Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 321

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 321
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 Years Ended                                                                         
                                           December 31,                                                                                
                                           2021                                      2022                       2023                   
                                           RMB                                       RMB                        RMB                    
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Chinese mainland                                                  202,640,466                174,700,347                191,565,207  
  Hong Kong                                                           2,538,976                  4,885,719                  5,260,144  
  The United States                                                           -                          -                  8,656,553  
  Total Revenues                                                    205,179,442                179,586,066                205,481,904  

Contract Liabilities

As of December 31, 2021, 2022 and 2023, the
amounts of contract liabilities are RMB2,069,565, RMB6,293,066, and RMB13,773,974, respectively. Changes in the contract liabilities balances
for the years ended December 31, 2021, 2022 and 2023 are as follows:

                                                                        For the Years Ended                                                                            
                                                                        December 31,                                                                                   
                                                                        2021                                       2022                        2023                    
                                                                        RMB                                        RMB                         RMB                     
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Balance as of beginning of the year                                                               2,425,916                   2,069,565                   6,293,066  
  Revenues recognized from opening balance of contract liabilities                                ( 2,425,916                 ( 2,069,565                 ( 6,293,066  
  Increase due to business acquisition                                                                      -                           -                   2,678,134  
  Increase due to cash received                                                                    27,152,677                  35,789,984                  63,653,408  
  Revenues recognized from cash received during the year                                         ( 25,083,112                ( 29,496,918                ( 52,557,568  
  Balance as of end of the year                                                                     2,069,565                   6,293,066                  13,773,974  

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