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DUO, Fangdd Network Group Ltd.
A property business, read on funds from operations and net asset value rather than reported earnings.
The business
What it sells, where the money comes from, the kind of company it is.
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Occupancy, rents, and the cost of debt. Read on funds from operations and net asset value, because GAAP depreciation distorts the earnings, and a property downturn meets a balance sheet built on leverage. On its own account, the filing leans hardest on pricing power & competition, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Operating cash per share does not form a clean trend in the record. The quality and location of the properties, the lease terms and occupancy, and the cost of the debt are what the 10-K settles, and no single ratio captures them.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2017–2025
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| CN¥1.8B | CN¥2.3B | CN¥3.6B | CN¥2.5B | CN¥942M | CN¥773K | CN¥285M | CN¥339M | CN¥355M | CN¥355M | RevenueRevenue |
| CN¥649K | CN¥104M | (CN¥510M) | (CN¥221M) | (CN¥1.2B) | (CN¥240M) | (CN¥93M) | CN¥28M | (CN¥86M) | (CN¥86M) | Net incomeNet inc. |
| Cash flow & returns | ||||||||||
| CN¥30M | CN¥14M | CN¥5M | CN¥4M | CN¥8M | CN¥3M | CN¥697K | CN¥463K | CN¥10M | CN¥697K | DepreciationDeprec. |
| (CN¥674M) | CN¥129M | CN¥119M | (CN¥325M) | (CN¥61M) | (CN¥127M) | (CN¥186M) | (CN¥60M) | (CN¥60M) | (CN¥60M) | Cash from operationsOp. cash |
| Balance sheet | ||||||||||
| — | CN¥2.9B | CN¥4.4B | CN¥4.0B | CN¥1.9B | CN¥1.1B | CN¥770M | CN¥731M | CN¥788M | CN¥788M | Total assetsAssets |
| — | (CN¥515M) | (CN¥1.1B) | (CN¥852M) | (CN¥498M) | (CN¥146M) | (CN¥137M) | (CN¥189M) | (CN¥144M) | (CN¥144M) | Net debt / (cash)Net debt |
| — | — | — | — | — | — | CN¥52K | CN¥44K | CN¥31K | CN¥31K | Interest expenseInt. exp. |
| — | — | — | — | — | — | -5099.4× | -2856.0× | -4300.0× | -4300.0× | Interest coverageInt. cov. |
| — | (CN¥1.9B) | CN¥1.6B | CN¥1.4B | CN¥313M | CN¥100M | CN¥196M | CN¥386M | CN¥578M | CN¥578M | Shareholders’ equityEquity |
| Per share | ||||||||||
| 1.89B | 1.89B | 2.18B | 1.99B | 2.02B | 370M | 257M | 681M | 6.5M | 946M | Shares out (diluted)Shares |
| — | CN¥-0.99 | CN¥0.73 | CN¥0.72 | CN¥0.15 | CN¥0.27 | CN¥0.76 | CN¥0.57 | CN¥88.47 | CN¥0.61 | Book value / shareBVPS |
Share counts before 2020 are restated ×2 for a stock split, so per-share figures sit on one basis.
The diluted share count moved ×1/5.47 into 2022 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/1.44 into 2023 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×2.66 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/104.22 into 2025 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×144.64 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
| 8-yr | 5-yr | |
|---|---|---|
| Revenue / share | +65.8%/yr | +113.3%/yr |
| Capital spending / share | +148.7%/yr | +270.3%/yr |
| Book value / share | — | +161.5%/yr |
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
Is it a good business?
- What an owner could take out (CN¥84M) to (CN¥60M)A range, because the filings do not split maintenance from expansionBetween cash from operations less all capital spending (CN¥60M) − CN¥23M = (CN¥84M), and cash from operations (CN¥60M)
What this means
Owner earnings is what a business produces in cash after the spending needed to keep it competitive. For a property trust that spending cannot be read: the filings mix the money that replaces a roof with the money that buys a building, and management decides which is which. Rather than model the split and publish a single figure, the two ends are shown. The upper end is operating cash, which no owner could exceed. The lower end deducts every dollar of capital spending, which is too harsh, since a trust that is growing is charged for buildings it is adding. A trust whose distribution sits near the lower end is paying it out of the properties; one whose distribution exceeds the upper end is paying it from somewhere else.
