<p><em>在納斯達克上市僅半年後，一家 B2B 農業交易平台的運營商正在利用其 IPO 資金進軍農業管理工具和服務</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>圖片來源：Bamboo Works</em></p>
<p><strong>關鍵要點：</strong></p>
<ul>
<li>Yimutian 宣佈了一項新的收購和合作夥伴關係，作為其從 B2B 電子商務平台運營商轉型為農業服務的一部分</li>
<li>這一轉型可能會受到中國推動農業現代化政策的支持，但也面臨公司資源有限的挑戰</li>
</ul>
<p>在其納斯達克上市僅半年後，<strong>Yimutian Inc.</strong> (NASDAQ: YMT) 正在經歷重大轉型。該公司目前運營一個農業產品交易者的 B2B 平台，主要通過買賣雙方交易的佣金和其他費用獲利。但它希望更直接地與農業產品製造商合作，幫助他們利用數字工具改善運營。它還希望更直接地向消費者銷售，削減目前平台上主要買家的高成本中介。</p>
<p>上週末，該公司宣佈了兩個重大新舉措，包括 收購計劃 和與南中國廣東省的一個農業項目的 新合作伙伴關係。投資者對此並不太滿意，可能覺得自己被誤導購買了一種產品，卻發現他們最初購買的公司的股票正在朝着一個截然不同的新方向發展。</p>
<p>在這對公告發布後，Yimutian 的股價在週五下跌近 9%，收盤價為 1.64 美元，約為去年 8 月上市時發行價 4.10 美元的 60% 以下。這種誘餌和轉換在中國公司中並不罕見，其中一些公司在尋求最佳成功公式時不斷改變商業模式。</p>
<p>在這種情況下，投資者可能會擔心，因為 Yimutian 所尋求的商業轉型可能會非常昂貴，尤其是在它開始收購狂潮以追求新目標時。其現金在 IPO 時已經處於危險低位，截至去年 6 月底僅剩 170 萬元（約 254,000 美元）。但它通過上市獲得了約 2000 萬美元的重大新資金，目前正用於資助公司的轉型。</p>
<p>因此，任何認為自己是在投資一家 B2B 農業交易商的投資者，現在可能會覺得自己被欺騙，因為公司正在將他們的錢用於其他用途。我們認為，這一新方向看起來頗具吸引力，並將使 Yimutian 處於一個競爭對手更難以複製的細分市場。兩個主要問題是：它能否成功駕馭中國複雜的農業環境以執行其新計劃；以及其現金和其他財務資源是否足夠支持其轉型？</p>
<p>上週四宣佈的新收購將看到 Yimutian 收購 <strong>湖南九峯農業有限公司</strong>，這是一家成立 14 年的優質山茶油產品製造商，具體金額未披露。該公司表示，此舉代表了 Yimutian 的 “戰略轉型，旨在建立一個涵蓋生產、流通和消費市場的綜合農業生態系統。”</p>
<p>“我們的長期願景是創建一個以技術驅動的農業生態系統，將生產與消費連接起來，” Yimutian 董事長鄧金洪表示。“通過在整個價值鏈中應用人工智能和數據，我們旨在提高生產效率，加強質量保證，併為農業產品釋放更大的商業價值。最終，我們的目標是讓每一英畝農田更有價值。”</p>
<h4><strong>農業項目合作伙伴關係</strong></h4>
<p>在宣佈九峯收購的同一天，Yimutian 還揭曉了一項新合作伙伴關係，旨在共同開發位於南中國廣東省華州市的大規模綜合農業項目。該項目覆蓋約 21,000 畝，或 1,400 公頃，儘管 Yimutian 並未透露項目的農業重點。但與收購一樣，它表示該聯盟將把其技術工具帶給另一個農業項目運營商。</p>
<p>“Yimutian 將貢獻其數字平台能力、數據系統和人工智能驅動的農業技術，而地方合作伙伴將支持土地協調、基礎設施整合和項目執行，” 它表示。它補充説，該合作伙伴關係旨在創建一個 “大規模現代農業發展的可複製模型。”</p>
<p>這兩個舉措是在 Yimutian 去年 11 月宣佈另一項計劃，使用現金和股票組合收購農業科技公司 <strong>寧波迅希科技</strong> 後僅幾個月。彼時，它表示迅希在渠道擴展、數字供應鏈管理和多品類運營方面具有能力，能夠通過提供從生產到銷售的全鏈條服務來幫助農民和農業企業。在上個月的更新中，Yimutian 表示已完成盡職調查，並預計交易將在 3 月底前完成。</p>
<p>所有這些舉措看起來都很有趣，如果 Yimutian 能夠成功管理其新合作伙伴關係並整合其收購，最終可能會創造出一個更難以被競爭對手複製的公司。這往往是相當具有挑戰性的，尤其是在中國的農業環境中，土地使用權相當複雜且常常會發生變化。但 Yimutian 也得到了政府政策的支持，因為中國正在試圖淡化傳統家庭農場，轉而支持現代農業企業，而這正是 Yimutian 新關注的核心所在。</p>
<p>在朝着新方向發展的同時，Yimutian 原有的 B2B 農業產品交易業務進展緩慢。去年上半年，其收入從一年前的 8090 萬元下降了 18%，降至 6640 萬元，而兩個半年的虧損大致相同，約為 6000 萬元。其毛利率相當高，去年上半年達到了 80.3%。但這被高昂的運營費用所抵消，該期間的運營費用總計 7230 萬元，遠高於其 6640 萬元的收入。</p>
