Fangdd Network Group Ltd. Financials
Fangdd Network Group Ltd. (DUO) reported $50.7M in revenue for fiscal year 2025, up 9.2% from the prior fiscal year. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 7 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Revenue recovery has not repaired the cost structure: gross-margin gains still leave the business operating below break-even.
In FY2024, reported net income of$4.2M coexisted with operating cash flow of-$8.3M , so the profit did not translate into cash. FY2025 reversed the accounting result to a net loss of-$12.1M while operating cash flow was-$8.6M , showing that earnings and cash generation remained misaligned.
From FY2022 to FY2025, gross margin rose from
Total liabilities fell from
Financial Health Signals
Scored against REITs for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Fangdd Network Group Ltd.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Not available for Fangdd Network Group Ltd., and counted as zero in the overall score.
Not available for Fangdd Network Group Ltd., and counted as zero in the overall score.
Fangdd Network Group Ltd. scores -7.74, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($22.4M) relative to total liabilities ($29.9M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Fangdd Network Group Ltd. passes 2 of 7 computable financial strength tests (2 of the nine could not be computed from available data). 1 of 4 profitability signals pass, all 1 leverage/liquidity signals pass, neither operating efficiency signal passes.
Fangdd Network Group Ltd. reported a net loss of $12.1M while operations used $8.6M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Fangdd Network Group Ltd. reported an operating loss of $19.1M against $12K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Fangdd Network Group Ltd. generated $50.7M in revenue in fiscal year 2025. This represents an increase of 9.2% from the prior year.
Fangdd Network Group Ltd.'s EBITDA was -$17.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents a decrease of 2.5% from the prior year.
Fangdd Network Group Ltd. reported -$12.1M in net income in fiscal year 2025. This represents a decrease of 386.7% from the prior year.
Fangdd Network Group Ltd. earned -$1.85 per diluted share (EPS) in fiscal year 2025. This represents a decrease of 493.6% from the prior year.
Cash & Balance Sheet
Fangdd Network Group Ltd. recorded an outflow of $12.0M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents a decrease of 4.6% from the prior year.
Fangdd Network Group Ltd. held $4.2M in cash as of fiscal year 2025; long-term debt is not reported for that period.
Not reported for fiscal year 2025.
Margins & Returns
Fangdd Network Group Ltd.'s gross margin was 17.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is down 0.3 percentage points from the prior year.
Fangdd Network Group Ltd.'s operating margin was -37.6% in fiscal year 2025, reflecting core business profitability. This is down 0.5 percentage points from the prior year.
Fangdd Network Group Ltd.'s net profit margin was -23.9% in fiscal year 2025, showing the share of revenue converted to profit. This is down 33.0 percentage points from the prior year.
Fangdd Network Group Ltd.'s ROE was -14.6% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is down 22.6 percentage points from the prior year.
Capital Allocation
Fangdd Network Group Ltd. invested $3.6M in research and development in fiscal year 2025. This represents an increase of 6.9% from the prior year.
Fangdd Network Group Ltd. invested $3.3M in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents an increase of 6.0% from the prior year.
Not reported for fiscal year 2025.
DUO Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 |
|---|
Not reported in any period shown, so not listed: Revenue, Cost of Revenue, Gross Profit, R&D Expenses, SG&A Expenses, Operating Income, Interest Expense, Income Tax, Net Income, EPS (Diluted).
DUO Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $112.7M+18.9% | $94.8M-5.4% | $100.2M+8.0% | $92.7M-14.5% | $108.4M-19.1% | $134.1M-14.1% | $156.1M-23.8% | $204.9M |
| Current Assets | $55.8M-13.1% | $64.2M-14.6% | $75.2M+6.5% | $70.6M-18.2% | $86.3M-23.2% | $112.4M-9.8% | $124.5M-27.2% | $171.0M |
| Cash & Equivalents | $4.2M-13.3% | $4.8M-53.1% | $10.3M-40.2% | $17.3M+0.7% | $17.1M-4.9% | $18.0M-13.6% | $20.9M-41.6% | $35.7M |
| Inventory | $718K+1.6% | $707K-4.1% | $737K-11.0% | $828K-53.0% | $1.8M+0.9% | $1.7M+7.8% | $1.6M-1.2% | $1.6M |
| Accounts Receivable | $21.2M-8.9% | $23.2M-13.5% | $26.9M | N/A | $44.3M-15.6% | $52.5M-23.2% | $68.3M-32.5% | $101.2M |
| Goodwill | N/A | N/A | N/A | $462K | N/A | $63K-4.5% | $66K-2.9% | $68K |
| Total Liabilities | $29.9M-28.0% | $41.6M-12.8% | $47.7M-25.1% | $63.6M-21.9% | $81.5M-18.0% | $99.4M-30.2% | $142.3M-23.3% | $185.4M |
| Current Liabilities | $29.9M-22.6% | $38.7M-13.5% | $44.7M-25.6% | $60.1M-22.4% | $77.4M-18.4% | $94.9M-31.1% | $137.7M-24.0% | $181.1M |
| Total Equity | $82.7M+55.8% | $53.1M+0.3% | $52.9M+80.1% | $29.4M+6.5% | $27.6M-21.9% | $35.3M+143.5% | $14.5M-27.9% | $20.1M |
| Retained Earnings | -$672.6M-3.5% | -$650.1M-2.7% | -$632.7M+0.7% | -$637.4M+2.7% | -$654.9M-4.4% | -$627.2M+5.1% | -$660.8M+1.9% | -$673.4M |
Not reported in any period shown, so not listed: Long-Term Debt.
