Fangdd Network Group Ltd. (DUO) Balance Sheet
DUO balance sheet, 2025
December 31, 2025 · Chinese yuanCN¥788.8M assets = CN¥209.5M liabilities + CN¥579.3M equity
Both columns are drawn to the same scale: what DUO owns equals what it owes plus shareholders’ equity. Hover a block for its value.
DUO financial health
Current ratio1.86
Comfortable · current assets cover current liabilities 1.86×
Debt / equity0.00
Low leverage · CN¥0.00 of debt for each $1 of equity
Equity / assets73.4%
Equity-funded · of assets funded by shareholders
Cash / debt18,304.2%
Cash covers debt · cash & short-term investments vs total debt
Goodwill & intangibles29.7%
Acquisition-heavy · of total assets
Descriptive bands, not a rating. Fiscal 2025.
DUO balance sheet trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Total assets | CN¥1.88B2016 | CN¥788.8M2025 | −9.2%/yr | |
| Total liabilities | CN¥3.37B2016 | CN¥209.5M2025 | −26.6%/yr | |
| Shareholders’ equity | −CN¥1.49B2016 | CN¥578.8M2025 | — | |
| Cash & short-term investments | CN¥1.31B2016 | CN¥147.6M2025 | −21.6%/yr | |
| Total debt | CN¥680.2M2016 | CN¥806,5122025 | −52.7%/yr | |
| Net cash (debt) | CN¥634.0M2016 | CN¥146.8M2025 | −CN¥487.2M | |
| Working capital | CN¥661.6M2016 | CN¥180.8M2025 | −CN¥480.8M | |
| Current ratio | 1.612016 | 1.862025 | +0.26 | |
| Debt / equity | 0.312019 | 0.002025 | −0.31 | |
| Shares outstanding | 4.8M2016 | 6.5M2025 | +3.4%/yr |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DUO assets
Cash & ST investmentsReceivablesInventoryOther currentPP&EGoodwill & intangiblesLT investmentsOther non-current
DUO liabilities and equity
Current liabilitiesLong-term debtOther long-term liabilitiesEquity
DUO debt vs cash
Total debtCash & ST investmentsNet cash (debt)
Debt includes short- and long-term borrowings and, where reported, lease obligations.
DUO balance sheet in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||
| Cash & short-term investments | CN¥147.6M | CN¥189.0M | CN¥137.0M | CN¥145.9M | CN¥498.3M | CN¥852.4M | CN¥1.12B | CN¥515.1M | CN¥606.2M | CN¥1.31B |
| Cash & equivalents | CN¥32.7M | CN¥75.4M | CN¥121.7M | CN¥143.9M | CN¥492.1M | CN¥843.4M | CN¥1.10B | CN¥443.6M | CN¥573.7M | CN¥1.02B |
| Short-term investments | CN¥114.9M | CN¥113.6M | CN¥15.3M | CN¥2.0M | CN¥6.2M | CN¥9.0M | CN¥11.5M | CN¥71.5M | CN¥32.5M | CN¥291.5M |
| Receivables | CN¥217.5M | CN¥314.1M | CN¥418.2M | CN¥564.4M | CN¥981.4M | CN¥2.34B | CN¥2.19B | CN¥1.35B | CN¥827.8M | CN¥194.3M |
| Inventory | CN¥5.0M | CN¥5.4M | CN¥12.5M | CN¥11.2M | CN¥1 | −CN¥92.1M | −CN¥2.88B | CN¥1 | CN¥1 | CN¥1 |
| Other current assets | CN¥20.1M | CN¥40.2M | CN¥45.3M | CN¥137.4M | CN¥147.7M | CN¥370.7M | CN¥3.31B | CN¥561.6M | CN¥1.28B | CN¥241.7M |
