Fangdd Network Group Ltd. (DUO) Cash Flow Statement
Where DUO’s cash came from and went, 2025
December 31, 2025 · Chinese yuan- Cash from operations
- −CN¥58.6M
- Capital expenditures
- CN¥22.8M 6.6% of revenue
- Free cash flow
- −CN¥81.3M −23.6% margin
- Returned to shareholders
- —
- Change in cash
- −CN¥53.0M cash at year-end CN¥32.7M
Cash from operations
−CN¥58.6M
Capital expenditures
−CN¥22.8M
Investments (net)
−CN¥18.0M
Acquisitions & other
+CN¥2.2M
Net borrowing (repayment)
+CN¥44.7M
Other financing
−CN¥1.2M
Currency & other
+CN¥644,396
Change in cash
−CN¥53.0M
Drawn to scale: where the cash came from and how it was used. Hover for values.
DUO operating cash flow, capex and free cash flow
Operating cash flowCapital expendituresFree cash flowFCF margin (right axis)
DUO cash flow trends, 2016–2025
| Metric | Trend | Then | Latest | Change |
|---|---|---|---|---|
| Operating cash flow | −CN¥177.3M2016 | −CN¥58.6M2025 | — | |
| Capital expenditures | CN¥24.5M2016 | CN¥22.8M2025 | −0.8%/yr | |
| Free cash flow | −CN¥201.8M2016 | −CN¥81.3M2025 | — | |
| Free cash flow margin | −13.7%2016 | −23.6%2025 | −9.9 pts | |
| Operating cash flow / net income | −1,039.182017 | −2.132024 | +1037.04 | |
| Stock-based compensation | CN¥17.5M2018 | CN¥02025 | −100.0% | |
| Dividends paid | CN¥02016 | CN¥02019 | — | |
| Share buybacks (net) | CN¥02016 | CN¥02019 | — | |
| Capex / revenue | 1.7%2016 | 6.6%2025 | +4.9 pts |
Change is the average annual growth (CAGR) or the difference between the first and latest year.
DUO cash flow by activity
OperatingInvestingFinancingChange in cash
DUO net income vs operating cash flow
Net incomeOperating cash flow
Operating cash flow above net income usually means earnings are backed by cash (depreciation and stock-based pay are non-cash expenses).
DUO cash flow statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥82.4M | CN¥28.3M | −CN¥93.1M | −CN¥239.6M | −CN¥1.20B | −CN¥221.4M | −CN¥510.4M | CN¥104.0M | CN¥649,000 | −CN¥332.1M |
| Depreciation & amortization | CN¥19.6M | CN¥1.6M | CN¥1.8M | CN¥3.3M | CN¥7.7M | CN¥3.8M | CN¥4.8M | CN¥14.3M | CN¥30.4M | CN¥24.6M |
| Stock-based compensation | CN¥0 | CN¥18,000 | CN¥105,000 | CN¥16.7M | CN¥47.1M | CN¥102.8M | CN¥745.9M | CN¥17.5M | — | — |
| Change in working capital | −CN¥29.1M | −CN¥28.9M | −CN¥144.3M | −CN¥70.1M | CN¥214.8M | −CN¥281.1M | −CN¥174.9M | −CN¥3.7M | −CN¥713.4M | CN¥116.9M |
| Other non-cash items | CN¥33.3M | −CN¥61.4M | CN¥49.4M | CN¥162.6M | CN¥872.8M | CN¥71.0M | CN¥53.1M | −CN¥2.6M | CN¥7.9M | CN¥13.3M |
| Cash from operating activities | −CN¥58.6M | −CN¥60.4M | −CN¥186.1M | −CN¥127.0M | −CN¥60.6M | −CN¥325.0M | CN¥118.5M | CN¥129.5M | −CN¥674.4M | −CN¥177.3M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥22.8M | −CN¥31.2M | −CN¥296,000 | −CN¥194,000 | −CN¥12.5M | −CN¥10.2M | −CN¥1.7M | −CN¥8.4M | −CN¥4.6M | −CN¥24.5M |
