<p><em>在纳斯达克上市仅半年后，一家 B2B 农业交易平台的运营商正在利用其 IPO 资金进军农业管理工具和服务</em></p>
<p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/09065014/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-2-2026_14471_thebambooworks.com_-1024x688.jpeg?x-oss-process=image/auto-orient,1/interlace,1/resize,w_1440,h_1440/quality,q_95/format,jpg" alt="" original-src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/09065014/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-2-2026_14471_thebambooworks.com_-1024x688.jpeg"/></p>
<p><em>图片来源：Bamboo Works</em></p>
<p><strong>关键要点：</strong></p>
<ul>
<li>Yimutian 宣布了一项新的收购和合作伙伴关系，作为其从 B2B 电子商务平台运营商转型为农业服务的一部分</li>
<li>这一转型可能会受到中国推动农业现代化政策的支持，但也面临公司资源有限的挑战</li>
</ul>
<p>在其纳斯达克上市仅半年后，<strong>Yimutian Inc.</strong> (NASDAQ: YMT) 正在经历重大转型。该公司目前运营一个农业产品交易者的 B2B 平台，主要通过买卖双方交易的佣金和其他费用获利。但它希望更直接地与农业产品制造商合作，帮助他们利用数字工具改善运营。它还希望更直接地向消费者销售，削减目前平台上主要买家的高成本中介。</p>
<p>上周末，该公司宣布了两个重大新举措，包括 收购计划 和与南中国广东省的一个农业项目的 新合作伙伴关系。投资者对此并不太满意，可能觉得自己被误导购买了一种产品，却发现他们最初购买的公司的股票正在朝着一个截然不同的新方向发展。</p>
<p>在这对公告发布后，Yimutian 的股价在周五下跌近 9%，收盘价为 1.64 美元，约为去年 8 月上市时发行价 4.10 美元的 60% 以下。这种诱饵和转换在中国公司中并不罕见，其中一些公司在寻求最佳成功公式时不断改变商业模式。</p>
<p>在这种情况下，投资者可能会担心，因为 Yimutian 所寻求的商业转型可能会非常昂贵，尤其是在它开始收购狂潮以追求新目标时。其现金在 IPO 时已经处于危险低位，截至去年 6 月底仅剩 170 万元（约 254,000 美元）。但它通过上市获得了约 2000 万美元的重大新资金，目前正用于资助公司的转型。</p>
<p>因此，任何认为自己是在投资一家 B2B 农业交易商的投资者，现在可能会觉得自己被欺骗，因为公司正在将他们的钱用于其他用途。我们认为，这一新方向看起来颇具吸引力，并将使 Yimutian 处于一个竞争对手更难以复制的细分市场。两个主要问题是：它能否成功驾驭中国复杂的农业环境以执行其新计划；以及其现金和其他财务资源是否足够支持其转型？</p>
<p>上周四宣布的新收购将看到 Yimutian 收购 <strong>湖南九峰农业有限公司</strong>，这是一家成立 14 年的优质山茶油产品制造商，具体金额未披露。该公司表示，此举代表了 Yimutian 的 “战略转型，旨在建立一个涵盖生产、流通和消费市场的综合农业生态系统。”</p>
<p>“我们的长期愿景是创建一个以技术驱动的农业生态系统，将生产与消费连接起来，” Yimutian 董事长邓金洪表示。“通过在整个价值链中应用人工智能和数据，我们旨在提高生产效率，加强质量保证，并为农业产品释放更大的商业价值。最终，我们的目标是让每一英亩农田更有价值。”</p>
<h4><strong>农业项目合作伙伴关系</strong></h4>
<p>在宣布九峰收购的同一天，Yimutian 还揭晓了一项新合作伙伴关系，旨在共同开发位于南中国广东省华州市的大规模综合农业项目。该项目覆盖约 21,000 亩，或 1,400 公顷，尽管 Yimutian 并未透露项目的农业重点。但与收购一样，它表示该联盟将把其技术工具带给另一个农业项目运营商。</p>
<p>“Yimutian 将贡献其数字平台能力、数据系统和人工智能驱动的农业技术，而地方合作伙伴将支持土地协调、基础设施整合和项目执行，” 它表示。它补充说，该合作伙伴关系旨在创建一个 “大规模现代农业发展的可复制模型。”</p>
<p>这两个举措是在 Yimutian 去年 11 月宣布另一项计划，使用现金和股票组合收购农业科技公司 <strong>宁波迅希科技</strong> 后仅几个月。彼时，它表示迅希在渠道扩展、数字供应链管理和多品类运营方面具有能力，能够通过提供从生产到销售的全链条服务来帮助农民和农业企业。在上个月的更新中，Yimutian 表示已完成尽职调查，并预计交易将在 3 月底前完成。</p>
<p>所有这些举措看起来都很有趣，如果 Yimutian 能够成功管理其新合作伙伴关系并整合其收购，最终可能会创造出一个更难以被竞争对手复制的公司。这往往是相当具有挑战性的，尤其是在中国的农业环境中，土地使用权相当复杂且常常会发生变化。但 Yimutian 也得到了政府政策的支持，因为中国正在试图淡化传统家庭农场，转而支持现代农业企业，而这正是 Yimutian 新关注的核心所在。</p>
<p>在朝着新方向发展的同时，Yimutian 原有的 B2B 农业产品交易业务进展缓慢。去年上半年，其收入从一年前的 8090 万元下降了 18%，降至 6640 万元，而两个半年的亏损大致相同，约为 6000 万元。其毛利率相当高，去年上半年达到了 80.3%。但这被高昂的运营费用所抵消，该期间的运营费用总计 7230 万元，远高于其 6640 万元的收入。</p>
<p>投资者可能也会感到担忧，因为 Yimutian 在去年 11 月透露，其可交易股份的数量跌破了纳斯达克 1500 万美元的最低门槛，如果在 180 天内未能回升至该水平，可能会面临退市风险。它指出，预计在为期 180 天的锁定期结束后，其可交易股份数量将超过该门槛，而这一锁定期将在本月晚些时候结束。但大量新股涌入市场也可能对股价施加压力，这可能是另一个投资者关注的问题。</p>
<p>归根结底，Yimutian 的未来取决于其能否摆脱作为 B2B 交易平台运营商的根基，转向更高附加值的业务，帮助农业公司利用其数字工具改善运营，并帮助他们直接向消费者销售。如果你相信它能做到这一点，股票可能会有相当大的上涨空间。但这种转型可能需要一些时间，投资者不可避免地会在给予公司更多资金之前寻找收入增长的迹象。</p>
