DDC Enterprise Ltd (DDC) 2025 Q4 法說會逐字稿

Good morning, everyone, and welcome to DDC Enterprise Limited's first half 2025 earnings conference call. (Operator Instructions) Please be advised that today's conference is being recorded. I would now like to send the conference over to Cody Fletcher and Investor Relations for DDC. Please go ahead.

各位早安，歡迎參加 DDC Enterprise Limited 2025 年上半年財報電話會議。（接線員指示）請注意，今天的會議將被錄音。現在我想把會議交給 DDC 的 Cody Fletcher 與投資人關係團隊。請開始。

Hi, everyone, and thank you for joining DDC Enterprises' full year 2025 earnings conference call. Joining me today are Norma Chu, DDC's Founder, Chairwoman, and CEO; and Kyu Ho, DDC's Chief of Staff. Before we begin today's call, I'd like to remind everyone that today's call is being recorded and will be available on DDC's Investor Relations website.

各位好，感謝各位參加 DDC Enterprises 2025 全年財報電話會議。今天與我一同出席的有 DDC 創辦人、董事長兼執行長 Norma Chu，以及 DDC 幕僚長 Kyu Ho。在我們開始今天的電話會議之前，我想提醒各位，今天的會議將被錄音，並會在 DDC 的投資人關係網站上提供回放。

After management's prepared remarks, we will open the line for Q&A. A press release covering DDC's full-year 2025 results are also available on our IR website. Please note that during the course of this call, you may make forward-looking statements. These statements reflect our current views and expectations and are subject to risks and uncertainties that could cause actual results to differ materially. Please refer to our SEC filings for a more detailed discussion of these risk factors.

在管理層的準備發言之後，我們將開放問答。涵蓋 DDC 2025 全年業績的新聞稿也已在我們的投資人關係網站上提供。請注意，在本次電話會議過程中，您可能會聽到前瞻性陳述。這些陳述反映我們目前的觀點與預期，並受可能導致實際結果與之有重大差異的風險與不確定性影響。請參閱我們向 SEC 提交的文件，以取得對這些風險因素更詳細的討論。

And with that, I'll pass the call over to Norma.

那麼，我把電話交給 Norma。

Thanks, Cody. Hello, everyone, and thank you for joining us today. 2025 was a transformational year for DDC.

謝謝你，Cody。各位好，感謝今天加入我們。2025 年對 DDC 而言是具有轉型意義的一年。

We took decisive steps to reposition the business. We extended our U.S. Operation in the first half and refocused our core food business in Asia, where we see the strongest demand. In parallel, we launched our Bitcoin Treasury strategy as a core component of our long-term capital allocation framework.

我們採取果斷行動，重新定位業務。我們在上半年擴展了美國營運，並重新聚焦於亞洲的核心食品業務，因為我們在那裡看到最強勁的需求。同時，我們推出比特幣金庫（Bitcoin Treasury）策略，作為我們長期資本配置框架的核心組成部分。

We made these changes to simplify the business, strengthen our foundation, and position DDC to build long-term value. Today, DDC operates on two complementary pillars: a growing consumer food platform and a long-term Bitcoin treasury strategy.

我們進行這些調整，是為了簡化業務、強化基礎，並讓 DDC 能夠建立長期價值。如今，DDC 以兩大互補支柱運作：成長中的消費食品平台，以及長期的比特幣金庫策略。

Our food business provides revenue and income stability, while treasury strategy compounds value on the balance sheet over time. These two components work together. Our operating business generates a stable foundation. That foundation allows us to allocate capital to Bitcoin with conviction, independent of market cycles.

我們的食品業務提供營收與獲利的穩定性，而金庫策略則隨時間在資產負債表上複利累積價值。這兩個組成部分相互配合。我們的營運業務提供穩定的基礎，而這個基礎使我們能夠不受市場循環影響、以堅定信念將資本配置到比特幣。

Turning to our operating performance. For 2025, our core consumer food business delivered record revenue of $39.2 million and positive adjusted EBITDA. These results reflected continued execution across our core markets and improvement in operating efficiency.

接著談我們的營運表現。2025 年，我們的核心消費食品業務創下 3,920 萬美元的歷史新高營收，並實現正向的調整後 EBITDA。這些成果反映我們在核心市場持續落實執行，以及營運效率的提升。

In the second-half, revenue grew 17% year-over-year to $23.6 million, and gross margins remained stable at 30.2%. Demand remained strong across our key markets. We expanded our offline distribution channels, growing our network of regional distributors and deepening customer partnerships. These efforts drove consistent increases in offline sales volume and further penetrated into lower-tier cities.

