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].