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<p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>

<p>Yimutian Inc.（纳斯达克代码：YMT）正在从一个 B2B 农业交易平台转型为农业管理服务，利用首次公开募股（IPO）资金进行收购和合作。尽管筹集了 2000 万美元，但由于公告后股价下跌近 9%，投资者信心减弱。该公司旨在通过人工智能和数据整合提升生产效率，同时面临在中国农业环境中导航的挑战。近期的举措包括收购湖南九丰农业有限公司，并在广东省合作开展大规模农业项目，旨在创建一个以技术驱动的农业生态系统</p>

<p><em>Just a half year after its Nasdaq listing, the operator of a B2B agricultural trading platform is using its IPO funds to move into agricultural management tools and services</em></p>
<div class="lb-trans"><p><em>在纳斯达克上市仅半年后，一家 B2B 农业交易平台的运营商正在利用其 IPO 资金进军农业管理工具和服务</em></p>
</div><p><img src="https://imageproxy.pbkrs.com/https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/09065014/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-2-2026_14471_thebambooworks.com_-1024x688.jpeg" alt="" original-src="https://contributor-assets.benzinga.com/wp-content/uploads/2026/02/09065014/%E5%B1%8F%E5%B9%95%E6%88%AA%E5%9B%BE_9-2-2026_14471_thebambooworks.com_-1024x688.jpeg"/></p>
<p><em>Image Source: Bamboo Works</em></p>
<div class="lb-trans"><p><em>图片来源：Bamboo Works</em></p>
</div><p><strong>Key Takeaways:</strong></p>
<div class="lb-trans"><p><strong>关键要点：</strong></p>
</div><ul>
<li>Yimutian has announced a new acquisition and partnership as part of its shift from B2B e-commerce platform operator into agricultural services</li>
<li>The transformation could get a policy boost from China's drive to modernize its agricultural sector, but also faces challenges from the company's limited resources</li>
</ul>
<div class="lb-trans"><ul>
<li>Yimutian 宣布了一项新的收购和合作伙伴关系，作为其从 B2B 电子商务平台运营商转型为农业服务的一部分</li>
<li>这一转型可能会受到中国推动农业现代化政策的支持，但也面临公司资源有限的挑战</li>
</ul>
</div><p>Just a half year after its Nasdaq listing, <strong>Yimutian Inc.</strong> (NASDAQ: YMT) is undergoing a major transition. The company currently operates a B2B platform for traders of agricultural products, and it makes most of its money through commissions and other fees from transactions between buyers and sellers. But it wants to get more into the business of working more directly with agricultural product makers, helping them to improve their operations using digital tools. It also wants to sell more directly to consumers, cutting out costly middlemen that are currently the main buyers on its platform.</p>
<div class="lb-trans"><p>在其纳斯达克上市仅半年后，<strong>Yimutian Inc.</strong> (NASDAQ: YMT) 正在经历重大转型。该公司目前运营一个农业产品交易者的 B2B 平台，主要通过买卖双方交易的佣金和其他费用获利。但它希望更直接地与农业产品制造商合作，帮助他们利用数字工具改善运营。它还希望更直接地向消费者销售，削减目前平台上主要买家的高成本中介。</p>
</div><p>It advanced that agenda with two major new initiatives announced at the end of last week, including plans for an acquisition and a new partnership with an agricultural project in South China's Guangdong province. Investors weren't too impressed, possibly feeling they were tricked into buying one thing, only to discover the company whose stock they originally purchased was moving in a very different new direction.</p>