在下半年，營收年增 17% 至 2,360 萬美元，毛利率維持穩定於 30.2%。我們在主要市場的需求依然強勁。我們擴大線下分銷通路，增加區域經銷商網絡並深化客戶合作夥伴關係。這些努力帶動線下銷售量持續成長，並進一步滲透至低線城市。

We see a continued shift towards value-oriented consumption and localized distribution across China market. This trend aligns directly with our focus on healthy, ready-to-eat products that support at-home consumption and convenience. In terms of our Bitcoin Treasury strategy, from the beginning, we approached it with discipline. We focused on building the right foundation, strengthening our capital structure, and ensuring we could scale responsibly over time.

我們看到中國市場持續朝向重視性價比的消費，以及在地化分銷的轉變。這一趨勢與我們聚焦健康、即食產品的方向高度一致，這些產品可支持居家消費與便利性。至於我們的比特幣金庫策略，從一開始我們就以紀律性的方式推進。我們專注於建立正確的基礎、強化資本結構，並確保能夠隨時間負責任地擴張。

Following the launch of our strategy in May, we scaled our capital markets efforts, expanded our partnerships, and built the infrastructure required to support long-term accumulation. We accumulated 1,181 Bitcoin across multiple transactions in the second-half of the year, demonstrating our long-term conviction in Bitcoin.

在 5 月推出策略後，我們加大資本市場方面的工作力度、擴展合作夥伴關係，並建立支持長期累積所需的基礎設施。我們在下半年透過多筆交易累積了 1,181 枚比特幣，展現我們對比特幣的長期信念。

In 2026, we have continued to execute. Since year-end, we have more than doubled our Bitcoin. Bitcoin holdings, increasing from [1,181] Bitcoin at the end of 2025 to 2,383 Bitcoin as of today, which represent approximately $182 million of value based on current Bitcoin prices.

在 2026 年，我們持續落實執行。自年末以來，我們的比特幣持有量已增加逾一倍，從 2025 年底的 [1,181] 枚比特幣提升至截至今日的 2,383 枚比特幣；按目前比特幣價格計算，價值約 1.82 億美元。

This position's DDC amounts to the top 30 publicly traded corporate holders of Bitcoin globally. This reflects our long-term conviction. We view Bitcoin as a long-term reserve asset that complements our operating business and strengthens our capital allocation framework.

這一部位使 DDC 躋身全球公開交易公司中比特幣持有量前 30 名。這反映我們的長期信念。我們將比特幣視為長期儲備資產，可與我們的營運業務互補，並強化我們的資本配置框架。

In addition, today we introduced the DDC Treasury Intelligence Platform, an AI-driven system designed to enhance how we manage and evaluate our Bitcoin treasury. We believe we are amongst the first corporate treasury companies to take this approach.

此外，今天我們推出 DDC Treasury Intelligence Platform，這是一套以 AI 驅動的系統，旨在提升我們管理與評估比特幣金庫的方式。我們相信，我們是最早採取此作法的企業金庫公司之一。

Building dedicated infrastructure to bring greater discipline, transparency, and structure to Bitcoin capital allocation. This platform integrates internal data, market signals, and historical decisions into a unified framework, allowing us to evaluate trade-offs more consistently and with greater clarity over time.

我們建立專屬基礎設施，為比特幣資本配置帶來更高的紀律、透明度與結構化。該平台將內部數據、市場訊號與歷史決策整合至統一框架中，使我們能夠更一致、並隨時間以更清晰的方式評估取捨。

Our goal is not to automate decision-making, but to strengthen the quality and consistency of how we allocate capital across different market environments. Over time, we believe this more structured approach to capital allocation can improve the efficiency of our decision-making and support stronger risk-adjusted outcomes across cycles.

我們的目標不是自動化決策，而是提升我們在不同市場環境下進行資本配置的品質與一致性。隨著時間推進，我們相信這種更結構化的資本配置方法，能提升決策效率，並在各個循環中支持更佳的風險調整後成果。

We see this as an important step towards building a more scalable and institutional approach to managing our Treasury. Looking ahead, we remain focused on scaling both parts of the business with discipline. We will drive growth in higher-margin markets on the operating side. We will continue to accumulate Bitcoin in a measured and strategic manner on the Treasury side.

