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 - Bruik (Suzhou) Agricultural Internet Co., Ltd. is undergoing a counseling period for its initial public offering, facing governance issues and operational challenges, including significant declines in its e-commerce business and ongoing legal disputes [3][5][6]. Group 1: Company Governance - The company has not held regular shareholder meetings, board meetings, or supervisory board meetings as required by the Company Law, and the number of supervisors does not meet legal requirements [3][5]. - The sponsoring institution has advised the company to comply with the Company Law by holding regular meetings and timely appointing supervisors to standardize the responsibilities of directors, supervisors, and senior management [3][5]. Group 2: Legal Issues - During the counseling period, the company continues to be involved in various legal disputes, including financial loan contract disputes, sales contract disputes, partnership contract disputes, and labor compensation disputes, and has been listed as an executed party with shares continuously frozen [3][5]. Group 3: Operational Performance - The company's e-commerce platform, Jiguo.com, has experienced a significant decline in operational performance, and the agricultural big data business has a long repayment cycle [3][6]. - Bruik Agricultural Internet plans to rename itself to Bruik Agricultural Smart Internet and will launch Bruik Smart Agriculture AI and agricultural AI application software development [3][6]. Group 4: Company Background - Bruik was established on April 28, 2014, with a registered capital of 107 million yuan, focusing on internet production services in the agricultural sector, agricultural big data construction and operation, and data processing services [7]. - The actual controller of the company is Sun Tong, who holds 59.39% of the voting rights and serves as the chairman and manager [7][8].

Core Viewpoint - The emergence of Lu Xiang Agricultural Network represents a significant innovation in the integration of agriculture and the internet, providing unprecedented opportunities and transformations for agricultural practitioners [1][3]. Group 1: Challenges in Traditional Agriculture - Traditional agriculture faces issues such as information asymmetry, narrow sales channels, and difficulties in accessing technology, leading to unsold agricultural products due to a lack of market understanding [1][3]. - Farmers often struggle with production efficiency and quality due to insufficient technical guidance during planting and breeding processes [1]. Group 2: Solutions Offered by Lu Xiang Agricultural Network - Lu Xiang Agricultural Network breaks down information barriers, allowing farmers to access real-time market price fluctuations and supply-demand changes, enabling better planning for planting and breeding [3]. - The platform aggregates a wealth of agricultural knowledge and expert resources, providing farmers with easy access to the latest techniques and pest control methods, enhancing production efficiency [3]. - The network resolves sales channel issues by integrating various online and offline sales avenues, ensuring that high-quality agricultural products reach consumers directly [3]. Group 3: Benefits for Consumers and the Industry - Consumers benefit from the platform by being able to trace the origins of agricultural products, gaining insights into the cultivation and treatment processes, which enhances their confidence in food safety [5]. - The platform facilitates collaboration among upstream and downstream enterprises in the agricultural supply chain, allowing for precise matching of farmer needs with suppliers of seeds, fertilizers, and pesticides, thus optimizing the industry [3][5]. - The digital transformation represented by "Internet + Agriculture" serves as a catalyst for farmers' income growth, agricultural enterprise development, and consumer safety [5].

成立于2011年的一亩田作为一家覆盖农业全产业链的产业互联网企业，致力于以数字技术推动农业 产业转型发展。 覆盖种植、批发、流通等农业全产业链的综合性数字集团企业。 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，中国证监会国际合作司于2025年2月17日披露了《关于YIMUTIAN INC.（一亩 田集团）境外发行上市备案通知书》。 根据备案通知书，一亩田计划发行不超过196,169,769股普通股并在美国纳斯达克证券交易所上 市。 以搭建农产品B2B数字化产销服务平台开始，一亩田逐步发展成为覆盖种植、批发、流通等农业全 产业链的综合性数字集团企业，旗下 现拥有 一亩田APP数字平台、豆牛智慧代卖、沃众田数字规模 化种植基地、区域产业服务等业务板块，形成农业全产业链数字化服务创新模式。 其中， 围绕"卖货"难题，一亩田搭建 了 全国最大的农产品B2B流通数字服务平台——一亩田APP ， 为B端农产品买卖双方提供信息撮合、精准营销、在线交易、行情查询等综合服务 。目前，平台 采供B端用户超过5600万，全年可售卖农产品品类超过1.5万，包括瓜果蔬菜、 ...