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DDC Enterprise Ltd: 20-F filed 2026-04-21

What DDC Enterprise Ltd reported in its annual report (foreign private issuer) filed 2026-04-21 (fiscal FY 2025): 53 published measures, 188 facts as tagged in accession 0001213900-26-045881.

This filing

Form
20-F (annual report (foreign private issuer))
Filed
2026-04-21
Fiscal period
fiscal FY 2025
Accession
0001213900-26-045881 on SEC EDGAR

Values are as tagged in this filing. A later filing can restate them; each measure links to its history page, which shows the latest-filed value per period. All DDC Enterprise Ltd filings.

Reported measures

Total assets

Resources recognized on the balance sheet. Book assets are not the market value of the business.

PeriodValueUnitDays
At 2025-12-311,395,570,035CNY
At 2024-12-31485,217,448CNY
At 2025-12-31199,563,861USD

Total liabilities

Recognized obligations at the reporting date. The definition and scope differ from interest-bearing debt.

PeriodValueUnitDays
At 2025-12-31843,966,076CNY
At 2024-12-31402,946,334CNY
At 2025-12-31120,685,543USD

Stockholders equity

The reported residual interest after liabilities. It is an accounting amount, not market capitalization.

PeriodValueUnitDays
At 2025-12-31498,056,657CNY
At 2024-12-3147,425,627CNY
At 2025-12-3171,221,156USD

Cash and cash equivalents

Cash and qualifying short-term liquid investments under the filer’s accounting policy. Restricted cash and longer-term investments may be reported separately.

PeriodValueUnitDays
At 2025-12-3121,121,206CNY
At 2024-12-3160,957,156CNY
At 2023-12-3178,790,697CNY
At 2022-12-3126,801,767CNY
At 2025-12-313,020,292USD
At 2024-12-318,351,095USD

Operating cash flow

Cash generated or used by operating activities. Working-capital timing can make this differ substantially from reported income.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-277,596,226CNY365
2024-01-01 to 2024-12-31-112,907,188CNY366
2023-01-01 to 2023-12-31-89,350,546CNY365
2023-01-01 to 2023-08-19299,374CNY231
2022-01-01 to 2022-12-31590,367CNY365
2021-01-01 to 2021-12-31942,658CNY365
2025-01-01 to 2025-12-31-39,695,734USD365

Capital expenditure payments

Cash payments to acquire property, plant and equipment. This taxonomy concept does not capture every form of investment or acquisition.

PeriodValueUnitDays
2025-01-01 to 2025-12-3131,988CNY365
2024-01-01 to 2024-12-31380,698CNY366
2023-01-01 to 2023-12-31201,699CNY365
2025-01-01 to 2025-12-314,575USD365

Revenue

Revenue under this specific accounting concept. A missing value is not zero; filers can use other revenue concepts.

PeriodValueUnitDays
2025-01-01 to 2025-12-31274,040,604CNY365
2024-01-01 to 2024-12-31273,333,957CNY366
2023-01-01 to 2023-12-31205,481,904CNY365
2025-01-01 to 2025-12-3139,187,285USD365

Financing cash flow

Net cash from financing activities, including borrowing, repayments and transactions with owners. A positive amount does not establish operating profitability.

PeriodValueUnitDays
2025-01-01 to 2025-12-31676,657,777CNY365
2024-01-01 to 2024-12-31104,270,474CNY366
2023-01-01 to 2023-12-31216,003,395CNY365
2025-01-01 to 2025-12-3196,760,776USD365

Investing cash flow

Net cash from investing activities, including asset purchases, disposals and investment transactions. This differs from capital expenditure payments alone.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-437,151,759CNY365
2024-01-01 to 2024-12-31-10,857,028CNY366
2023-01-01 to 2023-12-31-135,161,792CNY365
2025-01-01 to 2025-12-31-62,511,871USD365

Retained earnings or deficit

Accumulated undistributed earnings or deficit at the reporting date. This balance is not cash available for distribution.