我們認為這是朝向建立更具可擴展性、且更制度化的金庫管理方式的重要一步。展望未來，我們仍將以紀律性方式擴大業務的兩個部分。在營運端，我們將推動高毛利市場的成長；在金庫端，我們將以審慎且具策略性的方式持續累積比特幣。

We will improve cost structure and operating efficiency as the platform matures. We will also explore selective risk manage opportunities to generate yield on our Bitcoin holdings with a focus on capital preservation, high-quality counterparties and disciplined risk management.

隨著平台成熟，我們將改善成本結構並提升營運效率。我們也將探索具選擇性的風險管理型機會，在以資本保全為重點、選擇高品質交易對手並採取嚴謹風險管理的前提下，為我們的比特幣持有部位創造收益。

Over time, we also expect to expand our capital allocation capabilities through structured opportunities that complement our treasury strategy and further differentiate our platform. Our goal remains clear to build a company that compounds value over time across both the income statement and the balance sheet.

隨著時間推進，我們也預期透過結構化機會擴展資本配置能力，以補強我們的金庫策略並進一步差異化我們的平台。我們的目標依然明確：打造一家能夠隨時間在損益表與資產負債表兩端持續複利累積價值的公司。

With that, I'll pass the call to Kyu to talk about our financial performance in more detail.

接下來，我把電話交給 Kyu，請他更詳細說明我們的財務表現。

Thank you, Norma. For the full year 2025, we delivered record revenue of $39.2 million and positive adjusted EBITDA, reflecting continued improvement in the operating performance of our core consumer food business. Revenue was broadly stable year-over-year, with growth in our core Asia markets offset by the strategic exit of US Operations.

謝謝你，Norma。2025 全年，我們創下 3,920 萬美元的歷史新高營收，並實現正向的調整後 EBITDA，反映我們核心消費食品業務的營運表現持續改善。營收整體上與去年大致持平，亞洲核心市場的成長抵銷了策略性退出美國營運所帶來的影響。

In Asia, revenue growth was driven by expansion in our offline distribution channels, including deeper penetration into lower-tier cities and stronger regional distributor partnerships. This was partially offset by a decline in online sales, reflecting a deliberate reduction in marketing spend and a strategic shift away from lower-margin and highly promotional channels.

在亞洲，營收成長主要來自線下分銷通路的擴張，包括更深入滲透低線城市，以及更強的區域經銷商合作夥伴關係。部分則被線上銷售下滑所抵銷，這反映我們有意降低行銷支出，並策略性地轉向遠離低毛利且高度促銷的通路。

Gross margin improved 303 basis points to 31.4%, supported by supply chain optimization, improved procurement efficiency, and favorable raw material costs.

毛利率提升303個基點至31.4%，主要受供應鏈優化、採購效率提升以及原材料成本有利所支撐。

For the full year, operating expenses increased year-over-year. This was driven primarily by the built-out of our Bitcoin treasury platform, which drove changes in our stock-based compensation structure to be more aligned with treasury peers and financing fees related to our capital markets activity.

就全年而言，營業費用較去年同期增加。主要原因是我們建置比特幣財庫平台，帶動我們的股份基礎薪酬結構調整，使其更貼近財庫同業，以及與我們資本市場活動相關的融資費用。

In addition, we increased spending on advisory and legal costs and infrastructure to support day-to-day execution.

此外，我們也增加了顧問與法律成本以及基礎設施投入，以支援日常執行。

Excluding these items. We reduced costs across the core business, including lowered sales and marketing, and general and administrative expenses following the exit of our US operations, and continued cost discipline. As a result, while our reported results reflect non-cash items and strategic investments associated with building our Bitcoin Treasury platform, we delivered positive adjusted EBITDA for the full year.

排除上述項目後，我們在核心業務範圍內降低了成本，包括在退出美國業務後，降低銷售與行銷費用，以及一般及行政費用，並持續維持成本紀律。因此，儘管我們的申報結果反映了與建置比特幣財庫平台相關的非現金項目與策略性投資，我們仍在全年實現正向的調整後EBITDA。

Reflecting underlying improvement in operating performance of the business. At a high level, the core food business remained operationally stable, while overall cash usage reflects both investment activity and the build-out of our broader platform.