<div class="lb-trans"><p>上周末，该公司宣布了两个重大新举措，包括 收购计划 和与南中国广东省的一个农业项目的 新合作伙伴关系。投资者对此并不太满意，可能觉得自己被误导购买了一种产品，却发现他们最初购买的公司的股票正在朝着一个截然不同的新方向发展。</p>
</div><p>Yimutian's shares sank nearly 9% on Friday after the pair of announcements, as the stock closed at $1.64 – about 60% below its offer price of $4.10 at the time of its listing last August. This type of bait-and-switch isn't uncommon among Chinese companies, some of which are constantly changing their business models as they seek out the best formula for success.</p>
<div class="lb-trans"><p>在这对公告发布后，Yimutian 的股价在周五下跌近 9%，收盘价为 1.64 美元，约为去年 8 月上市时发行价 4.10 美元的 60% 以下。这种诱饵和转换在中国公司中并不罕见，其中一些公司在寻求最佳成功公式时不断改变商业模式。</p>
</div><p>In this case, investors may be worried because the type of business transformation Yimutian is seeking could be costly, especially if it embarks on an acquisition spree to pursue its new aims. Its cash was already running dangerously low at the time of its IPO, down to just 1.7 million yuan ($254,000) at the end of last June. But it got a major new infusion with the listing, which raised about $20 million, and is now being used to fund the company's transition.</p>
<div class="lb-trans"><p>在这种情况下，投资者可能会担心，因为 Yimutian 所寻求的商业转型可能会非常昂贵，尤其是在它开始收购狂潮以追求新目标时。其现金在 IPO 时已经处于危险低位，截至去年 6 月底仅剩 170 万元（约 254,000 美元）。但它通过上市获得了约 2000 万美元的重大新资金，目前正用于资助公司的转型。</p>
</div><p>Hence, any investors who thought they were buying into a B2B agricultural trader may justifiably feel duped now that the company is using their money for something else. We would argue the new direction looks somewhat interesting, and would position Yimutian in a niche that's more difficult for competitors to copy than its current business. The two big questions are: Can it successfully navigate China's complex agricultural landscape to execute its new plan; and will its cash and other financial resources be enough to see it through the transition?</p>
<div class="lb-trans"><p>因此，任何认为自己是在投资一家 B2B 农业交易商的投资者，现在可能会觉得自己被欺骗，因为公司正在将他们的钱用于其他用途。我们认为，这一新方向看起来颇具吸引力，并将使 Yimutian 处于一个竞争对手更难以复制的细分市场。两个主要问题是：它能否成功驾驭中国复杂的农业环境以执行其新计划；以及其现金和其他财务资源是否足够支持其转型？</p>
</div><p>The new acquisition announced last Thursday will see Yimutian purchase <strong>Hunan Jiufeng Agriculture Co.</strong>, a 14-year-old maker of premium camellia oil products, for an undisclosed sum. It said the move represents a &#34;strategic shift for Yimutian as it builds an integrated agricultural ecosystem spanning production, circulation, and consumer markets.&#34;</p>
<div class="lb-trans"><p>上周四宣布的新收购将看到 Yimutian 收购 <strong>湖南九峰农业有限公司</strong>，这是一家成立 14 年的优质山茶油产品制造商，具体金额未披露。该公司表示，此举代表了 Yimutian 的 “战略转型，旨在建立一个涵盖生产、流通和消费市场的综合农业生态系统。”</p>
</div><p>&#34;Our long-term vision is to create a technology-driven agricultural ecosystem that connects production with consumption,&#34; said Yimutian Chairman Deng Jinhong.&#34;By applying AI and data throughout the value chain, we aim to improve production efficiency, strengthen quality assurance, and unlock greater commercial value for agricultural products. Ultimately, our goal is to make every acre of farmland more valuable.&#34;</p>
