FangDD Reports Fourth Quarter and Full Year 2022 Unaudited Financial Results
Fourth Quarter 2022 Financial Highlights
- Revenue for the three months ended
December 31, 2022 decreased by 25.8% toRMB59.9 million (US$8.7 million ) fromRMB80.7 million for the same period of 2021. - Net loss for the three months ended
December 31, 2022 decreased by 94.6% toRMB32.7 million (US$4.7 million ) fromRMB604.1 million for the same period of 2021. - Non-GAAP1 net loss was
RMB30.1 million (US$4.4 million ) for the three months endedDecember 31, 2022 , compared to non-GAAP net loss ofRMB591.6 million for the same period of 2021.
Full Year 2022 Financial Highlights
- Revenue in 2022 decreased by 73.9% to
RMB245.9 million (US$35.7 million ) fromRMB942.4 million in 2021. - Net loss in 2022 decreased by 80.1% to
RMB239.6 million (US$34.7 million ) fromRMB1,203.0 million in 2021. - Non-GAAP net loss was
RMB222.9 million (US$32.3 million ) in 2022, compared to non-GAAP net loss ofRMB1,155.9 million in 2021.
Fourth Quarter 2022 Operating Highlights
- The number of active agents2 was 37.1 thousand for the three months ended
December 31, 2022 , representing a decrease of 49.2% from 73.0 thousand for the same period of 2021. - Total closed-loop GMV3 facilitated on the Company’s platform for the three months ended
December 31, 2022 decreased by 55.5% toRMB3.4 billion (US$0.5 billion ) fromRMB7.5 billion for the same period of 2021.
Full Year 2022 Operating Highlights
- The number of active agents in the Company’s marketplace was 143.7 thousand in 2022, representing a decrease of 62.0% from 378.0 thousand in 2021.
- Total closed-loop GMV facilitated on the Company’s platform in 2022 decreased by 72.6% to
RMB22.5 billion (US$3.3 billion ) fromRMB82.2 billion in 2021.
Mr.
Fourth Quarter 2022 Financial Results
REVENUE
Revenue for the three months ended
COST OF REVENUE
Cost of revenue for the three months ended
GROSS PROFIT
Gross profit for the three months ended
OPERATING EXPENSES
Operating expenses for the three months ended
- Sales and marketing expenses for the three months ended
December 31, 2022 decreased toRMB1.7 million (US$0.25 million ) fromRMB5.4 million for the same period of 2021. - Product development expenses for the three months ended
December 31, 2022 decreased toRMB12.0 million (US$1.7 million ) fromRMB25.5 million for the same period of 2021. - General and administrative expenses for the three months ended
December 31, 2022 decreased toRMB53.0 million (US$7.7 million ) fromRMB371.1 million for the same period of 2021.
NET LOSS
Net loss for the three months ended
Non-GAAP net loss was
NET LOSS PER ADS
Basic and diluted net loss per American depositary share (“ADS”) for the three months ended
Full Year 2022 Financial Results
REVENUE
Revenue in 2022 decreased by 73.9% to
COST OF REVENUE
Cost of revenue in 2022 decreased by 73.5% to
GROSS PROFIT AND GROSS MARGIN
Gross profit in 2022 decreased by 76.8% to
OPERATING EXPENSES
Operating expenses in 2022, which included share-based compensation expenses of RMB
- Sales and marketing expenses in 2022 decreased to
RMB13.2 million (US$1.9 million ) fromRMB64.9 million in 2021. The decrease was primarily due to the optimization of the sales department composition, the reduced spending on marketing activities related to new property transaction services, and reduced scale of the resale property transactions. - Product development expenses in 2022 decreased to
RMB66.0 million (US$9.6 million ) fromRMB167.5 million in 2021. The decrease was attributable to the decreases in personnel-related expenses following the Company’s decision to significantly cut investments in research and development for resale property business. - General and administrative expenses in 2022 decreased to
RMB195.0 million (US$28.3 million ) fromRMB831.4 million in 2021. The decrease was mainly due to: i) the decrease in provision of impairment of certain assets, such as accounts receivable due from developers, other accounts receivable of project deposits and short-term investments, and ii) the actions that the Company has taken to improve operating efficiency, including the action to reduce redundant positions, due to the expected continuation of the current market condition in the foreseeable future.
