DDC 6-K
DDC Enterprise Ltd (DDC)
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 |
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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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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:
Media:
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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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