# EDGAR Filing Document

**Accession Number:** 0001991605
**File Stem:** 0001213900-25-069868
**Filing Date:** 2025-7
**Character Count:** 110285
**Document Hash:** 00556f723f85a0203438415df3cf0192
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001213900-25-069868.hdr.sgml**: 20250731

**ACCESSION NUMBER**: 0001213900-25-069868

**CONFORMED SUBMISSION TYPE**: FWP

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20250731

**DATE AS OF CHANGE**: 20250731

**SUBJECT COMPANY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Yimutian Inc.
- **CENTRAL INDEX KEY:** 0001991605
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 333-287877
- **FILM NUMBER:** 251170993

**BUSINESS ADDRESS:**
- **STREET 1:** 6/F, BUIDLING B-6, BLOCK A
- **STREET 2:** NO. 66 XIXIAOKOU ROAD, HAIDIAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100192
- **BUSINESS PHONE:** 86 10 5708 6561

**MAIL ADDRESS:**
- **STREET 1:** 6/F, BUIDLING B-6, BLOCK A
- **STREET 2:** NO. 66 XIXIAOKOU ROAD, HAIDIAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100192
**FILED BY**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Yimutian Inc.
- **CENTRAL INDEX KEY:** 0001991605
- **STANDARD INDUSTRIAL CLASSIFICATION:** SERVICES-COMPUTER PROCESSING & DATA PREPARATION [7374]
- **ORGANIZATION NAME:** 06 Technology
- **EIN:** 000000000
- **STATE OF INCORPORATION:** E9
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** FWP

**BUSINESS ADDRESS:**
- **STREET 1:** 6/F, BUIDLING B-6, BLOCK A
- **STREET 2:** NO. 66 XIXIAOKOU ROAD, HAIDIAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100192
- **BUSINESS PHONE:** 86 10 5708 6561

**MAIL ADDRESS:**
- **STREET 1:** 6/F, BUIDLING B-6, BLOCK A
- **STREET 2:** NO. 66 XIXIAOKOU ROAD, HAIDIAN DISTRICT
- **CITY:** BEIJING
- **STATE:** F4
- **ZIP:** 100192

Issuer Free Writing Prospectus<br> Filed Pursuant to Rule 433<br> Registration No. 333-287877<br> July 31, 2025

**Yimutian Inc.**

*Yimutian Inc., or the Company, has filed a registration statement on Form F-1, including a prospectus, with the Securities and Exchange Commission, or the SEC, for the offering to which this free writing prospectus relates. Before you invest, you should read the prospectus in that registration statement and other documents the Company has filed with the SEC for more complete information about the Company and this offering. Investors should rely upon the prospectus and any relevant free writing prospectus for complete details of this offering. You may obtain these documents and other documents that the Company has filed for free by visiting EDGAR on the SEC website at <u>www.sec.gov</u>. Alternatively, the Company, any underwriter, or any dealer participating in this offering will arrange to send you the prospectus if you request it by contacting US Tiger Securities, Inc., 437 Madison Ave, 27/F, New York, NY 10022, United States of America, by email at ecm@ustigersecurities.com.*

 

*You may also access the Company's most recent prospectus dated July 31, 2025, which was included in Amendment No. 2 to the Company's registration statement on Form F-1, as filed with the SEC via EDGAR on July 31, 2025, or Amendment No. 2, by visiting EDGAR on the SEC website at: [https://www.sec.gov/Archives/edgar/data/1991605/000121390025069791/ea0240415-07.htm](https://www.sec.gov/Archives/edgar/data/1991605/000121390025069791/ea0240415-07.htm).*

 

This free writing prospectus reflects the following amendments that were made in Amendment No. 2. All references to page numbers are to page numbers in Amendment No. 2.

**<u>Cover</u>**

**1. Amend the number of American Depositary Shares (the "ADSs") and Class A Ordinary Shares of this offering on the front cover of the prospectus to read as follows:**

5,010,000 American Depositary Shares representing 125,250,000 Class A Ordinary Shares.

**<u>Prospectus Summary</u>**

**2. Amend the first paragraph under the heading "Cash Flows Through Our Organization" on page 11 to read as follows:**

Yimutian Inc. and the WFOE are not able to make direct capital contributions to the VIEs. However, under the laws and regulations of mainland China, they are permitted to remit funds to the VIEs through loans or by making payment to the VIEs for intragroup transactions. In 2023, 2024 and the three months ended March 31, 2025, the WFOE made payments to the VIEs for intragroup transactions in the amounts of RMB30.0 million, RMB6.9 million and RMB2.5 million, respectively. As of December 31, 2023, 2024 and March 31, 2025, the outstanding balance of intragroup transactions from the WFOE to the VIEs was RMB68.9 million, RMB75.8 million and RMB78.4 million, respectively.

**3. Amend the last sentence of the last paragraph under the heading "Conventions Which Apply to This Prospectus" on page 14 to read as follows:**

We make no representation that any Renminbi or U.S. dollar amounts could have been, or could be, converted into U.S. dollars or Renminbi, as the case may be, at any particular rate, the rates stated below, or at all. On July 25, 2025, the exchange rate for Renminbi was RMB7.1679 to US$1.00.

**<u>The Offering</u>**

**4. Amend the estimated amount of net proceeds assuming the underwriter exercising its option in the first sentence of the description of "Use of proceeds" under the heading "The Offering" on page 16 to read as follows:**

We estimate that the net proceeds to us from the offering will be approximately US$13.4 million, or approximately US$16.2 million if the underwriter exercises its option to purchase additional ADSs in full, based on the midpoint of the estimated initial public offering price range set forth on the front cover of this prospectus, after deducting underwriting discounts and commissions and estimated expenses payable by us.

**5. Amend the first sentence of the description of "Lock-up" under the heading "The Offering" on page 16 to read as follows:**

We, our executive officers, directors and all of our existing shareholders (including all selling shareholders) have agreed with the underwriter, subject to certain exceptions, not to offer, sell, or dispose of any shares of our share capital or securities convertible into or exchangeable or exercisable for any shares of our share capital during the 180-day period following the date of this prospectus.

**6. Delete the description of "Escrow account" under the heading "The Offering" on page 16 as it is no longer included in the Underwriting Agreement. The description of "Escrow account" included in Amendment No. 1 to the Company's registration statement on Form F-1, as filed with the SEC via EDGAR on July 22, 2025 is repeated below for reference.** 

Net proceeds of this offering in the amount of US$1,000,000 shall be used to fund an escrow account for a period of twelve (12) months following the closing date of this offering, which account shall be used in the event we would be required to indemnify the underwriter and other indemnified persons pursuant to the terms of an underwriting agreement with the underwriter.

**<u>Summary Consolidated Financial Data and Operating Data</u>**

**7. The tables from pages 17 to 27 are amended to present the financial data in chronological order, to clearly label the interim financial statement information as "unaudited", to disaggregate intercompany amounts in separate line items, and to include footnotes to indicate the primary nature of each intercompany line item, as set forth on <u>Exhibit A</u> below.**

**<u>Risk Factors</u>**

**8. Amend amount of dilution per ADS to two decimal places and revise the term "net tangible book value" to "net tangible deficit" in the risk factor previously entitled "Because our initial public offering price is substantially higher than our net tangible book value per share, you will experience immediate and substantial dilution" on page 71 to read as follows:**

***Because our initial public offering price is substantially higher than our net tangible deficit per share, you will experience immediate and substantial dilution.***

 

If you purchase ADSs in this offering, you will pay more for the ADSs than the amount paid by our existing shareholders for their ordinary shares on a per ADS basis. As a result, you will experience immediate and substantial dilution of approximately US$4.80 per ADS, representing the difference between the assumed initial public offering price of US$4.55 per ADS, the midpoint of the estimated initial public offering price range set forth on the front cover of this prospectus, and our pro forma as adjusted net tangible deficit per ADS as of March 31, 2025, after giving effect the net proceeds we receive from this offering. In addition, holders of our ADSs may experience further dilution of their interest if we issue additional shares in the future to raise additional capital. See "Dilution" for a more complete description of how the value of your investment in the ADSs will be diluted upon the completion of this offering.

**9. Amend the fourth sentence of the risk factor entitled "The sale or availability for sale of substantial amounts of ADSs could adversely affect their market price" on page 72 to read as follows:**

In connection with this offering, we, our executive officers, directors and all of our existing shareholders (including all selling shareholders) have agreed with the underwriter, subject to certain exceptions, not to sell any ordinary shares or ADSs for 180 days.

**<u>Use of Proceeds</u>**

**10. Amend the estimated amount of net proceeds assuming the underwriter exercising its option in the first sentence of the section entitled "Use of Proceeds" on page 83 to read as follows:**

We expect to receive total estimated net proceeds from this offering of approximately US$13.4 million, or approximately US$16.2 million if the underwriter exercises its option to purchase additional ADSs in full, based on the midpoint of the estimated initial public offering price range set forth on the front cover of this prospectus, after deducting underwriting discounts and commissions and estimated expenses payable by us.

