Company: DDC
Filing Date: 2025-10-24
Form Type: F-1
Source: 0001213900-25-102214
Chunk: 140

Company: DDC Enterprise Ltd
Filing Date: 2025-10-24
Form: F-1
Chunk 140
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 for the six months ended June 30, 2024. Year ended December 31, 2024 compared to Year ended December 31, 2023 Revenues For the year ended December 31, 2024, we recorded RMB273.3 million (or US$37.4 million) in total revenue compared to RMB205.5 million for the year ended December 31, 2023, representing a 33.0% increase. The increase in total revenue was due to the increase in offline consumer product sales of RMB84.5 million (US$11.6 million). In additions, we completed an acquisition in February 2024. The acquisition contributed RMB9.9 million (US$1.4 million) offline consumer product sales for the year ended December 31, 2024. Cost of Revenues Cost of revenues increased by 27.1% to RMB195.7 million (US$26.8 million) in 2024 from RMB154.0 million in 2023, which was in line with the increase in our total revenues. Product Costs The product cost increased by 27.3% from RMB152.7 million for the year ended December 31, 2023 to RMB194.5 million (US$26.6 million) for the year ended December 31, 2024. The increase was mainly due to: (i) we have obtained control over Yai’s Thai on February 1, 2024, a Thai American food brand selling curry and sauce products based in USA; and (ii) the increase in offline consumer product sales. Personnel Costs Our personnel costs remained stable with RMB0.9 million (US$0.1million) for the year ended December 31, 2023 and 2024. Lease expenses Our total lease expenses for the year ended December 31, 2023 and 2024 were nil and nil respectively. It was mainly due to the closure of all experience store, and the termination of all contractual arrangements with City Modern in 2022. Others “Others” primarily includes depreciation and amortization expenses for equipment directly related to revenue. For the year ended December 31, 2023 and 2024, other costs represented less than 1% of total costs. Operating Expenses Operating expenses increased by 8.8% to RMB215.1 million (US$29.5 million) in 2024 from RMB197