Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 296

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 296
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 diluted                                                            ( 42.32                      ( 38.29                       ( 4.82  
  — Class B - Basic and diluted                                                                  -                            -                            -  

For the years ended December 31, 2023
and 2024, the Redeemable Convertible Preferred Shares, Series seed convertible preferred shares, share options, Warrants and Convertible
loans were excluded from the calculation of diluted loss per ordinary share as their inclusion would have been anti-dilutive. 875,000Class B ordinary shares of the Company were also excluded from the calculation of diluted loss per ordinary share as they are not
entitled to dividends and distributions of the Company.

Securities that could potentially dilute basic
net loss per ordinary share and that were not included in the computation of diluted net loss per ordinary share because to do so would
have been antidilutive for the years ended December 31, 2022, 2023 and 2024 are as follows:

                                                                     As of December 31,                 
                                                                                   2022                 
  Redeemable Convertible Preferred Shares                                     4,507,316      -          
  Series seed convertible preferred shares                                    1,076,501      -          
 ────────────────────────────────────────────────────────────────────────────────────────────────────────
  Share options issued to employees                                           1,140,920      1,825,729  
  Share options issued in connection with business combinations                 268,781      280,719    
  Share options issued in connection with termination of VIEs                    22,509      22,509     
  Warrants                                                                      245,392      15,815     
  Convertible loans *                                                           334,042      571,888    
  Options                                                                       422,607      -          

  Represents the number of potentially dilutive ordinary shares equivalent on as-if-converted basis, calculated by the fixed monetary value of US$ 4,957,384, US$ 2,976,80 and US$ 1,397,495 divide...  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────

F-95

25. REVENUES

The Company’s revenues are disaggregated
by major products/service lines, channel and timing of revenue recognition. Detailed information is specified as follows:

  Channel                                       For the Years Ended                                                                         
                                                December 31,