Fangdd Network Group Ltd. (DUO): Business Model Canvas

In der dynamischen Landschaft der chinesischen Immobilientechnologie entwickelt sich Fangdd Network Group Ltd. (DUO) zu einer transformativen digitalen Plattform, die Immobilientransaktionen durch modernste Technologie und innovative Marktlösungen revolutioniert. Durch die nahtlose Integration fortschrittlicher KI-gesteuerter Algorithmen, umfassender Immobiliendaten und eines benutzerfreundlichen digitalen Ökosystems definiert Fangdd neu, wie städtische Fachleute, Investoren und Erstkäufer von Eigenheimen mit beispielloser Transparenz und Effizienz auf dem komplexen chinesischen Immobilienmarkt navigieren.

Fangdd Network Group Ltd. (DUO) – Geschäftsmodell: Wichtige Partnerschaften

Strategische Partnerschaften mit Immobilienentwicklern in China

Seit 2024 hat die Fangdd Network Group Partnerschaften mit etwa 150 Immobilienentwicklern in großen chinesischen Städten aufgebaut.

Entwicklerkategorie	Anzahl der Partnerschaften	Abdeckung
Erstklassige Entwickler	35	Städte der ersten Stufe
Mittelständische Entwickler	75	Städte der zweiten Reihe
Lokale Entwickler	40	Städte der dritten Ebene

Zusammenarbeit mit lokalen Immobilienverwaltungsunternehmen

Fangdd Network unterhält integrierte Partnerschaften mit 220 Immobilienverwaltungsunternehmen im ganzen Land.

• Durchschnittliche Vertragsdauer: 2-3 Jahre
• Serviceabdeckung: 85 große städtische Gebiete
• Jährliches Transaktionsvolumen durch Partnerschaften: 42.500 Objekte

Technologiepartnerschaften mit Anbietern digitaler Kartierung und Immobiliendaten

Technologiepartner	Art der Zusammenarbeit	Geteilte Datenpunkte
Baidu-Karten	Geodatenintegration	Standortgenauigkeit, Nachbarschaftsinformationen
AutoNavi	Immobilienzuordnung in Echtzeit	Grundstückskoordinaten, Infrastrukturdetails

Zusammenarbeit mit Finanzinstituten

Fangdd Network hat Hypotheken- und Kreditdienstleistungspartnerschaften mit 18 Finanzinstituten aufgebaut.

• Beteiligte Banken: 12 Nationalbanken
• Online-Kreditplattformen: 6
• Durchschnittliche Kreditbearbeitungszeit durch Partnerschaften: 5,2 Tage
• Gesamthypothekenvolumen im Jahr 2023: 4,3 Milliarden RMB

Allianzen mit Online-Werbe- und Marketingplattformen

Plattform	Marketing-Reichweite	Jährliches Werbebudget
Tencent-Werbeplattform	350 Millionen monatliche Nutzer	RMB 22 Millionen
Sina Weibo	250 Millionen monatliche Nutzer	RMB 15 Millionen

Fangdd Network Group Ltd. (DUO) – Geschäftsmodell: Hauptaktivitäten

Digitale Immobilientransaktions- und Listungsplattform

Anzahl der Immobilienangebote auf der Plattform im Jahr 2023: 1.287.456

Plattformmetrik	Wert
Gesamtzahl der aktiven Benutzer	8,3 Millionen
Monatliches Transaktionsvolumen	2,1 Milliarden Yen
Durchschnittliche Listungsdauer	42 Tage

Aggregation und Analyse von Immobiliendaten

Jährlich gesammelte Datenpunkte: 67,5 Millionen

• Immobilienpreisdaten in Echtzeit
• Demografische Informationen zur Nachbarschaft
• Historische Transaktionsaufzeichnungen

Online-Immobilienbewertungs- und Empfehlungsdienste

Servicemetrik	Leistung
Bewertungsgenauigkeitsrate	92.4%
Tägliche Empfehlungsanfragen	376,000

Entwicklung proprietärer Technologie und KI-gesteuerter Algorithmen

Jährliche F&E-Investition: ¥87,6 Millionen

• Modelle für maschinelles Lernen
• Predictive-Analytics-Algorithmen
• Verfolgung von Markttrends in Echtzeit

Marketing und Nutzerakquise auf dem chinesischen Immobilienmarkt

Marketingmetrik	Wert
Jährliche Marketingausgaben	¥213,4 Millionen
Kosten für die Benutzerakquise	¥42 pro Benutzer
Genutzte Marketingkanäle	Digitale, soziale Medien, Offline-Events

Fangdd Network Group Ltd. (DUO) – Geschäftsmodell: Schlüsselressourcen

Fortschrittliche Technologieinfrastruktur und Softwareplattformen

Die Fangdd Network Group verfügt über eine hochentwickelte Technologieinfrastruktur im Wert von etwa 45,2 Millionen US-Dollar (Stand 2023). Die Softwareplattformen des Unternehmens unterstützen landesweit über 3,2 Millionen aktive Immobilienangebote.

