Company: DDC
Filing Date: 2025-01-28
Form Type: 20-F
Source: 0001213900-25-007160
Chunk: 320

Company: DDC Enterprise Ltd
Filing Date: 2025-01-28
Form: 20-F
Item: Item 19
Chunk 320
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 denominator for the years presented:

                                                            For the Years Ended                                                                               
                                                            December 31,                                                                                      
                                                            2021                                        2022                         2023                     
                                                            RMB                                         RMB                          RMB                      
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Numerator:                                                                                                                                                  
  Net loss attributable to DDC Enterprise Limited                                    ( 454,350,226                ( 122,025,640                ( 166,341,733  
  Accretion of Redeemable Convertible Preferred Shares                               ( 381,218,518                ( 109,089,609                ( 110,112,796  
  Net loss per ordinary share calculation                                            ( 835,568,744                ( 231,115,249                ( 276,454,529  
  Denominator:                                                                                                                                                
  Weighted average number of Class A ordinary shares                                     4,829,998                    5,461,443                    7,219,584  
  Weighted average number of Class B ordinary shares                                       875,000                      875,000                      875,000  
  Net loss per ordinary share                                                                                                                                 
  — Class A - Basic and diluted                                                           ( 173.00                      ( 42.32                      ( 38.29  
  — Class B - Basic and diluted                                                                  -                            -                            -  

For the years ended December 31, 2022
and 2023, the Redeemable Convertible Preferred Shares, Series seed convertible preferred shares, share options, Warrants and Convertible
loans were excluded from the calculation of diluted loss per ordinary share as their inclusion would have been anti-dilutive. 875,000Class B ordinary shares of the Company were also excluded from the calculation of diluted loss per ordinary share as they are not
entitled to dividends and distributions of the Company.

Securities that could potentially dilute basic
net loss per ordinary share and that were not included in the computation of diluted net loss per ordinary share because to do so would
have been antidilutive for the years ended December 31, 2021, 2022 and 2023 are as follows:

                                                                                  As                                
                                                                     of December 31,                                
                                                                                2021                                
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Redeemable Convertible Preferred Shares                                  4,507,316      4,507,316