尽管有着"农产品电商第一股"的光环，且获得红杉中国等知名机构的多轮投资，但一亩田至今未能实现 盈利，其商业模式在盈利可行性上依然存疑。 资本市场的现实反应 上市首日，一亩田的开盘表现曾令人振奋。开盘价达到5.88美元/股，较发行价大幅高开43.41%，但这 一势头未能维持，股价随后急剧下滑。 截至当日美股收盘，一亩田股价报收2.80美元/股，较发行价下跌31.71%。这一表现逊于市场预期，反 映出投资者对公司前景的担忧。 一亩田此次IPO共发售452.2万股美国存托股票（ADS），发行价格为每股4.1美元。若承销商全额行使 48.8万股ADS的超额配售权，一亩田本次IPO募资约2200万美元。 公司表示，本次募资主要用于继续拓展线下"沃来采"农产品经纪服务网络，进行全面农产品经纪服务流 程和制度的梳理、设计，并推进国际化相关业务。 尚未实现的盈利之路 财务数据显示，一亩田尚未实现盈利，且营收增长乏力。2022-2024年，一亩田营收分别为1.56亿、1.88 亿和1.61亿元人民币，呈现波动下降趋势。相应的净亏损分别为1.16亿、1.06亿和0.349亿元人民币。虽 然亏损降幅达67%，但这看似乐观的转变依靠 ...

Group 1 - The importance of solving the funding issue for rural revitalization is emphasized, with various policies and incentives being implemented to direct funds into agriculture and rural areas [1] - Various funding sources are providing strong support for rural industry revitalization and infrastructure construction, benefiting new agricultural operators, small farmers, and returning agricultural entrepreneurs [1] - The optimization and effective supply of funds for rural revitalization rely on well-designed top-level policies and institutional guarantees [2] Group 2 - A new mother fund named "One Village, One Product" has been established, focusing on modern agriculture and food processing, with a target scale of 3 billion yuan and an initial fundraising goal of 500 million to 1 billion yuan [2] - Social capital is driving high-quality development in digital agriculture through technological empowerment, as evidenced by a recent AI industry development conference that facilitated over 500 strategic partnerships and contracts exceeding 1 billion yuan [3] - The inauguration of digital agriculture facilities in Harbin marks a new phase in local digital agricultural development [3]

北京时间8月19日晚，中国最大的农产品B2B数字化服务平台一亩田集团（简称"一亩田"）正式在美国 纳斯达克交易所挂牌上市，成为全球资本市场中首家来自中国的农业全产业链互联网企业。 一亩田在本次IPO中发行452.2万股ADS（美国存托股票），发行价为每股4.1美元。另外，承销商有48.8 万股的超额配售权，若全额行使，一亩田本次IPO将募资约2200万美元。 据招股书，一亩田本次募资主要用于继续拓展线下"沃来采"农产品经纪服务网络，进行全面的农产品经 纪服务流程和制度的梳理、设计，并全力推进国际化相关业务。 一亩田创始人邓锦宏表示："中国最好的创业机会在广大乡村。以上市为新的起点，一亩田将继续深化 农产品经纪人服务，推动中国农业数字化进程，同时放眼世界，全力开拓国际业务。" 在生产领域，一亩田以其万亩马铃薯数字基地为基础，依托中国在农业机械化、数字化领域的经验积 累，在更多"一带一路"共建国家进行"沃众田"数字示范基地的种植，实现全球生产端的提质增效。 以数字平台切入农产品流通领域 公开资料显示，一亩田已成立14年，上市前累计完成六轮融资，获得了红杉中国、云锋基金、真格基 金、易果生鲜、乐奕创投、光信资本等知 ...

● 一亩田上市 北京时间8月19日晚，中国领先的农业B2B数字农业服务企业一亩田集团（Yimutian，股票代码：YMT）正式在美国纳斯达克交易所挂牌上市，成为全球 资本市场中首家来自中国的农业全产业链互联网企业。 一亩田在本次IPO中发行452.2万股ADS，发行价为每股4.1美元。另外，承销商有48.8万股的超额配售权，若全额行使，一亩田本次IPO将募资约2200万美 元。 根据弗若斯特沙利文报告，2023年，全国初级农产品流通总价值达到9万亿元人民币，具有广阔的市场。按照农产品通常5%的佣金计算，约4500亿的佣金 规模，为一亩田"沃来采"打开了广阔的市场空间。 以全球化运营 据招股书，本次募资主要用于继续拓展线下"沃来采"农产品经纪服务网络，进行全面的农产品经纪服务流程和制度的梳理、设计，并全力推进国际化相关 业务。 一亩田创始人邓锦宏表示："中国最好的创业机会在广大乡村。以上市为新的起点，一亩田将继续深化农产品经纪人服务，推动中国农业数字化进程，同 时放眼世界，全力开拓国际业务，去肩负起让全球每一亩田更有价值这个更大的使命和责任。" 整合中国百万农产品经纪人 做"农业版链家" 成立14年，一亩田以数 ...

