Yimutian Inc.

What they do

The company operates an online agricultural products business-to-business marketplace through its Yimutian App and Douniu App, connecting merchants who sell and buy agricultural products and letting users log in to access market and seller information and negotiate transactions. ADSs each represent 25 Class A ordinary shares, and as of December 31, 2025 the company had 2,859,426,766 ordinary shares outstanding (2,516,653,606 Class A and 342,773,160 Class B). The filing is Amendment No. 1 on Form 20-F/A for fiscal year 2025, filed May 18, 2026, solely to furnish Exhibit 101 (XBRL) after the original 20-F was filed May 15, 2026. The filed excerpt describes users as merchants (sellers and buyers of agricultural products) and defines buyers as users who logged in to access market and seller information and engage in potential negotiations.

Revenue drivers

• Agricultural B2B platform marketplace — The company's marketplace connects sellers and buyers of agricultural products through the Yimutian App and Douniu App, where users log in to access market and seller information and negotiate transactions. This is the only operating business described in the excerpt; no individual product-level revenue breakdown or segment revenue split is provided in the source material.

Recent performance

For fiscal 2025 the company reported revenue of $94.3M and a net loss of $6.7M, with operating cash flow of negative $7.0M. Diluted EPS improved over three years, from -$0.45 in 2023 to -$0.27 in 2024 and -$0.03 in 2025, indicating a narrowing per-share loss even though the company remained unprofitable. As of December 31, 2025, total assets were $23.0M and total liabilities were $46.2M, leaving shareholders' equity of negative $27.4M; cash and equivalents were $15.7M. The company had 2,859,426,766 ordinary shares outstanding as of December 31, 2025, and is filing this Form 20-F/A only to add Exhibit 101.

Strategy

The source filing is Amendment No. 1, filed solely to furnish Exhibit 101 (XBRL) under Rule 405 of Regulation S-T, and it expressly states that it does not revise, update, amend or restate the information in the original 2025 Form 20-F or reflect events after that filing. No strategic initiatives, investment plans or product roadmaps beyond the marketplace description and APP references are disclosed in the excerpts provided. The documents describe operations around the Yimutian App and Douniu App and a merchant base of agricultural product sellers and buyers, but do not detail new initiatives.

Risks

• Accumulated losses and negative equity — The company reported a 2025 net loss of $6.7M and had shareholders' equity of negative $27.4M as of December 31, 2025, with total liabilities of $46.2M exceeding total assets of $23.0M.
• Negative operating cash flow — Operating cash flow was negative $7.0M in 2025, and cash and equivalents of $15.7M as of December 31, 2025 are limited relative to the reported annual net loss and cash burn.
• China operations and regulatory exposure — The company is incorporated in the Cayman Islands with principal offices in Beijing, PRC, and the filing excerpt references PRC regulators including the CAC and CSRC, indicating exposure to Chinese regulatory requirements.
• Single-platform concentration — The excerpt describes essentially one business — an agricultural B2B marketplace operated through the Yimutian App and Douniu App — with no disclosed diversification across other product lines.

Outlook

The filing does not include an outlook or forward guidance section, and as a Form 20-F/A it explicitly does not update information from the original 2025 Form 20-F filed May 15, 2026. The only forward-looking material referenced is the standard forward-looking information section listed in the table of contents. No management guidance figures or stated targets appear in the excerpt.