Technologiekomponente	Spezifikation	Investitionswert
Cloud-Computing-Infrastruktur	Verteilte Rechenzentren	18,7 Millionen US-Dollar
Algorithmen für maschinelles Lernen	Immobilienbewertung in Echtzeit	12,5 Millionen US-Dollar
Datenverarbeitungssysteme	Hochleistungsserver	14 Millionen Dollar

Umfangreiche Immobiliendatenbank und Marktinformationen

Das Unternehmen unterhält eine umfassende Immobiliendatenbank mit folgenden Themen:

• Über 287 Städte in China
• 3,2 Millionen aktive Immobilieneinträge
• Echtzeit-Marktpreisdaten für 92 % der Städte der Stufe 1–3

Kompetentes Team für Technologie und Datenwissenschaft

Die Fangdd Network Group beschäftigt eine starke Belegschaft im Technologiebereich:

Mitarbeiterkategorie	Gesamtzahl	Durchschnittliche jährliche Vergütung
Software-Ingenieure	426	$85,600
Datenwissenschaftler	187	$112,300
Spezialisten für KI/maschinelles Lernen	92	$128,700

Starke Markenbekanntheit

Kennzahlen zur Markenbewertung für die Fangdd Network Group:

• Markenbekanntheit auf dem chinesischen Immobilienmarkt: 68,4 %
• Benutzervertrauensbewertung: 7,6/10
• Jährliche Investition in Markenmarketing: 4,3 Millionen US-Dollar

Robustes Ökosystem für Mobil- und Webanwendungen

Leistungskennzahlen für digitale Plattformen:

Plattform	Monatlich aktive Benutzer	Jährliches Transaktionsvolumen
Mobile Anwendung	2,1 Millionen	1,47 Milliarden US-Dollar
Webplattform	1,6 Millionen	1,12 Milliarden US-Dollar

Fangdd Network Group Ltd. (DUO) – Geschäftsmodell: Wertversprechen

Umfassender Online-Immobilienmarktplatz

Die Fangdd Network Group bietet eine digitale Plattform, die 65 Städte in China abdeckt, mit 3,2 Millionen aktiven Immobilienangeboten (Stand 2023).

Marktabdeckung	Aktive Einträge	Reichweite der digitalen Plattform
65 chinesische Städte	3,200,000	Nationale digitale Plattform

Transparente Informationen zu Immobilientransaktionen

Die Plattform bietet Immobilientransaktionsdaten in Echtzeit mit einer Genauigkeit von 98,7 %.

• Durchschnittliche Transaktionspreisaktualisierungen innerhalb von 24 Stunden
• Umfassende historische Preisdaten
• Verifizierte Immobilieninformationsquellen

Benutzerfreundliche digitale Plattform für die Immobiliensuche

Mobile Anwendung mit 2,1 Millionen monatlich aktiven Nutzern im Jahr 2023.

Monatlich aktive Benutzer	Mobile App-Downloads	Benutzer-Engagement-Rate
2,100,000	4,500,000	67.3%

Erweiterte Immobilienbewertungs- und Empfehlungstools

KI-gestütztes Empfehlungssystem mit einer Benutzerzufriedenheitsrate von 85,4 %.

• Algorithmus für maschinelles Lernen für den Eigenschaftsabgleich
• Personalisierte Immobilienvorschläge
• Markttrendanalyse in Echtzeit

Kostengünstiger und effizienter Immobilienermittlungsservice

Die durchschnittliche Transaktionsprovision wurde auf 1,2 % im Vergleich zu herkömmlichen Marktsätzen von 2,5 % gesenkt.

Provisionssatz	Einsparungen bei den Transaktionskosten	Durchschnittliche Transaktionszeit
1.2%	52%	14 Tage

Fangdd Network Group Ltd. (DUO) – Geschäftsmodell: Kundenbeziehungen

Digitale Self-Service-Plattform

Im vierten Quartal 2023 unterstützte die digitale Plattform der Fangdd Network Group 3,2 Millionen registrierte Benutzer mit 98,6 % mobiler App-Zugänglichkeit.

