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 ...

Summary of Weisheng Information Conference Call Company Overview - **Company**: Weisheng Information - **Period**: First half of 2025 Key Financial Metrics - **Revenue**: 1.364 billion CNY, a quarter-on-quarter increase of 46% [2][3] - **Net Profit**: 166 million CNY, a quarter-on-quarter increase of 19% [2][3] - **New Orders**: 1.627 billion CNY, a year-on-year increase of 8.3% [2][3] - **Backlog Orders**: 3.956 billion CNY, a year-on-year increase of 12.63% [2][3] - **R&D Investment**: 7.6% of revenue, with R&D personnel making up 51.5% of the workforce [2][4] - **Return on Equity**: 9.18% [3] - **Debt Ratio**: 34.8% [3] - **Cash Flow**: Net inflow of 178 million CNY, a year-on-year improvement of 11% [3] Innovation and Product Development - **New Products**: Launched 36 innovative products, generating 642 million CNY in revenue, accounting for 47% of total revenue, with a year-on-year growth of 49% [2][4][5] - **AI Applications**: Developed multiple AI technologies and products, focusing on integrating lightweight AI models into various terminal devices [2][10][13] Shareholder Returns - **Share Buyback**: 150 million CNY used to repurchase 4.23 million shares [5] - **Dividends**: First interim dividend of 2.5 CNY per 10 shares, with total dividends and buyback amounting to 81.7% of net profit [5] International Expansion Strategy - **"Going Global" Strategy**: Actively expanding into international markets, with significant progress in: - **Southeast Asia**: Local factory in Indonesia operational [6][7] - **Middle East**: Factory in Saudi Arabia under construction [6][7] - **Americas**: Land and factory procurement completed in Mexico [6][7] - **Other Regions**: Subsidiary approvals in UAE, Bangladesh, and Egypt [2][6] Market Trends and Opportunities - **China's Grid Investment**: Expected to exceed 800 billion CNY, focusing on smart distribution network upgrades [9] - **New Procurement Models**: Shift from provincial to regional joint procurement may increase competition but also larger order opportunities [22] Collaboration and Partnerships - **Partnership with Huawei**: Enhanced digital capabilities and market competitiveness through collaboration in power digitalization [4][12][15] Future Outlook - **Revenue Growth**: Anticipated increase in international revenue to match or exceed employee ratios [17] - **Profitability**: Expected higher profit margins in overseas markets compared to domestic due to less competition [18] Risk Management - **Project Security**: Ensuring project funding is backed by government guarantees or insurance to mitigate risks in new markets [19] Sustainability Initiatives - **Zero Carbon Goals**: Actively participating in national zero carbon projects and developing standards for international markets [20] Financing Strategies - **RWA Financing**: Exploring Real World Assets (RWA) for cross-border financing, particularly in the Middle East [21][23] This summary encapsulates the key points from the Weisheng Information conference call, highlighting the company's financial performance, innovation efforts, international expansion, and strategic outlook.

Core Viewpoint - The integration of education, technology, and talent development is a strategic requirement emphasized in the 20th National Congress report and the 3rd Plenary Session of the 20th Central Committee, highlighting the need for a collaborative approach to enhance innovation and productivity in the agricultural sector [2] Group 1: Integration Strategies - A virtuous cycle mechanism among education, technology, and talent is essential, requiring a systematic approach and top-level design for policy formulation and resource allocation [2] - The current higher education system faces challenges such as an inadequate evaluation system, inefficient results transformation, talent supply-demand mismatch, and insufficient collaborative innovation [2][3] Group 2: Initiatives by Henan Agricultural University - Henan Agricultural University is focusing on deepening reforms in the agricultural sector by optimizing professional settings and developing emerging interdisciplinary programs like smart agriculture and food processing [3] - The university has initiated a "famous schools and enterprises integration innovation strategy" to promote collaborative education and resource integration [3] - The establishment of the "China Modern Agriculture Joint Graduate School" aims to create an innovative platform for integrated development in education, technology, and talent [3] Group 3: Talent Development Efforts - The university emphasizes talent as a primary support, having introduced 3 academicians from the Chinese Academy of Engineering and cultivated 1, ranking third among agricultural universities in China [4] - A talent recruitment campaign named "Hundred Talents Gathering at Agricultural University" has been launched, focusing on attracting high-level talents through various strategic approaches [4] - The university aims to align its talent cultivation with national strategies and industry needs, enhancing collaboration with leading enterprises and establishing research institutes and laboratories [4]

