背靠中粮，粤十数智谋上市盛宴

Core Viewpoint - Shenzhen Yue Ten Digital Co., Ltd. (referred to as "Yue Ten Digital") has submitted its prospectus for an IPO on the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong as its sole sponsor. The company has shown continuous revenue growth and adjusted net profit turning from loss to profit, but its operating cash flow remains negative for consecutive periods [1][3]. Group 1: Company Overview - Yue Ten Digital's history dates back to 2017, primarily through its subsidiary Yue Ten Information, focusing on cold chain agricultural product sales supported by its self-developed digital platform [3]. - The company differentiates itself from traditional cold chain trade models by integrating digital capabilities across procurement, storage, logistics, and trade, enhancing efficiency, transparency, and collaboration [3]. - According to Frost & Sullivan, Yue Ten Digital ranks among the top ten in China's digital cold chain agricultural product sales market by revenue, with the market expected to grow from 274 billion yuan in 2020 to 522 billion yuan in 2024, reflecting a compound annual growth rate (CAGR) of 17.5% [3]. Group 2: Financial Performance - In 2023 and 2024, Yue Ten Digital reported revenues of 1.254 billion yuan and 2.981 billion yuan, with total annual losses of 28.266 million yuan and 219 million yuan, respectively [4]. - For the first three quarters of 2025, the company achieved revenue of 3.994 billion yuan, a year-on-year increase of 116.69%, with over 90% of revenue derived from cold chain agricultural product sales [4]. - The company experienced significant losses due to fair value changes in financial liabilities, with losses of 22 million yuan, 249 million yuan, and 1.806 billion yuan for 2023, 2024, and the first three quarters of 2025, respectively [5]. Group 3: Cash Flow and Adjusted Profit - Yue Ten Digital's operating cash flow has been negative for two consecutive years, with net cash flows of -55.63 million yuan, -343 million yuan, and -178 million yuan for 2023, 2024, and the first three quarters of 2025, totaling approximately 577 million yuan in losses [5]. - After excluding non-cash and non-operating items, the company recorded an adjusted net loss of 6 million yuan in 2023, turning to a profit of 29.7 million yuan in 2024, and achieving an adjusted net profit of approximately 50.9 million yuan in the first nine months of 2025, representing an 82.4% year-on-year increase [5]. Group 4: Shareholder Structure - Yue Ten Digital has received investments from major stakeholders, including COFCO Group and China Supply Group, with the founder controlling 51.4% of the voting rights [6][7]. - The company collaborates with over 750 suppliers across approximately 40 countries and regions, with more than 550 being overseas suppliers, leveraging the experience and industry position of its strong shareholder background [7]. Group 5: IPO Fund Utilization - The funds raised from the IPO will primarily be used to expand the cold chain agricultural product sales business and enhance the overseas footprint of its digital cold chain solutions, as well as to strengthen R&D capabilities and improve the embedded digital capabilities in cold chain agricultural product sales [8].