Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 108

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 5
Chunk 108
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MB                                    
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Online consumer product sales                                         148,570,430                 67,016,645                30,811,746       4,339,744   
  Offline consumer product sales                                         42,819,538                109,403,748                173,783,356      24,476,874  
  Revenues from collaborative arrangements                                8,244,967                  1,867,042                —                —           
  Advertising                                                             3,413,183                    870,580                886,802          124,903     
  Experience stores                                                       2,131,324                    428,051                —                —           
  Total Revenues                                                        205,179,442                179,586,066                205,481,904      28,941,521  

Cost of Revenues

Our cost of revenues primarily
consists of (i) product costs, (ii) personnel costs, (iii) lease expenses, and (iv) other costs. The table below shows
the cost of revenues in absolute amounts for the periods indicated.

                              For the Year Ended                                                                                         
                              December 31,                                                                                               
                              2021                                     2022                       2023                                   
                              RMB                                      RMB                        RMB                                    
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Product costs                                       158,908,546                131,376,909                152,732,863      21,511,974  
  Personnel costs                                       5,024,247                  2,424,475                    943,640         132,909  
  Lease expenses                                        3,363,524                    643,311                          —               —  
  Others                                                1,425,517                  1,214,502                    350,088          49,309  
  Total cost of revenues                              168,721,834                135,659,197                154,026,591      21,694,192  

Product Costs:

“ Product Costs”
represents costs of consumer products sold online and offline. Product costs were 77.5%, 73.2% and 74.3% of total revenues for the year
ended December 31, 2021, 2022 and 2023.