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6-K 1 ea0304225-6k_ddcenter.htm REPORT OF FOREIGN PRIVATE ISSUER

 

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

FORM 6-K

 

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

 

For the month of September 2026

 

Commission File Number: 001-41872

 

DDC Enterprise Limited

 

301 S McDowell Street Suite 125,

Charlotte, NC 28204 United States

+ 852-2803-0688

(Address of principal executive office)

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

 

Form 20-F ☒          Form 40-F ☐

 

 

 

 

 

 

Information Contained in this Form 6-K Report

 

When used in this Form 6-K (the “Report”), unless otherwise indicated, the term “Company,” “we,” or “DDC” refer to DDC Enterprise Limited.

 

As of the date hereof, there are 56,841,260 Class A ordinary shares issued and outstanding.

 

On September 2, 2026, the Company issued a press release announcing its First Half of 2026 Unaudited Financial Results and the press release is attached as Exhibit 99.1.

 

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EXHIBIT INDEX

 

Exhibit    
Press Release – DDC Enterprise Limited Announces First Half of 2026 Unaudited Financial Results   99.1

 

2

 

 

SIGNATURES

 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  DDC Enterprise Limited
     
Date: September 2, 2026 By: /s/ Norma Ka Yin Chu
  Name:  Norma Ka Yin Chu
  Title: Chief Executive Officer

 

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EX-99.1 2 ea030422501ex99-1.htm PRESS RELEASE - DDC ENTERPRISE LIMITED ANNOUNCES FIRST HALF OF 2026 UNAUDITED FINANCIAL RESULTS

Exhibit 99.1

 

DDC Enterprise Limited Announces First Half of 2026 Unaudited Financial Results

 

Total revenue was US$20.2 million, representing 29% year-over-year growth versus US$15.6 million in 1H2025

 

Core food business delivered positive Non-GAAP Adjusted EBITDA of US$1.2 million for 1H2026

 

The Company held 2,899 BTC as of the date of press release compared to 1,181 BTC as of December 31, 2025

 

Board authorized 18-month share repurchase program of up to US$10 million or 20% of outstanding Class A ordinary shares, whichever is lower

 

New York, September 2, 2026 (GLOBE NEWSWIRE) – DDC Enterprise, Limited (the “Company”, “we” or “DDC”) (NYSE Amex: DDC), today announced its unaudited financial results for the first six months of 2026.

 

Operational and Financial Highlights for the First Half of 2026

 

The Company’s core Asian food business delivered robust top line expansion during the first half of 2026. Total revenue reached US$20.2 million, growing approximately 29% year-over-year, fueled by broader retail penetration and expanded distribution reach for our culinary brand portfolio.

 

Gross profit amounted to US$6.1 million in the first half of 2026, representing 17.5% year-over-year growth compared to US$5.2 million in the same period of 2025. Gross margin experienced a modest decline from 33.4% in 1H2025 to 30.4% in 1H2026, as the Company strategically expanded its footprint into higher volume sales channels to drive top line scale.

 

The Company reported a net loss of US$38.4 million for the first half of 2026, which was largely driven by non-cash mark-to-market unrealized fair value losses on its Bitcoin treasury holdings of US$34.3 million. These accounting adjustments do not represent operating cash outflow from the Company’s core food business.

 

Adjusted EBITDA is a Non-GAAP financial measure. Please refer to the end of this release for its definition and reconciliation to the GAAP net loss. The Company’s core food business delivered positive Non-GAAP Adjusted EBITDA of US$1.2 million for 1H2026, demonstrating material operating leverage from its food operations.

 

As of the date of this press release, cash and cash equivalents were US$2.5 million. Together with the short-term investments totaled US$21.6 million, providing solid liquidity buffer for working capital requirements, food business scaling and prudent future Bitcoin treasury deployments.

 

As of June 30, 2026, the Company’s net debt balance was US$10.2 million, compared to US$60.6 million as of December 31, 2025. The loans pledged by digital assets amounted US$ 51.0 million were repaid in the first half of 2026. The Company presents net debt as management believes this metric is useful for investors in evaluating the Company’s leverage and liquidity profile. Net debt is defined as total interest-bearing debts less cash and cash equivalents and short-term investments. Total interest-bearing debt consists of loans pledged by digital assets, short-term debts, current portion of long-term debts and long-term debts, excluding operating liabilities such as accounts payable and accrued expenses.

