DDC on NYSE

DDC Enterprise Ltd

DDC Enterprise Ltd is a food and Kindred Products company that raised $27 million in 2025 (SEC Form D).1 It is headquartered in Charlotte, North Carolina.1

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Last updated Oct 20, 2026.

Overview

$39.2MRevenue, fiscal 20252
-$48.3MNet income, fiscal 20252

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  • TickerDDC on NYSE1
  • IndustryFood and Kindred Products1
  • HeadquartersCharlotte, North Carolina1
  • Incorporated inCayman Islands3
  • Business address301 S Mcdowell Street, Suite 125, Charlotte, Nc 282043
  • Filer categoryNon-accelerated filer, Emerging growth company3
  • Legal formCorporation

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2025, our PRC suppliers network comprises over 450 supply chain partners for our existing products portfolio.4 From its latest annual report

Financials

From the company’s reports to the SEC. Every number links to the filing it came from.

Key numbers, fiscal 2025

31.4%Gross margin2
-90.0%Operating margin2
-123.3%Net margin2
4.6%Revenue growth, 20252
-67.9%Return on equity2
0.06×Debt to equity2
-$39.7MFree cash flow2

What sells

Revenue by product, business segment and region, as the company reports it to the SEC.

Products and services

Private Label Products brought in 60% of the revenue DDC Enterprise Ltd broke down this way in fiscal 2025.

  1. Private Label Products164.0M CNY260%up 12% from 2024
  2. Ready To Eat Rte Plant Base107.3M CNY239%up 9% from 2024
  3. Ready To Cook Rtc2.7M CNY21%down 90% from 2024
Products and services by year
Products and services202320242025
Private Label Products130.4M CNY147.0M CNY164.0M CNY
Ready To Eat Rte Plant Base58.6M CNY98.1M CNY107.3M CNY
Ready To Cook Rtc10.8M CNY26.3M CNY2.7M CNY

Regions

Chinese Mainland brought in 99% of the revenue DDC Enterprise Ltd broke down this way in fiscal 2025.

  1. Chinese Mainland271.3M CNY299%up 10% from 2024
  2. HKMember2.8M CNY21%down 30% from 2024
Regions by year
Regions202320242025
Chinese Mainland191.6M CNY245.6M CNY271.3M CNY
HKMember5.3M CNY4.0M CNY2.8M CNY

Where the money goes

Where each dollar of revenue went, fiscal 2025

  • Cost of revenue69¢$26.9M
  • Other costs19¢$7.3M
  • Interest7¢$2.9M
  • Income tax5¢$2.1M

Out of $39.2M in revenue.2 The company lost money this year.

Financial statements

Revenue562$39.2M in 2025−81% since 2021
0$100.0M$200.0M$300.0M2021: $205.2M$205.2M20212022: $179.6M$179.6M2022−12%2023: $28.9M$28.9M2023−84%2024: $37.4M$37.4M2024+29%2025: $39.2M$39.2M2025+5%
Gross profit562$12.3M in 2025+70% since 2023
0$5.0M$10.0M$15.0M2023: $7.2M$7.2M20232024: $10.6M$10.6M2024+47%2025: $12.3M$12.3M2025+16%
Operating income562-$35.3M in 2025+71% since 2023
-$40.0M-$30.0M-$20.0M-$10.0M02023: -$20.6M-$20.6M20232024: -$18.8M-$18.8M2024−9%2025: -$35.3M-$35.3M2025+87%
Net income562-$48.3M in 2025−89% since 2021
-$600.0M-$400.0M-$200.0M02021: -$458.7M-$458.7M20212022: -$122.2M-$122.2M2022−73%2023: -$162.0M-$162.0M2023+32%2024: -$21.5M-$21.5M2024−87%2025: -$48.3M-$48.3M2025+125%

Every line of the income statement as filed: the last 3 fiscal years, latest first.2