這反映出業務營運表現的基本面改善。整體而言，核心食品業務在營運上保持穩定，而整體現金使用則同時反映投資活動以及我們更廣泛平台的建置。

To provide additional context, let me walk through the first half and second-half dynamics. In the first half of 2025, we achieved strong profitability, driven by the strategic exit of US operations, an improved cost structure, and growth in our core China business.

為提供更多背景，我來說明上半年與下半年的動態。2025年上半年，我們在策略性退出美國業務、成本結構改善以及核心中國業務成長的帶動下，實現了強勁的獲利能力。

As we moved into the second-half, we began to invest more heavily in building our Bitcoin Treasury platform. Revenue in the second-half reached $23.6 million, increasing 17% year-over-year and 51% sequentially, reflecting continued demand across our core markets.

進入下半年後，我們開始加大對建置比特幣財庫平台的投資。下半年營收達2,360萬美元，年增17%、季增51%，反映核心市場需求持續。

Gross margin remained stable year-over-year at 30.2%, supported by ongoing supply chain optimization and disciplined pricing. The primary change in the second half was operating expenses as a result of our adoption of a Bitcoin Treasury strategy, as I described above. As a result, operating income and net income declined year-over-year in the second half.

毛利率年對年維持穩定於30.2%，受惠於持續的供應鏈優化與嚴謹的定價紀律。下半年主要變化在於，正如我先前所述，因採用比特幣財庫策略而導致的營業費用增加。因此，下半年營業利益與淨利年對年下滑。

We have taken steps to strengthen our liquidity position, including assessing capital markets and aligning our cost structure as the business evolves. During the year, we assessed multiple sources of capital, including equity, convertible instruments, and Bitcoin-backed financing, to support both our operations and treasury strategy.

我們已採取措施強化流動性部位，包括評估資本市場並隨著業務演進調整成本結構。年內，我們評估了多種資金來源，包括股權、可轉換工具以及以比特幣作為擔保的融資，以同時支援營運與財庫策略。

We believe these actions, together with the continued stability of our core operating business, position us to support ongoing operations and execute on our strategy. On the balance sheet, we continue to execute on our Bitcoin strategy.

我們相信，這些行動加上核心營運業務的持續穩定，使我們具備支援持續營運並落實策略的條件。在資產負債表方面，我們持續推進比特幣策略。

We increased our Bitcoin holdings materially during the year as we deployed capital from our financing initiatives, positioning Bitcoin as a core component of our balance sheet. Looking into 2026, our priorities are clear we will continue to grow our core business in higher-margin markets.

我們在年內透過融資計畫所部署的資金，大幅增加比特幣持有量，使比特幣成為資產負債表的核心組成。展望2026年，我們的優先事項很明確：我們將持續在高毛利市場擴大核心業務。

While maintaining discipline around costs and improving cash conversion at the same time, we will continue to execute on Bitcoin Treasury strategy in a measured and strategic manner. As mentioned, we will also explore selective risk-managed opportunities to generate yield on our Bitcoin holdings, with a focus on capital preservation, high-quality counterparties, and disciplined risk management.

在同時維持成本紀律並改善現金轉換的前提下，我們將以審慎且具策略性的方式持續執行比特幣財庫策略。如前所述，我們也將探索具選擇性、風險可控的機會，以在比特幣持有量上創造收益，並聚焦於資本保全、高品質交易對手以及嚴謹的風險管理。

In addition, we also expect to expand our capital allocation capabilities to structured opportunities that complement our Treasury strategy and further differentiate our platform.

此外，我們也預期將資本配置能力擴展至與財庫策略互補的結構性機會，進一步強化我們平台的差異化。

We believe this approach positions us well for long-term value creation, and we look forward to providing further updates as we continue to execute.

我們相信此一做法將使我們在長期價值創造上具備良好定位，並期待在持續執行的過程中提供更多更新。

With that, we will open the call for questions.

接下來，我們將開放提問。

(Operator Instructions)

（接線員指示）

Mark Palmer, Benchmark Stone X.

Mark Palmer，Benchmark Stone X。

Yes, good morning, and thank you for taking my questions. First of all, the use of the new DDC intelligence platform to better inform the Bitcoin acquisition strategy is a very interesting approach. We haven't seen others use this, at least not formally in this manner. If you could talk a little bit about.

是的，早安，謝謝讓我提問。首先，使用新的DDC intelligence平台來更好地為比特幣收購策略提供資訊，是一個非常有意思的方法。我們還沒看到其他人使用這個，至少沒有以這種方式正式使用。如果你能稍微談談。

How this would be used in practice. As you said, the idea here is not to automate decision-making, but to better inform decisions. Can you give examples of how the platform would better inform your decisions with regard to managing the Bitcoin treasury and purchases as you do so?

