Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 235

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 235
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 certain settlements of convertible
debt instruments should be accounted for as an induced conversion. An inducement offer must provide the debt holder with, at a minimum,
the consideration issuable under the conversion privileges provided in the terms of the instrument. This update applies to a convertible
debt instrument that is not currently convertible as long as it had a substantive conversion feature as of both its issuance date and
the date the inducement offer is accepted. Effective for all entities for annual reporting periods beginning after December 15, 2025,
and interim reporting periods within those annual reporting periods. Early adoption is permitted. The Group is evaluating the impact the
updated guidance will have on its consolidated financial statements and disclosure.

In January 2025, the Financial Accounting Standards
Board (“ FASB”) updated 2025-01: Income Statement - Reporting Comprehensive Income - Expense Disaggregation Disclosures
(Subtopic 220-40): Clarifying the Effective Date. Public business entities must adopt the guidance in Update 2024-03 for annual reporting
periods beginning after December 15, 2026, and interim periods within annual reporting periods beginning after December 15, 2027. The
update clarifies that all public business entities should initially adopt the disclosure requirements in the first annual reporting period
beginning after December 15, 2026, and interim reporting periods within annual reporting periods beginning after December 15, 2027. The
Group is evaluating the impact the updated guidance will have on its consolidated financial statements and disclosures.

3. CASH, CASH EQUIVALENTS AND RESTRICTED CASH

A reconciliation of cash, cash equivalents and
restricted cash in the consolidated balance sheets to the amounts in the consolidated statement of cash flows is as follows:

                                                                                                           As of December 31,                                            
                                                                                                           2023                                    2024                  
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                                           RMB                                     RMB                   
  Cash and cash equivalents                                                                                                        78,790,697                60,957,156  
  Restricted cash                                                                                                                     497,108                -           
  Total Cash, cash equivalents and restricted cash shown in the consolidated statements of cash flows                              79,287,805                60,957,156  

F-47

4. SHORT-TERM INVESTMENT

Short-term investment consisted of the following:

                            As of December 31,                                              
                            202