Lucide Ledger

A filing-first public record from Lucide House.

Issue 003 | U.S. Pilot | US

DUO

Fangdd Network Group Ltd.

Screen state: Passing Source state: Verified 20-F | 2026-05-06 Filing currency: CNY
Open Filing Back to Register Report a correction
Internal NCAV Discount 86.1%

GNNI internal NCAV discount calculation. Market context inputs are retained internally and are not displayed.

Current Assets
390,089,000CNY
Total Liabilities
209,372,000CNY
NCAV
26,683,942CNY
Cash
29,328,000CNY
NCAV per share
53.84CNY/share
Evidence
7 annual | 9 quarterly

Mary filing review

Financial Statement Evidence

Deterministic observations from the frozen Mary Reason Card. They annotate filing evidence and do not determine screen inclusion.

Evaluated
12
Triggered
3
Unavailable
3
Requires inspection Negative OCF -60,194,000
Latest
-60,194,0002025-12-31
Comparison
n/a
Change
n/a

Basis: latest reporting-period cash from operations < 0

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-052541

Supporting observation Share Count Reduced 6,538,164
Latest
6,538,1642025-12-31
Comparison
8,926,5912024-12-31
Change
-26.8%

Basis: 1Y share change <= -2% using the same share-count source

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-052541; REPORTED_FILING 20-F 2024-12-31

Supporting observation Current Ratio > 1.5 1.86
Latest
1.862025-12-31
Comparison
1.5
Change
n/a

Basis: current assets / current liabilities; strong if > 1.5

Source periods: SEC 20-F 2025-12-31 · 0001213900-26-052541

3 unavailable checks — inspect missing inputs
High Debt (short-term debt + long-term debt) / ordinary equity >= 50%
Low Debt (short-term debt + long-term debt) / ordinary equity < 20%
Non-Positive Equity ordinary shareholders equity <= 0

Business Profile

Checklist-driven facts extracted from filing text. Missing fields stay visible in the details.

business_profile_v1

Business profile: 0 of 12 fields established by the current extractor.

Business Profile Field Details

Business Description

Missing Source

Not established by the current extractor from the selected filing context.

Revenue Model

Missing Source

Not established by the current extractor from the selected filing context.

Customers And Channels

Missing Source

Not established by the current extractor from the selected filing context.

Segments And Geography

Missing Source

Not established by the current extractor from the selected filing context.

Tangible Operations Assets

Missing Source

Not established by the current extractor from the selected filing context.

Value Chain

Missing Source

Not established by the current extractor from the selected filing context.

Competition Positioning

Missing Source

Not established by the current extractor from the selected filing context.

Business Lifecycle Cyclicality

Missing Source

Not established by the current extractor from the selected filing context.

Strategy And Capital Allocation

Missing Source

Not established by the current extractor from the selected filing context.

Management Governance Signals

Missing Source

Not established by the current extractor from the selected filing context.

Disclosed Risks

Missing Source

Not established by the current extractor from the selected filing context.

Known Unknowns

Missing Source

Not established by the current extractor from the selected filing context.

Business Profile Sources
Source Filing Date Type Status Provenance
S1 0001213900-26-052541 2026-05-06 20-F Verified Data Vault | sec/cleaned/cik=0001750593/accession=0001213900-26-052541/parser=html-cleaner-v1/full.txt
Share Count & Per-Share Comparability

Data Vault has not published the normalized share-count artifact for this company.

Known Unknowns

Only 9 quarterly periods available from Data Vault for this company.

Medium | Share Count

The current U.S. Pilot does not yet evaluate share-count trends or post-filing dilution beyond Mary's screening flags.

Low | Classification

U.S. Pilot rows are surfaced for source inspection and may still need manual business classification review.

Annual Financials

Latest annual periods, newest first. Missing cells render as n/a.