<p>投資者可能也會感到擔憂，因為 Yimutian 在去年 11 月透露，其可交易股份的數量跌破了納斯達克 1500 萬美元的最低門檻，如果在 180 天內未能回升至該水平，可能會面臨退市風險。它指出，預計在為期 180 天的鎖定期結束後，其可交易股份數量將超過該門檻，而這一鎖定期將在本月晚些時候結束。但大量新股湧入市場也可能對股價施加壓力，這可能是另一個投資者關注的問題。</p>
<p>歸根結底，Yimutian 的未來取決於其能否擺脱作為 B2B 交易平台運營商的根基，轉向更高附加值的業務，幫助農業公司利用其數字工具改善運營，並幫助他們直接向消費者銷售。如果你相信它能做到這一點，股票可能會有相當大的上漲空間。但這種轉型可能需要一些時間，投資者不可避免地會在給予公司更多資金之前尋找收入增長的跡象。</p>
<p><em>要訂閲 Bamboo Works 每週免費的新聞通訊，請點擊</em> 這裏</p>
<p><strong><em>Benzinga 免責聲明：本文來自一位未付的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>

<p>Yimutian Inc.（納斯達克代碼：YMT）正在從一個 B2B 農業交易平台轉型為農業管理服務，利用首次公開募股（IPO）資金進行收購和合作。儘管籌集了 2000 萬美元，但由於公告後股價下跌近 9%，投資者信心減弱。該公司旨在通過人工智能和數據整合提升生產效率，同時面臨在中國農業環境中導航的挑戰。近期的舉措包括收購湖南九豐農業有限公司，並在廣東省合作開展大規模農業項目，旨在創建一個以技術驅動的農業生態系統</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>在納斯達克上市僅半年後，一家 B2B 農業交易平台的運營商正在利用其 IPO 資金進軍農業管理工具和服務</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>圖片來源：Bamboo Works</em></p>
</div><p><strong>Key Takeaways:</strong></p>
<div class="lb-trans"><p><strong>關鍵要點：</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 宣佈了一項新的收購和合作夥伴關係，作為其從 B2B 電子商務平台運營商轉型為農業服務的一部分</li>
<li>這一轉型可能會受到中國推動農業現代化政策的支持，但也面臨公司資源有限的挑戰</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>在其納斯達克上市僅半年後，<strong>Yimutian Inc.</strong> (NASDAQ: YMT) 正在經歷重大轉型。該公司目前運營一個農業產品交易者的 B2B 平台，主要通過買賣雙方交易的佣金和其他費用獲利。但它希望更直接地與農業產品製造商合作，幫助他們利用數字工具改善運營。它還希望更直接地向消費者銷售，削減目前平台上主要買家的高成本中介。</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>上週末，該公司宣佈了兩個重大新舉措，包括 收購計劃 和與南中國廣東省的一個農業項目的 新合作伙伴關係。投資者對此並不太滿意，可能覺得自己被誤導購買了一種產品，卻發現他們最初購買的公司的股票正在朝着一個截然不同的新方向發展。</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>在這對公告發布後，Yimutian 的股價在週五下跌近 9%，收盤價為 1.64 美元，約為去年 8 月上市時發行價 4.10 美元的 60% 以下。這種誘餌和轉換在中國公司中並不罕見，其中一些公司在尋求最佳成功公式時不斷改變商業模式。</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>在這種情況下，投資者可能會擔心，因為 Yimutian 所尋求的商業轉型可能會非常昂貴，尤其是在它開始收購狂潮以追求新目標時。其現金在 IPO 時已經處於危險低位，截至去年 6 月底僅剩 170 萬元（約 254,000 美元）。但它通過上市獲得了約 2000 萬美元的重大新資金，目前正用於資助公司的轉型。</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，任何認為自己是在投資一家 B2B 農業交易商的投資者，現在可能會覺得自己被欺騙，因為公司正在將他們的錢用於其他用途。我們認為，這一新方向看起來頗具吸引力，並將使 Yimutian 處於一個競爭對手更難以複製的細分市場。兩個主要問題是：它能否成功駕馭中國複雜的農業環境以執行其新計劃；以及其現金和其他財務資源是否足夠支持其轉型？