Our mission is to make every acre of farmland more valuable via technology and industry know-how. We are the largest agricultural B2B platform in mainland China in terms of monthly active merchants in 2024, according to the F&S Report. We believe technology plays a critical role in agriculture, contributing to increased productivity of the industry. Over a decade, we have been dedicated to digitalizing China’s agricultural product supply chain infrastructure to streamline the agricultural product transaction process, making it efficient, transparent, secure, and convenient. Riding on the wave of agri-tech upgrade and leveraging our profound industry experience and accumulated market insights, we provide a comprehensive set of digital solutions to facilitate agricultural product transactions, ranging from searching, matching, to transaction facilitation and settlement. Additionally, leveraging our industry experience and market insights, we have ventured into the realm of smart farming and agricultural sourcing and trading, further broadening our commercialization channels and animating our other business lines. We pride ourselves as the go-to platform for merchants by leveraging our innovative technology and industry know-how. Technological capabilities run in our genes ever since we commenced our operations. Our proprietary agricultural algorithm, being accurate and efficient to sort out matching problems amongst buyers, sellers and massive SKUs, processes terabytes of information daily. Leveraging such insights, we are able to constantly improve accuracy in transaction matching and facilitate our decision-making in conducting our new business venture including agricultural trading and sourcing and smart farming. We continue to pioneer innovation in the industry through expanding into broader areas of AI-powered applications to enhance merchants’ experience and streamline operations. For example, we utilize natural language processing technologies, adapted from open-source models, to enhance the efficiency of collecting supply information from sellers, which elevates user experience on our platform. We are also developing an AI-powered customer service system which leverages the capabilities of third-party large language model. This model is instrumental in promptly acquiring insights into merchant demand through chat interactions, thereby enhancing our efficiency in transaction matching. Our insightful, accurate and up-to-date market quotation database, being the other building block of our success formula, is backed by our dedicated R&D team. About 67% of our R&D personnel were senior engineers with over 5 years of work experience as of March 31, 2025. Our large number of daily active merchants, acting with diverse characteristics and online behaviors, provide daily feedback and response in real time, which allows us to continually enrich the quotation database, extend the depth and breadth of our knowledge graph, amass the collective intelligence, and harness the power of technology. We have achieved at-scale commercialization and have a track record of proven success. Our platform had over 39 million merchants as of March 31, 2025. In 2024, our platform facilitated approximately 147 million searches, 583 million calls and instant messages, and over 187 million potential transactions. In the three months ended March 31, 2025, our platform facilitated approximately 27 million searches, 158 million calls and instant messages, and over 60 million potential transactions. As of March 31, 2025, the merchants presented approximately 21 million SKUs on our platform. Building upon our experience in transaction matching since our inception, we connected over 770,000 sellers and over 6 million buyers in 2024 in the agricultural product supply chain with precise, dynamic and up-to-date information related to agricultural product transactions. We connected over 290,000 sellers and approximately 2 million buyers in the three months ended March 31, 2025. We further elevate merchant experiences with a full spectrum of services in advertising and client contact privilege by providing the merchants with a suite of online tools. As of March 31, 2025, our geographic footprint covered over 340 cities and 2,800 counties, representing over 65% of the primary and secondary agricultural wholesale markets in mainland China. We further entered into the agricultural sourcing and trading business in 2024, broadening sales channels for local agricultural producers and processors and facilitating sales with reliable, real-time market information on standardization and price. As of the date of this prospectus, we have established 12 offline stores in mainland China to trade agricultural products at cultivation and production sites with sellers and buyers. The success of our business is underpinned by the following main business lines: • Digital Agricultural Commerce Services. Our digital agricultural commerce services are mainly offered via Yimutian App, complemented by sales-assistance services offered via Douniu App. Launched in 2015, Yimutian App is a versatile, merchant-friendly B2B e-commerce platform designated for sellers from agricultural production bases or factories and buyers scattered in the country. With distinct functions, Yimutian App is the front line of our online traffic attraction to facilitate modular product posting, portray merchant profiles and distribute information to complete the transaction matching. To complement the agricultural e-commerce business and address the downstream need of agricultural product transaction on the wholesale level, we offer agricultural product sales-assistance services which connect sellers with wholesale stallholders via Douniu App. It complements Yimutian App with first-hand market information from the offline transactions and refines our omni-channel in reaching the great majority