北京，跑出一个美股IPO

Core Viewpoint - The stock performance of Yimutian Inc. (YMT) post-IPO will depend on its ability to address inherent industry challenges while delivering growth and healthy profits to the capital market [1][2]. Group 1: IPO Performance - On its first trading day, Yimutian opened at $5.88 per share but closed at $2.80, a decline of 31.71% from the issue price, indicating investor concerns about the company's future [2][3]. - The initial performance was below market expectations, reflecting worries regarding the company's prospects [3]. Group 2: Business Model and Operations - Founded in 2011, Yimutian has evolved from an information service platform to a comprehensive digital agriculture enterprise covering the entire agricultural supply chain [3]. - The company primarily provides transaction matching services for agricultural operators, with suppliers including rural cooperatives and large-scale farmers, while buyers include wholesalers and processing enterprises [3]. - By the end of 2024, Yimutian aims to have a service network covering over 340 cities and 2,800 counties, penetrating more than 65% of primary and secondary agricultural wholesale markets [3]. Group 3: Financial Performance - Yimutian has not yet achieved profitability, with revenues of 156 million yuan, 188 million yuan, and 161 million yuan projected for 2022, 2023, and 2024, respectively, alongside net losses of approximately 116 million yuan, 106 million yuan, and 34.94 million yuan [4]. - The revenue structure is primarily derived from digital agricultural trade services and other digital agricultural solutions, with the former accounting for 94.6% of total revenue in 2024 [4]. Group 4: Revenue Breakdown - The digital agricultural trade services segment is further divided into membership services and value-added services, contributing approximately 59% and 33% to the revenue, respectively [5]. Group 5: Investment and Market Position - Yimutian has received significant backing from prominent investors, with Sequoia China being the largest institutional shareholder, holding 15.9% of the company prior to the IPO [6][8]. - The agricultural internet sector is viewed as having substantial potential but faces significant development challenges due to the fragmented nature of the agricultural supply chain in China [8].