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UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN PRIVATE ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16 UNDER
THE SECURITIES EXCHANGE ACT OF 1934
For the month of December 2025
Commission File Number: 001-42760
Yimutian Inc.
(Registrant’s Name)
6/F,
Building B-6, Block A Zhongguancun
Dongsheng Technology Campus No. 66
Xixiaokou Road
Haidian District, Beijing 100192
The People’s Republic of China
(Address of Principal Executive Offices)
Indicate by check mark whether the registrant files or will file annual reports under cover Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Yimutian Inc. Announces Financial Results for the First Half of 2025
On December 30, 2025, Yimutian Inc. (the “Company”), a leading agricultural digital service company in China, announced its unaudited financial results for the six months ended June 30, 2025 (“First Half 2025”).
Revenues
| For the Six Months Ended June 30 | ||||||||||||||||||||
| 2024 | 2025 | |||||||||||||||||||
| RMB | % | RMB | US$ | % | ||||||||||||||||
| (unaudited) | (unaudited) | (unaudited) | ||||||||||||||||||
| (in thousands, except percentage) | ||||||||||||||||||||
| Digital agricultural commerce services | 76,548 | 94.7 | % | 63,685 | 8,890 | 95.9 | % | |||||||||||||
| Membership services | 48,131 | 59.5 | % | 43,096 | 6,016 | 64.9 | % | |||||||||||||
| Value-added services | 26,347 | 32.6 | % | 18,970 | 2,648 | 28.6 | % | |||||||||||||
| Transaction services | 2,070 | 2.6 | % | 1,619 | 226 | 2.4 | % | |||||||||||||
| Other digital agricultural solutions | 4,309 | 5.3 | % | 2,730 | 381 | 4.1 | % | |||||||||||||
| Total revenues | 80,857 | 100.0 | % | 66,415 | 9,271 | 100.0 | % | |||||||||||||
Our revenues decreased by 17.9% from RMB80.9 million in the six months ended June 30, 2024 to RMB66.4 million (US$9.3 million) in the same period in 2025.
Revenue from digital agricultural commerce services decreased by 16.8% from RMB76.5 million in the six months ended June 30, 2024 to RMB63.7 million (US$8.9 million) in the same period in 2025, primarily due to a decline in revenue from membership services and a decline in revenue from value-added services. Membership revenue declined in the first half of 2025 as we strategically prioritized our agricultural sourcing and trading business, reallocating resources and budgets to accelerate our retail network expansion in key production regions. This shift resulted in reduced investments in the digital agricultural commerce business, leading to a temporary decrease in related revenue. In addition, revenue from value-added services decreased, mainly attributable to our user experience enhancement initiatives, which included eliminating certain small-item fees.
Revenue from other digital agricultural solutions decreased by 36.6% from RMB4.3 million in the six months ended June 30, 2024 to RMB2.7 million (US$0.4 thousand) in the same period in 2025.
Cost of Revenues
Our cost of revenues decreased by 39.0% from RMB21.4 million in the six months ended June 30, 2024 to RMB13.1 million (US$1.8 million) in the same period in 2025. The decrease was mainly driven by the decrease in staff cost and outsourcing labor service fees in relation to sales functions.
Gross Profit and Gross Margin
As a result of the foregoing, our gross profit decreased from RMB59.5 million in the six months ended June 30, 2024 to RMB53.4 million (US$7.4 million) in the same period in 2025. Our gross margin increased from 73.5% in the six months ended June 30, 2024 to 80.3% in the same period in 2025, which was primarily due to the decrease in our staff cost related to cost of revenues and decrease in our total revenues for the reasons discussed above.
Selling and Marketing Expenses
Our selling and marketing expenses decreased by 4.9% from RMB36.4 million in the six months ended June 30, 2024 to RMB34.7 million (US$4.8 million) in the same period in 2025, primarily due to a decrease in advertising and promotion expenses and a decrease in staff costs related to selling and marketing personnel.
