Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 301

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 301
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,000(equivalent to RMB4,123,210) borrowed by the Company.

In April 2024, Ms. Norma Ka Yin Chu and one of
the Company’s subsidiaries provided a guarantee amount of RMB10,000,000for a one-year loan of RMB10,000,000borrowed by the Company.

In May 2024, Ms. Norma Ka Yin Chu and a professional
guarantee institution provided a guarantee amount of RMB10,000,000for a one-year loan of RMB10,000,000borrowed by the Company.

In June 2024, Ms. Norma Ka Yin Chu provided a
guarantee amount of RMB10,000,000for a one-year loanof RMB10,000,000borrowed by the Company.

Related party balances

The outstanding balances mainly arising from the
above transactions as of December 31, 2023 and 2024 are as follows:

                                                As of December 31,                                         
                                                2023                                    2024               
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                RMB                                     RMB                
  Amounts due to Mr. Samuel Derk Shuen Lim                              14,231,755                      -  
  Amounts due to Ms. Norma Ka Yin Chu                                    3,373,939                165,531  
  Amounts due to Mr. Siu Wo Chu                                                  -                325,557  
  Amounts due to related parties                                        17,605,694                491,088  

During the years ended December 31,
2023 and 2024, loans due to shareholders were described in note 17.

F-100

28. RESTRICTED NET ASSETS

The Company’s subsidiaries incorporated
in the PRC are required to annually appropriate10% of their after-tax profit calculated in accordance with GAAP of the People’s
Republic of China (“ PRC GAAP”) to a general reserve fund unless such funds have reached50% of their respective registered
capital. The Company’s VIEs incorporated in the PRC are also required to annually appropriate10% of their after-tax profit calculated
in accordance with PRC GAAP to a statutory surplus fund unless such funds have reached50% of their respective registered capital. In
addition, the Company’s subsidiaries, the VIEs can also, at their discretion, appropriate the enterprise expansion fund and discretionary
surplus