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 2025
Commission File Number: 001-41872
DDC Enterprise Limited
368 9th Ave, New York, NY 10001, USA
+ 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,” and “our” refer to DDC Enterprise Limited.
First half of 2025 Unaudited Financial Results
On September 4, 2025, the Company issued a press release announcing its unaudited consolidated balance sheet as of June 30, 2025 and its unaudited consolidated statements of operations and comprehensive (loss)/income for the six months ended June 30, 2025. The press release is attached as Exhibit 99.1 and incorporated herein by this reference.
On September 3, 2025, the board of directors of the Company passed unanimous written resolution to approve the issuance and sale of 875,000 Class B Ordinary Shares to Norma Chu, the Company’s Chief Executive Officer and Chairwoman, at the par value of $0.016 per share, for a total purchase price of $14,000.
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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 4, 2025 | By: | /s/ Norma Ka Yin Chu |
| Name: | Norma Ka Yin Chu | |
| Title: | Chief Executive Officer |
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| Exhibits | |
|---|---|
| Press Release Dated September 4, 2025 | 99.1 |
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Exhibit 99.1
DDC Enterprise Limited Announces First Halfof 2025 Unaudited Financial Results
| - | Achieved record net profit of US$5.2 million, compared to the net loss of US$5.2 million for the six months ended June 30, 2024. Changes in the fair value of Bitcoin contributed to US$3.8 million. |
|---|---|
| - | Shareholder equity increased by 202% to US$34.7 million compared to the year ended 31 December, 2024. |
| --- | --- |
| - | As at the end of the reporting period, the Company held 138 BTC and has been executing on the Bitcoin accumulation strategy. As of the reporting date, DDC’s total Bitcoin holdings reached 1,008 BTC and holdings translate to 0.121298 BTC per 1,000 DDC shares. |
| --- | --- |
New York, September 4, 2025 (GLOBE NEWSWIRE) – DDC Enterprise,Limited. (the “Company”, “we” or “DDC”) (NYSE Amex: DDC), today announced its unaudited financialresults for the first six months of 2025. (the “Reporting Period”)
Operational and Financial Highlights for the First Half of 2025
The Company launched its Bitcoin accumulation strategy in the first half of the year and has purchased Bitcoin as part of its long-term investment strategy and purchased 1,008 BTC as of the reporting date.
During the reporting period, the Company proactively scaled back its overseas operations in the US market due to lack of profitability and ongoing uncertainties in the Asian food segment. At the same time, the Company completed a joint venture in the China market that is expected to generate net profit totalling US$15.0 million for the coming 5 years. Domestically, China revenue increased steadily by 7.5% to US$15.6 million in the first half of 2025, compared with US$14.5 million in the same period of 2024.
Gross profit margin improved to 33% in the first half of 2025, compared to 26% in the same period of 2024 due to stringent supply chain optimization and ongoing cost control.
The Company reported a net profit of US$5.2 million in the first half of 2025, compared to the net loss of US$5.2 million in the same period of 2024, which was mainly attributable to improved margin, disciplined cost control and the fair value gain on the Bitcoins at the end of the reporting period.
During the reporting period, the Company refinanced approximately US$4.9 million of debt by converting it into Class A Ordinary shares.
ABOUT DAYDAYCOOK
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.
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. Among other things, completion of the reverse split and removal of the trade halt are forward-looking statements. 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: DDC’s Bitcoin strategy, performance of JV’s; DDC’s growth 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.