| Investments (net) | −CN¥18.0M | −CN¥146.0M | CN¥31.4M | −CN¥159.3M | −CN¥43.7M | CN¥116.8M | −CN¥151.8M | −CN¥349.9M | CN¥212.1M | −CN¥194.9M |
| Acquisitions & other investing | CN¥2.2M | CN¥31.2M | CN¥296,000 | CN¥194,000 | CN¥12.5M | −CN¥100.7M | CN¥1.7M | CN¥8.4M | CN¥4.6M | CN¥24.5M |
| Cash from investing activities | −CN¥38.6M | −CN¥146.0M | CN¥31.4M | −CN¥159.3M | −CN¥43.7M | CN¥5.8M | −CN¥151.8M | −CN¥349.9M | CN¥212.1M | −CN¥194.9M |
| Financing activities | ||||||||||
| Dividends paid | — | — | — | — | — | — | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Share repurchases & issuance (net) | — | — | — | — | — | — | CN¥498.4M | CN¥0 | CN¥0 | CN¥0 |
| Net borrowing (repayment) | CN¥44.7M | CN¥0 | CN¥72.6M | −CN¥62.3M | −CN¥308.7M | −CN¥46.6M | CN¥95.0M | −CN¥268.1M | CN¥663.1M | CN¥663.1M |
| Shares issued | CN¥0 | CN¥88.6M | CN¥46.6M | CN¥3.1M | CN¥0 | CN¥0 | CN¥498.4M | CN¥0 | CN¥0 | CN¥0 |
| Other financing | −CN¥1.2M | CN¥58.1M | CN¥635,000 | CN¥490,000 | CN¥1.5M | CN¥0 | −CN¥498.4M | CN¥0 | CN¥0 | −CN¥665.5M |
| Cash from financing activities | CN¥43.5M | CN¥146.6M | CN¥119.8M | −CN¥58.7M | −CN¥307.1M | −CN¥46.6M | CN¥593.4M | −CN¥268.1M | CN¥663.1M | −CN¥2.4M |
| Summary | ||||||||||
| Net change in cash | −CN¥53.0M | −CN¥54.4M | −CN¥38.8M | −CN¥333.5M | −CN¥419.8M | −CN¥397.8M | CN¥539.7M | −CN¥469.4M | CN¥160.8M | −CN¥327.4M |
| Cash at end of period | CN¥32.7M | CN¥89.5M | CN¥143.9M | CN¥182.7M | CN¥516.2M | CN¥936.0M | CN¥1.33B | CN¥794.2M | CN¥1.26B | CN¥1.10B |
| Free cash flow | −CN¥81.3M | −CN¥91.6M | −CN¥186.4M | −CN¥127.2M | −CN¥73.1M | −CN¥335.2M | CN¥116.8M | CN¥121.0M | −CN¥679.1M | −CN¥201.8M |
| Free cash flow margin | −23.6% | −27.0% | −65.4% | −51.7% | −7.8% | −13.7% | 3.2% | 5.3% | −37.8% | −13.7% |
| Capex / revenue | 6.6% | 9.2% | 0.1% | 0.1% | 1.3% | 0.4% | 0.0% | 0.4% | 0.3% | 1.7% |
| Operating cash flow / net income | — | −2.13 | — | — | — | — | — | 1.24 | −1,039.18 | — |
| Mar '26 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Jun '23 | Mar '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating activities | ||||||||||
| Net income | −CN¥17.0M | −CN¥23.3M | −CN¥19.1M | −CN¥19.1M | CN¥6.7M | CN¥8.7M | CN¥8.7M | CN¥4.7M | −CN¥23.6M | −CN¥23.6M |
| Depreciation & amortization | CN¥6.5M | CN¥9.1M | CN¥874,000 | CN¥874,000 | CN¥615,500 | CN¥234,000 | CN¥234,000 | CN¥555,000 | CN¥630,000 | CN¥630,000 |
| Stock-based compensation | — | — | CN¥5,000 | CN¥5,000 | CN¥4,000 | CN¥5,000 | CN¥5,000 | — | CN¥3.8M | — |
| Change in working capital | −CN¥29.9M | −CN¥10.5M | CN¥31.7M | CN¥31.7M | −CN¥32.4M | CN¥18.5M | CN¥18.5M | — | CN¥90.3M | — |
| Other non-cash items | −CN¥19.8M | CN¥5.2M | −CN¥24.1M | −CN¥24.1M | −CN¥2.2M | −CN¥30.4M | −CN¥30.4M | −CN¥85.4M | −CN¥111.3M | −CN¥17.2M |
| Cash from operating activities | −CN¥60.2M | −CN¥19.5M | −CN¥10.6M | −CN¥10.6M | −CN¥27.3M | −CN¥2.9M | −CN¥2.9M | −CN¥80.1M | −CN¥40.2M | −CN¥40.2M |