**<u>Capitalization</u>**

**11. The table in the section entitled "Capitalization" on page 85 is amended to clearly label the interim financial statement information as "unaudited" to read as follows:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Actual** | **Actual** | **Pro Forma** | **Pro Forma** | **Pro Forma as<br> Adjusted<sup>(1)</sup>** | **Pro Forma as<br> Adjusted<sup>(1)</sup>** |
|  | **RMB** | **US$** | **RMB** | **US$** | **RMB** | **US$** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| Financial liabilities | 20960 | 2888 | 20960 | 2888 | 20960 | 2888 |
| Shareholder loans, at amortized cost | 259022 | 35694 | 259022 | 35694 | 259022 | 35694 |
| **Total** | **279982** | **38582** | **279982** | **38582** | **279982** | **38582** |
| **Mezzanine equity** | **1325781** | **182696** | **—** | **—** | **—** | **—** |
| **Shareholders' deficit** |  |  |  |  |  |  |
| Ordinary shares (US$0.00001 par value, 5,000,000,000 shares authorized, 460,147,059 shares issued, 2,902,704,057 shares issued and 3,015,754,057 shares issued and outstanding) | 31 | 4 | 242 | 33 | 250 | 34 |
| Additional paid-in capital | 47006 | 6478 | 1031131 | 142094 | 1171472 | 161433 |
| Accumulated other comprehensive loss | (99349) | (13691) | (99349) | (13691) | (99349) | (13691) |
| Accumulated deficit | (1740910) | (239904) | (1352118) | (186327) | (1352118) | (186327) |
| **Total shareholders' deficit attributable to ordinary shareholders of Yimutian Inc.** | **(1793222)** | **(247113)** | **(420094)** | **(57891)** | **(279745)** | **(38551)** |
| Non-controlling interests | 29944 | 4126 | 29944 | 4126 | 29944 | 4126 |
| **Total shareholders' deficit<sup>(2)</sup>** | **(1763278)** | **(242987)** | **(390150)** | **(53765)** | **(249801)** | **(34425)** |
| **Total capitalization<sup>(3)</sup>** | **(157515)** | **(21709)** | **(110168)** | **(15183)** | **30181** | **4157** |

---

**<u>Dilution</u>**

**12. The section entitled "Dilution" starting on page 86 is amended to revise the term "net tangible book value" to "net tangible deficit" and to clearly label the financial data in the tables therein as unaudited as set forth on <u>Exhibit B</u> below.**

**<u>Management's Discussion and Analysis of Financial Condition and Results of Operations</u>**

**13. The financial tables included in the subsection entitled "Key Components of Results of Operations" covering "*Revenue*", "*Cost of revenues*" and "*Operating expenses*" on pages 96 and 97 are amended to clearly label the interim financial statement information as "unaudited" as set forth on <u>Exhibit C</u> below.**

**14. The financial table included in the subsection entitled "Results of Operations" on page 99 is amended to clearly label the interim financial statement information as "unaudited" to read as follows:**

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **US$** | **%** | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | | | | | | **(unaudited)** | | **(unaudited)** | **(unaudited)** | |
|  | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** |
| Revenues | 187523 | 100.0 | 161321 | 22231 | 100.0 | 39244 | 100.0 | 34282 | 4724 | 100.0 |
| Cost of revenues | (49248) | (26.3) | (30573) | (4213) | (19.0) | (10282) | (26.2) | (7155) | (986) | (20.9) |
| **Gross profit** | **138275** | **73.7** | **130748** | **18018** | **81.0** | **28962** | **73.8** | **27127** | **3738** | **79.1** |
| Selling and marketing expenses | (94647) | (50.5) | (87618) | (12074) | (54.3) | (18120) | (46.2) | (17337) | (2389) | (50.6) |
| General and administrative expenses | (96712) | (51.6) | (39564) | (5452) | (24.5) | (15199) | (38.7) | (7029) | (969) | (20.5) |
| Research and development expenses | (47453) | (25.3) | (37811) | (5210) | (23.4) | (9082) | (23.1) | (6209) | (856) | (18.1) |
| Other income, net | 823 | 0.4 | 218 | 30 | 0.1 | 232 | 0.6 | 683 | 94 | 2.0 |
| **Operating loss** | **(99714)** | **(53.2)** | **(34027)** | **(4688)** | **(21.1)** | **(13207)** | **(33.7)** | **(2765)** | **(382)** | **(8.1)** |
| Impairment loss on a long-term investment |  |  |  |  |  |  |  |  |  |  |
| Interest income | 23 | 0.01 | 12 | 2 | 0.01 | 4 | 0.01 | 1 |  |  |
| Interest expense | (211) | (0.1) | (964) | (133) | (0.6) | (211) | (0.5) | (140) | (19) | (0.4) |
| Change in fair value of financial liabilities | (3728) | (2.0) |  |  |  |  |  |  |  |  |
| Loss from derecognition of financial liabilities | (1953) | (1.0) |  |  |  |  |  |  |  |  |
| **Loss before income taxes and share of loss of equity method investment** | **(105583)** | **(56.3)** | **(34979)** | **(4819)** | **(21.7)** | **(13414)** | **(34.2)** | **(2904)** | **(401)** | **(8.5)** |
| Income tax expense |  |  |  |  |  |  |  |  |  |  |
| Share of loss of an equity method investment | (38) | (0.02) | 38 | 5 | 0.02 |  |  |  |  |  |
| **Net loss** | **(105621)** | **(56.3)** | **(34941)** | **(4814)** | **(21.7)** | **(13414)** | **(34.2)** | **(2904)** | **(401)** | **(8.5)** |

---

**15. The presentation of year to year comparison and period to period comparison has been revised to follow chronological order (i.e. year to year comparison of 2023 and 2024 before period to period comparison of the three months ended March 31, 2024 to March 31, 2025) throughout the subsection entitled "Results of Operations" from pages 99 to 101 as set forth on <u>Exhibit D</u> below. No substantive changes were made to the financial data in or as of the end of each period presented.** 

**16. The financial table included in the subsection entitled "Liquidity and Capital Resources" on page 102 is amended to clearly label the interim financial statement information as "unaudited" to read as follows:**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the year ended <br> December 31,** | **For the year ended <br> December 31,** | **For the year ended <br> December 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** |
|  | **2023** | **2024** | **2024** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
|  | | | | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Net cash used in operating activities** | **(17956)** | **(61439)** | **(8467)** | **(19719)** | **(1060)** | **(147)** |
| **Net cash (used in) provided by investing activities** | **(3230)** | **149** | **21** | **(133)** | **(570)** | **(79)** |
| **Net cash provided by (used in) financing activities** | **18545** | **60368** | **8319** | **18046** | **(533)** | **(74)** |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (215) | (135) | (14) | 3 | 23 | 5 |
| **Net decrease in cash and cash equivalents** | **(2856)** | **(1057)** | **(141)** | **(1803)** | **(2140)** | **(295)** |
| Cash and cash equivalents at the beginning of the year | 6685 | 3829 | 523 | 3829 | 2772 | 382 |
| **Cash and cash equivalents at the end of the year** | **3829** | **2772** | **382** | **2026** | **632** | **87** |

---

**17. The presentation of narratives in the subsections entitled "*Operating Activities,*" "*Investing Activities*" and "*Financing Activities*" from pages 103 to 104 have been revised to follow chronological order (i.e. 2023, 2024 and March 31, 2025) to read as follows. No substantive changes were made to the financial data in or as of the end of each period presented.**

***Operating Activities***

Net cash used in operating activities was RMB18.0 million for the year ended December 31, 2023 and was primarily attributable to (i) net loss of RMB105.6 million, (ii) various non-cash items of RMB56.1 million, such as depreciation of property and equipment, allowance for credit losses and share-based compensation expense etc, (iii) RMB3.9 million increase in account receivables, (iv) RMB11.7 million increase in prepayments and other current assets, (v) RMB0.5 million decrease in accounts payable, (vi) RMB9.2 million decrease in contract liabilities, and (iv) RMB8.6 million decrease in accrued expenses and other current liabilities.

Net cash used in operating activities was RMB61.4 million (US$8.5 million) for the year ended December 31, 2024 and was primarily attributable to (i) net loss of RMB34.9 million (US$4.8 million), (ii) various non-cash items of RMB1.9 million (US$255 thousand), such as depreciation of property and equipment, allowance for credit losses etc, (iii) RMB0.9 million (US$120 thousand) decrease in account receivables, (iv) RMB5.5 million (US$754 thousand) decrease in prepayments and other current assets, (v) RMB1.1 million (US$156 thousand) decrease in accounts payable, (vi) RMB12.0 million (US$1.7 million) increase in contract liabilities, and (iv) RMB11.0 million (US$1.5 million) increase in accrued expenses and other current liabilities.

Net cash used in operating activities was RMB1.1 million (US$147 thousand) for the three months ended March 31, 2025 and was primarily due to (i) adjustment of non-cash items of RMB390 thousand (US$54 thousand) which mainly consists of depreciation and amortization and allowance for credit losses, and (ii) a net change in operating assets and liabilities by RMB1.5 million (US$199 thousand), which was primarily attributable to prepayments and other current assets, contract liabilities, accrued expenses and other current liabilities and accounts payable.

 ****

 ****

***Investing Activities***

Our net cash used in investing activities was RMB3.2 million in 2023. This was attributable to cash paid for purchase of property and equipment of RMB2.1 million in relation to office supplies and devices, and cash paid for equity-method investments of RMB1.2 million.

Our net cash used in investing activities was RMB149 thousand (US$21 thousand) in 2024. This was attributable to cash paid for purchase of property and equipment of RMB351 thousand (US$48 thousand) in relation to office supplies and devices, and proceeds from disposal of investments of RMB500 thousand (US$69 thousand).

Our net cash used in investing activities was RMB570 thousand (US$79 thousand) for the three months ended March 31, 2025. This was attributable to cash paid for purchase of property and equipment.