Investors:
Yujia Zhai
Orange Group
Media:
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DDC ENTERPRISE LIMITED
UNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONSAND COMPREHENSIVE (LOSS)/INCOME
| For the Six Months Ended June 30， | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | |||||||
| RMB | RMB | US | ||||||
| Revenues: | ||||||||
| Product revenues | 122,513,685 | 111,909,938 | ||||||
| Service revenues | 385,031 | - | ||||||
| Total revenues | 122,898,716 | 111,909,938 | ||||||
| Cost of products | (91,031,202 | ) | (74,575,130 | ) | ) | |||
| Cost of services | (81,873 | ) | - | |||||
| Total cost of revenues | (91,113,075 | ) | (74,575,130 | ) | ) | |||
| Gross profit | 31,785,641 | 37,334,808 | ||||||
| Operating expenses: | ||||||||
| Fulfilment expenses | (5,056,932 | ) | (2,877,103 | ) | ) | |||
| Sales and marketing expenses | (9,669,218 | ) | (2,517,469 | ) | ) | |||
| General and administrative expenses | (33,589,607 | ) | (14,304,907 | ) | ) | |||
| Share based compensation | (9,240,373 | ) | (3,151,323 | ) | ) | |||
| Total operating expenses | (57,556,130 | ) | (22,850,802 | ) | ) | |||
| (Loss)/income from operations | (25,770,489 | ) | 14,484,006 | |||||
| Interest expenses | (8,488,238 | ) | (1,173,379 | ) | ) | |||
| Interest income | 1,419,568 | 675,860 | ||||||
| Foreign currency exchange gain/(loss), net | (7,375 | ) | (5,560 | ) | ) | |||
| Other income | 142,683 | 1,162,890 | ||||||
| Changes in fair value of digital assets | - | 27,566,664 | ||||||
| (Loss)/income before income tax expenses | (32,703,851 | ) | 42,710,481 | |||||
| Income tax expense | (4,042,618 | ) | (5,576,837 | ) | ) | |||
| Net (loss)/income | (36,746,469 | ) | 37,133,644 | |||||
| Net (loss)/income attributable to ordinary shareholders | (36,746,469 | ) | 37,133,644 | |||||
| Net income attributable to non-controlling interest | 4,404,877 | 8,990,337 | ||||||
| Net (loss)/income attributable to DDC Enterprise Limited | (41,151,346 | ) | 28,143,307 |
All values are in US Dollars.
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DDC ENTERPRISE LIMITEDUNAUDITED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE (LOSS)/INCOME – (Continued)
| Forthe Six Months Ended June 30， | ||||||||
|---|---|---|---|---|---|---|---|---|
| 2024 | 2025 | |||||||
| RMB | RMB | US | ||||||
| Other comprehensive income, net of nil income taxes: | ||||||||
| Foreign currency translation adjustment, net of nil income taxes | (2,035,230 | ) | (4,334,444 | ) | ) | |||
| Net unrealized gains on available-for-sale debt Securities | 2,989,431 | 8,485,964 | ||||||
| Total other comprehensive income | 954,201 | 4,151,520 | ||||||
| Comprehensive (loss)/income: | (35,792,268 | ) | 41,285,164 | |||||
| Comprehensive income attributable to non-controlling interests | 4,404,877 | 8,990,337 | ||||||
| Comprehensive (loss)/income attributable to DDC Enterprise Limited | (40,197,145 | ) | 32,294,827 | |||||
| Net (loss)/income per ordinary share | ||||||||
| — Basic and diluted – Class A | (45.86 | ) | 7.41 | |||||
| — 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 | 897,308 | 3,798,369 | ||||||
| — Basic and diluted – Class B | 875,000 | 875,000 |
All values are in US Dollars.
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DDC ENTERPRISE LIMITED
UNAUDITED CONSOLIDATED BALANCE SHEETS
| December 31, | June 30, | ||||
|---|---|---|---|---|---|
| 2024 | 2025 | ||||
| RMB | RMB | US | |||
| ASSETS | |||||
| Current assets | |||||
| Cash and cash equivalents | 60,957,156 | 48,375,196 | |||
| Short-term investment | 130,055,727 | 131,338,206 | |||
| Accounts receivable, net | 33,146,088 | 25,403,144 | |||
| Inventories | 4,719,804 | 3,055,943 | |||
| Prepayments and other current assets | 148,267,234 | 205,716,329 | |||
| Total current assets | 377,146,009 | 413,888,818 | |||
| Non-current assets | |||||
| Long-term investments | 8,490,163 | 8,490,163 | |||
| Property, plant and equipment, net | 573,775 | 475,348 | |||
| Operating lease Right-of-use assets | 5,154,258 | 4,396,733 | |||
| Intangible assets, net | 10,894,989 | 10,013,148 | |||
| Goodwill | 26,638,707 | 26,638,707 | |||
| Other non-current assets | 56,319,547 | 78,746,814 | |||
| Digital assets | - | 102,183,472 | |||
| Total non-current assets | 108,071,439 | 230,944,385 | |||
| Total assets | 485,217,448 | 644,833,203 |
All values are in US Dollars.
