本报讯 （记者贾丽）近日，农业数字化服务公司一亩田集团与香港数字资产领域企业BC Technology （Hong Kong）Limited（以下简称"BC科技"）正式签署战略合作协议。双方将依托各自在农业产业资 源与数字资产服务领域的核心优势，围绕跨境支付结算、农业RWA（实物资产数字化）产品开发及新 型业务场景探索展开深度合作，共同推动全球农业贸易数字化升级，为农业产业高质量发展注入新动 能。 根据波士顿咨询报告，预计到2030年，全球RWA市场规模将达16万亿美元，成为全新的财富蓝海，其 中农业RWA的规模潜力巨大。在中国，作为第一产业的农业有大量的"沉睡资产"，亟待通过资产数字 化的方式去解决融资、监管等难题，以更好地释放资产价值、提升产业效率。 据了解，作为中国最大的农业B2B数字化服务企业，一亩田集团持续以数字科技推动乡村产业转型升 级，逐步构建了覆盖农产品种植、采购、销售全链条的产业服务体系，服务全国超过2800个县的近6000 万用户，农产品品类超过1.5万种。 一亩田集团法定代表人邓锦宏表示："当前全球农业贸易正面临数字化转型的重要机遇，一亩田集团始 终致力于通过资源整合与技术创新推动农业产 ...

Company Developments - Meituan's international delivery brand Keeta has officially launched in Doha, Qatar, with plans to expand into more Gulf Cooperation Council (GCC) countries and enter the Brazilian market in a few months [2] - Great Wall Motors has completed the construction and production launch of its factory in Brazil, located in Iracemapolis, São Paulo, with an annual production capacity of 50,000 vehicles [2] - AliExpress has launched its "overseas hosting" model in Australia, following its implementation in several other countries including the US and Mexico [2] - Cha Bai Dao has announced the opening of its first North American store in New York, marking its entry into the US market, following successful expansions in Singapore and France [2] Strategic Expansion - Lenovo Group plans to establish a regional headquarters in Riyadh, Saudi Arabia, and has begun construction on a manufacturing facility expected to start trial production in 2026 [3] - MINISO's founder expressed intentions to expand the MINISO LAND stores overseas, emphasizing the importance of proprietary IP alongside global IP [3] - Leap Motor has achieved a milestone by reporting its first half-year profit, with overseas markets becoming a significant growth driver [3] - Pop Mart aims to expand into emerging markets such as the Middle East and South Asia, expecting to exceed 200 overseas stores by the end of the year [4] Financial Performance - Pop Mart reported a revenue of 13.88 billion yuan for the first half of 2025, a year-on-year increase of 204.4%, with adjusted net profit rising by 362.8% [4] - Xiaomi's automotive division is expected to start generating profits in the second half of the year, with plans to avoid price wars [4] - XGIMI's Vietnam factory has launched its first projector, with overseas revenue projected to reach 1.086 billion yuan in 2024, marking an 18.94% year-on-year increase [5] Market Trends - The user-side energy storage market is showing signs of recovery, with a focus on high-growth new markets and a concentration of market players [8] - Chinese innovative pharmaceutical companies are transitioning from followers to leaders in the market, with a focus on internationalization [8] - The global photovoltaic industry is experiencing increased competition, prompting Chinese companies to accelerate their global expansion efforts [9][10]

Core Viewpoint - The listing of YMT (Yimudian) on NASDAQ highlights the urgent need to address the challenges in China's agricultural supply chain, particularly the difficulties faced by farmers in selling their products and the challenges faced by buyers in sourcing goods [2][10]. Group 1: Company Overview - YMT, China's largest agricultural B2B platform, achieved a market value of $470 million upon its listing, marking a significant milestone in addressing the "selling difficulties" faced by 80 million farmers [2]. - The platform connects 30 million growers and 8 million buyers, covering over 2,000 agricultural products with an annual transaction GMV exceeding 300 billion yuan [3]. - YMT's growth strategy focuses on providing comprehensive supply chain services rather than merely acting as an information intermediary, which has led to a reduction in product loss rates from 30% to 8% and a 20% increase in farmers' income [4][5]. Group 2: Business Model and Revenue Structure - YMT's revenue model is heavily reliant on supply chain services, which account for over 60% of its income, contrasting with traditional platforms that primarily earn from data sales [5][12]. - The company has shifted from being an information platform to a supply chain service provider, emphasizing the need for full-chain services from production to sale [4][10]. - The platform's innovative approach includes using AI for market insights, digital supply chain tools, and a SaaS system to connect buyers and sellers directly [4][11]. Group 3: Market Challenges and Financial Performance - YMT's IPO faced a lukewarm market response, with its stock price dropping 31.7% on the first day, attributed to ongoing losses and declining revenues [12][16]. - The company reported a net loss of 34.94 million yuan in 2024, with revenues declining by 14% year-on-year [12][13]. - The reliance on membership and value-added services for revenue generation poses challenges, as the proportion of paying merchants decreased from 14% in 2023 to 11.4% in 2024 [13]. Group 4: Strategic Initiatives and Future Outlook - YMT is exploring "order agriculture," where it guides farmers on what to plant based on buyer demand, aiming to standardize production and reduce mismatches [11]. - The platform is expanding its global reach, connecting with over 100 countries and aligning with the "Belt and Road" initiative [14]. - YMT's focus on building trust and efficiency in the agricultural supply chain is seen as a long-term strategy to overcome inherent industry challenges [15][16].

