领先的多品牌亚洲消费食品企业、战略比特币储备持续增长的DDC Enterprises, Ltd.(纽约证券交易所美国板代码: NYSEAM: DDC)(以下简称“DDC”或“公司”)今日发布公司最新动态,创始人、董事长兼首席执行官朱嘉盈Norma Chu女士致函全体股东。

尊敬的各位股东:

两年前,DDC 还是一家在后疫情时代艰难前行的食品公司;如今,我们已经蜕变为一家截然不同、更具格局的企业。DDC 已发展成为一家拥有世界级比特币储备的全球亚洲食品平台,并于本周正式发布机构级规模管理所需的 AI 基础设施。这并非一次业务转向,而是一场审慎、自律且方兴未艾的战略进化。

2025年是我们为上述一切奠定基础的关键之年。今天,我想向各位股东详细阐述:我们完成了哪些工作、这些工作为何重要,以及我们将往何处去。

一、2025年:我们做成了什么

各项核心数据清晰展现了公司实质性的经营改善:

•营业收入:3,920 万美元(同比增长 4.6%,创历史新高)

•毛利率:31.4%(同比提升 303 个基点,创历史新高)

•调整后 EBITDA:全年转正(公司历史上首次实现)

•比特币持仓:2,383 枚(按 2026 年 4 月市值计算约合 1.82 亿美元)

•BTC 收益率:1,493%(自首次购入至 2026 年 4 月21 日累计)

公司核心市场的营业收入同比增长 9.8%,主要得益于下沉市场的持续深耕以及线下分销网络的主动拓展。全年毛利率达到 31.4%,同比提升 303 个基点,充分体现了供应链优化、采购纪律强化以及原材料成本向好所带来的综合效益。与此同时,公司历史上首次实现了全年调整后 EBITDA 转正。

我们也果断采取行动,对业务结构进行了简化——公司已退出美国食品业务。我们的资本与精力,应集中投放于自身竞争优势最为突出的市场,而亚洲正是这样的市场。公司旗下品牌表现稳健,在中国的运营基础设施也达到了前所未有的强度。

我们正在打造的,是一家能够在损益表与资产负债表两个维度同步实现价值复合增长的公司。

就报告财务数据而言:2025年全年净亏损为 4,830 万美元,2024 年同期为净亏损 2,150 万美元。对此我想开诚布公:亏损扩大的主要原因是 3,120 万美元的非现金股权激励费用——这部分成本用于组建比特币储备管理团队、将薪酬架构与行业同业对标,并为资本市场项目提供支持。得益于比特币储备战略的稳步推进,公司股东权益较去年同期大幅增长约 600%,达到 7,890 万美元。同样令人欣慰的是,若剔除非现金激励费用,基础食品业务的改善十分显著:核心销售及市场费用下降 54%,一般及管理费用下降 44.4%。消费业务相较于一年前已更加高效。

这一背景至关重要——净亏损并不代表经营层面的恶化。我们在人才方面的大力投入,已为股东带来了卓越的业绩表现;报表所呈现的,是我们为打造全新业务所付出的投入成本。我们所建设的这项事业,完全值得这一投入。

二、比特币储备:从战略到规模

截至2025年底,公司持有 1,181 枚比特币。截至 2026 年 4 月21 日,公司持仓已达 2,383 枚,按现价计算市值约为 1.82 亿美元——三个月内持仓实现翻倍。自首次购入以来 BTC 收益率达到 1,493%,储备累积战略按预期有序推进。

这一成就使 DDC 跻身全球上市公司比特币持有者前三十。我们在不到一年的时间内完成了跨越,且全程秉持严格的自律原则。公司构建了着眼长远的资本架构:5.28 亿美元战略融资额度,其中绝大部分尚未动用、仍可随时调用;同时,公司还备有一份 5 亿美元的 F3 架上注册声明。这意味着,当市场条件有利时,我们能够以最大灵活度果断出手。

我们坚信比特币值得作为储备资产配置,原因在于:法币持续贬值,而比特币供应量恒定。从长期来看,稀缺资产在价值保存方面的能力,是主权货币难以保证的。比特币正在以前所未有的方式融入这一讨论——它不是投机标的,而是一类正在成形的机构级资产。

