Chinese online game operator The9 (NCTY) just announced its unaudited financial results for the second quarter ended June 30, 2008 and says net revenues increased by 4% quarter-over-quarter and by 69% year-over-year to CNY455.1 million.

For the second quarter of 2008, The9 reported total gross revenues of CNY480.3 million, which increased by 4% compared to CNY463.8 million in the first quarter of 2008 and by 69% compared to CNY284.6 million in the second quarter of 2007. Total net revenues were CNY455.1 million, which increased by 4% compared to CNY439.4 million in the first quarter of 2008 and by 69% compared to CNY270.0 million in the second quarter of 2007.

For the second quarter of 2008, online game services gross revenues were CNY479.1 million, representing a modest 4% increase from CNY462.2 million in the first quarter of 2008 and a 73% increase from CNY276.5 million in the second quarter of 2007.

Gross profit for the second quarter of 2008 increased by 3% quarter-over-quarter and 87% year-over-year to CNY214.0 million. Operating expenses were CNY100.3 million, representing a 7% increase from CNY94.0 million in the previous quarter and a 35% increase from CNY74.5 million in the same period of last year.

For the second quarter of 2008, profit from operations was CNY113.7 million, which remained relatively stable quarter-over-quarter compared to CNY114.1 million in the first quarter of 2008 but increased by 183% year-over-year compared to CNY40.1 million in the second quarter of 2007.