<div class="lb-trans"><p>“我们的长期愿景是创建一个以技术驱动的农业生态系统，将生产与消费连接起来，” Yimutian 董事长邓金洪表示。“通过在整个价值链中应用人工智能和数据，我们旨在提高生产效率，加强质量保证，并为农业产品释放更大的商业价值。最终，我们的目标是让每一英亩农田更有价值。”</p>
</div><h4><strong>Agricultural project partnership</strong></h4>
<div class="lb-trans"><h4><strong>农业项目合作伙伴关系</strong></h4>
</div><p>The same day it announced the Jiufeng purchase, Yimutian also unveiled a new partnership to jointly develop a large-scale integrated agricultural project in the city of Huazhou in South China's Guangdong province. That initiative covers about 21,000 mu, or 1,400 hectares, though Yimutian didn't give the project's agricultural focus. But like the acquisition, it said the alliance would bring its technical tools to another agricultural project operator.</p>
<div class="lb-trans"><p>在宣布九峰收购的同一天，Yimutian 还揭晓了一项新合作伙伴关系，旨在共同开发位于南中国广东省华州市的大规模综合农业项目。该项目覆盖约 21,000 亩，或 1,400 公顷，尽管 Yimutian 并未透露项目的农业重点。但与收购一样，它表示该联盟将把其技术工具带给另一个农业项目运营商。</p>
</div><p>&#34;Yimutian will contribute its digital platform capabilities, data systems, and AI-enabled agricultural technologies, while local partners will support land coordination, infrastructure integration, and project execution,&#34; it said. It added the partnership aims to create a &#34;replicable model for large-scale modern agriculture development.&#34;</p>
<div class="lb-trans"><p>“Yimutian 将贡献其数字平台能力、数据系统和人工智能驱动的农业技术，而地方合作伙伴将支持土地协调、基础设施整合和项目执行，” 它表示。它补充说，该合作伙伴关系旨在创建一个 “大规模现代农业发展的可复制模型。”</p>
</div><p>The two initiatives come just months after Yimutian announced another plan last November to purchase agricultural technology company <strong>Ningbo Xunxi Technology</strong> using a combination of cash and stock. At the time, it said Xunxi had capabilities in channel expansion, digital supply chain management, and multi-category operations to help farmers and agricultural enterprises by providing them with full-chain services, from production to sales. In an update last month, Yimutian said it had completed due diligence and expected the deal to close by the end of March.</p>
<div class="lb-trans"><p>这两个举措是在 Yimutian 去年 11 月宣布另一项计划，使用现金和股票组合收购农业科技公司 <strong>宁波迅希科技</strong> 后仅几个月。彼时，它表示迅希在渠道扩展、数字供应链管理和多品类运营方面具有能力，能够通过提供从生产到销售的全链条服务来帮助农民和农业企业。在上个月的更新中，Yimutian 表示已完成尽职调查，并预计交易将在 3 月底前完成。</p>
</div><p>All these initiatives look interesting and could ultimately create a company that's much harder for competitors to replicate if Yimutian can successfully manage its new partnerships and integrate its acquisitions. That's often quite challenging, especially in China's agricultural landscape where land-use rights are quite complex and can often change. But Yimutian also has government policy in its favor, since China is trying to downplay traditional family farms in favor of the kinds of modern agribusinesses that lie at the heart of Yimutian's new focus.</p>