General and Administrative Expenses
Our general and administrative expenses decreased by 7.2% from RMB24.7 million in the six months ended June 30, 2024 to RMB23.0 million (US$3.2 million) in the same period in 2025, primarily due to decrease in staff cost and rental fee.
Research and Development Expenses
Our research and development expenses decreased by 5.0% from RMB15.4 million in the six months ended June 30, 2024 to RMB14.6 million (US$2.0 million) in the same period in 2025, primarily due to the decrease in staff cost relating to research and development professionals in connection with the reduced research and development workforce.
Other Income, Net
Our other income increased from RMB0.15 million in the six months ended June 30, 2024 to RMB4.2 million (US$0.6 million) in the same period in 2025, primarily due to the waiver of penalty charges by a creditor.
Net Loss
As a result of the foregoing, our net loss decreased by 14.3% from RMB17.4 million in the six months ended June 30, 2024 to RMB14.9 million (US$2.1 million) in the same period in 2025.
Net Loss Attributable to Non-controlling Interests
We hold 54.96% interest in Wuhan Yimutian Xiachuang Technology Co., Ltd. Net loss attributable to non-controlling interests changed from net income RMB1 thousand in the six months ended June 30, 2024 to RMB0.59 million (US$83 thousand) in the same period in 2025.
Liquidity
As of June 30, 2025, we had RMB1.7 million (US$0.2 million) in cash. Our cash consists primarily of cash on hand and cash at bank. As of June 30, 2025, we had net current liabilities of RMB445.8 million (US$62.2 million).
Yimutian Inc. and its wholly-owned subsidiaries and the consolidated variable interest entities are collectively referred to as “the Group.” The Group’s ability to continue as a going concern exists. Pursuant to the terms of redeemable convertible preferred share agreements, if the Company fails to complete the qualified initial public offering (“IPO”) or a trade sale in which the valuation of the Company is no less than US$800,000,000 before December 31, 2025, the redeemable convertible preferred shareholders have the rights to request the Company to redeem all of the redeemable convertible preferred shares. The aggregate redemption amount for all redeemable convertible preferred shares as of June 30, 2025, is approximately RMB1,551.5 million (US$216.6 million). On August 19, 2025, our Class A ordinary shares was listed on Nasdaq under the symbol “YMT” at an offering price of $4.1 per share.
In addition, the Group experienced recuring operating losses. For the six months ended June 30, 2025, the Group had net operating loss of RMB14.7 million (US$2.1 million).
Management’s plans for going concern:
| 1. | Raised funds through issuance of common stock. |
| 2. | Reduction of right-of-use lease obligations, with the renegotiation of certain lease contracts. |
| 3. | Reduction in manpower costs, through planned redundancy measures and workforce optimization. |
| 4. | Borrowings from the principal shareholder, which is expected to provide liquidity support. |
| 5. | Additional borrowings from financial institutions, including potential access to new credit facilities. |
Recent Developments
On August 19, 2025, our Class A ordinary shares was listed on Nasdaq under the symbol “YMT” at an offering price of $4.1 per share.
YIMUTIAN
INC.
