Core Viewpoint - The company, Nongmi Liangpin (FAMI.us), has not disclosed any significant upcoming events such as earnings releases, strategic changes, or regulatory announcements as of January 2026 [1]. Stock Performance - The stock of Nongmi Liangpin experienced multiple short-term fluctuations in early January 2026. On January 9, the stock price fell by 6.20% to $1.21 per share, while it had increased by 5.36% and 5.42% on January 6 and 7, respectively. These fluctuations were primarily influenced by market trading factors and did not reflect any significant changes in the company's fundamentals [1]. Financial Performance - Recent financial reports indicate that the company generated revenue of $16.14 million, with a net loss of $44,016 and earnings per share of -$0.04. The gross profit margin was approximately $814,574. Currently, no institutions have issued rating recommendations for the stock [1]. Industry Policy and Environment - Nongmi Liangpin focuses on the agricultural supply chain, particularly in edible mushrooms and agricultural technology products. However, recent updates did not mention specific business expansions or event plans [2].

Company Operations and Structure - Farmmi, Inc. operates primarily through subsidiaries in mainland China and has expanded operations in the U.S. and Canada[16]. - The company’s consolidated affiliated entities are treated as Variable Interest Entities (VIEs) under U.S. GAAP, allowing for consolidation of financial results[19]. - All PRC subsidiaries have obtained necessary business licenses and permits to operate, with no applications denied[22]. - The company is not currently required to undergo cybersecurity reviews for overseas listings, as it does not possess personal data of over one million users[24]. - Farmmi is classified as an "Existing Issuer" under the CSRC's Trial Measures, allowing it to continue operations without immediate filing procedures[32]. - The company has obtained valid business licenses for its Chinese subsidiaries from the local SAMR, with no applications denied[141]. Regulatory and Compliance Risks - The company has faced significant legal and operational risks due to changes in PRC government policies, which could adversely affect its business and market value[17]. - Recent regulatory actions in China have increased scrutiny over data security and business operations, impacting companies listed overseas[25]. - Future compliance requirements may arise, and failure to adhere could result in fines ranging from RMB 1,000,000 to RMB 10,000,000[32]. - The evolving regulatory landscape in China poses uncertainties regarding the company's responsibilities and operational capabilities[29]. - The company may face additional requirements or approvals in the future due to uncertainties in the Chinese legal system and regulatory environment[134]. - The company is required to file with the CSRC for future equity securities issuance to foreign investors, with no assurance on the timeline for obtaining necessary approvals[130]. - The company has not received any inquiries or sanctions regarding approvals for issuing securities to foreign investors, but uncertainties remain regarding future regulatory requirements[142]. - The PRC government controls currency conversion, which may affect the company's ability to pay dividends in foreign currencies[185]. - The company is subject to PRC regulations that restrict the payment of dividends from subsidiaries, affecting liquidity requirements[182]. Financial Performance - For the fiscal year ended September 30, 2025, the company reported revenues of $27.97 million, a decrease of 56.4% compared to $64.13 million in 2024[53]. - The gross profit for the fiscal year 2025 was $801,523, down from $3.87 million in 2024, indicating a significant decline in profitability[53]. - Operating expenses surged to $56.92 million in 2025, compared to $3.08 million in 2024, reflecting a substantial increase in costs[53]. - The net loss from continuing operations for the fiscal year 2025 was $53.39 million, compared to a loss of $4.63 million in 2024, highlighting deteriorating financial performance[53]. - Total revenues for the year ended September 30, 2025, were $27,971,360, a decrease from $64,131,332 in 2024, representing a decline of approximately 56.4%[59]. - The gross profit for 2025 was $801,523, compared to $3,873,714 in 2024, indicating a significant drop in profitability[59]. - The net loss for the year ended September 30, 2025, was $53,385,988, compared to a net loss of $4,627,772 in 2024, reflecting a substantial increase in losses[59]. - Total assets decreased to $147,033,182 in 2025 from $186,733,719 in 2024, a decline of approximately 21.2%[60]. - Total liabilities increased to $23,175,730 in 2025 from $16,717,482 in 2024, marking an increase of about 38.5%[60]. - Total shareholders' equity fell to $123,857,452 in 2025 from $170,016,237 in 2024, a decrease of approximately 27%[60]. Market and Operational Challenges - The company faces risks related to health epidemics, which could adversely affect sales and operating results, similar to the temporary impact of COVID-19 in 2021[73]. - The company lacks product and business diversification, making future revenues and earnings more susceptible to fluctuations in the edible fungi market[78]. - Government support for the agriculture industry may decrease, impacting the company's development and financial performance[79]. - The purchase price of dried edible fungi is based on local market prices, which the company cannot control, potentially affecting profit margins[94]. - Increases in edible fungi costs may negatively affect operating results, as the company competes on price and risks losing customers if prices rise[95]. - The edible fungi cultivated by suppliers are subject to risks from diseases, pests, and extreme weather events, which could impact supply and revenues[90]. Shareholder and Investment Considerations - The company has not declared or paid any cash dividends and does not plan to do so in the foreseeable future, intending to retain available funds for business operations and expansion[45]. - The company is subject to PRC withholding tax on dividends, which may be up to 10% for non-resident enterprises, affecting potential returns for overseas shareholders[37]. - The dual class share structure allows significant control by Class B shareholders, potentially limiting influence of Class A shareholders[193]. - The company may require additional financing in the future, which could lead to dilution of existing shareholders or impose operational restrictions[114]. Management and Governance - The company is highly dependent on its senior management, particularly CEO Yefang Zhang, who has over twenty years of experience in the mushroom industry[116]. - The company has no key person life insurance on senior management, which could have a material adverse effect on operations if any key personnel were lost[117]. - The company has signed non-competition agreements with its executives to mitigate potential conflicts of interest, although enforceability may be challenged[100]. - The company has identified material weaknesses in its internal control over financial reporting, which could negatively impact investor confidence and the market price of its Ordinary Shares[208]. Currency and Tax Risks - Fluctuations in the Renminbi against the U.S. dollar could adversely affect the company's results of operations and investment value[160]. - The company has not engaged in hedging transactions to mitigate foreign currency exchange risk, which may expose it to significant losses[163]. - The company may be classified as a PRC "resident enterprise," subjecting it to a 25% enterprise income tax on worldwide income, which could reduce net income[175]. - The PRC tax authorities have not yet classified the company as a resident enterprise under the EIT Law[176]. - Dividends payable to non-PRC enterprises may be subject to a withholding tax rate of 10%[177]. - The PRC tax authorities may require adjustments to taxable income, adversely affecting the ability of subsidiaries to pay dividends[183]. Audit and Compliance Challenges - The PCAOB has determined it can now inspect and investigate registered public accounting firms in mainland China and Hong Kong, but future obstructions could lead to new determinations[152]. - The SEC is required to prohibit trading of an issuer's securities on U.S. exchanges if its auditor is not subject to PCAOB inspections for two consecutive years[153]. - The current auditor, YCM CPA INC., is subject to PCAOB inspections, which may impact the assurance of financial statements if inspections are not fully conducted[154]. - U.S. regulatory bodies face significant obstacles in conducting investigations in China, which may hinder enforcement actions against the company[155]. - The company expects to incur annual expenses of between $500,000 and $1 million due to compliance with public company regulations, which may strain resources and divert management's attention[209]. - The company may face increased regulatory compliance costs and uncertainties affecting future capital raise activities and share price[205].