 ****

***Financing Activities***

Our net cash provided by financing activities was RMB18.5 million in 2023. This was mainly attributable to (i) proceeds from shareholder loans of RMB14.2 million, and (ii) repayment for short-term borrowings of RMB2.0 million, (iii) loans repaid by a related party of RMB5.0 million, and (v) proceeds from Settlement of Series C Preferred Shares subscription receivable RMB7.7 million.

Our net cash provided by financing activities was RMB60.4 million (US$8.3 million) in 2024. This was mainly attributable to (i) proceeds from shareholder loans of RMB28.3 million (US$3.9 million), (ii) proceeds from short-term borrowings of RMB10.0 million (US$1.4 million), (iii) loans repaid by a related of RMB7.9 million (US$1.1 million), (iv) capital contribution from non-controlling interest of RMB30.0 million (US$4.1 million), (v) repayment for shareholder loans of RMB8.4 million (US$1.2 million), and (vi) amounts due to related parties of RMB8.5 million (US$1.2 million).

Our net cash used in financing activities was RMB533 thousand (US$74 thousand) for the three months ended March 31, 2025. This was mainly attributable to proceeds from bank borrowings, proceeds from shareholder loans and amounts due to related parties, partially offset by repayment for bank borrowings and repayment for shareholder loans.

**18. The financial table under "*Contractual Obligations"* on pages 105 has been revised to clearly label the interim financial statement information as "unaudited" to read as follows:**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Payment Due by March 31,** | **Payment Due by March 31,** | **Payment Due by March 31,** | **Payment Due by March 31,** | **Payment Due by March 31,** |
|  | **Total** | **2026** | **2027** | **2028** | **After** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| Operating lease obligations | 8106 | 5000 | 2736 | 370 |  |

---

**<u>Principal and Selling Shareholders</u>**

**19. The table included in the section entitled "Principal and Selling Shareholders*"* on page 165 has been revised to update the Class A ordinary shares and Class B ordinary shares beneficially owned by Yimutian Holdings Limited and the percentage of aggregate voting power of Yimutian Holdings Limited immediately after this offering to read as follows:**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares Beneficially Owned<br> Prior to This Offering** | **Ordinary Shares Beneficially Owned<br> Prior to This Offering** | **Ordinary Shares Beneficially Owned<br> Prior to This Offering** | | **Ordinary Shares Beneficially Owned<br> Immediately After This Offering** | **Ordinary Shares Beneficially Owned<br> Immediately After This Offering** | **Ordinary Shares Beneficially Owned<br> Immediately After This Offering** | **Ordinary Shares Beneficially Owned<br> Immediately After This Offering** |
|  | **Number** | **Percentage<br> of Beneficial<br> Ownership†** | **Percentage<br> of Aggregate<br> Voting<br> Power††** |<br>**Ordinary<br> Shares<br> Being<br> Sold in<br> This<br> Offering** | **Class A<br> ordinary<br> shares** | **Class B<br> ordinary<br> shares** | **Percentage<br> of total<br> ordinary<br> shares on <br> an as-converted<br> basis** | **Percentage of <br> aggregate<br> voting<br> power†††** |
| **Directors and Executive Officers:\*\*** |  |  |  |  |  |  |  |  |
| Jinhong Deng<sup>(1)</sup> | 507981001 | 18.50% | 75.65% |  | 165207841 | 342773160 | 17.77% | 74.91% |
| Min Liu<sup>(2)</sup> | 74986698 | 2.73% |  |  |  | 74986698 | 2.62% |  |
| Shijie Chen |  |  |  |  |  |  |  |  |
| Zhijia Liu | \* | \* |  |  |  | \* | \* |  |
| Mi Zhou | \* | \* |  |  |  | \* | \* |  |
| Yu Zhang |  |  |  |  |  |  |  |  |
| Kui Zhou |  |  |  |  |  |  |  |  |
| Xinghong Hua |  |  |  |  |  |  |  |  |
| Xiaowei Wang |  |  |  |  |  |  |  |  |
| Junchen Sun |  |  |  |  |  |  |  |  |
| Xu Deng |  |  |  |  |  |  |  |  |
| All directors and executive officers as a group | 507981001 | 18.50% | 75.65% |  | 165207841 | 342773160 | 17.77% | 74.91% |
| **Principal and Selling Shareholders:** |  |  |  |  |  |  |  |  |
| Yimutian Holdings Limited<sup>(1)</sup> | 275413441 | 10.00% | 50.00% |  | 44245706 | 231167735 | 9.63% | 49.80% |
| HSG<sup>(3)</sup> | 436357574 | 15.90% | 4.70% | 6100000<sup>(4)</sup> | 430257574 |  | 15.05% | 4.59% |
| Wise Prime International Limited<sup>(5)</sup> | 255491541 | 9.30% | 2.80% |  | 255491541 |  | 8.94% | 2.73% |
| Passion Stream Investment Limited<sup>(6)</sup> | 207632859 | 7.60% | 2.30% |  | 207632859 |  | 7.26% | 2.22% |
| Win-Chain Agribusiness Holdings Limited<sup>(7)</sup> | 203044751 | 7.40% | 2.20% |  | 203044751 |  | 7.10% | 2.17% |
| CGC Moon Walk Limited<sup>(8)</sup> | 193633870 | 7.10% | 2.10% |  | 193633870 |  | 6.77% | 2.07% |
| Beijing Fengmu Enterprise Consulting Center (Limited Partnership)<sup>(9)</sup> | 404876247 | 14.70% | 4.40% |  | 404876247 |  | 14.16% | 4.32% |
| SCC Entities<sup>(10)</sup> | 68142527 | 2.50% | 0.70% | 6100000<sup>(11)</sup> | 62042527 |  | 2.17% | 0.66% |

---

**<u>Shares Eligible for Future Sale</u>**

**20. Amend the first paragraph under the subsection entitled "Lock-up Agreements" on page 197 to read as follows:**

We, our executive officers, directors and all of our existing shareholders (including all selling shareholders) have agreed with the underwriter, subject to certain exceptions, subject to certain exceptions, for a period of 180 days after the date of this prospectus, not to (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any ordinary shares or ADSs or any securities convertible into or exercisable or exchangeable for ordinary shares or ADSs or any such substantially similar securities, or (B) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the ordinary shares or ADSs or any such securities, whether any such transaction described in sub-paragraph (A) or (B) above is to be settled by delivery of ordinary shares or ADSs or such other securities, in cash or otherwise, or (C) file or submit with the SEC any registration statement under the Securities Act relating to the offering of any ordinary shares or ADSs, or any securities convertible into or exercisable or exchangeable for ordinary shares or ADSs or any such substantially similar securities, or (D) publicly disclose the intention to do any of the foregoing, without the prior written consent of the representative of the underwriter.

**<u>Underwriting</u>**

**21. Amend the second, third and fourth paragraphs on page 204 to read as follows:** 

The underwriter is committed to taking and paying for all of the ADSs being offered, if any are taken, other than the ADSs covered by the option described below unless and until this option is exercised. If the underwriter defaults, the underwriting agreement may be terminated.

The underwriter has an option to buy up to an additional 678,300 ADSs from us to cover sales by the underwriter of a greater number of ADSs than the total number set forth in the table above. It may exercise that option for 45 days from the date of this prospectus at the public offering price less the underwriting discounts and commissions set forth on the cover page of this prospectus.

The following tables show the per ADS and total underwriting discounts and commissions to be paid to the underwriter by us and the selling shareholders, in proportion to the number of ADSs sold in this offering by us and the selling shareholders, respectively, and the proceeds before expenses to us and the selling shareholders, respectively. Such amounts are shown assuming both no exercise and full exercise of the underwriter's option to purchase 678,300 additional ADSs.

**22. Add a new paragraph as the fifth paragraph on page 204 to read as follows:** 

We will also pay to the underwriter an additional expense allowance fee equal to 1.0% of the aggregate gross proceeds received by us and the selling shareholders from the sale of ADSs in this offering (including, if any, the additional ADSs that may be purchased by the underwriter upon exercise of its option).

**23. Amend the first paragraph on page 205 to read as follows:**

We, our executive officers, directors and all of our existing shareholders (including all selling shareholders) have agreed with the underwriter, subject to certain exceptions, not to (A) offer, pledge, sell, contract to sell, sell any option or contract to purchase, purchase any option or contract to sell, grant any option, right or warrant to purchase, lend, or otherwise transfer or dispose of, directly or indirectly, any ordinary shares or ADSs or any securities convertible into or exercisable or exchangeable for ordinary shares or ADSs or any such substantially similar securities, or (B) enter into any swap or other agreement that transfers, in whole or in part, any of the economic consequences of ownership of the ordinary shares or ADSs or any such securities, whether any such transaction described in sub-paragraph (A) or (B) above is to be settled by delivery of ordinary shares or ADSs or such other securities, in cash or otherwise, or (C) file or submit with the SEC any registration statement under the Securities Act relating to the offering of any ordinary shares or ADSs, or any securities convertible into or exercisable or exchangeable for ordinary shares or ADSs or any such substantially similar securities, or (D) publicly disclose the intention to do any of the foregoing, during the period from the date of this prospectus continuing through the date 180 days after the date of this prospectus, except with the prior written consent of the representative. We have also agreed to instruct JPMorgan Chase Bank, N.A., as depositary, not to accept any deposit of any ordinary shares for the purpose of issuance of ADSs for a period of 180 days after the date of this prospectus (other than in connection with this offering), unless we instruct the depositary otherwise with the prior written consent of the representative on behalf of the underwriter. See "Shares Eligible for Future Sale."