這在實務上會如何使用。正如你所說，這裡的想法不是要自動化決策，而是要讓決策更有依據。你能否舉例說明，該平台在你們管理比特幣財庫以及進行購買時，會如何更好地為你們的決策提供資訊？

Hey, Mark, good to see you here. Yeah, I think we've been kind of thinking about how we can incorporate all these new AI technology into our day-to-day operation for managing the Bitcoin treasury system, and I really think it's a natural next step.

嗨，Mark，很高興在這裡見到你。是的，我想我們一直在思考，如何把這些新的AI技術納入我們管理比特幣財庫系統的日常營運中，我也真的覺得這是很自然的下一步。

And, I'm really grateful that we have a great development partner, Amilization, to help us build this out. In terms of, application, in terms of how the system can help us better manage the treasury, I'll pass it over to Kyu to give a couple of samples. And, Mark, maybe you haven't had the time to read it yet. We do have another standalone full press release on the system that will give everybody a bit of a closer look to what we've built so far.

而且，我非常感謝我們有一個很棒的開發夥伴Amilization，協助我們把這個建置起來。至於應用、以及系統如何幫助我們更好地管理財庫，我會把時間交給Kyu，請他提供幾個例子。Mark，也許你還沒時間讀到。我們另外也有一份獨立的完整新聞稿，會讓大家更近一步了解我們目前已經建置到什麼程度。

Hi, Mark. Thanks for the question. So this initiative, as Norman mentioned, really started from our perspective that it seems odd that for any company not to be leveraging AI at this day and age. And similarly for DBC, as we looked internally, we've been asking ourselves.

嗨，Mark，謝謝你的問題。正如Norman提到的，這項計畫其實是從我們的觀點出發：在這個時代，任何公司不運用AI似乎都有點不合常理。同樣地，對於DBC而言，當我們向內檢視時，我們一直在問自己。

What can we leverage from what is available with the latest today that can help us make better decisions. So at the very baseline, you can imagine that we would be leveraging AI technology for making sure that we have as many signals as possible so that we are constantly aware of what's happening.

我們可以運用當下最新可用的哪些工具，來幫助我們做出更好的決策。所以在最基本的層面，你可以想像我們會運用AI技術，確保我們掌握盡可能多的訊號，讓我們能持續掌握正在發生的事情。

The baseline is obviously knowing what's happening within the Bitcoin space, and then you can expand that scope out to the macro environment, the political environment, the regulatory environment, and so forth, so that it feeds back information to management so that we can be more informed when we make decisions.

最基本的當然是了解比特幣領域內正在發生什麼，接著你可以把範圍擴展到總體環境、政治環境、監管環境等等，讓這些資訊回饋給管理層，使我們在做決策時能更有依據。

As Norman mentioned in her remarks, this is meant to be assisting management, not telling management what to do. So our hope is that it helps us be even more, I would say, even give us an even more opportunity to get insights into what's happening in the market, how that translates to what we do. As we think through the timing of our purchases, the size of our purchases, how we think about.

正如Norman在發言中提到的，這是用來協助管理層，而不是告訴管理層該怎麼做。因此，我們希望它能讓我們更——我會說——讓我們有更多機會洞察市場正在發生什麼，以及這些情況如何轉化為我們的行動。當我們思考購買時點、購買規模，以及我們如何思考。

Capital raise, how we think about different strategies and initiatives, we plan to leverage that intelligence platform to give us more insight, to tell us potentially what options are available and how we can be better with all these decision-making processes. It also falls into governance. It helps us with how we build our governance framework.

募資、如何思考不同策略與計畫時，我們計畫運用該智慧平台提供更多洞見，可能告訴我們有哪些可行選項，以及我們如何在這些決策流程上做得更好。它也涵蓋公司治理，能協助我們建立治理架構。

Around the process of the Bitcoin Treasury strategy itself. So it's a bit of an open field, I would say, in terms of what the platform can do for us. And we're consistently trying to feed information into this platform such that eventually it becomes more of a learning machine that evolves over time, as opposed to it just processing information based on.