Core Viewpoint - Farmmi, Inc. has established a wholly-owned U.S. subsidiary, Bluesage Marketing Inc., marking its entry into the AI-driven digital marketing industry, which signifies a strategic shift from traditional supply chain services to brand building and customer acquisition [1][3]. Group 1: Strategic Development - The establishment of Bluesage Marketing Inc. is seen as a milestone for the company, extending its business from product supply to commercial enablement [1]. - The new subsidiary will integrate advanced AI and Big Data analytics to provide cross-border marketing solutions, contributing to overall profitability through digital services [2]. Group 2: Ecosystem Building - The new business aims to connect backend logistics fulfillment with frontend customer acquisition, enhancing customer stickiness and competitiveness [3]. - The CEO of Farmmi emphasized that this operational expansion will create a more complete supply chain system featuring "Smart Logistics + Smart Marketing," enabling end-to-end empowerment for global clients [3]. Group 3: Company Overview - Farmmi, Inc. was founded in 1998 and focuses on agricultural products, particularly edible mushrooms, distributing high-quality goods through established channels to global markets [4].

Core Insights - Farmmi's U.S. subsidiary, Suppchains Group, has achieved a significant regulatory milestone by receiving its official Food Facility Registration from the U.S. FDA, which is crucial for its operations in the food logistics sector [1] Group 1: Regulatory Achievement - The warehousing facility in Chino, California, has been assigned Registration Number 11416872272 by the U.S. FDA, allowing the company to operate legally in food-related warehousing and logistics [1] - This FDA registration is a decisive step in constructing a comprehensive, high-compliance logistics ecosystem for Farmmi [1] Group 2: Business Operations - Farmmi is focused on providing one-stop solutions for cross-border e-commerce through a technology-driven global supply chain service [1] - The company can now lawfully conduct various logistics services, including warehousing, distribution, storage, shipment, and inventory management for food products, dietary supplements, and certain agricultural products in compliance with U.S. federal regulations [1]

