Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 233

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 233
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 to offer to each counter party individually. If the assessment indicates a likelihood of collection risk, the
Company will not deliver the services or sell the products to or through the counterparties or require the counterparties to pay cash
in time to secure payment.

Concentration of customers and suppliers

One customer individually represents greater than
10.0% of total revenues of the Company for the years ended December 31, 2023.

  For the Years Ended                                                  
  December 31,                                                         
  2021                     2022               2023                     
  proportion of            proportion of      proportion of            
  total                    total              total                    
  revenues                 revenues           revenues                 
  Customer A                                                     13.1  
 ───────────────────────────────────────────────────────────────────────

  Less than 10.0% of the Company’s revenue in the respective years.  

Three customers and two customers represent greater
than 10.0% of total accounts receivable, net balance of the Company as of December 31, 2022 and 2023, respectively. Accounts receivable,
net balances from these customers are as follows:

                  As of December 31,                                           
                  2022                              2023                       
 ───────────────────────────────────────────────────────────────────────────────
                  proportion of                     proportion of              
  Customer A                              20.6                           16.7  
  Customer B                              17.0                           15.5  
  Customer C                              11.4                              *  
  Customer D                                 *                           12.3  

  Less than 10.0% of the Company’s accounts receivable, net in the respective years.  

The Company conducts credit evaluations on its
customers and generally does not require collateral or other security from such customers.

F-42

2. SUMMARY OF SIGNIFICANT ACCOUNTING
POLICIES(cont.)

Three suppliers, three suppliers and three suppliers
represent greater than 10.0% of total purchases for the years ended December 31, 2021, 2022 and 2023, respectively. Purchase
amounts from each supplier for the years ended December 31, 2021, 2022 and 2023 are as follows:

                  For the Years Ended                                                                      
                  December 31,                                                                             
                  2021                               2022                         2023                     
                  proportion of                      proportion of                proportion of            
                  total                              total                        total                    
                  purchases                          purchases                    purchases                
  Supplier A