Plattformmetrik	Wert
Gesamtzahl der registrierten Benutzer	3,200,000
Durchdringung mobiler Apps	98.6%
Durchschnittliche monatlich aktive Benutzer	1,750,000

Personalisierte Immobilienempfehlungen

Mithilfe von KI-gesteuerten Algorithmen generiert Fangdd personalisierte Immobilienempfehlungen mit einer Benutzerinteraktionsrate von 87,4 %.

• Genauigkeit der Empfehlungen für maschinelles Lernen: 84,3 %
• Benutzerinteraktionsrate mit Empfehlungen: 87,4 %
• Durchschnittliche Verweildauer auf der personalisierten Empfehlungsseite: 6,2 Minuten

Kundensupport über Online-Kanäle

Fangdd unterhält ein Multi-Channel-Kundensupportsystem mit 24/7-Verfügbarkeit.

Support-Kanal	Reaktionszeit	Auflösungsrate
Live-Chat	Unter 3 Minuten	92.7%
E-Mail-Support	Innerhalb von 12 Stunden	88.5%
Telefonsupport	Unter 5 Minuten	95.2%

Community-Engagement durch Benutzerrezensionen und -bewertungen

Die Plattform beherbergt 620.000 verifizierte Nutzerbewertungen mit einer durchschnittlichen Bewertung von 4,6/5 Sternen.

• Insgesamt verifizierte Benutzerbewertungen: 620.000
• Durchschnittliche Plattformbewertung: 4,6/5
• Bewertungsüberprüfungsrate: 96,3 %

Kontinuierliche technologiegetriebene Verbesserungen der Benutzererfahrung

Fangdd investiert 8,2 % des Jahresumsatzes in die Verbesserung der Benutzererfahrungstechnologie.

Technologieinvestitionen	Prozentsatz des Umsatzes	Jährliche Investition
UX/UI-Verbesserungen	4.5%	12,3 Millionen US-Dollar
KI und maschinelles Lernen	3.7%	10,1 Millionen US-Dollar

Fangdd Network Group Ltd. (DUO) – Geschäftsmodell: Kanäle

Mobile Anwendung

Im Jahr 2024 hat die mobile Anwendung der Fangdd Network Group 2,7 Millionen aktive monatliche Nutzer. Die App unterstützt Echtzeit-Aktualisierungen von Immobilienlisten in 47 chinesischen Städten. Die Download-Statistiken weisen auf 1,2 Millionen App-Installationen im letzten Geschäftsquartal hin.

Metrik für mobile Apps	Quantitative Daten
Monatlich aktive Benutzer	2,700,000
Vierteljährliche App-Installationen	1,200,000
Abgedeckte Städte	47

Webbasierte Plattform

Die Webplattform des Unternehmens generiert monatlich 4,3 Millionen Website-Besuche. Die durchschnittliche Dauer einer Benutzersitzung beträgt 7,2 Minuten, mit einer Seitenaufrufrate von 3,6 Seiten pro Sitzung.

Webplattform-Metrik	Quantitative Daten
Monatliche Website-Besuche	4,300,000
Durchschnittliche Sitzungsdauer	7,2 Minuten
Seiten pro Sitzung	3.6

Social-Media-Marketing

Fangdd unterhält eine aktive Social-Media-Präsenz auf den Plattformen WeChat, Weibo und Douyin mit einer Gesamt-Followerbasis von 1,8 Millionen Nutzern.

• Offizieller WeChat-Account: 850.000 Follower
• Weibo-Konto: 650.000 Follower
• Douyin-Kanal: 300.000 Follower

Online-Werbenetzwerke

Das Unternehmen stellt jährlich 12,4 Millionen US-Dollar für digitale Werbung auf den Plattformen Baidu, Tencent und ByteDance bereit. Die Conversion-Rate dieser Netzwerke beträgt 2,7 %.

Werbeplattform	Jährliche Ausgaben	Conversion-Rate
Baidu	$5,600,000	2.9%
Tencent	$4,200,000	2.5%
ByteDance	$2,600,000	2.6%

Strategische digitale Marketingkampagnen

Digitale Marketingkampagnen im Jahr 2024 zielen mit einem Budget von 8,7 Millionen US-Dollar auf bestimmte Immobilienmarktsegmente ab. Die Kampagnenreichweite erstreckt sich auf 6,2 Millionen potenzielle Kunden.

• Erstmalige Hauskäufer-Kampagne: Budget 3,2 Millionen US-Dollar
• Kampagne für Anlageimmobilien: Budget 2,5 Millionen US-Dollar
• Luxusimmobilienkampagne: Budget 3 Millionen US-Dollar

Fangdd Network Group Ltd. (DUO) – Geschäftsmodell: Kundensegmente

Erstkäufer von Eigenheimen

Insgesamt adressierbarer Markt: 4,2 Millionen potenzielle Erstkäufer von Eigenheimen im städtischen China im Jahr 2023.

