DUO Nasdaq Real Estate Financials FY2017βFY2025
Fangdd Network Group Ltd. had $49.4M of revenue in fiscal 2025, up 4.8% on the year before. Over five years, revenue changed β32.6% a year on average.
Hi! I read Fangdd Network Group Ltd.βs latest annual report (fiscal 2025). Here is what stands out:
Good So-so Weak
Are sales growing?
+4.8%
Only a little. Sales grew 4.8% last year.
Does it make a profit?
β23.9%
No. It lost money last year.
Does profit turn into cash?
β23.6%
No. It spent more cash than it brought in.
How healthy are the accounts?
2 / 8
Weak. It passes 2 of 8 health tests.
Rules of thumb on reported numbers. A starting point, not a recommendation.
Is it selling more, and how much does it keep?
In plain words: Every quarter, companies publish how much they sold and earned. These are the days Fangdd Network Group Ltd. did it, and the next one. Share prices often move a lot on those days.
Next results
May 5, 2027
Wednesday Β· in 191 days
Estimated from the same quarter last year. It will be replaced by the announced date once there is one.
See who else reports that week β| Date | Results for | Time | Source |
|---|---|---|---|
| May 6, 2026 | Period ended Dec 31, 2025 | Before the market opens | 20-F β |
| Apr 23, 2025 | Period ended Dec 31, 2024 | Before the market opens | 20-F β |
| Apr 19, 2024 | Period ended Dec 31, 2023 | After the market closes | 20-F β |
| Apr 19, 2023 | Period ended Dec 31, 2022 | After the market closes | 20-F β |
| Apr 22, 2022 | Period ended Dec 31, 2021 | After the market closes | 20-F β |
| Mar 31, 2021 | Period ended Dec 31, 2020 | After the market closes | 20-F β |
| Apr 15, 2020 | Period ended Dec 31, 2019 | After the market closes | 20-F β |
From SEC filings: the results press release (8-K) or, without one, the quarterly or annual report.
KIRA Β· Fangdd Network Group Ltd. had $49.4M of revenue in fiscal 2025, up 4.8% on the year before. Over five years, revenue changed β32.6% a year on average. Its operating margin was β37.6%, down 0.5Β pts: of every 100 in sales, about β38 is left after running the business.
In plain words: Revenue is all the money customers paid. The margins show how many cents of each dollar of sales are left over at each step: after making the product (gross), after running the business (operating) and after everything, tax included (net).
Revenue
Margins, % of revenue
KIRA Β· Fangdd Network Group Ltd. lost $11.8M in fiscal 2025.
Loss periods are shown in red.
In plain words: Net income is the profit left after every cost and tax. Earnings per share (EPS) splits that profit across every share, so it shows what one share earned.
Net income
Diluted EPS
How much cash comes in, and where does it go?
KIRA Β· Free cash flow was β$11.6M in fiscal 2025, β23.6% of revenue.
Cash from operations minus capital spending.
In plain words: Profit on paper is not the same as cash in the bank. Free cash flow is the cash left after paying to run and maintain the business: the money it can hand back to shareholders, save or invest.
Free cash flow
Cash from operations vs capital spending
In plain words: Companies hand cash back in two ways: dividends (cash paid to shareholders) and buybacks (buying back their own shares, so each remaining share owns a bigger slice).
Dividends and buybacks
Diluted shares outstanding (annual)
KIRA Β· No open-market insider trades in the last 12 months.
Open-market purchases and sales by officers, directors and 10% owners, from Form 4 filings. βPlanβ marks trades under a pre-arranged Rule 10b5-1 plan.
In plain words: Insiders are the people who run or own a big part of the company. Buying with their own money can signal confidence; selling often has personal reasons, like taxes or diversifying.
Bought, 12 months
$0.0M
0 insiders
Sold, 12 months
$0.0M
0 insiders
Of sales under plans
β
$0.0M
No open-market insider trades in the last 12 months.
Can it carry its debts, and how well does it use its money?
Cash, debt and the ratios that show how comfortably Fangdd Network Group Ltd. can carry it.
In plain words: What the company owns and what it owes. More cash than debt is a cushion for bad times; a lot of debt leaves less room when business slows down.
Cash vs debt (incl. leases)
| Fiscal year end | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|
| Cash and short-term investments | $78.4M | $21.2M | $19.3M | $25.9M | $20.6M |
| Debt incl. finance leases | β | $10.5M | β | β | β |
| Debt / equity | β | 0.7x | β | β | β |
| Current ratio | 1.0x | 0.9x | 1.1x | 1.7x | 1.9x |
| Quick ratio | 1.0x | 0.9x | 1.1x | 1.7x | 1.8x |
| Total assets | $301M | $156M | $108M | $100M | $113M |
| Total liabilities | $253M | $142M | $81.4M | $47.7M | $29.9M |
| Shareholders' equity | $49.3M | $14.5M | $27.6M | $52.9M | $82.6M |
| Net debt (β = net cash) | β | β$10.6M | β | β | β |
After-tax operating income as a share of the money invested in the business: debt plus equity, minus cash.