 

As of the date of this press release, the Company held 2,899 Bitcoin versus 1,181 Bitcoin as of December 31, 2025, representing a 145% increase since the start of 2026. In the first half of 2026, the Company mainly use the proceeds from equity to accumulate Bitcoin. Future Bitcoin acquisitions will be evaluated holistically against market conditions, balance sheet liquidity, risk parameters and expected per share value accretion.

 

On July 1, 2026, the Board of Directors approved a share repurchase program authorizing repurchases of up to US$10 million or 20% of outstanding Class A ordinary shares, whichever is lower, for an 18-month window. The program gives management flexibility to deploy capital into share buybacks when such action delivers attractive risk adjusted returns for shareholders. The authorization does not oblige the Company to execute any repurchases and may be modified, suspended or terminated by the Board at any time.

 

Management Commentary

 

Norma Chu, Founder, Chairwoman and Chief Executive Officer of DDC Enterprise Limited commented, “The first half 2026 results mark meaningful progress on our dual mandate strategy: our core Asian food business delivered strong revenue growth and achieved positive Adjusted EBITDA, demonstrating tangible operational improvement in our primary operating franchise. Meanwhile we maintain our strategic framework under which Bitcoin serves as a core corporate reserve asset, complementing our primary food business. GAAP results are subject to volatility stemming from non-cash Bitcoin mark-to-market accounting adjustments. We advanced our Bitcoin treasury objective by accumulating 2,899 Bitcoin at the date of this press release. Together with our newly authorized share repurchase program, we now possess multiple capital allocation levers to build long-term shareholder value. Moving forward we will continue balancing investment in food business scaling with prudent treasury decisions while safeguarding corporate liquidity”.

 

 

 

 

ABOUT DDC

 

DDC Enterprise Limited (NYSEAMERICAN: DDC) is participating proactively in the corporate Bitcoin treasury evolution while maintaining its foundation as a leading global Asian food platform. The Company has strategically positioned Bitcoin as a core reserve asset while continuing to expand its portfolio of culinary brands. DDC is at the forefront of public companies integrating Bitcoin into their financial architecture. For more information, visit www.ddc.xyz.

 

Use of Non-GAAP Financial Measures

 

Adjusted EBITDA is a Non-GAAP financial measure. The Company uses Adjusted EBITDA, Non-GAAP financial measures, in evaluating its operating results and for financial and operational decision making purposes. The Company defines Adjusted EBITDA as net income/(loss) excluding interest expense, interest income, income tax expense, impairment losses, depreciation and amortization, non-cash mark-to-market fair value adjustments associated with financial instruments, including Bitcoin holdings, and share based compensation. Adjusted EBITDA should not be considered in isolation or as a substitute for net income/(loss) or any other measure of financial performance calculated in accordance with U.S. GAAP.

 

For more information on the Non-GAAP financial measures, please see the table captioned “Unaudited Reconciliations of GAAP and Non-GAAP Results” set forth in this announcement.

 

Safe Harbor Statement

 

This filing contains forward-looking statements. These statements are made under the “safe harbor” provisions of the U.S. Private Securities Litigation Reform Act of 1995. These forward-looking statements can be identified by terminology such as “in the process of,” “will,” “expects,” “anticipates,” “aims,” “future,” “intends,” “plans,” “believes,” “estimates,” “confident,” “potential,” “continue” or other similar expressions. DDC may also make written or oral forward-looking statements in its periodic reports to the U.S. Securities and Exchange Commission (the “SEC”), in its annual report to shareholders, in press releases and other written materials and in oral statements made by its officers, directors or employees to third parties. Statements that are not historical facts, including but not limited to statements about DDC’s beliefs and expectations, are forward-looking statements. Forward-looking statements involve inherent risks and uncertainties. A number of factors could cause actual results to differ materially from those contained in any forward-looking statement, including but not limited to the following: the implementation and performance of DDC’s Bitcoin strategy; fluctuations in the price of Bitcoin and other digital assets; performance of its joint ventures; DDC’s growth and capital allocation strategies; its future business development, results of operations and financial condition; its ability to understand buyer needs and provide products and services to attract and retain buyers; its ability to maintain and enhance the recognition and reputation of its brand; its ability to rely on merchants and third-party logistics service providers to provide delivery services to buyers; its ability to maintain and improve quality control policies and measures; its ability to establish and maintain relationships with merchants; trends and competition in China’s e-commerce market; changes in its revenues and certain cost or expense items; the expected growth of China’s e-commerce market; PRC governmental policies and regulations relating to DDC’s industry, and general economic and business conditions globally and in China and assumptions underlying or related to any of the foregoing. Further information regarding these and other risks is included in DDC’s filings with the SEC. All information provided in this report and in the attachments is as of the date of this report, and DDC undertakes no obligation to update any forward-looking statement, except as required under applicable law.

