DDC董事长兼首席执行官致股东信

纽约--DDC Enterprises, Ltd.（纽约证券交易所美国板块股票代码：DDC，以下简称“DDC”或“公司”）是一家业务多元、专注亚洲食品的领先消费食品公司，同时持续壮大其战略性比特币储备。公司今日发布由创始人、董事长兼首席执行官朱嘉盈（Norma Chu）撰写的致股东信，通报最新经营情况。

尊敬的各位股东：

2026年上半年，我们的运营业务取得了实质性进展，比特币储备规模也大幅扩大。本信将就这两方面情况进行说明，并正面回应近期的市场波动。

运营业务表现

2026年上半年，我们的亚洲食品平台实现营收2,020万美元，同比增长29%。毛利润增长17.5%至610万美元。核心食品业务实现经调整EBITDA为正，达120万美元。按美国通用会计准则（GAAP）计算的净亏损为3,840万美元，这一亏损几乎全部源于比特币价格阶段性走弱期间产生的非现金按市值计价调整，并未反映食品业务在运营层面的任何现金流出。

截至2026年上半年末，公司现金及短期投资总额为2,160万美元。无论是营收、盈利能力还是现金创造能力，我们运营业务的核心基本面均在持续增强。

资产负债表状况

截至2026年6月30日，公司净负债为1,020万美元。营运资金较2025年末的负1,220万美元大幅改善至正3,940万美元，期内改善幅度达5,160万美元。公司股东应占权益总额增长至1.808亿美元，同比增长154%。

相对于比特币储备的价值而言，公司杠杆水平依然保持在较低水平。正如我们在定期报告中所披露的，部分比特币持仓被用作现有担保融资的抵押品，但绝大部分持仓并无抵押负担，由合资格第三方托管机构代为保管。

比特币储备

截至本信发布之日，公司持有2,899枚比特币，较年初的1,181枚增长145%，是纽约证券交易所美国板块上市公司中规模最大的企业比特币储备之一，体现了公司在2026年上半年持续、坚定地执行比特币储备战略。

与此同时，我们持续推进人工智能储备运营平台的建设，以支持对比特币持仓的监测、管理与优化。这一基础设施投入，为公司以机构级标准管理比特币储备提供了坚实保障。

《Dishing Up Bitcoin》节目

为进一步普及比特币知识、增进社区互动，我们推出原创视频节目《Dishing Up Bitcoin》，将比特币经济话题与DDC食品业务核心的烹饪传统相结合。节目邀请比特币建设者、投资人及行业思想领袖共同参与，以独具特色的形式，呈现公司两大业务维度的交汇融合。我们认为，这一项目是DDC品牌的自然延伸，也是我们为比特币生态成熟发展所做的一份贡献。节目上线以来，社区反响热烈。最新一期节目已在公司YouTube频道及X账号上线，欢迎关注。

资本结构举措

2026年以来，管理层持续探索新的融资方案，旨在优化DDC的资本结构，支持公司长期战略的实施。本次融资所得资金拟用于：继续扩充比特币储备、偿还尚未到期的可转换票据、降低对比特币抵押融资的依赖，并为业务运营提供更充裕的灵活空间。

我们的目标是消除现有可转换工具所带来的持续摊薄效应，建立一套更能契合长期股东利益的资本结构。有关本项举措的更多信息，我们预计将在未来数周内进一步披露。

股份回购授权

2026年7月1日，公司董事会批准了一项股份回购计划，授权在未来18个月内，以不超过1,000万美元或不超过已发行A类普通股20%（两者取其低）为限，回购公司股份。该项授权使管理层能够灵活把握回购时机，在具备有吸引力的风险调整后回报水平时实施回购。该计划是公司多种资本配置工具之一。是否实施回购，公司将综合考虑整体资本状况、近期融资计划及市场环境等因素审慎决定。

我们的重心

当下，我们的全部精力都聚焦于构建可持续的价值。这意味着做大做强核心业务、夯实资产负债表、在各种市场环境下审慎管理现金流，同时对比特币储备保持严格的纪律性管理。我们不会因每日的价格波动或短期市场压力而改变既定方向。董事会已制定清晰的多年期规划，团队上下心无旁骛，坚定执行既定战略。

致谢

我要衷心感谢我们的团队、业务合作伙伴、顾问团队，以及在近期比特币熊市中始终支持公司的各位股东。各项要素均已就位，运营业务表现良好，公司资产负债表处于多年来最为稳健的水平。

此致

朱嘉盈 Norma Chu

创始人、董事长兼首席执行官

DDC Enterprise Limited

关于DDC Enterprise Limited

DDC Enterprise Limited（纽约证券交易所美国板块股票代码：DDC）在积极参与企业比特币储备浪潮的同时，持续巩固其作为全球领先亚洲食品平台的业务根基。公司已将比特币战略性地定位为核心储备资产，同时持续拓展旗下美食品牌矩阵。DDC是率先将比特币纳入企业财务架构的上市公司之一。欲了解更多信息，请访问 www.ddc.xyz。

NEW YORK, Sept. 02, 2026 (GLOBE NEWSWIRE) -- DDC Enterprises, Ltd. (NYSE American: DDC), (“DDC,” or the “Company”), a leading multi-brand Asian consumer food company with a growing strategic bitcoin treasury, today issued a corporate update in a Letter to Shareholders from Founder, Chairwoman, and CEO Norma Chu.

