中国隐形独角兽500强，冲击港股IPO！

Core Viewpoint - Shenzhen Yue Ten Smart Co., Ltd., a leader in the cold chain transportation industry, has submitted its prospectus to the Hong Kong Stock Exchange, with Shenwan Hongyuan Hong Kong as its sole sponsor. The company is recognized as one of the "Top 500 Chinese Unicorn Enterprises" for 2025. Financial Performance - The company's revenue has seen significant growth, with reported revenues of RMB 1.254 billion, RMB 2.981 billion, and RMB 3.994 billion for the years 2023, 2024, and the first nine months of 2025, respectively. Adjusted net profits were reported as RMB -6.043 million, RMB 29.691 million, and RMB 50.949 million for the same periods, indicating a turnaround to profitability in 2024 [1][2]. - The gross profit margin remains low but is on an upward trend, with margins of 1.8%, 2.7%, and 3.0% for 2023, 2024, and the first nine months of 2025, respectively [1][2]. Revenue Sources - The majority of the company's revenue comes from cold chain agricultural product sales, contributing RMB 39.656 billion, which accounts for 99.3% of total revenue in the first nine months of 2025. Cold chain smart solutions contributed RMB 27.682 million, or 0.7% of total revenue [2][3]. Customer Base and Sales Model - The company primarily serves small and medium-sized agricultural wholesalers, with customer counts of 204, 587, and 554 for 2023, 2024, and the first nine months of 2025, respectively. Small and medium-sized wholesalers represented 98.5%, 98.6%, and 97.5% of the total customer base during these periods [4]. - The company employs a sales model that primarily relies on futures, supplemented by spot sales, with delivery cycles typically ranging from three to six months [4]. Inventory and Supply Chain - The company's inventory has surged from RMB 258 million at the end of 2023 to RMB 2.223 billion by the end of September 2025, indicating a potential risk of inventory impairment [5]. - The company collaborates with over 750 suppliers across approximately 40 countries and regions, with more than 550 being overseas suppliers [4].