Company: DDC
Filing Date: 2025-10-24
Form Type: F-1
Source: 0001213900-25-102214
Chunk: 341

Company: DDC Enterprise Ltd
Filing Date: 2025-10-24
Form: F-1
Chunk 341
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 years |     |    — |

As of December 31, 2023, the Company recognized compensation expenses of RMB77,619,967 in connection with the IPO completed, there were RMB32.0 million of unrecognized compensation expenses for non -vestedoptions. The expense is expected to be recognized over a weighted average period of 3.42 years using the graded -vestingattribution 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. As of December 31, 2024, the Company recognized compensation expenses of RMB19,143,702. The expense was recognized using the graded -vestingattribution 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, 2024. 21. 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, 2023 and 2024:

|                     |     | As of December 31, 2023 |     |         |     |            |     |      Total 
 Fair Value |
|:--------------------|:----|:------------------------|:----|:--------|:----|-----------:|:----|-----------:|
|                     |     | Level 1                 |     | Level 2 |     |    Level 3 |     |            |
|                     |     | 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 |

|                   |     | As of December 31, 2024 |     |         |     |            |     |      Total 
 Fair Value |
|:------------------|:----|:------------------------|:----|:--------|:----|-----------: