Company Overview - The company, Shenzhen Yue Shi Smart Co., Ltd. (Yue Shi Smart), is primarily engaged in the sales of cold chain agricultural products, supported by its self-developed digital platform [3] - The company ranks among the top ten in China's digital cold chain agricultural product sales market based on projected revenue for 2024 [3] - It operates a dual-core data-driven business model, focusing on cold chain agricultural product sales and providing comprehensive cold chain digital solutions [3] Business Model - The company recognized the structural shift towards digital transformation in agricultural product circulation and cold chain operations early on [4] - Since its establishment in 2019, it has developed the Yue Shi Smart Cold Chain Cloud Platform, evolving from providing digital information systems to a comprehensive cold chain digital solution [4] - As of January 19, 2026, over 750 domestic cold chain operators have implemented the company's solutions, covering approximately 30 provinces, autonomous regions, and municipalities in China [4] Financial Performance - The company's revenue for the fiscal years ending December 31, 2023, 2024, and the nine months ending September 30, 2025, is approximately RMB 1.25 billion, RMB 2.98 billion, and RMB 3.99 billion, respectively [8] - The gross profit margins for the same periods are 1.8%, 2.7%, and 3.0% [9] - The total losses and comprehensive expenses for the fiscal years are approximately RMB 28.27 million, RMB 219.03 million, and RMB 1.76 billion [10] Industry Overview - The total revenue of China's agricultural product cold chain market is projected to grow from RMB 360.2 billion in 2020 to RMB 511.1 billion in 2024, with a compound annual growth rate (CAGR) of 9.1% [12] - The cold chain agricultural product sales market is expected to increase from RMB 2490.9 billion in 2020 to RMB 3479.9 billion in 2024, with a CAGR of 8.7% [12] - The digital cold chain agricultural product sales market is anticipated to expand from RMB 274.0 billion in 2020 to RMB 522.0 billion in 2024, reflecting a CAGR of 17.5% [15]