Despite a 45.3% year-over-year revenue increase in 2025Q2, the company continues to suffer from structural margin compression, with operating margins remaining deeply negative at -35.3%.
| Revenue | 402.53M | 339.1M | 284.96M | 245.95M | 942.38M | 2.45B | 3.6B | 2.28B | 1.8B | 1.48B |
| Revenue Growth % | 51.55% | 19% | 15.86% | -73.9% | -61.56% | -31.9% | 57.72% | 26.89% | 21.87% | - |
| Property Operating Expenses | 339.79M | 277.36M | 243.76M | 221.21M | 835.87M | 2.04B | 2.84B | 1.81B | 1.42B | 1.25B |
| Net Operating Income (NOI) | 62.74M | 61.75M | 41.19M | 24.73M | 106.51M | 414.47M | 757.04M | 476.63M | 381.59M | 228.4M |
| NOI Margin % | 15.59% | 18.21% | 14.46% | 10.06% | 11.3% | 16.91% | 21.03% | 20.88% | 21.22% | 15.48% |
| Operating Expenses | 191.54M | 187.41M | 306.36M | 274.13M | 1.04B | 640.49M | 1.29B | 398.46M | 374.05M | 578.4M |
| G&A Expenses | 165.99M | 162.63M | 274.22M | 208.16M | 896.27M | 339.08M | 568.82M | 204.38M | 194.79M | 409.63M |
| EBITDA | -128.35M | -124.09M | -263.36M | -246.05M | -949.6M | -222.24M | -531.91M | 83.63M | 25.58M | -339.23M |
| EBITDA Margin % | -31.89% | -36.59% | -92.42% | -100.04% | -100.77% | -9.07% | -14.78% | 3.66% | 1.42% | -22.99% |
| Depreciation & Amortization | 450.5K | 1.57M | 1.81M | 3.34M | 7.7M | 3.78M | 4.84M | 14.25M | 30.44M | 24.62M |
| D&A / Revenue % | 0.11% | 0.46% | 0.64% | 1.36% | 0.82% | 0.15% | 0.13% | 0.62% | 1.69% | 1.67% |
| Operating Income | -128.8M | -125.66M | -265.17M | -249.39M | -957.29M | -226.02M | -536.76M | 69.38M | -4.86M | -363.85M |
| Operating Margin % | -32% | -37.06% | -93.06% | -101.4% | -101.58% | -9.22% | -14.91% | 3.04% | -0.27% | -24.66% |
| Interest Expense | 0 | 0 | 621K | 5.14M | 8.32M | 12.99M | 8.72M | 1.12M | 13.03M | 0 |
| Interest Coverage | - | - | -151.97x | -44.16x | -115.10x | -14.91x | -57.11x | 98.01x | 1.23x | - |
| Non-Operating Income | 0 | -108K | -170.8M | -22.43M | 0 | -32.3M | -38.85M | -40.2M | -20.91M | -13.85M |
| Pretax Income | -31.91M | 20.65M | -94.99M | -232.1M | -1.19B | -206.71M | -506.62M | 108.46M | 3.02M | -330.95M |
| Pretax Margin % | -7.93% | 6.09% | -33.34% | -94.37% | -126.71% | -8.43% | -14.08% | 4.75% | 0.17% | -22.43% |
| Income Tax | -4.62M | -7.66M | -1.89M | 7.49M | 8.91M | 14.66M | 3.77M | 4.43M | 2.37M | 1.12M |
| Effective Tax Rate % | 14.47% | -37.07% | 1.99% | -3.23% | -0.75% | -7.09% | -0.74% | 4.09% | 78.47% | -0.34% |
| Net Income | -24.67M | 30.83M | -91.75M | -244.04M | -1.17B | -221.38M | -510.39M | 104.03M | 649K | -332.07M |
| Net Margin % | -6.13% | 9.09% | -32.2% | -99.22% | -124.28% | -9.03% | -14.18% | 4.56% | 0.04% | -22.5% |
| Net Income Growth % | 62.5% | 133.6% | 62.4% | 79.16% | -429.04% | 56.63% | -590.63% | 15928.66% | 100.2% | - |
| Funds From Operations (FFO) | -24.22M | 32.41M | -89.94M | -240.7M | -1.16B | -217.59M | -505.55M | 118.28M | 31.09M | -307.44M |
| FFO Margin % | -6.02% | 9.56% | -31.56% | -97.87% | -123.46% | -8.88% | -14.05% | 5.18% | 1.73% | -20.83% |
| FFO Growth % | -516.3% | 136.03% | 62.63% | 79.31% | -434.7% | 56.96% | -527.41% | 280.46% | 110.11% | - |
| FFO per Share | -8.05 | 3.63 | -22.29 | -651.35 | -3235.90 | -614.02 | -2613.86 | 703.51 | 184.91 | -1828.61 |
| FFO Payout Ratio % | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% | 0% |
| EPS (Diluted) | -8.20 | 3.45 | -22.74 | -660.40 | -3257.30 | -621.63 | -6581.17 | -857.44 | -1355.03 | -3190.53 |
| EPS Growth % | 82.6% | 115.17% | 96.56% | 79.73% | -423.99% | 90.55% | -667.54% | 36.72% | 57.53% | - |
| EPS (Basic) | - | 3.45 | -22.74 | -660.40 | -3257.30 | -621.63 | -6560.55 | -857.44 | -1355.03 | -3190.53 |
