Fangdd Network Group Ltd.

Listed Company

DUOCIK 0001750593NasdaqNon-AcceleratedReal EstateE9KYFY ends Dec 31

Period

FY 2025

Revenue

$354.82M

Net Income

$-84.71M

Total Assets

$788.26M

Equity

$578.40M

Shares Out

945.71M

Op. Cash Flow

$-60.19M

Business

Fangdd Network Group Ltd. operates a PropTech online marketplace that digitalizes real estate transactions in China. It offers property listings, SaaS solutions (including Property Cloud, Duoduo Sales and Duoduo Cloud Sales), AI-driven matching, digital marketing and asset management and other value-added services for transaction participants. Its operations are organized around services for real estate sellers, real estate agents, real estate buyers and other participants, supported by technology, data analytics and research and development teams. The company distributes its services primarily through its web and mobile platforms, WeChat integrations and partnerships with property developers across Chinese cities.

Summary from filing dated 2025-04-23

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Revenue	355	339	285
Cost of revenue	291	277	244
Gross profit	64	62	41
Operating expenses	—	—	—
Sales and marketing expenses	9	10	3
Product development expenses	25	25	32
General and administrative expenses	162	153	271
Total operating expenses	197	187	306
Loss from operations	−133	−126	−265
Income/(loss) from operations	—	—	—
Interest (expense)/income, net	83,000	2	−621,000
Foreign currency exchange gain/(loss), net	5	−8	333,000
(Loss)/gain on short-term investments	5	240,000	−518,000
Impairment loss for equity method investments	44	4	15
Share of profit/(loss) from equity method investees, net of income tax	−722,000	−196,000	442,000
Impairment loss for long-term equity investments	1	1	3
Goodwill impairment	621,000	—	454,000
Government grants	242,000	108,000	2
Other income, net	55	156	183
Gain on disposal of subsidiaries	9	1	3
Gain on acquisition of subsidiaries	—	272,000	—
(Loss)/income before income tax	−106	21	−95
Income tax benefit	−20	−8	−2
Net (loss)/income	−86	28	−93
Net loss attributable to non-controlling interests	−1	−3	−1
Net (loss)/income attributable to Fangdd Network Group Ltd.	−85	31	−92
Net (loss)/income attributable to ordinary shareholders	−85	31	−92
Net (loss)/income	−86	28	−93
Other comprehensive (loss)/income	—	—	—
Foreign currency translation adjustment	−11	15	−4
Total comprehensive (loss)/income, net of tax	−97	43	−97
Total comprehensive loss attributable to non-controlling interests	−1	−3	−1
Total comprehensive (loss)/income attributable to ordinary shareholders	−96	46	−96
Net (loss)/income per share attributable to ordinary shareholders*	—	—	—
- Basic (in Dollars per share and Yuan Renminbi per share)	−12.96	45.25	−357.66
- Diluted (in Dollars per share and Yuan Renminbi per share)	−12.96	45.25	−357.66
Weighted average number of ordinary shares outstanding used in computing net (loss)/income per share*	—	—	—
- Basic (in Shares)	7	681,396	256,539
- Diluted (in Shares)	7	681,396	256,539

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
Current assets	—	—
Cash and cash equivalents	29	75
Restricted cash	3	14
Short-term investments	115	114
Accounts receivable, net	148	196
Amounts due from related parties	7	—
Prepayments and other assets, net	83	144
Inventories	5	5
Total current assets	390	549
Non-current assets	—	—
Property, plant and equipment, net	33	15
Intangible assets, net	234	1
Right-of-use assets	877,000	1
Equity method investments, net	118	163
Long-term equity investments, net	12	2
Total non-current assets	398	183
Total assets	788	731
Current liabilities	—	—
Accounts payable (including accounts payable of consolidated VIE without recourse to the Company of RMB98,175 and RMB63,450 as of December 31, 2024 and 2025, respectively)	73	181
Amounts due to related parties (including amounts due to related parties of consolidated VIE without resource to the Company of RMB23,900 and RMB17,158 as of December 31, 2024 and 2025, respectively)	17	24
Customers’ refundable fees (including customers’ refundable fees of consolidated VIE without recourse to the Company of RMB14,433 and RMB17,201 as of December 31, 2024 and 2025, respectively)	18	16
Accrued expenses and other payables (including accrued expenses and other payables of consolidated VIE without recourse to the Company of RMB69,174 and RMB62,111 as of December 31, 2024 and 2025, respectively)	100	105
Income tax payables (including income tax payables of consolidated VIE without recourse to the Company of RMB11 and RMB87 as of December 31, 2024 and 2025, respectively)	710,000	139,000
Lease liabilities (including lease liabilities of consolidated VIE without recourse to the Company of RMB671 and RMB230 as of December 31, 2024 and 2025, respectively)	806,000	1
Total current liabilities	209	327
Non-current liabilities	—	—
Income tax payables (including income tax payables of consolidated VIE without recourse to the Company of RMB20,746 and nil as of December 31, 2024 and 2025, respectively)	—	21
Lease liabilities (including lease liabilities of consolidated VIE without recourse to the Company of RMB130 and nil as of December 31, 2024 and 2025, respectively)	—	130,000
Total non-current liabilities	—	21
Total liabilities	209	348
Commitments and contingencies	—	—
Shareholders’ equity:	—	—
Ordinary shares, value	2	136,000
Additional paid-in capital	5,673	5,388
Accumulated other comprehensive loss	−394	−383
Accumulated deficit	−4,703	−4,619
Total Fangdd Network Group Ltd. shareholders’ equity	578	386
Non-controlling interests	489,000	−3
Total shareholders’ equity	579	383
Total liabilities and shareholders’ equity	788	731

