Fangdd Network reports 1H of 2023 ADS RMB0.26 vs (RMB36.08) last year

Reports 1H of 2023 revenue RMB 153.488M vs RMB 144.834 last year. Xi Zeng, Chairman and Chief Executive Officer of FangDD, commented, “According to the National Bureau of Statistics of China, new property sales in the first half of 2023 increased by 1.1% year-on-year compared to the low base in the same period of 2022. However, the real estate market had experienced significant changes in the supply and demand dynamics, with a continuing trend of weakening. In the first half of 2023, adhering to the principle of ensuring sustainable operations, the Company focused on the cash flow security and profitability enhancement, and intensified its efforts in equity financing. As a result, the Company has achieved profitability for the first time since the first half of 2021 and repaid short-term loans ahead of schedule. Additionally, the Company actively explored potential transformation opportunities in the evolving industry landscape, with a particular emphasis on innovating products related to property asset services.”