| Investing activities | ||||||||||
| Capital expenditures | −CN¥23.4M | −CN¥214,500 | −CN¥11.9M | −CN¥11.9M | −CN¥15.1M | −CN¥547,500 | −CN¥547,500 | −CN¥32,000 | −CN¥10.8M | −CN¥32,000 |
| Investments (net) | — | — | — | — | — | — | — | CN¥23.5M | CN¥23.5M | −CN¥1.8M |
| Acquisitions & other investing | −CN¥19.5M | CN¥14.1M | −CN¥23.4M | −CN¥23.4M | −CN¥59.3M | CN¥1.9M | CN¥1.9M | CN¥0 | −CN¥14.4M | CN¥52,000 |
| Cash from investing activities | −CN¥42.9M | CN¥13.9M | −CN¥35.3M | −CN¥35.3M | −CN¥74.4M | CN¥1.4M | CN¥1.4M | CN¥23.4M | −CN¥1.8M | −CN¥1.8M |
| Financing activities | ||||||||||
| Share repurchases & issuance (net) | — | — | — | — | — | — | — | — | −CN¥498.4M | — |
| Net borrowing (repayment) | — | — | — | — | — | — | — | CN¥36.3M | CN¥36.3M | −CN¥6.1M |
| Shares issued | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 | CN¥0 |
| Other financing | CN¥809,500 | CN¥809,500 | CN¥23.2M | CN¥23.2M | CN¥72.7M | CN¥619,000 | CN¥619,000 | CN¥420,000 | CN¥457.6M | CN¥1.6M |
| Cash from financing activities | CN¥809,500 | CN¥809,500 | CN¥23.2M | CN¥23.2M | CN¥72.7M | CN¥619,000 | CN¥619,000 | CN¥36.7M | −CN¥4.6M | −CN¥4.6M |
| Summary | ||||||||||
| Net change in cash | — | — | — | — | — | — | — | −CN¥19.1M | −CN¥54.7M | −CN¥45.6M |
| Cash at end of period | — | — | — | — | — | — | — | CN¥26.3M | CN¥26.3M | CN¥81.0M |
| Free cash flow | −CN¥83.6M | −CN¥19.3M | −CN¥22.5M | −CN¥22.5M | −CN¥42.3M | −CN¥3.5M | −CN¥3.5M | −CN¥80.1M | −CN¥40.2M | −CN¥40.2M |
| Free cash flow margin | −144.5% | −25.4% | −22.2% | −22.2% | −42.5% | −5.0% | −5.0% | −104.4% | −52.4% | −67.1% |
| Capex / revenue | 40.5% | 0.3% | 11.7% | 11.7% | 15.1% | 0.8% | 0.8% | 0.0% | 14.1% | 0.1% |
| Operating cash flow / net income | — | — | — | — | −4.05 | −0.34 | −0.34 | −16.93 | — | — |
Negative numbers are cash paid out. Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported; data from EODHD.
DUO cash generation
In fiscal 2025 (ended December 31, 2025), Fangdd Network generated -CN¥58.6 million of cash from operations and spent CN¥22.8 million on capital expenditures, leaving free cash flow of -CN¥81.3 million, −23.6% of revenue. Cash and equivalents fell by CN¥53.0 million over the year.
Related: DUO income statement, DUO balance sheet. See the DUO stock overview for the latest quote and news.
DUO cash flow FAQ
What is Fangdd Network's free cash flow?
Fangdd Network's free cash flow was -CN¥81.3 million in fiscal 2025: -CN¥58.6 million of operating cash flow minus CN¥22.8 million of capital expenditures It was -CN¥91.6 million a year earlier..
How much cash does Fangdd Network generate from operations?
Fangdd Network generated -CN¥58.6 million of cash from operating activities in fiscal 2025.
How much does Fangdd Network spend on capital expenditures?
Fangdd Network spent CN¥22.8 million on capital expenditures in fiscal 2025, 6.6% of revenue, compared with CN¥31.2 million the year before.