Metric
2025-12-31
20-F
CNY
2024-12-31
20-F
CNY
2023-12-31
20-F
CNY
2022-12-31
20-F
CNY
2021-12-31
20-F
CNY
2020-12-31
20-F
CNY
2019-12-31
20-F
CNY
Revenue 354,823,000 339,104,000 284,957,000 245,948,000 942,380,000 2,451,287,000 3,599,436,000
Operating Income -133,299,000 -125,662,000 -265,170,000 -249,393,000 -957,295,000 -226,020,000 -536,757,000
Net Income -84,710,000 30,833,000 -91,753,000 -244,038,000 -1,171,165,000 -220,288,000 -510,387,000
Cash From Operations -60,194,000 -60,370,000 -186,118,000 -126,983,000 -60,618,000 -324,995,000 118,511,000
Capex -23,410,000 -23,060,000 -296,000 -194,000 -12,461,000 -10,248,000 -1,695,000
Free Cash Flow -83,604,000 -83,430,000 -186,414,000 -127,177,000 -73,079,000 -335,243,000 116,816,000
Cash And Equivalents 29,328,000 75,351,000 121,733,000 143,934,000 492,107,000 843,448,000 1,103,747,000
Accounts Receivable 147,920,000 196,041,000 314,638,000 470,997,000 884,740,000 2,252,103,000 2,189,980,000
Inventory 5,022,000 5,380,000 12,503,000 11,157,000 n/a n/a n/a
Total Current Assets 390,089,000 548,618,000 613,077,000 858,895,000 1,627,299,000 3,475,209,000 3,730,020,000
Total Assets 788,264,000 731,189,000 769,901,000 1,076,679,000 1,912,983,000 4,047,952,000 4,372,125,000
Total Current Liabilities 209,372,000 326,582,000 549,721,000 949,721,000 1,580,731,000 2,557,980,000 2,771,160,000
Total Liabilities 209,372,000 347,888,000 578,404,000 981,285,000 1,609,306,000 2,581,954,000 2,783,070,000
Shareholders Equity 578,403,000 386,344,000 195,845,000 100,116,000 313,259,000 1,443,463,000 1,589,055,000
Shares Outstanding n/a n/a n/a n/a n/a n/a n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 6,538,164 8,926,591 20,765,256,643 2,078,624,721 2,022,446,988 1,993,326,758 1,087,910,999
Weighted Avg Shares Basic 6,538,164 8,926,591 20,765,256,643 2,078,624,721 2,022,446,988 1,993,326,758 1,087,910,999
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Quarterly Financials

Latest quarterly periods, newest first. Periods are shown only when Data Vault has them.

Only 9 quarterly periods available from Data Vault for this company.

Metric
2025-06-30
6-K
CNY
2024-12-31
6-K
CNY
2024-06-30
6-K
CNY
2023-12-31
6-K
CNY
2023-06-30
6-K
CNY
2022-12-31
6-K
CNY
2022-06-30
6-K
CNY
2021-12-31
6-K
CNY
2021-06-30
6-K
CNY
Revenue 203,394,000 339,104,000 139,969,000 153,488,000 153,488,000 245,948,000 144,834,000 692,460,000 692,460,000
Operating Income -71,761,000 -125,662,000 -68,625,000 -265,170,000 -68,969,000 -249,393,000 -178,193,000 -957,295,000 -249,610,000
Net Income -38,119,000 30,833,000 17,385,000 -91,753,000 9,458,000 -244,038,000 -196,845,000 -1,171,165,000 -234,217,000
Cash From Operations -21,235,000 -60,370,000 -5,866,000 -186,118,000 -160,140,000 -126,983,000 -46,630,000 -60,618,000 -57,764,000
Capex n/a -23,060,000 -1,095,000 -296,000 -64,000 -194,000 -194,000 -12,461,000 -11,067,000
Free Cash Flow n/a -83,430,000 -6,961,000 -186,414,000 -160,204,000 -127,177,000 -46,824,000 -73,079,000 -68,831,000
Cash And Equivalents 34,647,000 75,351,000 125,427,000 121,733,000 130,735,000 143,934,000 239,231,000 492,107,000 n/a
Total Current Assets 459,845,000 548,618,000 513,019,000 613,077,000 814,812,000 858,895,000 1,145,641,000 1,627,299,000 n/a
Total Liabilities 297,792,000 347,888,000 462,557,000 578,404,000 720,538,000 981,285,000 1,242,047,000 1,609,306,000 n/a
Shares Outstanding n/a n/a n/a n/a n/a n/a n/a n/a n/a
Shares Outstanding Diluted n/a n/a n/a n/a n/a n/a n/a n/a n/a
Weighted Avg Shares Diluted 3,010,123 8,926,591 375,664 20,765,256,643 13,937,948,159 2,078,624,721 2,046,388,131 2,022,446,988 2,005,851,928
Weighted Avg Shares Basic 3,010,123 8,926,591 375,664 20,765,256,643 13,937,948,159 2,078,624,721 2,046,388,131 2,022,446,988 2,005,851,928
Net Share Count Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Ownership Claim Change (Normalized) Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence Insufficient evidence
Audit Trail

