Equity Method Investment, Net (Tables)
|
6 Months Ended |
Jun. 30, 2025 |
|---|
| Equity Method Investment, Net [Abstract] |
|
| Schedule of Equity Method Investment, Net |
| |
Amount |
| |
RMB |
| Balance as of December 31, 2023 and June 30, 2024 |
145,696 |
| |
|
| Balance as of December 31, 2024 |
162,761 |
| Additions |
1,178 |
| Share of results |
(615) |
| Other (Note 9(a)) |
(150) |
| Balance as of June 30, 2025 |
163,174 |
|
| Schedule of Obligation or Commitment to Provide any Guarantee, Loan or Other Financial Support to the Limited Partnerships |
| | |
Aggregated carrying amount (before impairment loss) of the limited partnerships | | |
Maximum amount of additional capital commitment (Note 21) | | |
Maximum exposures to the losses of the limited partnerships | |
| | |
RMB | | |
RMB | | |
RMB | |
| Balance as of December 31, 2024 and June 30, 2025 | |
| 357,439 | | |
| 278,012 | | |
| 635,451 | |
|
| Schedule of Effective Interests to the Equity Method Investees |
The Group’s effective interests to the limited partnerships as of December 31, 2024
and June 30, 2025 are as below:
| | |
As of
December 31, | | |
As of
June 30, | |
| | |
2024 | | |
2025 | |
| Name of the limited partnerships | |
| | |
| |
| Shanghai Gefei Chengyun Investment Center Limited Partnership (“Gefei Chengyun”) | |
| 20 | % | |
| 20 | % |
| Ningbo Meishan Jiushen Investment Limited Partnership (“Jiushen”) | |
| 12 | % | |
| 12 | % |
| Ningbo Meishan Jiuchuan Investment Limited Partnership (“Jiuchuan”) | |
| 10 | % | |
| 10 | % |
| Yiwu Longshu Tianye Investment Management Limited Partnership (“Longshu Tianye”) | |
| 26 | % | |
| 26 | % |
| Ningbo Meishan Yunde Investment Limited Partnership (“Yunde”) | |
| 20 | % | |
| 20 | % |
| Ningbo Meishan Deyan Investment Limited Partnership (“Deyan”) | |
| 20 | % | |
| 20 | % |
| Ningbo Meishan Detong Investment Limited Partnership (“Detong”) | |
| 40 | % | |
| 40 | % |
| Ningbo Meishan Derong Investment Limited Partnership (“Derong”) | |
| 37 | % | |
| 37 | % |
| Ningbo Meishan Jiushi Investment Limited Partnership (“Jiushi”) | |
| 40 | % | |
| 40 | % |
| Shenzhen Jiaxinda No.3 Investment Limited Partnership (“Jiaxinda”) | |
| 10 | % | |
| 10 | % |
| Ningbo Chunyu Management Limited Partnership (“Chunyu”) (Note (a)) | |
| 89.95 | % | |
| 89.95 | % |
| | |
| | | |
| | |
| Name of other equity method investees | |
| | | |
| | |
| Suzhou Tinghaozhu Technology Co., Ltd. (“Suzhou Tinghaozhu”) (Note 9(a)) | |
| 30 | % | |
| Not applicable | |
| Shanghai Nuancheng (Note (b)) | |
| 30 | % | |
| 30 | % |
| Duoduo Robot (Note (b)) | |
| 32 | % | |
| 32 | % |
| Shenzhen Fangdd Technology Environmental Engineering Co., Ltd. (“Shenzhen Technology”) (Note (b)) | |
| 32 | % | |
| 32 | % |
| Shanghai Fangdd Environmental Technology Development Co., Ltd. (“Shanghai Technology”) (Note (b)) | |
| 32 | % | |
| 32 | % |
| Shenzhen Duoduoyijie Intelligent Technology Co., Ltd. (“Duoduoyijie”) (Note (b)) | |
| 16 | % | |
| 16 | % |
| Shanghai Youxi Network Technology Co., Ltd. (“Shanghai Youxi”) (Note (c)) | |
| — | | |
| 25.5 | % |
| Duo Concierge lnc. (Note (d)) | |
| — | | |
| 20 | % |
| (a) | The Group invested in Chunyu in 2024. The Group does not
have controlling financial interests over the investee, but has ability to exercise significant influence over its financial and operating
policies accounting for 89.95% of its total equity. |
| (b) | The Group invested in Shanghai Nuancheng and Duoduo Robot
in 2024. The Group does not have controlling financial interests over these investees, but has ability to exercise significant influence
over their financial and operating policies accounting for 30%, 30% and 32% of their total equity, respectively. Shenzhen Technology
and Shanghai Technology are wholly-owned subsidiaries of Duoduo Robot. Duoduoyijie is also a subsidiary of Duoduo Robot, in which Duoduo
Robot has 51% equity interests. |
| (c) | Shanghai Youxi was a subsidiary of the Group. However, the
Group reduced its shareholding in Shanghai Youxi to 25.5% in March 2025 due to change of strategic objectives, and only has significant
influence but does not own a majority equity interests or otherwise control over Shanghai Youxi since then. |
| (d) | The Group invested in Duo Concierge Inc. during the six months
ended June 30, 2025. The Group does not have controlling financial interests over the investee, but has ability to exercise significant
influence over its financial and operating policies accounting for 20% of its total equity. |
| | |
For the Six Months Ended June 30, | |
| | |
2024 | | |
2025 | |
| Name of other equity method investees | |
Capital Investments | | |
Return of Capital | | |
Capital Investments | | |
Other (Note 9(a)) | |
| | |
RMB | | |
RMB | | |
RMB | | |
RMB | |
| Suzhou Tinghaozhu | |
| — | | |
| — | | |
| — | | |
| (150 | ) |
| Shanghai Youxi | |
| — | | |
| — | | |
| 255 | | |
| — | |
| Duo Concierge lnc. | |
| — | | |
| — | | |
| 923 | | |
| — | |
| Total | |
| — | | |
| — | | |
| 1,178 | | |
| (150 | ) |
|
| Schedule of Unaudited Financial Information for these Equity Method Investees |
Summary of combined unaudited financial
information for these equity method investees as of December 31, 2024 and June 30, 2025, and for the six months ended June 30, 2024 and
2025 are presented below:
| | |
As of
December 31, | | |
As of
June 30, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | |
| Balance sheet data: | |
| | |
| |
| Current assets | |
| 432,605 | | |
| 399,796 | |
| Non-current assets | |
| 97,253 | | |
| 100,957 | |
| Total assets | |
| 529,858 | | |
| 500,753 | |
| | |
| | | |
| | |
| Current liabilities | |
| 63,280 | | |
| 64,915 | |
| Total liabilities | |
| 63,280 | | |
| 64,915 | |
| | |
| | | |
| | |
| Shareholders’ equity | |
| 466,578 | | |
| 435,838 | |
| Total liabilities and shareholders’ equity | |
| 529,858 | | |
| 500,753 | |
| | |
For the Six Months Ended
June 30, | |
| | |
2024 | | |
2025 | |
| | |
RMB | | |
RMB | |
| Operation results data: | |
| | |
| |
| Revenue | |
| — | | |
| 2,541 | |
| Operating loss | |
| (12,192 | ) | |
| (4,600 | ) |
| Net loss | |
| (11,930 | ) | |
| (4,225 | ) |
|