Fangdd Network Group Ltd. (DUO) Income Statement
DUO 2025 at a glance
Fiscal year ended December 31, 2025 · Chinese yuanDUO revenue and net income
Where DUO's revenue goes
2025Each bar shows an amount and its share of revenue. DUO kept −23.9% of revenue as net income.
DUO profit margins
DUO growth rates
to 2025| 1 year | 3 years | 5 years | 10 years | |
|---|---|---|---|---|
| Revenue | +1.8% | +12.0% | −32.4% | — |
| Gross profit | +0.2% | +35.7% | −31.6% | — |
| Operating income | — | — | — | — |
| Net income | −367.3% | — | — | — |
1-year change and average annual growth (CAGR) over 3, 5 and 10 fiscal years. "—" when a starting value was zero or negative.
DUO income statement in Chinese yuan
| 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥345.2M | CN¥339.1M | CN¥285.0M | CN¥245.9M | CN¥942.4M | CN¥2.45B | CN¥3.60B | CN¥2.28B | CN¥1.80B | CN¥1.48B |
| Cost of revenue | CN¥283.3M | CN¥277.4M | CN¥243.8M | CN¥221.2M | CN¥835.9M | CN¥2.04B | CN¥2.84B | CN¥1.81B | CN¥1.42B | CN¥1.25B |
| Gross profit | CN¥61.9M | CN¥61.7M | CN¥41.2M | CN¥24.7M | CN¥106.5M | CN¥414.5M | CN¥757.0M | CN¥476.6M | CN¥381.6M | CN¥228.4M |
| Research & development | CN¥24.7M | CN¥24.8M | CN¥32.1M | CN¥66.0M | CN¥167.5M | CN¥301.4M | CN¥725.0M | CN¥202.9M | CN¥191.7M | CN¥182.6M |
| Sales, general & admin | CN¥171.5M | CN¥162.6M | CN¥274.2M | CN¥208.2M | CN¥831.4M | CN¥339.1M | CN¥568.8M | CN¥145.3M | CN¥156.3M | CN¥311.3M |
| Total operating expenses | CN¥191.5M | CN¥187.4M | CN¥306.4M | CN¥274.1M | CN¥1.04B | CN¥640.5M | CN¥1.29B | CN¥398.5M | CN¥374.1M | CN¥578.4M |
| Operating income | −CN¥129.7M | −CN¥125.7M | −CN¥265.2M | −CN¥249.4M | −CN¥957.3M | −CN¥226.0M | −CN¥536.8M | CN¥69.4M | −CN¥4.9M | −CN¥363.9M |
| Interest income | — | — | — | — | — | — | CN¥13.3M | CN¥19.1M | CN¥10.9M | CN¥5.2M |
| Interest expense | — | — | CN¥621,000 | CN¥5.4M | CN¥8.3M | CN¥13.0M | CN¥8.7M | CN¥1.1M | CN¥13.0M | CN¥0 |
| Income before taxes | −CN¥103.4M | CN¥20.6M | −CN¥95.0M | −CN¥232.1M | −CN¥1.19B | −CN¥206.7M | −CN¥506.6M | CN¥108.5M | CN¥3.0M | −CN¥330.9M |
| Income taxes | −CN¥19.7M | −CN¥7.7M | −CN¥1.9M | −CN¥5.4M | CN¥8.9M | CN¥14.7M | CN¥3.8M | CN¥4.4M | CN¥2.4M | CN¥1.1M |
| Net income | −CN¥82.4M | CN¥30.8M | −CN¥91.8M | −CN¥226.7M | −CN¥1.17B | −CN¥221.4M | −CN¥510.4M | CN¥104.0M | CN¥649,000 | −CN¥332.1M |
| EBITDA | −CN¥110.1M | −CN¥124.0M | −CN¥92.6M | −CN¥246.1M | −CN¥949.6M | −CN¥222.2M | −CN¥531.9M | CN¥123.8M | CN¥46.5M | −CN¥325.4M |
| Gross margin | 17.9% | 18.2% | 14.5% | 10.1% | 11.3% | 16.9% | 21.0% | 20.9% | 21.2% | 15.5% |
| Operating margin | −37.6% | −37.1% | −93.1% | −101.4% | −101.6% | −9.2% | −14.9% | 3.0% | −0.3% | −24.7% |
| Net margin | −23.9% | 9.1% | −32.2% | −92.2% | −124.3% | −9.0% | −14.2% | 4.6% | 0.0% | −22.5% |
| Jun '26 | Mar '26 | Sep '25 | Jun '25 | Mar '25 | Sep '24 | Jun '24 | Mar '24 | Sep '23 | Jun '23 | Mar '23 | Dec '22 | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | CN¥57.9M | CN¥57.9M | CN¥75.7M | CN¥101.7M | CN¥101.7M | CN¥99.6M | CN¥70.0M | CN¥70.0M | CN¥65.7M | CN¥76.7M | CN¥76.7M | CN¥59.9M |
| Cost of revenue | CN¥50.2M | CN¥50.2M | CN¥53.1M | CN¥92.5M | CN¥92.5M | CN¥77.4M | CN¥61.3M | CN¥61.3M | CN¥55.0M | CN¥66.8M | CN¥66.8M | CN¥49.9M |
| Gross profit | CN¥7.6M | CN¥7.6M | CN¥22.6M | CN¥9.2M | CN¥9.2M | CN¥22.1M | CN¥8.7M | CN¥8.7M | CN¥10.7M | CN¥9.9M | CN¥9.9M | CN¥10.0M |