| Total current assets | CN¥390.3M | CN¥548.6M | CN¥613.1M | CN¥858.9M | CN¥1.63B | CN¥3.48B | CN¥3.73B | CN¥2.43B | CN¥2.72B | CN¥1.75B |
| Property, plant & equipment (net) | CN¥33.7M | CN¥16.8M | CN¥2.0M | CN¥5.2M | CN¥14.6M | CN¥14.5M | CN¥8.3M | CN¥15.4M | CN¥22.1M | CN¥48.6M |
| Goodwill & intangible assets | CN¥234.2M | CN¥1.0M | CN¥1.1M | CN¥454,000 | CN¥0 | CN¥38.6M | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Long-term investments | CN¥130.4M | CN¥164.8M | CN¥148.7M | CN¥212.1M | CN¥271.1M | CN¥508.6M | CN¥619.3M | CN¥402.2M | CN¥94.5M | CN¥48.9M |
| Other non-current assets | CN¥83,050 | CN¥0 | CN¥5.0M | CN¥0 | CN¥0 | CN¥11.0M | CN¥14.5M | CN¥32.4M | CN¥11.4M | CN¥33.9M |
| Total assets | CN¥788.8M | CN¥731.2M | CN¥769.9M | CN¥1.08B | CN¥1.91B | CN¥4.05B | CN¥4.37B | CN¥2.88B | CN¥2.84B | CN¥1.88B |
| Liabilities | ||||||||||
| Accounts payable | CN¥72.8M | CN¥180.7M | CN¥395.4M | CN¥659.2M | CN¥1.18B | CN¥1.80B | CN¥1.90B | CN¥1.13B | CN¥593.5M | CN¥255.1M |
| Short-term debt | CN¥806,512 | CN¥1.3M | CN¥111,000 | CN¥73.7M | CN¥134.8M | CN¥443.4M | CN¥490.0M | CN¥395.0M | CN¥663.1M | CN¥680.2M |
| Deferred revenue | — | CN¥23.5M | CN¥31.6M | CN¥43.3M | CN¥68.0M | CN¥68.3M | CN¥44.9M | CN¥41.7M | CN¥58.9M | CN¥76.6M |
| Total current liabilities | CN¥209.5M | CN¥326.6M | CN¥549.7M | CN¥949.7M | CN¥1.58B | CN¥2.56B | CN¥2.77B | CN¥1.99B | CN¥2.09B | CN¥1.09B |
| Long-term debt | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Lease obligations | CN¥806,000 | CN¥1.5M | CN¥140,000 | CN¥1.2M | CN¥0 | — | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other long-term liabilities | CN¥0 | CN¥21.3M | CN¥28.7M | CN¥31.6M | CN¥28.6M | CN¥24.0M | CN¥11.9M | CN¥2.76B | CN¥2.36B | CN¥2.28B |
| Total liabilities | CN¥209.5M | CN¥347.9M | CN¥578.4M | CN¥981.3M | CN¥1.61B | CN¥2.58B | CN¥2.78B | CN¥4.75B | CN¥4.45B | CN¥3.37B |
| Shareholders' equity | ||||||||||
| Common stock & paid-in capital | CN¥2.5M | CN¥136,000 | CN¥17,000 | CN¥1,000 | CN¥1,000 | CN¥1,000 | CN¥1,000 | CN¥0 | CN¥0 | CN¥0 |
| Retained earnings (deficit) | −CN¥4.71B | −CN¥4.62B | −CN¥4.65B | −CN¥4.56B | −CN¥4.31B | −CN¥3.14B | −CN¥2.92B | −CN¥1.65B | −CN¥1.51B | −CN¥1.28B |
| Treasury stock | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Accumulated other comprehensive income | −CN¥394.4M | −CN¥383.2M | −CN¥398.2M | −CN¥393.8M | −CN¥404.9M | −CN¥397.0M | −CN¥368.9M | −CN¥274.5M | −CN¥155.1M | −CN¥265.7M |
| Minority interest | CN¥489,000 | −CN¥3.0M | −CN¥4.3M | −CN¥4.7M | — | — | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Total shareholders' equity | CN¥578.8M | CN¥386.3M | CN¥195.8M | CN¥100.1M | CN¥313.3M | CN¥1.44B | CN¥1.59B | −CN¥1.87B | −CN¥1.60B | −CN¥1.49B |
