<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>納斯達克：NCTY 1 年股價與公允價值</p>
<p>探索 The9 的公允價值並選擇您的觀點</p>
<p>令一些股東感到惱火的是，<strong>The9 Limited</strong>（納斯達克：NCTY）的股價在過去一個月下跌了 25%，這延續了該公司的糟糕表現。更糟糕的是，最近的下跌抹去了過去一年的收益，股價現在回到了一年前的水平。</p>
<p>即使在如此大幅的價格下跌之後，The9 目前仍可能發出看跌信號，其市銷率（或稱 &#34;P/S&#34;）為 6 倍，因為美國幾乎一半的軟件公司市銷率低於 4.9 倍，甚至低於 2 倍的市銷率也並不罕見。不過，僅僅將市銷率視為表面價值並不明智，因為可能有解釋説明其為何如此之高。</p>
<p>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
<p>查看我們對 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>納斯達克：NCTY 市銷率與行業比較 2025 年 8 月 17 日</p>
<h3>The9 的市銷率對股東意味着什麼？</h3>
<p>例如，考慮到 The9 最近的財務表現不佳，其收入一直在下降。一個可能性是，市銷率之所以高，是因為投資者認為該公司在不久的將來仍能超越更廣泛的行業。如果不是，那麼現有股東可能會對股價的可行性感到相當緊張。</p>
<p>想要了解公司的收益、收入和現金流的完整情況嗎？那麼我們對 The9 的 <strong>免費</strong> 報告將幫助您瞭解其歷史表現。</p>
<h2>The9 的收入增長預測是否足夠？</h2>
<p>為了證明其市銷率的合理性，The9 需要實現超過行業的顯著增長。</p>
<p>首先回顧一下，公司的收入增長在去年並不令人興奮，出現了令人失望的 36% 的下降。因此，三年前的收入總體上也下降了 18%。所以不幸的是，我們必須承認該公司在這段時間內未能很好地實現收入增長。</p>
<p>將這一中期收入軌跡與更廣泛行業一年的 20% 擴張預測進行比較，顯示出一種不愉快的局面。</p>
<p>根據這些信息，我們發現 The9 的市銷率高於行業水平令人擔憂。顯然，許多投資者對該公司的看法比最近的情況要樂觀得多，並且不願意以任何價格拋售他們的股票。只有最勇敢的人才會假設這些價格是可持續的，因為最近的收入趨勢的持續可能會對股價產生重大壓力。</p>
<h2>The9 市銷率的底線</h2>
<p>儘管最近的股價不能説有同樣的提升，但 The9 的市銷率仍然存在一定的上升。雖然市銷率不應成為您是否購買股票的決定性因素，但它是收入預期的一個相當有效的晴雨表。</p>
<p>我們已經確定，The9 當前的市銷率遠高於預期，因為其最近的收入在中期內一直在下降。考慮到投資者對收入下降的擔憂，情緒惡化的可能性相當高，這可能會使市銷率迴歸到我們所期望的水平。除非最近的中期條件顯著改善，否則投資者將很難接受當前的股價作為公允價值。</p>
<p>我們不想過於潑冷水，但我們確實發現了 <strong>The9 的 3 個警告信號</strong>（其中 2 個不應被忽視！），您需要注意。</p>
<p><strong>如果您對過去盈利增長穩健的公司感興趣</strong>，您可能希望查看這份 <strong>免費</strong> 的其他盈利增長強勁且市盈率低的公司集合。</p>