PeriodValueUnitDays
At 2025-12-31-2,171,283,787CNY
At 2024-12-31-1,814,578,760CNY
At 2025-12-31-310,489,451USD

Income tax expense or benefit

Current and deferred income tax expense or benefit for continuing operations. This accounting expense differs from cash taxes paid.

PeriodValueUnitDays
2025-01-01 to 2025-12-3114,663,093CNY365
2024-01-01 to 2024-12-317,143,653CNY366
2023-01-01 to 2023-12-315,004,766CNY365
2025-01-01 to 2025-12-312,096,794USD365

Net property, plant and equipment

Carrying amount of property, plant and equipment after accumulated depreciation, depletion and amortization. It is not replacement cost or market value.

PeriodValueUnitDays
At 2025-12-31303,325CNY
At 2024-12-31573,775CNY
At 2025-12-3143,375USD

Share-based compensation expense

Reported noncash expense for share-based payment arrangements. Noncash treatment does not mean the awards have no economic cost to shareholders.

PeriodValueUnitDays
2025-01-01 to 2025-12-31218,332,931CNY365
2024-01-01 to 2024-12-3119,143,702CNY366
2023-01-01 to 2023-12-3183,863,299CNY365
2025-01-01 to 2025-12-3131,221,194USD365

Operating income or loss

Operating revenue less operating expenses for the reporting period. It excludes items outside the reported operating result and is not free cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-246,707,778CNY365
2024-01-01 to 2024-12-31-137,444,084CNY366
2023-01-01 to 2023-12-31-146,217,082CNY365
2025-01-01 to 2025-12-31-35,278,743USD365

Current assets

Assets classified as current under the normal operating cycle or one-year boundary. Not all current assets can be converted immediately into cash.

PeriodValueUnitDays
At 2025-12-31585,137,631CNY
At 2024-12-31377,146,009CNY
At 2025-12-3183,673,569USD

Interest expense

Borrowing costs recognized as interest expense. This is distinct from cash interest paid and may not include every capitalized borrowing cost.

PeriodValueUnitDays
2025-01-01 to 2025-12-3120,442,161CNY365
2024-01-01 to 2024-12-3116,738,971CNY366
2023-01-01 to 2023-12-3112,178,668CNY365
2025-01-01 to 2025-12-312,923,190USD365

Current liabilities

Obligations classified as current under the operating-cycle or one-year boundary. The balance includes more than short-term borrowing.

PeriodValueUnitDays
At 2025-12-31668,027,995CNY
At 2024-12-31370,618,049CNY
At 2025-12-3195,526,733USD

Current accounts payable

Current amounts owed to suppliers for goods and services received. This is one component of current liabilities, not all accrued obligations.

PeriodValueUnitDays
At 2025-12-3125,524,921CNY
At 2024-12-3124,308,952CNY
At 2025-12-313,650,015USD

Goodwill carrying amount

Recognized goodwill remaining after accumulated impairment. It arises from business combinations and does not measure the current value of the company’s brand.

PeriodValueUnitDays
At 2025-12-314,973,027CNY
At 2024-12-3126,638,707CNY
At 2025-12-31711,133USD

Net finite-lived intangible assets

Finite-lived intangible assets after amortization. This excludes goodwill and should not be combined with indefinite-lived intangible assets without checking scope.

PeriodValueUnitDays
At 2025-12-311,610,713CNY
At 2024-12-3110,894,989CNY

Net current accounts receivable

Current customer receivables after the allowance for credit loss. The balance is not cash collected or a guarantee of collection.

PeriodValueUnitDays
At 2025-12-3141,564,871CNY
At 2024-12-3133,146,088CNY
At 2025-12-315,943,698USD

Operating expenses

Recurring operating costs under this accounting concept, generally excluding production costs included in cost of sales. Check filing presentation before combining expense subtotals.