Core Viewpoint - The company "Yimuyuan" experienced a significant drop of 31.7% on its first day of trading on NASDAQ, resulting in a market capitalization of $320 million, despite being a well-known player in the agricultural B2B sector with substantial backing from prominent investment institutions. However, its annual revenue remains low at only 161 million yuan, leading to investor dissatisfaction with returns [1]. Group 1: Company Performance - Yimuyuan has impressive metrics, with projections indicating that by the end of 2024, the platform will have over 38 million merchants and 21 million SKUs, facilitating 147 million searches, 583 million communications, and 187 million potential transactions annually. The service network covers over 340 cities and 2,800 counties, penetrating more than 65% of primary and secondary agricultural wholesale markets [1]. - Despite the strong user engagement and market penetration, Yimuyuan's revenue figures for 2022 to 2024 are disappointing, with revenues of 156 million yuan, 188 million yuan, and 161 million yuan, respectively, and corresponding net losses of approximately 116 million yuan, 106 million yuan, and 34.94 million yuan [1]. - The company has faced challenges in achieving profitability, with a small revenue scale and significant losses, indicating a difficult operational environment. Without ongoing financing, sustaining operations may be challenging [2]. Group 2: Funding and Growth - Since its inception, Yimuyuan has engaged in continuous fundraising, attracting notable investors. In December 2013, it secured $15 million in Series A funding led by Sequoia Capital China, followed by $20 million in Series B funding in July 2014, and several rounds of financing totaling hundreds of millions of dollars from various investors between 2016 and 2019 [4]. - At one point, Yimuyuan was compared to successful companies like Didi and Meituan, with its valuation reaching $1 billion after rapid expansion from 250 employees to nearly 3,000 in a short period [4]. Group 3: Industry Challenges - Yimuyuan operates as an information intermediary in the agricultural sector, facilitating transactions across the entire supply chain. However, the fragmented nature of agriculture in China, dominated by smallholder farmers, complicates standardization and profitability [5]. - The difficulty in successfully facilitating transactions and the high cost of verifying information hinder the platform's ability to generate revenue. Many users are small merchants who struggle to benefit from the platform, leading to a reluctance to pay for services [5].

Core Insights - YMT.US (Yimuyuan) shares rose nearly 10% to $2.45 on Thursday, following its official listing on NASDAQ on August 19 [1] - According to the prospectus, Yimuyuan is the largest agricultural B2B platform in mainland China based on projected 2024 revenue and monthly active merchant count [1] - The Yimuyuan app serves as the company's core business, facilitating B2B transactions for agricultural products through an internet platform, primarily targeting agricultural product brokers and various bulk buyers such as wholesalers, supermarkets, and e-commerce platforms [1]

Core Insights - YMT.US (Yimuyuan) shares rose nearly 10% to $2.45 on Thursday following its NASDAQ listing on August 19 [1] - Yimuyuan is the largest agricultural B2B platform in mainland China based on projected 2024 revenue and monthly active merchant count [1] - The Yimuyuan app serves as the company's core business, facilitating B2B transactions for agricultural products through an internet platform [1] Company Overview - Yimuyuan primarily connects agricultural product brokers from production areas with wholesale buyers, supermarkets, and e-commerce platforms [1] - The platform targets various large-scale agricultural product buyers, enhancing the efficiency of supply chain transactions [1]

