Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 243

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 243
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 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).

Brand name - Yai’s Thai was generated
from the acquisition of Yai’s Thai in 2024, representing the right granted to the Company to use the brand name through Yai’s
Thai acquired (note 16).

Customer relationship - Yai’s Thai
was generated from the acquisition of Yai’s Thai in 2024, representing the expected future benefit to be derived from the customer
contracts, customer list and underlying customer relationship through Yai’s Thai acquired (note 16).

Amortization expenses for intangible assets recognized
as general and administrative expenses were RMB3,118,734, RMB3,020,920and RMB4,309,183for the years ended December 31, 2022, 2023 and
2024, respectively. Impairment for intangible assets recognized as general and administrative expenses were nil, niland RMB18,720,464for the years ended December 31, 2022, 2023 and 2024, respectively.

F-54

10. INTANGIBLE ASSETS, NET(cont.)

As of December 31, 2024, the estimated amortization
expense for the next five years is as follows:

  For the Years Ending December 31,                 
 ────────────────────────────────────────────────────
                               2025      1,547,480  
                               2026      1,545,447  
                               2027      1,425,525  
                               2028      1,425,525  
                               2029        954,097  
                2030 and thereafter      3,996,915  

11. GOODWILL

For the years ended December 31, 2023
and 2024, the changes in the carrying value