In plain words: How much profit the business makes on the money put into it. A higher percentage means each dollar invested works harder.
Return on capital, equity and assets (annual)
KIRA Β· Fangdd Network Group Ltd. passes 2 of 8 financial health tests (Piotroski F-score).
Nine pass/fail tests of profitability, funding and efficiency. 8β9 is strong, 0β2 weak.
In plain words: Nine yes/no tests of financial health, one point each. A green tick is a pass: 7 to 9 points is solid, 0 to 3 is weak.
| Test | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Net income is positive | β | β | β | β | β | β | β | β | β |
| Cash from operations is positive | β | β | β | β | β | β | β | β | β |
| Return on assets rose | β | β | β | β | β | β | β | β | β |
| Cash from operations exceeds net income | β | β | β | β | β | β | β | β | β |
| Debt fell relative to assets | β | β | β | β | β | β | β | β | β |
| Current ratio rose | β | β | β | β | β | β | β | β | β |
| Share count didn't rise | β | β | β | β | β | β | β | β | β |
| Gross margin rose | β | β | β | β | β | β | β | β | β |
| Revenue rose relative to assets | β | β | β | β | β | β | β | β | β |
| F-score | β / 3 | β / 5 | 5 / 8 | 2 / 8 | 1 / 8 | 3 / 8 | 5 / 8 | 5 / 8 | 2 / 8 |
| Accruals ratio | β | β0.9% | β17.4% | 2.4% | β37.4% | β7.6% | 10.1% | 12.2% | β3.2% |
| Altman Z'' | β | β1.68 | β0.97 | β0.81 | β10.30 | β15.84 | β21.11 | β18.61 | β16.15 |
Every number, year by year.
Amounts in USD. Hover a ratioβs name for its definition.
In plain words: Every number we have, year by year. Download it as a spreadsheet if you want to dig deeper.
| Fiscal year | FY17 | FY18 | FY19 | FY20 | FY21 | FY22 | FY23 | FY24 | FY25 |
|---|---|---|---|---|---|---|---|---|---|
| Income statement | |||||||||
| Revenue | $266M | $345M | $521M | $355M | $146M | $36.5M | $40.2M | $47.1M | $49.4M |
| Net interest income | β | β | β | β | β | β | β$0.1M | $0.2M | $0.0M |
| Provision for credit losses | $0.4M | β$0.1M | $0.1M | $0.1M | $4.1M | β$3.0M | $0.2M | β | β |
| Gross profit | $56.5M | $72.0M | $110M | $60.0M | $16.5M | $3.7M | $5.8M | $8.6M | $8.8M |
| Research and development | $28.4M | $30.7M | $105M | $43.7M | $26.0M | $9.8M | $4.5M | $3.4M | $3.5M |
| Operating income | β$0.7M | $10.5M | β$77.7M | β$32.7M | β$148M | β$37.0M | β$37.4M | β$17.5M | β$18.5M |
| Pretax income | $0.4M | $16.4M | β$73.3M | β$29.9M | β$185M | β$34.5M | β$13.4M | $2.9M | β$14.8M |
| Income tax | $0.4M | $0.7M | $0.5M | $2.1M | $1.4M | $1.1M | β$0.3M | β$1.1M | β$2.8M |
| Net income | $0.1M | $15.7M | β$73.9M | β$31.9M | β$182M | β$36.2M | β$13.0M | $4.3M | β$11.8M |
| Net income to common | β$33.7M | β$21.8M | β$184M | β$31.9M | β$182M | β$36.2M | β$13.0M | $4.3M | β$11.8M |
| Diluted EPS | β$0.04 | β$0.02 | β$0.17 | β$0.02 | β$0.09 | β$98.09 | β$50.50 | $6.29 | β$1.80 |
| Diluted shares | 0.95B | 0.95B | 1.09B | 1.99B | 2.02B | 0.00B | 0.00B | 0.00B | 0.01B |
| Cash flow | |||||||||
| Cash from operations | β$99.8M | $19.6M | $17.2M | β$47.1M | β$9.4M | β$18.9M | β$26.3M | β$8.4M | β$8.4M |
| Capital expenditure | $0.7M | $1.3M | $0.2M | $1.5M | $1.9M | $0.0M | $0.0M | $1.1M | $3.3M |
| Free cash flow | β$100M | $18.3M | $16.9M | β$48.6M | β$11.3M | β$18.9M | β$26.3M | β$9.5M | β$11.6M |
| Depreciation and amortization | $4.5M | $2.2M | $0.7M | $0.5M | $1.2M | $0.4M | $0.1M | $0.1M | $1.4M |
| Stock-based compensation | β | $0.0M | $108M | $14.9M | $7.3M | $2.5M | $0.0M | $0.0M | β |
| Acquisitions | β | β | β | $1.3M | β | $0.1M | β | β$0.0M | $0.0M |
| Balance sheet | |||||||||
| Cash and short-term investments | $194M | $74.9M | $160M | $130M | $78.4M | $21.2M | $19.3M | $25.9M | $20.6M |
