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DDC Enterprise H1 revenue up 29%, $38M Bitcoin loss

Net debt fell to US$10.2 million by June 30, 2026, after repaying US$51.0 million of loans pledged by digital assets.

Filing Impact
(Neutral)
Filing Sentiment
(Neutral)
Form Type
6-K

Rhea-AI Filing Summary

DDC Enterprise Ltd (DDC) reported first-half 2026 results showing strong growth in its core Asian food business alongside large accounting losses tied to its Bitcoin treasury strategy. Total revenue reached US$20.2 million, up about 29% year-over-year, with gross profit of US$6.1 million. Gross margin declined from 33.4% to 30.4% as DDC pushed into higher-volume sales channels.

The company recorded a net loss of US$38.4 million, largely due to US$34.3 million in non-cash, mark-to-market unrealized fair value losses on its Bitcoin holdings. By contrast, the core food business generated positive Non-GAAP Adjusted EBITDA of US$1.2 million, indicating operating leverage in that segment. Adjusted EBITDA for the consolidated business was RMB 8.1 million.

Liquidity included US$2.5 million of cash and cash equivalents and US$21.6 million of short-term investments. Net debt fell sharply to US$10.2 million as of June 30, 2026, from US$60.6 million at December 31, 2025, after repayment of US$51.0 million of loans pledged by digital assets. DDC increased its Bitcoin holdings to 2,899 from 1,181 and adopted a share repurchase program of up to US$10 million or 20% of Class A shares over 18 months.

Positive

  • Revenue growth ~29%: Total revenue rose to US$20.2 million for 1H2026, driven by broader retail penetration and expanded distribution for the food business.
  • Core food Adjusted EBITDA positive: The core food business delivered US$1.2 million in Non-GAAP Adjusted EBITDA in 1H2026, showing operating leverage in the main franchise.
  • Net debt reduced by about US$50 million: Net debt declined to US$10.2 million as of June 30, 2026, from US$60.6 million at year-end 2025, helped by repayment of US$51.0 million of loans pledged by digital assets.
  • Share repurchase authorization: The board approved a buyback program of up to US$10 million or 20% of outstanding Class A shares over 18 months, providing a capital allocation option.
  • Bitcoin holdings expanded 145%: Bitcoin holdings increased to 2,899 from 1,181 since the start of 2026, aligning with the strategy of using Bitcoin as a corporate reserve asset.

Negative

  • Large net loss driven by Bitcoin marks: DDC posted a net loss of US$38.4 million for 1H2026, mainly from US$34.3 million in non-cash unrealized fair value losses on its Bitcoin treasury.
  • Margin compression: Gross margin fell from 33.4% in 1H2025 to 30.4% in 1H2026 as the company expanded into higher-volume channels.
  • High share-based compensation: Share-based compensation rose to RMB 21.8 million for 1H2026, increasing total operating expenses and contributing to an operating loss.
  • Bitcoin-driven earnings volatility: The company stated that GAAP results are subject to volatility from non-cash Bitcoin mark-to-market accounting adjustments, linking reported earnings more closely to digital asset price movements.

Filing Explained

The filing updates DDC’s Class A share base to 56,841,260 issued and outstanding as of September 2, versus 45,627,607 at June 30, changing the denominator for each existing holder’s ownership percentage.

