<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/7A4280FE-7CB6-4FA4-8A9D-F4ED655A6CBE/chart/price-vs-fair-value?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/7A4280FE-7CB6-4FA4-8A9D-F4ED655A6CBE/chart/price-vs-fair-value"/></p>
<p>纳斯达克：NCTY 1 年股价与公允价值</p>
<p>探索 The9 的公允价值并选择您的观点</p>
<p>令一些股东感到恼火的是，<strong>The9 Limited</strong>（纳斯达克：NCTY）的股价在过去一个月下跌了 25%，这延续了该公司的糟糕表现。更糟糕的是，最近的下跌抹去了过去一年的收益，股价现在回到了一年前的水平。</p>
<p>即使在如此大幅的价格下跌之后，The9 目前仍可能发出看跌信号，其市销率（或称 &#34;P/S&#34;）为 6 倍，因为美国几乎一半的软件公司市销率低于 4.9 倍，甚至低于 2 倍的市销率也并不罕见。不过，仅仅将市销率视为表面价值并不明智，因为可能有解释说明其为何如此之高。</p>
<p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
<p>查看我们对 The9 的最新分析</p>
<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/12648850-ps-multiple-vs-industry-1-dark-2/1755432128318?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/12648850-ps-multiple-vs-industry-1-dark-2/1755432128318"/></p>
<p>纳斯达克：NCTY 市销率与行业比较 2025 年 8 月 17 日</p>
<h3>The9 的市销率对股东意味着什么？</h3>
<p>例如，考虑到 The9 最近的财务表现不佳，其收入一直在下降。一个可能性是，市销率之所以高，是因为投资者认为该公司在不久的将来仍能超越更广泛的行业。如果不是，那么现有股东可能会对股价的可行性感到相当紧张。</p>
<p>想要了解公司的收益、收入和现金流的完整情况吗？那么我们对 The9 的 <strong>免费</strong> 报告将帮助您了解其历史表现。</p>
<h2>The9 的收入增长预测是否足够？</h2>
<p>为了证明其市销率的合理性，The9 需要实现超过行业的显著增长。</p>
<p>首先回顾一下，公司的收入增长在去年并不令人兴奋，出现了令人失望的 36% 的下降。因此，三年前的收入总体上也下降了 18%。所以不幸的是，我们必须承认该公司在这段时间内未能很好地实现收入增长。</p>
<p>将这一中期收入轨迹与更广泛行业一年的 20% 扩张预测进行比较，显示出一种不愉快的局面。</p>
<p>根据这些信息，我们发现 The9 的市销率高于行业水平令人担忧。显然，许多投资者对该公司的看法比最近的情况要乐观得多，并且不愿意以任何价格抛售他们的股票。只有最勇敢的人才会假设这些价格是可持续的，因为最近的收入趋势的持续可能会对股价产生重大压力。</p>
<h2>The9 市销率的底线</h2>
<p>尽管最近的股价不能说有同样的提升，但 The9 的市销率仍然存在一定的上升。虽然市销率不应成为您是否购买股票的决定性因素，但它是收入预期的一个相当有效的晴雨表。</p>
<p>我们已经确定，The9 当前的市销率远高于预期，因为其最近的收入在中期内一直在下降。考虑到投资者对收入下降的担忧，情绪恶化的可能性相当高，这可能会使市销率回归到我们所期望的水平。除非最近的中期条件显著改善，否则投资者将很难接受当前的股价作为公允价值。</p>
<p>我们不想过于泼冷水，但我们确实发现了 <strong>The9 的 3 个警告信号</strong>（其中 2 个不应被忽视！），您需要注意。</p>
<p><strong>如果您对过去盈利增长稳健的公司感兴趣</strong>，您可能希望查看这份 <strong>免费</strong> 的其他盈利增长强劲且市盈率低的公司集合。</p>

第九城市

<p>第九城市（NASDAQ:NCTY）的股价在过去一个月内暴跌 25%，抹去了过去一年的涨幅。该公司的市销率（P/S）为 6 倍，显著高于行业平均水平 4.9 倍，这引发了投资者的担忧，因为其收入在去年下降了 36%。第九城市的市销率与其糟糕的财务表现之间的差距暗示了股东可能存在的看跌情绪。除非收入增长有所改善，否则当前的股价可能无法持续，导致投资者焦虑加剧</p>

<p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/company/7A4280FE-7CB6-4FA4-8A9D-F4ED655A6CBE/chart/price-vs-fair-value" alt="" original-src="https://images.simplywall.st/company/7A4280FE-7CB6-4FA4-8A9D-F4ED655A6CBE/chart/price-vs-fair-value"/></p>
<p>NasdaqCM:NCTY 1 Year Share Price vs Fair Value</p>
<div class="lb-trans"><p>纳斯达克：NCTY 1 年股价与公允价值</p>
</div><p>Explore The9's Fair Values from the Community and select yours</p>
<div class="lb-trans"><p>探索 The9 的公允价值并选择您的观点</p>
</div><p>To the annoyance of some shareholders, <strong>The9 Limited</strong> (NASDAQ:NCTY) shares are down a considerable 25% in the last month, which continues a horrid run for the company. To make matters worse, the recent drop has wiped out a year's worth of gains with the share price now back where it started a year ago.</p>
