Lisa Thompson

- Fangdd Network Group Ltd. (DUO) announced the issuance of a **US$34,320,000 convertible promissory note** to an investor through private placement to satisfy payment obligations for an asset acquisition.  **[1750593_0001213900-25-102163_ea026230701ex99-1_fangdd.htm:0]** 
- The note, issued on **October 24, 2025**, matures in **364 days** without interest and is convertible into Class A ordinary shares at a conversion price of **US$1.0409** per share.  **[1750593_0001213900-25-102163_ea026230701ex99-1_fangdd.htm:0]** 
- To maintain a stable corporate structure following the potential conversion of the note, the company entered into a share subscription agreement with **ZX INTERNATIONAL LTD**, controlled by its chairman and CEO, for the issuance of up to **12,731 Class C ordinary shares**.  **[1750593_0001213900-25-102163_ea026230701ex99-1_fangdd.htm:0]** **[1750593_0001213900-25-102163_ea026230701ex10-1_fangdd.htm:0]**

Fangdd Network Group Ltd. Announces Convertible Note Issuance and Proposed Class C Share Issuance

- Fangdd Network Group Ltd. reported an **accumulated deficit of RMB 4,656,714 thousand** as of June 30, 2025, and incurred a **net loss of RMB 39,182 thousand** with **cash outflows from operating activities of RMB 21,235 thousand** for the six months ended June 30, 2025.  **[1750593_0001213900-25-092641_ea025859201ex99-1_fangdd.htm:16]** 
- The company's total assets decreased from **RMB 731,189 thousand** as of December 31, 2024, to **RMB 679,002 thousand** as of June 30, 2025, while total liabilities decreased from **RMB 347,888 thousand** to **RMB 297,792 thousand** during the same period.  **[1750593_0001213900-25-092641_ea025859201ex99-1_fangdd.htm:1]** 
- Cash and cash equivalents significantly declined from **RMB 75,351 thousand** as of December 31, 2024, to **RMB 34,647 thousand** as of June 30, 2025.  **[1750593_0001213900-25-092641_ea025859201ex99-1_fangdd.htm:1]** 
- Management concluded that it is appropriate to prepare financial statements on a going concern basis, expecting to reduce operating expenditure and seek additional equity or debt financing, despite uncertainties in the real estate market.  **[1750593_0001213900-25-092641_ea025859201ex99-1_fangdd.htm:16]** 
- Between October and December 2024, the company issued millions of Class A ordinary shares through sales and warrant exercises, including **1,612,902 shares at US$1.55** on October 1, 2024, and **6,092,446 shares at US$0.70** on December 10, 2024.  **[1750593_0001213900-25-092641_ea025859201ex99-1_fangdd.htm:50]** **[1750593_0001213900-25-092641_ea025859201ex99-1_fangdd.htm:51]**

Fangdd Network Group Ltd. Reports Q2 2025 Financials and Going Concern Status

- Fangdd Network Group Ltd. reported a **45.3% increase** in revenue to **RMB203.4 million** (US$28.4 million) for the six months ended June 30, 2025, compared to RMB140.0 million for the same period in 2024.  **[1750593_0001213900-25-082108_ea025521501ex99-1_fangdd.htm:0]** 
- The company recorded a **net loss of RMB39.2 million** (US$5.5 million) for the first half of 2025, a change from the net income of RMB16.4 million reported for the same period in 2024.  **[1750593_0001213900-25-082108_ea025521501ex99-1_fangdd.htm:0]** 
- Total closed-loop GMV facilitated on the platform increased by **27.3%** to **RMB8.0 billion** (US$1.1 billion) for the six months ended June 30, 2025, up from RMB6.2 billion in the prior year period.  **[1750593_0001213900-25-082108_ea025521501ex99-1_fangdd.htm:0]** 
- Gross margin for the six months ended June 30, 2025, was **9.1%**, a decrease from 12.5% for the same period in 2024, primarily due to a lower contribution from higher-margin value-added services.  **[1750593_0001213900-25-082108_ea025521501ex99-1_fangdd.htm:1]** 
- As of June 30, 2025, the company had cash and cash equivalents, restricted cash, and short-term investments totaling **RMB188.1 million** (US$26.3 million).  **[1750593_0001213900-25-082108_ea025521501ex99-1_fangdd.htm:1]**

Fangdd Network Group (DUO)