Core Viewpoint - Farmmi, Inc. has achieved a significant regulatory milestone with its U.S. subsidiary, Suppchains Group Inc., receiving FDA registration for its warehousing facility in Chino, California, enabling compliance with U.S. food-related operations [1][4]. Group 1: Regulatory Milestone - The FDA registration allows the facility to conduct food-related warehousing, distribution, storage, shipment, inventory, and logistics services in accordance with U.S. federal regulations [2][4]. - The registration number for the facility is 11416872272, marking a decisive step in building a high-compliance logistics ecosystem [1][2]. Group 2: Operational Capabilities - The registered facility can handle a diverse range of food categories, including coffee and tea, vegetable oils, grain products, condiments, and agricultural commodities [3]. - The facility is also registered to support the storage and distribution of dietary supplements, including vitamins, minerals, and proteins, as well as meal replacement and nutritional food products [4]. Group 3: Market Expansion - This registration enables the company to penetrate the growing cross-border nutritional and wellness market, which is increasingly focused on food safety and health [4]. - The CEO of Farmmi emphasized that this milestone supports the gradual expansion of supply chain services and may improve revenue composition and operating performance [4].

Core Viewpoint - Greenpro Capital Corp. is a financial services company operating primarily in the Asia-Pacific region, involved in sectors such as real estate, technology, and finance, with competitors including Farmmi, Inc. and Oxbridge Re Holdings Limited [1] Financial Performance - Greenpro's Return on Invested Capital (ROIC) is -24.25%, significantly lower than its Weighted Average Cost of Capital (WACC) of 11.52%, indicating inefficiencies in capital utilization [2] - Farmmi, Inc. has a slightly better ROIC of -0.44% and a WACC of 11.51%, suggesting it is closer to breaking even compared to its peers [3] - Oxbridge Re Holdings Limited shows a negative ROIC of -40.06% with a WACC of 13.44%, indicating it is also not generating sufficient returns to cover its cost of capital [4] - Overall, all companies analyzed are operating below their cost of capital, with Farmmi, Inc. appearing to be the closest to achieving a positive return relative to its cost of capital [4]

Core Insights - Farmmi, Inc. has signed a lease for a new warehouse in Robbinsville, New Jersey, expanding its U.S. warehousing footprint to 640,000 square feet [1][2] - The new facility aims to enhance logistics and distribution capabilities, supporting customer demand and improving supply chain efficiency [2] Company Overview - Farmmi, Inc. is a China-based agricultural products supplier, specializing in edible fungi and other agricultural products, with a focus on global markets [3] - The company initiated warehouse and logistics services in the U.S. in 2024 to facilitate cargo transfer and bonded warehouse services [3]

