Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 297

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 297
---
2022                                      2023                       2024                   
                                                                                  RMB                                       RMB                        RMB                    
 ──────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Revenue from goods or services transferred to customers at a point in time                               177,315,343                205,481,904                273,333,957  
  Revenue from services transferred to customers over time                                                   2,270,723                -                          -            
  Total Revenues                                                                                           179,586,066                205,481,904                273,333,957  

F-96

25. REVENUES(cont.)

In the following table, revenue is disaggregated
by geographic location of customers’ headquarters.

Primary geographical markets

  (based on the location of customer)      For the Years Ended                                                                         
                                           December 31,                                                                                
                                           2022                                      2023                       2024                   
                                           RMB                                       RMB                        RMB                    
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Chinese mainland                                                  174,700,347                191,565,207                245,605,381  
  Hong Kong                                                           4,885,719                  5,260,144                  3,971,123  
  The United States                                                           -                  8,656,553                 23,757,453  
  Total Revenues                                                    179,586,066                205,481,904                273,333,957  

Contract Liabilities

As of December 31, 2022, 2023 and 2024, the
amounts of contract liabilities are RMB6,293,066, RMB13,773,974, and RMB12,377,171, respectively. Changes in the contract liabilities
balances for the years ended December 31, 2022, 2023 and 2024 are as follows:

                                                                        For the Years Ended                                                                            
                                                                        December 31,                                                                                   
                                                                        2022                                       2023                        2024                    
                                                                        RMB                                        RMB                         RMB                     
 ───────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Balance as of beginning of the year                                                               2,069,565                   6,293,066                  13,773,974  
  Revenues recognized from