摩根证券 DDC公布2025年上半年创纪录盈利业绩

- DDC 实现盈利，创下创纪录的毛利率和净利润。

- 自推出比特币储备战略始，截至 2025 年 8 月 31 日，已实现购入 1,008 枚比特币，即 1,798% 比特币收益。

纽约 --DDC Enterprise Limited（股票代码：DDC）（以下简称 "DDC" 或 " 公司 "），作为企业比特币储备与资金管理领域的先行者，今日发布了截至 2025 年 6 月 30 日的六个月未经审计财务报告。

2025 年上半年财务亮点

管理层评论

" 2025 年上半年对 DDC 来说意义非凡，" DDC 创始人、董事长兼首席执行官 Norma Chu（朱嘉盈）说道。" DDC 起初是一个以内容为核心的亚洲食品平台，此后已发展成为一系列深受喜爱的即食消费品牌组合。在 2025 年的前六个月，DDC 实现盈利，并取得了创纪录的高毛利率和净利润，分别为 33.4% 和 520 万美元。我们的核心运营业务达到了有史以来的最佳状态，我们预计下半年将会继续增长。"

朱女士继续说道："此外，我们坚定地进入了比特币储备战略领域。在 5 月下旬，我们首次购入了第一批比特币，并制定了一个周密的比特币储备计划。从那之后，我们迅速扩大规模，与顶级机构投资者完成了 5.28 亿美元的历史性融资，并完成了九次独立的比特币购入，截至 8 月底，我们的比特币储备数量已达到 1008 个，自首次购入以来，比特币的收益率达到了 1798%。"

朱女士总结：" DDC 在比特币储备方面的竞争优势在于我们能够深入覆盖中国庞大且尚未充分开发的投资者群体，并且拥有盈利丰厚的核心业务，这有助于我们更好地进入资本市场。这一基础使我们能够持续积累比特币并持续进行投资以促进增长。我们的目标很明确：引领这一新兴领域，在 2025 年底达到 10,000 枚比特币，并在三年内将我们成为全球前三的比特币储备公司之一。"

2025 年上半年财务总结

所有数据均与 2024 年上半年的数据进行对比，除非另有说明。

公司总收入为 1560 万美元，较去年同期下降 9.4%，这是由于我们战略性地退出了亏损的美国业务所致。中国国内业务收入同比增长 7.5%，得益于中国地区销量的增加。

毛利润为 520 万美元，同比增长 16.9%，这得益于我们严格的供应链优化以及中国市场的通货紧缩带来的原材料成本节约。

运营费用为 320 万美元，较去年同期下降 60.5%，原因是退出了亏损的美国业务以及整个业务范围内的严格成本控制。

净利润为 520 万美元，而去年同期为亏损 520 万美元，这是由于上述因素以及 380 万美元的数字资产公允价值未实现收益所致。

截至 2025 年 6 月 30 日，现金及现金等价物和短期投资为 2510 万美元。

2025 年上半年比特币总结

"比特币收益"关键绩效指标：上半年实现比特币收益率为 367%，自首次购入以来累计收益率为 1798%（截至 2025 年 8 月 31 日）。

数字资产：截至 2025 年 6 月 30 日，公司的数字资产约为 138 枚比特币。在截至 2025 年 6 月 30 日的六个月期间，公司记录了数字资产公允价值的未实现收益 380 万美元。

2025 年上半年资本市场总结

我们完成了总计 5.28 亿美元的战略融资，用于比特币储备策略：

- 来自顶级比特币及数字资产投资者的 2600 万美元战略 PIPE 投资，其中包括将未偿债务转换为资金以进一步强化资产负债表。

- 通过向 Anson Funds 发行首批可转换债券（后续提款额度可达 2.75 亿美元的承诺额度）获得 2500 万美元。

- 此外，还从 Anson Funds 以私募方式获得 200 万美元的股权贷款。

我们于 2025 年 9 月 4 日向美国证券交易委员会（SEC）提交了一份 5 亿美元的通用注册声明（F-3 格式）。

截至 2025 年 9 月 4 日，DDC 已使用其 5.28 亿美元战略融资中的 5300 万美元用于购买比特币。Anson Funds 的 2.75 亿美元可转换债券和 2 亿美元的股权信贷额度尚未提款。此外，截至 2025 年 9 月 4 日，DDC 未使用其 5 亿美元的通用注册声明中的任何资金。

收益电话会议

DDC 将于美国东部时间今天上午 8 点举行电话会议。此次会议将介绍截至 2025 年 6 月 30 日的六个月的业绩情况，并提供有关公司近期战略的业务更新。

日期：2025 年 9 月 4 日

时间：美国东部时间上午 8 点

参会者电话会议链接：

1 ) 实时网络直播：https://edge.media-server.com/mmc/p/x3w855fp/

2 ) 参会者电话会议注册：https://register-conf.media-server.com/register/BIde37c60bd28048aa939109cd4d2a7bc3

