DDC Enterprise Limited released unaudited results for the six months ended June 30, 2025, and said the period marked a major shift for the company. The Asian consumer-first firm turned profitable, reported a gross margin of 33.4% and net income of $5.2 million for H1.
The Nasdaq listed firm also began a deliberate Bitcoin treasury program in late May, completed a $528 million financing with institutional investors, and made nine BTC purchases that brought holdings to 1,008 BTC by the end of August.
Financial results for the half
Total revenue for the period was $15.6 million, down 9.4% from H1 2024. The decline followed a planned exit from loss-making U.S. operations. Revenue in China rose 7.5% year-over-year as sales volume grew in the domestic market.
Gross profit reached $5.2 million, a rise of 16.9% from a year earlier. Management said tighter supply chain work and lower raw material costs in China helped push margins higher.
Operating expenses fell sharply to $3.2 million, a drop of 60.5% driven by the U.S. exit and wider cost controls.
Net income swung to a positive $5.2 million from a loss of $5.2 million in H1 2024. A $3.8 million unrealised gain on digital assets helped the bottom line, and cash and short-term investments stood at $25.1 million as of June 30, 2025.
Digital assets and BTC performance
As of June 30, the company held about 138 BTC on its balance sheet. During H1, DDC recorded the $3.8 million unrealised gain in fair value for those digital assets.
The firm says it started buying BTC in late May and has moved fast since then. By the end of August, DDC had 1,008 BTC in its treasury following nine separate purchases.
The company reported a BTC Yield of 367% for H1 and 1,798% since its first purchase, measured as of August 31, 2025.
CEO’s view and strategy
Norma Chu, Founder, Chairwoman and CEO, said the first half was a turning point for the group. She pointed to the shift from a content-driven food platform into a lineup of ready-to-eat consumer brands.
Ms. Chu said the core business is the strongest it has been and that the company expects growth to continue in the second half of the year.
Ms. Chu also framed the firm’s entry into Bitcoin treasury work as a deliberate step. She described the firm’s reach into China’s investor base and the stronger core business as key advantages. Those strengths, she said, help DDC access capital and add pace to its BTC accumulation plan.
Growth targets and capital moves
DDC set an ambitious goal to hold 10,000 BTC by the end of 2025. The company aims to be among the world’s top three treasury companies within three years. The $528 million financing with institutional backers underpinned the rapid scaling of the bitcoin position.
Management described the treasury approach as structured and responsible. The company said it will keep building its digital asset holdings while still investing in the operating business that delivers recurring sales and margins.
What investors may watch next?
Investors will likely look for progress on the 10,000 BTC target and updates on how the treasury mix affects earnings and liquidity.
The swing to profit, the drop in costs and the higher gross margin may also draw attention as signs of operational recovery.