olivLaw · US equity research
DDC Enterprise Limited DDC
Food and Kindred Products · SIC 2000 · Vertical: Food and Kindred Products (SIC 2000)
DDC Enterprise Limited is a Cayman holding company operating mainly in China, with ready-to-eat and plant-based meal brands and a bitcoin treasury strategy. For fiscal 2025 revenue was RMB274.0 million (US$39.2 million), and the company exited its U.S. operations to focus on Asian markets.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, DDC Enterprise Limited (DDC) stock was 0.14 USD (+6.15% on the day), with beta 2.46, 52-week range 0.13–7.00 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 34.9
- weak (30–45)
- Bollinger (20, 2)
- 0.11 – 0.20
- in the lower half of the band · %B 0.32 · band width 58.1%
- SMA 50 / 200
- 0.23 / 1.25
- downtrend (price < SMA50 < SMA200)
- MACD (12, 26, 9)
- -0.03 / -0.03
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −38.4% | −1.1% | −37.3 pp | — |
| 3 months | −68.1% | −0.5% | −67.6 pp | — |
| 6 months | −91.0% | +4.4% | −95.4 pp | — |
| Year to date | −93.3% | +12.3% | −105.6 pp | — |
| 1 year | −97.9% | +13.5% | −111.4 pp | −44.5% |
| 3 years | unavailable | +76.4% | unavailable | −65.9% |
| 5 years | unavailable | +63.7% | unavailable | — |
Price returns, dividends excluded.
Quarterly results
ESEF annual reports carry no quarters: the results are annual (below).
E/P over time
EPS unavailable in the issuer's structured filings (e.g. a partnership reports per unit, not per share).
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Revenue | 205.2 m | 179.6 m | 28.9 m | 37.4 m | 39.2 m |
| Revenue YoY | unavailable | −12.5% | −83.9% | +29.4% | +4.6% |
| Net income | -458.7 m | -122.2 m | -162.0 m | -21.5 m | -48.3 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -223.6% | -68.1% | -559.7% | -57.4% | -123.3% |
| Free cash flow | unavailable | unavailable | -12.6 m | -15.5 m | -39.7 m |
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 3.0 m USD
- Financial debt
- 9.8 m USD
- Net debt
- 6.8 m USD
- Equity
- 78.9 m USD
- Total assets
- 199.6 m USD
- Debt / equity
- 0.12x
- Current ratio
- 0.88x
- ROE
- -107.2%
- ROA
- -36.3%
- FCF margin
- -101.3%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Revenue | 205.2 m | 179.6 m | 28.9 m | 37.4 m | 39.2 m | SEC (XBRL)· 21 Apr 2026verified |
| Cost of revenue | — | — | 21.7 m | 26.8 m | 26.9 m | SEC (XBRL)· 21 Apr 2026verified |
| Gross profit | — | — | 7.2 m | 10.6 m | 12.3 m | SEC (XBRL)· 21 Apr 2026verified |
| Research & development | 233.7 k | — | — | — | — | SEC (XBRL)· 28 Jan 2025verified |
| Operating income | — | — | -20.6 m | -18.8 m | -35.3 m | SEC (XBRL)· 21 Apr 2026verified |
| Depreciation & amortisation | — | — | 860.2 k | 640.3 k | 263.4 k | SEC (XBRL)· 21 Apr 2026verified |
| EBITDA | — | — | -19.7 m ≈ | -18.2 m ≈ | -35.0 m ≈ | SEC (XBRL)· 21 Apr 2026derived |
| Interest expense | — | — | 1.7 m | 2.3 m | 2.9 m | SEC (XBRL)· 21 Apr 2026verified |
| Pre-tax income | -457.9 m | -119.1 m | -22.1 m | -20.5 m | -46.2 m | SEC (XBRL)· 21 Apr 2026verified |
| Income tax | — | — | 704.9 k | 978.7 k | 2.1 m | SEC (XBRL)· 21 Apr 2026verified |
| Net income | -458.7 m | -122.2 m | -162.0 m | -21.5 m | -48.3 m | SEC (XBRL)· 21 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Cash | — | 3.8 m | 11.1 m | 8.4 m | 3.0 m | SEC (XBRL)· 21 Apr 2026verified |