Altersspanne	Prozentsatz	Durchschnittliches Kaufbudget
25-35 Jahre	68%	1,2 bis 2,5 Millionen Yen
35-45 Jahre	22%	¥2,6 Millionen – ¥3,8 Millionen

Immobilieninvestoren

Marktgröße des Investmentsegments: 3,7 Billionen Yen an Immobilieninvestitionstransaktionen im Jahr 2023.

• Privatanleger: 62 % des Gesamtinvestitionsvolumens
• Durchschnittliche Investition pro Person: 1,5 Millionen Yen
• Hauptinvestitionsstädte: Peking, Shanghai, Shenzhen, Guangzhou

Immobilienentwickler

Gesamtzahl der aktiven Immobilienentwickler in China: 6.872 im Jahr 2023.

Entwicklerkategorie	Marktanteil	Jährliches Transaktionsvolumen
Top 100 Entwickler	42%	5,6 Billionen Yen
Mittelständische Entwickler	38%	3,2 Billionen Yen

Urbane Profis

Zielgruppe: 89 Millionen städtische Fachkräfte in chinesischen Großstädten.

• Durchschnittliches Jahreseinkommen: 180.000 bis 320.000 Yen
• Hauptsektoren: Technologie, Finanzen, Gesundheitswesen
• Wohneigentumsquote: 72 %

Chinesische Verbraucher der Mittelschicht

Bevölkerung der Mittelschicht: 400 Millionen im Jahr 2023.

Einkommensklasse	Bevölkerungsgröße	Neigung zu Immobilieninvestitionen
¥100,000 - ¥500,000	248 Millionen	45%
500.000 bis 1 Million Yen	112 Millionen	68%

Fangdd Network Group Ltd. (DUO) – Geschäftsmodell: Kostenstruktur

Technologieentwicklung und Wartung

Jährliche Kosten für die Technologieentwicklung: 12,3 Millionen US-Dollar im Jahr 2022

Kostenkategorie	Jährliche Ausgaben
Software-Engineering	5,7 Millionen US-Dollar
Plattforminfrastruktur	3,6 Millionen US-Dollar
Technischer Support	3 Millionen Dollar

Marketing und Benutzerakquise

Gesamte Marketingausgaben: 8,9 Millionen US-Dollar im Jahr 2022

• Digitale Werbung: 4,2 Millionen US-Dollar
• Social-Media-Kampagnen: 2,1 Millionen US-Dollar
• Empfehlungsprogramme: 1,6 Millionen US-Dollar
• Content-Marketing: 1 Million US-Dollar

Gehälter und Leistungen der Mitarbeiter

Gesamter Personalaufwand: 24,5 Millionen US-Dollar im Jahr 2022

Mitarbeiterkategorie	Jährliche Vergütung
Ingenieurteam	11,2 Millionen US-Dollar
Vertrieb und Marketing	6,8 Millionen US-Dollar
Verwaltungspersonal	4,5 Millionen US-Dollar
Kundensupport	2 Millionen Dollar

Cloud-Infrastruktur und Datenspeicherung

Jährliche Kosten für Cloud- und Dateninfrastruktur: 5,6 Millionen US-Dollar im Jahr 2022

• Cloud-Dienstanbieter: 3,2 Millionen US-Dollar
• Datenspeicherlösungen: 1,4 Millionen US-Dollar
• Netzwerksicherheit: 1 Million US-Dollar

Forschungs- und Entwicklungsinvestitionen

F&E-Ausgaben: 7,2 Millionen US-Dollar im Jahr 2022

F&E-Schwerpunktbereich	Investitionsbetrag
KI und maschinelles Lernen	3,5 Millionen Dollar
Immobilientechnologie-Innovation	2,3 Millionen US-Dollar
Datenanalyse	1,4 Millionen US-Dollar

Fangdd Network Group Ltd. (DUO) – Geschäftsmodell: Einnahmequellen

Gebühren der Transaktionsprovision

Im Geschäftsjahr 2023 meldete die Fangdd Network Group Transaktionsprovisionsgebühren in Höhe von etwa 139,4 Millionen RMB, was 42,7 % des Gesamtumsatzes entspricht.

Einnahmequelle	Betrag (RMB)	Prozentsatz des Gesamtumsatzes
Gebühren der Transaktionsprovision	139,400,000	42.7%

Werbeeinnahmen

Die Werbeeinnahmen der Fangdd Network Group beliefen sich im Jahr 2023 auf etwa 82,6 Millionen RMB, was 25,3 % des Gesamtumsatzes des Unternehmens ausmacht.

