Share count
7Mpeak FY2019
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DUO, Fangdd Network Group Ltd.
A balance-sheet business, read on book value, net interest margin and credit losses rather than an earnings multiple.
The business
What it sells, where the money comes from, the kind of company it is.
Revenue · FY2025
CN¥355M
+4.6% YoY · −32% 5-yr CAGR
Vital signs · TTM, with 5-yr average
Revenue CN¥355M 5-yr avg CN¥384M
The business in brief
read the 10-K →What this business is and what moves its needle, from its own SEC filings.
- Situation
- Unprofitable. No sustained operating profit across the record; an earnings multiple has nothing to rest on. What the record does show is revenue, the gross-margin trajectory, and the burn against the cash on hand.
- What moves the needle
- Net interest margin, loan losses, and book value. A lender is read on the quality of its balance sheet, not an earnings multiple, and the worst year of credit losses matters more than the best. On its own account, the filing leans hardest on going-concern doubt, set against the numbers in what the filing emphasizes, below.
- Is it a good business?
- Return on equity has sat below the cost of equity (median -24%, above 12% in only 0 of 8 years). A mortgage REIT lives on the spread between what its mortgages earn and what its borrowing costs, levered many times over; weigh the worst rate and credit years in the record, not the average, and read the 10-K.
Every line is arithmetic on the company's filings, shown in full in the sections below.
The record
Ten years of arithmetic, read across the cycle.
The record, 2017–2025
realized figures from each filing · older years to the left| 2017’17 | 2018’18 | 2019’19 | 2020’20 | 2021’21 | 2022’22 | 2023’23 | 2024’24 | 2025’25 | TTMTTMDec 2025 | |
|---|---|---|---|---|---|---|---|---|---|---|
| Income statement | ||||||||||
| CN¥1.8B | CN¥2.3B | CN¥3.6B | CN¥2.5B | CN¥942M | CN¥773K | CN¥285M | CN¥339M | CN¥355M | CN¥355M | RevenueRevenue |
| — | — | — | — | — | — | (CN¥621K) | CN¥2M | CN¥83K | CN¥83K | Net interest incomeNet int. |
| CN¥3M | (CN¥493K) | CN¥614K | CN¥614K | CN¥27M | (CN¥20M) | CN¥2M | — | — | CN¥2M | Credit-loss provisionProvision |
| CN¥649K | CN¥104M | (CN¥510M) | (CN¥221M) | (CN¥1.2B) | (CN¥240M) | (CN¥93M) | CN¥28M | (CN¥86M) | (CN¥86M) | Net incomeNet inc. |
| Cash flow & returns | ||||||||||
| — | 3.6% | -11.7% | -5.5% | -62.9% | -22.3% | -12.1% | 3.9% | -10.9% | -10.9% | Return on assetsROA |
| — | — | -32% | -15% | -384% | -239% | -48% | 7% | -15% | -15% | Return on equityROE |
| — | — | −32% | −15% | −384% | −239% | −48% | 7% | −15% | −15% | Retained to equityRetained/eq |
| — | — | -32% | -16% | -384% | -240% | -48% | 7% | -25% | -25% | Return on tangible equityROTCE |
| Balance sheet | ||||||||||
| — | CN¥2.9B | CN¥4.4B | CN¥4.0B | CN¥1.9B | CN¥1.1B | CN¥770M | CN¥731M | CN¥788M | CN¥788M | Total assetsAssets |
| — | — | — | CN¥31M | — | CN¥454K | CN¥454K | CN¥508K | CN¥621K | CN¥621K | GoodwillGoodwill |
| — | (CN¥1.9B) | CN¥1.6B | CN¥1.4B | CN¥313M | CN¥100M | CN¥196M | CN¥386M | CN¥578M | CN¥578M | Shareholders’ equityEquity |
| Per share | ||||||||||
| 1.89B | 1.89B | 2.18B | 1.99B | 2.02B | 370M | 257M | 681M | 6.5M | 946M | Shares out (diluted)Shares |
| CN¥0.00 | CN¥0.05 | CN¥-0.23 | CN¥-0.11 | CN¥-0.59 | CN¥-0.65 | CN¥-0.36 | CN¥0.04 | CN¥-13.15 | CN¥-0.09 | EPS (diluted)EPS |
| — | CN¥-0.99 | CN¥0.73 | CN¥0.72 | CN¥0.15 | CN¥0.27 | CN¥0.76 | CN¥0.57 | CN¥88.47 | CN¥0.61 | Book value / shareBVPS |
| — | CN¥-0.99 | CN¥0.73 | CN¥0.71 | CN¥0.15 | CN¥0.27 | CN¥0.76 | CN¥0.56 | CN¥52.57 | CN¥0.36 | Tangible book / shareTBVPS |
Share counts before 2020 are restated ×2 for a stock split, so per-share figures sit on one basis.
