Financial report highlights:
DDC achieved full profitability, recording the highest gross profit margin and net profit in history
Launched the Bitcoin Treasury strategy, holding a total of 1,008 BTC by August 31, 2025, corresponding to a 1,798% BTC yield
DDC Enterprise Limited (NASDAQ: DDC, “DDC” or the “Company”), an Asian consumer-focused company at the forefront of enterprise-level Bitcoin acquisition and treasury management, today announced its unaudited financial results for the six months ended June 30, 2025.
Management Comments
"The first half of 2025 was a pivotal six months for DDC," said Norma Chu, Founder, Chairman and CEO of DDC. "DDC began as a content-driven Asian food platform and has grown into a portfolio of beloved ready-to-eat consumer brands. In the first six months of 2025, DDC achieved profitability and recorded a record gross margin of 33.4% and net income of $5.2 million. Our core operating business is in its strongest shape ever and we expect continued growth momentum in the second half of the year."
Norma Chu continued, "In addition, we have firmly entered the Bitcoin treasury strategy. At the end of May this year, we completed our first BTC purchase and established a responsible, structured accumulation plan. Since then, we have expanded rapidly, completing a historic financing of US$528 million with top institutional investors and completing nine BTC purchases. As of the end of August, our treasury holdings had reached 1,008 BTC, with a BTC return of 1,798% since the first purchase."
Chu concluded by emphasizing, "DDC's competitive advantage in Bitcoin treasury stems from our deep access to China's vast and underserved investor base, as well as our robust and profitable core business, which provides a solid foundation for our access to the capital markets. This foundation enables us to continuously accumulate Bitcoin and invest in growth. Our goal is clear: to lead this emerging market, hold 10,000 BTC by the end of 2025, and become one of the top three treasury companies globally within three years."
2025 First Half Financial Summary
Unless otherwise stated, all the following data are compared with the first half of 2024:
Total revenue was US$15.6 million, a year-on-year decrease of 9.4%, primarily due to the company's strategic exit from its loss-making US business. Revenue from its China operations increased by 7.5% year-on-year, primarily driven by increased sales volume in China.
Gross profit was US$5.2 million, up 16.9% year-on-year, thanks to strict supply chain optimization and lower raw material costs due to deflation in the Chinese market.
Operating expenses were US$3.2 million, down 60.5% year-on-year, primarily due to the exit from loss-making businesses in the United States and the implementation of strict cost controls across the overall business.
Net income was $5.2 million, compared to a net loss of $5.2 million in the same period last year. The improvement in net income was driven by the aforementioned factors and a $3.8 million unrealized gain on the fair value of digital assets.
As of June 30, 2025, cash and cash equivalents and short-term investments totaled $25.1 million.
Bitcoin Business Summary in the First Half of 2025
BTC yield indicator (KPI): Achieve a 367% BTC yield in the first half of 2025, and a cumulative 1,798% since the first purchase (as of August 31, 2025).
Digital Assets: As of June 30, 2025, the Company held approximately 138 BTC. During the six months ended June 30, 2025, the Company recorded an unrealized gain on the fair value of digital assets of $3.8 million.
Capital Market Summary for the First Half of 2025
Completed strategic financing totaling US$528 million for Bitcoin Treasury Strategy:
Received $26 million in strategic PIPE investment from top Bitcoin and digital asset investors, including the conversion of outstanding debt to further strengthen the balance sheet.
Signed a convertible bond with Anson Funds, with an initial issuance of US$25 million (with a subsequent drawdown limit of up to US$275 million).
Received an additional $2 million in private equity investment from Anson Funds and a $200 million equity line of credit.
Filed a $500 million general registration statement on Form F-3 with the U.S. Securities and Exchange Commission (SEC).
As of September 4, 2025, DDC had utilized $53 million of its $528 million strategic financing to purchase Bitcoin. A $275 million convertible bond facility and a $200 million equity credit facility with Anson Funds remained unused. Furthermore, as of the same date, the company had not utilized its $500 million general registration facility.
Earnings Conference Call
DDC will hold an earnings conference call today at 8:00 a.m. ET to review its results for the six months ended June 30, 2025, and provide a business update on the company's recent strategic developments.
Date: September 4, 2025
Time: 8:00 AM ET
Conference link:
Live webinar: Link
Telephone registration: link
Participants wishing to attend the conference by phone should register using the above telephone registration link. After completing registration, participants will receive an email with the dial-in number, conference code, and personal PIN. To ensure the conference starts on time, the company recommends that participants arrive approximately five minutes early.
About DDC Enterprise Limited (NYSE: DDC)
DDC Enterprise Limited (NYSE: DDC) is leading the corporate Bitcoin treasury revolution while maintaining its roots as a leading global Asian food platform. The company has strategically positioned Bitcoin as a core reserve asset and is actively executing a bold and accelerating accumulation strategy. While continuing to expand its portfolio of restaurant brands, DDC is also a pioneer among public companies to integrate Bitcoin into its financial structure.
Caution Regarding Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. Investors can identify such forward-looking statements by words or phrases such as "may," "will," "expect," "anticipate," "target," "estimate," "intend," "plan," "believe," "likely," "potential," "continue," or other similar expressions. Examples of forward-looking statements include statements regarding the company's business outlook, its Bitcoin accumulation plans, and its objectives and future activities under the aforementioned financing transaction, including the completion of the transaction, the satisfaction of closing conditions, and the use of proceeds.
Such statements are subject to uncertainties and risks, including, but not limited to, those risks disclosed under the captions "Risk Factors" and "Management's Discussion and Analysis of Financial Condition and Results of Operations" in the Company's Form 20-F, Form 6-K, and other reports filed with the U.S. Securities and Exchange Commission. In addition, the Company will file a copy of its official filing on Form 6-K regarding the transaction, which will be available to investors at www.sec.gov.
Forward-looking statements inherently involve risks, uncertainties, and other factors that are beyond the Company's ability to predict or control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, there can be no assurance that they will be achieved. The Company cautions investors that actual results may differ materially from those projected and encourages them to review the Company's other SEC filings for additional factors that may affect future performance.
The Company undertakes no obligation to publicly update or revise any forward-looking statements in light of future events or changed circumstances, except as required by law.
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