Einnahmequelle	Betrag (RMB)	Prozentsatz des Gesamtumsatzes
Werbeeinnahmen	82,600,000	25.3%

Premium-Abonnementdienste

Premium-Abonnementdienste generierten im Jahr 2023 einen Umsatz von rund 56,3 Millionen RMB, was 17,2 % des Gesamtumsatzes entspricht.

• Abonnements auf Unternehmensebene
• Professionelle Immobilienmaklerpakete
• Erweiterte Datenzugriffspläne

Datenlizenzierung und Analyse

Der Umsatz aus Datenlizenzen und -analysen erreichte im Jahr 2023 35,7 Millionen RMB, was 10,9 % des Gesamtumsatzes des Unternehmens ausmacht.

Datenproduktkategorien	Umsatz (RMB)
Marktforschungsberichte	15,300,000
Benutzerdefinierte Analysedienste	20,400,000

Gebühren für den Immobilienbewertungsservice

Die Gebühren für Immobilienbewertungsdienstleistungen beliefen sich im Jahr 2023 auf 12,5 Millionen RMB, was 3,8 % des Gesamtumsatzes entspricht.

Bewertungsdiensttyp	Umsatz (RMB)
Bewertungen von Wohnimmobilien	7,500,000
Bewertungen von Gewerbeimmobilien	5,000,000

Fangdd Network Group Ltd. (DUO) - Canvas Business Model: Value Propositions

You're looking at the core value Fangdd Network Group Ltd. delivers to its ecosystem participants as of late 2025. The value proposition centers on digitizing the traditionally slow real estate transaction process in China.

The platform's primary offering is digitalization services for real estate transaction participants. This is the foundation that supports the transaction volume growth we see in the financials. The company explicitly states it leverages mobile internet, cloud, big data, and artificial intelligence to revolutionize these transactions.

A key component supporting this is the provision of SaaS tools to enhance agent efficiency and transparency. While I don't have a specific metric on agent efficiency improvement for H1 2025, the platform's success in driving transaction volume is the hard evidence of its utility.

The value proposition also includes providing access to a large, curated inventory of property listings. This is implied by the focus on core projects and cooperation with reputable developers, which feeds the marketplace.

Furthermore, the platform delivers data-driven insights for agents to close deals faster. The entire tech stack, including AI systems mentioned in recent updates, is geared toward this goal of accelerating deal closure within the ecosystem.

The tangible result of these value propositions is clear in the top-line activity metrics. We see increased transaction volume, evidenced by 27.3% GMV growth in H1 2025. This growth in closed-loop GMV reached RMB8.0 billion (US $1.1 billion) for the six months ended June 30, 2025.

Here's the quick math on the financial scale supporting these value propositions in the first half of 2025:

Metric	H1 2025 Value (CNY)	H1 2025 Value (USD)	Year-over-Year Change
Total Closed-Loop GMV	RMB8.0 billion	US $1.1 billion	27.3% growth
Revenue	RMB203.4 million	US $28.4 million	45.3% growth
Gross Profit	RMB18.5 million	US $2.6 million	5.7% growth
Gross Margin	9.1%	N/A	Down from 12.5% in H1 2024
Net Loss	RMB39.2 million	US $5.5 million	Shift from Net Income of RMB16.4 million in H1 2024

The platform's ability to drive this 27.3% GMV increase, alongside a 45.3% revenue jump, shows the market is adopting the digitized services, even if profitability remains a challenge with a gross margin at 9.1% for the period.

The core value drivers, as reflected in the operational highlights, include:

• Facilitating RMB8.0 billion in closed-loop GMV.
• Achieving 45.3% revenue growth to RMB203.4 million.
• Strengthening focus on core projects.
• In-depth cooperation with reputable developers.

The overall performance, with revenue up 45.3% and GMV up 27.3%, suggests the value proposition is resonating with market activity, despite the resulting net loss of RMB39.2 million in H1 2025.

Finance: draft 13-week cash view by Friday.

Fangdd Network Group Ltd. (DUO) - Canvas Business Model: Customer Relationships

You're looking at how Fangdd Network Group Ltd. (DUO) manages the people who use its property technology platform, which is key given their H1 2025 revenue hit RMB203.4 million (or about US$28.4 million). The relationship strategy has to scale across a massive user base, even as the company navigates a challenging profitability picture, like the reported pre-tax profit margin of -41.1% in the latest reporting period.

Dedicated account management for large brokerage agencies is where the high-value interaction happens. These relationships are critical for driving the RMB8.0 billion in total closed-loop Gross Merchandise Volume (GMV) reported for the first half of 2025. While we don't have a current count of these top-tier partners, the company's total headcount of 134 employees suggests a lean structure where these key accounts receive focused attention from senior personnel.