 

Investor Relations:

pr@ddc.xyz

 

Media:

pr@ddc.xyz

 

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DDC ENTERPRISE LIMITED

UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME/(LOSS)

 

    For the Six Months Ended June 30,  
    2025     2026  
    RMB     RMB     US$  
                   
Product revenues     111,909,938       136,747,757       20,154,126  
                         
Cost of products     (74,575,130 )     (95,209,573 )     (14,032,155 )
                         
Gross profit     37,334,808       41,538,184       6,121,971  
                         
Operating expenses:                        
Fulfilment expenses     (2,877,103 )     (4,042,980 )     (595,862 )
Sales and marketing expenses     (2,517,469 )     (4,820,391 )     (710,438 )
General and administrative expenses     (14,304,907 )     (24,796,325 )     (3,654,526 )
Share based compensation     (3,151,323 )     (21,754,719 )     (3,206,249 )
Total operating expenses     (22,850,802 )     (55,414,415 )     (8,167,075 )
                         
Income/(loss) from operations     14,484,006       (13,876,231 )     (2,045,104 )
                         
Interest expenses     (1,173,379 )     (15,318,820 )     (2,257,715 )
Interest income     675,860       6,208,417       915,007  
Foreign currency exchange loss, net     (5,560 )     -       -  
Other income     1,162,890       2,172,663       320,211  
Unrealized gain/(loss) on digital assets     27,566,664       (232,541,989 )     (34,272,447 )
                         
Income/(loss) before income tax expenses     42,710,481       (253,355,960 )     (37,340,048 )
                         
Income tax expense     (5,576,837 )     (7,288,227 )     (1,074,152 )
Net income/(loss)     37,133,644       (260,644,187 )     (38,414,200 )
                         
Net income/(loss) attributable to ordinary shareholders     37,133,644       (260,644,187 )     (38,414,200 )
                         
Net income attributable to non-controlling interest     8,990,337       8,745,872       1,288,982  
                         
Net income/(loss) attributable to DDC Enterprise Limited     28,143,307       (269,390,059 )     (39,703,182 )

 

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DDC ENTERPRISE LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE
INCOME/(LOSS) – (Continued)

 

    For the Six Months Ended June 30,  
    2025     2026  
    RMB     RMB     US$  
                   
Other comprehensive income, net of nil income taxes:                  
Foreign currency translation adjustment, net of nil income taxes     (4,334,444 )     (7,916,256 )     (1,166,712 )
Net unrealized gains on available-for-sale debt Securities     8,485,964       (972,717 )     (143,361 )
                         
Total other comprehensive income     4,151,520       (8,888,973 )     (1,310,073 )
                         
Comprehensive income/(loss):     41,285,164       (269,533,160 )     (39,724,273 )
Comprehensive income attributable to non-controlling interests     8,990,337       8,745,872       1,288,982  
                         
Comprehensive income/(loss) attributable to DDC Enterprise Limited     32,294,827       (278,279,032 )     (41,013,255 )
                         
Net income/(loss) per ordinary share                        
— Basic and diluted – Class A     7.41       (7.91 )     (1.17 )
— Basic and diluted – Class B     -       -       -  
                         
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share                        
— Basic and diluted – Class A     3,798,369       34,072,617       34,072,617  
— Basic and diluted – Class B     875,000       1,750,000       1,750,000  

 

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DDC ENTERPRISE LIMITED

CONSOLIDATED BALANCE SHEETS

 

    As of     As of  
    December 31,     June 30,  
    2025     2026  
    (Audited)     (Unaudited)  
    RMB     RMB     US$  
                   
ASSETS                  
Current assets                  
Cash and cash equivalents     21,121,206       4,925,383       725,912  
Restricted cash     16,828       -       -  
Short-term investment     130,400,312       129,427,595       19,075,267  
Accounts receivable, net     41,564,871       40,894,396       6,027,088  
Inventories     8,229,291       9,344,044       1,377,142  
Prepayments and other current assets     383,805,123       402,771,272       59,361,139  
                         
Total current assets     585,137,631       587,362,690       86,566,548  
                         
Non-current assets                        
Property, plant and equipment, net     303,325       226,016       33,311  
Operating lease Right-of-use assets     8,581,133       7,474,341       1,101,582  
Intangible assets, net     1,610,713       1,335,790       196,871  
Goodwill     4,973,027       4,973,027       732,933  
Digital assets     730,150,140       1,098,494,475       161,898,052  
Other non-current assets     64,814,066       73,307,126       10,804,133  
                         