The diluted share count moved ×1/5.47 into 2022 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/1.44 into 2023 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×2.66 into 2024 — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×1/104.22 into 2025 — shares retired, not a split the totals corroborate — and the per-share figures carry the counts as filed.
The diluted share count moved ×144.64 into TTM — shares issued, not a split the totals corroborate — and the per-share figures carry the counts as filed.
Per-share growththe realized rate an owner's share compounded
| 8-yr | 5-yr | |
|---|---|---|
| Revenue / share | +65.8%/yr | +113.3%/yr |
| Capital spending / share | +148.7%/yr | +270.3%/yr |
| Book value / share | — | +161.5%/yr |
The record, charted
FY2017–2025Each measure over its full record; the current point and the worst year marked. Share counts on the current split basis.
Revenue
CN¥355Mlow FY2022
Quality & stewardship
Returns, the balance sheet, capital allocation, and pay.
Owner’s Scorecard
FY2025 20-F · source on SEC EDGAR →
Material weakness in financial controls
“To remedy the identified material weakness, we have adopted and are in the process of implementing a number of measures to improve our internal control over financial reporting, including: (i) hiring additional qualified personnel with U.S.”
The figures below are only as sound as the controls that produced them. read the note →
Is it a good business?
- Return on equity -15%Loss on equityNet income (CN¥86M) ÷ equity CN¥578MIndustry peers: median 9%
In the filing’s words The filing discloses a material weakness in its financial controls — the reported numbers here, and the record built on them, are only as reliable as the controls that produced them.
What this means
The bank's north star, what it earns on shareholders' capital. Cost of equity is roughly 10%, so a return durably above that builds value and below it destroys it. One year is noisy; the durability across a full credit cycle is what counts.
- LossNet income ÷ (equity − goodwill CN¥621K − intangibles CN¥234M)Industry peers: median 9%
What this means
The cleaner return, stripping out the goodwill paid for past acquisitions. This is the number a buyer of the whole bank actually earns on the hard capital.
- Not enough dataIndustry peers: median 63%
What this means
Noninterest expense or revenue missing.
Is it sound?
- Capital (equity / assets) 73.4%Well capitalizedEquity CN¥578M ÷ assets CN¥788M
What this means
A plain-English leverage read: how much of the balance sheet is the owners' own money. This is a rough proxy; the regulatory figure is the CET1 ratio, which is risk-weighted and reported in the filing. The point is the same, how much loss the bank can absorb before depositors are at risk.
- Borrowed against bookAssets CN¥788M ÷ equity CN¥578M
What this means
A mortgage REIT finances a pool of mortgages with borrowed money — mostly short-term repo, which sits in liabilities rather than as tagged debt — so its true leverage is the whole balance sheet against the owners' equity, not just labeled debt. That leverage magnifies both the spread it earns and the loss when rates or credit move against it; read it beside the book value, the question being whether the spread compensated for the leverage through a cycle.
- Credit cost (provision / NII) 2051%ElevatedProvision for credit losses CN¥2M ÷ net interest income CN¥83K
What this means
What the bank set aside this year against loans going bad, as a share of its lending income. This swings hard with the cycle, low in good years and spiking in recessions, so read it across the record, not in one year. Disciplined underwriting shows up as low, stable provisions through a downturn.
Does AI threaten the moat?
Low contestabilityThe moat is physical, regulated or balance-sheet-funded, the kind AI cuts costs within but does not contest.
In its own filing Raised, but not as a competitor
The filing raises AI among its risks, but in other terms (security, regulation, energy or the like), not as a competitor to its product; it frames AI mainly as a capability.
AI is unlikely to contest a moat that is physical, regulated or balance-sheet-funded; here it reads more as a cost tool than a threat, and the company is using it that way.
Read from the filing's own risk factors, paired with the industry's structure under its SIC code; the durability is read above, the price below.
All figures as filed; the source filing is linked above.
Current Position
as of fiscal year-end, Dec 31, 2025Can the business pay what it owes this year, off the freshest balance sheet: the quality of the assets, the debt actually coming due, and what a low ratio means here.
Current assetsCN¥390M
- Cash & short-term investmentsCN¥144M
- ReceivablesCN¥148M
- InventoryCN¥5M
- Other current assetsCN¥93M
Current liabilitiesCN¥209M
- Accounts payableCN¥73M
- Other current liabilitiesCN¥137M
Current ratio1.86×all current assets ÷ what's due · Graham looked for 2×
Quick ratio1.84×stricter: inventory excluded
Cash ratio0.69×strictest: cash alone against what's due
Working capitalCN¥181Mthe cushion left after near-term bills
Cash runway1.7 yrsthe business is consuming cash; this is how long the cash on hand lasts at that rate
Deeper floors
Tangible book valueCN¥344Mequity stripped of goodwill & intangibles
Net current asset valueCN¥181MGraham's net-net: current assets less all liabilities
Debt incl. operating leasesCN¥806KCN¥806K of it operating leases
Deferred revenueCN¥18Mcustomer cash collected before delivery; operating float
From the company's latest filing.
