DUO on Nasdaq

Fangdd Network Group Ltd.

Fangdd Network Group Ltd. is a real estate company based in Shenzhen, Cayman Islands, listed on Nasdaq (DUO).1

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Last updated Oct 21, 2026.

Overview

$50.7MRevenue, fiscal 20252
-$12.1MNet income, fiscal 20252

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  • TickerDUO on Nasdaq1
  • IndustryReal Estate1
  • HeadquartersShenzhen, China1
  • Incorporated inCayman Islands3
  • Business address18/F, Unit B2, Kexing Science Park, 15 Keyuan Road, Technology Park, Shenzhen, F4 5180573
  • Filer categoryNon-accelerated filer3

March 2014, Shenzhen Fangdd, was incorporated as a PRC subsidiary wholly owned by Fangdd HK.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

17.9%Gross margin2
-37.6%Operating margin2
-23.9%Net margin2
9.2%Revenue growth, 20252
-14.6%Return on equity2
-$12.0MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Base Commission From Transactions brought in 93% of the revenue Fangdd Network Group Ltd. broke down this way in fiscal 2025.

  1. Base Commission From Transactions331.6M CNY293%up 3% from 2024
  2. Innovation Initiatives And Other Value Added Services23.2M CNY27%up 26% from 2024
Products and services by year
Products and services202320242025
Base Commission From Transactions269.6M CNY320.8M CNY331.6M CNY
Innovation Initiatives And Other Value Added Services15.3M CNY18.3M CNY23.2M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue82¢$41.6M
  • Research and development7¢$3.6M
  • Other costs5¢$2.6M
  • Income tax6¢$2.9M

Out of $50.7M in revenue.2 The company lost money this year.

Financial statements

Revenue56789102$50.7M in 2025−90% since 2019
0$200.0M$400.0M$600.0M2019: $517.0M$517.0M20192020: $375.7M$375.7M2020−27%2021: $147.9M$147.9M2021−61%2022: $35.7M$35.7M2022−76%2023: $40.1M$40.1M2023+13%2024: $46.5M$46.5M2024+16%2025: $50.7M$50.7M2025+9%
Gross profit56789102$9.1M in 2025−92% since 2019
0$50.0M$100.0M$150.0M2019: $108.7M$108.7M20192020: $63.5M$63.5M2020−42%2021: $16.7M$16.7M2021−74%2022: $3.6M$3.6M2022−79%2023: $5.8M$5.8M2023+62%2024: $8.5M$8.5M2024+46%2025: $9.1M$9.1M2025+7%
Operating income56789102-$19.1M in 2025−75% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M02019: -$77.1M-$77.1M20192020: -$34.6M-$34.6M2020−55%2021: -$150.2M-$150.2M2021+334%2022: -$36.2M-$36.2M2022−76%2023: -$37.3M-$37.3M2023+3%2024: -$17.2M-$17.2M2024−54%2025: -$19.1M-$19.1M2025+11%
Net income56789102-$12.1M in 2025−83% since 2019
-$200.0M-$150.0M-$100.0M-$50.0M0$50.0M2019: -$73.3M-$73.3M20192020: -$33.8M-$33.8M2020−54%2021: -$183.8M-$183.8M2021+444%2022: -$35.4M-$35.4M2022−81%2023: -$12.9M-$12.9M2023−63%2024: $4.2M$4.2M20242025: -$12.1M-$12.1M2025

