Company: DDC
Filing Date: 2025-10-24
Form Type: F-1
Source: 0001213900-25-102214
Chunk: 348

Company: DDC Enterprise Ltd
Filing Date: 2025-10-24
Form: F-1
Chunk 348
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377,171, respectively. Changes in the contract liabilities balances for the years ended December 31, 2022, 2023 and 2024 are as follows:

|                                                                  |     | For the Years Ended December 31, |   |     |             |   |     |             |   |
|                                                                  |     |                             2022 |   |     |        2023 |   |     |        2024 |   |
|                                                                  |     |                              RMB |   |     |         RMB |   |     |         RMB |   |
| Balance as of beginning of the year                              |     |                        2,069,565 |   |     |   6,293,066 |   |     |  13,773,974 |   |
| Revenues recognized from opening balance of contract liabilities |     |                       (2,069,565 | ) |     |  (6,293,066 | ) |     | (13,773,974 | ) |
| Increase due to business acquisition                             |     |                                — |   |     |   2,678,134 |   |     |           — |   |
| Increase due to cash received                                    |     |                       35,789,984 |   |     |  63,653,408 |   |     |  57,294,497 |   |
| Revenues recognized from cash received during the year           |     |                      (29,496,918 | ) |     | (52,557,568 | ) |     | (44,917,326 | ) |
| Balance as of end of the year                                    |     |                        6,293,066 |   |     |  13,773,974 |   |     |  12,377,171 |   |

The contract liabilities will be recognized as revenues when the Company fulfils its performance obligations to transfer the promised products or services to customers, which is expected to occur within one year. Revenue recognized in the year of 2025 that were included in the contract liabilities at the beginning of the year was RMB12,377,171. The Company has elected the practical expedient to not disclose the information about remaining performance obligations which are part of contracts that have an original expected duration of one year or less.

F-83

DDC ENTERPRISE LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 26. COMMITMENTS AND CONT