全球顶级金融机构早已不再争论比特币是否值得配置,而是在围绕它构建基础设施。监管框架日益清晰,企业接纳速度持续加快。那些在主流资金到来之前便建立起储备体系的公司,将拥有永久性的结构优势。DDC 立志成为其中之一。在 2026 年第一季度市场回调期间,我们坚持常态化购入,平均持仓成本已降至每枚 79,969 美元,在美国上市同业中处于最低区间之一。

三、DDC Treasury AI OS:打造智能化储备管理平台

持有比特币是一回事,以机构级的自律、透明与一致性去管理比特币,则是另一回事。目前已采纳比特币储备战略的大多数公司,仍缺乏与之相匹配的专属基础设施——它们持有了资产,却缺乏一套关于如何随时间推移进行累积、配置与风险管理的系统化方法。

DDC Treasury Intelligence Platform(DDC 储备智能平台)正是为填补这一空白而设计,这也是我认为本次公布信息中最具战略意义的一项内容。

大多数公司是在“买入”比特币;而 DDC 正在打造让企业和储备团队“管理”比特币的 AI 操作系统。

平台的核心是DDC Treasury Graph(DDC 储备图谱)——这是一套受治理框架管控的内部知识体系,将公司的比特币持仓、交易流水、市场信号与历史配置决策整合为统一的数据集。我们所做的每一项决策、所穿越的每一轮市场环境、所权衡的每一次取舍,都会沉淀为结构化数据,为下一次决策提供支持。

该平台基于四项核心原则构建:

•Intelligence(情报整合):聚合并优先呈现相关的内外部数据;

•Decision Quality(决策质量):为资本配置决策的评估与留痕提供系统化框架;

•Governance(治理合规):嵌入经董事会批准的参数,确保全程可审计;

•Compounding Edge(复利优势):将每一次决策与市场结果转化为资产,持续提升未来分析的精度。

这四项原则共同构成了一套——据我们所知——尚无其他企业比特币储备主体建成的系统:一个会随着时间推移自我迭代、愈发智能的系统。

该平台并不替代管理层决策。每一笔资本配置,最终仍由管理层的判断主导。平台所做的,是提升这种判断的质量与一致性——确保我们在部署资本时,能够基于对各类权衡因素的结构化认识,而非单凭直觉。

当前阶段,平台聚焦于 DDC 内部储备运营——这里是它首先需要证明自身价值、并持续打磨的场域。不过,其底层架构——一套由 AI 驱动、具备治理能力的比特币储备决策知识图谱——在企业比特币配置持续扩张的大趋势下,具备更广阔的适用空间。“如何以机构级规模管理比特币储备”这一命题,是未来数年内数以百计的上市公司都必须作答的问题。我们相信,公司正在打造的基础设施,其意义将超越自身的资产负债表,并最终有望演进为其他组织可依托的综合解决方案与知识产权。

我们是最早做出这一投入的少数先行者。在科技基础设施领域,与比特币累积一样——先行布局者占据先机。

四、展望:2026 年及更远

我们对 2026 年的战略重点清晰明确。

食品业务方面:我们将继续在高利润市场深耕,进一步拓展中国的线下分销渠道,持续优化成本结构。消费业务是公司运营的压舱石——它提供营收稳定性、支撑团队发展,并让我们得以从实力出发、而非从被动出发,去推进储备战略。

比特币累积方面:我们将继续以稳健、自律的节奏推进。公司的资本架构赋予我们把握机会、同时避免过度扩张的灵活性。我们不会不计价格地追高比特币,而是以长期视角、以坚定信念稳步累积。

收益生成方面:我们将审慎探索经过风险管控的比特币持仓增益机会。所有相关尝试都将遵循清晰的风险参数、选择高品质交易对手,并始终将“资本保全”置于首位。收益生成是对累积战略的有益补充,而非替代。

Treasury AI 平台方面:随着储备业务的扩大,我们将持续拓展平台能力、充实数据基础、迭代核心模型。待平台在内部成熟后,公司将评估其架构如何服务更广泛的企业储备运营主体,乃至延伸至储备管理以外的应用场景。

五、致谢 DDC 团队与各位股东

DDC 是一家正处于转型之中的公司。这一过程既伴随着复杂性方面的实际成本,也需要各位股东以足够的耐心给予支持。

这份耐心,我不敢视作理所当然,而是深感责任在肩。要不负这份信任,最好的方式就是对各位坦诚相告:2025 年的报告数据完整呈现了一幅图景——一个盈利且持续增长的消费食品平台、一个跻身全球前三十的比特币储备、以及一套专为管理该储备而自主研发的 AI 系统,这三者集于一家上市公司之内,且均在不到十二个月的时间里构建完成。

衡量成功,我们看的不是季度,而是十年。比特币累积与 AI 战略投资是我们的核心方向。对于 DDC 而言,2026 年令我满怀期待。

衷心感谢各位的信任、合作,以及对我们共同事业的坚定支持。

顺颂时祺!

