FangDD H1 2025: Net Losses Despite Strong Revenue Growth

The Chinese portal operator FangDD has released its interim report for the 2025 financial year, recording healthy revenue growth in the first six months of the year.

Highlights include:

• Revenues grew to RMB203 million ($28.4 million), up 45.3% year-on-year
• Gross profit for the period was RMB18.5 million ($2.6 million), up 5.7% year-on-year
• Net loss was RMB39.2 million ($5.5 million), down from a net profit of $2.3 million in H1 2024
• Total GMV was RMB8.0 billion ($1.1 billion), up 27.3% year-on-year

The Chinese economy has been in a state of near stagnation since the start of the COVID-19 pandemic in 2020, with financial performance declining significantly in subsequent years. Despite a slow but steady recovery since 2023, FangDD will be disappointed to see its promising revenue jump caveated by net losses for the first half of the year.

Xi Zeng, chairman and CEO at FangDD, said:

“In the first half of 2025, with continuous policy support, China’s real estate market showed signs of stabilization despite ongoing adjustments. According to the National Bureau of Statistics of China, the sales area of new property in the first half of 2025 decreased by 3.5% y-o-y, and the sales revenue dropped by 5.5% y-o-y.

"Amid this environment, FangDD has been strengthening development of core projects and in-depth cooperation with reputable developers and business partners. As a result, the GMV and revenue have both increased simultaneously.

"The company is also continuously exploring and innovating in new business areas. Looking forward to the second half of the year, we expect ongoing policy support and improving financial conditions to further support industry recovery. The company will also continue to optimize costs and upgrade business structure to achieve balanced growth in scale and profit, and promote higher-quality development."

FangDD said healthy revenue growth was attributable to a healthier real estate market and closer relationships with strategic partnerships.

On the other side of the balance sheet, FangDD revealed that the cost of revenues rose  51% year-on-year, while operational expenses increased 4.8% driven primarily by a massively increased sales and marketing spend, up 651% year-on-year. There was also a slight uptick in product development costs year-on-year.

FangDD previously tested Nasdaq compliance regulations in 2024 for not hitting minimum share price thresholds, but regained compliance in June 2025. Shares have continued to perform solidly since, and closed at USD 2.39 per share on Friday, 29 August.