2026 年 3 月 4 日，DDC Enterprise Limited（NYSE American: DDC）今日公布截至 2025 年 12 月 31 日的全年未经审计初步财务业绩。公司预计实现创纪录的营收，并录得正向的调整后 EBITDA，主要受益于核心消费食品业务的持续增长及整体利润率的提升。最终经审计的财务报告预计将于 2026 年 4 月中旬发布。
2025 全年财务亮点
营收（Revenue）：预计在3,900 万至 4,100 万美元之间，创公司历史新高。
内生增长（Organic Growth）：若剔除公司对美国业务进行战略性收缩的影响，核心营收同比增长11% 至 17%。
毛利率（Gross Profit Margin）：预计在 28% 至 30%之间，反映运营效率持续改善。
调整后 EBITDA（Adjusted EBITDA）：公司预计2025 年全年将实现正值，相比2024 年亏损 350 万美元显著改善，这主要得益于严格的成本控制以及更高利润率的销售结构。
核心消费食品业务表现
2025 年，DDC 核心消费食品业务保持强劲运营表现。
公司同时披露核心消费食品业务调整后 EBITDA（Core Consumer Food Business Adjusted EBITDA），该指标在调整后 EBITDA 的基础上，进一步剔除了与比特币储备战略相关的成本，以及与比特币持仓相关的非现金公允价值变动（mark-to-market）影响，更准确反映核心业务的经营表现。
2025 年，核心消费食品业务调整后 EBITDA 预计在 550 万至 600 万美元之间。
比特币储备更新
2025 年上半年，DDC 启动了一项长期比特币积累战略，将比特币作为公司的主要储备资产。
截至 2025 年 12 月 31 日：公司持有1,183 枚 BTC
截至 2026 年 2 月 28 日：持仓增至2,118 枚 BTC
今日新增购入 65 枚 BTC，使公司总持仓达到 2,183 枚 BTC
DDC 创始人、董事长兼 CEO Norma Chu 表示：“我们很自豪能够以创纪录的收入和正向的调整后 EBITDA 结束 2025 年，这体现了公司消费食品业务的稳健增长以及盈利能力的持续改善。我们正在打造一个纪律严明、以增长为导向的食品平台，并通过长期视角配置资本至比特币资产，这与我们的长期信念一致。我们相信，这种 ‘稳健消费业务 + 战略性比特币储备’ 的双轨模式，将帮助 DDC 为股东创造持久的长期价值。”
调整后 EBITDA 的定义
对于 2025 年全年，公司将 “调整后 EBITDA”（非 GAAP 财务指标）定义为：
净利润 /（亏损），在此基础上 剔除以下项目：
●利息费用
●税费
●外汇损益
●长期资产减值损失
●折旧与摊销
●与金融工具（包括比特币持仓）相关的非现金公允价值变动
●股权激励费用
关于 DDC Enterprise Limited
DDC Enterprise Limited（NYSE: DDC）在持续巩固其全球领先亚洲食品平台地位的同时，正积极推动企业比特币储备（Bitcoin Treasury）战略的实施。
公司已将比特币确立为核心储备资产，并执行审慎且具有长期导向的积累策略。在不断扩展餐饮品牌组合的同时，DDC 正逐步成为将比特币纳入企业金融架构的上市公司代表之一。
DDC Enterprise Limited (the “Company,” “we,” or “DDC”) (NYSE American: DDC), today announced preliminary unaudited financial results for the full year ended December 31, 2025. The Company expects to report record revenue and positive Adjusted EBITDA driven by growth and margin expansion in its consumer food business. Final audited results are expected to be released in mid-April 2026.
Full-Year 2025 Financial Highlights
Revenue: Expected to be in the range of $39.0 million to $41.0 million, representing a record high for the Company.
Organic Growth: Excluding the strategic downsizing of U.S. operations, core revenue grew 11% to 17% year-over-year.
Gross Profit Margin: Expected to be between 28% and 30%, reflecting improved operational efficiency.
Adjusted EBITDA: The Company expects to report positive Adjusted EBITDA for full-year 2025, a significant turnaround from a loss of $3.5 million in 2024, driven by disciplined cost control and higher-margin sales.
Core Consumer Food Business Performance
DDC’s core consumer food business delivered strong operating performance in 2025. The Company also evaluates Core Consumer Food Business Adjusted EBITDA, which excludes costs associated with the Company’s Bitcoin treasury strategy, as well as non-cash mark-to-market fair value adjustments associated with Bitcoin holdings. Core Consumer Food Business Adjusted EBITDA is expected to range between $5.5 million and $6.0 million for 2025.
Bitcoin Treasury Update
In the first half of 2025, DDC initiated a long-term Bitcoin accumulation strategy to serve as a primary treasury reserve asset.
·As of December 31, 2025, the Company held 1,183 BTC.
·As of February 28, 2026, holdings increased to 2,118 BTC.
·Today, the Company announces an additional purchase of 65 BTC, bringing total Bitcoin holdings to 2,183 BTC.
Management Commentary
"We are proud to close 2025 with record revenue and positive Adjusted EBITDA, reflecting the strength and improving profitability of our consumer food business," said Norma Chu, Founder, Chairwoman, and CEO of DDC. "We are building a disciplined, growth-oriented food platform with real operating leverage, while allocating capital to Bitcoin with a long-term horizon that matches our conviction. We believe this balanced approach, combining a resilient consumer business with strategic treasury accumulation, positions DDC to create durable long-term value for our shareholders."For full-year 2025, the Company defines “Adjusted EBITDA”, a non-GAAP financial measure, as net income/(loss) excluding interest, tax expense, foreign currency exchange gain/(loss), impairment loss for long-term assets, depreciation and amortization, non-cash market-to-market fair value adjustments associated with financial instruments including Bitcoin holdings and share-based compensation.
ABOUT DDC Enterprise Limited
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.
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