PeriodValueUnitDays
2025-01-01 to 2025-12-31332,862,696CNY365
2024-01-01 to 2024-12-31215,086,776CNY366
2023-01-01 to 2023-12-31197,672,395CNY365
2025-01-01 to 2025-12-3147,598,732USD365

Net inventory

Inventory carrying amount after applicable valuation and LIFO reserves. It does not establish realizable selling proceeds or inventory turnover without other inputs.

PeriodValueUnitDays
At 2025-12-318,229,291CNY
At 2024-12-314,719,804CNY
At 2025-12-311,176,773USD

Gross profit

Revenue less the costs directly attributed to the goods or services sold. It precedes other operating expenses and is not net income.

PeriodValueUnitDays
2025-01-01 to 2025-12-3186,154,918CNY365
2024-01-01 to 2024-12-3177,642,692CNY366
2023-01-01 to 2023-12-3151,455,313CNY365
2025-01-01 to 2025-12-3112,319,989USD365

Cost of revenue

Costs attributed to goods produced and sold and services provided during the period. This is not the sum of every operating expense.

PeriodValueUnitDays
2025-01-01 to 2025-12-31187,885,686CNY365
2024-01-01 to 2024-12-31195,691,265CNY366
2023-01-01 to 2023-12-31154,026,591CNY365
2025-01-01 to 2025-12-3126,867,296USD365

Cash including restricted cash

Cash, cash equivalents and restricted cash as reported in the cash flow reconciliation. Restricted amounts are not freely available, so this is not the same as unrestricted cash.

PeriodValueUnitDays
At 2025-12-3121,138,034CNY
At 2024-12-3160,957,156CNY
At 2023-12-3179,287,805CNY
At 2022-12-3196,904,630CNY
At 2025-12-313,022,698USD
At 2024-12-318,351,095USD

Additional paid-in capital

Capital contributed above par value under this concept. It records historical contributions, not the current value of the equity or cash on hand.

PeriodValueUnitDays
At 2025-12-312,498,773,335CNY
At 2024-12-311,984,763,325CNY
At 2025-12-31357,319,835USD

Accumulated other comprehensive income or loss

Cumulative other comprehensive items after tax, such as translation and unrealized hedging or securities effects. These amounts have not passed through net income.

PeriodValueUnitDays
At 2025-12-31-125,758,629CNY
At 2024-12-31-131,840,166CNY
At 2025-12-31-17,983,245USD

Total equity including noncontrolling interests

Equity including the portion attributable to noncontrolling interests. It is larger than or equal to parent stockholders equity and is not market capitalization.

PeriodValueUnitDays
At 2025-12-31551,603,959CNY
At 2024-12-3182,271,114CNY
At 2023-12-3160,657,245CNY
At 2022-12-31-1,487,499,524CNY
At 2025-12-3178,878,318USD

Operating lease right-of-use asset

Carrying amount of the right to use leased assets under operating leases. It reflects discounted remaining payments, not the value of the underlying property.

PeriodValueUnitDays
At 2025-12-318,581,133CNY
At 2024-12-315,154,258CNY
At 2025-12-311,227,086USD

Operating lease liability

Present value of remaining operating lease payments. Discount-rate choices and lease terms affect the amount; it is not the sum of undiscounted future rent.

PeriodValueUnitDays
At 2025-12-318,453,383CNY
At 2024-12-315,622,605CNY

Long-term debt

Long-term borrowings under this concept, which can include the current portion depending on presentation. It is not total liabilities and may exclude leases and other obligations.

PeriodValueUnitDays
At 2025-12-314,425,930CNY
At 2024-12-315,256,098CNY

Gross property, plant and equipment

Cost of property, plant and equipment before accumulated depreciation. Historical cost does not indicate current value or replacement cost.

