Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 291

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 291
---
benefit)                               ( 601,737                ( 1,255,808                ( 5,173,726  
  Total                                                        3,115,753                  5,004,766                  7,143,653  

Reconciliations of the differences between statutory
income tax rates and the Company’s effective income tax rate for the years ended December 31, 2022, 2023 and 2024 are
as follows, respectively:

                                                                       For the Years Ended                                                                               
                                                                       December 31,                                                                                      
                                                                       2022                                        2023                         2024                     
                                                                       RMB                                         RMB                          RMB                      
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Loss before income tax expense                                                                ( 119,132,855                ( 156,970,922                ( 149,847,421  
  PRC statutory tax rate                                                                                   25                           25                           25  
  Income taxes benefit computed at the statutory income tax rates                                ( 29,783,214                 ( 39,242,730                 ( 37,461,855  
  Effect of income tax rate difference in other jurisdictions                                      26,845,174                   26,893,417                   27,459,104  
  Non-deductible expenses                                                                          44,471,710                    3,454,770                    1,575,644  
  Non-taxable income                                                                             ( 19,374,945                            -                            -  
  Small-scale and low-profit enterprises tax benefit                                              ( 1,037,984                            -                            -  
  Change in valuation allowance on deferred tax assets                                           ( 18,004,988                   13,899,309                   15,570,760  
  Total                                                                                             3,115,753                    5,004,766                    7,143,653  

F-90

23. INCOME TAX(cont.)

b)Deferred tax assets and deferred tax
liabilities

                                                      As of December 31,                                                                            
                                                      2022                                      2023                        2024                    
                                                      RMB                                       RMB                         RMB                     
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Deferred tax assets:                                                                                                                              
  Net operating loss carry forwards                                             53,929,686                48,654,043                  36,324,122