NET LOSS
Net loss in 2022 was
Non-GAAP net loss in 2022 was
NET LOSS PER ADS
Basic and diluted net loss per ADS in 2022 were both
Liquidity
As of
On
Exchange Rate
This press release contains translations of certain Renminbi amounts into
Non-GAAP Financial Measures
To supplement the financial measures prepared in accordance with generally accepted accounting principles in
About FangDD
Safe Harbor Statement
This announcement contains forward-looking statements. These statements are made under the “safe harbor” provisions of the
Investor Relations Contact
FangDD
Ms.
Director,
Phone: +86-0755-2699-8968
E-mail:ir@fangdd.com
SELECTED UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS DATA | |||||
(All amounts in thousands of Renminbi, except for share and per share data) | |||||
As of |
As of |
||||
2021 | 2022 | ||||
Assets | |||||
Current assets | |||||
Cash and cash equivalents | 492,107 | 143,934 | |||
Restricted cash | 24,131 | 38,811 | |||
Short-term investments | 6,150 | 2,000 | |||
Accounts receivable, net | 884,740 | 470,997 | |||
Prepayments and other current assets | 220,171 | 191,996 | |||
Inventory | - | 11,157 | |||
Total current assets | 1,627,299 | 858,895 | |||
Total assets | 1,912,983 | 1,076,679 | |||
LIABILITIES | |||||
Current liabilities | |||||
Short-term bank borrowings | 134,780 | 72,500 | |||
Accounts payable | 1,175,943 | 659,215 | |||
Customers’ refundable fees | 30,997 | 30,747 | |||
Accrued expenses and other payables | 238,198 | 181,140 | |||
Income taxes payable | 813 | 4,876 | |||
Operating lease liabilities-current | 1,243 | ||||
Total current liabilities | 1,580,731 | 949,721 | |||
Total liabilities | 1,609,306 | 981,285 | |||
313,259 | 100,116 | ||||
Non-controlling interests | (9,582 | ) | (4,722 | ) | |
Total equity | 303,677 | 95,394 | |||
Total liabilities and equity | 1,912,983 | 1,076,679 | |||
SELECTED UNAUDITED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (LOSS) DATA | |||||||||||
(All amounts in thousands of Renminbi, except for share and per share data) | |||||||||||
For the Three Months Ended |
For the Fiscal Year Ended |
||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||
Revenue | 80,705 | 59,904 | 942,380 | 245,948 | |||||||
Cost of revenues | (76,000 | ) | (49,888 | ) | (835,873 | ) | (221,213 | ) | |||
Gross profit | 4,705 | 10,016 | 106,507 | 24,735 | |||||||
Operating expenses: | |||||||||||
Sales and marketing expenses | (5,351 | ) | (1,726 | ) | (64,914 | ) | (13,195 | ) | |||
Product development expenses | (25,473 | ) | (11,957 | ) | (167,530 | ) | (65,971 | ) | |||
General and administrative expenses | (371,145 | ) | (53,007 | ) | (831,358 | ) | (194,962 | ) | |||
Total operating expenses | (401,969 | ) | (66,690 | ) | (1,063,802 | ) | (274,128 | ) | |||
Loss from operations | (397,264 | ) | (56,674 | ) | (957,295 | ) | (249,393 | ) | |||
Net loss | (604,083 | ) | (32,739 | ) | (1,202,997 | ) | (239,588 | ) | |||
Net loss/(gain) attributable to minority shareholders | 3,859 | 169 | 31,832 | (4,450 | ) | ||||||
Net loss attributable to ordinary shareholders | (600,224 | ) | (32,570 | ) | (1,171,165 | ) | (244,038 | ) | |||
Net loss | (604,083 | ) | (32,739 | ) | (1,202,997 | ) | (239,588 | ) | |||
