MeritValue

Fangdd Network Group Ltd.

DUOdata completeness 88%7 fiscal years on file
The thesis, from the filings

Fangdd Network Group Ltd. earns about -37% on invested capital, and has bought back 100% of its shares over 5 years. The cash-flow models don't apply cleanly here — the ledger says why below.Whether it’s worth owning at today’s price is the last question — and yours to answer, below.

i. The business — what you’d actually own
FigureFY 2021FY 2022FY 2023FY 2024FY 2025
Revenue$147.9M1$35.7M2$40.1M3$46.5M4$50.7M5
Net income−$183.8M6−$35.4M7−$12.9M8$4.23M9−$12.1M10
Operating cash flow−$9.51M11−$18.4M12−$26.2M13−$8.27M14−$8.61M15
Capital expenditure$1.96M16$28,00017$42,00018$3.16M19$3.35M20
Free cash flow (derived)−$11.5M11−$18.4M12−$26.3M13−$11.4M14−$12M15
Total debt—————
Cash & equivalents$77.2M21$20.9M22$17.1M23$10.3M24$4.19M25
Diluted shares2.02B369,533256,539681,3966.5M

Superscripts are receipts. Each links to the SEC filing the number came from (full list at the bottom).

ii. Your slice — ownership made literal
If you owned
shares
Net assets behind them
$126.5
your share of equity
Profit it earned you last year
−$18.53
Free cash flow it threw off
−$18.28
Debt you’d be carrying
—

10 shares is a claim on $126.5 of net worth that earned you −$18.53 and generated −$18.28 of cash last year.

iii. Is this a good business?
Moat signal · return on invested capital
-37% avg · 5y
FY21 —FY22 —FY23 -101%FY24 7%FY25 -15%

It earned an average -37% on invested capital over 5 years. Compare that to what it costs to fund the business.

seeing a moat in the numbers →
Management signal · capital allocation
−100% shares · 5y

Share count is down 100% over 5 years — management has been buying back stock, quietly handing owners a bigger slice.

reading capital allocation →

Signals, not verdicts — read from the filings above. Numbers don’t prove a moat; they show its footprint. You decide.

iv. What it’s worth — engine v0.1.0
DCF · Growth Exit 10Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
DCF · Growth Exit 5Y
not applicable
3y-median FCF non-positive — growth-exit DCF not applicable (see EPV)
Earnings Power Value
not applicable
normalized (5y-median) earnings non-positive — EPV undefined
Graham Number
not applicable
diluted EPS missing or non-positive — Graham Number undefined

Different models answer different questions — which to trust when →

Sources — the receipts
  1. 20-F · period ending 2021-12-31 · accession 0001104659-22-048931 (RevenueFromContractWithCustomerExcludingAssessedTax)
  2. 20-F · period ending 2022-12-31 · accession 0001104659-23-047180 (RevenueFromContractWithCustomerExcludingAssessedTax)
  3. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-078552 (Revenues)
  4. 20-F · period ending 2024-12-31 · accession 0001213900-25-034322 (Revenues)
  5. 20-F · period ending 2025-12-31 · accession 0001213900-26-052541 (Revenues)
  6. 20-F · period ending 2021-12-31 · accession 0001104659-22-048931 (NetIncomeLoss)
  7. 20-F · period ending 2022-12-31 · accession 0001104659-23-047180 (NetIncomeLoss)
  8. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-078552 (NetIncomeLoss)
  9. 20-F · period ending 2024-12-31 · accession 0001213900-25-034322 (NetIncomeLoss)
  10. 20-F · period ending 2025-12-31 · accession 0001213900-26-052541 (NetIncomeLoss)
  11. 20-F · period ending 2021-12-31 · accession 0001104659-22-048931 (NetCashProvidedByUsedInOperatingActivities)
  12. 20-F · period ending 2022-12-31 · accession 0001104659-23-047180 (NetCashProvidedByUsedInOperatingActivities)
  13. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-078552 (NetCashProvidedByUsedInOperatingActivities)
  14. 20-F · period ending 2024-12-31 · accession 0001213900-25-034322 (NetCashProvidedByUsedInOperatingActivities)
  15. 20-F · period ending 2025-12-31 · accession 0001213900-26-052541 (NetCashProvidedByUsedInOperatingActivities)
  16. 20-F · period ending 2021-12-31 · accession 0001104659-22-048931 (PaymentsToAcquireProductiveAssets)
  17. 20-F · period ending 2022-12-31 · accession 0001104659-23-047180 (PaymentsToAcquireProductiveAssets)
  18. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-078552 (PaymentsToAcquireProductiveAssets)
  19. 20-F · period ending 2024-12-31 · accession 0001213900-25-034322 (PaymentsToAcquirePropertyPlantAndEquipment)
  20. 20-F · period ending 2025-12-31 · accession 0001213900-26-052541 (PaymentsToAcquirePropertyPlantAndEquipment)
  21. 20-F · period ending 2021-12-31 · accession 0001104659-22-048931 (CashAndCashEquivalentsAtCarryingValue)
  22. 20-F · period ending 2022-12-31 · accession 0001104659-23-047180 (CashAndCashEquivalentsAtCarryingValue)
  23. 20-F/A · period ending 2023-12-31 · accession 0001213900-24-078552 (CashAndCashEquivalentsAtCarryingValue)
  24. 20-F · period ending 2024-12-31 · accession 0001213900-25-034322 (CashAndCashEquivalentsAtCarryingValue)
  25. 20-F · period ending 2025-12-31 · accession 0001213900-26-052541 (CashAndCashEquivalentsAtCarryingValue)