Business
FangDD Reports First Half 2024 Unaudited Financial Results
SHENZHEN, China, Aug. 30, 2024 (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. 30, 2024 (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, 2024. First Half 2024 Financial Highlights Revenue for the six months ended June 30, 2024 slightly decreased by 8.8% to RMB140.0 million (US$19.3 million) from RMB153.5 million for the same period of 2023.Net income for the six months ended June 30, 2024 was RMB16.4 million (US$2.3 million), compared to net income of RMB9.4 million for the same period of 2023.Non-GAAP net income1 for the six months ended June 30, 2024 was RMB16.4 million (US$2.3 million), compared to non-GAAP net income of RMB9.4 million for the same period of 2023. First Half 2024 Operating Highlights Total closed-loop GMV2 facilitated on the Company’s platform decreased by 24.9% to RMB6.2 billion (US$0.9 billion) for the six months ended June 30, 2024 from RMB8.3 billion for the same period of 2023. This decline in closed-loop GMV was mainly due to the continued downturn in the real estate market and the Company’s careful selection of new property projects for collaboration. Mr. Xi Zeng, Chairman and Chief Executive Officer of FangDD, commented, “According to the National Bureau of Statistics of China, the total area of new property sales in the first half of 2024 decreased by 19% year-on-year and the total value of these sales decreased by 25% year-on-year. This decline in both market volume and value has led to a second bottoming out.” Looking forward to the second half of the year, it is anticipated that with policy support and a reduced high base effect, the real estate market is expected to begin a stabilization process, with annual sales remaining above 10 trillion yuan. In the first half of 2024, the Company prioritized sustainable operations by enhancing operational management and cost control, as well as optimizing and adjusting organizational structures to improve cash flow security and adaptability to market changes. Additionally, by focusing on high gross profit businesses and developing innovative services and products, the Company aims to achieve revenue diversification and stable profitability. First Half 2024 Financial Results REVENUE Revenue for the six months ended June 30, 2024 slightly...