Fangdd Network Group Ltd. (NASDAQ: DUO) shares in the green early Friday, as the Chinese property technology company announced its unaudited financial results for the six months ended June 30, 2023.
Revenue slightly increased by 6.0% to RMB153.5 million (US$21.2 million) from RMB144.8 million for the same period of 2022.
Net income was RMB9.4 million (US$1.3 million), compared to net loss of RMB192.1 million for the same period of 2022.
Non-GAAP net income was RMB9.4 million (US$1.30 million) for the six months ended June 30, 2023, compared to non-GAAP net loss2 of RMB182.9 million for the same period of 2022.
The number of closed-loop agents was 4,600 for the six months ended June 30, 2023, representing a decrease of 50.9% from 9,400 for the same period of 2022.
Total closed-loop GMV facilitated on the Company’s platform decreased by 25.5% to RMB8.3 billion (US$1.1 billion) for the six months ended June 30, 2023 from RMB11.2 billion for the same period of 2022. New property and resale property contributed RMB7.7 billion (US$1.1 billion) and RMB0.6 billion (US$0.1 billion), respectively, to the total closed-loop GMV for the six months ended June 30, 2023. The decline in closed-loop GMV was mainly due to the careful selection of new property projects for cooperation and the clear-up of the continuous impact of resale property business by the Company under the weak recovery of the real estate market for the six months ended June 30, 2023.
DUO shares took on eight cents, or 5.8%, to $1.47
