背靠中粮，粤十数智谋上市盛宴

Core Viewpoint - The company, Yue Shi Shuzhi, is preparing for an IPO in Hong Kong, showcasing a growth trajectory in revenue but facing challenges with negative cash flow from operating activities [1][2]. Group 1: Company Overview - Yue Shi Shuzhi, established in 2017, focuses on smart cold chain agricultural product sales, leveraging a self-developed digital platform to enhance efficiency and transparency in the supply chain [5]. - The company ranks among the top ten in China's smart cold chain agricultural product sales market, with the market expected to grow from 274 billion yuan in 2020 to 522 billion yuan by 2024, reflecting a compound annual growth rate (CAGR) of 17.5% [6]. Group 2: Financial Performance - In 2023 and 2024, Yue Shi Shuzhi reported revenues of 1.254 billion yuan and 2.981 billion yuan, respectively, with significant losses of 28.266 million yuan and 219 million yuan [7]. - For the first three quarters of 2025, the company achieved a revenue of 3.994 billion yuan, a year-on-year increase of 116.69%, but incurred a total loss of 1.755 billion yuan, indicating a trend of "increased revenue without increased profit" [7]. Group 3: Loss Explanation - The substantial losses are primarily attributed to changes in the fair value of financial liabilities related to preferred shares issued to investors, which are non-cash losses not stemming from core operations [8]. - The fair value losses for 2023, 2024, and the first three quarters of 2025 were 22 million yuan, 249 million yuan, and 1.806 billion yuan, respectively [9]. Group 4: Cash Flow and Inventory - The company has reported negative net cash flow from operating activities for two consecutive years, with figures of -55.63 million yuan, -343 million yuan, and -178 million yuan for 2023, 2024, and the first three quarters of 2025, respectively [9]. - The negative cash flow is attributed to increased inventory and prepayments due to business expansion [10]. Group 5: Shareholder Structure - Yue Shi Shuzhi has completed seven rounds of financing, with significant investments from major stakeholders like COFCO Group and China Supply Group since 2023 [12]. - The founder, Chen Binbin, controls 51.4% of the voting rights, with COFCO Capital holding 7.55% and China Supply Group controlling a total of 6.49% [12]. Group 6: Future Plans - The company plans to use the funds raised from the IPO to expand its cold chain agricultural product sales business, enhance its data-driven capabilities, and strengthen its research and development efforts [13].