Financial Performance - Revenues for the six months ended March 31, 2025, were $16.14 million, a decrease of 55.7% from $36.44 million in the same period of 2024[11]. - Gross profit for the six months ended March 31, 2025, was $814,574, down 62.0% from $2.15 million in the prior year[11]. - Net loss attributable to Farmmi, Inc. for the six months ended March 31, 2025, was $44,016, compared to a net income of $630,492 in the same period of 2024[11]. - The company reported a comprehensive loss of $4.70 million for the six months ended March 31, 2025, compared to a comprehensive income of $1.43 million in the same period of 2024[11]. - For the six months ended March 31, 2025, the net loss was $251,658, compared to a net income of $630,492 for the same period in 2024, indicating a significant decline in performance[18]. - Basic earnings per share for the six months ended March 31, 2025, was $(0.04), a decrease from $1.20 in 2024[61]. - Total revenue for the six months ended March 31, 2025, was $16,144,309, a decrease of 56% compared to $36,443,887 for the same period in 2024[142]. Assets and Liabilities - Total assets increased to $230.43 million as of March 31, 2025, compared to $186.73 million as of September 30, 2024, representing a growth of 23.4%[6]. - Total current liabilities increased significantly to $58.57 million as of March 31, 2025, from $10.51 million as of September 30, 2024[7]. - Total shareholders' equity decreased to $166.23 million as of March 31, 2025, from $170.02 million as of September 30, 2024, a decline of 2.3%[8]. - The company experienced a significant change in accounts receivable, with a net decrease of $8,418,637[18]. - As of March 31, 2025, accounts receivable amounted to $4,645,440, a significant decrease from $32,763,352 as of September 30, 2024[93]. - The allowance for doubtful accounts was $8,801 as of March 31, 2025, compared to approximately $302,914 as of September 30, 2024[93]. - Total liabilities of disposed entities were $1,349,339 as of March 31, 2025, compared to $529,144 in the previous period[151]. Cash Flow and Investments - Cash and cash equivalents rose to $890,336 as of March 31, 2025, compared to $486,522 as of September 30, 2024, marking an increase of 83.1%[6]. - Cash flows from operating activities provided $14,569,967, a substantial improvement compared to a cash outflow of $14,901,185 in the prior year[18]. - The total cash at the end of the period was $890,336, down from $1,124,449 at the end of the previous year[19]. - The company made a long-term investment purchase of $15,000,000 during the period[18]. - Long-term investments increased to $106,047,950 as of March 31, 2025, compared to $7,032,573 as of September 30, 2024[109]. - The company incurred an equity investment loss of $431,180 for the six months ended March 31, 2025[112]. - The company plans to acquire a 45% equity stake in Ewayforest Group Limited for a total purchase price of approximately $99,676,733, with payments structured over several months[111]. Expenses and Costs - The company experienced a significant increase in interest expense, which rose to $231,704 for the six months ended March 31, 2025, compared to $1.32 million in the same period of 2024[11]. - The company incurred interest expenses of $184,176, a decrease from $1,113,582 in the previous year[18]. - Total shipping and handling expenses for the six months ended March 31, 2025, were $47,352, up from $40,101 for the same period in 2024, indicating an increase of approximately 18.1%[71]. - The Company reported a depreciation expense of $8,863, up from $5,572 in the previous year[18]. - The Company reported a net loss of $163,632 for the six months ended September 30, 2025, compared to a net income of $60,683 in the prior year[152]. Revenue Sources - Revenue from Shiitake mushrooms was $6,668,963, down from $9,806,605 in the previous year, while Mu Er revenue decreased from $7,329,253 to $5,255,756[142]. - Revenue from logistic services was $3,407,535, a new revenue stream not present in the previous year[142]. - The PRC accounted for $12,736,774 of total revenue, significantly down from $36,443,887 in the prior year, while the United States contributed $3,407,535[142]. Agreements and Contracts - The company signed a framework cooperation agreement with Zhongjin Boda for the purchase of agricultural products, valid for two years, as of August 5, 2023[97]. - The company also signed a two-year agricultural product framework agreement with Ningbo Runcai on August 25, 2023, focusing on red dates and corn[98]. - An agreement was signed to divest 100% interest in Farmmi Food and Farmmi Supply Chain for a total cash consideration of RMB20,000 ($2,754)[26]. Shareholder Information - The weighted average number of ordinary shares increased to 1,077,719 for the six months ended March 31, 2025, compared to 527,569 in the same period of 2024[12]. - The Company consolidated its ordinary shares at a ratio of one-for-twelve, reducing the number of shares from 500,000,000 to 41,666,667[125]. - For the six months ended March 31, 2025, 1,202,189 ordinary shares were issued for the redemption of $338,009 of the note[126]. Tax and Regulatory Matters - The Company is subject to a value-added tax (VAT) rate of 9% or 13% based on the new Chinese tax law, which may impact revenue recognition[73]. - The Company had no disputes with PRC tax authorities during the reporting periods, and no tax penalties were incurred[73]. Risk Factors - The Company does not carry business interruption or product liability insurance, increasing potential risks for investors[81]. - The Company is currently evaluating the impact of new accounting standards issued by the FASB, which may affect future disclosures[85].

Core Points - Farmmi, Inc. has regained compliance with NASDAQ's minimum bid price requirement, confirming that the matter is now closed [1] - The company is an agricultural products supplier, processor, and retailer, specializing in edible mushrooms and other agricultural products [2] Company Overview - Farmmi, Inc. was established in 1998 and operates in the agricultural sector, focusing on products like Shiitake and Mu Er mushrooms [2] - The company utilizes established distribution channels to sell its products [2]

Core Insights - Farmmi, Inc. has officially opened a new warehouse in New Jersey, USA, on March 27, 2025, covering approximately 49,800 square feet, which represents a significant expansion of its logistics and warehousing operations on the U.S. East Coast [1][2] Company Expansion - The new logistics hub is operated by Farmmi's U.S. subsidiary, Farmmi USA Inc., located on Randolph Road in Somerset, New Jersey [2] - This expansion will enhance the company's warehousing capabilities, streamline logistics operations, reduce shipping costs for customer orders in the Eastern U.S., and shorten delivery times [2] Strategic Goals - The Chairwoman and CEO of Farmmi, Ms. Yefang Zhang, emphasized the company's commitment to optimizing its distribution network to better serve its growing customer base with high-quality products [2] - The launch of the New Jersey facility is expected to strengthen Farmmi's competitiveness in the U.S. market and improve operational efficiency, supporting long-term strategic goals [2] Company Overview - Farmmi, Inc. was founded in 1998 and operates as an agricultural products supplier, processor, and logistics service provider, focusing on edible mushrooms and other agricultural products [3] - The company distributes high-quality agricultural goods to the global market primarily through established distribution channels [3]