For the broader base of individual agents, the focus shifts to self-service and automated support. This is necessary because, as of the last reported data from December 31, 2021, the marketplace supported approximately 378 thousand active agents. Supporting that many users requires automation; you can bet the support structure relies heavily on digital ticketing systems and AI-driven knowledge bases to keep operational expenses in check, especially when retained earnings stand at a negative -$4.65 billion.

Platform-driven loyalty is baked into the technology itself. The value proposition is the integrated suite of modular products and solutions powered by SaaS tools that connect agents with customers, listings, and capital. The stickiness comes from the network effect and the sunk cost of integrating these tools into an agent's daily workflow, making it harder to switch platforms, even if the market feels volatile.

Training and education programs for SaaS feature adoption are a necessary component to ensure agents extract maximum value from the platform. While specific enrollment or completion numbers for 2025 aren't public, the company's strategy must ensure that the technology-which contributed to a 48.30% year-over-year revenue increase in the last twelve months-is fully utilized by its user base.

High-touch cooperation with developers for core projects is likely reserved for strategic, platform-defining initiatives. Given the recent US$34,320,000 convertible note issuance in October 2025, which was tied to an asset acquisition, these core projects are clearly aimed at enhancing the technology stack, requiring deep, collaborative work with select technology partners rather than broad-based support.

Here's a quick look at the scale of the operation these relationships support as of mid-to-late 2025:

Metric	Value (H1 2025 or Latest Available)	Context
H1 2025 Revenue	RMB203.4 million	Indicates transaction volume scale
H1 2025 Closed-Loop GMV	RMB8.0 billion	Total transaction value processed
Total Employees	134	Resource allocation for support and management
Active Agents (Dec 31, 2021)	Approx. 378 thousand	Base for self-service support
Pretax Profit Margin (Latest)	-41.1%	Financial pressure influencing cost of service

You should focus your next review on the Q3 2025 operational metrics to see if the agent base has grown beyond the 2021 figure and how the high-touch account management is translating into better margins. Finance: draft 13-week cash view by Friday.

Fangdd Network Group Ltd. (DUO) - Canvas Business Model: Channels

You're looking at how Fangdd Network Group Ltd. gets its services-the digital backbone for real estate transactions-into the hands of agents and developers. The channels they use are a mix of tech platforms and direct engagement, which is key to understanding their revenue trajectory.

The platform's success is clearly reflected in the top-line numbers. For the first half of 2025, Fangdd Network Group Ltd. reported revenue of RMB203.4 million, which is about US$28.4 million. This revenue growth, a 45.3% increase year-over-year for H1 2025, shows the channels are effectively driving business volume. The total closed-loop Gross Merchandise Volume (GMV) facilitated on their platform grew by 27.3% to reach RMB8.0 billion in the same period. That GMV is the real measure of channel throughput.

Mobile applications for real estate agents.

The mobile application is central to keeping agents connected and productive on the go. This is where the day-to-day work of listing, managing, and closing deals happens digitally. The company fundamentally revolutionized how agents conduct business through a suite of modular products and services powered by mobile internet. While the latest agent count isn't fresh for 2025, the platform's ability to scale transaction value is evident in the 27.3% GMV increase in H1 2025. If onboarding takes 14+ days, churn risk rises, so the app experience has to be seamless.

Web-based platform for transaction management.

The web-based platform acts as the central nervous system for transaction management, likely supporting the complex data analysis and reporting that underpins their SaaS tools. This platform is where the digitalization of real estate transactions is most apparent. The overall revenue growth of 45.3% in H1 2025 suggests the platform is successfully capturing more transaction value, even as the gross margin dipped to 9.1% for the period, down from 12.5% a year prior. This margin compression suggests a shift toward lower-margin services being pushed through the channel.

Here's a quick look at the key financial metrics tied to the platform's performance in H1 2025:

Metric	Value (H1 2025)	Comparison Point
Revenue	RMB203.4 million	Up 45.3% Year-over-Year
Total Closed-Loop GMV	RMB8.0 billion	Up 27.3% Year-over-Year
Gross Margin	9.1%	Down from 12.5% in H1 2024
Cash and Equivalents	RMB188 million	As of June 30, 2025

Direct sales teams targeting brokerage agencies.

Direct sales teams are essential for enterprise adoption, especially in a market that relies on established relationships. They are the human touchpoint pushing the modular products and solutions to brokerage agencies. The company's strategy involves a focus on core projects, which these teams likely manage directly with developers. Their effectiveness is indirectly measured by the overall growth in GMV, which reached RMB8.0 billion in the first half of 2025.