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Revenue354.8M CNY339.1M CNY285.0M CNY
Cost of revenue-291.2M CNY-277.4M CNY-243.8M CNY
Gross profit63.6M CNY61.7M CNY41.2M CNY
Sales and marketing expenses-9.5M CNY-10.1M CNY-2.8M CNY
Product development expenses-25.4M CNY-24.8M CNY-32.1M CNY
General and administrative expenses-162.0M CNY-152.6M CNY-271.4M CNY
Total operating expenses-196.9M CNY-187.4M CNY-306.4M CNY
Loss from operations-133.3M CNY-125.7M CNY-265.2M CNY
Interest (expense)/income, net83.0K CNY1.7M CNY-621.0K CNY
Foreign currency exchange gain/(loss), net5.3M CNY-8.4M CNY333.0K CNY
(Loss)/gain on short-term investments4.6M CNY240.0K CNY-518.0K CNY
Impairment loss for equity method investments-44.4M CNY-4.0M CNY-15.3M CNY
Share of profit/(loss) from equity method investees, net of income tax-722.0K CNY-196.0K CNY442.0K CNY
Impairment loss for long-term equity investments-1.0M CNY-1.0M CNY-3.0M CNY
Goodwill impairment-621.0K CNY-454.0K CNY
Government grants242.0K CNY108.0K CNY2.5M CNY
Other income, net54.6M CNY156.2M CNY183.5M CNY
Gain on disposal of subsidiaries8.9M CNY1.4M CNY3.3M CNY
Gain on acquisition of subsidiaries272.0K CNY
(Loss)/income before income tax-106.3M CNY20.6M CNY-95.0M CNY
Income tax benefit20.3M CNY7.7M CNY1.9M CNY
Net (loss)/income-86.0M CNY28.3M CNY-93.1M CNY
Net loss attributable to non-controlling interests-1.3M CNY-2.5M CNY-1.4M CNY
Net (loss)/income attributable to Fangdd Network Group Ltd.-84.7M CNY30.8M CNY-91.8M CNY
Net (loss)/income attributable to ordinary shareholders-84.7M CNY30.8M CNY-91.8M CNY
Foreign currency translation adjustment-10.9M CNY14.9M CNY-4.3M CNY
Total comprehensive (loss)/income, net of tax-96.9M CNY43.2M CNY-97.4M CNY
Total comprehensive loss attributable to non-controlling interests-1.3M CNY-2.5M CNY-1.4M CNY
Total comprehensive (loss)/income attributable to ordinary shareholders-95.6M CNY45.8M CNY-96.1M CNY
- Basic (in Dollars per share and Yuan Renminbi per share)-12.96 CNY45.25 CNY-357.66 CNY
- Diluted (in Dollars per share and Yuan Renminbi per share)-12.96 CNY45.25 CNY-357.66 CNY
- Basic (in Shares)6.5M shares681.4K shares256.5K shares
- Diluted (in Shares)6.5M shares681.4K shares256.5K shares

Compare Fangdd Network Group Ltd. with another company

Corporate structure

Fangdd Network Group Ltd. sits at the top of its group. 1 entity, 1 country on record. Switch between the flow chart and the network, and select any entity to see its details.

Major holders of Fangdd Network Group Ltd.

  • L1 Capital Global Opportunities Master Fund, Ltd. Filed SCHEDULE 13G/A on Fangdd Network Group Ltd., latest Feb 14, 2025 (12 filings since Oct 8, 2024)
  • SABBY MANAGEMENT, LLC Filed SCHEDULE 13G/A on Fangdd Network Group Ltd., latest Jan 3, 2025 (2 filings since Jan 3, 2024)
  • Xi Zeng Filed SCHEDULE 13D/A on Fangdd Network Group Ltd., latest Dec 16, 2024 (4 filings since Dec 9, 2022)
  • Farzon Holding Ltd Filed SCHEDULE 13G on Fangdd Network Group Ltd., latest Oct 22, 2024
  • Liqing Zeng Filed SC 13G/A on Fangdd Network Group Ltd., latest Feb 9, 2024
  • Yi Duan Filed SC 13G/A on Fangdd Network Group Ltd., latest Feb 8, 2024 (2 filings since Feb 14, 2023)
  • CDH VENTURE PARTNERS II LP Filed SC 13G/A on Fangdd Network Group Ltd., latest Apr 13, 2022
  • FountainVest China Growth Partners GP2 Ltd. Filed SC 13G/A on Fangdd Network Group Ltd., latest Feb 11, 2022
  • Fangdd Network Group Ltd. Shenzhen, China

Built from major holders from Schedules 13D and 13G. Each entity in the chart links to its source.