从田间地头到纳斯达克。 本文为IPO早知道原创 作者｜ Stone Jin 微信公众号｜ipozaozhidao 据 IPO早知道消息， Yimutian Inc.（一亩田集团，以下简称"一亩田"）于 北京 时间 2025年8月 19日晚间正式以 "YMT"为股票代码在纳斯达克挂牌上市 ， 成为全球资本市场中首家来自中国的农 业全产业链互联网企业。 一亩田在本次 IPO中发行452.2万股 美国存托股票（ ADS ） ， 承销商另享有 48.8万股ADS的超 额配售权 。按 每股 4.1美元 的发行价计算， 一亩田 至多通过本次 IPO募集 约 2200万美元 （行 使 "绿鞋"后） 。 成立于 2011年的一亩田从信息服务平台起步，现已成为覆盖农业全产业链的综合性数字农业企业， 累计服务超5600万用户。 根据弗若斯特沙利文的报告，按 2024年收入和月活跃商家数量计算，一 亩田是中国大陆最大的农业B2B平台。 成立至今， 一亩田 已获得红杉中国、云锋基金、华创资本、源码资本、 DST等国内外知名机构的 投资。 IPO前，红杉中国持有 一亩田 15.9%的股份，是 一亩田 最早、最大的机构投资方。在 一亩田 ...

Core Viewpoint - The launch of the Lian Cai group purchasing platform in Northeast Tang Street represents a new model for the catering industry, aiming to reduce costs and improve efficiency through a transparent supply chain and collaborative ecosystem among suppliers, wholesale markets, and purchasing clients [3][5]. Group 1: Platform Features - The Lian Cai platform integrates three main functions: collective procurement bidding, popular group purchases, and special price clearance, enabling small and medium-sized catering businesses to benefit from direct sourcing advantages [5][14]. - The core feature of collective procurement bidding allows clients to directly report their purchasing quantities, with the system automatically opening bids and ensuring price transparency, which can reduce procurement costs by 8%-10% [7][14]. Group 2: Industry Context - The rapid rise of group meals and takeout services has created a strong demand for diverse, small-batch, and quick-turnaround food supplies, which the Lian Cai platform addresses by providing a "Pinduoduo"-like purchasing engine for small restaurants [14]. - The platform is part of a broader initiative in the Northeast Tang area to optimize the service industry, focusing on high-quality development and the integration of digital technology with the physical economy [8][12]. Group 3: Operational Efficiency - The Lian Cai platform is supported by a digital system developed in collaboration with He Yi Group, featuring real-time data from hundreds of large upstream bases, temperature-controlled logistics with 58 cold chain vehicles, and a user-friendly ordering system for over 20,000 restaurants [10][12]. - The project was executed rapidly, from negotiation to implementation in just 82 days, showcasing the efficiency of the local government and business collaboration, which is referred to as "Xishan speed" [14]. Group 4: Future Outlook - The government plans to continue supporting the platform's development by expanding funding channels, establishing a one-stop approval process, and enhancing cooperation between industry, academia, and research [14].

Core Insights - The forum held in Harbin focused on the modernization of agriculture in China, emphasizing the transition towards digital and smart agriculture as a key driver for future development [1][3]. Group 1: Digital Agriculture Transformation - Digital agriculture is identified as a crucial element in the transformation of modern agriculture, moving from resource-based and industrial agriculture to digital and smart agriculture [3]. - The integration of intelligent and digital technologies is seen as essential for attracting talent back to rural areas and fostering entrepreneurship in agriculture [3]. Group 2: Agricultural Branding and Market Connectivity - The forum aimed to enhance the branding of agricultural products, particularly from Northeast China, by creating a platform for production and sales connections [5]. - The launch of the "Traceability China" initiative is intended to connect high-quality agricultural products with broader markets, promoting regional specialties [5][15]. Group 3: Expert Insights and Innovations - Experts shared insights on the deep connection between modern agriculture and national nutrition, advocating for a dual certification system for traceability and nutrition labeling [8]. - The introduction of the "Natural Birch Juice Authenticity Recognition Technical Guidelines" marks a significant step towards standardized and high-quality development in the birch juice industry [10]. Group 4: Brand Development and Agricultural Practices - Local enterprises showcased their innovative practices in branding and product development, highlighting the unique value propositions of their agricultural products [11]. - The "Small Garden Corn Leading Big Health" concept was presented as a unique value proposition for agricultural products from the region [11]. Group 5: Industry Collaboration and Supply Chain Optimization - A roundtable discussion emphasized the need to break down information barriers and strengthen technological support to create a consumer-driven flexible supply chain [17]. - The forum served as a high-level platform for dialogue between policy, technology, and industry, injecting strong "digital intelligence" into the modernization of agriculture in the region and nationwide [17].

