Company: DDC
Filing Date: 2025-10-24
Form Type: F-1
Source: 0001213900-25-102214
Chunk: 299

Company: DDC Enterprise Ltd
Filing Date: 2025-10-24
Form: F-1
Chunk 299
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 | ) |     |    — |     |    — |
| Balance at the end of the year       |     |                                — |   |     |    — |     |    — |

8. LONG-TERM INVESTMENTS Long -terminvestments consisted of the following:

|                                |     | As of December 31, |     |           |
|                                |     |               2023 |     |      2024 |
|                                |     |                RMB |     |       RMB |
| Measurement alternative method |     |                    |     |           |
| PFI Food Industries Limited    |     |         14,136,050 |     | 8,490,163 |
| Long-term investments          |     |         14,136,050 |     | 8,490,163 |

On August 13, 2021, the Company entered into a subscription agreement with Black River Food 2 Pte. Ltd. (“Black River”) relating to Series C -1redeemable convertible preferred shares and warrants of the Company. The Company agreed to allot and issue to Black River 364,592 Series C -1redeemable convertible preferred shares and 388,695 warrants (“the PFI Warrant”), with each warrant entitling Black River to acquire one Series C -1redeemable convertible preferred shares at nominal consideration when exercised, exercisable within 3 months. The consideration shall be satisfied by Black River transferring its 5,072,000 ordinary shares of PFI Food Industries Limited (“PFI Foods”, a subsidiary of Black River), representing approximately 6.316% of the entire issued share capital of PFI Foods. PFI Foods focuses on providing RTE and RTC plant -basedmeat products. The Company issued

F-43 DDC ENTERPRISE LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 8. LONG-TERM INVESTMENTS (cont.) to Black River 364,592 Series C -1redeemable convertible preferred shares and 388,695 PFI Warrant on August 30, 2021 and Black River exercised the PFI Warrant into 388,695 number Series C -1redeemable convertible preferred shares on the same date. The equity interests in PFI Foods were transferred to the Company on December 22, 2021. Prior to December 22, 2021, the Company determined the equity interests in PFI Foods to be transferred as a non -derivativepre