Period ending2025-12-312024-12-312023-12-31
Total revenues274.0M CNY273.3M CNY205.5M CNY
Total cost of revenues-187.9M CNY-195.7M CNY-154.0M CNY
Gross profit86.2M CNY77.6M CNY51.5M CNY
Fulfilment expenses-5.4M CNY-8.0M CNY-7.3M CNY
Sales and marketing expenses-7.7M CNY-20.9M CNY-17.4M CNY
General and administrative expenses-79.8M CNY-99.1M CNY-82.5M CNY
Impairment loss on goodwill-21.7M CNY-67.9M CNY-6.6M CNY
Share based compensation-218.3M CNY-19.1M CNY-83.9M CNY
Total operating expenses-332.9M CNY-215.1M CNY-197.7M CNY
Loss from operations-246.7M CNY-137.4M CNY-146.2M CNY
Interest expenses-20.4M CNY-16.7M CNY-12.2M CNY
Interest income8.0M CNY3.2M CNY2.6M CNY
Foreign currency exchange (loss)/gain, net16.9K CNY-66.8K CNY
Impairment loss for equity investments accounted for using measurement alternative-8.5M CNY-5.6M CNY-8.3M CNY
Gain from deconsolidation of VIEs134.7K CNY
Other income3.2M CNY1.9M CNY421.4K CNY
Other expenses, net-10.4M CNY
Unrealized loss on digital assets-38.7M CNY
Changes in fair value of financial instruments-20.2M CNY4.8M CNY17.1M CNY
Loss before income tax expenses-323.3M CNY-149.8M CNY-157.0M CNY
Income tax expense-14.7M CNY-7.1M CNY-5.0M CNY
Net loss-338.0M CNY-157.0M CNY-162.0M CNY
Accretion of redeemable convertible preferred shares to redemption value-110.1M CNY
Net loss attributable to ordinary shareholders-338.0M CNY-157.0M CNY-272.1M CNY
Net income attributable to non-controlling interest18.7M CNY13.2M CNY4.4M CNY
Net loss attributable to DDC Enterprise Limited-356.7M CNY-170.2M CNY-276.5M CNY
Foreign currency translation adjustment, net of nil income taxes5.6M CNY-4.8M CNY-52.8M CNY
Net unrealized gains on available-for-sale debt Securities344.6K CNY8.5M CNY396.1K CNY
Total other comprehensive (loss)/income5.9M CNY3.7M CNY-52.4M CNY
Comprehensive loss:-332.1M CNY-153.2M CNY-324.5M CNY
Comprehensive income attributable to non-controlling interests18.7M CNY13.2M CNY4.4M CNY
Comprehensive loss attributable to DDC Enterprise Limited-350.8M CNY-166.5M CNY-328.9M CNY

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What it owns

What DDC Enterprise Ltd reports owning in its annual reports to the SEC: buildings, land and equipment, real estate and locations, investments, intangible assets and inventory, at the end of its latest fiscal year and a year before.

Property and equipment

ItemLatestA year beforeChange
Property and equipment, before depreciation10.2M CNY2 Dec 31, 202510.5M CNY2 Dec 31, 2024−2.7%
Accumulated depreciation9.9M CNY2 Dec 31, 202510.0M CNY2 Dec 31, 2024−0.1%
Property and equipment, net$43.4K2 Dec 31, 2025$78.6K6 Dec 31, 2024−44.8%
Operating-lease assets (leased space)$1.2M2 Dec 31, 2025$706.1K6 Dec 31, 2024+73.8%

Investments

ItemLatestA year beforeChange
Cash and cash equivalents$3.0M2 Dec 31, 2025$8.4M2 Dec 31, 2024−63.8%
Marketable securities, current$18.6M2 Dec 31, 2025$17.8M6 Dec 31, 2024+4.7%
Long-term investments$1.2M6 Dec 31, 2024$2.0M5 Dec 31, 2023−41.6%

Intangibles and goodwill

ItemLatestA year beforeChange
Goodwill$711.1K2 Dec 31, 2025$3.6M6 Dec 31, 2024−80.5%
Intangible assets, net (excluding goodwill)$230.3K2 Dec 31, 2025$1.5M6 Dec 31, 2024−84.6%
Finite-lived intangibles, gross35.9M CNY2 Dec 31, 202535.9M CNY2 Dec 31, 20240%
Accumulated amortization-7.8M CNY2 Dec 31, 2025-6.2M CNY2 Dec 31, 2024−24.7%
Finite-lived intangibles, net1.6M CNY2 Dec 31, 202510.9M CNY2 Dec 31, 2024−85.2%

Inventory

ItemLatestA year beforeChange
Inventory, total$1.2M2 Dec 31, 2025$646.6K6 Dec 31, 2024+82.0%
Finished goods9.4M CNY2 Dec 31, 20256.0M CNY2 Dec 31, 2024+55.9%

Leadership

Who has led DDC Enterprise Ltd, and when. Pick a name to see everywhere that person has worked.

