Company: DDC
Filing Date: 2025-05-15
Form Type: 20-F
Source: 0001213900-25-043916
Chunk: 236

Company: DDC Enterprise Ltd
Filing Date: 2025-05-15
Form: 20-F
Item: Item 19
Chunk 236
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3                                     2024                   
 ────────────────────────────────────────────────────────────────────────────────────────────
                            RMB                                      RMB                    
  Cost                                              103,690,728                121,549,685  
  Unrealized gain                                       396,098                  8,506,042  
  Aggregate fair value                              104,086,826                130,055,727  

The Company’s short-term investment represents
subscription of participating shares in a segregated portfolio Company (“the Funds”) with a total subscription amount of RMB104million and RMB121.5million (US$17.2million) as of December 31, 2023 and 2024, respectively. The Funds were redeemable upon demand
at the net asset value of the Fund. The Funds primarily invests in US Treasuries and cash management product. For the years ended December
31, 2022, 2023 and 2024, there were no gross unrealized holding losses.

5. ACCOUNTS RECEIVABLE, NET

Accounts receivable, net consisted of the following:

                                         As of December 31,                                              
                                         2023                                     2024                   
 ─────────────────────────────────────────────────────────────────────────────────────────────────────────
                                         RMB                                      RMB                    
  Accounts receivable                                             31,487,335                 36,159,165  
  Less: allowance for credit losses                              ( 1,978,793                ( 3,013,077  
  Accounts receivable, net                                        29,508,542                 33,146,088  

The movement of the allowance for credit loss
is as follows:

                                            For the Years Ended                                                                         
                                            December 31,                                                                                
                                            2022                                      2023                       2024                   
                                            RMB                                       RMB                        RMB                    
  Balance at the beginning of the year                               -                                    -                ( 1,978,793  
 ────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────────
  Current period provision                                           ( 5,334,098                ( 3,481,333                ( 3,100,973  
  Write-offs                                                         5,334,098                    1,502,540                  2,066,689  
  Balance at the end of the year                                     -                          ( 1,978,793                ( 3,013,077  

As of report date, approximately83.