of fragmented merchants groups. We mainly monetize our digital agricultural commerce services through membership services, value-added services and transaction services. • Agricultural Sourcing and Trading Services. In 2024, we launched a new business venture—agricultural sourcing and trading—to penetrate deeper in the supply chain under the brand name “Wolaicai,” which phonetically resembles “I purchase for you” in Chinese. Through the agricultural sourcing and training business, we position ourselves as brokers of agricultural products and directly make the deal and procure agricultural products from cultivation and production sites for buyers with regional or bulk procurement capacities, achieving greater transaction efficiency in the upstream of the agricultural product supply chain. Our value proposition for this business line is to provide consistently high quality pre-sale and post-sale services for buyers of agricultural products. We primarily monetize this business by completing transactions with buyers and sellers through our sales representatives at offline stores. • Smart Farming. Drawing on knowledge and resources we accumulated from years of providing digital agricultural commerce services, we launched our smart farming business in 2023 through collaboration with local business partners to selectively cultivate produce based on market demand. We strategically select produce that are cultivated in limited regions during a short window of the year but with strong economic potential, and strategically plant these produce in production region and during cultivation season that complement its original production region and cultivation season. After successful trial planting of a selected produce, we commence large-scale production applying innovative cultivation technologies and subsequently promote and sell these products to agricultural buyers with regional or bulk procurement capacities, wholesalers and merchants online and offline through our digital agricultural commerce services. As our agricultural sourcing and trading services continue to scale, new business opportunities from the demand side on Yimutian App or from wholesale markets are expected to further propel growth of our smart farming business. We believe that our innovative cultivation strategy based on our industry insights and propelled by our newly launched agricultural sourcing and trading services can effectively diversify the production areas and timing of a specific produce and enable us to stagger production and market availability, filling the market gap left by the decline of specific produce varieties in their original production regions after their production season ends, ultimately achieving a continual supply of agricultural products throughout the year. We mainly monetize our smart farming business through sales of the agricultural products. • Other Digital Agricultural Solutions. Agricultural production bases are vital to our business, which incentivizes us to further penetrate into localized service suites with other digital agricultural solutions. We started helping scalable agricultural production bases focusing on individual agricultural products in 2019 through consulting, brand promotion and digital agricultural training programs. Leveraging our proprietary digital agricultural system, we mainly monetize through providing information and offering brand promotion services with interface of real-time market quotation analysis. Our business lines are deeply interconnected and together solidify our leadership position in the agricultural B2B industry. Our digital agricultural commerce services represent where we start our business and are designed to serve sellers of agricultural products, including farmers, agricultural production bases, agricultural production cooperatives, food processing manufacturers and merchants, and business buyers, such as restaurants and grocery stores, who trade agricultural products directly from the respective agricultural production bases. To serve sellers and buyers on a wholesale level, we also offer agricultural product sales-assistance services which connect sellers with wholesale stallholders to complement our digital agricultural commerce services. Our platform therefore seamlessly combines online and offline scenarios for transactions of agricultural products and is able to reach all types of participants in the supply chain. Drawing on our extensive experience in the industry and the valuable market insights we have accumulated into agricultural commerce, along with the vast amount of data we have gathered on industry participants, user behavior, and transaction matching, we have expanded our offerings to include other digital agricultural solutions. These solutions cater to merchants seeking in-depth market information and brand promotion services. Our proprietary digital agricultural solution platform, which is purposefully built to analyze current market dynamics, presents accurate price predictions, generates detailed reports on pricing and circulation of agricultural products from farmland to various marketplaces, showcasing our data analytics and overall technology capabilities. By conducting in-depth analyses of price trends, nationwide circulation of agricultural products, and merchant behavior, we are well-positioned to enhance our services and deliver better customized recommendations to merchants on our platform, which will in turn improve merchant loyalty and enable us to gain deeper insights into the circulation of agricultural products, creating a flywheel effect. As we have accumulated valuable knowledge, information and industry know-how on agricultural product categories, production region, market information, upstream and downstream sales cycle, and supply and procurement trends, as well as fostered deep relationships with various upstream and downstream