v3.26.1
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.

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