Company: DDC
Filing Date: 2025-10-24
Form Type: F-1
Source: 0001213900-25-102214
Chunk: 320

Company: DDC Enterprise Ltd
Filing Date: 2025-10-24
Form: F-1
Chunk 320
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 |     |   (293,995 | ) |
| Add: Fair value of equity held by non-controlling interest*    |     |  1,309,393 |   |
| Goodwill                                                       |     |  3,496,218 |   |

____________ *The fair value of the non -controllinginterest in Yuli was measured based on significant inputs that are not observable in the market and thus represents a Level 3 measurement. Key assumption includes adjustments because of the lack of control that market participants would consider when estimating the fair value of the noncontrolling interest in Yuli.

F-60

DDC ENTERPRISE LIMITED
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS 16. BUSINESS COMBINATION (cont.) Yai’s Thai, LLC (“Yai’s Thai”) On December 26, 2023, the Company entered into a purchase agreement with shareholders of Yai’s Thai, Inc. to acquire its 100% interest of shares. Yai’s Thai operates the brand “Yai’s Thai”, a Thai American food brand selling curry and sauce products based in USA. This acquisition enables the Company to expand its customer base into the US market. The transaction was accounted for under the acquisition method of accounting in accordance with ASC 805, Business Combinations. The acquisition was completed when the Company obtained control over Yai’s Tai on February 1, 2024. The subscription consideration includes cash consideration of US$1,674,461 (equivalent to RMB12.04 million), and payable consideration of US$6,697,842 (equivalent to RMB48.15 million) settled in certain ordinary shares. As of December 31, 2024, the Company has paid all the cash consideration and issued certain ordinary shares. The Company made estimates and judgments in determining the fair value of consideration transferred, acquired assets and liabilities assumed, based on management’s experiences with similar assets and liabilities with the assistance of an independent valuation firm. The allocation of the purchase price is as follows:

|                                                                |     |         RMB |   |
| Considerations:                                                |     |             |   |
| Consideration – Cash payable                                   |     |  12,036,695 |   |
| Consideration – Payable settled in certain ordinary shares     |     |  48,146,767 |   |
| Total considerations                                           |     |  60,183,462 |   |
| Less: Identifiable net assets acquired as of