<div class="lb-trans"><p>令一些股东感到恼火的是，<strong>The9 Limited</strong>（纳斯达克：NCTY）的股价在过去一个月下跌了 25%，这延续了该公司的糟糕表现。更糟糕的是，最近的下跌抹去了过去一年的收益，股价现在回到了一年前的水平。</p>
</div><p>Even after such a large drop in price, The9 may still be sending bearish signals at the moment with its price-to-sales (or &#34;P/S&#34;) ratio of 6x, since almost half of all companies in the Software in the United States have P/S ratios under 4.9x and even P/S lower than 2x are not unusual. Although, it's not wise to just take the P/S at face value as there may be an explanation why it's as high as it is.</p>
<div class="lb-trans"><p>即使在如此大幅的价格下跌之后，The9 目前仍可能发出看跌信号，其市销率（或称 &#34;P/S&#34;）为 6 倍，因为美国几乎一半的软件公司市销率低于 4.9 倍，甚至低于 2 倍的市销率也并不罕见。不过，仅仅将市销率视为表面价值并不明智，因为可能有解释说明其为何如此之高。</p>
</div><p>We've found 21 US stocks that are forecast to pay a dividend yield of over 6% next year. See the full list for free.</p>
<div class="lb-trans"><p>我们发现 21 只美国股票预计明年将支付超过 6% 的股息收益率。查看完整列表，免费获取。</p>
</div><p>View our latest analysis for The9</p>
<div class="lb-trans"><p>查看我们对 The9 的最新分析</p>
</div><p><img src="https://imageproxy.pbkrs.com/https://images.simplywall.st/asset/chart/12648850-ps-multiple-vs-industry-1-dark-2/1755432128318" alt="" original-src="https://images.simplywall.st/asset/chart/12648850-ps-multiple-vs-industry-1-dark-2/1755432128318"/></p>
<p>NasdaqCM:NCTY Price to Sales Ratio vs Industry August 17th 2025</p>
<div class="lb-trans"><p>纳斯达克：NCTY 市销率与行业比较 2025 年 8 月 17 日</p>
</div><h3>What Does The9's P/S Mean For Shareholders?</h3>
<div class="lb-trans"><h3>The9 的市销率对股东意味着什么？</h3>
</div><p>For example, consider that The9's financial performance has been poor lately as its revenue has been in decline. One possibility is that the P/S is high because investors think the company will still do enough to outperform the broader industry in the near future. If not, then existing shareholders may be quite nervous about the viability of the share price.</p>
<div class="lb-trans"><p>例如，考虑到 The9 最近的财务表现不佳，其收入一直在下降。一个可能性是，市销率之所以高，是因为投资者认为该公司在不久的将来仍能超越更广泛的行业。如果不是，那么现有股东可能会对股价的可行性感到相当紧张。</p>
</div><p>Want the full picture on earnings, revenue and cash flow for the company? Then our <strong>free</strong> report on The9 will help you shine a light on its historical performance.</p>
<div class="lb-trans"><p>想要了解公司的收益、收入和现金流的完整情况吗？那么我们对 The9 的 <strong>免费</strong> 报告将帮助您了解其历史表现。</p>
</div><h2>Is There Enough Revenue Growth Forecasted For The9?</h2>
<div class="lb-trans"><h2>The9 的收入增长预测是否足够？</h2>
</div><p>In order to justify its P/S ratio, The9 would need to produce impressive growth in excess of the industry.</p>
<div class="lb-trans"><p>为了证明其市销率的合理性，The9 需要实现超过行业的显著增长。</p>