Core Insights - The event "High-Quality Development Observation Tour" in Zhejiang showcased the province's advancements in various sectors, including private economy, ecological protection, digital agriculture, and cultural innovation, through the lens of international youth broadcasters [1][12]. Group 1: Private Economy and Ecological Integration - In Wenzhou, the participation of private capital in high-speed rail projects was highlighted, demonstrating its positive impact on local employment [2]. - The innovative "artificial wetland + micro-hydropower" model in Sanjiang Wetland Park exemplified the synergy between ecological conservation and agricultural irrigation [2]. Group 2: Cultural and Tourism Integration - The Hangzhou-Wenzhou high-speed rail was recognized as a new engine for regional connectivity and cultural tourism, with onboard performances enhancing the travel experience [3]. - The immersive experience at the "Clearing the River" night tour in Hengdian Film City captivated international broadcasters, showcasing the rich cultural heritage of the Song Dynasty [3]. Group 3: Manufacturing and Ecological Transformation - The "Hardware Capital" in Yongkang demonstrated strong industrial capabilities with automated production lines and smart equipment, reflecting the robust strength of Zhejiang's manufacturing sector [5]. - The implementation of the "Two Mountains" concept in scenic areas illustrated how ecological protection can be transformed into rural tourism branding [8]. Group 4: Digital Agriculture and Urban Revitalization - The "Panda Pig" farm in Jinhua utilized innovative digital agriculture techniques, impressing broadcasters with its modern approach to farming [9]. - The revitalization of ancient towns like Wuzhou Ancient City highlighted the integration of cultural heritage and creative industries, enhancing tourism through unique local characteristics [10]. Group 5: Silk Industry Innovation - The Wan Shili Innovation Center in Hangzhou combined traditional silk craftsmanship with AI technology, showcasing the commitment to preserving cultural heritage while embracing modern market demands [12].

Core Viewpoint - Yimutian Inc. is preparing for its IPO on NASDAQ under the ticker "YMT," aiming to raise up to $26 million by issuing 4.522 million American Depositary Shares (ADS) at a price range of $4.10 to $5.00 per share [1][2]. Company Overview - Founded in 2011, Yimutian has evolved from an information service platform to a comprehensive digital agriculture enterprise covering the entire agricultural supply chain, serving over 56 million users [3][4]. - Yimutian is recognized as the largest agricultural B2B platform in mainland China, facilitating B2B transactions for agricultural products through its digital platform [4]. Market Position and Services - As of March 31, 2025, Yimutian has established a presence in over 340 cities and 2,800 counties in mainland China, capturing more than 65% of the primary and secondary agricultural wholesale markets [5]. - The platform primarily serves agricultural brokers, which is crucial given the fragmented nature of Chinese agriculture, where over 98% of farmers operate small-scale family farms [5]. Revenue and Growth Potential - Yimutian generated revenue of 160 million yuan in 2024, reflecting its significant market influence among agricultural brokers in China [5]. - The total value of primary agricultural product circulation in China is projected to reach 5.5 trillion yuan in 2024, indicating substantial market potential for Yimutian [7]. Business Model and Expansion - Yimutian has launched "Wolai Cai," a network of offline stores aimed at providing standardized and efficient agricultural brokerage services, leveraging its extensive buyer channels and market data [7]. - The "Wolai Cai" model is compared to real estate brokerage giants, suggesting significant growth potential due to the larger number of agricultural brokers and higher commission rates in the agricultural sector [8]. Unique Position in the Market - Yimutian is set to be the only agricultural internet enterprise covering the entire agricultural supply chain from China listed in the U.S. capital market, presenting a unique investment opportunity [9].

Core Viewpoint - Jack Ma, a prominent figure in the business world, has transitioned from being a leading entrepreneur to exploring new avenues, particularly in education and agriculture, while maintaining a focus on rural education and digital agriculture [1][39][52]. Group 1: Jack Ma's Public Perception and Career Transition - Jack Ma's name is widely recognized, and he has been a controversial figure in society [1]. - After stepping back from Alibaba, he was seen teaching in Japan, which sparked discussions about his intentions and future [3][25]. - His recent public appearances have led to speculation about a potential return to Alibaba, which he has denied [41][44]. Group 2: Focus on Education and Agriculture - Jack Ma has expressed a long-standing commitment to education, particularly rural education, and has initiated various programs to support this sector [28][32]. - His recent activities include engaging with agricultural research and exploring opportunities in digital agriculture, indicating a shift towards new business interests [48][50]. - The alignment of his initiatives with national policies suggests a strategic move towards becoming a "national entrepreneur" [52].