Total non-current assets     810,432,404       1,185,810,775       174,766,882  
                         
Total assets     1,395,570,035       1,773,173,465       261,333,430  

 

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DDC ENTERPRISE LIMITED
CONSOLIDATED BALANCE SHEETS – (Continued)

 

    As of     As of  
    December 31,     June 30,  
    2025     2026  
    (Audited)     (Unaudited)  
    RMB     RMB     US$  
                   
LIABILITIES AND SHAREHOLDERS’ EQUITY                  
Current liabilities                  
Short-term bank borrowings     37,430,000       35,050,800       5,165,849  
Current portion of long-term bank borrowings     549,012       608,033       89,613  
Accounts payable     25,524,921       27,373,609       4,034,371  
Contract liabilities     13,977,338       11,645,751       1,716,371  
Shareholder loans, at amortized cost     23,207,757       21,449,891       3,161,323  
Amounts due to related parties     8,160,511       5,413,606       797,867  
Accrued expenses and other current liabilities     557,130,576       217,319,173       32,028,882  
Current portion of lease liabilities     2,047,880       1,392,622       205,247  
                         
Total current liabilities     668,027,995       320,253,485       47,199,523  
                         
Non-current liabilities                        
Long-term bank borrowings     3,876,918       3,486,980       513,917  
Operating lease liabilities     6,405,503       5,942,889       875,873  
Shareholder loans, at amortized cost     16,483,576       16,483,576       2,429,378  
Convertible loans, at amortized cost     137,501,657       126,228,857       18,603,831  
Deferred tax liabilities     1,264,873       1,264,873       186,419  
Other non-current liabilities     10,405,554       10,405,554       1,533,589  
                         
Total non-current liabilities     175,938,081       163,812,729       24,143,007  
                         
Total liabilities     843,966,076       484,066,214       71,342,530  

 

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DDC ENTERPRISE LIMITED
CONSOLIDATED BALANCE SHEETS – (Continued)

 

    As of     As of  
    December 31,     June 30,  
    2025     2026  
    (Audited)     (Unaudited)  
    RMB     RMB     US$  
                   
Shareholders’ equity                  
Class A ordinary shares (US$0.4 par value per share, 200,000,000 shares and 200,000,000 shares authorized as of December 31, 2025 and June 30, 2026, respectively; 23,281,620 shares and 45,627,607 shares issued and outstanding as of December 31, 2025 and June 30, 2026, respectively)     65,584,619       126,326,916       18,618,284  
Class B ordinary shares (US$0.016 par value per share, 1,750,000 shares and 1,750,000 shares authorized, issued and outstanding as of December 31, 2025 and June 30, 2026, respectively)     196,479       196,479       28,957  
Convertible Preferred Shares     230,544,640       -       -  
Additional paid-in-capital     2,498,773,335       3,675,612,130       541,718,196  
Accumulated deficit     (2,171,283,787 )     (2,440,673,846 )     (359,710,814 )
Accumulated other comprehensive loss     (125,758,629 )     (134,647,602 )     (19,844,601 )
Total shareholders’ equity attributable to DDC Enterprise Limited     498,056,657       1,226,814,077       180,810,022  
                         
Non-controlling interest     53,547,302       62,293,174       9,180,878  
                         
Total shareholders’ equity     551,603,959       1,289,107,251       189,990,900  
                         
Total liabilities and shareholders’ equity     1,395,570,035       1,773,173,465       261,333,430  

 

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DDC ENTERPRISE LIMITED
UNAUDITED RECONCILIATIONS OF GAAP AND NON-GAAP RESULTS

 

    For the Six Months Ended
June 30,
 
    2025     2026     2026  
    RMB     RMB     US$  
Net income/(loss)     37,133,644       (260,644,187 )     (38,414,200 )
Add:                        
Income tax expense     5,576,837       7,288,227       1,074,152  
Interest expenses     1,173,379       15,318,820       2,257,715  
Interest income     (675,860 )     (6,208,417 )     (915,007 )
Foreign currency exchange loss, net     5,560       -       -  
Other income     (1,162,890 )     (2,172,663 )     (320,211 )
Unrealized (gain)/loss on digital assets     (27,566,664 )     232,541,989       34,272,447  
Depreciation and amortization     868,908       261,982       38,611  
Share based compensation     3,151,323       21,754,719       3,206,249  
Adjusted EBITDA     18,504,237       8,140,470       1,199,756  

 

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