Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 242

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 242
---
 flows is as follows:

                                                                                                           As of December 31,                                            
                                                                                                           2022                                    2023                  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                                           RMB                                     RMB                   
  Cash and cash equivalents                                                                                                        26,801,767                78,790,697  
  Restricted cash                                                                                                                  70,102,863                   497,108  
  Total Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows                              96,904,630                79,287,805  

F-49

4. SHORT-TERM INVESTMENT

Short-term investment consisted of the following:

                            As of December 31,                             
                            2022                    2023                   
 ───────────────────────────────────────────────────────────────────────────
                            RMB                     RMB                    
  Cost                                                        103,690,728  
  Unrealized gain                                                 396,098  
  Aggregate fair value                                        104,086,826  

The Company’s short-term investment
represents subscription of participating shares in a segregated portfolio Company (“the Fund”) with a total subscription amount
of RMB104million (US$14.7million), redeemable upon demand at the net asset value of the Fund. The Fund primarily invests in US Treasuries
and cash management product. For the years ended December 31, 2021, 2022 and 2023, there were no gross unrealized holding losses.

5. ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

                                         As of December 31,                                             
                                         2022                                    2023                   
 ────────────────────────────────────────────────────────────────────────────────────────────────────────
                                         RMB                                     RMB                    
  Accounts receivable                                            26,906,994                 31,487,335  
  Less: allowance for credit losses                              -                         ( 1,978,793  
  Accounts receivable, net                                       26,906,994                 29,508,542  

The movement of the allowance for doubtful accounts
is as follows:

                                            For the Years Ended                                                                         
                                            December 31,                                                                                
                                            2021                                      2022                       2023                   
                                            RMB                                       RMB                        RMB                    
  Balance at the beginning of the year                               -                          -                                    -  
 ─────────────────────────────────────────────────────────────────────────