| Key figures | ||||||||||
| Total debt | CN¥806,512 | CN¥1.5M | CN¥140,000 | CN¥74.5M | CN¥134.8M | CN¥443.4M | CN¥490.0M | CN¥395.0M | CN¥663.1M | CN¥680.2M |
| Net cash (debt) | CN¥146.8M | CN¥187.5M | CN¥136.9M | CN¥71.4M | CN¥363.5M | CN¥409.0M | CN¥625.2M | CN¥120.1M | −CN¥56.9M | CN¥634.0M |
| Working capital | CN¥180.8M | CN¥222.0M | CN¥63.4M | −CN¥90.8M | CN¥46.6M | CN¥917.2M | CN¥958.9M | CN¥438.5M | CN¥629.8M | CN¥661.6M |
| Tangible book value | CN¥344.6M | CN¥385.3M | CN¥194.7M | CN¥99.7M | CN¥313.3M | CN¥1.40B | CN¥1.59B | −CN¥1.87B | −CN¥1.60B | −CN¥1.49B |
| Shares outstanding | 6.5M | 8.9M | 4.0M | 370K | 360K | 354K | 193K | 168K | 168K | 4.8M |
| Current ratio | 1.86 | 1.68 | 1.12 | 0.90 | 1.03 | 1.36 | 1.35 | 1.22 | 1.30 | 1.61 |
| Quick ratio | 1.74 | 1.54 | 1.01 | 0.75 | 0.94 | 1.25 | 1.19 | 0.94 | 0.69 | 1.39 |
| Debt / equity | 0.00 | 0.00 | 0.00 | 0.74 | 0.43 | 0.31 | 0.31 | — | — | — |
| Equity / assets | 73.4% | 52.8% | 25.4% | 9.3% | 16.4% | 35.7% | 36.3% | −64.9% | −56.4% | −79.0% |
| Jun '26 | Mar '26 | Dec '25 | Sep '25 | Jun '25 | Mar '25 | Dec '24 | Sep '24 | Jun '24 | Mar '24 | Dec '23 | Sep '23 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Assets | ||||||||||||
| Cash & short-term investments | CN¥103.3M | CN¥103.3M | CN¥144.2M | CN¥144.2M | CN¥178.4M | CN¥178.4M | CN¥189.0M | CN¥189.0M | CN¥137.3M | CN¥137.3M | CN¥137.0M | CN¥137.0M |
| Cash & equivalents | CN¥13.9M | CN¥13.9M | CN¥29.3M | CN¥29.3M | CN¥34.6M | CN¥34.6M | CN¥75.4M | CN¥75.4M | CN¥125.4M | CN¥125.4M | CN¥121.7M | CN¥121.7M |
| Short-term investments | CN¥89.5M | CN¥89.5M | CN¥114.9M | CN¥114.9M | CN¥143.7M | CN¥143.7M | CN¥113.6M | CN¥113.6M | CN¥11.8M | CN¥11.8M | CN¥15.3M | CN¥15.3M |
| Receivables | CN¥130.8M | CN¥130.8M | CN¥147.9M | CN¥148.7M | CN¥166.4M | CN¥166.4M | CN¥196.0M | CN¥196.0M | CN¥260.5M | CN¥260.5M | CN¥314.6M | CN¥314.6M |
| Inventory | CN¥4.9M | CN¥4.9M | CN¥5.0M | CN¥5.0M | CN¥5.1M | CN¥5.1M | CN¥5.4M | CN¥5.4M | CN¥6.0M | CN¥6.0M | CN¥12.5M | CN¥12.5M |
| Other current assets | CN¥104.0M | CN¥104.0M | CN¥92.9M | CN¥92.2M | CN¥110.0M | CN¥110.0M | CN¥158.2M | CN¥158.2M | CN¥109.2M | CN¥109.2M | CN¥148.9M | CN¥148.9M |
| Total current assets | CN¥343.0M | CN¥343.0M | CN¥390.1M | CN¥390.1M | CN¥459.8M | CN¥459.8M | CN¥548.6M | CN¥548.6M | CN¥513.0M | CN¥513.0M | CN¥613.1M | CN¥613.1M |
| Property, plant & equipment (net) | CN¥0 | CN¥32.6M | CN¥32.6M | CN¥33.7M | CN¥40.2M | CN¥41.4M | CN¥16.1M | CN¥16.8M | CN¥6.0M | CN¥6.0M | CN¥4.3M | CN¥4.3M |
| Goodwill & intangible assets | CN¥0 | CN¥234.1M | CN¥234.1M | CN¥234.1M | CN¥1.6M | CN¥1.6M | CN¥1.0M | CN¥1.0M | CN¥3.4M | CN¥4.5M | CN¥1.1M | CN¥1.1M |