Chief executive

  1. Norma Ka Yin Chu2026–now
Board members and other officers (6)

Named in SEC Form D filings

People the company listed in its private-offering notices.

  • Executive OfficerEthan Yong Kang Yu named Jul 16, 202513
  • Executive OfficerKyle Ka Yin Guse named Jul 16, 202513
  • DirectorGeorge Yong Kang Lai named Jul 16, 202513

Timeline

  1. Mar 18, 2026New chief executive Norma Ka Yin Chu becomes CEO7

Filings

117 filings to the SEC since October 2021: 3 annual reports, 12 insider forms, 2 private raises, 100 other. The latest 20:

  1. Sep 21, 20264 EDGAR
  2. Sep 2, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  3. Aug 14, 2026S-8 REGISTRATION STATEMENT EDGAR
  4. Jul 7, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  5. Jul 1, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  6. Jul 1, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  7. Jun 10, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  8. Apr 30, 20264 EDGAR
  9. Apr 30, 20264 EDGAR
  10. Apr 30, 20264 EDGAR
  11. Apr 30, 20264 EDGAR
  12. Apr 30, 20264 EDGAR
  13. Apr 21, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  14. Apr 21, 202620-F ANNUAL REPORT EDGAR
  15. Mar 20, 20266-K REPORT OF FOREIGN PRIVATE ISSUER EDGAR
  16. Mar 18, 20263 EDGAR
  17. Mar 18, 20263 EDGAR
  18. Mar 18, 20263 EDGAR
  19. Mar 18, 20263 EDGAR
  20. Mar 18, 20263 EDGAR

The 117 filings since October 2021 can be filtered by form type and year here when JavaScript is on.

Every filing from the last five years, summarized. The full record is on SEC EDGAR.

Money raised

Private offerings the company reported to the SEC on Form D.

  1. Jul 1, 2025Raised $27 million in a private offering of securities Form D: $302 million offered in all Form D
  2. Jul 1, 2025Filed a private offering of equity Form D: $200 million offered in all Form D

SEC filer profile

How DDC Enterprise Ltd is registered with the Securities and Exchange Commission, from its EDGAR record and the cover page of its latest annual report.

  • Name on EDGARDDC Enterprise Ltd1
  • CIK0001808110
  • Filer statusNon-accelerated filer an emerging growth company; not a shell company4
  • Incorporated inCayman Islands4
  • Fiscal year endsDecember 311
  • Industry code (SIC)2000 Food and Kindred Products1
  • SEC reviewing officeOffice of Manufacturing, Division of Corporation Finance1
  • Business address301 S Mcdowell Street, Suite 125, Charlotte, NC 282041
  • Phone852-2803-06881
  • Shares outstanding23,281,620 Common Class A shares; 1,750,000 Common Class B shares as of Dec 31, 20254
  • AuditorEnrome LLP, Singapore PCAOB ID 6907; no auditor attestation of internal control over financial reporting4
  • On EDGAR sinceOct 3, 20221
  • Filings117 in all: 6-K (43), CORRESP (11), UPLOAD (10), F-1/A (7), 3 (6), 4 (6), DRSLTR (4), EFFECT (4)1
    All 22 form types

    20-F (3), F-1 (3), 424B3 (2), D (2), DRS/A (2), F-3 (2), F-3/A (2), FWP (2), NT 20-F (2), S-8 (2), 424B4 (1), 8-A12B (1), CERT (1), DRS (1)

  • Latest filingsAnnual report (20-F) Apr 21, 2026

Securities registered for trading

ClassSymbolExchange
Class A Ordinary Shares, par value $0.4 per shareDDCNYSE American

From the cover page of the 20-F filed Apr 21, 2026 (Section 12(b) of the Exchange Act).4

Sources

The numbers on this page point here. Each one links to the record it came from.

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