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DDC ENTERPRISE LIMITEDUNAUDITED CONSOLIDATED BALANCE SHEETS – (Continued)
| December 31, | June 30, | ||||
|---|---|---|---|---|---|
| 2024 | 2025 | ||||
| RMB | RMB | US | |||
| LIABILITIES AND SHAREHOLDERS’ EQUITY | |||||
| Current liabilities | |||||
| Short-term bank borrowings | 50,500,000 | 47,440,000 | |||
| Current portion of long-term bank borrowings | 792,548 | 514,622 | |||
| Accounts payable | 24,308,952 | 24,836,371 | |||
| Contract liabilities | 12,377,171 | 11,178,152 | |||
| Shareholder loans, at amortized cost | 84,342,862 | 66,017,666 | |||
| Amounts due to related parties | 491,089 | 491,089 | |||
| Accrued expenses and other current liabilities | 192,237,718 | 195,710,852 | |||
| Current portion of lease liabilities | 2,037,862 | 1,652,552 | |||
| Current portion of finance lease liabilities | 29,847 | 29,847 | |||
| Convertible loans, at amortized cost | 3,500,000 | 3,500,000 | |||
| Total current liabilities | 370,618,049 | 351,371,151 | |||
| Non-current liabilities | |||||
| Long-term bank borrowings | 4,463,550 | 4,509,229 | |||
| Operating lease liabilities | 3,584,743 | 3,283,462 | |||
| Convertible loans, at fair value | 10,076,081 | 23,473,345 | |||
| Deferred tax liabilities | 3,798,357 | 3,174,500 | |||
| Other non-current liabilities | 10,405,554 | 10,405,554 | |||
| Total non-current liabilities | 32,328,285 | 44,846,090 | |||
| Total liabilities | 402,946,334 | 396,217,241 |
All values are in US Dollars.
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DDC ENTERPRISE LIMITEDUNAUDITED CONSOLIDATED BALANCE SHEETS – (Continued)
| June 30, | |||||||
|---|---|---|---|---|---|---|---|
| 2025 | |||||||
| RMB | US | ||||||
| Shareholders’ equity | |||||||
| Class A ordinary shares (US0.4 par value per share, 8,000,000 shares and 200,000,000 shares authorized as of December 31, 2024 and June 30, 2025, respectively; 3,150,169 shares and 8,307,583 shares issued and outstanding as of December 31, 2024 and June 30, 2025, respectively) | 8,984,639 | 21,717,617 | |||||
| Class B ordinary shares (US0.016 par value per share, 875,000 shares and 1,750,000 shares authorized as of December 31, 2024 and June 30, 2025, respectively; 875,000 shares issued and outstanding as of December 31, 2024 and June 30, 2025, respectively) | 96,589 | 96,589 | |||||
| Additional paid-in-capital | 1,984,763,325 | 2,097,090,031 | |||||
| Accumulated deficit | (1,814,578,760 | ) | (1,786,435,453 | ) | ) | ||
| Accumulated other comprehensive loss | (131,840,166 | ) | (127,688,646 | ) | ) | ||
| Total shareholders’ equity attributable to DDC Enterprise Limited | 47,425,627 | 204,780,138 | |||||
| Non-controlling interest | 34,845,487 | 43,835,824 | |||||
| Total shareholders’ equity | 82,271,114 | 248,615,962 | |||||
| Total liabilities and shareholders’ equity | 485,217,448 | 644,833,203 |
All values are in US Dollars.
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