**24. Amend the third paragraph on page 206 to read as follows:**

We and the selling shareholders have agreed to indemnify the underwriter against certain liabilities, including liabilities under the Securities Act. If any of us, to the extent applicable, are unable to provide this indemnification, such person will contribute to payments that the underwriter may be required to make for these liabilities.

**25. Delete the description of escrow account in the previous fourth paragraph on page 206 as the escrow account is no longer included in the Underwriting Agreement. The description of escrow account included in Amendment No. 1 to the Company's registration statement on Form F-1, as filed with the SEC via EDGAR on July 22, 2025 is repeated below for reference.** 

Net proceeds of this offering in the amount of US$1,000,000 shall be used to fund an escrow account for a period of twelve (12) months following the closing date of this offering, which account shall be used in the event we would be required to indemnify the underwriter and other indemnified persons pursuant to the terms of an underwriting agreement with the underwriter.

**<u>Expenses Relating to This Offering</u>**

**26. Amend the first sentence in the first paragraph of the section on page 214 to read as follows:**

Set forth below is an itemization of the total expenses, excluding underwriting discounts and commissions and expense allowance fee, that we expect to incur in connection with this offering.

**27. Amend the second paragraph of the section following the table on page 214 to read as follows:** 

 ****

These expenses and the expense allowance fee to the underwriter will be borne by us, except for underwriting discounts and commissions, which will be borne by us and the selling shareholders in proportion to the numbers of ADSs sold in the offering by us and the selling shareholders, respectively.

**<u>F-pages</u>**

**28. Amend the financial tables and the corresponding footnotes in Note 1 on pages F-11 and F-12 to read as follows:**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **RMB** | **RMB** | **US$** |
| **ASSETS** |  |  |  |
| CURRENT ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 3231 | 1537 | 212 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 139 | 730 | 111 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany receivable from parent company\* | 5394 | 5394 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany receivable from subsidiaries\* | 9455 | 10898 | 1502 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | 22411 | 23190 | 3196 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory |  | 27 | 4 |
| &nbsp;&nbsp;&nbsp;**Total current assets** | **40630** | **41776** | **5758** |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 2099 | 1021 | 141 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 12581 | 6450 | 889 |
| &nbsp;&nbsp;&nbsp;Long-term investments | 1122 |  |  |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 2833 | 2782 | 383 |
| &nbsp;&nbsp;&nbsp;**Total non-current assets** | **18635** | **10253** | **1413** |
| &nbsp;&nbsp;&nbsp;**Total assets** | **59265** | **52029** | **7171** |
| &nbsp;&nbsp;&nbsp;**LIABILITIES** |  |  |  |
| &nbsp;&nbsp;&nbsp;CURRENT LIABILITIES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 3241 | 4077 | 562 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities, current | 98125 | 87989 | 12125 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings |  | 5000 | 689 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder loans, at amortized cost | 41874 | 35000 | 4823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany payable to parent company\*\* | 50884 | 50884 | 7012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany payable to WFOE\*\* | 68893 | 75840 | 10451 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany payable to subsidiaries\*\* | 1275 | 28900 | 3983 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 50906 | 46172 | 6363 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 6870 | 3614 | 498 |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | **322068** | **337476** | **46506** |
| &nbsp;&nbsp;&nbsp;Contract liabilities, non-current | 14030 | 12223 | 1684 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 5169 | 2458 | 339 |
| &nbsp;&nbsp;&nbsp;Total non-current liabilities | **19199** | **14681** | **2023** |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **341267** | **352157** | **48529** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **RMB** | **RMB** | **US$** |
| Revenues | 187082 | 160176 | 22073 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net loss (income) | (32223) | 7170 | 988 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) operating activities | 1003 | 6706 | 924 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash used in investing activities | (1160) | 500 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net cash provided by (used in) financing activities | (2026) | (8900) | (1226) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Net decrease in cash and cash equivalents | (2183) | (1694) | (233) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at the beginning of the year | 5414 | 3231 | 445 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash and cash equivalents at the end of the year | 3231 | 1537 | 212 |

---

\* Intercompany receivable to parent company and Intercompany receivable from subsidiaries amounts are eliminated upon consolidation.

\*\* Intercompany payable to parent company, Intercompany payable to WFOE and Intercompany payable to subsidiaries amounts are eliminated upon consolidation.

**29. Amend the second paragraph of Note 28 and the table under the subsection entitled "*Condensed Balance Sheets*" on pages F-42 and F-43 to read as follows:**

For the purpose of the Company's stand-alone financial statements, its investments in subsidiaries were reported using the equity method of accounting. The Company's share of loss from its subsidiaries was reported as a share of loss of subsidiaries in the accompanying parent company only financial statements. Ordinarily, under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of the parent only financial information, the Company has continued to reflect its share, based on its proportionate interest, of the losses of its subsidiaries regardless of the carrying value of the investment in the amounts due to related parties even though the Company is not obligated to provide continuing support or fund losses.

***(a) Condensed Balance Sheets***

 ****

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **RMB** | **RMB** | **USD** |
| ASSETS |  |  |  |
| Current assets |  |  |  |
| Cash | 496 | 129 | 18 |
| Amounts due from related parties | 3386 | 3436 | 473 |
| Intercompany receivable from WFOE | 30558 | 31014 | 4274 |
| Prepayments and other current assets | 10798 | 10960 | 1510 |
| **Total current assets** | **45238** | **45539** | **6275** |
| **Total assets** | **45238** | **45539** | **6275** |
| **LIABILITIES AND SHAREHOLDERS' DEFICIT** |  |  |  |
| Current liabilities |  |  |  |
| Financial liabilities | 20681 | 20990 | 2892 |
| Shareholder loans, at amortized cost | 1062 | 1078 | 149 |
| Amounts due to related parties | 3541 | 3594 | 495 |
| Intercompany payable to VIE | 5394 | 5394 | 743 |
| Accrued expenses and other current liabilities | 15224 | 15531 | 2140 |
| **Total current liabilities** | **45902** | **46587** | **6419** |
| Investments in subsidiaries | 429598 | 433592 | 59751 |
| **Total non-current liabilities** | **429598** | **433592** | **59751** |
| **Total liabilities** | **475500** | **480179** | **66171** |
| **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, 2023 and December 31, 2024, Redemption value of RMB51,874 and RMB56,098 as of December 31, 2023 and 2024, respectively) | 51874 | 56098 | 7731 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31,** | **As of December 31,** | **As of December 31,** |
|  | **2023** | **2024** | **2024** |
|  | **RMB** | **RMB** | **USD** |
| Series B Redeemable Convertible Preferred Shares (US$0.00001 par value: 703,901,412 shares authorized as at December 31, 2023 and December 31, 2024, Redemption value of RMB750,062 and RMB787,739 as of December 31, 2023 and 2024, respectively) | 750062 | 787739 | 108553 |
| Series C Redeemable Convertible Preferred Shares (US$0.00001 par value: 517,022,352 shares authorized as at December 31, 2023 and December 31, 2024, Redemption value of RMB171,731 and RMB181,992 as of December 31, 2023 and 2024, respectively) | 171731 | 181992 | 25079 |
| Series C-1 Redeemable Convertible Preferred Shares (US$0.00001 par value: 357,323,044 shares authorized as at December 31, 2023 and December 31, 2024, Redemption value of RMB142,090 and RMB153,660 as of December 31, 2023 and 2024, respectively) | 142090 | 153660 | 21175 |
| Series C-2 Redeemable Convertible Preferred Shares (US$0.00001 par value: 220,757,061 shares authorized as at December 31, 2023 and December 31, 2024, Redemption value of RMB175,577 and RMB189,873 as of December 31, 2023 and 2024, respectively) | 175577 | 189873 | 26165 |
| Series D Redeemable Convertible Preferred Shares (US$0.00001 par value: 95,320,147 shares authorized as at December 31, 2023 and December 31, 2024, Redemption value of RMB125,866 and RMB136,115 as of December 31, 2023 and 2024, respectively) | 125866 | 136115 | 18757 |
| Subscription receivable from Series B Redeemable Convertible Preferred Shares | (134455) | (134455) | (18528) |
| Subscription receivable from Series C Redeemable Convertible Preferred Shares | (30021) | (29026) | (4000) |
| Subscription receivable from Series C-1 Redeemable Convertible Preferred Shares | (38955) | (38955) | (5368) |
| **Total mezzanine equity** | 1213769 | 1303041 | 179564 |
| **SHAREHOLDERS' DEFICIT** |  |  |  |
| Ordinary shares (US$0.00001 par value, 2,713,770,293 <br> shares authorized, 460,147,059 shares issued and outstanding as of December 31, 2023 and 2024, respectively) | 31 | 31 | 4 |
| Additional paid – in capital | 47006 | 47006 | 6478 |
| Accumulated other comprehensive loss | (98963) | (99395) | (13697) |
| Accumulated deficit | (1592359) | (1715536) | (236407) |
| **Total shareholders' deficit attributable to ordinary shareholders of Yimutian Inc.** | **(1644285)** | **(1767894)** | **(243622)** |
| Non-controlling interests | 254 | 30213 | 4163 |
| **Total shareholders' deficit** | **(1644031)** | **(1737681)** | **(239459)** |
| **Total liabilities, mezzanine equity and shareholders' deficit** | **45238** | **45539** | **6275** |

