Company: DDC
Filing Date: 2025-10-24
Form Type: F-1
Source: 0001213900-25-102214
Chunk: 312

Company: DDC Enterprise Ltd
Filing Date: 2025-10-24
Form: F-1
Chunk 312
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 fees                    |     |         27,720,955 |     |  16,533,838 |
| Accrued utilities and other expenses         |     |         12,970,800 |     |  16,367,039 |
| Total                                        |     |        168,952,161 |     | 192,237,718 |

____________ *Loans borrowed from third party individuals and employees are for general working capital use and repayable on demand. **In connection with acquisition of Lin’s in 2022, the purchase consideration includes 11,938 Series C -1redeemable convertible preferred shares to be issued by the Company. As of December 31, 2022, the Company has not issued any preferred shares to the founder of Lin’s and the fair value of preferred shares to be issued was recorded as a liability. In April 2023, the Company and the founder agreed a modification that the 11,938 Series C -1redeemable convertible preferred shares to be replaced by 11,938 number of share options granted to the founder of Lin’s with an exercise price of US$0.0016 per share. These share options shall be exercisable upon an exercise event which is a public offering or other form of listing, regardless of grantee’s engagement status with the Company in 10 years.

F-52

DDC ENTERPRISE LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 15. LEASES The Company leases its offices, warehouses and equipment under non -cancellablelease agreements that are classified as operating leases. The Company also has equipment that is leased under non -cancelablefinance lease. The following table presents balances reported in the consolidated balance sheet related to the Company’s leases as of December 31, 2023 and 2024:

|                                           |     | As of December 31, |   |     |           |   |
|                                           |     |               2023 |   |     |      2024 |   |
|                                           |     |                RMB |   |     |       RMB |   |
| Operating lease Right-of-use assets       |     |          6,169,983 |   |     | 5,154,258 |   |
| Operating lease liabilities – current     |     |          2,590,785 |   |     | 2,037,862 |   |
| Operating lease liabilities – non-current |     |          4,