| Research & development | CN¥6.5M | CN¥6.5M | CN¥6.3M | CN¥6.4M | CN¥6.4M | CN¥6.4M | CN¥6.0M | CN¥6.0M | CN¥7.2M | CN¥8.9M | CN¥8.9M | CN¥12.0M |
| Sales, general & admin | CN¥14.1M | CN¥14.1M | CN¥47.0M | CN¥38.7M | CN¥38.7M | CN¥44.3M | CN¥37.1M | CN¥37.1M | CN¥101.1M | CN¥34.6M | CN¥34.6M | CN¥1.7M |
| Total operating expenses | CN¥20.6M | CN¥20.6M | CN¥53.3M | CN¥45.1M | CN¥45.1M | CN¥50.7M | CN¥43.0M | CN¥43.0M | CN¥61.1M | CN¥6.6M | CN¥6.6M | CN¥66.7M |
| Operating income | −CN¥13.0M | −CN¥13.0M | −CN¥30.8M | −CN¥35.9M | −CN¥35.9M | −CN¥28.5M | −CN¥34.3M | −CN¥34.3M | −CN¥98.1M | −CN¥34.5M | −CN¥34.5M | −CN¥56.7M |
| Interest expense | — | — | — | — | — | — | — | — | — | — | CN¥1.7M | CN¥24.1M |
| Income before taxes | −CN¥17.2M | −CN¥17.2M | −CN¥33.5M | −CN¥19.6M | −CN¥19.6M | CN¥3.6M | CN¥6.7M | CN¥6.7M | −CN¥50.7M | CN¥3.2M | CN¥3.2M | — |
| Income taxes | — | −CN¥10.0M | −CN¥10.0M | CN¥85,500 | CN¥85,500 | −CN¥2.3M | −CN¥1.5M | −CN¥1.5M | CN¥510,000 | CN¥1.5M | CN¥1.5M | −CN¥24.1M |
| Net income | −CN¥17.0M | −CN¥17.0M | −CN¥23.3M | −CN¥19.1M | −CN¥19.1M | CN¥6.7M | CN¥8.7M | CN¥8.7M | −CN¥50.6M | CN¥4.7M | CN¥4.7M | −CN¥32.6M |
| EBITDA | −CN¥6.5M | −CN¥6.5M | −CN¥21.6M | −CN¥35.0M | −CN¥35.0M | −CN¥27.9M | −CN¥34.1M | −CN¥34.1M | −CN¥98.0M | −CN¥34.3M | −CN¥34.3M | −CN¥56.7M |
| Gross margin | 13.2% | 13.2% | 29.8% | 9.1% | 9.1% | 22.2% | 12.5% | 12.5% | 16.3% | 12.9% | 12.9% | 16.7% |
| Operating margin | −22.4% | −22.4% | −40.6% | −35.3% | −35.3% | −28.6% | −49.0% | −49.0% | −149.2% | −44.9% | −44.9% | −94.6% |
| Net margin | −29.4% | −29.4% | −30.8% | −18.7% | −18.7% | 6.8% | 12.4% | 12.4% | −77.0% | 6.2% | 6.2% | −54.4% |
Quarterly columns are labeled by the month the quarter ended. Figures in Chinese yuan as reported in DUO's financial statements (latest annual report filed May 6, 2026); data from EODHD. Sales, general & administrative expenses include sales and marketing.
DUO financial results
In fiscal year 2025 (ended December 31, 2025), Fangdd Network reported revenue of CN¥345.2 million, up 1.8% from the year before. It had a net loss of CN¥82.4 million, a net profit margin of −23.9%. Over five years revenue grew at an average rate of −32.4% a year. Figures are in Chinese yuan, the currency of its financial statements.
See the DUO stock overview for the latest quote and news, or the DUO chart for price history and technical indicators.
DUO income statement FAQ
What is Fangdd Network's annual revenue?
Fangdd Network reported total revenue of CN¥345.2 million for fiscal year 2025, which ended on December 31, 2025. That was up 1.8% from CN¥339.1 million the previous year.
Is Fangdd Network profitable?
No. Fangdd Network reported a net loss of CN¥82.4 million in fiscal 2025, a net profit margin of −23.9%; its operating margin was −37.6%.
What is Fangdd Network's gross margin?
Fangdd Network's gross margin was 17.9% in fiscal 2025: for every $100 of revenue, Fangdd Network kept $18 after the direct cost of its products and services.
How much does Fangdd Network spend on research and development?
Fangdd Network spent CN¥24.7 million on research and development in fiscal 2025, 7.2% of revenue.
How fast is Fangdd Network growing?
Revenue grew −32.4% a year on average over the last five fiscal years, from CN¥2.5 billion to CN¥345.2 million.
When does Fangdd Network's fiscal year end?
Fangdd Network's fiscal year ends in December. The latest annual report covers the year ended December 31, 2025 and was filed on May 6, 2026.