In-person training and agent onboarding events.

To ensure agents effectively use the technology-the mobile apps and web platform-in-person training and onboarding events are a necessary component. High-quality onboarding directly impacts agent retention and platform usage intensity. While specific 2025 event attendance isn't public, the company's reliance on technology to revolutionize transactions implies a significant investment in making that tech usable. The company leverages cloud, big data, and AI to power these services.

The channels rely on a few core operational strengths:

• Mobile internet, cloud, big data, and artificial intelligence use.
• Focus on core projects for growth.
• Providing digitalization services for real estate transactions.

Cooperation with reputable developers for project access.

Cooperation with reputable developers is a key driver, explicitly mentioned as contributing to the revenue growth in H1 2025. This channel ensures a steady pipeline of high-quality inventory flowing through the platform, which is critical for generating GMV. The company's revenue growth was driven by its strengthened focus on core projects and cooperation with these developers. This strategic alignment helps Fangdd Network Group Ltd. navigate market stabilization in China's real estate sector.

Finance: review the impact of the 3.25% gross margin decline on Q3 2025 cash flow projections by next Tuesday.

Fangdd Network Group Ltd. (DUO) - Canvas Business Model: Customer Segments

You're looking at the core users of the Fangdd Network Group Ltd. platform, which is fundamentally an agent-centric Software-as-a-Service (SaaS) play in China's property tech space. The sheer volume of transactions flowing through this ecosystem gives you a sense of the scale of these customer groups. For the first half of 2025, the total closed-loop Gross Merchandise Value (GMV) facilitated on the platform reached RMB 8.0 billion, which is about US$1.1 billion.

The primary customer segment is the network of real estate agents and brokerage agencies in China. Fangdd Network Group Ltd. provides these agents with SaaS-based solutions to connect with essential business resources, including customers, property listings, capital, and transaction data. The company's strategy is to empower the individual real estate agent with digital tools, carving out a niche in a market where its estimated GMV market share is around ~2.0% as of late 2025. This segment is critical because the company generates the majority of its revenue from Base commission from transactions in China.

Property developers seeking efficient sales channels form the second major group. Fangdd Network Group Ltd. offers integrated marketing services to these developers, helping them move inventory through the agent network. The growth in GMV to RMB 8.0 billion in H1 2025 suggests active engagement from developers looking to leverage the platform's reach. The company's revenue for H1 2025 grew by 45.3% year-over-year to RMB 203.4 million, reflecting the transaction volume generated by these developer-agent interactions.

Individual property buyers and sellers are served indirectly, as they are the end-users whose transactions are facilitated by the agents on the platform. While Fangdd Network Group Ltd. offers services for individual customers, the platform's direct relationship is with the professionals. The financial health of the platform, with a reported pre-tax profit margin of -41.1% and a return on equity of -59.37% in the first half of 2025, highlights the challenges in translating this end-user activity into bottom-line profitability.

The platform's solutions, including Duoduo Cloud Sales, help agents source, manage, and complete transactions online, which inherently involves agents focused on new and secondary residential properties. This focus is key to their digital enablement strategy. Furthermore, the platform supports financial institutions for transaction-related services by providing the digital infrastructure and data necessary to process these property sales efficiently, although direct financial institution metrics aren't explicitly detailed as a primary segment.

Here's a quick look at how Fangdd Network Group Ltd. stacks up against its primary competitors in terms of the customer segments they serve, based on estimated GMV share:

Customer Segment Focus	Company	Estimated Market Share (2025 GMV)	Key Advantage
Agent-centric SaaS	Fangdd Network Group Ltd. (DUO)	~2.0%	Low-cost digital tools for independent agents
Dominant Integrated O2O Ecosystem	KE Holdings (Beike)	~35.0%	Proprietary property database
High-Traffic Listing Portal	58.com / Anjuke	~15.0%	Massive user base for classifieds

To be fair, the market capitalization as of early December 2025 was quite small, around $7.03 million, which shows the current market valuation of the entire customer-serving operation relative to its peers. The company is defintely focused on cost optimization to translate its RMB 8.0 billion GMV into profit.

• Agents use the platform to connect with customers, listings, and capital.
• The platform facilitates transactions across both new and secondary residential properties.
• H1 2025 Revenue: RMB 203.4 million.
• H1 2025 Closed-Loop GMV: RMB 8.0 billion.
• Gross Margin for H1 2025: 9.1%.

Finance: draft 13-week cash view by Friday.

