Company: DDC
Filing Date: 2025-10-24
Form Type: F-1
Source: 0001213900-25-102214
Chunk: 317

Company: DDC Enterprise Ltd
Filing Date: 2025-10-24
Form: F-1
Chunk 317
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 acquired and liabilities assumed                          |     | 14,209,636 |   |
| Add: Fair value of equity held by non-controlling interest*                         |     |  6,031,487 |   |
| Goodwill                                                                            |     |  3,130,890 |   |

____________ *The fair value of the non -controllinginterest in YJW was measured based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. Key assumption includes adjustments because of the lack of control that market participants would consider when estimating the fair value of the noncontrolling interest in YJW.

| Consideration – Share options                                                        
 Less: Identifiable net assets acquired of the KeKe Target Assets as of June 17, 2022 |     |        RMB 
  8,683,415 |   |
|:-------------------------------------------------------------------------------------|:----|-----------:|:--|
| Inventories                                                                          |     |    544,261 |   |
| Prepayments and other current assets                                                 |     | 10,178,171 |   |
| Intangible asset – Customer relationship                                             |     |  1,000,000 |   |
| Deferred tax liabilities                                                             |     |   (250,000 | ) |
| Total identifiable assets acquired and liabilities assumed                           |     | 11,472,432 |   |
| Add: Fair value of equity held by non-controlling interest*                          |     |  4,631,154 |   |
| Goodwill                                                                             |     |  1,842,137 |   |

____________ *The fair value of the non -controllinginterest in KeKe was measured based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. Key assumption includes adjustments because of the lack of control that market participants would consider when estimating the fair value of the noncontrolling interest in KeKe. Cook SF On May 26, 2023, the Company entered into a purchase agreement with Ms. Nona Lim and other selling shareholders to acquire 100% interest in Cook San Francisco, LLC. (“Cook SF”). Cook SF operates the brand “Nona Lim”, an Asian food brand sells RTC product based in USA. This acquisition enables the Company to expand its customer base into the US market.

F-58

DDC ENTERPRISE LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 16. BUSINESS COMBINATION (cont.) The transaction