| Receivables | — | — | 4.2 m | 4.5 m | 5.9 m | SEC (XBRL)· 21 Apr 2026verified |
| Inventories | — | — | 1.4 m | 646.6 k | 1.2 m | SEC (XBRL)· 21 Apr 2026verified |
| Current assets | — | — | 45.1 m | 51.7 m | 83.7 m | SEC (XBRL)· 21 Apr 2026verified |
| Property, plant & equipment, net | — | — | 84.9 k | 78.6 k | 43.4 k | SEC (XBRL)· 21 Apr 2026verified |
| Goodwill | — | — | 5.7 m | 3.6 m | 711.1 k | SEC (XBRL)· 21 Apr 2026verified |
| Intangibles (excl. goodwill) | — | 17.4 m | 1.3 m | 1.5 m | 230.3 k | SEC (XBRL)· 21 Apr 2026verified |
| Total assets | — | — | 61.2 m | 66.5 m | 199.6 m | SEC (XBRL)· 21 Apr 2026verified |
| Accounts payable | — | — | 2.9 m | 3.3 m | 3.7 m | SEC (XBRL)· 21 Apr 2026verified |
| Short-term debt | — | — | 2.7 m | 6.9 m | 5.4 m | SEC (XBRL)· 21 Apr 2026verified |
| Long-term debt | — | 1.7 m | 5.5 m | 4.5 m | 4.4 m | SEC (XBRL)· 21 Apr 2026verified |
| Current liabilities | — | — | 39.6 m | 50.8 m | 95.5 m | SEC (XBRL)· 21 Apr 2026verified |
| Total liabilities | — | — | 52.6 m | 55.2 m | 120.7 m | SEC (XBRL)· 21 Apr 2026verified |
| Equity | — | — | 8.5 m | 11.3 m | 78.9 m | SEC (XBRL)· 21 Apr 2026verified |
Cash flow · USD
| Line | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|
| Operating cash flow | — | — | -12.6 m | -15.5 m | -39.7 m | SEC (XBRL)· 21 Apr 2026verified |
| Capex | — | — | 28.4 k | 52.2 k | 4.6 k | SEC (XBRL)· 21 Apr 2026verified |
| Free cash flow | — | — | -12.6 m ≈ | -15.5 m ≈ | -39.7 m ≈ | SEC (XBRL)· 21 Apr 2026derived |
| Investing cash flow | — | — | -19.0 m | -1.5 m | -62.5 m | SEC (XBRL)· 21 Apr 2026verified |
| Financing cash flow | — | — | 30.4 m | 14.3 m | 96.8 m | SEC (XBRL)· 21 Apr 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- indicators available: 5 of at least 6
- score weight coverage: 35.4% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: unavailable
Key indicators
Coverage and freshness
Score by group
35% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · input data missing
- Peers: EV/EBITDAunavailable · input data missing
- Peers: P/Eunavailable · input data missing
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -59.3% | 8 (vs peers) | 29% |
| Net margin · Quality | -123.3% | 11 (vs peers) | 18% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | -39.8% | 0 (on a fixed band) | 24% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -12.1x | 0 (on a fixed band) | 18% |
| Current ratio · Balance sheet | 0.9x | 6 (on a fixed band) | 12% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | unavailable | unavailable | — |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet3/100 · 2/3 factors with a value
- Growth· partial0/100 · 1/2 factors with a value
- Quality9/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partialunavailable · 0/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
DDC Enterprise Limited (DDC). Latest full fiscal year: 2025; data up to 2025-12-31.
Figures computed from the financial statements: revenue 39.2 m USD in 2025; YoY growth 4.6%; net margin -123.3%; ROE -124.4%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (indicators available: 5 of at least 6; score weight coverage: 35.4% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.