participants in the agricultural product supply chain through years of operations of our digital agricultural commerce services via Yimutian App, we launched smart farming business in 2023 through collaboration with local business partners to selectively cultivate produce based on market demand, in order to diversify our monetization channels and capture new growth opportunities. As the business was in the trial-and-error stage, revenue generated from smart farming was immaterial in 2023. Our involvement in smart farming has provided us with valuable insights into the upstream agricultural product supply chain. These insights have been instrumental in identifying potential monetization channels that we plan to explore and develop in the future. In addition, we recognize that online e-commerce platforms face inherent limitations in fully encompassing the entire agricultural product supply chain, as wholesale-level transactions frequently occur offline. The offline agricultural product market is characterized by a dynamic environment, with fluctuating market conditions and a complex transaction process that includes receipt, inspection, sorting, packing, and logistics. Furthermore, the market is often challenged by non-transparent pricing, lack of product standardization, variable supplier fulfillment capabilities and a general lack of post-sale services. These factors have contributed to a growing market demand for standardized transaction services that offer transparent pricing and reliable and quality pre-sale and post-sale support. In response to these challenges, and by leveraging our deep insights into the agricultural product supply chain as well as our extensive network of buyers and sellers, we entered the agricultural sourcing and trading business in 2024, broadening procurement channels and sales channels for regional buyers and local agricultural producers and processors, respectively, and facilitating sales with reliable, real-time market information and consistent quality and timely deliveries, achieving greater transaction efficiency in the upstream of the agricultural product supply chain and leading to increased repeat purchases. This reliability is crucial for maintaining a strong buyer base on the Yimutian App. Our smart farming business could also leverage the success of our agricultural sourcing and trading business to further integrate the supply chain. By ensuring quality and other specifications of products at production sites, we can offer consistently high-quality products to buyers. This integration reduces supply chain disruptions and enhances the overall efficiency of our business. Our comprehensive services have positioned us as a platform that encompasses the full spectrum of agricultural supply chains, delivering significant values to both sellers and buyers. With our suite of offerings, a typical business flow begins with the strategic selection of produce that currently have single production region and single cultivation season but with strong economic potential, and strategically planting these produce in production region and during cultivation season that complement its original production region and cultivation season. After successful large-scale production of the produce through our smart farming business or by other agricultural producers, we may connect with and sell the produce through our agricultural sourcing and trading business to buyers with regional or large-scale procurement capacities who indicate interests to procure products online via our Apps or offline at wholesale markets. Meanwhile, our digital agricultural commerce services and other digital agricultural solutions can be further iterated and enhanced through our collection of first-hand account of transaction data and behaviors from our smart farming and agricultural trading and sourcing business. --- Through our dedication in the past decade, we have achieved widespread market acceptance evidenced by our high merchant stickiness and top-line growth. We typically attract and accumulate paying merchants through providing value-added services, such as advertising service, offered on our platform. As some merchants achieve higher sales of products benefiting from such value-added services on our platform, they turn to subscribe for membership of our flagship product which provides a suite of online tools to further help merchants boost their sales, such as hosting premium storefronts on our platform. The paying merchants of our flagship product, who mainly receive our services on an annual basis, on average spent approximately RMB5,243 (US$723) in 2024. Such paying merchants on average spent approximately RMB4,967 in the three months ended March 31, 2024 and RMB5,920 (US$816) in the three months ended March 31, 2025. We recorded total revenues of RMB187.5 million in 2023 and RMB161.3 million (US$22.2 million) in 2024. In the three months ended March 31, 2024 and 2025, our total revenues reached RMB39.2 million and RMB34.3 million (US$4.7 million), respectively. Industry tailwind in digitalization of infrastructure, such as the rapid deployment of 5G communication networks and growing penetration of digital payment systems in rural areas of China as well as the adoption of advanced digital technologies in the agricultural sector, facilitates the traceability of agricultural products and enhances the distribution efficiency of agricultural products, thereby laying the foundation for the operation and growth of our agricultural B2B platform. As we are still in the early stage of monetization, given our broad merchant base, we are poised for growth across multiple new monetization channels and through value-added services throughout the supply chain of agricultural products. Our principal executive offices are located in Beijing, People’s Republic of China.
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