</div><p>Taking a look back first, the company's revenue growth last year wasn't something to get excited about as it posted a disappointing decline of 36%. As a result, revenue from three years ago have also fallen 18% overall. So unfortunately, we have to acknowledge that the company has not done a great job of growing revenue over that time.</p>
<div class="lb-trans"><p>首先回顾一下，公司的收入增长在去年并不令人兴奋，出现了令人失望的 36% 的下降。因此，三年前的收入总体上也下降了 18%。所以不幸的是，我们必须承认该公司在这段时间内未能很好地实现收入增长。</p>
</div><p>Weighing that medium-term revenue trajectory against the broader industry's one-year forecast for expansion of 20% shows it's an unpleasant look.</p>
<div class="lb-trans"><p>将这一中期收入轨迹与更广泛行业一年的 20% 扩张预测进行比较，显示出一种不愉快的局面。</p>
</div><p>With this information, we find it concerning that The9 is trading at a P/S higher than the industry. Apparently many investors in the company are way more bullish than recent times would indicate and aren't willing to let go of their stock at any price. Only the boldest would assume these prices are sustainable as a continuation of recent revenue trends is likely to weigh heavily on the share price eventually.</p>
<div class="lb-trans"><p>根据这些信息，我们发现 The9 的市销率高于行业水平令人担忧。显然，许多投资者对该公司的看法比最近的情况要乐观得多，并且不愿意以任何价格抛售他们的股票。只有最勇敢的人才会假设这些价格是可持续的，因为最近的收入趋势的持续可能会对股价产生重大压力。</p>
</div><h2>The Bottom Line On The9's P/S</h2>
<div class="lb-trans"><h2>The9 市销率的底线</h2>
</div><p>There's still some elevation in The9's P/S, even if the same can't be said for its share price recently. While the price-to-sales ratio shouldn't be the defining factor in whether you buy a stock or not, it's quite a capable barometer of revenue expectations.</p>
<div class="lb-trans"><p>尽管最近的股价不能说有同样的提升，但 The9 的市销率仍然存在一定的上升。虽然市销率不应成为您是否购买股票的决定性因素，但它是收入预期的一个相当有效的晴雨表。</p>
</div><p>We've established that The9 currently trades on a much higher than expected P/S since its recent revenues have been in decline over the medium-term. With a revenue decline on investors' minds, the likelihood of a souring sentiment is quite high which could send the P/S back in line with what we'd expect. Unless the recent medium-term conditions improve markedly, investors will have a hard time accepting the share price as fair value.</p>
<div class="lb-trans"><p>我们已经确定，The9 当前的市销率远高于预期，因为其最近的收入在中期内一直在下降。考虑到投资者对收入下降的担忧，情绪恶化的可能性相当高，这可能会使市销率回归到我们所期望的水平。除非最近的中期条件显著改善，否则投资者将很难接受当前的股价作为公允价值。</p>
</div><p>We don't want to rain on the parade too much, but we did also find <strong>3 warning signs for The9</strong> (2 shouldn't be ignored!) that you need to be mindful of.</p>
<div class="lb-trans"><p>我们不想过于泼冷水，但我们确实发现了 <strong>The9 的 3 个警告信号</strong>（其中 2 个不应被忽视！），您需要注意。</p>
</div><p><strong>If companies with solid past earnings growth is up your alley</strong>, you may wish to see this <strong>free</strong> collection of other companies with strong earnings growth and low P/E ratios.</p>
<div class="lb-trans"><p><strong>如果您对过去盈利增长稳健的公司感兴趣</strong>，您可能希望查看这份 <strong>免费</strong> 的其他盈利增长强劲且市盈率低的公司集合。</p>
</div>

由于股价下跌了 25%，一些第九城市有限公司（NASDAQ:NCTY）的股东正在寻找退出的机会