---

**30. Amend the table and corresponding footnotes under Note 1 on page F-53 to read as follows:**

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br> December 31, <br> 2024** | **As of March 31, <br> 2025** | **As of March 31, <br> 2025** |
|  | **RMB** | **RMB** | **US$** |
|  | | **(Unaudited)** | **(Unaudited)** |
| **ASSETS** | | | |
| CURRENT ASSETS |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cash | 1537 | 458 | 63 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts receivable, net | 730 | 1089 | 150 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany receivable from parent company\* | 5394 | 5394 | 743 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany receivable from subsidiaries\* | 10898 | 10998 | 1516 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Prepayments and other current assets | 23190 | 22671 | 3124 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventory | 27 | 84 | 12 |
| &nbsp;&nbsp;&nbsp;**Total current assets** | **41776** | **40694** | **5608** |
| &nbsp;&nbsp;&nbsp;Property and equipment, net | 1021 | 730 | 101 |
| &nbsp;&nbsp;&nbsp;Operating lease right-of-use assets | 6450 | 5277 | 727 |
| &nbsp;&nbsp;&nbsp;Other non-current assets | 2782 | 2335 | 322 |
| &nbsp;&nbsp;&nbsp;**Total non-current assets** | **10253** | **8342** | **1150** |
| &nbsp;&nbsp;&nbsp;**Total assets** | **52029** | **49036** | **6758** |
| **LIABILITIES** |  |  |  |
| CURRENT LIABILITIES |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts payable | 4077 | 5843 | 805 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contract liabilities, current | 87989 | 85767 | 11819 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Short-term borrowings | 5000 | 500 | 69 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Shareholder loans, at amortized cost | 35000 | 35000 | 4823 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany payable to parent company\*\* | 50884 | 50884 | 7012 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany payable to WFOE\*\* | 75840 | 78375 | 10800 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany payable to subsidiaries\*\* | 28900 | 29164 | 4019 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accrued expenses and other current liabilities | 46172 | 91718 | 12639 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Operating lease liabilities, current | 3614 | 4203 | 579 |
| &nbsp;&nbsp;&nbsp;**Total current liabilities** | **337476** | **337361** | **52565** |
| &nbsp;&nbsp;&nbsp;Contract liabilities, non-current | 12223 | 12053 | 1661 |
| &nbsp;&nbsp;&nbsp;Operating lease liabilities, non-current | 2458 | 903 | 124 |
| &nbsp;&nbsp;&nbsp;Total non-current liabilities | **14681** | **12956** | **1785** |
| &nbsp;&nbsp;&nbsp;**Total liabilities** | **352157** | **350317** | **54350** |

---

\* Intercompany receivable to parent company and Intercompany receivable from subsidiaries amounts are eliminated upon consolidation.

\*\* Intercompany payable to parent company, Intercompany payable to WFOE and Intercompany payable to subsidiaries amounts are eliminated upon consolidation.

**31. Amend the second paragraph of Note 25 and the table under the subsection entitled "*Condensed Balance Sheets*" on pages F-81 to F-83 to read as follows:**

The Company's share of loss from its subsidiaries was reported as a share of loss of subsidiaries in the accompanying parent company only financial statements. Ordinarily, under the equity method, an investor in an equity method investee would cease to recognize its share of the losses of an investee once the carrying value of the investment has been reduced to nil absent an undertaking by the investor to provide continuing support and fund losses. For the purpose of the parent only financial information, the Company has continued to reflect its share, based on its proportionate interest, of the losses of its subsidiaries regardless of the carrying value of the investment in the amounts due to related parties even though the Company is not obligated to provide continuing support or fund losses.

***(a) Condensed Balance Sheets***

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br> December 31, <br> 2024** | **As of March 31, <br> 2025** | **As of March 31, <br> 2025** |
|  | **RMB** | **RMB** | **USD** |
|  | | **(Unaudited)** | **(Unaudited)** |
| ASSETS |  |  |  |
| Current assets |  |  |  |
| Cash | 129 | 82 | 11 |
| Amounts due from related parties | 3436 | 3431 | 473 |
| Intercompany receivable from WFOE | 31014 | 30970 | 4268 |
| Prepayments and other current assets | 10960 | 10945 | 1508 |
| **Total current assets** | **45539** | **45428** | **6260** |
| **Total assets** | **45539** | **45428** | **6260** |
| **LIABILITIES AND SHAREHOLDERS' DEFICIT** |  |  |  |
| Current liabilities |  |  |  |
| Financial liabilities | 20990 | 20960 | 2888 |
| Shareholder loans, at amortized cost | 1078 | 1795 | 247 |
| Amounts due to related parties | 3594 | 3589 | 495 |
| Intercompany payable to VIE | 5394 | 5394 | 743 |
| Accrued expenses and other current liabilities | 15531 | 15502 | 2136 |
| **Total current liabilities** | **46587** | **47240** | **6510** |
| Investments in subsidiaries | 433592 | 435685 | 60039 |
| **Total non-current liabilities** | **433592** | **435685** | **60039** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br> December 31, <br> 2024** | **As of March 31, <br> 2025** | **As of March 31, <br> 2025** |
|  | **RMB** | **RMB** | **USD** |
|  | | **(Unaudited)** | **(Unaudited)** |
| **Total liabilities** | **480179** | **482925** | **66549** |
| **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 March 31, 2025, Redemption value of RMB56,098 and RMB57,186 as of December 31, 2024 and March 31, 2025, respectively) | 56098 | 57186 | 7880 |
| Series B Redeemable Convertible Preferred Shares (US$0.00001 par value: 703,901,412 shares authorized as at December 31, 2024 and March 31, 2025, Redemption value of RMB787,739 and RMB797,445 as of December 31, 2024 and March 31, 2025, respectively) | 787739 | 797445 | 109891 |
| Series C Redeemable Convertible Preferred Shares (US$0.00001 par value: 517,022,352 shares authorized as at December 31, 2024 and March 31, 2025, Redemption value of RMB181,992 and RMB184,635 as of December 31, 2024 and March 31, 2025, respectively) | 181992 | 184635 | 25443 |
| Series C-1 Redeemable Convertible Preferred Shares (US$0.00001 par value: 357,323,044 shares authorized as at December 31, 2024 and March 31, 2025, Redemption value of RMB153,660 and RMB156,640 as of December 31, 2024 and March 31, 2025, respectively) | 153660 | 156640 | 21586 |
| Series C-2 Redeemable Convertible Preferred Shares (US$0.00001 par value: 220,757,061 shares authorized as at December 31, 2024 and March 31, 2025, Redemption value of RMB189,873 and RMB193,556 as of December 31, 2024 and March 31, 2025, respectively) | 189873 | 193556 | 26673 |
| Series D Redeemable Convertible Preferred Shares (US$0.00001 par value: 95,320,147 shares authorized <br> as at December 31, 2024 and March 31, 2025, <br> Redemption value of RMB136,115 and RMB138,755<br> as of December 31, 2024 and March 31, 2025, respectively) | 136115 | 138755 | 19121 |
| Subscription receivable from Series B Redeemable Convertible Preferred Shares | (134455) | (134455) | (18528) |
| Subscription receivable from Series C Redeemable Convertible Preferred Shares | (29026) | (29026) | (4000) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of <br> December 31, <br> 2024** | **As of March 31, <br> 2025** | **As of March 31, <br> 2025** |
|  | **RMB** | **RMB** | **USD** |
|  | | **(Unaudited)** | **(Unaudited)** |
| Subscription receivable from Series C-1 Redeemable Convertible Preferred Shares | (38955) | (38955) | (5368) |
| **Total mezzanine equity** | **1303041** | **1325781** | **182698** |
| **SHAREHOLDERS' DEFICIT** |  |  |  |
| Ordinary shares (US$0.00001 par value, 2,713,770,293 shares authorized, 460,147,059 shares issued and outstanding as of December 31, 2024 and March 31, 2025, respectively) | 31 | 31 | 4 |
| Additional paid – in capital | 47006 | 47006 | 6478 |
| Accumulated other comprehensive loss | (99395) | (99349) | (13691) |
| Accumulated deficit | (1715536) | (1740910) | (239904) |
| **Total shareholders' deficit attributable to ordinary shareholders of Yimutian Inc.** | **(1767894)** | **(1793222)** | **(247113)** |
| Non-controlling interests | 30213 | 29944 | 4126 |
| **Total shareholders' deficit** | **(1737681)** | **(1763278)** | **(242987)** |
| **Total liabilities, mezzanine equity and shareholders' deficit** | **45539** | **45428** | **6260** |

---

**Exhibit A**

**SUMMARY CONSOLIDATED FINANCIAL DATA AND OPERATING DATA**

The following summary consolidated statements of comprehensive loss data for the years ended December 31, 2023 and 2024, summary consolidated balance sheets data as of December 31, 2023 and 2024, and summary consolidated statements of cash flows data for the years ended December 31, 2023 and 2024 have been derived from the audited consolidated financial statements of our Company included elsewhere in this prospectus, which were prepared and presented in accordance with U.S. GAAP. The following summary consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2025, summary consolidated balance sheets data as of March 31, 2025 and summary consolidated cash flows data for the three months ended March 31, 2024 and 2025 are derived from our unaudited interim consolidated financial statements included elsewhere in this prospectus. Our historical results are not necessarily indicative of results expected for future periods. You should read this Summary Consolidated Financial Data and Operating Data section together with our consolidated financial statements and the related notes and "Management's Discussion and Analysis of Financial Condition and Results of Operations" included elsewhere in this prospectus.

