FangDD 2025: Revenues Up, But Net Losses Return and Shaky Share Prices

FangDD Network Group, the Shenzhen-based property technology company listed on Nasdaq, reported a net loss of RMB86.0 million (US$12.3 million) for the year ended 31 December 2025, despite a small uptick in revenue.

Full year highlights include:

• Total revenue was RMB354.8 million (USD50.7 million), up 4.6% year-on-year
• Gross profit was RMB63.6 million ($9.1 million), up 3.0%
• Total other income was RMB27.0 million ($3.9 million), down sharply from RMB146.3 million in 2024, propped up by RMB156.2 million write-off
• Impairment loss on equity method investment was RMB44.4 million ($6.4 million), up from RMB4.0 million
• Net loss was RMB86.0 million ($12.3 million), down from a net income of RMB28.3 million

FangDD, floated in November 2019, describes itself as a "customer-oriented PropTech company based in China, focusing on providing real estate transaction digitalisation services." The company's full-year results reversed the modest net income FangDD posted in 2024, as the brutal Chinese real estate market struggles to recover.

The swing from profit to loss is mostly explained by the Other Income line. FangDD's 2024 results were buoyed by a RMB156.2 million benefit from writing off accounts payable owed to real estate developers whose receivables had aged out. Other income, therefore, dropped significantly year-on-year. The core business remains loss-making.

Revenue growth of 4.6% for the year was attributed to policy stimulus in China's property sector, including credit easing for developers, mortgage rate cuts and looser secondhand restrictions, and to a strategic pivot toward developers with stronger credit profiles as FangDD walked away from higher-risk partners. Cost of revenue rose 5.0% to RMB291.2 million in line with commission outflows to agents.

FangDD's liquidity remains an issue, with $4.2 million in cash and cash equivalents, $16.4 million in short-term investments, and $29.8 million in short-term debt obligations.

Operating cash flow was negative RMB60.2 million. Management says it expects sufficient liquidity for at least the next 12 months but continues to plan further equity or debt financing rounds, with the filing acknowledging that the availability and amount of such funding remain uncertain. The company's financial statement does not provide explicit revenue guidance for the period ahead.

The company executed a 16-for-1 share consolidation on 9 June 2025, its second reorganisation in under 12 months. The June 2025 move was designed to lift FangDD back above Nasdaq's $1 minimum bid price after the stock had spent more than 30 consecutive trading days below that threshold from November 2024. Compliance was confirmed by Nasdaq on 24 June 2025.

The company tapped capital markets repeatedly, completing five registered direct offerings between October 2024 and October 2025 and issuing a $34.32 million convertible note in October 2025 at a conversion price of $1.0409, as well as a $5 million senior convertible notes offering in February 2025.

Share prices are currently hovering between $1.5 and $1.6 per share and have been steadily recovering from around $1 in March, down an astonishing 100% since the company floated (at an opening price of nearly $47,000).

Strategically, FangDD is leaning further into asset management and AI-driven SaaS as it diversifies its revenue base beyond commissions earned on transactions.

The company says it placed greater emphasis on asset management services for real estate projects in 2025, deconstructing developer projects into design, planning and operations workstreams targeted at securing above-market commission rates. FangDD's database spans nearly 160 million properties nationwide.