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DUO

Fangdd Network Group Ltd.

DUO

Fangdd Network Group Ltd. • NASDAQ
$1.81 ▲ 4.02% (+0.07)
Market Cap $14.42 M
52w High $24.64
52w Low $1.24
Dividend Yield 0%
P/E 0.23
Volume 85.08K
Outstanding Shares 7.97M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q2-2025 $101.697M $45.106M $-19.059M -18.741% $-6.33 $-35.765M
Q1-2025 $101.697M ▲ $45.106M ▼ $-19.059M ▼ -18.741% ▼ $-6.33 ▼ $-35.765M ▼
Q4-2024 $99.567M $50.663M $6.724M 6.753% $0.48 $-28.409M
Q3-2024 $99.567M ▲ $50.663M ▲ $6.724M ▼ 6.753% ▼ $0.48 ▼ $-28.409M ▲
Q2-2024 $69.984M $43.042M $8.693M 12.421% $2.35 $-34.191M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q2-2025 $178.376M $679.002M $297.792M $380.189M
Q1-2025 $178.376M ▼ $679.002M ▼ $297.792M ▼ $380.189M ▼
Q4-2024 $188.983M $731.189M $347.888M $386.344M
Q3-2024 $188.983M ▲ $731.189M ▲ $347.888M ▼ $386.344M ▲
Q2-2024 $137.272M $673.953M $462.557M $213.561M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q2-2025 $-19.059M $0 $0 $0 $0 $0
Q1-2025 $-19.059M ▼ $0 ▲ $0 ▲ $0 ▼ $0 $0 ▲
Q4-2024 $6.724M $-27.252M $-74.376M $72.694M $0 $-42.324M
Q3-2024 $6.724M ▼ $-27.252M ▼ $-74.376M ▼ $72.694M ▲ $0 $-42.324M ▼
Q2-2024 $8.693M $-2.933M $1.385M $619K $0 $-3.48M

Revenue by Products

Product Q2-2022
Base commission from transactions
Base commission from transactions
 $120.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Revenue has shrunk dramatically compared with a few years ago and now sits at a much smaller base, though it has inched up recently rather than continuing to fall. The company still generates only a thin gross margin, meaning there isn’t much buffer to absorb costs. Operating results have been consistently negative, but the size of the operating loss has narrowed over time. The most recent year shows a small accounting profit after several years of losses, which could reflect one‑off items as much as underlying improvement. Overall, the business is still in turnaround mode, with profitability not yet clearly established on a steady, recurring basis.

Balance Sheet

Balance Sheet The balance sheet has been steadily shrinking, with total assets now only a fraction of what they were a few years ago. Cash levels are modest and have declined over time, which limits flexibility. On the positive side, most financial debt has been reduced or eliminated, so leverage risk appears lower than before. Equity has been eroded substantially but has recovered somewhat in the latest year, hinting at some repair of the capital base. Even so, the company looks relatively small and financially fragile, and it does not have a large cushion to absorb future shocks.

Cash Flow

Cash Flow The core business has consumed cash year after year, with operating cash flow consistently negative. Free cash flow has also been negative, even though spending on physical assets has been quite light. This suggests that cash burn is driven mainly by the underlying economics of the business rather than heavy investment in equipment. While the scale of outflows has generally fallen, the company is still not self‑funding and likely depends on existing cash reserves or external financing to keep operating and investing in its platform.

Competitive Edge

Competitive Edge Fangdd operates in a very tough Chinese real estate environment, where overall transaction volumes and sentiment have been weak. Within this context, its agent‑centric, technology‑driven model gives it a differentiated angle versus larger rivals that own brick‑and‑mortar broker networks. The platform’s value grows as more independent agents join, creating a potential network effect and a sticky user base. However, the company faces intense competition from well‑capitalized players, regulatory and macro risks tied to China’s property market, and the challenge of achieving meaningful scale from a much smaller revenue base than in the past.

Innovation and R&D

Innovation and R&D The company has clearly leaned into technology as its main lever: cloud‑based tools for agents, mobile apps, data analytics, and AI‑driven valuation and recommendation engines. Recent acquisitions of AI and cloud computing intellectual property underline a strategy of deepening the tech stack rather than expanding traditional brokerage operations. R&D and product development seem heavily focused on making the platform smarter and more embedded in clients’ daily workflows, from lead management to property marketing and potentially property management. The key uncertainty is whether these investments can be translated into stable, high‑margin recurring revenue quickly enough given its constrained financial resources.

Summary

Fangdd today looks like a much smaller, more focused company than it was a few years ago, operating in a structurally challenged Chinese real estate market. The income statement shows a business that has significantly downsized and is working to stabilize, with losses narrowing and a recent move into slight profitability that still needs to prove durable. The balance sheet is thinner and less liquid than before, though it carries little debt, while cash flow remains negative, indicating ongoing dependence on external or existing funding. Strategically, Fangdd’s competitive story rests on its proptech platform, agent‑centric network, and recent AI and cloud investments, which together could offer a differentiated solution set. Against this, it must contend with weak market conditions, powerful competitors, and limited financial headroom. Overall, DUO appears to be in a high‑risk, high‑uncertainty transition phase, trying to convert its technology and network into a sustainable, cash‑generative business model.

NEWS

October 24, 2025 · 8:30 AM UTC

FangDD Announces US$34,320,000 Convertible Note Issuance in Connection with Asset Acquisition and Proposed Issuance of Class C Ordinary Shares

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September 30, 2025 · 8:30 AM UTC

FangDD is Powered by AI System With US$34.32 Million Assets Acquisition

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