$DUO

Fangdd Network Group Ltd.

CIK:0001750593|SEC Filings

Consolidated Statements of Operations and Comprehensive Income/(Loss)
¥ in Thousands, $ in Thousands

12 Months Ended

Dec. 31, 2025

CNY (¥)

¥ / shares

Dec. 31, 2025

USD ($)

$ / shares

Dec. 31, 2024

CNY (¥)

¥ / shares

Dec. 31, 2023

CNY (¥)

¥ / shares

Income Statement [Abstract]

Revenue

¥ 354,823

$ 50,739

¥ 339,104

¥ 284,957

Cost of revenue

(291,232)

(41,646)

(277,356)

(243,763)

Gross profit

63,591

9,093

61,748

41,194

Operating expenses

Sales and marketing expenses

(9,468)

(1,354)

(10,081)

(2,774)

Product development expenses

(25,379)

(3,629)

(24,775)

(32,142)

General and administrative expenses

(162,043)

(23,172)

(152,554)

(271,448)

Total operating expenses

(196,890)

(28,155)

(187,410)

(306,364)

Loss from operations

(133,299)

(19,062)

(125,662)

(265,170)

Income/(loss) from operations

Interest (expense)/income, net

1,684

(621)

Foreign currency exchange gain/(loss), net

5,345

764

(8,419)

333

(Loss)/gain on short-term investments

4,576

654

240

(518)

Impairment loss for equity method investments

(44,435)

(6,354)

(4,029)

(15,279)

Share of profit/(loss) from equity method investees, net of income tax

(722)

(103)

(196)

442

Impairment loss for long-term equity investments

(1,000)

(143)

(1,000)

(3,000)

Goodwill impairment

(621)

(89)

(454)

Government grants

242

108

2,454

Other income, net

54,641

7,814

156,238

183,490

Gain on disposal of subsidiaries

8,924

1,276

1,412

3,330

Gain on acquisition of subsidiaries

272

(Loss)/income before income tax

(106,266)

(15,196)

20,648

(94,993)

Income tax benefit

20,260

2,897

7,655

1,889

Net (loss)/income

(86,006)

(12,299)

28,303

(93,104)

Net loss attributable to non-controlling interests

(1,296)

(185)

(2,530)

(1,351)

Net (loss)/income attributable to Fangdd Network Group Ltd.

(84,710)

(12,114)

30,833

(91,753)

Net (loss)/income attributable to ordinary shareholders

(84,710)

(12,114)

30,833

(91,753)

Net (loss)/income

(86,006)

(12,299)

28,303

(93,104)

Other comprehensive (loss)/income

Foreign currency translation adjustment

(10,921)

(1,562)

14,925

(4,319)

Total comprehensive (loss)/income, net of tax

(96,927)

(13,861)

43,228

(97,423)

Total comprehensive loss attributable to non-controlling interests

(1,296)

(185)

(2,530)

(1,351)

Total comprehensive (loss)/income attributable to ordinary shareholders

¥ (95,631)

$ (13,676)

¥ 45,758

¥ (96,072)

Net (loss)/income per share attributable to ordinary shareholders*

- Basic (in Dollars per share and Yuan Renminbi per share) | (per share)

¥ (12.96)

^[1]

$ (1.85)

^[2]

¥ 45.25

^[2]

¥ (357.66)

^[2]

- Diluted (in Dollars per share and Yuan Renminbi per share) | (per share)

¥ (12.96)

^[1]

$ (1.85)

^[2]

¥ 45.25

^[2]

¥ (357.66)

^[2]

Weighted average number of ordinary shares outstanding used in computing net (loss)/income per share*

- Basic (in Shares)

^[2]

6,538,164

681,396

256,539

- Diluted (in Shares)

^[2]

6,538,164

681,396

256,539

[1]	Retrospectively restated to reflect the 2025 Share Consolidation.
[2]	Retrospectively restated to reflect the 2025 Share Consolidation.

