CORRECTING and REPLACING DDC Chairwoman's Letter: Record FY2025, 2,383 BTC, and an AI Operating System Built for Bitcoin Treasuries
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DDC FY2025 Shareholder Letter
The updated release reads:
DDC Chairwoman's Letter: Record FY2025, 2,383 BTC, and an AI Operating System Built for Bitcoin Treasuries
DDC Enterprise Posts Record FY2025,
Dear Valued Shareholders,
Two years ago, DDC was a food company navigating a difficult post-pandemic landscape. Today, we have advanced into 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:
Gross Margin: 31.4% (increased 303 bps YoY, record)
Adjusted EBITDA: Positive (first time in company history, full year)
BTC Yield: 1,493% (since first purchase, as of
Revenue in 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 303 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
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
This context matters. The net loss does not signal operational deterioration. We have made significant investment in people that delivered an outstanding set of result for shareholders. We are reporting the cost of building something new. And what we are building is worth the investment.
Bitcoin Treasury: From Strategy to Scale
As of the end of 2025, we held 1,181 BTC. As of
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:
We believe in Bitcoin as a treasury reserve asset because 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
The DDC Treasury AI OS: Building an Intelligent Platform for Treasury Management
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); and 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 a broader solution 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
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.
Gratitude to the DDC Team and Our Shareholders
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 picture of 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,
Founder, Chairwoman & Chief Executive Officer
About
Caution Regarding Forward-Looking Statements
Certain statements in this announcement are forward-looking statements. Investors can identify these forward-looking statements by words or phrases such as “may,” “will,” “expect,” “anticipate,” “aim,” “estimate,” “intend,” “plan,” “believe,” “is/are likely to,” “potential,” “continue” or other similar expressions. Examples of forward-looking statements include those related to business prospects, accumulation of Bitcoin, and the Company’s goals and future activity under the financing transactions described above, including the statements on the closings of the offerings and the satisfaction of closing conditions and use of proceeds in the offerings. These statements are subject to uncertainties and risks including, but not limited to, the risk factors discussed in the Risk Factors and in Management’s Discussion and Analysis of Financial Condition and Results of Operations sections of our Forms 20-F, 6-K and other reports, including a Form 6-K which with copies of the definitive documents related to the above transactions, to be filed with the Securities and Exchange Commission (“SEC”) and available at www.sec.gov. Although the Company believes that the expectations expressed in these forward-looking statements are reasonable, it cannot assure you that such expectations will turn out to be correct, and the Company cautions investors that actual results may differ materially from the anticipated results and encourages investors to review other factors that may affect its future results in the Company’s filings with the
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