Company: DDC
Filing Date: 2025-10-24
Form Type: F-1
Source: 0001213900-25-102214
Chunk: 139

Company: DDC Enterprise Ltd
Filing Date: 2025-10-24
Form: F-1
Chunk 139
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airment loss on goodwill: Impairment loss on goodwill resulted from the impairment of goodwill from the acquisition of subsidiaries. Share -based compensation: The Company’s shareholders and Board of Directors approved option plans from 2014 to 2025 in order to provide incentives and rewards to the Company’s employees, directors, consultants and senior management (the “Option Plans”). The cost of share -basedcompensation also includes options granted related to certain business acquisitions. Result of operations For the six months ended June 30, 2025 compared to the six months ended June 30, 2024 Revenues For the six months ending June 30, 2025, we recorded RMB 111.9 million (US$ 15.6 million) in total revenue compared to RMB 122.9 million for the six months ending June 30, 2024, representing an 8.9% decrease. The revenue decline is primarily attributable to the Company’s response to persistent losses in the U.S. market and uncertainties in the Asian food sector, based on which we have prudently scaled back our overseas operations. Cost of Revenues Cost of revenues decreased by 18.2% to RMB74.6 million (US$10.4 million) as of June 30, 2025, from RMB91.1 million as of June 30, 2024. Operating Expenses Fulfilment expenses For the six months ended June 30, 2025, our fulfillment expenses were RMB 2.9 million (US$0.4 million), which is RMB 5.1 million for the six months ended June 30, 2024.

83 Sales and marketing expenses For the six months ended June 30, 2025, our sales and marketing expenses were RMB 2.5 million (US$0.4million), which is RMB 9.7 million for the six months ended June 30, 2024. General and administrative expenses For the six months ended June 30, 2025, our general and administrative expenses were RMB 14.3 million (US$2.0 million), which is RMB 33.6 million for the six months ended June 30, 2024. Share-based compensation For the six months ended June 30, 2025, our share -basedcompensation was RMB 3.2 million (US$0.4 million), which is RMB 9.2 million