Total revenue 1H2026 US$20.2 million For the six months ended June 30, 2026; approximately 29% year-over-year growth
Gross profit 1H2026 US$6.1 million For the six months ended June 30, 2026
Gross margin 1H2026 30.4% Down from 33.4% in the first half of 2025
Net income/(loss) 1H2026 US$38.4 million loss Includes US$34.3 million non-cash unrealized fair value losses on Bitcoin holdings
Adjusted EBITDA 1H2026 US$1.2 million Non-GAAP Adjusted EBITDA for the core food business; RMB 8.1 million consolidated
Net debt US$10.2 million As of June 30, 2026, compared to US$60.6 million at December 31, 2025
Bitcoin holdings 2,899 Bitcoin As of the date of the press release; 1,181 Bitcoin at December 31, 2025
Share repurchase authorization US$10 million or 20% of Class A shares Approved July 1, 2026, for an 18‑month window
Adjusted EBITDA financial
"The Company’s core food business delivered positive Non-GAAP Adjusted EBITDA of US$1.2 million"
Adjusted EBITDA is a way companies measure how much money they make from their core operations, like running a business, by removing certain costs or income that aren’t part of regular business activities. It helps investors see how well a company is doing without distractions from unusual expenses or gains, making it easier to compare companies or track performance over time.
Non-GAAP financial measures financial
"Adjusted EBITDA is a Non-GAAP financial measure"
Non-GAAP financial measures are numbers companies use to show their financial performance that exclude certain expenses or income. They help investors see how the company might perform without one-time costs or other unusual items, giving a different perspective from official reports. However, since they can be adjusted, they don’t always tell the full story and should be looked at alongside standard financial figures.
mark-to-market unrealized fair value losses financial
"largely driven by non-cash mark-to-market unrealized fair value losses on its Bitcoin treasury"
Bitcoin treasury financial
"non-cash mark-to-market unrealized fair value losses on its Bitcoin treasury holdings"
A bitcoin treasury is a collection of bitcoin holdings owned by a company or organization, similar to how a savings account stores money. It represents a strategic reserve of digital currency that can be used for investments, operational costs, or future growth. For investors, a bitcoin treasury can signal financial strength or a company's confidence in cryptocurrencies as part of its long-term plans.
available-for-sale debt securities financial
"Net unrealized gains on available-for-sale debt Securities"
A type of debt investment—like bonds or loans a company buys—that the company intends to hold for a while but may sell before it matures. Think of it as lending money with the option to sell the IOU; changes in its market value alter the company’s reported net worth now but usually don’t affect reported profit until the investment is actually sold, so investors watch these holdings for balance-sheet risk and potential future gains or losses.
Revenue US$20.2 million Increased approximately 29% year-over-year from RMB 111.9 million to RMB 136.7 million
Net income/(loss) US$38.4 million loss Down from net income of RMB 37.1 million in the prior-year period
Gross margin 30.4% Declined from 33.4% in the first half of 2025
Adjusted EBITDA US$1.2 million (RMB 8.1 million) Decreased from RMB 18.5 million in the first half of 2025

FAQ

How did DDC (DDC) perform financially in the first half of 2026?
DDC reported US$20.2 million in revenue and a net loss of US$38.4 million for 1H2026. Revenue grew about 29% year-over-year, but non-cash unrealized losses on Bitcoin holdings of US$34.3 million drove the overall net loss.

What was DDC (DDC)’s gross margin and how did it change year-over-year?
Gross margin for 1H2026 was 30.4%, down from 33.4% in 1H2025. Management attributed the decline to strategic expansion into higher-volume sales channels to scale the top line.

What is DDC (DDC)’s Adjusted EBITDA for the first half of 2026?
Consolidated Adjusted EBITDA was RMB 8.1 million (about US$1.2 million) for 1H2026. The company’s core food business generated positive Non-GAAP Adjusted EBITDA of US$1.2 million, excluding Bitcoin mark-to-market and other adjustments.

How much Bitcoin does DDC (DDC) hold as of this report?
DDC held 2,899 Bitcoin as of the date of the release, up from 1,181 Bitcoin at December 31, 2025. The company describes Bitcoin as a core corporate reserve asset complementing its primary food business.

What is the liquidity and net debt position of DDC (DDC) as of June 30, 2026?
As of June 30, 2026, DDC had US$2.5 million in cash and cash equivalents and US$21.6 million in short-term investments. Net debt was US$10.2 million, down from US$60.6 million at December 31, 2025.

Did DDC (DDC) authorize any share repurchase program in 2026?
Yes. On July 1, 2026, the board approved a share repurchase program authorizing buybacks of up to US$10 million or 20% of outstanding Class A ordinary shares, whichever is lower, over an 18‑month period.

How many Class A ordinary shares of DDC (DDC) are outstanding?
As of the date of the report, there were 56,841,260 Class A ordinary shares issued and outstanding. As of June 30, 2026, the balance sheet shows 45,627,607 Class A shares issued and outstanding.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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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

 

3

 

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)

 

3

 

 

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 

 

4

 

 

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 

 

5

 

 

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 

 

6

 

 

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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Source: View Original Filing on SEC EDGAR

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