Detailed financial statements for Fangdd Network Group Ltd. (DUO): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Fangdd Network Group Ltd., a holding company based in Shenzhen, China, specializes in delivering real estate data and services through its diverse digital platforms. The firm offers "Property Cloud," a Software-as-a-Service (SaaS) solution designed for real estate vendors.
Analysis Summary
Fangdd Network Group Ltd. reported revenue of $345.2M in the most recent fiscal year, growing at a 5-year CAGR of -32.4%.
Trailing-twelve-month margins: gross margin 22.6%, operating margin -32.7%, net margin -30.2%.
At the current price of $0.53, DUO has negative trailing earnings (P/E not meaningful) and an ROE of -14.60%. Market capitalisation stands at $4M.
Balance sheet quality for DUO: current ratio of 1.9, net cash position of $146.8M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue | $1.48B | $1.80B | $2.28B | $3.60B | $2.45B | $942.4M | $245.9M | $285.0M | $339.1M | $345.2M |
| Cost of Revenue | $1.25B | $1.42B | $1.81B | $2.84B | $2.04B | $835.9M | $221.2M | $243.8M | $277.4M | $283.3M |
| Gross Profit | $228.4M | $381.6M | $476.6M | $757.0M | $414.5M | $106.5M | $24.7M | $41.2M | $61.7M | $61.9M |
| Research & Development | $182.6M | $191.7M | $202.9M | $725.0M | $301.4M | $167.5M | $66.0M | $32.1M | $24.8M | $24.7M |
| Selling, General & Admin | $409.6M | $194.8M | $204.4M | $568.8M | $339.1M | $896.3M | $208.2M | $274.2M | $162.6M | $166.8M |
| Operating Expenses | $578.4M | $374.1M | $398.5M | $1.29B | $640.5M | $1.04B | $274.1M | $306.4M | $187.4M | $191.5M |
| Operating Income | -$363.9M | -$4.9M | $69.4M | -$536.8M | -$226.0M | -$957.3M | -$249.4M | -$265.2M | -$125.7M | -$129.7M |
| EBITDA | -$325.4M | $46.5M | $123.8M | -$493.1M | -$189.9M | -$949.6M | -$223.6M | -$92.6M | -$124.0M | -$110.1M |
| Interest Expense | 0 | $13.0M | $1.1M | $8.7M | $13.0M | $8.3M | $5.1M | $621000 | 0 | 0 |
| Pre-tax Income | -$330.9M | $3.0M | $108.5M | -$506.6M | -$206.7M | -$1.19B | -$232.1M | -$95.0M | $20.6M | -$103.4M |
| Income Tax | $1.1M | $2.4M | $4.4M | $3.8M | $14.7M | $8.9M | $7.5M | -$1.9M | -$7.7M | -$19.7M |
| Net Income | -$332.1M | $649000 | $104.0M | -$510.4M | -$221.4M | -$1.17B | -$244.0M | -$91.8M | $30.8M | -$82.4M |
| EPS | $-3190.53 | $-1355.03 | $-857.44 | $-6560.55 | $-621.63 | $-3257.30 | $-660.40 | $-22.74 | $3.45 | $-12.59 |
| EPS (Diluted) | $-3190.53 | $-1355.03 | $-857.44 | $-6581.17 | $-621.63 | $-3257.30 | $-660.40 | $-22.74 | $3.45 | $-12.59 |
| Shares Outstanding (Diluted) | $168129 | $168129 | $168129 | $193409 | $354374 | $359551 | $369533 | $4.0M | $8.9M | $6.5M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Revenue | $75.7M | $75.7M | $57.9M | $57.9M |
| Gross Profit | $22.6M | $22.6M | $7.6M | $7.6M |
| Operating Income | -$30.8M | -$30.8M | -$13.0M | -$13.0M |
| EBITDA | -$21.9M | -$21.9M | -$8.3M | -$8.3M |
| Net Income | -$23.3M | -$23.3M | -$17.0M | -$17.0M |
| EPS | $-2.31 | $-2.31 | $-0.44 | $-0.44 |
| EPS (Diluted) | $-2.32 | $-2.32 | $-0.44 | $-0.44 |
Balance Sheet (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Cash & Equivalents | $1.02B | $573.7M | $443.6M | $1.10B | $843.4M | $492.1M | $143.9M | $121.7M | $75.4M | $32.7M |
