Company: DDC
Filing Date: 2025-08-05
Form Type: F-3/A
Source: 0001213900-25-072059
Chunk: 80

Company: DDC Enterprise Ltd
Filing Date: 2025-08-05
Form: F-3/A
Chunk 80
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 corporate governance within a five-year transition period, which means that we may
be required to adjust the structure and corporate governance of certain of our PRC subsidiaries in such transition period. Failure to
take timely and appropriate measures to cope with any of these or similar regulatory compliance challenges could materially and adversely
affect our current corporate structure, corporate governance and business operations.

Our operating results, revenues, and expenses may fluctuate significantly, which could have an adverse effect on the market price of our listed securities.

For many reasons, including those described below,
our operating results, revenues, and expenses have varied in the past and may vary significantly in the future. These fluctuations could
have an adverse effect on the market price of our listed securities.

Fluctuations in Quarterly Operating Results. Our
quarterly operating results may fluctuate, in part, as a result of:

| ● | fluctuations in the price of bitcoin, of which we have significant                                                                         
 holdings and with respect to which we expect to continue to make significant future purchases, and potential fair value changes associated 
 therewith;                                                                                                                                 |

| ● | any sales by us of our bitcoin at prices above or below their                                 
 carrying value, which would result in our recording gains or losses upon sale of our bitcoin; |

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| ● | the incurrence of tax liabilities on future unrealized gains                 
 on our bitcoin or otherwise in connection with the adoption of ASU 2023-08;4 |

| ● | regulatory, commercial, and technical developments related                  
 to bitcoin or the Bitcoin blockchain, or digital assets more generally; and |

| ● | the impact of war, terrorism, infectious diseases (such as                                                                              
 COVID-19), natural disasters and other global events, and government responses to such events, on the global economy and the market for 
 and price of bitcoin;                                                                                                                   |

Limited Ability to Adjust Expenses. We base our
operating expense budgets on expected revenue trends and strategic objectives. Many of our expenses, such as interest expense on our debt,
dividend obligations on our preferred stock, tax liabilities, office leases and certain personnel costs, are relatively fixed. We may
be unable to adjust spending quickly enough to offset any unexpected shortfall in our cash flow. Accordingly, we may be required to take
actions to pay expenses, such as selling bitcoin or using proceeds from equity or debt financings, some of which could cause significant
variation in operating results in any quarter.

Based on the above factors,
we believe quarter-to-quarter comparisons