The following table presents our summary consolidated statements of comprehensive loss data in absolute amount and as a percentage of our total revenues for the years ended December 31, 2023 and 2024 and the three months ended March 31, 2024 and 2025.

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> December 31,** | **For the Year Ended <br> December 31,** | **For the Year Ended <br> December 31,** | **For the Year Ended <br> December 31,** | **For the Year Ended <br> December 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **US$** | **%** | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | | | | | | **(unaudited)** | | **(unaudited)** | **(unaudited)** | |
|  | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** |
| Revenues | 187523 | 100.0 | 161321 | 22231 | 100.0 | 39244 | 100.0 | 34282 | 4724 | 100.0 |
| Cost of revenues | (49248) | (26.3) | (30573) | (4213) | (19.0) | (10282) | (26.2) | (7155) | (986) | (20.9) |
| **Gross profit** | **138275** | **73.7** | **130748** | **18018** | **81.0** | **28962** | **73.8** | **27127** | **3738** | **79.1** |
| Selling and marketing expenses | (94647) | (50.5) | (87618) | (12074) | (54.3) | (18120) | (46.2) | (17337) | (2389) | (50.6) |
| General and administrative expenses | (96712) | (51.6) | (39564) | (5452) | (24.5) | (15199) | (38.7) | (7029) | (969) | (20.5) |
| Research and development expenses | (47453) | (25.3) | (37811) | (5210) | (23.4) | (9082) | (23.1) | (6209) | (856) | (18.1) |
| Other income, net | 823 | 0.4 | 218 | 30 | 0.1 | 232 | 0.6 | 683 | 94 | 2.0 |
| **Operating loss** | **(99714)** | **(53.2)** | **(34027)** | **(4688)** | **(21.1)** | **(13207)** | **(33.7)** | **(2765)** | **(382)** | **(8.1)** |
| Interest income | 23 | 0.01 | 12 | 2 | 0.01 | 4 | 0.01 | 1 |  |  |
| Interest expense | (211) | (0.1) | (964) | (133) | (0.6) | (211) | (0.5) | (140) | (19) | (0.4) |
| Change in fair value of financial liabilities | (3728) | (2.0) |  |  |  |  |  |  |  |  |
| Loss from derecognition of financial liabilities | (1953) | (1.0) |  |  |  |  |  |  |  |  |
| **Loss before income taxes and share of loss of equity method investment** | **(105583)** | **(56.3)** | **(34979)** | **(4819)** | **(21.7)** | **(13414)** | **(34.2)** | **(2904)** | **(401)** | **(8.5)** |
| Income tax expense |  |  |  |  |  |  |  |  |  |  |
| Share of loss of an equity method investment | (38) | (0.02) | 38 | 5 | 0.02 |  |  |  |  |  |
| **Net loss** | **(105621)** | **(56.3)** | **(34941)** | **(4814)** | **(21.7)** | **(13414)** | **(34.2)** | **(2904)** | **(401)** | **(8.5)** |
| Net loss attributable to non-controlling <br> interests | 11 |  | 41 | 6 | 0.03 | 6 | 0.02 | 269 | 37 | 0.78 |
| **Net loss attributable to Yimutian Inc** | **(105610)** | **(56.3)** | **(34900)** | **(4808)** | **(21.6)** | **(13408)** | **(34.2)** | **(2635)** | **(364)** | **(7.7)** |
| Deemed dividend to Series C Redeemable Convertible Preferred Shareholders | (2872) | (1.5) |  |  |  |  |  |  |  |  |
| Deemed dividend to Series D Redeemable Convertible Preferred Shareholders | (915) | (0.5) | **—** | **—** |  |  |  |  |  |  |

---

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended <br> December 31,** | **For the Year Ended <br> December 31,** | **For the Year Ended <br> December 31,** | **For the Year Ended <br> December 31,** | **For the Year Ended <br> December 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **US$** | **%** | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | | | | | | **(unaudited)** | | **(unaudited)** | **(unaudited)** | |
|  | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** |
| Accretion of redeemable convertible preferred shares to redemption value | (71735) | (38.3) | (88277) | (12165) | (54.7) | (21040) | (53.6) | (22739) | (3134) | (66.3) |
| **Net loss attributable to ordinary shareholders of Yimutian Inc.** | **(181132)** | **(96.6)** | **(123177)** | **(16973)** | **(76.4)** | **(34448)** | **(87.8)** | **(25374)** | **(3498)** | **(74.0)** |
| **Net loss** | **(105621)** | **(56.3)** | **(34941)** | **(4814)** | **(21.7)** | **(13414)** | **(34.2)** | **(2904)** | **(401)** | **(8.5)** |
| Other comprehensive income (loss): |  |  |  |  |  |  |  |  |  |  |
| Fair value changes of financial liabilities due to instrument-specific credit risk, net of nil income taxes | 781 | 0.4 |  |  |  |  |  |  |  |  |
| Reclassification adjustment for gain on financial liabilities in net income, net of nil income taxes | 1953 | 1 |  |  |  |  |  |  |  |  |
| Foreign currency translation adjustment, net of nil income <br> taxes | (24300) | (13.0) | (432) | (60) | (0.3) | (23) | (0.1) | 46 | 6 | 0.1 |
| **Total comprehensive <br> loss** | **(127187)** | **(67.8)** | **(35373)** | **(4874)** | **(21.9)** | **(13437)** | **(34.2)** | **(2858)** | **(395)** | **(8.3)** |
| Net loss per ordinary share |  |  |  |  |  |  |  |  |  |  |
| – Basic and diluted | (0.45) |  | (0.27) | (0.04) |  | (0.08) |  | (0.06) | (0.01) |  |
| Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share |  |  |  |  |  |  |  |  |  |  |
|  – Basic and diluted | **400206197** | **2134.2** | **460147059** | **63409960** | **2852.4** | **416062646** | **10601.9** | **460147059** | **63409960** | **13422.4** |

---

The following table presents our condensed consolidating schedule depicting the consolidated statements of comprehensive loss for the years ended December 31, 2023 and 2024 and the three months ended March 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs'<br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| Revenues |  | 28302 | 441 | 187082 | (28302) | 187523 |
| Cost of revenues |  | (5008) | (246) | (43994) |  | (49248) |
| **Gross profit** | **—** | **23294** | **195** | **143088** | **(28302)** | **138275** |
| Selling and marketing expenses, general and administrative expenses and research and development expenses | (9756) | (46227) | (7154) | (203977) | 28302 | (238812) |
| Other income, net |  | 292 | 7 | 524 |  | 823 |
| Interest income | 4 | 2 |  | 17 |  | 23 |
| Interest expense |  |  | (64) | (147) |  | (211) |
| Change in fair value of financial liabilities | (3728) |  |  |  |  | (3728) |
| Loss from derecognition of financial <br> liabilities | (1953) |  |  |  |  | (1953) |
| **Loss before income taxes and share of loss of equity method investment** | **(15433)** | **(22639)** | **(7016)** | **(60495)** | **—** | **(105583)** |
| Income tax expense |  |  |  |  |  |  |
| Share of loss of an equity method <br> investment |  |  |  | (38) |  | (38) |
| **Net loss** | **(15433)** | **(22639)** | **(7016)** | **(60533)** | **—** | **(105621)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs'<br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| Net loss attributable to <br> non-controlling interests |  |  | 3 | 8 |  | 11 |
| **Net loss attributable to <br> Yimutian Inc** | **(15433)** | **(22639)** | **(7013)** | **(60525)** |  | **(105610)** |
| Deemed dividend to Series C Redeemable Convertible Preferred Shareholders | (2872) |  |  |  |  | (2872) |
| Deemed dividend to Series D Redeemable Convertible Preferred Shareholders | (915) |  |  |  |  | (915) |
| Accretion of redeemable convertible preferred shares to redemption value | (71735) |  |  |  |  | (71735) |
| **Net loss attributable to ordinary shareholders of Yimutian Inc.** | **(90955)** | **(22639)** | **(7013)** | **(60525)** |  | **(181132)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs' <br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| Revenues |  | 28350 | 1097 | 160176 | (28302) | 161321 |
| Cost of revenues |  | (2826) | (59) | (27688) |  | (30573) |
| **Gross profit** | **—** | **25524** | **1038** | **132488** | **(28302)** | **130748** |
| Selling and marketing expenses, general and administrative expenses and research and development expenses | (29) | (33194) | (8578) | (151494) | 28302 | (164993) |
| Other income, net | (14) | 66 | 151 | 15 |  | 218 |
| Interest income | 3 | 1 | 1 | 7 |  | 12 |
| Interest expense |  |  | (481) | (483) |  | (964) |
| **Loss before income taxes and share of loss of equity method investment** | **(40)** | **(7603)** | **(7869)** | **(19467)** | **—** | **(34979)** |
| Income tax expense |  |  |  |  |  |  |
| Share of loss of an equity method investment |  |  | 1703 | (1665) |  | 38 |
| **Net loss** | **(40)** | **(7603)** | **(6166)** | **(21132)** | **—** | **(34941)** |
| Net loss attributable to non-controlling interests |  |  | 31 | 10 |  | 41 |
| **Net loss attributable to Yimutian Inc** | **(40)** | **(7603)** | **(6135)** | **(21122)** | **—** | **(34900)** |
| Accretion of redeemable convertible preferred shares to redemption value | (88277) |  |  |  |  | (88277) |
| **Net loss attributable to ordinary shareholders of Yimutian Inc.** | **(88317)** | **(7603)** | **(6135)** | **(21122)** | **—** | **(123177)** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs' <br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| Revenues |  | 7075 | 92 | 34275 | (7160) | 34282 |
| Cost of revenues |  | (876) | (68) | (6296) | 85 | (8111) |
| **Gross profit** | **—** | **6199** | **24** | **27979** | **(7075)** | **26171** |
| Selling and marketing expenses, general and administrative expenses and research and development expenses | (726) | (6302) | (941) | (29681) | 7075 | (29619) |
| Other income, net | (2) | 92 | 6 | 587 |  | 683 |
| Interest income |  |  |  | 1 |  | 1 |
| Interest expense |  |  | (100) | (40) |  | (140) |
| **Loss before income taxes and share of loss of equity method investment** | **(728)** | **(11)** | **(1011)** | **(1154)** | **—** | **(2904)** |
| Income tax expense |  |  |  |  |  |  |
| Share of loss of an equity method investment |  |  |  |  |  |  |
| **Net loss** | **(728)** | **(11)** | **(1011)** | **(1154)** | **—** | **(2904)** |
| Net loss attributable to non-controlling interests |  |  | 269 |  |  | 269 |
| **Net loss attributable to Yimutian Inc** | **(728)** | **(11)** | **(742)** | **(1154)** | **—** | **(2635)** |
| Accretion of redeemable convertible preferred shares to redemption value | (22739) |  |  |  |  | (22739) |
| **Net loss attributable to ordinary shareholders of Yimutian Inc.** | **(23467)** | **(11)** | **(742)** | **(1154)** | **—** | **(25374)** |