Other comprehensive (loss) income | |||||||||||
Foreign currency translation adjustment, net of nil income taxes | (5,283 | ) | (8,353 | ) | (7,926 | ) | 11,036 | ||||
Total comprehensive loss, net of income taxes | (609,366 | ) | (41,092 | ) | (1,210,923 | ) | (228,552 | ) | |||
Total comprehensive loss/(gain) attributable to minority shareholders | 3,859 | 169 | 31,832 | (4,450 | ) | ||||||
Total comprehensive loss attributable to ordinary shareholders | (605,507 | ) | (40,923 | ) | (1,179,091 | ) | (233,002 | ) | |||
Net loss per share | |||||||||||
- Basic | (0.29 | ) | (0.02 | ) | (0.58 | ) | (0.12 | ) | |||
- Diluted | (0.29 | ) | (0.02 | ) | (0.58 | ) | (0.12 | ) | |||
Net loss per ADS | |||||||||||
- Basic | (110.25 | ) | (5.63 | ) | (217.13 | ) | (43.88 | ) | |||
- Diluted | (110.25 | ) | (5.63 | ) | (217.13 | ) | (43.88 | ) | |||
Weighted average number of ordinary shares used in computing net loss per share, basic and diluted | |||||||||||
- Basic | 2,040,120,324 | 2,166,802,622 | 2,022,446,988 | 2,078,624,721 | |||||||
- Diluted | 2,040,120,324 | 2,166,802,622 | 2,022,446,988 | 2,078,624,721 | |||||||
Reconciliation of GAAP and Non-GAAP Results | |||||||||||
(All amounts in thousands of Renminbi, except for share and per share data) | |||||||||||
For the Three Months Ended |
For the Fiscal Year Ended |
||||||||||
2021 | 2022 | 2021 | 2022 | ||||||||
GAAP loss from operations | (397,264 | ) | (56,674 | ) | (957,295 | ) | (249,393 | ) | |||
Share-based compensation expenses | 12,447 | 2,642 | 47,066 | 16,724 | |||||||
Non-GAAP loss from operations | (384,817 | ) | (54,032 | ) | (910,229 | ) | (232,669 | ) | |||
GAAP net loss | (604,083 | ) | (32,739 | ) | (1,202,997 | ) | (239,588 | ) | |||
Share-based compensation expenses | 12,447 | 2,642 | 47,066 | 16,724 | |||||||
Non-GAAP net income/(loss) | (591,636 | ) | (30,097 | ) | (1,155,931 | ) | (222,864 | ) | |||
GAAP operating margin | (492.24 | %) | (94.61 | %) | (101.58 | %) | (101.40 | %) | |||
Share-based compensation expenses | 15.42 | % | 4.41 | % | 4.99 | % | 6.80 | % | |||
Non-GAAP operating margin | (476.82 | %) | (90.20 | %) | (96.59 | %) | (94.60 | %) | |||
GAAP net margin | (748.51 | %) | (54.65 | %) | (127.66 | %) | (97.41 | %) | |||
Share-based compensation expenses | 15.42 | % | 4.41 | % | 4.99 | % | 6.80 | % | |||
Non-GAAP net margin | (733.08 | %) | (50.24 | %) | (122.66 | %) | (90.61 | %) |
_______________________
1 Non-GAAP net loss is defined as net loss excluding share-based compensation expenses. For more information on these non-GAAP financial measures, please see the section captioned “Non-GAAP Financial Measures” and the tables captioned “Reconciliation of GAAP and Non-GAAP Results” set forth at the end of this release.
2 “Active agents” refer to real estate agents who have visited our marketplace and used one or more of its functions within a period of time.
3 “Closed-loop GMV” refers to the GMV of closed-loop transactions facilitated in the Company’s marketplace during the specified period. Closed-loop transactions refer to property transactions in which the major steps are completed or managed by real estate agents in the Company’s marketplace.

Fangdd Network Group Ltd