Company: DDC
Filing Date: 2025-10-24
Form Type: F-1
Source: 0001213900-25-102214
Chunk: 141

Company: DDC Enterprise Ltd
Filing Date: 2025-10-24
Form: F-1
Chunk 141
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.7 million in 2023. 84 Fulfilment expenses The fulfilment expenses increased from RMB7.3 million to RMB8.0 million (US$1.1 million) for the year ended December 31, 2023 and 2024. The increase was in line with the increase of revenue for the year ended December 31, 2024. Sales and marketing expenses The sales and marketing expenses were RMB17.4 million and RMB20.9 million (US$2.9 million) for the years ended December 31, 2023 and 2024. The increase in sales and marketing expenses was in line with the increase of revenue for the year ended December 31, 2024. General and administrative expenses The general and administrative expenses increased by 20.2% from RMB82.5 million to RMB99.1 million (US$13.6 million) for the year ended December 31, 2023 and 2024. The increase was mainly due to the impairment of intangible assets of RMB18.7 million (US$2.6 million). Impairment loss on goodwill The impairment loss on goodwill resulted from the impairment of goodwill from acquisition of subsidiaries. They have failed to meet the performance requirement and we performed the quantitative impairment test for goodwill. Fair value of these reporting units was less than their carrying amount. The impairment loss on goodwill was RMB6.6 million and RMB67.9 million (US$9.3 million) for the year ended December 31, 2023 and 2024. Share-based compensation The cost for share -basedcompensation were RMB83.9 million and RMB19.1 million (US$2.6 million) for the years ended December 31, 2023 and 2024. The decrease was due to mass exercise of stock options upon our successful IPO in November 2023 which resulted in recognition of share -basedcompensation expense. Year ended December 31, 2023 compared to Year ended December 31, 2022 Revenues For the year ended December 31, 2023, we recorded RMB205.5 million (or US$28.9 million) in total revenue compared to RMB179.6 million for the year ended December 31, 2022, representing a 14.4% increase. The increase in total revenue was due to the increase in offline consumer product sales of RMB64