CONSOLIDATED BALANCE SHEETS
As of December 31, 2024 and June 30, 2025
(all amounts in thousands, except share and per share data, or as otherwise noted) (Unaudited)
| As
of December 31, 2024 |
As
of June 30, 2025 |
|||||||||||
| RMB | RMB | US$ | ||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| ASSETS | ||||||||||||
| Current assets | ||||||||||||
| Cash | 2,772 | 1,658 | 231 | |||||||||
| Accounts receivable, net | 733 | 541 | 76 | |||||||||
| Amounts due from related parties | 3,436 | 3,422 | 478 | |||||||||
| Prepayments and other current assets | 40,040 | 38,915 | 5,432 | |||||||||
| Inventory | 237 | 876 | 122 | |||||||||
| Total current assets | 47,218 | 45,412 | 6,339 | |||||||||
| Property and equipment | 1,060 | 1,035 | 144 | |||||||||
| Right-of-use assets | 9,589 | 6,433 | 898 | |||||||||
| Other non-current assets | 3,156 | 2,693 | 376 | |||||||||
| Total non-current assets | 13,805 | 10,161 | 1,418 | |||||||||
| Total assets | 61,023 | 55,573 | 7,757 | |||||||||
| LIABILITIES AND SHAREHOLDERS’ DEFICIT | ||||||||||||
| Current liabilities | ||||||||||||
| Accounts payable | 4,398 | 5,990 | 834 | |||||||||
| Contract liabilities, current | 88,103 | 85,875 | 11,988 | |||||||||
| Bank loans | 10,000 | 9,700 | 1,354 | |||||||||
| Financial liabilities | 20,990 | 20,903 | 2,918 | |||||||||
| Shareholder loans, at amortized cost | 248,643 | 266,479 | 37,199 | |||||||||
| Amounts due to related parties | 13,079 | 3,579 | 500 | |||||||||
| Accrued expenses and other current liabilities | 89,224 | 95,500 | 13,331 | |||||||||
| Operating lease liabilities, current | 4,961 | 3,152 | 440 | |||||||||
| Total current liabilities | 479,398 | 491,178 | 68,564 | |||||||||
| Contract liabilities, non-current | 12,223 | 12,205 | 1,704 | |||||||||
| Operating lease liabilities, non-current | 4,042 | 1,523 | 213 | |||||||||
| Total non-current liabilities | 16,265 | 13,728 | 1,917 | |||||||||
| Total liabilities | 495,663 | 504,906 | 70,481 | |||||||||
| Commitments and Contingencies | - | - | - | |||||||||
| Mezzanine equity: | ||||||||||||
| Series A Redeemable Convertible Preferred Shares (US$0.00001 par value: 387,781,378 shares authorized as at December 31, 2024 and June 30, 2025, Redemption value of RMB56,098 and RMB58,301 as of December 31, 2024 and June 30, 2025, respectively) | 56,098 | 58,301 | 8,139 | |||||||||
| Series B Redeemable Convertible Preferred Shares (US$0.00001 par value: 703,901,412 shares authorized as at December 31, 2024 and June 30, 2025, Redemption value of RMB787,739 and RMB807,393 as of December 31, 2024 and June 30, 2025, respectively) | 787,739 | 807,393 | 112,708 | |||||||||
| Series C Redeemable Convertible Preferred Shares (US$0.00001 par value: 517,022,352 shares authorized as at December 31, 2024 and June 30, 2025, Redemption value of RMB181,992 and RMB187,344 as of December 31, 2024 and June 30, 2025, respectively) | 181,992 | 187,344 | 26,152 | |||||||||
YIMUTIAN
INC.
CONSOLIDATED BALANCE SHEETS — (Continued)
As of December 31, 2024 and June 30, 2025
(all amounts in thousands, except share and per share data, or as otherwise noted) (Unaudited)
| As
of December 31, 2024 |
As
of June 30, 2025 |
|||||||||||
| RMB | RMB | US$ | ||||||||||
| (Unaudited) | (Unaudited) | |||||||||||
| Series C-1 Redeemable Convertible Preferred Shares (US$0.00001 par value: 357,323,044 shares authorized as at December 31, 2024 and June 30, 2025, Redemption value of RMB153,660 and RMB 159,695 as of December 31, 2024 and June 30, 2025, respectively) | 153,660 | 159,695 | 22,293 | |||||||||
| Series C-2 Redeemable Convertible Preferred Shares (US$0.00001 par value: 220,757,061 shares authorized as at December 31, 2024 and June 30, 2025, Redemption value of RMB189,873 and RMB197,331 as of December 31, 2024 and June 30, 2025, respectively) | 189,873 | 197,331 | 27,546 | |||||||||
