Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 250

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 250
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 YJW (note 16).

Customer relationship - Keke was generated
from the acquisition of Keke in 2022, representing the expected future benefit to be derived from the customer contracts, customer list
and underlying customer relationship acquired from Keke (note 16).

Customer relationship - Lishang was
generated from the acquisition of Lishang in 2022, representing the expected future benefit to be derived from the customer contracts,
customer list and underlying customer relationship through Lishang acquired (note 16).

Customer relationship - Lin’s
was generated from the acquisition of Lin’s in 2022, representing the expected future benefit to be derived from the customer contracts,
customer list and underlying customer relationship through Lin’s acquired (note 16).

Brand name - Lin’s was generated
from the acquisition of Lin’s in 2022, representing the right granted to the Company to use the brand name through Lin’s acquired
(note 16).

Customer relationship - Yuli was generated
from the acquisition of Yuli in 2023, representing the expected future benefit to be derived from the customer contracts, customer list
and underlying customer relationship through Yuli acquired (note 16).

Brand name - Cook SF was generated from
the acquisition of Cook SF in 2023, representing the right granted to the Company to use the brand name through Cook SF acquired (note
16).

Amortization expenses for intangible assets recognized
as general and administrative expenses were RMB3,275,758, RMB3,118,734and RMB3,020,920for the years ended December 31, 2021, 2022 and
2023, respectively.

F-56

10. INTANGIBLE ASSETS, NET(cont.)

As of December 31, 2023, the estimated amortization
expense for the next five years is as follows:

  For the Years Ending December 31,                 
 ────────────────────────────────────────────────────
                               2024      1,843,231  
                               2025      1,843,231  
                               2026      1,843,231  
                               2027      1,241,922  
                               2028        832,718  
                2029 and thereafter      1,822,236  

11. GOODWILL

For the years ended December 31, 2022
and 2023, the changes in the carrying value of goodwill by reporting units are as follows