| Diluted Shares Outstanding | 3.01M | 8.93M | 4.03M | 369.53K | 359.55K | 354.37K | 193.41K | 168.13K | 168.13K | 168.13K |
Developer liquidity and insolvency
Based on recent financial filings, DUO reported a 45.3% year-over-year revenue increase to $101.7M in 2025Q2, yet this growth appears highly inconsistent when compared to the significant historical revenue contraction observed in previous periods, suggesting that top-line performance remains tethered to volatile, non-recurring transaction volumes.
The recent revenue uptick may reflect a temporary stabilization in transaction activity rather than a sustainable shift in market share. Investors should monitor whether this growth is driven by genuine platform adoption or merely a reflection of fluctuating developer marketing budgets in a distressed property environment.
As reported in financial statements, DUO's gross margin has fluctuated between 9.1% and 22.2% over the last two years, indicating that the company lacks the pricing power necessary to offset the high variable costs associated with commission payouts to independent agents in a competitive market.
The inability to maintain double-digit gross margins consistently suggests that the platform's value proposition to agents is primarily price-driven rather than service-differentiated. This structural limitation implies that any meaningful margin expansion would require a fundamental pivot toward higher-margin software services, which has yet to materialize.
According to the latest income statement data, the company reported a net profit of $6.7M in 2024Q4 despite an operating loss of $28.5M, highlighting a significant divergence that suggests bottom-line results are likely bolstered by non-recurring gains rather than core operational efficiency.
The disconnect between operating and net income warrants intense scrutiny, as it often points to one-off investment gains or accounting adjustments that do not reflect the underlying health of the business. Analysts should focus on the persistent operating losses as the true indicator of the company's ongoing struggle to achieve a self-sustaining business model.
Based on reported figures, DUO continues to struggle with fixed-cost absorption, as evidenced by operating margins that have remained deeply negative, reaching -35.3% in 2025Q2, even as the company attempts to scale its digital platform and manage administrative overhead in a challenging sector.
The high level of SG&A relative to gross profit suggests that the company's current operating structure is not yet optimized for its scale of operations. Without a drastic reduction in overhead or a substantial increase in transaction throughput, the company may continue to face significant pressure on its cash reserves.
Quick answers to the most common questions about buying DUO stock.
For fiscal year 2024, Fangdd Network Group Ltd. (DUO) reported total revenue of $339.1M. This represents a 77.0% decline compared to $1.48B in 2016.
Fangdd Network Group Ltd. (DUO) is profitable, generating $30.8M in net income for the fiscal year ending 2024 with a net profit margin of 9.1%.
Fangdd Network Group Ltd. (DUO) reported an operating income of $-125.7M, resulting in an operating profit margin of -37.1%. This margin reflects the operational efficiency of the business before interest and taxes.
Fangdd Network Group Ltd. (DUO) generated $61.7M in gross profit for the year, representing a gross profit margin of 18.2%. This demonstrates the company's core pricing power and production efficiency.