Core Viewpoint - Yimutian, China's largest agricultural B2B platform, officially listed on NASDAQ on August 19, 2023, marking the first appearance of a Chinese agricultural internet enterprise on the global capital market [1][3]. Company Overview - Yimutian has been deeply engaged in the Chinese agricultural market for 14 years, establishing a comprehensive ecosystem centered around a digital platform that covers production, circulation, and transaction matching [3]. - The company issued 5.01 million American Depositary Shares (ADS) at an initial price of $4.10 per share, with the stock opening at $5.88, a 43.41% increase on the first day [3][4]. Financial Performance - On the first day of trading, Yimutian's stock reached a high of $6.05 but closed at $2.80, a 31.71% drop, giving the company a market capitalization of approximately $320 million (about 2.298 billion RMB) [4]. - The IPO raised approximately $20.54 million, which will be used to expand the offline "Wolai Cai" agricultural brokerage service network and enhance service processes [5]. - In 2024, Yimutian is projected to generate revenue of 161.32 million RMB, with digital agricultural business services accounting for 94.6% of total revenue [5][6]. Market Potential - The scale of China's agricultural procurement and trading market reached 2.2 trillion RMB in 2023 and is expected to grow to 3.0 trillion RMB by 2028 [9]. - If Yimutian captures 2% of the market, its potential transaction volume could reach 60 billion RMB by 2028, indicating significant growth potential [9]. Business Model - Yimutian operates similarly to real estate platforms by connecting a large network of brokers to facilitate transactions in the agricultural market, which is valued in the trillions [9]. - The company enhances market transparency through information technology, implementing a dual revenue model from transaction facilitation and platform service fees [9]. Leadership and Control - Founder Deng Jinhong holds 17.77% of the shares and 74.91% of the voting rights post-IPO, maintaining strategic control over the company [11][12]. Historical Context - Yimutian was founded in 2011 by Deng Jinhong, who identified the potential in the rural market after working on a rural information project at Baidu [16][18]. - The company initially focused on providing agricultural price information and has since evolved into a comprehensive trading platform [20][29]. Future Outlook - Yimutian aims to deepen its services for agricultural brokers and promote the digitalization of Chinese agriculture while expanding internationally [35]. - The company plans to establish a digital bridge for agricultural trade, covering over 50 countries and regions globally [34][35].

Core Viewpoint - Yimutian Group, a leading B2B digital agriculture service company in China, has officially listed on NASDAQ, becoming the first agriculture internet enterprise from China to do so [1] Group 1: IPO Details - Yimutian issued 4.522 million ADS at an offering price of $4.1 per share, with an overallotment option of 488,000 shares, potentially raising approximately $22 million [1] - The funds raised will primarily be used to expand the offline "Wolai Cai" agricultural brokerage service network and enhance international business operations [1] Group 2: Business Model and Market Position - Yimutian focuses on solving the "selling" problem for farmers by providing transaction matching services for agricultural brokers and wholesalers [1] - The company has served over 56 million agricultural businesses, covering the entire agricultural production and circulation chain, making it the largest agricultural B2B platform in mainland China based on projected 2024 revenue and active merchant numbers [1] Group 3: Industry Context and Future Plans - There are over 6 million agricultural brokers in China, a sector characterized by low organization, lack of industry standards, and insufficient credit constraints [2] - Yimutian has launched the "Wolai Cai" chain brokerage service to provide standardized services and unified after-sales support in key agricultural production areas [2] - The company is also expanding its global operations, having established an international operation center in Hong Kong to integrate global agricultural resources [2] - The founder emphasizes the importance of rural entrepreneurship and aims to deepen services for agricultural brokers while promoting the digitalization of agriculture in China and expanding internationally [2]

Core Viewpoint - The company, YMT, is a leading agricultural B2B platform in China, focusing on addressing challenges in agricultural product circulation and aiming to expand its market presence through an upcoming IPO on NASDAQ [1][2]. Company Overview - YMT was established in 2011 and has become the largest agricultural B2B platform in China, with a total agricultural product output of 2.1 billion tons in 2024 and a circulation value of primary agricultural products reaching 5.5 trillion RMB [1]. - The company has submitted an IPO application to the SEC, aiming to raise up to 40 million USD, with specific share issuance details yet to be disclosed [1]. Financial Performance - YMT has not yet achieved profitability, but its losses have significantly narrowed, with revenues of 188 million RMB in 2023 and 161 million RMB in 2024, reflecting a 14% decline [2][6]. - The net loss for 2024 was reduced to 34.94 million RMB from 106 million RMB in 2023, primarily due to a 37.9% decrease in revenue costs and a reduction in operating expenses [7]. Business Model and Services - YMT operates four main business lines: digital agricultural commerce services, agricultural procurement and trade services, smart agriculture, and other digital agricultural solutions [3]. - The core business, digital agricultural commerce services, is facilitated through two apps: "YMT" and "Dou Niu," covering the entire agricultural product transaction process [3]. - The company has established a service network covering over 340 cities and 2800 counties, facilitating approximately 1.47 billion searches and 1.87 billion potential transactions in 2024 [3]. Market Growth and Trends - The agricultural B2B platform market in China is experiencing rapid growth, with a projected GMV of 132.7 billion RMB in 2024, reflecting a CAGR of 15% from 2020 [8]. - The digital agricultural services market is expected to reach 1.63 billion RMB in 2024, with a remarkable CAGR of 54.5% from 2020 to 2024 [9]. Competitive Landscape - YMT faces intense competition from major players like Alibaba and JD, as well as specialized platforms in the agricultural sector [10]. - The company must develop differentiated competitive advantages to navigate the challenges of high costs and low standardization in the agricultural e-commerce space [10]. Financial Health - As of December 31, 2024, YMT's total assets were 61.02 million RMB, while total liabilities reached 496 million RMB, indicating a high debt level relative to its assets [12]. - The significant shareholder loans of 249 million RMB suggest confidence from investors in the company's future growth potential [12].