| Short-term Investments | $291.5M | $32.5M | $71.5M | $11.5M | $9.0M | $6.2M | $2.0M | $15.3M | $113.6M | $114.9M |
| Receivables | $194.3M | $827.8M | $1.35B | $2.19B | $2.34B | $981.4M | $564.4M | $418.2M | $314.1M | $217.5M |
| Inventory | 0 | 0 | 0 | -$2.88B | 0 | 0 | $11.2M | $12.5M | $5.4M | $5.0M |
| Total Current Assets | $1.75B | $2.72B | $2.43B | $3.73B | $3.48B | $1.63B | $858.9M | $613.1M | $548.6M | $390.3M |
| Property, Plant & Equipment | $48.6M | $22.1M | $15.4M | $8.3M | $14.5M | $14.6M | $5.2M | $2.0M | $16.8M | $33.7M |
| Goodwill | 0 | 0 | 0 | 0 | $31.2M | 0 | $454000 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | $7.4M | 0 | 0 | $1.1M | $1.0M | $234.2M |
| Total Assets | $1.88B | $2.84B | $2.88B | $4.37B | $4.05B | $1.91B | $1.08B | $769.9M | $731.2M | $788.8M |
| Accounts Payable | $255.1M | $593.5M | $1.13B | $1.90B | $1.80B | $1.18B | $659.2M | $395.4M | $180.7M | $72.8M |
| Short-term Debt | 0 | $663.1M | $395.0M | $490.0M | $443.4M | $134.8M | $72.5M | 0 | 0 | $806512 |
| Total Current Liabilities | $1.09B | $2.09B | $1.99B | $2.77B | $2.56B | $1.58B | $949.7M | $549.7M | $326.6M | $209.5M |
| Long-term Debt | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Liabilities | $3.37B | $4.45B | $4.75B | $2.78B | $2.58B | $1.61B | $981.3M | $578.4M | $347.9M | $209.5M |
| Retained Earnings | -$1.28B | -$1.51B | -$1.65B | -$2.92B | -$3.14B | -$4.31B | -$4.56B | -$4.65B | -$4.62B | -$4.71B |
| Total Equity | -$1.49B | -$1.60B | -$1.87B | $1.59B | $1.44B | $313.3M | $100.1M | $195.8M | $386.3M | $578.8M |
| Total Debt | 0 | $663.1M | $395.0M | $490.0M | $443.4M | $134.8M | $74.5M | $140000 | $1.5M | $806512 |
| Net Debt | -$1.31B | $56.9M | -$120.1M | -$625.2M | -$409.0M | -$363.5M | -$71.4M | -$136.9M | -$187.5M | -$146.8M |
| Working Capital | $661.6M | $629.8M | $438.5M | $958.9M | $917.2M | $46.6M | -$90.8M | $63.4M | $222.0M | $180.8M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Cash & Equivalents | $29.3M | $29.3M | $13.9M | $13.9M |
| Total Assets | $788.3M | $788.3M | $701.1M | $701.1M |
| Total Liabilities | $209.4M | $209.4M | $177.6M | $177.6M |
| Total Equity | $578.4M | $578.4M | $526.3M | $526.3M |
| Total Debt | $806000 | $806000 | $254000 | $254000 |
Cash Flow (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Net Income | -$332.1M | $649000 | $104.0M | -$510.4M | -$221.4M | -$1.20B | -$239.6M | -$93.1M | $28.3M | -$82.4M |
| Depreciation & Amortization | $24.6M | $30.4M | $14.3M | $4.8M | $3.8M | $7.7M | $3.3M | $1.8M | $1.6M | $19.6M |
| Stock-based Compensation | 0 | 0 | 0 | $745.9M | $102.8M | $47.1M | $16.7M | $105000 | $18000 | 0 |
| Change in Working Capital | $116.9M | -$713.4M | -$3.7M | -$174.9M | -$281.1M | $214.8M | -$70.1M | -$144.3M | -$28.9M | -$29.1M |
| Operating Cash Flow | -$177.3M | -$674.4M | $129.5M | $118.5M | -$325.0M | -$60.6M | -$127.0M | -$186.1M | -$60.4M | -$58.6M |
| Capital Expenditure | -$24.5M | -$4.6M | -$8.4M | -$1.7M | -$10.2M | -$12.5M | -$194000 | -$296000 | -$31.2M | -$22.8M |
| Acquisitions | -$21.0M | -$45.5M | -$307.9M | -$216.4M | $105.3M | -$34.5M | -$14.3M | $45.6M | -$17.9M | $9.9M |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$201.8M | -$679.1M | $121.0M | $116.8M | -$335.2M | -$73.1M | -$127.2M | -$186.4M | -$91.6M | -$81.3M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Operating Cash Flow | -$19.5M | -$60.2M | 0 | 0 |
