.77M | 11.77M | 11.77M | 11.77M | 11.66M | 10.68M | 9.93M | 8.73M | 9.69M | 9.69M | 9.69M |
| Dividend Payout Ratio | - | - | - | - | - | - | - | - | - | - | - |
Regulatory and accounting volatility
According to recent financial filings, JFU's revenue growth has stabilized at a modest 6.5% year-over-year as of 2025Q2, reflecting a significant deceleration from historical peaks and highlighting the ongoing challenges in scaling its integrated e-commerce and fintech ecosystem within a highly competitive Chinese market environment.
The current revenue trajectory suggests that the company's pivot toward tech empowerment has yet to catalyze a meaningful acceleration in top-line performance. Investors should monitor whether the reliance on transactional volume can sustain growth in the face of tightening regulatory constraints on consumer credit.
As reported in quarterly statements, JFU's gross margin reached 72.9% in 2025Q2, yet the underlying operational efficiency remains obscured by significant fluctuations, including a sharp contraction to 46.8% in mid-2024, which underscores the inherent instability of its high-variable-cost business model and reliance on external traffic acquisition.
The wide variance in gross margins suggests that the company's cost of revenue is highly sensitive to shifts in product mix and marketing spend. This volatility warrants further investigation into whether the firm possesses genuine pricing power or if it remains a price-taker in the fintech services sector.
Based on the reported figures for 2025Q2, JFU recorded a net margin of 143.7%, an extreme outlier that appears to be driven by non-operating accounting adjustments rather than core operational profitability, necessitating a cautious interpretation of the company's true underlying earnings power and long-term sustainability.
The disconnect between operating income and net income suggests that one-time gains or reversals of credit provisions are significantly inflating the bottom line. Analysts should strip out these non-recurring items to assess the normalized earning capacity of the business, as the current figures likely mask underlying operational weaknesses.
Data from recent income statements indicates that SG&A expenses continue to consume a substantial portion of gross profit, with 2025Q2 figures showing $41.4 million in overhead against $55.4 million in gross profit, highlighting the persistent difficulty in achieving meaningful operating leverage within the current cost structure.
The high ratio of SG&A to gross profit suggests that the company's customer acquisition and administrative costs remain elevated relative to its revenue generation. This cost structure may indicate that the firm is struggling to optimize its marketing spend, which could limit future margin expansion if not addressed.
Quick answers to the most common questions about buying JFU stock.
For fiscal year 2025, 9F Inc. (JFU) reported total revenue of $459.6M. This represents a 79.7% decline compared to $2.26B in 2016.
9F Inc. (JFU) is profitable, generating $163.6M in net income for the fiscal year ending 2025 with a net profit margin of 35.6%.
9F Inc. (JFU) reported an operating income of $545.0M, resulting in an operating profit margin of 118.6%. This margin reflects the operational efficiency of the business before interest and taxes.
9F Inc. (JFU) generated $332.8M in gross profit for the year, representing a gross profit margin of 72.4%. This demonstrates the company's core pricing power and production efficiency.