1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Thesis
3. Valuation & Price Target
4. Business & Product Moat
5. People & Governance
6. Market & Macro
7. Financial Quality
8. Risk Register
9. Prediction Market
10. 𝕏 Posts
Discussion
1. Investment Snapshot
2. Metrics vs Peers
3. Price Chart
4. Valuation
5. Offer Terms
6. Financial Statements
Discussion
Research report, target price, DCF and forensic scores are for subscribers. View plans
Symbol
DDC
Listed on
2023-11-17
Sector
Consumer
Subsector
Food Products
Offer Price
$8.50
first filed $9.50–$11.50Shares Offered
3.9M
21.17M
$179.9M
18.4%
Implied Upside vs Midpoint
Description
Our mission is to inspire others to enjoy cooking as part of a quality lifestyle and culture. We are driven to improve lives by creating easy-to-cook, delicious, and healthy meal solutions. It is our vision to create fun experiences and inspirations in every kitchen. We are a food innovator with leading content driven (i.e. using content to reach and engage target customers) consumer brands offering easy, convenient ready-to-heat (“RTH”), ready-to-cook (“RTC”), ready-to-eat (“RTE”) and Plant-based meal products (i.e. meal products consisting largely or solely of vegetables, fruits, grains and other foods derived from plant-based protein, rather than animal protein) while promoting healthier lifestyle choices to our predominately Millennial and Generation Z (“GenZ”) customer-base. We are also engaged in the provision of advertising services. We were founded in Hong Kong in 2012 by Ms. Norma Ka Yin Chu, a highly regarded entrepreneur and a true cooking enthusiast, as an online platform which distributed food recipes and culinary content. Subsequently, we further expanded our business to provide advertising services to brands that wish to place advertisements on our platform or video content. In 2015, we entered the Mainland China market through the establishment of Shanghai DayDayCook Information Technology Co., Ltd (“SH DDC”) to engage in technology development of computer software, food circulation and advertising production in China. In 2017, we started expanded our business from content creation to content commerce. Later in 2019, we extended our business to include the production and sale of, among others, own-branded RTH, RTC convenient meal solution products. As of June 30, 2023, our main product categories include (i) own-branded RTH products — typically semi-cooked meals with some but minimal preparation required ahead of serving, (ii) own-branded RTC products — ready to be consumed within 8 to 15 minutes with some additional cooking preparation, (iii) own-branded RTE products — typically pre -cooked meals that are ready to serve with minimal level of additional preparation, which includes our plant-based meal products localized for the palate of an Asian consumer, and (iv) private label products (i.e. third-party branded food products). --- Our principal executive office is located at Room 1601-1602, 16/F, Hollywood Centre, 233 Hollywood Road, Sheung Wan, Hong Kong. Our telephone number is +852-2803-0688. Our registered office in the Cayman Islands is located at the office of International Corporation Services Ltd., P.O. Box 472, 2nd Floor, Harbour Place, 103 South Church Street, George Town, Grand Cayman KY1-1106, Cayman Islands. Our agent for service of process in the United States is Cogency Global Inc., located at 122 East 42nd Street, 18th Floor, New York, NY 10168. Our principal website is located at www.daydaycook.com.cn/daydaycook.
| Metric | Value | Peer median | Among peers | Trend |
|---|---|---|---|---|
EV / revenue | 6.8x | 5.0x | ||
Revenue growth | -12.5% | 60.0% | ||
Gross margin | 24.5% | 20.4% | ||
Operating margin | -44.5% | -7.6% | ||
Net margin | -68.1% | -14.3% | ||
Free cash flow margin | -20.8% | -7.2% | ||
Rule of 40 | -55.1% | 35.6% | ||
Net cash / market cap | 1.8% | 0.1% | ||
Debt / equity | neg. equity | 0.00 | ||
Current ratio | 0.59 | 1.06 | ||
Stock comp / revenue | 21.7% | — | — | |
9 premium metrics: DCF value / price, Growth the price needs: how common, Last 12 months vs full year and 6 more Unlock | ||||
▼ Priced at $8.50, 19% below the midpoint of the first filed range ($9.50–$11.50, 2023-11-08).
Each filing is plotted ahead of the first trading day on the price chart.
| Filed | Form | Price range | Price | Shares offered | Deal size |
|---|---|---|---|---|---|
| 2023-11-08 | F-1/A | $9.50–$11.50 | — | — | — |
| 2023-11-16 | F-1/A | $9.50–$11.50 | — | — | — |
| 2023-11-20 | 424B4 | — | $8.50 | — | — |
DDC Enterprise Ltd income statement and balance sheet, FY Dec 2022 to FY Dec 2025, as reported in SEC filings (CNY).
| Metric | FY Dec 2022 | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Revenue | CNY 180M | CNY 205M | CNY 273M | CNY 274M |
| Gross profit | CNY 43.9M | CNY 51.5M | CNY 77.6M | CNY 86.2M |
| Operating income | (CNY 80.0M) | (CNY 146M) | (CNY 137M) | (CNY 247M) |
| Net income | (CNY 122M) | (CNY 162M) | (CNY 157M) | (CNY 338M) |
| Revenue growth | — | 14.4% | 33.0% | 0.3% |
| Gross margin | 24.5% | 25.0% | 28.4% | 31.4% |
| Operating margin | −44.5% | −71.2% | −50.3% | −90.0% |
| Net margin | −68.1% | −78.8% | −57.4% | −123% |
| Metric | FY Dec 2022 | FY Dec 2023after listing | FY Dec 2024after listing | FY Dec 2025after listing |
|---|---|---|---|---|
| Total assets | CNY 255M | CNY 434M | CNY 485M | CNY 1.4B |
| Total liabilities | CNY 374M | CNY 374M | CNY 403M | CNY 844M |
| Total equity | (CNY 1.5B) | CNY 60.7M | CNY 82.3M | CNY 552M |
| Cash & equivalents | CNY 26.8M | CNY 78.8M | CNY 61.0M | CNY 21.1M |