DUO Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 |
|---|
Not reported in any period shown, so not listed: Operating Cash Flow, Capital Expenditures, Free Cash Flow, Investing Cash Flow, Financing Cash Flow, Dividends Paid, Share Buybacks.
DUO Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q4'25 | Q2'25 | Q4'24 | Q2'24 | Q4'23 | Q2'23 | Q4'22 | Q2'22 |
|---|---|---|---|---|---|---|---|---|
| Current Ratio | 1.86+0.2x | 1.660.0x | 1.68+0.5x | 1.17+0.1x | 1.12-0.1x | 1.18+0.3x | 0.900.0x | 0.94 |
| Debt-to-Equity | 0.36-0.4x | 0.78-0.1x | 0.90-1.3x | 2.17-0.8x | 2.95+0.1x | 2.81-7.0x | 9.80+0.6x | 9.22 |
Not reported in any period shown, so not listed: Gross Margin, Operating Margin, Net Margin, Return on Equity, Return on Assets, FCF Margin.
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Where Fangdd Network Group Ltd. Ranks
Frequently Asked Questions
What is Fangdd Network Group Ltd.'s annual revenue?
Fangdd Network Group Ltd. (DUO) reported $50.7M in total revenue for fiscal year 2025. This represents a 9.2% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Fangdd Network Group Ltd.'s revenue growing?
Fangdd Network Group Ltd. (DUO) revenue grew by 9.2% year-over-year, from $46.5M to $50.7M in fiscal year 2025.
Is Fangdd Network Group Ltd. profitable?
No, Fangdd Network Group Ltd. (DUO) reported a net income of -$12.1M in fiscal year 2025, with a net profit margin of -23.9%.
What is Fangdd Network Group Ltd.'s EBITDA?
Fangdd Network Group Ltd. (DUO) had EBITDA of -$17.6M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
What is Fangdd Network Group Ltd.'s gross margin?
Fangdd Network Group Ltd. (DUO) had a gross margin of 17.9% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Fangdd Network Group Ltd.'s operating margin?
Fangdd Network Group Ltd. (DUO) had an operating margin of -37.6% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Fangdd Network Group Ltd.'s net profit margin?
Fangdd Network Group Ltd. (DUO) had a net profit margin of -23.9% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Fangdd Network Group Ltd.'s return on equity (ROE)?
Fangdd Network Group Ltd. (DUO) has a return on equity of -14.6% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Fangdd Network Group Ltd.'s free cash flow?
Fangdd Network Group Ltd. (DUO) recorded an outflow of $12.0M in free cash flow during fiscal year 2025. This represents a -4.6% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Fangdd Network Group Ltd.'s operating cash flow?
Fangdd Network Group Ltd. (DUO) recorded an outflow of $8.6M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Fangdd Network Group Ltd.'s total assets?
Fangdd Network Group Ltd. (DUO) had $112.7M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Fangdd Network Group Ltd.'s capital expenditures?
Fangdd Network Group Ltd. (DUO) invested $3.3M in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Fangdd Network Group Ltd. spend on research and development?
Fangdd Network Group Ltd. (DUO) invested $3.6M in research and development during fiscal year 2025.
What is Fangdd Network Group Ltd.'s current ratio?
Fangdd Network Group Ltd. (DUO) had a current ratio of 1.86 as of fiscal year 2025, which is generally considered healthy.
What is Fangdd Network Group Ltd.'s debt-to-equity ratio?
Fangdd Network Group Ltd. (DUO) had a debt-to-equity ratio of 0.36 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Fangdd Network Group Ltd.'s return on assets (ROA)?
Fangdd Network Group Ltd. (DUO) had a return on assets of -10.8% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Fangdd Network Group Ltd.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Fangdd Network Group Ltd. (DUO) held $20.6M in cash, cash equivalents and investments, and reported an operating cash outflow of $8.6M over that year. Dividing the one by the other, the reported balance equals about 29 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Fangdd Network Group Ltd.'s Altman Z-Score?
Fangdd Network Group Ltd. (DUO) has an Altman Z-Score of -7.74, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Fangdd Network Group Ltd.'s Piotroski F-Score?
Fangdd Network Group Ltd. (DUO) has a Piotroski F-Score of 2 out of 7 computable signals; 2 of the nine could not be computed from available data, so the full-scale strength rating is not shown. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Fangdd Network Group Ltd.'s earnings high quality?
Fangdd Network Group Ltd. (DUO) reported a net loss of $12.1M while operations used $8.6M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Fangdd Network Group Ltd. cover its interest payments?
Fangdd Network Group Ltd. (DUO) reported an operating loss of $19.1M against $12K in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Fangdd Network Group Ltd.?
Fangdd Network Group Ltd. (DUO) scores 5 out of 100 on our Financial Health Score, indicating weak standing within its REITs peer group. The score is a 0-100 composite of six dimensions (FFO Margin, FFO Growth, Leverage, Interest Cov., AFFO Margin, Dividend Cov.), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.