Acquisitions & goodwill
from the balance sheet & the 9-year cash-flow recordGoodwill grows only when a company acquires and falls only when it concedes it overpaid. The size of that bet, the cash put into buying rather than building, and how much has already been written off.
Goodwill & intangiblesCN¥235M30% of all assets; the premium carried on the balance sheet for businesses acquired
Against book equity0%goodwill is this share of book equity; the rest is the company’s own retained and paid-in capital
Cash spent acquiringCN¥0over 9 years buying other businesses, against CN¥70M of capital spent building
None written down over the record; the goodwill is still carried at full cost. That is the deals holding their value on the books so far; whether they keep doing so is the test an owner watches, since the write-down, when it comes, is the admission the price was too high.
Goodwill, acquired intangibles and equity from the latest balance sheet; acquisition spend and write-downs summed across the 9-year record, from the company's own filings.
Peers, nearest by economic model
No close industry peers in the catalog yet, so these are the nearest by economic model (reit / real estate), compared on the bank lens. Each figure is a through-cycle median, so a peak or trough year can’t distort it; the group median at the foot is the line to read each against.
| Company | Revenue | ROE | ROTCE | Efficiency | NII / assets |
|---|---|---|---|---|---|
| DUOFangdd Network Group Ltd. | CN¥355M | -32% | -32% | — | 0.0% |
| FMBHFirst Mid Bancshares Inc. | $349M | 9% | 12% | 63% | 2.9% |
| BHRBBurke & Herbert Financial Services Corp. | $342M | 9% | 9% | 65% | 2.9% |
| OSBCOld Second Bancorp Inc. | $339M | 11% | 12% | 62% | 3.4% |
| BRSPBrightSpire Capital Inc. | $331M | -5% | -5% | — | 1.5% |
| UVSPUnivest Financial Corporation | $328M | 9% | 11% | 63% | 2.8% |
| TFSLTFS Financial Corporation | $321M | 5% | 5% | 66% | 1.7% |
| CMTGClaros Mortgage Trust Inc. | $188M | 5% | 5% | — | 2.8% |
| Group median | — | 7% | 7% | — | 2.8% |
The price
What a price has to assume.
What the price implies
price / tangible bookEnter the US price, in dollars: the NYSE/Nasdaq quote you hold. Per the filing's own cover, “American depositary shares, each of which previously represented one Class”; Fangdd Network Group Ltd. reports in CNY, so every figure in this tool is stated per ADS and translated at CNY 1 = $0.147 (2026-07-17, reference rate) so your dollar quote reconciles exactly. The record tables elsewhere on this page remain as filed, in CNY.
A mortgage REIT is worth a multiple of its tangible book value, and the multiple it deserves is set by the return it earns on that book. Type today’s price; we show what you would be paying against what Fangdd Network Group Ltd.’s record justifies.
$
The assumptions
Tangible book / share, delivered113%/yr’20→’25
The justified multiple is (return on tangible equity − growth) ÷ (cost of equity − growth). A mortgage REIT earning exactly its cost of equity is worth about one times tangible book; the premium above that prices each point of durable excess return. A higher cost of equity lowers the justified multiple for a mortgage REIT.
Enter a price above to run it.
Price / tangible book—
Justified by the return—
Normalized return on tangible equity−32%
Price / book—
Earnings yield—
P/E (3-yr avg ’23–’25)—
Graham’s price gate—
Graham applied the same standards to financial enterprises (Intelligent Investor ch.14): the 15× multiple cap on averaged earnings, and P/E times price-to-book at most 22.5. The gate marks the bargain-hunter’s floor, not a verdict.
A dated snapshot of the price you typed, the assumptions you set, and what the page showed for them. A snapshot is never edited after it is saved. Your notebook is yours alone — the commitment states what is stored and what we will never do.
Tangible book $51M on 7M shares, a −32% normalized return on it. The dials set the multiple such a return would justify; your price sets the multiple you are paying. It assumes the mortgage REIT keeps earning that return; a rate shock, a spread that compresses or a credit cycle changes it, which is what the record and the 10-K are for.
Cite: Owner Scorecard, "Fangdd Network Group Ltd. (DUO), the owner's record," https://ownerscorecard.com/c/DUO, data as of 2026-07-09.
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Industry order: ← CWK the Real Estate Development & Services chapter FOR →