- Not enough data
What this means
Operating cash flow or the property cost wasn't found in the filing data.
- Not enough data
What this means
Dividends or operating cash flow missing.
- Withheld — not in the filings' structured data
What this means
Funds from operations is defined by the industry's trade association rather than by accounting rules, and no REIT tags it in the structured data behind this site. Rebuilding it from the standard tags misses the figure these companies report by as much as half, because the gains on property sales it must exclude sit behind each filer's own custom tags. Rather than publish an invented number under the industry's name, the record shows the cash the properties actually produced.
Is it sound?
- Leverage —Not enough data
What this means
Debt or total assets missing.
- Interest coverage (EBITDA) -4277.5×Thin(operating income + depreciation) ÷ interest CN¥31KIndustry peers: median 2.3×
What this means
How many times the property cash earnings cover the interest bill. The bill counted here is every dollar of interest the trust incurred, including the part it charged into the cost of buildings under construction rather than against this year's earnings — that money is paid to lenders all the same, and leaving it out flatters exactly the trusts doing the most building. Comfortable coverage is what lets a REIT refinance through a tight credit market instead of being forced to sell into one.
- Consolidated accounts only
What this means
These figures are the trust's consolidated accounts. Where a REIT owns buildings through joint ventures it does not control, its share of those properties — and of the debt against them — sits outside every line here, and the filings do not tag it in a form this pipeline can read. Read the equity-method and off-balance-sheet notes in the 10-K before concluding anything about total leverage.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
- Cash & short-term investmentsCN¥144M
- ReceivablesCN¥148M
- InventoryCN¥5M
- Other current assetsCN¥93M
- Accounts payableCN¥73M
- Other current liabilitiesCN¥137M
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 9-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend summed across the company's full tagged history, write-downs across the 9-year record, from the company's own filings.
Peers, Real Estate Development & Services
The same industry, side by side on the REIT lens. Each column names the period it is read over; the group median at the foot is the line to read each figure against.
| Company | Revenuelatest FY, USD | Cash marginmedian over the record | Cash / assetsmedian over the record | Dividend / cashmedian over the record | Debt / assetsmedian over the record |
|---|---|---|---|---|---|
| BPYPMBrookfield Property Partners L.P. | $7.1B | 9% | 0.7% | 303% | 36% |
| CRESYCresud S.A.C.I.F. y A. | $611M | 24% | 4.3% | 17% | 56% |
| OPIOffice Properties Income Trust | $443M | 45% | 5.2% | 87% | 57% |
| VTMXVesta Real Estate Corporation, S.A.B. de C.V. | $283M | 67% | 3.8% | 49% | 29% |
| BOCBoston Omaha Corporation | $114M | 12% | 0.9% | — | — |
| DUOFangdd Network Group Ltd. | $53M | -17% | -7.8% | — | — |
| ARLAmerican Realty Investors Inc. | $50M | -26% | -1.9% | — | 26% |
| IRSIRSA Investments and Representations Inc. | as filed: ARS 468.5B | 36% | 6.0% | 15% | 60% |
| Group median | — | 18% | 2.4% | — | — |
The price
What a price has to assume.
What the price implies
reverse-DCFEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares, each of which previously represented one Class”; Fangdd Network Group Ltd. reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.148 (2026-08-20, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.
A reit / real estate isn't read on an owner-earnings DCF; its economics live on the balance sheet (book value, the return earned on it, and the cash the assets throw off).
Manual order: ← DSX its page in the Manual E →
Industry order: ← CWK the Real Estate Development & Services chapter FOR →