NCAV Audit

Official-source inputs remain linked to filing provenance. Derived values are labeled as such.

Input Value Source concept Filing period Confidence Provenance
Current Assets 459,845,000CNY us-gaap:AssetsCurrent 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001750593/companyfacts.json
Data Vault | sec/companyfacts/cik=0001750593/companyfacts.json
Total Liabilities 297,792,000CNY us-gaap:Liabilities 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001750593/companyfacts.json
Data Vault | sec/companyfacts/cik=0001750593/companyfacts.json
Cash 34,647,000CNY us-gaap:CashAndCashEquivalentsAtCarryingValue 2025-06-30 1.00 Data Vault | sec/companyfacts/cik=0001750593/companyfacts.json
Data Vault | sec/companyfacts/cik=0001750593/companyfacts.json
Shares Outstanding 3,010,123 derived 2025-06-30 1.00 n/a
NCAV 162,053,000CNY derived 2025-06-30 n/a company-evidence-v1 | total_current_assets - total_liabilities
NCAV per share 53.84CNY derived 2025-06-30 n/a company-evidence-v1 | NCAV / shares_outstanding
Internal NCAV Discount 86.1% derived 2025-06-30 n/a gnni_publication_pack | internal_discount

NCAV = total_current_assets - total_liabilities | NCAV per share = NCAV / weighted_avg_shares_diluted

Source Provenance

Data Source
Data Vault
Data Vault Root
Local evidence | The Data Vault
CIK
0001750593
Company ID
n/a
Selected Annual Source
Data Vault | sec/companyfacts/cik=0001750593/companyfacts.json
Selected Quarterly Source
Data Vault | sec/companyfacts/cik=0001750593/companyfacts.json
Statement Extractor
companyfacts-screener-v1
View Extractor
companyfacts-screener-v1
Source Accession Count
11
Imported At
2026-08-15T12:51:54+00:00
Rendered At
2026-08-16T03:29:48+00:00

Run Audit

Mary Run
8f67c1da7de642feb640d04491409c50
Mary As Of
2026-07-25
Accession
0001213900-26-052541
CIK
0001750593
Mary Filing Date
2026-05-06
Filing Currency
CNY
Internal Discount
86.1%
Source State
Verified
Market Context
Not Displayed
Market Policy
internal_only_not_redistributed
Share Trend
Not Evaluated
Dilution
Needs Review

mary_run=8f67c1da7de642feb640d04491409c50; mary_as_of=2026-07-25; mary_filing_date=2026-05-06; mary_accession=0001213900-26-052541; mary_cik=0001750593; gnni_supporting_filing_date=2026-05-06; internal_discount=0.860827; mary_reason=Mary's deterministic net-net screen flagged this candidate. The internal discount is shown; raw market-data fields are not published in this pilot.

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