[1]	The number of shares was adjusted retroactively for all periods presented to reflect the 1:25 reverse stock split change which took effect in April, 2025.
[2]	The number of shares was adjusted retroactively for all periods presented to reflect the 1:25 reverse stock split change which took effect in April, 2025.

Consolidated Statements of Cash Flows	12 Months Ended
Consolidated Statements of Cash Flows	Dec. 31, 2025 CNY (¥)	Dec. 31, 2025 USD ($)	Dec. 31, 2024 CNY (¥)	Dec. 31, 2023 CNY (¥)
Operating activities:
Net loss	¥ (338,000,000)	$ (48,333,815)	¥ (156,991,074)	¥ (161,975,688)
Adjustments to reconcile net loss to net cash provided by operating activities
Extinguishment losses, net				10,440,057
Termination of franchise agreement				11,005,303
Impairment for intangible assets	7,739,577	1,106,745	18,720,464
Depreciation and amortization	1,842,241	263,437	4,673,551	6,107,400
Allowance of accounts receivable	1,518,121	217,088	3,100,973	3,481,333
Allowance of other current assets			4,031,676
Provision of inventories to net realizable value	179,261	25,634	4,887,040	802,807
Unrealized foreign currency exchange (gain)/loss, net			(16,927)	66,797
Changes in fair value of financial instruments	20,191,599	2,887,360	(4,803,913)	(17,101,260)
Impairment loss for goodwill	21,665,680	3,098,151	67,932,627	6,592,220
Impairment loss for other equity investments accounted for using Measurement Alternative	8,490,163	1,214,077	5,645,887	8,288,296
Share-based compensation	218,332,931	31,221,194	19,143,702	83,863,299
Unrealized loss on digital assets	38,723,236	5,537,349
Gain from deconsolidation of VIEs				(134,665)
Deferred tax benefit	(2,533,484)	(362,283)	(5,173,726)	(1,255,808)
Changes in assets and liabilities, net of effects from business combination and deconsolidation of VIEs:
Accounts receivable, net	(9,936,904)	(1,420,958)	(4,493,100)	(4,487,704)
Inventories	(3,688,748)	(527,484)	4,141,620	(955,200)
Prepayments and other current assets	(224,638,469)	(32,122,874)	(70,189,761)	(53,940,356)
Other non-current assets	(8,494,519)	(1,214,700)	(12,922,095)	(5,487,600)
Accounts payable	1,215,969	173,881	(9,357,338)	524,686
Contract liabilities	1,600,167	228,821	(1,396,803)	4,802,774
Operating lease liabilities	2,800,931	400,528	(1,124,143)	(2,364,187)
Accrued expenses and other current liabilities	(14,600,766)	(2,087,885)	21,284,152	22,376,950
Net cash used in operating activities	(277,600,000)	(39,695,734)	(112,907,188)	(89,350,546)
Investing activities:
Purchase of property and equipment	(31,988)	(4,575)	(380,698)	(201,699)
Net proceeds from disposal of property and equipment			75,795	62,551
Acquisition of short-term investments				(104,086,826)
Payment of a deposit for investments				(4,031,676)
Cash paid for acquiring a short-term investment				(17,688,930)
Cash acquired in business combinations (note 17)			1,484,570	7,916,556
Cash disposed upon deconsolidation of VIEs				(52,917)
Proceeds from sale of digital assets	22,620,255	3,234,653
Purchase of digital assets	(459,740,026)	(65,741,949)
Net cash used in investing activities	(437,151,759)	(62,511,871)	(10,857,028)	(135,161,792)
Financing activities:
Proceeds from IPO				213,168,986
Proceeds from investors	138,829,278	19,852,323	14,979,464
Proceeds from short-term bank borrowings	42,800,000	6,120,319	55,500,000	19,531,207
Repayment of short-term bank borrowings	(55,870,000)	(7,989,304)	(24,500,000)	(59,262,008)
Proceeds from long-term bank borrowings			38,087	5,642,555
Repayment of long-term bank borrowings	(719,307)	(102,860)	(2,421,458)	(2,392,934)
Proceeds from related parties’ loans	23,219,304	3,320,316	19,201,935	5,297,764
Repayment of related parties’ loans	(4,082,936)	(583,852)	(1,655,986)	(7,999,659)
Repayment for shareholders’ loans				(13,929,200)
Proceeds from loans pledged by digital assets	356,510,817	50,980,369
Issuance of convertible loans, net of issuance costs	189,402,889	27,084,253	19,237,039	29,685,273
Repayment of convertible loans	(3,587,434)	(512,996)	(541,306)	(3,482,300)
Proceeds from loans from employees and individuals	4,511,037	645,070	49,518,197	136,331,248
Repayment of loans from employees and individuals	(14,355,871)	(2,052,862)	(25,085,498)	(106,587,537)
Net cash provided by financing activities	676,657,777	96,760,776	104,270,474	216,003,395
Effect of foreign currency exchange rate changes on cash, cash equivalents and restricted cash	(1,728,914)	118,432	1,163,093	(9,107,882)
Net decrease in cash, cash equivalents and restricted cash	(39,819,122)	(5,328,397)	(18,330,649)	(17,616,825)
Cash and cash equivalents, beginning of the year	60,957,156	8,351,095	78,790,697	26,801,767
Restricted cash, beginning of the year			497,108	70,102,863
Cash, cash equivalents and restricted cash at the beginning of the year	60,957,156	8,351,095	79,287,805	96,904,630
Cash and cash equivalents, end of the year	21,121,206	3,020,292	60,957,156	78,790,697
Restricted cash, end of the year	16,828	2,406		497,108
Cash, cash equivalents and restricted cash at the end of the year	21,138,034	3,022,698	60,957,156	79,287,805
Supplemental disclosure of cash flow information
Interest expenses paid	(2,368,128)	(338,638)	(9,553,499)	(11,973,444)
Income tax paid				(208,475)
Supplemental disclosure of non-cash flow information
Business acquisition by ordinary shares			(48,146,767)	(12,040,885)
Interest expenses accrued	(18,074,033)	(2,584,552)	(7,185,472)	(205,224)
Right-of-use assets obtained in exchange for operating lease obligations	(8,413,033)	(1,203,048)	(1,612,783)	(2,423,083)
Yuli
Investing activities:
Payment of consideration payable resulted from acquisition				(212,785)
Cook SF
Investing activities:
Payment of consideration payable resulted from acquisition				(13,894,425)
Mengwei Stores
Investing activities:
Payment of consideration payable resulted from acquisition				(551,641)
Lishang
Investing activities:
Payment of consideration payable resulted from acquisition				(2,420,000)
Yai’s Thai
Investing activities:
Payment of consideration payable resulted from acquisition			¥ (12,036,695)