PeriodValueUnitDays
At 2025-12-3110,244,224CNY
At 2024-12-3110,525,374CNY

Accumulated depreciation on property, plant and equipment

Cumulative depreciation, depletion and amortization recorded against property, plant and equipment. It measures cost allocation to date, not physical wear or market value.

PeriodValueUnitDays
At 2025-12-319,940,899CNY
At 2024-12-319,951,599CNY

Net intangible assets excluding goodwill

Intangible assets other than goodwill after amortization and impairment. Internally developed intangibles are usually not recognized, so this understates what a company relies on.

PeriodValueUnitDays
At 2025-12-311,610,713CNY
At 2024-12-3110,894,989CNY
At 2025-12-31230,329USD

Other noncurrent assets

Noncurrent assets the filer does not present separately. The composition differs by filer and is described only in the filing.

PeriodValueUnitDays
At 2025-12-3164,814,066CNY
At 2024-12-3156,319,547CNY
At 2025-12-319,268,288USD

Other noncurrent liabilities

Noncurrent liabilities the filer does not present separately. The composition differs by filer and is described only in the filing.

PeriodValueUnitDays
At 2025-12-3110,405,554CNY
At 2024-12-3110,405,554CNY
At 2023-12-3110,405,554CNY
At 2025-12-311,487,974USD

Prepaid expenses and other current assets

Prepayments and other current assets grouped under this concept. The balance is not cash and its composition differs by filer.

PeriodValueUnitDays
At 2025-12-31383,805,123CNY
At 2024-12-31148,267,234CNY
At 2025-12-3154,883,403USD

Current contract liabilities

Consideration received before performance obligations are satisfied, often called deferred revenue. It is an obligation to deliver, not earned revenue or cash available.

PeriodValueUnitDays
At 2025-12-3113,977,338CNY
At 2025-01-0112,377,171CNY
At 2024-12-3112,377,171CNY
At 2023-12-3113,773,974CNY
At 2022-12-316,293,066CNY
At 2025-12-311,998,733USD

Net deferred tax liabilities

Deferred tax liabilities net of related assets under this concept. The amount reflects timing differences and is not tax currently due.

PeriodValueUnitDays
At 2025-12-311,264,873CNY
At 2024-12-313,798,357CNY
At 2025-12-31180,874USD

Pre-tax income or loss from continuing operations

Income or loss from continuing operations before income taxes and noncontrolling interests. It excludes discontinued operations and is not net income.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-323,340,119CNY365
2024-01-01 to 2024-12-31-149,847,421CNY366
2023-01-01 to 2023-12-31-156,970,922CNY365
2025-01-01 to 2025-12-31-46,237,021USD365

Profit or loss including noncontrolling interests

Net income or loss including the portion attributable to noncontrolling interests. It can differ from the net income attributable to the parent that per-share figures use.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-338,003,212CNY365
2024-01-01 to 2024-12-31-156,991,074CNY366
2023-01-01 to 2023-12-31-161,975,688CNY365
2025-01-01 to 2025-12-31-48,333,815USD365

Comprehensive income or loss

Net income plus other comprehensive income after tax. It includes unrealized items that net income excludes and is not a cash measure.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-350,794,339CNY365
2024-01-01 to 2024-12-31-166,454,876CNY366
2023-01-01 to 2023-12-31-328,903,999CNY365
2025-01-01 to 2025-12-31-50,162,922USD365

Net income available to common stockholders

Net income after preferred dividends and similar adjustments, the numerator for basic earnings per share. It can be lower than reported net income.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-356,705,027CNY365
2024-01-01 to 2024-12-31-170,196,454CNY366
2023-01-01 to 2023-12-31-166,341,733CNY365

General and administrative expense

General and administrative costs reported under this concept, separate from selling expense. Filers group overhead differently, so compare presentation before comparing companies.