希望通过电话参加会议的参会者，请使用上述提供的"参会者电话会议注册"链接进行注册。完成注册后，参会者将收到一封包含访问会议所需详细信息（包括拨号号码、密码和个人识别码）的电子邮件。为确保会议准时开始，请所有参会者在预定时间前约 5 分钟进行连接。

关于 DDC Enterprise（纽约证券交易所代码：DDC）

DDC Enterprise Limited（纽约证券交易所代码：DDC）正在引领企业级比特币储备战略的变革，同时保持其作为全球领先的亚洲食品平台的根基。该公司已将比特币定位为核心储备资产，并实施了一项大胆且不断加速的积累策略。同时，该公司还在继续扩大其产品组合。

关于前瞻性陈述的提醒

本公告中的某些表述属于前瞻性陈述。投资者可以通过诸如"可能"、"将"、"预期"、"预计"、"旨在"、"估计"、"打算"、"计划"、"相信"、"可能的"、"继续"等词语或短语来识别这些前瞻性陈述。前瞻性陈述的例子包括与业务前景、比特币的积累以及上述融资交易下的公司目标和未来活动（包括关于发行的完成、满足完成条件以及发行所得款项的使用等的陈述）相关的陈述。这些陈述受到不确定性及风险的影响，其中包括但不限于我们在风险因素部分以及我们在 20-F 表格、6-K 表格及其他报告（包括将与上述交易相关的最终文件的 6-K 表格副本，提交给美国证券交易委员会（" SEC "）并在 www.sec.gov 上可供查阅）中所讨论的风险因素。这也是前瞻性陈述所固有的特点，因为总会存在超出公司预测或控制范围的风险、不确定性以及其他因素。尽管公司认为这些前瞻性陈述中所表达的预期是合理的，但它无法保证这些预期会变为现实，公司提醒投资者，实际结果可能与预期结果大相径庭，并鼓励投资者查阅公司在美国证券交易委员会（SEC）的文件中所披露的其他可能影响其未来业绩的因素。公司提交给 SEC 的文件中的更多因素已在公司提交给 SEC 的文件中进行了详细说明，可在 www.sec.gov 网站上查阅。公司没有义务公开更新或修订任何前瞻性陈述，以反映随后发生的事件或情况，或者在本声明发布日期之后出现的任何新的预期变化，除非法律要求。

DDC Enterprise Limited

未经审计的合并资产负债表

未经审计的合并资产负债表 - （续）

未经审计的合并经营及综合（亏损）/ 收益报表

与公司于 2025 年 5 月 23 日的首次购买相比。

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- DDC achieves profitability, delivering record gross margins and net income

- Launched Bitcoin treasury strategy and reached 1,008 BTC or 1,798% BTC Yield as of August 31, 2025

NEW YORK--DDC Enterprise Limited ( NASDAQ: DDC ) ( "DDC" or the "Company" ) , an Asian consumer-first company at the forefront of corporate Bitcoin acquisition and treasury management, today released its unaudited financial results for the six months ended June 30, 2025.

H1 2025 Financial Highlights

Management Commentary

" The first half of 2025 was transformational for DDC, " said Norma Chu, Founder, Chairwoman and CEO of DDC. " DDC started as a content-driven Asian food platform and has since grown into a portfolio of beloved, ready-to-eat consumer brands. In the first six months of 2025, DDC turned profitable and delivered record high gross margin and net income of 33.4% and $5.2 million, respectively. Our core operating business is the strongest it has ever been and we expect continued growth into the second half of the year. "

Ms. Chu continued, " In addition, we entered the Bitcoin treasury strategy space with conviction. In late May, we made our first purchase of BTC and outlined a structured plan for responsible accumulation. Since then, we have scaled quickly, executing a historical $528 million financing with premier institutional investors and completed nine separate BTC purchases, bringing our treasury holdings to 1,008 BTC as of the end of August, representing a BTC Yield of 1,798% since the first purchase1. "

Ms. Chu concluded, " DDC's Bitcoin treasury competitive advantage lies in our extensive reach into China ’ s vast, underpenetrated investor base and a profitable core business that strengthens our access to capital markets. This foundation enables sustainable Bitcoin accumulation and ongoing investment in growth. Our goal is clear: lead this emerging category, reach 10,000 BTC by the end of 2025 and establish ourselves as one of the world ’ s top three treasury company within three years. "

H1 2025 Financial Summary

All amounts compared to H1 2024 unless otherwise noted

Total revenue of US$15.6 million was down 9.4% year-over-year due to our strategic exit from loss-making U.S. operations. Domestic China business revenue grew 7.5% year-over-year, driven by increase in sales volume in China.