---

The following table presents our summary consolidated balance sheets data as of December 31, 2023 and 2024 and March 31, 2025.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
| | **As of December 31,** | **As of December 31,** | **As of December 31,** | **As of March 31,<br> 2025** | **As of March 31,<br> 2025** |
| | **2023** | **2024** | **2024** | **As of March 31,<br> 2025** | **As of March 31,<br> 2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **US$** |
|  | | | | **(unaudited)** | **(unaudited)** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **ASSETS** |  |  |  |  |  |
| **Current assets** |  |  |  |  |  |
| Cash | 3829 | 2772 | 382 | 632 | 87 |
| Accounts receivable, net | 139 | 733 | 101 | 1090 | 150 |
| Amounts due from related parties | 11311 | 3436 | 473 | 3431 | 473 |
| Prepayments and other current assets | 38415 | 40040 | 5518 | 39553 | 5451 |
| Inventory |  | 237 | 33 | 270 | 37 |
| **Total current assets** | **53694** | **47218** | **6507** | **44976** | **6198** |
| **Total non-current assets** | **21865** | **13805** | **1902** | **12157** | **1675** |
| **Total assets** | **75559** | **61023** | **8409** | **57133** | **7873** |
| **LIABILITIES AND SHAREHOLDERS' DEFICIT** |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |
| Accounts payable | 3266 | 4398 | 607 | 6540 | 900 |
| Contract liabilities, current | 98293 | 88103 | 12141 | 85881 | 11835 |
| Bank loans | 4330 | 10000 | 1378 | 5500 | 758 |
| Financial liabilities | 20681 | 20990 | 2892 | 20960 | 2888 |
| Shareholder loans, at amortized cost | 228711 | 248643 | 34264 | 259022 | 35694 |
| Amounts due to related parties | 21526 | 13079 | 1802 | 6668 | 919 |
| Accrued expenses and other current liabilities | 100213 | 89224 | 12295 | 90241 | 12437 |
| Operating lease liabilities, current | 7924 | 4961 | 684 | 5511 | 759 |
| **Total current liabilities** | **484944** | **479398** | **66063** | **480323** | **66190** |
| **Total non-current liabilities** | **20877** | **16265** | **2241** | **14307** | **1972** |
| **Total liabilities** | **505821** | **495663** | **68304** | **494630** | **68162** |
| **Total mezzanine equity** | **1213769** | **1303041** | **179564** | **1325781** | **182698** |
| **Total shareholders' deficit** | **(1644031)** | **(1737681)** | **(239459)** | **(1763278)** | **(242987)** |
| **Total liabilities, mezzanine equity and shareholders' deficit** | **75559** | **61023** | **8409** | **57133** | **7873** |

---

The following table presents our condensed consolidating schedule depicting the consolidated balance sheets as of December 31, 2023 and 2024 and March 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs'<br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| **ASSETS** |  |  |  |  |  |  |
| **Current assets** |  |  |  |  |  |  |
| Cash | 496 | 55 | 47 | 3231 |  | 3829 |
| Accounts receivable, net |  |  |  | 139 |  | 139 |
| Amounts due from related parties | 3386 | 7925 |  |  |  | 11311 |
| Intercompany receivable from <br> Yimutian Inc. |  |  |  | 5394<sup>(1)</sup> | (5394) |  |
| Intercompany receivable from <br> WFOE | 30558<sup>(2)</sup> |  |  |  | (30558) |  |
| Intercompany receivable from other subsidiaries<sup>(3)</sup> |  | 5243 |  | 9455 | (14698) |  |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** | **As of December 31, 2023** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs'<br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| Intercompany receivable from VIEs and VIEs subsidiaries<sup>(4)</sup> |  | 68893 | 1275 |  | (70168) |  |
| Prepayments and other current <br> assets | 10798 | 475 | 4729 | 22411 |  | 38415 |
| **Total current assets** | **45238** | **82591** | **6053** | **40630** | **(120818)** | **53694** |
| Property and equipment, net . |  | 7 | 41 | 2099 |  | 2147 |
| Operating lease right-of-use assets |  | 2445 | 363 | 12581 |  | 15389 |
| Investments in subsidiaries | 447947 | 1800 | 436143 |  | (885890) |  |
| Investments in equity investees |  |  |  | 1122 |  | 1122 |
| Other non-current assets |  | 298 | 76 | 2833 |  | 3207 |
| **Total non-current assets** | **447947** | **4550** | **436623** | **18635** | **(885890)** | **21865** |
| **Total assets** | **493185** | **87141** | **442676** | **59265** | **(1006708)** | **75559** |
| **LIABILITIES AND SHAREHOLDERS' DEFICIT** |  |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |  |
| Accounts payable |  | 25 |  | 3241 |  | 3266 |
| Contract liabilities, current |  |  | 168 | 98125 |  | 98293 |
| Bank loans |  |  | 4330 |  |  | 4330 |
| Financial liabilities | 20681 |  |  |  |  | 20681 |
| Shareholder loans, at amortized cost | 1062 | 185775 |  | 41874 |  | 228711 |
| Amounts due to related parties | 3541 | 17985 |  |  |  | 21526 |
| Intercompany payable to Yimutian Inc. |  | 28625<sup>(2)</sup> |  | 50884<sup>(5)</sup> | (79509) |  |
| Intercompany payable to WFOE<sup>(6)</sup> |  |  | 5243 | 68893 | (74136) |  |
| Intercompany payable to <br> other subsidiaries<sup>(7)</sup> |  |  |  | 1275 | (1275) |  |
| Intercompany payable to VIEs and VIEs subsidiaries<sup>(8)</sup> | 5394 |  | 9455 |  | (14849) |  |
| Accrued expenses and other <br> current liabilities | 15224 | 32250 | 1833 | 50906 |  | 100213 |
| Operating lease liabilities, current |  | 833 | 221 | 6870 |  | 7924 |
| **Total current liabilities** | **45902** | **265493** | **21250** | **322068** | **(169769)** | **484944** |
| Contract liabilities, non-current |  |  |  | 14030 |  | 14030 |
| Operating lease liabilities, <br> non-current |  | 1545 | 133 | 5169 |  | 6847 |
| **Total non-current liabilities** | **—** | **1545** | **133** | **19199** | **—** | **20877** |
| **Total liabilities** | **45902** | **267038** | **21383** | **341267** | **(169769)** | **505821** |
| **Total mezzanine equity** | **1213769** | **—** | **—** | **—** | **—** | **1213769** |
| **Intercompany receivable from VIEs and VIEs' Subsidiaries for preferred shares<sup>(9)</sup>** | **54429** | **—** | **—** | **—** | **(54429)** | **—** |
| **Total shareholders' deficit attributable to ordinary shareholders** | **(820916)** | **(179896)** | **421319** | **(282282)** | **(782510)** | **(1644285)** |
| **Non-controlling interests** | **—** | **—** | **(28)** | **282** | **—** | **254** |
| **Total shareholders' deficit** | **(820916)** | **(179896)** | **421291** | **(282000)** | **(782510)** | **(1644031)** |
| **Total liabilities, mezzanine equity and shareholders' deficit** | **438755** | **87142** | **442674** | **59267** | **(952279)** | **75559** |