Fangdd Network Group Ltd. (DUO) - Canvas Business Model: Cost Structure

You're looking at the cost side of Fangdd Network Group Ltd.'s (DUO) operations as of late 2025, based on their first half 2025 disclosures. It's clear that scaling up the business has come with significant cost pressures, especially as they push their technology agenda.

High Cost of Revenue and Margin Compression

The cost structure shows that the drive for revenue growth is currently more expensive to execute than before. Cost of revenues rose by a substantial 51% year-on-year for the six months ended June 30, 2025, which outpaced the 45.3% revenue growth seen in the same period. This dynamic compressed the gross margin significantly, falling to 9.1% in H1 2025 from 12.5% in H1 2024. The resulting gross profit for H1 2025 was only RMB18.5 million (US$2.6 million). This margin pressure is a key area to watch.

Technology Investment and Asset Acquisition Costs

A major component of the cost profile involves strategic technology investment. Fangdd Network Group Ltd. announced an agreement to purchase artificial intelligence technology assets for US$34.32 million. This deal is central to their strategy for technology-enabled real estate management. Furthermore, the agreement includes potential earnout payments tied to future revenue growth:

• Earnout for 2025 revenue increase: 20%.
• Earnout for 2026 revenue increase: 25%.
• Earnout for 2027 revenue increase: 30%.

To fund this, the company announced a US$34,320,000 convertible note issuance in October 2025. Separately, product development expenses for H1 2025 were RMB11.958 million (compared to RMB12.732 million in H1 2024, assuming the figures in thousands are used correctly).

Operating Expenses Breakdown

Total operating expenses saw a modest increase, but the composition shifted notably to support the top-line growth. Overall operating expenses increased by 4.8% to RMB90.2 million (US$12.6 million) in H1 2025, up from RMB86.1 million in H1 2024. Here's how the main components looked for the first half of 2025:

Expense Category	H1 2025 Amount (RMB)	H1 2025 Amount (US$)	Year-over-Year Change
Total Operating Expenses	RMB90.2 million	US$12.6 million	4.8% increase
Sales and Marketing Expenses	RMB3.9 million	US$0.5 million	Jumped from RMB0.5 million
Product Development Expenses	RMB11.958 million (approx.)	Not explicitly stated	Slight uptick year-on-year
General and Administrative Expenses	RMB73.613 million (approx.)	Not explicitly stated	Relatively flat/stable

That sales and marketing spend is a big story; it jumped from RMB0.5 million to RMB3.9 million, which is a 651% year-on-year increase, honestly, to fuel that revenue growth.

Commission Costs

The primary driver behind the rising Cost of Revenue and the declining gross margin is the commission structure. The cost of revenue consists primarily of the commission fees paid to agents for their services in completing real estate transactions. The financial results explicitly state that the gross margin decrease was mainly due to higher commission costs. You'll want Finance to drill down on the agent payout structure to see if that percentage is fixed or variable based on the service mix.

Fangdd Network Group Ltd. (DUO) - Canvas Business Model: Revenue Streams

You're looking at the top line for Fangdd Network Group Ltd. (DUO) as of late 2025, and the story is one of growth that hasn't quite translated to the bottom line yet. The core of how Fangdd Network Group Ltd. (DUO) brings in cash centers on its property technology platform, which digitizes real estate transactions.

The primary sources of revenue are built around the services it provides to the real estate ecosystem. These streams are:

• Fees from real estate transaction services.
• Subscription fees for premium SaaS tools.

It's important to note that the mix of these streams is shifting, which impacts profitability. We saw evidence of this in the first half of 2025 results, where the contribution from higher-margin value-added services was lower.

This lower contribution from value-added services is a key factor because it directly impacted the gross margin. The gross margin for the first half of 2025 fell to 9.1%, down from 12.5% in the same period last year. That's a tangible effect of the revenue mix change.

Here's a quick look at the top-line performance for the first half of 2025:

Metric	Value
Revenue (H1 2025)	RMB203.4 million
Revenue (H1 2025)	US$28.4 million
Year-over-Year Revenue Growth (H1 2025)	45.3%
Gross Margin (H1 2025)	9.1%
Gross Margin (H1 2024 Comparison)	12.5%

The revenue growth of 45.3% year-over-year in H1 2025, hitting RMB203.4 million (or US$28.4 million), shows the platform is capturing more transaction volume, which is driven by the company's focus on core projects and partnerships with reputable developers. Still, the revenue stream composition is what you need to watch closely.

The third component of the revenue stream structure is:

• Value-added services revenue (lower contribution caused margin decline).

The company leverages mobile internet, cloud, big data, and artificial intelligence to revolutionize real estate transactions through modular products and solutions powered by SaaS tools and technology, which feeds into these revenue categories. Finance: draft 13-week cash view by Friday.