| Capital Expenditure | $214500 | -$23.4M | 0 | 0 |
| Free Cash Flow | -$19.3M | -$83.6M | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | 0 | 0 | 0 | 0 |
Growth & Margins (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Revenue Growth (YoY) | | +21.9% | +26.9% | +57.7% | -31.9% | -61.6% | -73.9% | +15.9% | +19.0% | +1.8% |
| Net Income Growth (YoY) | | +100.2% | +15928.7% | -590.6% | +56.6% | -429.0% | +79.2% | +62.4% | +133.6% | -367.3% |
| EPS Growth (YoY) | | +57.5% | +36.7% | -665.1% | +90.5% | -424.0% | +79.7% | +96.6% | +115.2% | -464.9% |
| Shares Change (YoY) | | +0.0% | +0.0% | +15.0% | +83.2% | +1.5% | +2.8% | +991.9% | +121.2% | -26.8% |
| FCF Growth (YoY) | | -236.5% | +117.8% | -3.5% | -387.0% | +78.2% | -74.0% | -46.6% | +50.9% | +11.2% |
| Gross Margin | 15.5% | 21.2% | 20.9% | 21.0% | 16.9% | 11.3% | 10.1% | 14.5% | 18.2% | 17.9% |
| Operating Margin | -24.7% | -0.3% | 3.0% | -14.9% | -9.2% | -101.6% | -101.4% | -93.1% | -37.1% | -37.6% |
| EBITDA Margin | -22.0% | 2.6% | 5.4% | -13.7% | -7.7% | -100.8% | -90.9% | -32.5% | -36.6% | -31.9% |
| Net Margin | -22.5% | 0.0% | 4.6% | -14.2% | -9.0% | -124.3% | -99.2% | -32.2% | 9.1% | -23.9% |
| FCF Margin | -13.7% | -37.8% | 5.3% | 3.2% | -13.7% | -7.8% | -51.7% | -65.4% | -27.0% | -23.6% |
| Effective Tax Rate | -0.3% | 78.5% | 4.1% | -0.7% | -7.1% | -0.7% | -3.2% | 2.0% | -37.1% | 19.1% |
Per-Share Data (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF Per Share | $-1200.11 | $-4038.89 | $719.90 | $603.98 | $-946.01 | $-203.25 | $-344.16 | $-46.20 | $-10.26 | $-12.44 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $168129 | $168129 | $121322 | $77552 | $354374 | $359551 | $369533 | $4.0M | $8.9M | $6.5M |
What to look at in Reit companies
- FFO / Share (Positive growth) — REIT 'true EPS' — net income + depreciation.
- Dividend coverage (FFO/div) (>=1.1x) — FFO must cover the dividend with margin.
- Net Debt / EBITDA (<=6x) — NAREIT benchmark. Normalises leverage by cash generation.
- Debt / Assets (40-60%) — REITs use a lot of debt by design. >65% fragile when rates rise.
- FFO Payout (proxy) (<80%) — Dividends / Operating CF. Quality REITs retain >20% to grow.
- P/FFO (15-20x) — REIT P/E equivalent. Healthy typical range.
Profitability
| Return on Equity | -14.60% |
| Return on Invested Capital | -13.39% |
| Return on Assets | -11.50% |
| Gross Margin | 22.62% |
| Operating Margin | -32.73% |
| Net Margin | -30.18% |
Financial Health
| Debt / Equity | 0.00 |
| Current Ratio | 1.93 |
Key Ratios (10y)
| Year | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -101.84 | -224.71 | -375.27 | -59.29 | -284.92 | -3.26 | -1.93 | -3.36 | 20.25 | -0.81 |
| P/B | -36.75 | -31.92 | -20.91 | 18.98 | 43.48 | 12.20 | 4.70 | 1.57 | 1.61 | 0.12 |
| P/S | 37.02 | 28.46 | 17.11 | 8.38 | 25.60 | 4.06 | 1.91 | 1.08 | 1.84 | 0.19 |
| Gross Margin | 15.5% | 21.2% | 20.9% | 21.0% | 16.9% | 11.3% | 10.1% | 14.5% | 18.2% | 17.9% |
| Operating Margin | -24.7% | -0.3% | 3.0% | -14.9% | -9.2% | -101.6% | -101.4% | -93.1% | -37.1% | -37.6% |
| Net Margin | -22.5% | 0.0% | 4.6% | -14.2% | -9.0% | -124.3% | -99.2% | -32.2% | 9.1% | -23.9% |