What it owns

What Fangdd Network Group Ltd. reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation83.7M CNY2 Dec 31, 202565.9M CNY2 Dec 31, 2024+27.1%
Accumulated depreciation48.8M CNY2 Dec 31, 202550.5M CNY2 Dec 31, 2024−3.4%
Property and equipment, net$4.7M2 Dec 31, 2025$2.1M10 Dec 31, 2024+122.7%
Operating-lease assets (leased space)$125.0K2 Dec 31, 2025$194.0K10 Dec 31, 2024−35.6%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$4.2M2 Dec 31, 2025$10.3M10 Dec 31, 2024−59.4%
Marketable securities, current$16.4M2 Dec 31, 2025$15.6M10 Dec 31, 2024+5.5%
Stakes in other companies (equity method)$16.9M2 Dec 31, 2025$22.3M10 Dec 31, 2024−24.1%

Intangibles and goodwill

ItemLatestA year beforeChange
Intangible assets, net (excluding goodwill)$33.5M2 Dec 31, 2025$138.0K10 Dec 31, 2024+24154.3%
Finite-lived intangibles, gross245.4M CNY2 Dec 31, 20254.2M CNY2 Dec 31, 2024+5740.8%
Accumulated amortization11.5M CNY2 Dec 31, 20253.2M CNY2 Dec 31, 2024+259.4%

Inventory

ItemLatestA year beforeChange
Inventory, total$718.0K2 Dec 31, 2025$737.0K10 Dec 31, 2024−2.6%

Leadership

Who has led Fangdd Network Group Ltd., and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Xi Zeng2026–now

Chief operating officer

  1. Jiaorong Pan2026–now
Board members and other officers (3)

Timeline

  1. Mar 18, 2026New chief executive Xi Zeng becomes CEO11

Filings

142 filings to the SEC since October 2021: 6 annual reports, 6 insider forms, 24 large holders, 106 other. The latest 20:

  1. Sep 29, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  2. Aug 28, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Jul 24, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  4. May 6, 202620-F ANNUAL REPORT EDGAR
  5. Apr 30, 2026NT 20-F NOTIFICATION OF LATE FILING EDGAR
  6. Mar 23, 20263 EDGAR
  7. Mar 23, 20263 EDGAR
  8. Mar 23, 20263 EDGAR
  9. Mar 18, 20263 EDGAR
  10. Mar 18, 20263 EDGAR
  11. Mar 18, 20263 EDGAR
  12. Dec 29, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  13. Oct 24, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  14. Sep 30, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  15. Sep 29, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  16. Sep 26, 2025EFFECT EDGAR
  17. Sep 26, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  18. Sep 22, 2025CORRESP EDGAR
  19. Aug 29, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  20. Aug 7, 20256-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR

The 142 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Major holders

Investors who own more than 5% of the shares must tell the SEC: a 13D if they may seek to influence the company, a 13G if they hold passively.

SEC filer profile

How Fangdd Network Group Ltd. is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARFangdd Network Group Ltd.1
  • CIK0001750593
  • Filer statusNon-accelerated filer not an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)6500 Real Estate1
  • SEC reviewing officeOffice of Real Estate & Construction, Division of Corporation Finance1
  • Business address18/F, Unit B2, Kexing Science Park, 15 Keyuan Road, Technology Park, Shenzhen, F4 5180571
  • Phone0086755269989681
  • Shares outstanding38,529,284 Common Class A shares; 5,450 Common Class B shares; 13,679 Common Class C shares as of Dec 31, 20254
  • AuditorAudit Alliance LLP, Singapore PCAOB ID 3487; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceDec 20, 20181
  • Filings195 in all: 6-K (83), UPLOAD (18), CORRESP (13), 424B5 (10), SC 13G (10), SC 13G/A (9), 20-F (7), DRSLTR (7)1
    All 28 form types

    3 (6), DRS/A (5), SCHEDULE 13G/A (4), EFFECT (3), 20-F/A (2), F-1/A (2), F-3 (2), SC 13D/A (2), 424B4 (1), 8-A12B (1), 8-A12B/A (1), CERT (1), DRS (1), F-1 (1), FWP (1), NT 20-F (1), S-8 (1), SC 13D (1), SCHEDULE 13D/A (1), SCHEDULE 13G (1)

  • Latest filingsAnnual report (20-F) May 6, 2026

Securities registered for trading

ClassSymbolExchange
Class A ordinary shares, par value US$0.009 per shareDUONasdaq

From the cover page of the 20-F filed May 6, 2026 (Section 12(b) of the Exchange Act).4