| Long-term investments | CN¥0 | CN¥0 | CN¥130.4M | CN¥0 | CN¥176.2M | CN¥0 | CN¥164.8M | CN¥0 | CN¥147.7M | CN¥0 | CN¥148.7M | CN¥0 |
| Other non-current assets | CN¥358.1M | CN¥91.5M | CN¥1.1M | CN¥130.4M | CN¥1.2M | CN¥176.2M | CN¥675,000 | CN¥164.8M | CN¥3.9M | CN¥150.5M | CN¥2.7M | CN¥151.4M |
| Total assets | CN¥701.1M | CN¥701.1M | CN¥788.3M | CN¥788.3M | CN¥679.0M | CN¥679.0M | CN¥731.2M | CN¥731.2M | CN¥674.0M | CN¥674.0M | CN¥769.9M | CN¥769.9M |
| Liabilities | ||||||||||||
| Accounts payable | CN¥55.9M | CN¥55.9M | CN¥72.8M | CN¥72.8M | CN¥102.1M | CN¥102.1M | CN¥180.7M | CN¥180.7M | CN¥288.8M | CN¥288.8M | CN¥341.8M | CN¥341.8M |
| Short-term debt | CN¥254,000 | CN¥254,000 | — | CN¥806,000 | CN¥10.3M | CN¥10.3M | — | CN¥1.3M | CN¥1.5M | CN¥1.5M | — | — |
| Deferred revenue | — | CN¥23.6M | — | — | — | CN¥23.5M | — | — | CN¥31.9M | CN¥31.6M | — | — |
| Total current liabilities | CN¥177.6M | CN¥177.6M | CN¥209.4M | CN¥209.4M | CN¥277.1M | CN¥277.1M | CN¥326.6M | CN¥326.6M | CN¥436.9M | CN¥436.9M | CN¥549.7M | CN¥549.7M |
| Long-term debt | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Lease obligations | CN¥254,000 | — | CN¥806,000 | — | CN¥648,000 | — | CN¥1.5M | — | CN¥1.5M | — | CN¥140,000 | — |
| Other long-term liabilities | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥20.7M | CN¥20.7M | CN¥21.3M | CN¥21.3M | CN¥25.7M | CN¥25.7M | CN¥28.7M | CN¥28.7M |
| Total liabilities | CN¥177.6M | CN¥177.6M | CN¥209.4M | CN¥209.4M | CN¥297.8M | CN¥297.8M | CN¥347.9M | CN¥347.9M | CN¥462.6M | CN¥462.6M | CN¥578.4M | CN¥578.4M |
| Shareholders' equity | ||||||||||||
| Common stock & paid-in capital | CN¥526.3M | CN¥526.3M | — | CN¥2.5M | CN¥380.2M | CN¥380.2M | — | CN¥136,000 | CN¥17,000 | CN¥17,000 | — | CN¥17,000 |
| Retained earnings (deficit) | — | −CN¥4.70B | −CN¥4.70B | −CN¥4.70B | −CN¥4.66B | −CN¥4.66B | −CN¥4.62B | −CN¥4.62B | −CN¥4.63B | −CN¥4.63B | −CN¥4.65B | −CN¥4.65B |
| Accumulated other comprehensive income | — | −CN¥394.2M | — | −CN¥394.2M | −CN¥383.8M | −CN¥383.8M | — | −CN¥383.2M | −CN¥397.8M | −CN¥397.8M | — | −CN¥398.2M |
| Minority interest | −CN¥2.8M | — | CN¥489,000 | — | CN¥1.0M | — | −CN¥3.0M | — | — | — | — | — |
| Total shareholders' equity | CN¥526.3M | CN¥526.3M | CN¥578.4M | CN¥578.4M | CN¥380.2M | CN¥380.2M | CN¥386.3M | CN¥386.3M | CN¥213.6M | CN¥213.6M | CN¥195.8M | CN¥195.8M |
| Key figures | ||||||||||||
| Total debt | CN¥254,000 | CN¥254,000 | — | CN¥806,000 | CN¥10.3M | CN¥10.3M | — | CN¥1.5M | CN¥1.8M | CN¥1.8M | — | CN¥29,000 |
| Net cash (debt) | CN¥103.1M | CN¥103.1M | — | CN¥143.4M | CN¥168.0M | CN¥168.0M | — | CN¥187.5M | CN¥135.5M | CN¥135.5M | — | CN¥137.0M |