PeriodValueUnitDays
2025-01-01 to 2025-12-3179,819,048CNY365
2024-01-01 to 2024-12-3199,124,765CNY366
2023-01-01 to 2023-12-3182,460,706CNY365
2025-01-01 to 2025-12-3111,413,972USD365

Amortization of intangible assets

Amortization recognized on finite-lived intangible assets. It follows acquisition accounting and does not indicate the intangibles are losing usefulness at that rate.

PeriodValueUnitDays
2025-01-01 to 2025-12-311,544,698CNY365
2024-01-01 to 2024-12-314,309,183CNY366
2023-01-01 to 2023-12-313,020,920CNY365

Current income tax expense or benefit

Income tax expense or benefit for the period that is currently payable or refundable. It differs from cash taxes paid and from total tax expense.

PeriodValueUnitDays
2025-01-01 to 2025-12-3117,196,577CNY365
2024-01-01 to 2024-12-3112,317,379CNY366
2023-01-01 to 2023-12-316,260,574CNY365

Deferred income tax expense or benefit

The deferred portion of income tax expense or benefit, arising from timing differences. It is not tax paid in the period.

PeriodValueUnitDays
2025-01-01 to 2025-12-31-2,533,484CNY365
2024-01-01 to 2024-12-31-5,173,726CNY366
2023-01-01 to 2023-12-31-1,255,808CNY365
2025-01-01 to 2025-12-31-362,283USD365

Interest paid, net

Cash interest paid during the period, net of amounts capitalized where the filer reports it that way. It differs from interest expense recognized.

PeriodValueUnitDays
2025-01-01 to 2025-12-312,368,128CNY365
2024-01-01 to 2024-12-319,553,499CNY366
2023-01-01 to 2023-12-3111,973,444CNY365
2025-01-01 to 2025-12-31338,638USD365

Income taxes paid, net

Cash income taxes paid net of refunds during the period. It differs from income tax expense and can reflect prior years and estimated payments.

PeriodValueUnitDays
2023-01-01 to 2023-12-31-208,475CNY365

Change in accounts receivable

The cash flow adjustment for the change in receivables during the period. A positive value under this concept means receivables grew and reduced operating cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-319,936,904CNY365
2024-01-01 to 2024-12-314,493,100CNY366
2023-01-01 to 2023-12-314,487,704CNY365
2025-01-01 to 2025-12-311,420,958USD365

Change in inventories

The cash flow adjustment for the change in inventories during the period. A positive value under this concept means inventory grew and reduced operating cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-313,688,748CNY365
2024-01-01 to 2024-12-31-4,141,620CNY366
2023-01-01 to 2023-12-31955,200CNY365
2025-01-01 to 2025-12-31527,484USD365

Change in accounts payable

The cash flow adjustment for the change in payables during the period. A positive value under this concept means payables grew and added to operating cash flow.

PeriodValueUnitDays
2025-01-01 to 2025-12-311,215,969CNY365
2024-01-01 to 2024-12-31-9,357,338CNY366
2023-01-01 to 2023-12-31524,686CNY365
2025-01-01 to 2025-12-31173,881USD365

Inspect the source

Entity
DDC Enterprise Ltd / CIK 0001808110
Captured
2026-09-21T17:28:17.002Z
SEC response SHA-256
cd808f0228d110c5836c1aa11a44a4e4507a5a4fcc2d20723b3c751df289e252

Current SEC company facts · Download the original response snapshot (gzip) · Download the selected JSON

Every published concept a filing tagged, with the periods it covered, as reported in that filing at capture time. Forms 10-K, 10-K/A, 10-Q, 10-Q/A, 20-F, 20-F/A, 40-F, 40-F/A. A filing page needs at least 8 published concepts. Later filings can restate these values; the company history pages show the latest-filed value per period.

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Read the published dataset with Python
import json
from urllib.request import urlopen

with urlopen("https://canlicapital.com/company-data/0001808110.json") as response:
    record = json.load(response)
print(record["fetched_at"])
print(record["policy"])
for concept in record["concepts"]:
    print(concept["tag"], next(iter(concept["observations"])))