Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 248

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 248
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────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Cost of revenues                                                489,537                121,565                 67,992  
  Sales and marketing expenses                                    979,864                192,728                 59,465  
  General and administrative expenses                             365,571                111,295                252,219  
  Total depreciation expenses                                   1,834,972                425,588                379,676  

F-54

10. INTANGIBLE ASSETS, NET

Intangible assets represent franchise agreements,
customer relationship, brand name and distributor channel acquired through business combinations, initially recognized and measured at
fair value upon acquisitions and amortized on a straight-line basis over their respective estimated useful lives.

The following table summarizes the Company’s
intangible assets, as of December 31, 2022 and 2023.

                                       As of December 31, 2022                                                                                             
                                       Gross                                        Accumulated                         Net                                
                                       Carrying                                     Amortization                        Carrying                           
                                       Amount                                                                           Amount                             
                                       RMB                                          RMB                                 RMB                                
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Franchise agreement - Yunmao                                      19,900,000                         ( 7,236,364                    12,663,636       11  
  Franchise agreement - Mengwei                                      2,200,000                         ( 2,200,000                             -      1.5  
  Customer relationship - YJW                                        2,300,000                           ( 191,667                     2,108,333        7  
  Customer relationship - KeKe                                       1,000,000                            ( 83,333                       916,667        7  
  Customer relationship - Lishang                                    1,500,000                           ( 200,000                     1,300,000        5  
  Customer relationship - Lin’s                                        339,470                            ( 62,238                       277,232        5  
  Brand name - Lin’s                                                   213,096                            ( 39,072                       174,024        5  
  Total                                                             27,452,566                        ( 10,012,674                    17,439,892           

                                       As of December 31, 2023                                             
                                                         Gross       Accumulated      Termination          
                                                      Carrying      Amort