Gross profit of US$5.2 million was up 16.9% year-over-year, driven by our stringent supply chain optimization and deflation in China providing raw material cost savings.

Operating expenses of US$3.2 million was down 60.5% year-over-year due to exit of loss-making US operations and stringent cost control across the entire business.

Net Income was US$5.2 million vs. US$ ( 5.2 ) million driven by the above as well as a $3.8 million unrealized gain in fair value of digital assets.

Cash and cash equivalents and short-term investments were US$25.1 million as of June 30, 2025.

H1 2025 Bitcoin Summary

" BTC Yield " KPI: Achieved BTC Yield of 367% in H1 and 1,798% since first purchase ( as of August 31, 2025 ) .

Digital Assets: As of June 30, 2025, the Company ’ s digital assets were comprised of approximately 138 BTC. During the six months ended June 30, 2025, the Company recorded

an unrealized gain in the fair value of digital assets of $3.8 million.

H1 2025 Capital Markets Summary

Closed an aggregate of $528 million in strategic financing for Bitcoin treasury strategy:

$26 million strategic PIPE investment from premier Bitcoin and digital asset investors, which included conversion of outstanding debt to further strengthen the balance sheet.

$25 million by issuance of first tranche of convertible notes ( with committed additional capacity of up to $275 million available in subsequent drawdowns ) with Anson Funds.

$2 million in a private placement from Anson Funds in addition to a $200 million equity line of credit.

Filed a $500 million universal shelf registration statement on Form F-3 with the U.S. Securities and Exchange Commission ( SEC ) .

As of September 4, 2025, DDC has utilized a total $53 million of its $528 million strategic financing for its Bitcoin purchases. $275 million of convertible note and $200 million equity line of credit with Anson Funds still remains undrawn. In addition, as of September 4, 2025, DDC has not utilized any of the $500 million universal shelf.

Earnings Conference Call

DDC will host a conference call today at 8:00 AM EST. The call will address the results of the six months ended June 30, 2025, as well as provide a business update on the Company ’ s strategies for the near-term future.

Date: September 4, 2025

Time: 8:00 AM EST

Participant Call Links：

Live Webcast: https://edge.media-server.com/mmc/p/x3w855fp/

Participant Call Registration:https://register-conf.media-server.com/register/BIde37c60bd28048aa939109cd4d2a7bc3

Participants wishing to join the conference call by phone should register using the Participant Call Registration link provided above. After completing the registration, the participants will receive an email with the necessary details to access the call including dial-in number, passcode, and PIN. To ensure a timely start, the Company encourages all callers to connect about 5 minutes before the scheduled time.

About DDC Enterprise Limited ( NYSE: DDC )

DDC Enterprise Limited ( NYSE: DDC ) is spearheading the corporate Bitcoin treasury revolution while maintaining its foundation as a leading global Asian food platform. The Company has strategically positioned Bitcoin as a core reserve asset, executing a bold and accelerating accumulation strategy. While continuing to grow its portfolio of culinary brands, DDC is now at the vanguard of public companies integrating Bitcoin into their financial architecture.

Caution Regarding Forward-Looking Statements

Certain statements in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as " may, " " will, " " expect, " " anticipate, " " aim, " " estimate, " " intend, " " plan, " " believe, " " is/are likely to, " " potential, " " continue " or other similar expressions. Examples of forward-looking statements include those related to business prospects, accumulation of Bitcoin, and the Company ’ s goals and future activity under the financing transactions described above, including the statements on the closings of the offerings and the satisfaction of closing conditions and use of proceeds in the offerings. These statements are subject to uncertainties and risks including, but not limited to, the risk factors discussed in the Risk Factors and in Management ’ s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 20-F, 6-K and other reports, including a Form 6-K which with copies of the definitive documents related to the above transactions, to be filed with the Securities and Exchange Commission ( " SEC " ) and available at www.sec.gov. It is also inherent in forward-looking statements for there to be risks, uncertainties and other factors beyond the Company ’ s ability to predict or control. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company ’ s filings with the SEC. Additional factors are discussed in the Company ’ s filings with the SEC, which are available for review at www.sec.gov. The Company undertakes no obligation to update or revise publicly any forward-looking statements to reflect subsequent occurring events or circumstances, or changes in its expectations that arise after the date hereof, except as may be required by law.

DDC ENTERPRISE LIMITED

UNAUDITED CONSOLIDATED BALANCE SHEETS