朱嘉盈Norma Chu

创始人、董事长兼首席执行官


 关于 DDC Enterprise Limited

DDC Enterprise Limited(NYSEAMERICAN: DDC)正积极参与企业比特币储备的发展浪潮,同时坚守领先全球亚洲食品平台的核心定位。公司已将比特币作为核心储备资产进行战略布局,并持续扩大旗下餐饮品牌矩阵。DDC 位居将比特币纳入财务架构的上市公司前列。更多信息,请访问 www.ddc.xyz

DDC Chairwoman's Letter: Record FY2025, 2,383 BTC, and an AI Operating System Built for Bitcoin Treasuries

Full Year 2025 Results & Strategic Update

Dear Shareholders,

Two years ago, DDC was a food company navigating a difficult post-pandemic landscape. Today, we are something different and something more. DDC is a global Asian food platform with a world-class Bitcoin treasury and, as of this week, an AI infrastructure to manage it at institutional scale. That is not a pivot. It is an evolution — deliberate, disciplined, and still just beginning.

2025 was the year we built the foundation for all of it. Today, I want to tell you what we built, why it matters, and where we are going.

2025: What We Built

The headline numbers tell a story of real operational improvement:

Revenue: $39.2M (↑ 4.7% YoY, record)

Gross Margin: 31.4% (↑ 302 bps YoY, record)

Adjusted EBITDA: Positive (first time in company history, full year)

Bitcoin Holdings: 2,383 BTC (~$175M value as of March 2026)

BTC Yield: 1,493% (since first purchase, as of March 31, 2026)

Strategic Financing Capacity: $528M (majority still undrawn)

China, our core market, grew 9.8% year-over-year, driven by deeper penetration into lower-tier cities and a deliberate expansion of our offline distribution network. Gross margins reached 31.4% for the full year, up 302 basis points, reflecting supply chain optimization, better procurement discipline, and favorable raw material costs. And for the first time in our company's history, we delivered positive Adjusted EBITDA for the full year.

We also took decisive action to simplify the business. We exited our U.S. food operations. Our capital and attention belong in markets where our competitive edge is sharpest. Asia is that market. Our brands are performing, and our operational infrastructure in China is stronger than it has ever been.

We are building a company that compounds value on two dimensions simultaneously — the income statement and the balance sheet.

On the reported financials: net loss for the year was $(47.7) million, versus $(21.5) million in 2024. I want to address this directly. The increase was driven overwhelmingly by $30.9 million in non-cash share-based compensation — costs tied to building the Bitcoin treasury infrastructure, aligning our compensation structure with treasury-strategy peers, and supporting our capital markets program. Exclude those items, and the underlying food business improved. Core sales and marketing expenses fell. General and administrative expenses fell. The consumer business is more efficient than it was a year ago.

This context matters. The net loss does not signal operational deterioration, we are reporting the cost of building something new. And what we are building is worth the investment.

Bitcoin Treasury: From Strategy to Scale

When I published the shareholder letter in January, we held 1,183 BTC. As of March 31, 2026, we hold 2,383 BTC, representing approximately $175 million in value at current prices. We have more than doubled our holdings in three months. And with a BTC Yield of 1,493% since our first purchase, the accumulation strategy is performing as designed.

This positions DDC among the top 30 publicly traded corporate holders of Bitcoin globally. We achieved this in less than a year, and we did it with discipline. We built a capital structure designed for the long term: $528 million in strategic financing capacity, of which the vast majority remains undrawn and available. This dry powder is intentional. It means we can act when conditions are favorable, not when we are pressured.

I want to reiterate why we believe in Bitcoin as a treasury reserve asset: fiat currency depreciates. Bitcoin has a fixed supply. Over time, scarce assets tend to preserve value in ways that sovereign currencies cannot guarantee. Bitcoin is increasingly part of that conversation, not as speculation, but as an institutional asset class in formation.

