FangDD H1 2026: Revenues Fall to RMB115.7m as Gross Margin Improves

FangDD Network Group, the Shenzhen-based proptech company listed on Nasdaq, has published unaudited results for the six months to 30 June 2026, with revenue down 43.1% year on year. The company held on to more of what it earned, with gross margin rising to 13.2% from 9.1%. Highlights include:

• Revenue was RMB115.7 million (US$17.1 million), down 43.1% from RMB203.4 million
• Gross profit was RMB15.3 million ($2.3 million), down 17.1% from RMB18.5 million
• Gross margin was 13.2%, up from 9.1%
• Cost of revenue was RMB100.4 million ($14.8 million), down 45.7% from RMB184.9 million
• Total operating expenses were RMB41.2 million ($6.1 million), down 54.3% from RMB90.2 million
• Net loss was RMB34.5 million ($5.1 million), narrowed from a net loss of RMB39.2 million
• Closed-loop GMV was RMB5.5 billion ($0.8 billion), down 30.8% from RMB8.0 billion
• Cash, restricted cash and short-term investments were RMB107.2 million ($15.8 million)

FangDD (not to be confused with Fang.com) does not define itself as a portal and considers Beike, rather than portal sites Anjuke and Fang.com to be its biggest rival as more of an end-to-end transaction platform.

Revenue fell faster than the transactions underneath it. GMV was down 30.8% against a 43.1% revenue decline, which puts FangDD's take rate at 2.10% for the half, against 2.54% a year earlier.

The margin improvement came from costs rather than pricing. Cost of revenue, which is largely commission paid out to agents, fell 45.7%, outpacing the revenue decline. Operating expenses fell harder still at 54.3%, though most of that was the absence of last year's write-down: general and administrative expenses dropped to RMB24.7 million from RMB73.6 million, with RMB43.8 million of the fall attributed to a smaller impairment provision against ageing receivables.

At RMB115.7 million, this is FangDD's weakest first half in at least six years, below the RMB144.8 million booked in the first half of 2022. It also undoes the recovery of a year ago, when first half revenue reached RMB203.4 million on the back of Chinese policy stimulus and a deliberate shift towards developers with stronger credit.