DUONasdaqReal EstateUS GAAP · USD

Fangdd Network Group Ltd.

Fangdd Network Group Ltd. is a China-based property technology company that provides digital tools for real estate transactions. Its business combines mobile internet, cloud, big data, and artificial intelligence to support participants across the real estate transaction process through modular SaaS products and solutions.

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Revenue355m USD
+4.6 %y/y
Operating profit (EBIT)-133m USD
−6.1 %y/y
EBIT margin-37.6%
−0.5 ppy/y
Net income-84.7m USD
−374.7 %y/y
Free cash flow-83.6m USD
−0.2 %y/y

Fiscal year 2025 · change from previous year

Development 2020–2025

-1,00001,0002,0003,000m USD2020: 2,451 m USD2020: EBIT -226 m USD20202021: 942 m USD2021: EBIT -957 m USD20212022: 246 m USD2022: EBIT -249 m USD20222023: 285 m USD2023: EBIT -265 m USD20232024: 339 m USD2024: EBIT -126 m USD20242025: 355 m USD2025: EBIT -133 m USD2025355-133
RevenueOperating profit (EBIT)

Business

Share of revenue
Real estate transaction digitalization45 %

Digital workflow tools that help real estate participants manage transactions and related processes.

SaaS tools and solutions30 %

Subscription-style modular software products used by property transaction participants.

Data and AI-enabled services15 %

Analytics, cloud, and AI capabilities embedded into transaction and workflow products.

Technology-enabled transaction support10 %

Ancillary services that support property transaction execution and platform usage.

Customers

Fangdd serves participants in the real estate transaction ecosystem in China, including brokers, agents, and related property market professionals. Its products are designed for customers that need digital workflow tools, transaction coordination, and data-enabled services to improve execution and connectivity across the property market.

Real estate brokers

Buy digital tools to manage listings, clients, and transaction workflows more efficiently.

Property agents

Use SaaS and mobile products to support sales, coordination, and transaction closing.

Real estate service providers

Adopt platform tools and data services to digitize operating processes.

Transaction participants

Use modular solutions that connect multiple parties involved in property deals.

Strategy

Fangdd’s strategy centers on digitizing real estate transactions with modular SaaS products and technology-enabled workflows. The company emphasizes mobile internet, cloud, big data, and AI to make its platform more useful across different transaction participants and use cases.

Expand SaaS adoptionMedium term

Recurring software usage can deepen customer relationships and broaden product penetration.

Improve platform capabilitiesMedium term

Mobile internet, cloud, big data, and AI can make the platform more differentiated and sticky.

Serve broader transaction participantsLong term

Addressing multiple roles in the property chain increases platform relevance and usage density.

Geography

Fangdd’s operating footprint is centered in China, with its principal executive office in Shenzhen. The company is listed in the United States on Nasdaq, but its business, customers, and operational exposure are primarily tied to the Chinese real estate market.

Risks

Fangdd is exposed to cyclical and policy-sensitive conditions in China’s real estate market, which can affect customer spending and platform usage. It also faces execution risk from operating as a technology company in a highly competitive and regulated property services environment, alongside Nasdaq listing and foreign-issuer compliance risks.

Sorted by severity
LowMediumHighLowMediumHighImpact →Likelihood →China real estate market cyclicality1Nasdaq listing compliance2Regulatory and policy risk3Competition in proptech4
Impact is the risk’s severity and likelihood how probable it is over the next few years, both assessed from the company’s reports. Numbers match the list.
  1. China real estate market cyclicalityImpact: HighLikelihood: High

    Customer demand depends on transaction volumes and property-market activity in China.

    Exposure: Core market and customer base

  2. Nasdaq listing complianceImpact: HighLikelihood: High

    The company has disclosed minimum bid price non-compliance, which can affect its listing status.

    Exposure: Capital markets access

  3. Regulatory and policy riskImpact: HighLikelihood: Medium

    Real estate transaction services are influenced by Chinese property and technology regulation.

    Exposure: Platform operations and product usage

  4. Competition in proptechImpact: MediumLikelihood: Medium

    Alternative software and marketplace solutions can limit customer acquisition and retention.

    Exposure: Product adoption and pricing

Accounting

Judgemental items
Non-GAAP adjustments

Management excludes share-based compensation from non-GAAP operating and net income measures.

Impact: Can make operating performance appear stronger than GAAP results

Revenue recognition

Transaction digitalization and SaaS services may involve timing judgments over when services are delivered.

Impact: Affects reported revenue and quarter-to-quarter comparability

Customer refundable fees

Refundable balances are recorded as liabilities and can affect net revenue visibility.

Impact: Impacts liability recognition and revenue presentation

Foreign currency translation

The company reports in RMB while operating in China and accessing U.S. capital markets.

Impact: Can materially affect comprehensive income and equity

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Last updated: 28/09/2026