Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 198

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 198
---
 audits to obtain
reasonable assurance about whether the consolidated financial statements are free of material misstatement, whether due to error or fraud.
The Company is not required to have, nor were we engaged to perform, an audit of its internal control over financial reporting. As part
of our audits, we are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing
an opinion on the effectiveness of the Company internal control over financial reporting. Accordingly, we express no such opinion.

Our
audits included performing procedures to assess the risks of material misstatement of the consolidated financial statements, whether
due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence
regarding the amounts and disclosures in the consolidated financial statements. Our audits also included evaluating the accounting principles
used and significant estimates made by management, as well as evaluating the overall presentation of the consolidated financial statements.
We believe that our audits provide a reasonable basis for our opinion.

/s/ Enrome LLP

We
have served as the Company’s auditor since 2024

Singapore

January
27, 2025

F-2

DDC
ENTERPRISE LIMITED

CONSOLIDATED
BALANCE SHEETS

                                                      As of December 31,                                                                               
                                            Note      2022                                     2023                                                    
                                                      RMB                                      RMB                        US$                          
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                                                          Note 2(f)                    
                                                                                                                          (Unaudited)                  
  ASSETS                                                                                                                                               
  Current assets                                                                                                                                       
  Cash and cash equivalents                 2(g)                               26,801,767                 78,790,697                       11,097,438  
  Restricted cash                           2(h)                               70,102,863                    497,108                           70,016  
  Short-term investment                        4                                        -                104,086,826                       14,660,323  
  Accounts receivable, net                     5                               26,906,994                 29,508,542                        4,156,191  
  Inventories, net                             6                                6,115,553                  9,984,100                        1,406,231  
  Prepayments and other current assets         7                               25,714,888                 97,589,397                       13,745