Company Valuation: 9F Inc.

Data adjusted to current consolidation scope
Fiscal Period: December 2020 2021 2022 2023 2024 2025
Market Cap 1 1,325 2,350 280.3 286.4 129.8 526.2
Change - 77.34% -88.07% 2.16% -54.69% 305.51%
Enterprise Value (EV) 1 -1,597 -396.5 -2,578 -2,161 -2,459 -2,736
Change - 75.17% -550.1% 16.17% -13.78% -11.27%
P/E -0.6x -6.36x -0.47x -2.04x 2.62x 3.15x
PBR 0.33x 0.39x 0.08x 0.08x 0.04x 0.14x
PEG - 0.1x -0x 0x -0x 0x
Capitalization / Revenue 1.06x 3.09x 0.5x 0.69x 0.42x 1.82x
EV / Revenue -1.27x -0.52x -4.59x -5.24x -7.93x -9.44x
EV / EBITDA 1.27x 16.6x 19.9x 12.3x 76.3x -106x
EV / EBIT 1.25x 7.15x 17.2x 11.2x 54.1x -243x
EV / FCF 7.71x 3.18x -4.17x -35.1x 15.1x 255x
FCF Yield 13% 31.5% -24% -2.85% 6.63% 0.39%
Dividend per Share 2 - - - - - -
Rate of return - - - - - -
EPS 2 -227.5 -21.99 -51 -11.91 4.2 14.2
Distribution rate - - - - - -
Net sales 1 1,256 761.5 561.7 412.4 310 289.9
EBITDA 1 -1,258 -23.91 -129.3 -176 -32.24 25.88
EBIT 1 -1,282 -55.45 -150.3 -193.6 -45.46 11.27
Net income 1 -2,259 -234.9 -594.7 -140.2 49.98 168.2
Net Debt 1 -2,922 -2,747 -2,858 -2,447 -2,589 -3,262
Reference price 2 135.79 139.76 24.14 24.32 11.02 44.69
Nbr of stocks (in thousands) 9,760 16,817 11,611 11,773 11,773 11,773
Announcement Date 5/18/21 5/17/22 5/16/23 5/15/24 8/8/25 4/30/26
1CNY in Million2CNY
Estimates

P/E (Y) EV / Sales (Y) EV / EBITDA (Y) Dividend Yield (Y) Capi.($)
- - - - 23.9M
22.19x3.61x12.6x3.02% 211B
-102.81x16.32x94.23x-.--% 102B
12.28x1.36x7.12x3.91% 102B
15.34x2.8x10.59x5.36% 89.66B
20.46x5.35x13.13x2.8% 61.3B
14.8x2.16x9.15x5.28% 47.94B
20.64x1.69x10.33x1.42% 39.83B
21.15x1.56x9.88x0.9% 39.45B
18.35x2.36x11.29x4.71% 38.18B
Average 4.71x 4.13x 19.81x 3.04% 73.03B
Weighted average by Cap. 1.60x 4.74x 22.43x 3.03%

Y-o-Y evolution of P/E

Historical PBR trend

Evolution Enterprise Value / Sales

Change in Enterprise Value/EBITDA