Core Points - China has announced the establishment of three cooperation centers focused on poverty alleviation, educational exchange, and desertification prevention within the China-Central Asia cooperation framework, along with a trade facilitation platform [1] - A commitment of 1.5 billion RMB in grants for Central Asian countries has been made to support livelihood and development projects, alongside the provision of 3,000 training opportunities over the next two years [1] - The Belt and Road Initiative (BRI) emphasizes a people-centered approach, targeting poverty reduction, job creation, and improved living standards through small-scale, impactful projects [1] Group 1: Project Development - The "small yet beautiful" livelihood projects are diversifying and expanding in scope, working in tandem with major landmark projects under the BRI [2] - As of November 2024, over 30 Luban Workshops have been established across Asia, Europe, and Africa, training nearly 10,000 students and providing over 31,000 vocational training sessions [2] Group 2: Sustainability and Digitalization - BRI livelihood projects are increasingly integrating green and digital transformations, with cooperation extending to renewable energy and digital infrastructure [3] - China has collaborated with over 100 countries on green energy projects, significantly benefiting local communities through sustainable energy solutions [3] - Digital initiatives, such as the ICT broadband backbone network project in Tanzania, have drastically reduced communication costs, enhancing access to digital services for rural populations [3] Group 3: Diverse Participation - The participation in BRI livelihood projects is becoming more diverse, involving governments, enterprises, financial institutions, and local healthcare organizations [4] - There is a growing emphasis on building connections from central to local levels, fostering cooperation on issues like green development and poverty alleviation [4] - Future BRI efforts will focus on integrating major projects with small-scale initiatives across various sectors, enhancing the overall impact on communities [4]

Group 1 - The 28th China (Hainan) International Tropical Agricultural Winter Trade Fair is scheduled to be held from December 4 to 7, 2025, at the Hainan International Convention and Exhibition Center, with global招商招展 already initiated [1] - The fair will feature 5 exhibition halls and 8 major exhibition areas, covering over 70,000 square meters, with an expectation of participation from over a thousand enterprises [1] - The exhibition will include a wide range of products such as fruits, vegetables, grains, oils, tea, coffee, livestock, aquatic products, seed industry, agricultural machinery, smart agriculture, cross-border e-commerce, and leisure agriculture [1] Group 2 - The event will invite over 25,000 professional visitors from diverse procurement channels, including agricultural distributors, wholesalers, agents, e-commerce platforms, community group buying, hotel and chain restaurant representatives, and live-streaming influencers [1] - A dual-line activity matrix will be created, featuring professional segments like brand release events, investment promotion meetings, and product tasting events, alongside interactive activities such as live-streaming assistance for farmers and food tasting [2] - The fair aims to enhance international cooperation by inviting influential enterprises and trade associations from Central Asia, Southeast Asia, and countries involved in the Belt and Road Initiative, creating a platform for trade and investment opportunities [2]

Core Viewpoint - The article emphasizes the establishment of a long-term mechanism for rural revitalization, focusing on increasing farmers' income as the central task and measuring success by whether farmers truly benefit from the initiatives [2]. Summary by Sections Action Goals - The initiative aims for significant progress in digital rural construction within approximately two years, enhancing agricultural production information levels, growing new industries and business formats in rural areas, steadily increasing rural online retail sales, bridging the urban-rural digital divide, improving public service accessibility, enhancing rural governance efficiency, and achieving dual income growth for rural collective economies and farmers [3]. Key Tasks - The notification outlines six key tasks: 1. Promote smart agriculture development, including creating smart agriculture hubs and integrating 5G with intelligent farming machinery [4]. 2. Cultivate and expand new industries and business formats, such as developing rural tourism through digital enhancements [4]. 3. Strengthen rural digital infrastructure, including advancing rural 5G networks and logistics systems [4]. 4. Deepen digital agricultural services, establishing a combined online and offline rural information service system [4]. 5. Create a smart rural governance system, focusing on data sharing and reducing bureaucratic burdens [4]. 6. Broaden income channels for farmers, enhancing mechanisms that connect farmers with agricultural enterprises and developing new types of rural collective economies [4]. Next Steps - The Central Cyberspace Administration will collaborate with relevant departments and key provinces to establish a robust working mechanism, enhance policy support, ensure talent availability, monitor progress, and promote mutual learning and advancement across regions [4].