The world's largest financial institutions are no longer debating Bitcoin, they are building infrastructure around it. Regulatory clarity is improving. Corporate adoption is accelerating. And the companies that built their treasury frameworks before the majority arrived will have a permanent structural advantage. We intend to be one of those companies. Through our consistency in bitcoin purchases during the recent drawdown in 1Q26, our average cost per bitcoin is now at $79,969, one of the lowest cost basis amongst our US listed peers.

The DDC Treasury AI Platform: Building the Operating System for Bitcoin Treasury

Holding Bitcoin is one thing. Managing it with institutional-grade discipline, transparency, and consistency is another. Most companies that have adopted Bitcoin treasury strategies have done so without dedicated infrastructure for the latter. They hold an asset but lack a system for how they will accumulate, allocate, and risk-manage it over time.

That gap is what the DDC Treasury Intelligence Platform is designed to address — and why I believe it is the most strategically significant development we are announcing today.

Most companies buy Bitcoin. DDC is building the AI operating system for how corporations and treasury teams can manage it.

At the core of the platform is the DDC Treasury Graph — a governed internal knowledge framework that integrates our Bitcoin positions, transaction flows, market signals, and historical allocation decisions into a single, unified dataset. Every decision we have made, every market condition we navigated, every trade-off we evaluated becomes structured data that can inform the next decision.

The platform is built on four principles:

  • Intelligence (aggregating and prioritizing relevant internal and external data);

  • Decision Quality (structuring how capital allocation decisions are evaluated and documented);

  • Governance (embedding Board-approved parameters with full auditability);

  • Compounding Edge (capturing each decision and market outcome to continuously refine future analysis). Together, these principles describe something that, to our knowledge, no other corporate Bitcoin treasury has built: a system that gets smarter over time.

The platform does not automate decisions. Management judgment remains the primary driver of every allocation. What the platform does is raise the quality and consistency of that judgment — ensuring that when we deploy capital, we do so with a structured view of the trade-offs, not intuition alone.

In its current phase, the platform is focused on DDC's internal treasury operations. That is where it needs to prove itself first, and where we will refine it. But the underlying architecture — an AI-enabled, governed knowledge graph for Bitcoin treasury decisions, has broader applicability as corporate Bitcoin adoption continues to scale. The question of how to manage a Bitcoin treasury at institutional scale is one that hundreds of public companies will need to answer in the coming years. We believe we are building infrastructure that will matter beyond our own balance sheet, and which could ultimately evolve into software and IP that other organizations rely on.

We are among the first to make this investment. And in technology infrastructure, as in Bitcoin accumulation, the advantage belongs to those who build early.

Looking Ahead: 2026 and Beyond

Our priorities for 2026 are clear.

On the food business: We will continue to grow in higher-margin markets, deepen our offline distribution channels in China, and drive further improvement in our cost structure. The consumer business is our operational anchor. It generates revenue stability, supports our team, and gives us the foundation to pursue our treasury ambitions from a position of strength, not desperation.

On Bitcoin accumulation: We will continue to execute in a measured, disciplined manner. Our capital structure gives us the flexibility to act opportunistically without overextending. We will not chase Bitcoin at any price. We will accumulate with conviction with a long term mindset.

On yield: We will begin to explore selective, risk-managed opportunities to generate yield on our Bitcoin holdings. This will be guided by clearly defined risk parameters, high-quality counterparties, and an overriding priority on capital preservation. Yield is a complement to our accumulation strategy.

On the Treasury AI Platform: We will continue to expand its capabilities, deepen its dataset, and develop its models as our treasury operations grow. And as the platform matures internally, we will evaluate how its architecture can serve a wider universe of corporate treasury operators, as well as its application beyond treasury management.

A Final Word

DDC is a company in transformation. That transition carries real costs in complexity and in the patience, it requires of our shareholders.

I do not take that patience for granted. I take it seriously. And the best way I know to honor it is to be direct with you: the reported numbers in 2025 show the full story is a profitable and growing consumer food platform, a Bitcoin treasury among the top 30 in the world, and now a proprietary AI system for managing it — all inside a single listed company, built in less than twelve months.

We measure success not by quarters, but by decades. Bitcoin accumulation and strategic investments in AI are our core focus. I am very excited to the year ahead in 2026 for DDC.

Thank you for your trust, your partnership, and your belief in what we are building.

Sincerely,

Norma Chu

Founder, Chairwoman & Chief Executive Officer

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.