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Cash flows from operating activities	—	—	—
Net (loss)/income	−86	28	−93
Adjustments to reconcile net (loss)/income to net cash used in operating activities	—	—	—
Depreciation and amortization	10	463,000	697,000
Amortization of right-of-use assets	1	1	1
Share-based compensation expenses	—	18,000	105,000
Loss/(gain) on short-term investments	5	240,000	−518,000
Impairment loss for property, plant and equipment	12	—	—
Impairment loss for goodwill	621,000	—	454,000
Impairment loss for long-term equity investment	1	1	3
Impairment loss for equity method investments	44	4	15
Share of (profit)/loss from equity method investees, net of income tax	−722,000	−196,000	442,000
Provision of allowance for credit losses	44	78	202
Accounts payable write-off benefit	35	152	168
Amounts due to related parties write-off benefit	6	—	—
Property, plant and equipment written off	−89,000	−241,000	−275,000
Loss on disposal of property, plant and equipment	−742,000	—	—
Foreign currency exchange (gain)/loss	5	−8	333,000
Gain on acquisition of subsidiaries	—	272,000	—
Gain on disposal of subsidiaries	9	1	3
Changes in operating assets and liabilities	—	—	—
Accounts receivable	−12	−54	−98
Amounts due from related parties	7	—	—
Prepayments and other assets	−37	24	79
Inventories	−358,000	−7	1
Other non-current assets	—	−3	4
Accounts payable	−71	4	−85
Amounts due to related parties	−1	−34	−11
Customers’ refundable fees	3	−15	807,000
Accrued expenses and other payables	−207,000	−17	−59
Lease liabilities	−1	−1	−989,000
Income tax payables	−1	−5	−2
Net cash used in operating activities	−60	−60	−186
Cash flows from investing activities	—	—	—
Purchase of property, plant and equipment	23	8	296,000
Prepayment for acquisition of property	—	23	—
Proceeds from disposal of property, plant and equipment	8	—	—
Investment in equity method investees	906,000	18	—
Return of capital from equity method investees	218,000	—	46
Cash received from/(paid for) acquisition of subsidiaries, net of cash acquired	305,000	−215,000	—
Cash advances made to related parties	8	—	—
Cash received from/(paid for) disposal of subsidiaries	−710,000	68,000	—
Cash paid for short-term investments	89	334	64
Proceeds from disposal of short-term investments	71	238	50
Net cash provided by/(used in) investing activities	−43	−146	31
Cash flows from financing activities	—	—	—
Contribution from non-controlling shareholders	3	2	635,000
Proceeds from issuance of ordinary shares, net of issuance costs	—	89	47
Proceeds from issuance of convertible promissory note, net of issuance costs	45	—	145
Proceeds from regular warrants exercised	—	25	—
Proceeds from issuance and exercise of pre-funded warrants	—	31	—
Repayment for short-term bank borrowings	—	—	73
Net cash provided by financing activities	48	147	120
Effect of exchange rate changes on cash, cash equivalents and restricted cash	−2	5	−4
Net decrease in cash, cash equivalents and restricted cash	−57	−54	−39
Cash, cash equivalents and restricted cash at the end of the year	—	—	—
Cash, cash equivalents and restricted cash at the end of the year	—	—	—
Cash, cash equivalents and restricted cash	—	—	—
Cash and cash equivalents	—	—	—
Restricted cash	—	—	—
Cash, cash equivalents and restricted cash at the end of the year	—	—	—
Supplemental disclosures of cash flow information	—	—	—
Interest paid	—	946,000	326,000
Income tax paid	32,000	33,000	37,000
Supplemental disclosure of non-cash flow information	—	—	—
Lease liabilities arising from obtaining right-of-use assets	1	2	366,000
Issuance of convertible promissory note for intangible asset purchase	243	—	—

Filings

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