DUONasdaqReal EstateFiscal year ends December 31
Fangdd Network Group Ltd.
Financials through fiscal 2025, year ended Dec 31, 2025Last filing: 20-F on May 6, 2026
$0.53−0.03 (-6.14%)
Close on Oct 19, 2026
Margins
Share of revenue, fiscal years 2016 to 2025
Gross margin
17.9%+1.0 pts over 5 years
Operating margin
-37.6%−28.3 pts over 5 years
Net margin
-23.9%−14.9 pts over 5 years
Growth rates
Compound annual growth to fiscal 2025
| Per year | 1 year | 3 years | 5 years | 10 years | Five-year pace |
|---|---|---|---|---|---|
| Revenue | +4.6% | +13.0% | -32.1% | – | |
| Gross profit | +3.0% | +37.0% | -31.3% | – |
Returns and balance sheet
10 fiscal years. Hover a measure to see how it is calculated.
| Measure | FY2016 | FY2020 | FY2025 | Trend |
|---|---|---|---|---|
| Return on equity | – | -14.5% | -17.6% | |
| Return on assets | – | -5.2% | -11.2% | |
| Current ratio | – | 1.36 | 1.86 | |
| Inventory turnover | – | – | 56.0× | |
| Capex to revenue | – | 0.4% | 6.6% | |
| Diluted shares | – | 0M | 7M |
Where the cash went
Fiscal 2021 to 2025, five years combined
Fangdd Network generated CN¥494.28M from operations and spent CN¥44.54M on capital expenditure, dividends and share buybacks. 100% of that went back into the business.
Generated
CN¥494.28M
Used
CN¥44.54M
Capital expenditureCN¥44.54M100%DividendsCN¥00%Share buybacksCN¥00%
DuPont analysis
Return on equity split into margin, efficiency and leverage
Net margin-23.9%
×Asset turnover0.47×
×Equity multiplier1.57×
=Return on equity, FY2025-17.6%
| Fiscal year | Net margin | Asset turnover | Equity multiplier | Return on equity |
|---|---|---|---|---|
| FY2025 | -23.9% | 0.47× | 1.57× | -17.6% |
| FY2024 | 9.1% | 0.45× | 2.58× | 10.6% |
| FY2023 | -32.2% | 0.31× | 6.24× | -62.0% |
| FY2022 | -99.2% | 0.16× | 7.23× | -118.1% |
| FY2021 | -124.3% | 0.32× | 3.39× | -133.3% |
| FY2020 | -9.0% | 0.58× | 2.78× | -14.5% |
| FY2019 | -14.2% | 0.99× | -26.06× | 366.9% |
Piotroski F-Score
Nine tests of profitability, balance sheet and efficiency, fiscal 2025 against fiscal 2024
3of 8 tests passed in fiscal 2025. Some tests lack the figures they need.
- ProfitableNet income above zero-CN¥84.71M
- Cash generatingOperating cash flow above zero-CN¥60.19M
- Return on assets improvedROA up on the prior year4.0% → -11.6%
- Earnings backed by cashOperating cash flow above net income-CN¥60.19M vs -CN¥84.71M
- Less leverageLong-term debt to assets fell– → –
- Better liquidityCurrent ratio rose1.68 → 1.86
- No dilutionShare count did not rise1M → 7M
- Gross margin improvedGross margin up on the prior year18.21% → 17.92%
- More efficientAsset turnover rose0.44 → 0.49