</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>上週四宣佈的新收購將看到 Yimutian 收購 <strong>湖南九峯農業有限公司</strong>，這是一家成立 14 年的優質山茶油產品製造商，具體金額未披露。該公司表示，此舉代表了 Yimutian 的 “戰略轉型，旨在建立一個涵蓋生產、流通和消費市場的綜合農業生態系統。”</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>“我們的長期願景是創建一個以技術驅動的農業生態系統，將生產與消費連接起來，” Yimutian 董事長鄧金洪表示。“通過在整個價值鏈中應用人工智能和數據，我們旨在提高生產效率，加強質量保證，併為農業產品釋放更大的商業價值。最終，我們的目標是讓每一英畝農田更有價值。”</p>
</div><h4><strong>Agricultural project partnership</strong></h4>
<div class="lb-trans"><h4><strong>農業項目合作伙伴關係</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>在宣佈九峯收購的同一天，Yimutian 還揭曉了一項新合作伙伴關係，旨在共同開發位於南中國廣東省華州市的大規模綜合農業項目。該項目覆蓋約 21,000 畝，或 1,400 公頃，儘管 Yimutian 並未透露項目的農業重點。但與收購一樣，它表示該聯盟將把其技術工具帶給另一個農業項目運營商。</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 將貢獻其數字平台能力、數據系統和人工智能驅動的農業技術，而地方合作伙伴將支持土地協調、基礎設施整合和項目執行，” 它表示。它補充説，該合作伙伴關係旨在創建一個 “大規模現代農業發展的可複製模型。”</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>這兩個舉措是在 Yimutian 去年 11 月宣佈另一項計劃，使用現金和股票組合收購農業科技公司 <strong>寧波迅希科技</strong> 後僅幾個月。彼時，它表示迅希在渠道擴展、數字供應鏈管理和多品類運營方面具有能力，能夠通過提供從生產到銷售的全鏈條服務來幫助農民和農業企業。在上個月的更新中，Yimutian 表示已完成盡職調查，並預計交易將在 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>所有這些舉措看起來都很有趣，如果 Yimutian 能夠成功管理其新合作伙伴關係並整合其收購，最終可能會創造出一個更難以被競爭對手複製的公司。這往往是相當具有挑戰性的，尤其是在中國的農業環境中，土地使用權相當複雜且常常會發生變化。但 Yimutian 也得到了政府政策的支持，因為中國正在試圖淡化傳統家庭農場，轉而支持現代農業企業，而這正是 Yimutian 新關注的核心所在。</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>在朝着新方向發展的同時，Yimutian 原有的 B2B 農業產品交易業務進展緩慢。去年上半年，其收入從一年前的 8090 萬元下降了 18%，降至 6640 萬元，而兩個半年的虧損大致相同，約為 6000 萬元。其毛利率相當高，去年上半年達到了 80.3%。但這被高昂的運營費用所抵消，該期間的運營費用總計 7230 萬元，遠高於其 6640 萬元的收入。</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>投資者可能也會感到擔憂，因為 Yimutian 在去年 11 月透露，其可交易股份的數量跌破了納斯達克 1500 萬美元的最低門檻，如果在 180 天內未能回升至該水平，可能會面臨退市風險。它指出，預計在為期 180 天的鎖定期結束後，其可交易股份數量將超過該門檻，而這一鎖定期將在本月晚些時候結束。但大量新股湧入市場也可能對股價施加壓力，這可能是另一個投資者關注的問題。</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>歸根結底，Yimutian 的未來取決於其能否擺脱作為 B2B 交易平台運營商的根基，轉向更高附加值的業務，幫助農業公司利用其數字工具改善運營，並幫助他們直接向消費者銷售。如果你相信它能做到這一點，股票可能會有相當大的上漲空間。但這種轉型可能需要一些時間，投資者不可避免地會在給予公司更多資金之前尋找收入增長的跡象。</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 免責聲明：本文來自一位未付的外部貢獻者。它不代表 Benzinga 的報道，並且未經過內容或準確性的編輯。</em></strong></p>
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買家悔恨？正在轉型的 Yimutian 請求投資者保持耐心