Consolidated Balance Sheets

Dec. 31, 2025

CNY (¥)

Dec. 31, 2025

USD ($)

Dec. 31, 2024

CNY (¥)

Current assets

Cash and cash equivalents

¥ 21,121,206

$ 3,020,292

¥ 60,957,156

Restricted cash

16,828

2,406

Short-term investment

130,400,312

18,646,997

130,055,727

Accounts receivable, net

41,564,871

5,943,698

33,146,088

Inventories, net

8,229,291

1,176,773

4,719,804

Prepayments and other current assets

383,805,123

54,883,403

148,267,234

Total current assets

585,137,631

83,673,569

377,146,009

Non-current assets

Long-term investments

8,490,163

Property, plant and equipment, net

303,325

43,375

573,775

Operating lease Right-of-use assets

8,581,133

1,227,086

5,154,258

Intangible assets, net

1,610,713

230,329

10,894,989

Goodwill

4,973,027

711,133

26,638,707

Digital assets

730,150,140

104,410,081

Other non-current assets

64,814,066

9,268,288

56,319,547

Total non-current assets

810,432,404

115,890,292

108,071,439

Total assets

1,395,570,035

199,563,861

485,217,448

Current liabilities

Short-term bank borrowings

37,430,000

5,352,419

50,500,000

Current portion of long-term bank borrowings

549,012

78,508

792,548

Accounts payable

25,524,921

3,650,015

24,308,952

Contract liabilities

13,977,338

1,998,733

12,377,171

Shareholder loans, at amortized cost

23,207,757

3,318,665

84,342,862

Amounts due to related parties

8,160,511

1,166,938

491,089

Accrued expenses and other current liabilities

557,130,576

79,668,612

192,237,718

Current portion of lease liabilities

2,047,880

292,843

2,037,862

Current portion of finance lease liabilities

29,847

Convertible loans, at amortized cost

3,500,000

Total current liabilities

668,027,995

95,526,733

370,618,049

Non-current liabilities

Long-term bank borrowings

3,876,918

554,392

4,463,550

Operating lease liabilities

6,405,503

915,975

3,584,743

Shareholder loans, at amortized cost

16,483,576

2,357,120

Convertible loans, at fair value

10,076,081

Convertible loans, at amortized cost

137,501,657

19,662,475

Deferred tax liabilities

1,264,873

180,874

3,798,357

Other non-current liabilities

10,405,554

1,487,974

10,405,554

Total non-current liabilities

175,938,081

25,158,810

32,328,285

Total liabilities

843,966,076

120,685,543

402,946,334

Commitments and contingencies (Note 27)

Shareholders’ equity

Additional paid-in-capital

2,498,773,335

357,319,835

1,984,763,325

Accumulated deficit

(2,170,000,000)

(310,489,451)

(1,814,578,760)

Accumulated other comprehensive loss

(125,758,629)

(17,983,245)

(131,840,166)

Total shareholders’ equity attributable to DDC Enterprise Limited

498,056,657

71,221,156

47,425,627

Non-controlling interest

53,547,302

7,657,162

34,845,487

Total shareholders’ equity

551,603,959

78,878,318

82,271,114

Total liabilities and shareholders’ equity

1,395,570,035

199,563,861

485,217,448

Class A Ordinary Shares

Shareholders’ equity

Ordinary shares value

^[1]

65,584,619

9,378,476

8,984,639

Class B Ordinary Shares

Shareholders’ equity

Ordinary shares value

196,479

28,096

96,589

Convertible Preferred Shares

Shareholders’ equity

Convertible Preferred Shares

¥ 230,544,640

$ 32,967,445

[1]	The number of shares was adjusted retroactively for all periods presented to reflect the 1:25 reverse stock split change which took effect in April, 2025.