<div class="lb-trans"><p>所有这些举措看起来都很有趣，如果 Yimutian 能够成功管理其新合作伙伴关系并整合其收购，最终可能会创造出一个更难以被竞争对手复制的公司。这往往是相当具有挑战性的，尤其是在中国的农业环境中，土地使用权相当复杂且常常会发生变化。但 Yimutian 也得到了政府政策的支持，因为中国正在试图淡化传统家庭农场，转而支持现代农业企业，而这正是 Yimutian 新关注的核心所在。</p>
</div><p>While it moves in its new direction, Yimutian's original B2B agricultural products trading business is going nowhere fast. Its revenue slipped 18% in the first half of last year to 66.4 million yuan from 80.9 million yuan a year earlier, while its losses for the two half-year periods were roughly the same at about 60 million yuan. Its gross margin is quite high, reaching 80.3% in the first half of last year. But that was more than offset by heavy operating expenses, which totaled 72.3 million yuan during that period – well above its 66.4 million yuan in revenue.</p>
<div class="lb-trans"><p>在朝着新方向发展的同时，Yimutian 原有的 B2B 农业产品交易业务进展缓慢。去年上半年，其收入从一年前的 8090 万元下降了 18%，降至 6640 万元，而两个半年的亏损大致相同，约为 6000 万元。其毛利率相当高，去年上半年达到了 80.3%。但这被高昂的运营费用所抵消，该期间的运营费用总计 7230 万元，远高于其 6640 万元的收入。</p>
</div><p>Investors may also be concerned after Yimutian revealed last November that its volume of tradeable shares fell below the Nasdaq's $15 million minimum threshold, which could subject it to delisting if it didn't rise above that level within 180 days. It pointed out it expected the number to rise above the threshold after a 180-day lockup period ends for its pre-IPO investors, which will happen later this month. But that flood of new shares into the market could also pressure the stock price, which is likely another investor concern.</p>
<div class="lb-trans"><p>投资者可能也会感到担忧，因为 Yimutian 在去年 11 月透露，其可交易股份的数量跌破了纳斯达克 1500 万美元的最低门槛，如果在 180 天内未能回升至该水平，可能会面临退市风险。它指出，预计在为期 180 天的锁定期结束后，其可交易股份数量将超过该门槛，而这一锁定期将在本月晚些时候结束。但大量新股涌入市场也可能对股价施加压力，这可能是另一个投资者关注的问题。</p>
</div><p>At the end of the day, Yimutian's future hinges on its ability to shed its roots as a B2B trading platform operator and move into the higher value-added business of helping agricultural firms improve their operations using its digital tools, and also helping them to sell directly to consumers. If you believe it can do that, the stock could potentially hold quite a bit of upside. But that transformation could take some time, and investors will inevitably be looking for signs of a return to revenue growth before giving the company anymore funds.</p>
<div class="lb-trans"><p>归根结底，Yimutian 的未来取决于其能否摆脱作为 B2B 交易平台运营商的根基，转向更高附加值的业务，帮助农业公司利用其数字工具改善运营，并帮助他们直接向消费者销售。如果你相信它能做到这一点，股票可能会有相当大的上涨空间。但这种转型可能需要一些时间，投资者不可避免地会在给予公司更多资金之前寻找收入增长的迹象。</p>
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</div><p><strong><em>Benzinga Disclaimer: This article is from an unpaid external contributor. It does not represent Benzinga’s reporting and has not been edited for content or accuracy.</em></strong></p>
<div class="lb-trans"><p><strong><em>Benzinga 免责声明：本文来自一位未付的外部贡献者。它不代表 Benzinga 的报道，并且未经过内容或准确性的编辑。</em></strong></p>
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买家悔恨？正在转型的 Yimutian 请求投资者保持耐心