圍繞比特幣金庫（Bitcoin Treasury）策略本身的流程。所以我會說，就平台能為我們做什麼而言，這有點像一個開放的領域。而我們也持續嘗試把資訊餵進這個平台，讓它最終更像是一台會隨時間演進的學習機器，而不是僅僅依據……來處理資訊。

Parameters that we detect them to do. So we would expect that over time, as we have more and more information, as we teach the system what to look for, what to look at, and we get iterated processes, then we will really get value out of this platform.

我們偵測到並設定它去做的參數。因此我們預期，隨著時間推進，當我們擁有越來越多資訊、教系統該找什麼、該看什麼，並且流程反覆迭代之後，我們就能真正從這個平台獲得價值。

Thank you. Could you provide some insight with regard to.

謝謝。能否就……提供一些見解。

What potential financing options are on the table for Bitcoin, funding Bitcoin purchases going forward, how you're weighing those, and where they stack up right now in terms of attractiveness.

關於比特幣目前有哪些潛在的融資選項可供選擇、未來為比特幣購買提供資金的方式、你們如何權衡這些選項，以及就吸引力而言目前它們的排序如何。

And along those lines, if you could talk a little bit about how you're thinking about the trajectory of Bitcoin purchases going forward.

另外，若可以的話，也請談談你們如何看待未來比特幣購買的走勢與節奏。

Thank you.

謝謝。

Sure. Thanks, Mike. I think, right now, we have a number of options as listed in the announcement. I mean, right now, we still have a number of untapped facilities out there, including the--

當然。謝謝你，Mike。我想目前我們有多個選項，如公告中所列。我的意思是，現在我們仍有一些尚未動用的融資額度，包括——

Convertible note that we have an outstanding with, and then I think that one has a 200 seventy-five million available. We also have an equity line available, and in terms of other financing options, issuing common shares to -- Buy Bitcoin, I think it's always top of mind, and it really depends on the partner because depending on a number of factors, the partners, the coin pricing, where it's at right now, and the AMNA for the company. But that's always, a negotiation process with potential seller.

我們尚在流通的可轉換公司債（convertible note），我想那一筆還有約2億7,500萬美元可用。我們也有一條股權融資額度（equity line）可用。至於其他融資選項，發行普通股來——購買比特幣，我認為這一直是我們優先考量的方向，但實際上取決於合作夥伴，因為會受到多項因素影響：合作夥伴本身、幣價、目前所處位置，以及公司的AMNA。但這一向都是與潛在賣方之間的協商流程。

So that's one option we've also issued preferred shares earlier this year. Privately held preferred. And those kind of carry slightly higher cost of capital, usually 3.5% to maybe 5% interest. And then they convert into common at a premium. So that's the second option.

所以這是一個選項。我們今年稍早也發行了特別股，是私募特別股。這類工具的資本成本通常略高，利率大概在3.5%到可能5%之間，之後會以溢價轉換為普通股。這是第二個選項。

The third one, we are currently in discussion with a potential partner in the U.S., another investment bank. That we might consider offering listed perpetual preferred, but that is a slightly more, I would say, early-stage compensation, and that will be a potential third financing tool for more Bitcoin purchases available for DDC at this stage.

第三個，我們目前正與美國的一個潛在合作夥伴、另一家投資銀行討論。我們可能會考慮發行上市的永續特別股（listed perpetual preferred），但我會說這在某種程度上仍屬較早期的安排；在現階段，這將可能成為DDC用於進一步購買比特幣的第三項融資工具。

In terms of how we think about ongoing accumulation, we wanted. To have a North Star of, getting to 10,000 Bitcoin as quickly as possible. But at the same time, I think, we also have to weigh a number of factors. And this year, I think we still carry a view of that Bitcoin might be trading more sideways for, the next couple quarters.

至於我們如何看待持續累積，我們希望有一個「北極星」目標：盡快達到10,000枚比特幣。但同時，我想我們也必須權衡多項因素。今年我們仍然認為，比特幣在接下來幾個季度可能會較偏向區間震盪。

And so right now, in the first quarter, we have already doubled our holdings. That actually exceeded our internal.

因此目前在第一季，我們已經把持有量翻倍。這其實超出了我們內部的……

Management guidance and I think right now we're going to continue to acquire consistently throughout the remaining quarter, probably, conservatively hoping to reach about 5,000 Bitcoin by the end of the year.

管理層指引。我想接下來我們會在本季剩餘時間持續、穩定地買入；較保守地希望在年底前達到約5,000枚比特幣。

Thank you.

謝謝。

Matthew Galinko, Maxim Group.