| Series D Redeemable Convertible Preferred Shares (US$0.00001 par value: 95,320,147 shares authorized as at December 31, 2024 and June 30, 2025, Redemption value of RMB136,115 and RMB141,461 as of December 31, 2024 and June 30, 2025, respectively) | 136,115 | 141,461 | 19,747 | |||||||||
| Subscription receivable from Series B Redeemable Convertible Preferred Shares | (134,455 | ) | (134,455 | ) | (18,769 | ) | ||||||
| Subscription receivable from Series C Redeemable Convertible Preferred Shares | (29,026 | ) | (28,955 | ) | (4,042 | ) | ||||||
| Subscription receivable from Series C-1 Redeemable Convertible Preferred Shares | (38,955 | ) | (38,955 | ) | (5,438 | ) | ||||||
| Total mezzanine equity | 1,303,041 | 1,349,160 | 188,336 | |||||||||
| SHAREHOLDERS’ DEFICIT | ||||||||||||
| Ordinary shares (US$0.00001 par value, 5,000,000,000 shares authorized, 460,147,059 shares issued and outstanding as of December 31, 2024 and June 30, 2025, respectively) | 31 | 31 | 4 | |||||||||
| Additional paid – in capital | 47,006 | 47,006 | 6,562 | |||||||||
| Accumulated other comprehensive loss | (99,395 | ) | (99,238 | ) | (13,853 | ) | ||||||
| Accumulated deficit | (1,715,536 | ) | (1,775,912 | ) | (247,908 | ) | ||||||
| Total shareholders’ deficit attributable to ordinary shareholders of Yimutian Inc. | (1,767,894 | ) | (1,828,113 | ) | (255,195 | ) | ||||||
| Non-controlling interests | 30,213 | 29,620 | 4,135 | |||||||||
| Total shareholders’ deficit | (1,737,681 | ) | (1,798,493 | ) | (251,060 | ) | ||||||
| Total liabilities, mezzanine equity and shareholders’ deficit | 61,023 | 55,573 | 7,757 | |||||||||
YIMUTIAN
INC.
CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS
For the Six Months Ended June 30, 2024 and 2025
(all amounts in thousands, except share and per share data, or as otherwise noted) (Unaudited)
| For
the six months ended June 30, |
||||||||||||
| 2024 | 2025 | |||||||||||
| RMB | RMB | US$ | ||||||||||
| (Unaudited) | (Unaudited) | (Unaudited) | ||||||||||
| Revenues | 80,857 | 66,415 | 9,271 | |||||||||
| Cost of revenues | (21,400 | ) | (13,058 | ) | (1,823 | ) | ||||||
| Gross profit | 59,457 | 53,357 | 7,448 | |||||||||
| Operating Expenses | ||||||||||||
| Selling and marketing expenses | (36,439 | ) | (34,652 | ) | (4,837 | ) | ||||||
| General and administrative expenses | (24,743 | ) | (22,966 | ) | (3,206 | ) | ||||||
| Research and development expenses | (15,376 | ) | (14,607 | ) | (2,039 | ) | ||||||
| Other income, net | 149 | 4,168 | 582 | |||||||||
| Operating loss | (16,952 | ) | (14,700 | ) | (2,052 | ) | ||||||
| Interest income | 6 | 2 | - | |||||||||
| Interest expense | (470 | ) | (223 | ) | (31 | ) | ||||||
| Loss before income taxes and share of loss of equity | (17,416 | ) | (14,921 | ) | (2,083 | ) | ||||||
| Income tax expense | — | — | — | |||||||||
| Net loss | (17,416 | ) | (14,921 | ) | (2,083 | ) | ||||||
| Net loss attributable to non-controlling interests | (1 | ) | 593 | 83 | ||||||||
| Net loss attributable to Yimutian Inc | (17,417 | ) | (14,328 | ) | (2,000 | ) | ||||||
| Accretion of redeemable convertible preferred shares to redemption value | (42,677 | ) | (46,048 | ) | (6,428 | ) | ||||||
| Net loss attributable to ordinary shareholders of Yimutian Inc. | (60,094 | ) | (60,376 | ) | (8,428 | ) | ||||||
| Net loss | (17,416 | ) | (14,921 | ) | (2,083 | ) | ||||||
|
Other comprehensive (loss) income: |
||||||||||||
| Foreign currency translation adjustment for parent company, net of nil income taxes | (158 | ) | 157 | 22 | ||||||||
| Total comprehensive loss | (17,574 | ) | (14,764 | ) | (2,061 | ) | ||||||
| Net loss per ordinary share | ||||||||||||
| – Basic and diluted | (0.13 | ) | (0.13 | ) | (0.02 | ) | ||||||
| Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share | ||||||||||||
| – Basic and diluted | 460,147,059 | 460,147,059 | 460,147,059 | |||||||||
YIMUTIAN
INC.