| Working capital | CN¥165.5M | CN¥165.5M | CN¥180.7M | CN¥180.7M | CN¥182.7M | CN¥182.7M | CN¥222.0M | CN¥222.0M | CN¥76.2M | CN¥76.2M | CN¥63.4M | CN¥63.4M |
| Tangible book value | CN¥526.3M | CN¥292.3M | CN¥344.3M | CN¥344.3M | CN¥378.6M | CN¥378.6M | CN¥385.3M | CN¥385.3M | CN¥210.2M | CN¥209.1M | CN¥194.7M | CN¥194.7M |
| Shares outstanding | 38.5M | 38.5M | 38.5M | 10.1M | 3.0M | 3.0M | 2.2M | 14.2M | 3.7M | 3.7M | 376K | 5.6M |
| Current ratio | 1.93 | 1.93 | 1.86 | 1.86 | 1.66 | 1.66 | 1.68 | 1.68 | 1.17 | 1.17 | 1.12 | 1.12 |
| Quick ratio | 1.32 | 1.32 | 1.40 | 1.40 | 1.24 | 1.24 | 1.18 | 1.18 | 0.91 | 0.91 | 0.82 | 0.82 |
| Debt / equity | 0.00 | 0.00 | — | 0.00 | 0.03 | 0.03 | — | 0.00 | 0.01 | 0.01 | — | 0.00 |
| Equity / assets | 75.1% | 75.1% | 73.4% | 73.4% | 56.0% | 56.0% | 52.8% | 52.8% | 31.7% | 31.7% | 25.4% | 25.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported (latest annual report filed May 6, 2026); data from EODHD.
DUO financial position
At the end of fiscal 2025 (December 31, 2025), Fangdd Network had total assets of CN¥788.8 million (up 7.9% from a year earlier), total liabilities of CN¥209.5 million and shareholders' equity of CN¥578.8 million. It held CN¥147.6 million in cash and short-term investments against CN¥0.8 million of debt, a net cash position of CN¥146.8 million. Its current ratio was 1.86. In the latest quarter (ended June 30, 2026) total assets were CN¥701.1 million and equity CN¥526.3 million.
Related: DUO income statement, DUO cash flow statement, DUO key metrics. See the DUO stock overview for the latest quote and news.
DUO balance sheet FAQ
What are Fangdd Network's total assets?
Fangdd Network reported total assets of CN¥788.8 million at the end of fiscal 2025 (December 31, 2025), compared with CN¥731.2 million a year earlier.
How much debt does Fangdd Network have?
Fangdd Network had CN¥0.8 million of total debt at the end of fiscal 2025, including short-term borrowings and lease obligations. Its debt-to-equity ratio was 0.00.
How much cash does Fangdd Network have?
Fangdd Network held CN¥147.6 million in cash and short-term investments at the end of fiscal 2025; with CN¥0.8 million of debt that is net cash of CN¥146.8 million.
What is Fangdd Network's book value?
Fangdd Network's shareholders' equity (book value) was CN¥578.8 million at the end of fiscal 2025.
What is Fangdd Network's current ratio?
Fangdd Network had current assets of CN¥390.3 million and current liabilities of CN¥209.5 million, a current ratio of 1.86 (it can cover its short-term obligations).
How much goodwill does Fangdd Network have?
Fangdd Network carried CN¥234.2 million of goodwill and intangible assets, 29.7% of total assets, at the end of fiscal 2025.