Business
FangDD Reports First Half 2023 Unaudited Financial Results
SHENZHEN, China, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or “the Company”), a customer-oriented property
About this update from Fangdd Network Group Ltd.
[{"type":"text","content":"SHENZHEN, China, Aug. 25, 2023 (GLOBE NEWSWIRE) -- Fangdd Network Group Ltd. (NASDAQ: DUO) (“FangDD” or “the Company”), a customer-oriented property technology company in China, today announced its unaudited financial results for the six months ended June 30, 2023. First Half 2023 Financial Highlights Revenue for the six months ended June 30, 2023 slightly increased by 6.0% to RMB153.5 million (US$21.2 million) from RMB144.8 million for the same period of 2022.Net income for the six months ended June 30, 2023 was RMB9.4 million (US$1.3 million), compared to net loss of RMB192.1 million for the same period of 2022.Non-GAAP net income1 was RMB9.4 million (US$1.30 million) for the six months ended June 30, 2023, compared to non-GAAP net loss2 of RMB182.9 million for the same period of 2022. First Half 2023 Operating Highlights The number of closed-loop agents3 was 4.6 thousand for the six months ended June 30, 2023, representing a decrease of 50.9% from 9.4 thousand for the same period of 2022.Total closed-loop GMV4 facilitated on the Company’s platform decreased by 25.5% to RMB8.3 billion (US$1.1 billion) for the six months ended June 30, 2023 from RMB11.2 billion for the same period of 2022. New property and resale property contributed RMB7.7 billion (US$1.1 billion) and RMB0.6 billion (US$0.1 billion), respectively, to the total closed-loop GMV for the six months ended June 30, 2023. The decline in closed-loop GMV was mainly due to the careful selection of new property projects for cooperation and the clear-up of the continuous impact of resale property business by the Company under the weak recovery of the real estate market for the six months ended June 30, 2023. Mr. Xi Zeng, Chairman and Chief Executive Officer of FangDD, commented, “According to the National Bureau of Statistics of China, new property sales in the first half of 2023 increased by 1.1% year-on-year compared to the low base in the same period of 2022. However, the real estate market had experienced significant changes in the supply and demand dynamics, with a continuing trend of weakening. In the first half of 2023, adhering to the principle of ensuring sustainable operations, the Company focused on the cash flow security and profitability enhancement, and intensified its efforts in equity financing. As a result, the Company has achieved profitability for the f...