第九城市

<p>第九城市（NASDAQ:NCTY）的股價在過去一個月內暴跌 25%，抹去了過去一年的漲幅。該公司的市銷率（P/S）為 6 倍，顯著高於行業平均水平 4.9 倍，這引發了投資者的擔憂，因為其收入在去年下降了 36%。第九城市的市銷率與其糟糕的財務表現之間的差距暗示了股東可能存在的看跌情緒。除非收入增長有所改善，否則當前的股價可能無法持續，導致投資者焦慮加劇</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>納斯達克：NCTY 1 年股價與公允價值</p>
</div><p>Explore The9's Fair Values from the Community and select yours</p>
<div class="lb-trans"><p>探索 The9 的公允價值並選擇您的觀點</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>令一些股東感到惱火的是，<strong>The9 Limited</strong>（納斯達克：NCTY）的股價在過去一個月下跌了 25%，這延續了該公司的糟糕表現。更糟糕的是，最近的下跌抹去了過去一年的收益，股價現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>即使在如此大幅的價格下跌之後，The9 目前仍可能發出看跌信號，其市銷率（或稱 &#34;P/S&#34;）為 6 倍，因為美國幾乎一半的軟件公司市銷率低於 4.9 倍，甚至低於 2 倍的市銷率也並不罕見。不過，僅僅將市銷率視為表面價值並不明智，因為可能有解釋説明其為何如此之高。</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>我們發現 21 只美國股票預計明年將支付超過 6% 的股息收益率。查看完整列表，免費獲取。</p>
</div><p>View our latest analysis for The9</p>
<div class="lb-trans"><p>查看我們對 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>納斯達克：NCTY 市銷率與行業比較 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 的市銷率對股東意味着什麼？</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，考慮到 The9 最近的財務表現不佳，其收入一直在下降。一個可能性是，市銷率之所以高，是因為投資者認為該公司在不久的將來仍能超越更廣泛的行業。如果不是，那麼現有股東可能會對股價的可行性感到相當緊張。</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、收入和現金流的完整情況嗎？那麼我們對 The9 的 <strong>免費</strong> 報告將幫助您瞭解其歷史表現。</p>
</div><h2>Is There Enough Revenue Growth Forecasted For The9?</h2>
<div class="lb-trans"><h2>The9 的收入增長預測是否足夠？</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>為了證明其市銷率的合理性，The9 需要實現超過行業的顯著增長。</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>首先回顧一下，公司的收入增長在去年並不令人興奮，出現了令人失望的 36% 的下降。因此，三年前的收入總體上也下降了 18%。所以不幸的是，我們必須承認該公司在這段時間內未能很好地實現收入增長。</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>將這一中期收入軌跡與更廣泛行業一年的 20% 擴張預測進行比較，顯示出一種不愉快的局面。</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>根據這些信息，我們發現 The9 的市銷率高於行業水平令人擔憂。顯然，許多投資者對該公司的看法比最近的情況要樂觀得多，並且不願意以任何價格拋售他們的股票。只有最勇敢的人才會假設這些價格是可持續的，因為最近的收入趨勢的持續可能會對股價產生重大壓力。</p>
</div><h2>The Bottom Line On The9's P/S</h2>
<div class="lb-trans"><h2>The9 市銷率的底線</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>儘管最近的股價不能説有同樣的提升，但 The9 的市銷率仍然存在一定的上升。雖然市銷率不應成為您是否購買股票的決定性因素，但它是收入預期的一個相當有效的晴雨表。</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>我們已經確定，The9 當前的市銷率遠高於預期，因為其最近的收入在中期內一直在下降。考慮到投資者對收入下降的擔憂，情緒惡化的可能性相當高，這可能會使市銷率迴歸到我們所期望的水平。除非最近的中期條件顯著改善，否則投資者將很難接受當前的股價作為公允價值。</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>我們不想過於潑冷水，但我們確實發現了 <strong>The9 的 3 個警告信號</strong>（其中 2 個不應被忽視！），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>如果您對過去盈利增長穩健的公司感興趣</strong>，您可能希望查看這份 <strong>免費</strong> 的其他盈利增長強勁且市盈率低的公司集合。</p>
</div>

由於股價下跌了 25%，一些第九城市有限公司（NASDAQ:NCTY）的股東正在尋找退出的機會