What contradicts it
- ROIC: -59.3%
- Net margin: -123.3%
- Revenue CAGR 3Y: -39.8%
- Interest coverage: -12.1x
- Current ratio: 0.9x
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Food and Kindred Products (SIC 2000) · same industry (4-digit SIC) · compared with 20 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDLZMondelez International, Inc. | 85.3 bn | 21.2 | 15.5% | 10.2% | +5.8% | +17% / −5% |
| CAGConagra Brands, Inc. | 7.3 bn | — | -24.9% | -17.0% | −2.9% | −14% / −46% |
| CPBThe Campbell’s Company | 6.9 bn | 17.8 | 10.4% | 4.1% | −5.0% | −24% / −42% |
| OTLYOatly Group AB | 5.1 bn | — | -247.9% | -17.7% | +4.7% | −34% / −55% |
| BYNDBeyond Meat, Inc. | 3.7 bn | — | — | 111.7% | −15.6% | −76% / −97% |
| STKHSteakholder Foods Ltd. | 2.3 bn | — | -266.3% | -112,470.0% | unavailable | −95% / −100% |
| FLOFlowers Foods Inc | 1.5 bn | 27.3 | 4.0% | 1.1% | unavailable | −34% / −66% |
| BRBRBellRing Brands, Inc. | 1.2 bn | 7.2 | — | 7.3% | +16.1% | −67% / −81% |
| SMPLThe Simply Good Foods Company | 1.2 bn | — | -9.6% | -11.5% | −6.5% | −32% / −66% |
| VITLVital Farms, Inc. | 450.8 m | — | -7.4% | -3.0% | +25.3% | −68% / −21% |
| UCFICN Healthy Food Tech Group Corp. | 287.8 m | 36.7 | 39.2% | 24.6% | +144.6% | −46% / unavailable |
| BGSB&G Foods, Inc. | 208.9 m | — | -15.8% | -4.0% | unavailable | −44% / −72% |
| CHSNChanson International Holding | 131.0 m | 112.0 | 0.5% | 1.0% | +0.2% | −99% / −100% |
| SOWGSow Good Inc. | 44.4 m | — | -346.4% | — | unavailable | −75% / −98% |
| MLECMoolec Science SA | 32.7 m | — | -86.4% | -130.0% | +521.5% | −86% / −100% |
| LSFLaird Superfood, Inc. | 26.9 m | — | -22.9% | -3.4% | +15.2% | −12% / +129% |
| BOFBranchOut Food Inc. | 25.9 m | — | -202.6% | -56.8% | +113.3% | −45% / +8% |
| BRLSBorealis Foods Inc. | 24.7 m | — | — | -56.5% | +8.2% | −38% / −90% |
| HAINThe Hain Celestial Group, Inc. | 13.7 m | — | -96.8% | -22.5% | −13.2% | −86% / −99% |
| DDCDDC Enterprise Limited | — | — | -124.4% | -123.3% | +4.6% | −98% / unavailable |
| NOMDNomad Foods Limited | — | — | 5.3% | 4.5% | −2.2% | +2% / −22% |
1- and 3-year price returns: for DDC from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Scenarios are not available. input data missing
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Apr 2026; since then the company filed 6-K (23 Oct 2026), 6-K (02 Sept 2026), 6-K (07 Jul 2026), 6-K (01 Jul 2026), 6-K (10 Jun 2026).
In brief
DDC Enterprise Limited is a Cayman holding company operating mainly in China, with ready-to-eat and plant-based meal brands and a bitcoin treasury strategy. For fiscal 2025 revenue was RMB274.0 million (US$39.2 million), and the company exited its U.S. operations to focus on Asian markets.
SWOT
Strengths
- The company has an extensive network of supply chain partners, which reduces the need for its own inventory and tied-up capital.
- The focus on convenient and plant-based meals matches consumption trends among younger consumers.
- The offline distribution channel has proven solid and has grown in second and third-tier Chinese cities.
Weaknesses
- The net loss was high in fiscal 2025, largely due to share-based compensation, which shows pressure on the bottom line.
- Operating cash flow was negative, indicating reliance on external financing.
- Online sales declined sharply, and the company gave up part of its digital channels.
Opportunities
- Expansion in Asian markets and acquisitions of complementary brands could diversify revenue.
- Rising demand for plant-based products could support volumes for own brands.
- If the bitcoin price rises, the value of the treasury could increase, though this remains uncertain.
Threats
- Strong price competition in e-commerce could affect margins.
- Bitcoin price volatility can generate large accounting losses on the treasury.
- Regulatory changes in China on data, food safety and bitcoin could raise costs or limit activity.
Risks
- Bitcoin volatilityhigh
Holding bitcoin exposes the company to value swings that can produce significant unrealized losses in adverse markets.
- Reliance on external financinghigh
Operating cash flow was negative, and bitcoin purchases are funded through equity and debt issues. Weaker market conditions could make capital harder to access.
- Share-based compensationmedium
The cost of share-based compensation rose sharply in 2025 and drove the net loss, and this cost pressure could continue.
- Price pressure in e-commercemedium
Price competition in online channels led the company to exit this segment, and margin pressure could persist.
- Regulation and compliance in Chinalow
The business is subject to rules on data, food safety and employment, and changes could raise compliance costs.
Investment thesis
What would need to be true (bull case)
- If demand for convenient and plant-based meals strengthens, own brands could support sustainable volume growth.
- Rapid adaptation of the business model, including the exit from the U.S. and the focus on Asia, may reduce long-term operating risk.
- If bitcoin appreciates and the company keeps its position, the bitcoin treasury could generate additional value for shareholders.
What would break the thesis
- The large net loss and negative operating cash flow show the current model is not self-sustaining without external financing.
- Exposure to bitcoin volatility could produce large accounting losses and could affect investor confidence.
- Revenue growth is modest, and price competition could limit the company's ability to expand margins.