Maxim Group 的 Matthew Galinko。

Hey, thanks for taking my questions. Is there anything in the food business? I think you announced one JV in 2025.

嗨，謝謝回答我的問題。在食品業務方面有沒有什麼進展？我想你們在2025年宣布了一個合資（JV）。

Maybe just expand on that pipeline. For 2026, do you see additional similar deals, or maybe more broadly, how does expanding the food business fit into your Apple allocation strategy again, accumulation? Thanks.

能否再延伸談談那個管線？對於2026年，你們是否看到更多類似交易，或更廣泛地說，擴張食品業務如何再次融入你們的 Apple 配置策略——也就是累積？謝謝。

Yeah, I think as a baseline, we do expect the underlying food business to grow organically and, fairly stable. 10 to 15% year on year without acquiring additional capital to grow down the line business.

是的，我想以基本情境來看，我們預期底層的食品業務會有機成長，而且相當穩定；在不額外投入資本去擴張下游業務的情況下，年增率約10%到15%。

And in terms of doing more M&A deals or JVs, there's always opportunity and we are assessing a number of potential targets right now. So I would say, it's very possible that we would do a similar deal at the second-half of this year. Yeah, but that's, that really depends on negotiation. There's no signed term sheet at this stage.

至於做更多併購（M&A）或合資（JV），機會一直都在，我們目前也在評估一些潛在標的。所以我會說，今年下半年很有可能會做一筆類似交易。不過那真的取決於談判；目前還沒有簽署任何條款清單（term sheet）。

Got it. And I mean, I guess, is there always an ongoing balance between, allocating or predominantly when you do those sorts of JVs here, it's sort of a lower threshold versus buying Bitcoin, if that makes sense?

了解。那我想問的是，是否一直存在一種持續的平衡：在你們做這類合資時，資本配置的門檻相較於買比特幣會更低一些——如果這樣說得通的話？

Yeah, I think when we think about capital raises, it's really more for Bitcoin accumulation. And the way when we look at M&A deals and setting up these JVs, they are a bit more, a bit less capital intensive.

是的，我想當我們考慮募資時，主要還是為了累積比特幣。而我們看待併購交易與設立這些合資時，它們相對而言資本密集度更低一些。

We tend to structure it out more like an earn-out basis and typically it's, share-based and a lot of times the shares are issued to the JV partner or the target owner at a premium to where DDC shares are traded.

我們傾向把結構設計得更像是以績效對價（earn-out）為基礎，通常是以股份為主；很多時候，股份會以相對於DDC股票交易價格的溢價，發行給合資夥伴或標的公司的所有人。

Yeah, so, we don't expect to be issuing a lot of new equities at current prices for fundraising for the food business.

是的，所以我們不預期會在目前價格水準下，為了食品業務募資而大量發行新的股權。

Got it. Thanks. And sorry, one more question on the food business, but you did announce kind of an innovative AI approach on the kind of a single pane of glass, I guess, for the Bitcoin business. Do you have any similar initiatives on food business to help guide strategy, pricing, and just your overall approach to it?

了解，謝謝。不好意思，關於食品業務我還有一個問題：你們確實宣布了一種創新的AI方法，像是為比特幣業務提供「單一玻璃窗格」（single pane of glass）的視圖。那在食品業務上，你們是否也有類似的計畫，來協助制定策略、定價，以及整體的運作方式？

I think right now when we look at, when I look at the whole operation across CDC, there are so many functions that the team is already incorporating the use of different.

我想目前當我們看——當我看整個CDC的營運時，團隊已經在日常工作中把各種不同的AI平台與工具，運用在非常多的職能上。而這也成為一個靈感：既然我們在營運業務上已經大量使用AI，為什麼在金庫策略（treasury strategy）上沒有更積極地應用AI來提供協助？

AI platforms and tools on a daily basis. And that actually became an inspiration for like, well, we're doing so much with AI on the operating business. How come we're not really being more proactive on applying that to help because treasury strategy? So I would say that, like all businesses, I think AI is becoming a very inevitable part of, integrating in terms of day-to-day execution.

所以我會說，像所有企業一樣，我認為AI正變成一個非常不可避免、必須融入日常執行的部分。

Thank you.

謝謝。

Thank you. And ladies and gentlemen, this does conclude today's Q&A session and concludes today's conference call.

謝謝各位女士、先生，今天的問答環節到此結束，今天的電話會議也到此結束。