| Total debt | β | β | β | β | β | $10.5M | β | β | β |
| Loans, net | β | $4.5M | $7.8M | $9.8M | $4.9M | $2.6M | β | β | β |
| Current assets | β | $353M | $536M | $532M | $256M | $125M | $86.3M | $75.2M | $55.7M |
| Current liabilities | β | $289M | $398M | $391M | $249M | $138M | $77.4M | $44.7M | $29.9M |
| Inventory | β | β | β | β | β | $1.6M | $1.8M | $0.7M | $0.7M |
| Property and equipment, net | β | $2.2M | $1.2M | $2.2M | $2.3M | $0.4M | $0.6M | $2.1M | $4.7M |
| Goodwill | β | β | β | $4.8M | β | $0.1M | β | β | β |
| Intangible assets | β | β | β | $1.1M | β | β | $0.2M | $0.1M | $33.4M |
| Total assets | β | $419M | $628M | $619M | $301M | $156M | $108M | $100M | $113M |
| Total liabilities | β | $291M | $400M | $395M | $253M | $142M | $81.4M | $47.7M | $29.9M |
| Preferred stock | β | $0.8M | β | β | β | β | β | β | β |
| Shareholders' equity | β | β$271M | $228M | $221M | $49.3M | $14.5M | $27.6M | $52.9M | $82.6M |
| Margins | |||||||||
| Gross margin | 21.2% | 20.9% | 21.0% | 16.9% | 11.3% | 10.1% | 14.5% | 18.2% | 17.9% |
| Operating margin | β0.3% | 3.0% | β14.9% | β9.2% | β101.6% | β101.4% | β93.1% | β37.1% | β37.6% |
| EBITDA margin | 1.4% | 3.7% | β14.8% | β9.1% | β100.8% | β100.3% | β92.8% | β36.9% | β34.6% |
| Net margin | 0.0% | 4.6% | β14.2% | β9.0% | β124.3% | β99.2% | β32.2% | 9.1% | β23.9% |
| FCF margin | β37.8% | 5.3% | 3.2% | β13.7% | β7.8% | β51.7% | β65.4% | β20.2% | β23.6% |
| Net interest share of revenue | β | β | β | β | β | β | β0.2% | 0.5% | 0.0% |
| Returns | |||||||||
| Return on capital | β | β | β | β | β | β756.6% | β | β | β |
| Return on capital employed | β | 8.1% | β33.8% | β14.4% | β283.8% | β201.3% | β120.8% | β31.5% | β22.4% |
| Return on equity | β | β | β | β14.2% | β134.5% | β113.6% | β61.6% | 10.6% | β17.4% |
| Return on assets | β | 3.8% | β14.1% | β5.1% | β39.5% | β15.9% | β9.8% | 4.1% | β11.1% |
| Return on tangible equity | β | β | β80.4% | β14.9% | β368.2% | β250.9% | β47.3% | 8.1% | β24.0% |
| Growth | |||||||||
| Revenue growth | β | 29.6% | 51.0% | β31.8% | β58.9% | β75.0% | 10.1% | 17.1% | 4.8% |
| Net income growth | β | 16,275.3% | β569.8% | β | β | β | β | β | β375.1% |
| EPS growth | β | β | β | β | β | β | β | β | β128.7% |
| FCF growth | β | β | β7.6% | β387.3% | β | β | β | β | β |
| Share count change | β | 0.0% | 15.0% | 83.2% | 1.5% | β100.0% | β30.6% | 165.7% | 859.5% |
| Financial health | |||||||||
| Debt / equity | β | β | β | β | β | 0.7x | β | β | β |
| Current ratio | β | 1.2x | 1.3x | 1.4x | 1.0x | 0.9x | 1.1x | 1.7x | 1.9x |
| Quick ratio | β | 1.2x | 1.3x | 1.4x | 1.0x | 0.9x | 1.1x | 1.7x | 1.8x |
| Provision / loans | β | β1.7% | 1.1% | 0.9% | 84.1% | β116.1% | β | β | β |
| Capital allocation | |||||||||
| Capex / revenue | 0.3% | 0.4% | 0.0% | 0.4% | 1.3% | 0.1% | 0.1% | 2.4% | 6.6% |
| Stock comp / revenue | β | 0.0% | 20.7% | 4.2% | 5.0% | 6.8% | 0.0% | 0.0% | β |
| Quality scores | |||||||||
| Piotroski F-score | β | β | 5.0 | 2.0 | 1.0 | 3.0 | 5.0 | 5.0 | 2.0 |
| Altman Z'' | β | β1.7 | β1.0 | β0.8 | β10.3 | β15.8 | β21.1 | β18.6 | β16.2 |
| Accruals ratio | β | β0.9% | β17.4% | 2.4% | β37.4% | β7.6% | 10.1% | 12.2% | β3.2% |
Source: SEC EDGAR XBRL filings (CIK 0001750593). Data updated October 24, 2026. Quarterly fourth quarters are the full year minus the first nine months. Filed in CNY under US GAAP and converted to US$: income and cash-flow lines at each period's average exchange rate, balance-sheet lines at the period-end rate. The ADS ratio could not be read from the filing, so market cap and valuation are not shown. For information only β not investment advice. Check the original filings before relying on any figure.
