Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 194

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 194
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 were we engaged to perform, an audit of its internal control over financial reporting. As part of our audits, we
are required to obtain an understanding of internal control over financial reporting, but not for the purpose of expressing an opinion
on the effectiveness of the Company internal control over financial reporting. Accordingly, we express no such opinion.

Our audits included performing
procedures to assess the risks of material misstatement of the consolidated financial statements, whether due to error or fraud, and performing
procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures
in the consolidated financial statements. Our audits also included evaluating the accounting principles used and significant estimates
made by management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that our audits
provide a reasonable basis for our opinion.

/s/Enrome LLP

We have served as the Company’s auditor
since 2024

Singapore

May 15, 2025

F-2

DDC ENTERPRISE LIMITED

CONSOLIDATED BALANCE SHEETS

                                                      As of December 31,                                                                               
                                            Note      2023                                     2024                                                    
                                                      RMB                                      RMB                        US$                          
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
                                                                                                                          Note 2(f)                    
                                                                                                                          (Unaudited)                  
  ASSETS                                                                                                                                               
  Current assets                                                                                                                                       
  Cash and cash equivalents                 2(h)                               78,790,697                 60,957,156                        8,351,096  
  Restricted cash                           2(i)                                  497,108                          -                                -  
  Short-term investment                        4                              104,086,826                130,055,727                       17,817,562  
  Accounts receivable, net                     5                               29,508,542                 33,146,088                        4,540,995  
  Inventories, net                             6                                9,984,100                  4,719,804                          646,610  
  Prepayments and other current assets         7                               97,589,397                148,267,234                       20,312,528  
  Total current assets                                                        320,456,670                377,146,009                       51,668,791  
  Non-current assets                                                                                                                                   
  Long-term investments