Dear Valued Shareholders,

The first half of 2026 delivered meaningful progress in our operating business and a significant expansion of our Bitcoin treasury. This letter provides context on both, and directly addresses recent market volatility.

Operating business results

Our Asian food platform delivered revenue of $20.2 million in the first half of 2026, up 29% year over year. Gross profit grew 17.5% to $6.1 million. Our core food business generated positive Adjusted EBITDA of $1.2 million. Our GAAP net loss of $38.4 million was almost entirely driven by non-cash Bitcoin mark-to-market adjustments during a period of price weakness. The loss did not reflect any operating cash outflow from the food business.

We ended the first half of 2026 with total cash and short-term investments of $21.6 million. The core fundamentals of our operating business are strengthening across revenue, profitability and cash generation.

Balance sheet position

Our net debt position was $10.2 million as of June 30, 2026. Working capital increased materially from negative $12.2 million at year-end 2025 to positive $39.4 million as of June 30, 2026, an improvement of $51.6 million during the period. Total shareholders' equity attributable to the Company grew to $180.8 million, up 154% year-on-year.

Our leverage remains modest relative to the value of our Bitcoin treasury. A portion of our holdings serves as collateral for existing secured financing, as disclosed in our periodic filings, with the majority of our position unencumbered and held with qualified third-party custodians.

Bitcoin treasury

We held 2,899 Bitcoin as of the date of this letter, up 145% from 1,181 Bitcoin at the start of the year. This represents one of the largest corporate Bitcoin treasuries on NYSE American and reflects the sustained execution of our treasury strategy through the first half of 2026.

In parallel, we continue to develop our AI treasury operating platform, which supports the monitoring, management and optimization of our Bitcoin holdings. This infrastructure investment underpins our capability to manage the treasury at institutional scale.

Dishing Up Bitcoin

To advance broader Bitcoin literacy and community engagement, we launched Dishing Up Bitcoin, an original video series that combines conversations about the Bitcoin economy with the cooking traditions at the heart of DDC's food business. The series brings together Bitcoin builders, investors and thought leaders in a distinctive format that reflects the intersection of our two operating dimensions. We view this initiative as a natural extension of our brand and a contribution to the maturation of the Bitcoin ecosystem. Since launch, we have received a strong response from the community. New episodes are available on our YouTube channel and X account.

Capital structure initiatives

Throughout 2026, management has pursued new financing alternatives designed to modernize DDC's capital structure and support our long-term strategy. The proceeds of this initiative are intended to fund continued Bitcoin treasury accumulation, retire our outstanding convertible note, reduce reliance on Bitcoin-collateralized financing and provide further operating flexibility for the business.

Our objective is to eliminate the ongoing dilution mechanics associated with the existing convertible instrument and establish a capital structure better aligned with the interests of long-term shareholders. We expect to have more to share on this initiative in the coming weeks.

Share repurchase authorization

On July 1, 2026, our Board authorized a share repurchase program of up to $10 million or 20% of our outstanding Class A ordinary shares, whichever is lower, over 18 months. This authorization gives management the flexibility to repurchase shares at levels that offer attractive risk-adjusted returns for shareholders. The program is one of several capital allocation tools available to us. Any decisions to repurchase will be made in the context of our overall capital position, near-term financing plans and market conditions.

Our focus

Right now, our energy is focused on building sustainable value. That means growing our core business, strengthening our balance sheet, and managing our cash flow through every kind of environment, all while maintaining strict discipline around our Bitcoin treasury. We will not change course based on daily price volatility or short-term market pressures. The Board has established a clear multi-year plan and our team is focused entirely on staying the course.

Thank you

I want to thank our team, our operating partners, our advisors and our shareholders who have supported the company through the recent Bitcoin bear market. The pieces are in place, the operating business is performing and our balance sheet is stronger than it has been in years.

Sincerely,

Norma Chu

Founder, Chairwoman and Chief Executive OfficerDDC Enterprise Limited

About DDC Enterprise Limited

DDC Enterprise Limited (NYSEAMERICAN: DDC) is participating proactively in the corporate Bitcoin treasury evolution while maintaining its foundation as a leading global Asian food platform. The Company has strategically positioned Bitcoin as a core reserve asset while continuing to expand its portfolio of culinary brands. DDC is at the forefront of public companies integrating Bitcoin into their financial architecture. For more information, visit www.ddc.xyz.