What to watch
- Revenue trend on Asian markets and the share of own private label productsQ1 2027
- Gross margin level and share-based compensation costs2027
- Funding mix for bitcoin purchases and the evolution of convertible debtnext 10-K
- Results and integration of acquisitions of complementary brands2027
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 21 Apr 2026; since then the company filed 6-K (23 Oct 2026), 6-K (02 Sept 2026), 6-K (07 Jul 2026), 6-K (01 Jul 2026), 6-K (10 Jun 2026).
The business
DDC Enterprise Limited presents itself as a food innovator with content-driven consumer brands offering RTH, RTC, RTE and plant-based meal products aimed mainly at Millennial and Gen Z consumers. Founded in Hong Kong in 2012 as an online recipe and culinary content platform, it entered mainland China in 2015 and expanded into own-branded meal production and sale in 2019. From May 15, 2025 it also runs bitcoin treasury activities, holding approximately 2,383 bitcoins as of the annual report date, funded through equity and debt issues.
The business model combines omnichannel online and offline sales with end-to-end product development and data analytics. Distribution runs through direct-to-customer, retailer and wholesaler channels, and products are largely delivered through an order-driven drop shipping model in which over 450 PRC supply chain partners produce, store and deliver goods. The company does not own a supply chain and manages its partner network through a centralized ERP system.
In 2025 the company exited its U.S. operations because of high operating costs and refocused on Asian markets, where it sees stronger demand. Stated strategy is to grow own private label sales, improve margin and seek acquisitions of complementary brands in the Asian food and cooking categories.
Segments
Offline consumer product sales
Offline sales through distribution networks and points of sale made up nearly all revenue in fiscal 2025, at RMB271.1 million of the RMB274.0 million total. This segment drove growth, supported by a broader regional distributor network and better penetration of second and third-tier Chinese cities.
Market context
The company operates in China's highly competitive food and e-commerce sector, where rising disposable incomes, digitalization and demand for convenient meals support RTH and RTC products. However, price pressure in online channels is high, and the company withdrew from that channel in 2025. Growth on Asian markets excluding U.S. downsizing was 9.8% in fiscal 2025.
In digital assets, bitcoin remains the largest by market capitalization, and its supply is capped by protocol at 21 million units. Institutional interest has grown since the SEC approved spot bitcoin ETPs, which could support demand, but the price remains volatile and exposed to a changing regulatory framework.
Trends
- Rising demand for convenient and plant-based mealstailwind
The company expects demand for RTH, RTC, RTE and plant-based meals to persist and grow at an accelerated rate, especially among young urban consumers. If this trend holds, it could support volumes for own brands.
- Rising incomes and digitalization in Chinatailwind
Growth in per capita disposable income, investment in technological infrastructure and wider internet access support demand for convenient food. Unfavorable changes in these factors could reduce demand for the company's products.
- Price pressure in e-commerceheadwind
Intense competition on online platforms led the company to reduce its exposure to this channel. Continued price pressure could keep margins under strain in digital segments.
- Food safety and data regulationmixed
The business is subject to customer data, food safety and employment regulations administered by several Chinese authorities. Regulatory changes could raise compliance costs.
Competitive position
The company operates in a highly competitive food and e-commerce market in China, with different competitors in each business line. Barriers to entry, including brand awareness, end-to-end supply chain visibility and distribution agreements, have limited the number and success of new entrants.
Stated competitive strengths include the supplier network, product research and development capability and relationships with regional distributors. The company says it differentiates through its omnichannel model and its use of data analytics to tailor offerings to consumer preferences.
- Jefferies Financial Group
Not named as a competitor in the analysed sources, so no direct comparison can be made; replace with verified competitors.
- Regional suppliers and distributors in China
Offline distributors and local retailers compete for shelf space and urban consumers while also serving as partners.
- Social e-commerce platforms
Large online platforms exert price pressure, and their competition is the main reason the company withdrew from the online channel.
- Asian and foreign food brands
Foreign and emerging brands in the Asian food category compete on awareness and access to distribution, and entry barriers have limited their number.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Current report (foreign issuer)23 Oct 2026
- Current report (foreign issuer)02 Sept 2026
- Current report (foreign issuer)07 Jul 2026
- Current report (foreign issuer)01 Jul 2026
- Current report (foreign issuer)01 Jul 2026
- Current report (foreign issuer)10 Jun 2026
- Current report (foreign issuer)21 Apr 2026
- Annual report (foreign issuer)21 Apr 2026
- Current report (foreign issuer)20 Mar 2026
- Current report (foreign issuer)04 Mar 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / DDC Enterprise Limited · 21 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.