DDC Enterprise Limited filed a Form 6-K/A amendment with the SEC in October 2026, restating its original October 23, 2026 filing to add liquidity and capital resources discussion, statements of cash flows, statements of changes in shareholders' equity, and selected notes covering the six months ended June 30, 2026.

Key Highlights

  • Total revenue rose approximately 29%: DDC reported RMB136.7 million (US$20.2 million) in revenue for the six months ended June 30, 2026, up from RMB111.9 million in the same period of 2025, according to the filing.
  • Net loss of RMB260.6 million: The company reported a net loss of RMB260.6 million (US$38.4 million) for the first half of 2026, compared to net income of RMB37.1 million in the first half of 2025.
  • Bitcoin unrealized losses drove the net loss: Non-cash mark-to-market unrealized fair value losses on Bitcoin treasury holdings totaled RMB232.5 million (US$34.3 million) for the period.
  • Positive Non-GAAP Adjusted EBITDA: The core food business delivered Non-GAAP Adjusted EBITDA of RMB8.1 million (US$1.2 million) for the six months ended June 30, 2026.
  • Bitcoin holdings grew 145% since year-end 2025: As of the filing date, the company held approximately 2,899 bitcoins, up from 1,181 bitcoins as of December 31, 2025.
  • Sales and marketing costs increased: Costs associated with sales and marketing were RMB4.8 million (US$0.7 million) in the first half of 2026, compared to RMB2.5 million in the first half of 2025.
  • Shareholder loan balance: The outstanding shareholder loan balance as of June 30, 2026 was RMB37.9 million (US$5.6 million), down from RMB39.7 million as of December 31, 2025.

DDC Enterprise H1 2026 Results: Food Revenue Growth Offset by Bitcoin Fair Value Losses

DDC Enterprise Limited (NYSE:DDC), which the filing describes as "a global Asian food platform and digital asset treasury company in China," reported a significant swing to a net loss in the first half of 2026. According to the filing, total revenue for the six months ended June 30, 2026 reached RMB136.7 million (US$20.2 million), a roughly 29% increase compared to RMB111.9 million in the same period of 2025. The company attributed this growth primarily to "broader retail penetration and expanded distribution reach for our culinary brand portfolio."

Despite the revenue gain, the company recorded a net loss of RMB260.6 million (US$38.4 million) for the period, reversing from net income of RMB37.1 million in the prior-year period. The filing states the loss "was largely driven by non-cash mark-to-market unrealized fair value losses on our Bitcoin treasury holdings of RMB232.5 million (US$34.3 million)," and notes that "these accounting adjustments do not represent operating cash outflow from our core food business." DDC formally launched its Bitcoin Treasury Strategy in May 2025 and disclosed that it "mainly used the proceeds from equity to accumulate Bitcoin" in the first half of 2026.

On a non-GAAP basis, the filing reports that the core food business delivered positive Adjusted EBITDA of RMB8.1 million (US$1.2 million), which the company characterized as "demonstrating material operating leverage from our food operations." Outstanding convertible loans as of June 30, 2026 stood at RMB126.2 million (US$18.6 million), compared to RMB137.5 million as of December 31, 2025. The filing notes that this 6-K/A amends and supersedes the Original 6-K filed on October 23, 2026 in its entirety, adding financial detail that was not included in the original report. The filing also states it is incorporated by reference into the company's registration statements on Form F-3 (Registration No. 333-288826 and Registration No. 333-288825).

What Was Disclosed

DDC Enterprise filed a Form 6-K/A amendment covering the six months ended June 30, 2026, adding liquidity disclosures, cash flow statements, equity statements, and financial notes to its original October 23, 2026 filing. The amendment restates the full report and supersedes the original.