Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 312

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 312
---
, there were RMB32.0million of unrecognized compensation expenses
for non-vested options. The expense is expected to be recognized over a weighted average period of3.42years using the graded- vesting
attribution method. The Company did not capitalize any of the compensation expenses as part of the cost of any asset for the year ended
December 31, 2023.

F-97

22. FAIR VALUE MEASUREMENT

The following tables present the fair value hierarchy
for those assets and liabilities measured at fair value on a recurring basis as of December 31, 2022 and 2023:

                           As of December 31, 2022                                                Total Fair                  
                           Level 1                      Level 2      Level 3                      Value                       
                           RMB                          RMB          RMB                          RMB                         
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Liabilities                                                                                                                 
  Warrant liabilities                                                              5,747,884                       5,747,884  
  Option liability                                                                12,762,104                      12,762,104  
  Convertible loans                                                               18,846,932                      18,846,932  
  Total                                                                           37,356,920                      37,356,920  

                           As of December 31, 2023                                                Total Fair                  
                           Level 1                      Level 2      Level 3                      Value                       
                           RMB                          RMB          RMB                          RMB                         
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Liabilities                                                                                                                 
  Warrant liabilities                                                                 87,279                          87,279  
  Convertible loans                                                               14,336,844                      14,336,844  
  Total                                                                           14,424,123                      14,424,123  

F-98

22. FAIR VALUE MEASUREMENT(cont.)

The table below reflects the reconciliation from
the opening balances to the closing balances for recurring fair value measurements of the fair value hierarchy for the years ended December 31,
2021, 2022 and 2023:

Assets/(liabilities):

                                                                               RMB                RMB               RMB               RMB              RMB               RMB                       RMB  
  Balance as of January 1, 2021                                                ( 9,278,026        -                 ( 44,286,437      -                -                 -                (