Consolidated Statements of Cash Flows ¥ in Thousands, $ in Thousands	12 Months Ended
	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Cash flows from operating activities
Net (loss)/income	¥ (86,006)	$ (12,299)	¥ 28,303	¥ (93,104)
Adjustments to reconcile net (loss)/income to net cash used in operating activities
Depreciation and amortization	10,384	1,485	463	697
Amortization of right-of-use assets	1,350	193	1,109	1,118
Share-based compensation expenses			18	105
Loss/(gain) on short-term investments	(4,576)	(654)	(240)	518
Impairment loss for property, plant and equipment	12,032	1,721
Impairment loss for goodwill	621	89		454
Impairment loss for long-term equity investment	1,000	143	1,000	3,000
Impairment loss for equity method investments	44,435	6,354	4,029	15,279
Share of (profit)/loss from equity method investees, net of income tax	722	103	196	(442)
Provision of allowance for credit losses	43,731	6,253	78,197	201,885
Accounts payable write-off benefit	(34,888)	(4,989)	(151,514)	(167,928)
Amounts due to related parties write-off benefit	(5,679)	(812)
Property, plant and equipment written off	89	13	241	275
Loss on disposal of property, plant and equipment	742	106
Foreign currency exchange (gain)/loss	(5,345)	(764)	8,419	(333)
Gain on acquisition of subsidiaries			(272)
Gain on disposal of subsidiaries	(8,924)	(1,276)	(1,412)	(3,330)
Changes in operating assets and liabilities
Accounts receivable	11,556	1,652	54,140	97,777
Amounts due from related parties	(6,568)	(939)
Prepayments and other assets	36,810	5,265	(23,566)	(79,182)
Inventories	358	51	7,123	(1,346)
Other non-current assets			2,656	(4,439)
Accounts payable	(70,788)	(10,122)	3,692	(85,158)
Amounts due to related parties	(1,018)	(146)	(34,251)	(10,697)
Customers’ refundable fees	2,860	409	(15,392)	807
Accrued expenses and other payables	(207)	(30)	(17,363)	(59,159)
Lease liabilities	(1,470)	(210)	(1,017)	(989)
Income tax payables	(1,415)	(202)	(4,929)	(1,926)
Net cash used in operating activities	(60,194)	(8,606)	(60,370)	(186,118)
Cash flows from investing activities
Purchase of property, plant and equipment	(23,410)	(3,348)	(8,179)	(296)
Prepayment for acquisition of property			(23,060)
Proceeds from disposal of property, plant and equipment	7,932	1,134
Investment in equity method investees	(906)	(130)	(18,141)
Return of capital from equity method investees	218	31		45,553
Cash received from/(paid for) acquisition of subsidiaries, net of cash acquired	(305)	(44)	215
Cash advances made to related parties	(7,720)	(1,104)
Cash received from/(paid for) disposal of subsidiaries	(710)	(102)	68
Cash paid for short-term investments	(88,759)	(12,691)	(334,447)	(63,812)
Proceeds from disposal of short-term investments	70,724	10,113	237,562	49,982
Net cash provided by/(used in) investing activities	(42,936)	(6,141)	(145,982)	31,427
Cash flows from financing activities
Contribution from non-controlling shareholders	3,241	463	1,905	635
Proceeds from issuance of ordinary shares, net of issuance costs			88,560	46,632
Proceeds from issuance of convertible promissory note, net of issuance costs	44,696	6,391		145,064
Proceeds from regular warrants exercised			25,313
Proceeds from issuance and exercise of pre-funded warrants			30,848
Repayment for short-term bank borrowings				(72,500)
Net cash provided by financing activities	47,937	6,854	146,626	119,831
Effect of exchange rate changes on cash, cash equivalents and restricted cash	(1,632)	(233)	5,311	(3,986)
Net decrease in cash, cash equivalents and restricted cash	(56,825)	(8,126)	(54,415)	(38,846)
Cash, cash equivalents and restricted cash at the beginning of the year	89,484	12,796	143,899	182,745
Cash, cash equivalents and restricted cash at the end of the year	32,659	4,670	89,484	143,899
Cash, cash equivalents and restricted cash
Cash and cash equivalents	29,328		75,351	121,733
Restricted cash	3,331		14,133	22,166
Cash, cash equivalents and restricted cash at the end of the year	32,659		89,484	143,899
Supplemental disclosures of cash flow information
Interest paid			(946)	(326)
Income tax paid	(32)	(5)	(33)	(37)
Supplemental disclosure of non-cash flow information
Lease liabilities arising from obtaining right-of-use assets	1,057	151	1,993	366
Issuance of convertible promissory note for intangible asset purchase	¥ 242,810	$ 34,721

Consolidated Balance Sheets
¥ in Thousands, $ in Thousands

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Current assets

Cash and cash equivalents

¥ 29,328

$ 4,194

¥ 75,351

Restricted cash

3,331

476

14,133

Short-term investments

114,873

16,427

113,632

Accounts receivable, net

147,920

21,152

196,041

Prepayments and other assets, net

82,606

11,812

144,081

Inventories

5,022

718

5,380

Total current assets

390,089

55,781

548,618

Non-current assets

Property, plant and equipment, net

32,836

4,695

15,392

Intangible assets, net

234,065

33,471

1,005

Right-of-use assets

877

125

1,413

Equity method investments, net

118,397

16,931

162,761

Long-term equity investments, net

12,000

1,716

2,000

Total non-current assets

398,175

56,938

182,571

Total assets

788,264

112,719

731,189

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)

72,779

10,407

180,737

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)

18,163

2,597

15,879

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)

99,711

14,258

104,595

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

102

139

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

115

1,332

Total current liabilities

209,372

29,939

326,582

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)

21,176

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

Total non-current liabilities

21,306

Total liabilities

209,372

29,939

347,888

Commitments and contingencies

Shareholders’ equity:

Additional paid-in capital

5,673,411

811,287

5,388,038

Accumulated other comprehensive loss

(394,156)

(56,364)

(383,235)

Accumulated deficit

(4,703,305)

(672,564)

(4,618,595)

Total Fangdd Network Group Ltd. shareholders’ equity

578,403

82,710

386,344

Non-controlling interests

489

(3,043)

Total shareholders’ equity

578,892

82,780

383,301

Total liabilities and shareholders’ equity

788,264

112,719

731,189

Class A Ordinary Shares

Shareholders’ equity:

Ordinary shares, value

^[1]

2,452

351

136

Class B Ordinary Shares

Shareholders’ equity:

Ordinary shares, value

^[1]

Class C Ordinary Shares

Shareholders’ equity:

Ordinary shares, value

^[1]

^[2]

Related Party

Current assets

Amounts due from related parties

7,009

1,002

Current liabilities

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)

¥ 17,203

$ 2,460

¥ 23,900

[1]	Retrospectively restated to reflect the share consolidation effected on June 9, 2025, whereby every 16 ordinary shares of a par value US$0.0005625 per share were consolidated into 1 ordinary share of a par value US$0.009 per share (the “2025 Share Consolidation”).
[2]	Less than 1 after in thousand and rounding.