CONSOLIDATED STATEMENTS OF CHANGES IN SHAREHOLDERS’ DEFICIT
For the Six Months Ended June 30, 2024 and 2025
(all amounts in thousands, except share and per share data, or as otherwise noted) (Unaudited)
| Attributable to owners of the parent | ||||||||||||||||||||||||||||||||
| Ordinary shares | Additional | Accumulated other |
Total
shareholders’ deficit to |
Non- | Total | |||||||||||||||||||||||||||
| Number
of shares(1) |
Amount | paid-in capital |
comprehensive loss |
Accumulated deficit |
ordinary shareholders |
controlling interests |
shareholders’ deficit |
|||||||||||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||||||||||||||||||
| Balance as of January 1, 2024 | 460,147,059 | 31 | 47,006 | (98,963 | ) | (1,592,359 | ) | (1,644,285 | ) | 254 | (1,644,031 | ) | ||||||||||||||||||||
| Net loss | — | — | — | — | (17,417 | ) | (17,417 | ) | 1 | (17,416 | ) | |||||||||||||||||||||
| Accretion of redeemable convertible preferred shares | — | — | — | — | (42,677 | ) | (42,677 | ) | — | (42,677 | ) | |||||||||||||||||||||
| Foreign currency translation adjustment, net of nil income taxes | — | — | — | (158 | ) | — | (158 | ) | — | (158 | ) | |||||||||||||||||||||
| Balance as of June 30, 2024 | 460,147,059 | 31 | 47,006 | (99,121 | ) | (1,652,453 | ) | (1,704,537 | ) | 255 | (1,704,282 | ) | ||||||||||||||||||||
| Attributable to owners of the parent | ||||||||||||||||||||||||||||||||
| Ordinary shares | Additional | Accumulated other |
Total shareholders’ deficit to |
Non- | Total | |||||||||||||||||||||||||||
| Number of shares(1) |
Amount | paid-in capital |
comprehensive loss |
Accumulated deficit |
ordinary shareholders |
controlling interests |
shareholders’ deficit |
|||||||||||||||||||||||||
| RMB | RMB | RMB | RMB | RMB | RMB | RMB | ||||||||||||||||||||||||||
| Balance as of January 1, 2025 | 460,147,059 | 31 | 47,006 | (99,395 | ) | (1,715,536 | ) | (1,767,894 | ) | 30,213 | (1,737,681 | ) | ||||||||||||||||||||
| Net loss | — | — | — | — | (14,328 | ) | (14,328 | ) | (593 | ) | (14,921 | ) | ||||||||||||||||||||
| Accretion of redeemable convertible preferred shares | — | — | — | — | (46,048 | ) | (46,048 | ) | — | (46,048 | ) | |||||||||||||||||||||
| Foreign currency translation adjustment, net of nil income taxes | — | — | — | 157 | — | 157 | — | 157 | ||||||||||||||||||||||||
| Balance as of June 30, 2025 | 460,147,059 | 31 | 47,006 | (99,238 | ) | (1,775,912 | ) | (1,828,113 | ) | 29,620 | (1,798,493 | ) | ||||||||||||||||||||
| Balance as of June 30, 2025 in US | — | 4 | 6,562 | (13,853 | ) | (247,908 | ) | (255,195 | ) | 4,135 | (251,060 | ) | ||||||||||||||||||||
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| Yimutian Inc. | ||
| By: | /s/ Shijie Chen | |
| Name: | Shijie Chen | |
| Title: | Director and Chief Financial Officer | |
Date: December 30, 2025
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