Core Viewpoint - Yimutian, a digital agriculture service company, has become the first Chinese agricultural internet enterprise to be listed on NASDAQ, highlighting its unique position in the global capital market [1] Group 1: Industry Context - China's agricultural sector faces challenges such as production fragmentation and inefficient circulation, with 98% of farmers managing 70% of the land and an average of 0.5 acres per person [3] - The founder's vision for Yimutian is to leverage digital solutions to streamline the entire agricultural supply chain [4] Group 2: Company Development - Yimutian's journey began with the launch of its app in 2011, initially focusing on B2B transactions to address information asymmetry between farmers and buyers [5] - The company has expanded its services to include procurement, logistics, digital planting bases, and AI marketing, creating a comprehensive digital service model for the agricultural supply chain [5] - By the end of 2024, Yimutian aims to cover 56 million agricultural businesses and has built a vast database of procurement resources and market data [5] Group 3: Business Model and Financials - Yimutian's revenue model is distinct from traditional internet platforms, with 94.7% of its revenue in 2024 coming from digital agricultural business services [10] - The company has achieved a gross margin of over 80%, with a revenue of 161 million yuan in 2024, reflecting a 7.3 percentage point increase from 2023 [10][11] - Yimutian's operational model minimizes heavy asset costs, focusing on technology development and service network expansion [11] Group 4: Market Potential - The total value of China's primary agricultural product circulation reached 9 trillion yuan in 2023, with a theoretical commission market space of 450 billion yuan based on a 5% commission rate [7] - The digital agriculture B2B service market in China is projected to grow significantly, with a compound annual growth rate of 37.6% expected from 2024 to 2029 [12] Group 5: Global Strategy - Yimutian is expanding its international operations, aiming to integrate global agricultural resources and provide high-quality products to consumers worldwide [13] - The company plans to replicate its successful model of integrating agents and standardized services in international markets, particularly in regions like Southeast Asia and Africa [15] Group 6: Competitive Advantage - Yimutian's competitive edge lies in its established "data + users + services" barrier and its deep understanding of the agricultural industry [15] - The company is positioned to benefit from the increasing digitalization of agriculture, with a focus on meeting the practical needs of farmers and agents [16]

● 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 ...

Group 1: Yimutian Inc. (一亩田) - Yimutian Inc. plans to go public on NASDAQ under the ticker "YMT" with an expected IPO date at the end of July 2023, aiming to raise up to $26 million by issuing 4.522 million American Depositary Shares (ADS) priced between $4.10 and $5.00 each [3][4] - Established in 2011, Yimutian has evolved from an information service platform to a comprehensive digital agriculture enterprise, serving over 56 million users and covering more than 340 cities and 2,800 counties in mainland China, capturing over 65% of the primary and secondary agricultural wholesale market [4] - The company has developed a new offline store model called "沃来采" to meet the needs of emerging buyers, leveraging its extensive buyer channels and market data to provide standardized and efficient agricultural brokerage services [4][5] Group 2: Weili Zhizhi Bio (维立志博) - Weili Zhizhi Bio officially listed on the Hong Kong Stock Exchange under the ticker "9887" on July 25, 2025, raising approximately HKD 1.29 billion by issuing 36,862,500 shares at an offer price of HKD 35.00 each [7][8] - The company attracted nine cornerstone investors, securing a total of USD 69 million (approximately HKD 541.6 million) in subscriptions, with notable contributions from firms like Tencent and various investment funds [8] - As a clinical-stage biotechnology company founded in 2012, Weili Zhizhi focuses on discovering and commercializing new therapies for cancer and autoimmune diseases, boasting a diverse product portfolio of 14 innovative candidates, including four core products that are leading in global clinical progress [9]

Core Viewpoint - Beijing Yimutian New Agricultural Network Technology Co., Ltd. (referred to as "Yimutian") is preparing for an IPO on NASDAQ under the stock code YMT, marking a significant return to the agricultural internet sector after a period of dormancy following its peak valuation over $1 billion around 2015 [1][3]. Group 1: Company Overview - Yimutian's primary business model revolves around providing a platform for agricultural brokers, enabling them to publish information and attract buyers, thus creating value for both brokers and purchasers [3][4]. - The company has maintained a steady cash flow of several hundred million RMB annually, allowing it to explore new business directions despite the challenges faced by many early internet companies [3][4]. Group 2: Industry Context - China has approximately 6 million agricultural brokers, significantly outnumbering real estate brokers, with annual transaction volumes reaching several trillion RMB [2]. - The traditional agricultural distribution model in China involves multiple layers from production to retail, which has created a demand for agricultural brokers to facilitate transactions [4][5]. Group 3: Market Dynamics - The rapid development of e-commerce and transportation infrastructure in China is disrupting the traditional agricultural distribution model, leading to increased direct sourcing from production sites [5][6]. - As new e-commerce entities emerge, there is a growing need for agricultural brokers to adapt their services to meet the demands of urban e-commerce, which requires more sophisticated logistics and product handling [6][7]. Group 4: Future Prospects - Yimutian is launching its "Wolai Cai" business, which aims to establish a chain of agricultural brokerage services similar to successful real estate models like Lianjia and Beike, potentially transforming the agricultural brokerage landscape [6][7]. - The scalability of the "Wolai Cai" model has been validated through the establishment of several offline stores, indicating a promising future for Yimutian to replicate the success of real estate brokerage in the agricultural sector [7].