---

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs'<br> Subsidiaries** |  | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| **ASSETS** |  |  |  |  |  |  |  |
| **Current assets** |  |  |  |  |  |  |  |
| Cash | 129 | 111 | 995 | 1537 |  |  | 2772 |
| Accounts receivable, net |  |  | 3 | 730 |  |  | 733 |
| Amounts due from related parties | 3436 |  |  |  |  |  | 3436 |
| Intercompany receivable from <br> Yimutian Inc. |  |  |  | 5394 | (1) | (5394) |  |
| Intercompany receivable from <br> WFOE | 31014<sup>(2)</sup> |  |  |  |  | (31014) |  |
| Intercompany receivable from other subsidiaries<sup>(3)</sup> |  | 12386 |  | 10898 |  | (23284) |  |
| Intercompany receivable from VIEs and VIEs subsidiaries<sup>(4)</sup> |  | 75840 | 28900 |  |  | (104740) |  |
| Prepayments and other current <br> assets | 10960 | 507 | 5383 | 23190 |  |  | 40040 |
| Inventory |  |  | 210 | 27 |  |  | 237 |
| **Total current assets** | **45539** | **88844** | **35491** | **41776** |  | **(164432)** | **47218** |
| Property and equipment, net. |  | 4 | 35 | 1021 |  |  | 1060 |
| Operating lease right-of-use assets |  | 1394 | 1745 | 6450 |  |  | 9589 |
| Investments in subsidiaries | 455976 | 1800 | 443946 |  |  | (901722) |  |
| Other non-current assets |  | 298 | 76 | 2782 |  |  | 3156 |
| **Total non-current assets** | **455976** | **3496** | **445802** | **10253** |  | **(901722)** | **13805** |
| **Total assets** | **501515** | **92340** | **481293** | **52029** |  | **(1066154)** | **61023** |
| **LIABILITIES AND SHAREHOLDERS' DEFICIT** |  |  |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |  |  |
| Accounts payable |  | 98 | 223 | 4077 |  |  | 4398 |
| Contract liabilities, current |  |  | 114 | 87989 |  |  | 88103 |
| Bank loans |  |  | 5000 | 5000 |  |  | 10000 |
| Financial liabilities | 20990 |  |  |  |  |  | 20990 |
| Shareholder loans, at amortized cost | 1078 | 212565 |  | 35000 |  |  | 248643 |
| Amounts due to related parties | 3594 | 9485 |  |  |  |  | 13079 |
| Intercompany payable to Yimutian Inc. |  | 28625<sup>(2)</sup> |  | 50884 | <sup>(5)</sup> | (79509) |  |
| Intercompany payable to WFOE<sup>(6)</sup> |  |  | 12386 | 75840 |  | (88226) |  |
| Intercompany payable to <br> other subsidiaries<sup>(7)</sup> |  |  |  | 28900 |  | (28900) |  |
| Intercompany payable to VIEs and VIEs subsidiaries<sup>(8)</sup> | 5394 |  | 10898 |  |  | (16292) |  |
| Accrued expenses and other current <br> liabilities | 15531 | 26480 | 1041 | 46172 |  |  | 89224 |
| Operating lease liabilities, current |  | 718 | 629 | 3614 |  |  | 4961 |
| **Total current liabilities** | **46587** | **277971** | **30291** | **337476** |  | **(212927)** | **479398** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** | **As of December 31, 2024** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs'<br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| Contract liabilities, non-current |  |  |  | 12223 |  | 12223 |
| Operating lease liabilities, <br> non-current |  | 594 | 990 | 2458 |  | 4042 |
| **Total non-current liabilities** | **—** | **594** | **990** | **14681** |  | **16265** |
| **Total liabilities** | **46587** | **278565** | **31281** | **352157** | **(212927)** | **495663** |
| **Total mezzanine equity** | **1303041** | **—** | **—** | **—** | **—** | **1303041** |
| **Intercompany receivable from VIEs and VIEs' Subsidiaries for preferred shares<sup>(9)</sup>** | **54429** | **—** | **—** | **—** | **(54429)** | **—** |
| **Total shareholders' deficit attributable to ordinary shareholders** | **(902543)** | **(186222)** | **450044** | **(300403)** | **(828770)** | **(1767894)** |
| **Non-controlling interests** | **—** | **—** | **(31)** | **272** | **29972** | **30213** |
| **Total shareholders' deficit** | **(902543)** | **(186222)** | **450013** | **(300131)** | **(798798)** | **(1737681)** |
| **Total liabilities, mezzanine equity and shareholders' deficit** | **447085** | **92343** | **481294** | **52026** | **(1011725)** | **61023** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs' <br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| **ASSETS** |  |  |  |  |  |  |
| **Current assets** |  |  |  |  |  |  |
| Cash | 82 | 21 | 71 | 458 |  | 632 |
| Accounts receivable, net |  |  | 1 | 1089 |  | 1090 |
| Amounts due from related parties | 3431 |  |  |  |  | 3431 |
| Intercompany receivable from Yimutian Inc. |  |  |  | 5394<sup>(1)</sup> | (5394) |  |
| Intercompany receivable from WFOE | 30970<sup>(2)</sup> |  |  | 10998 | (41968) |  |
| Intercompany receivable from other subsidiaries<sup>(3)</sup> |  | 12981 |  |  | (12981) |  |
| Intercompany receivable from VIEs and VIEs subsidiaries<sup>(4)</sup> |  | 78375 | 29164 |  | (107539) |  |
| Prepayments and other current assets | 10945 | 513 | 5424 | 22671 |  | 39553 |
| Inventory |  |  | 186 | 84 |  | 270 |
| **Total current assets** | **45428** | **91890** | **34846** | **40694** | **(167882)** | **44976** |
| Property and equipment, net. |  | 3 | 530 | 730 |  | 1263 |
| Operating lease right-of-use assets |  | 1208 | 1699 | 5277 |  | 8184 |
| Investments in subsidiaries | 455365 | 1800 | 443316 |  | (900481) |  |
| Other non-current assets |  | 298 | 77 | 2335 |  | 2710 |
| **Total non-current assets** | **455365** | **3309** | **445622** | **8342** | **(900481)** | **12157** |
| **Total assets** | **500793** | **95199** | **480468** | **49036** | **(1068363)** | **57133** |
| **LIABILITIES AND SHAREHOLDERS' DEFICIT** |  |  |  |  |  |  |
| **Current liabilities** |  |  |  |  |  |  |
| Accounts payable |  | 298 | 399 | 5843 |  | 6540 |
| Contract liabilities, current |  |  | 114 | 85767 |  | 85881 |
| Bank loans |  |  | 5000 | 500 |  | 5500 |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** | **As of March 31, 2025** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs' <br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| Financial liabilities | 20960 |  |  |  |  | 20960 |
| Shareholder loans, at amortized cost | 1795 | 222227 |  | 35000 |  | 259022 |
| Amounts due to related parties | 3589 | 3079 |  |  |  | 6668 |
| Intercompany payable to <br> Yimutian Inc. |  | 28625<sup>(2)</sup> |  | 50884<sup>(5)</sup> | (79509) |  |
| Intercompany payable to WFOE<sup>(6)</sup> |  |  | 12981 | 78375 | (91356) |  |
| Intercompany payable to other subsidiaries<sup>(7)</sup> |  |  |  | 29164 | (29164) |  |
| Intercompany payable to VIEs and VIEs subsidiaries<sup>(8)</sup> | 5394 |  | 10998 |  | (16392) |  |
| Accrued expenses and other current liabilities | 15502 | 26069 | 1045 | 47625 |  | 90241 |
| Operating lease liabilities, current |  | 725 | 583 | 4203 |  | 5511 |
| **Total current liabilities** | **47240** | **281023** | **31120** | **337361** | **(216421)** | **480323** |
| Contract liabilities, non-current |  |  |  | 12053 |  | 12053 |
| Operating lease liabilities, non-current |  | 410 | 941 | 903 |  | 2254 |
| **Total non-current liabilities** | **—** | **410** | **941** | **12956** | **—** | **14307** |
| **Total liabilities** | **47240** | **281433** | **32061** | **350317** | **(216421)** | **494630** |
| **Total mezzanine equity** | **1325781** | **—** | **—** | **—** | **—** | **1325781** |
| **Intercompany receivable from VIEs and VIEs' Subsidiaries for preferred shares<sup>(9)</sup>** | **54429** | **—** | **—** | **—** | **(54429)** | **—** |
| **Total shareholders' deficit attributable to ordinary shareholders** | **(926657)** | **(186233)** | **448710** | **(301557)** | **(827485)** | **(1793222)** |
| **Non-controlling interests** | **—** | **—** | **(300)** | **272** | **29972** | **29944** |
| **Total shareholders' deficit** | **(926657)** | **(186233)** | **448410** | **(301285)** | **(797513)** | **(1763278)** |
| **Total liabilities, mezzanine equity and shareholders' deficit** | **446364** | **95200** | **480471** | **49032** | **(1013934)** | **57133** |

---

Notes:

(1) Represents the audit fees billed by the auditor of Yimutian
Inc., which were paid by the VIEs and the VIEs Subsidiaries.

(2) Represents primarily amounts receivable from WFOE to Yimutian
Inc. in connection with convertible loans issued to Dezhou Decai Industrial Innovation Equity Investment Fund (Limited Partnership) ("Dezhou
Decai") in principal amount of RMB19.5 million in 2022 and, to a lesser extent, amounts receivable from WFOE in connection with
advances by Yimutian Inc. to WFOE for business operations.

(3) Represents advances made by WFOE and the VIEs and the VIEs'
subsidiaries to other subsidiaries for business operations.

(4) Represents advances made by WFOE and other subsidiaries to the
VIEs and the VIEs' subsidiaries for business operations.

(5) Represents amounts payable to Yimutian Inc. in connection with
certain preferred shareholders', including our founder's, subscription of Yimutian Inc.'s Series B, C-2 and D preferred
shares in 2023. Prior to paying the consideration of the preferred shares to Yimutian Inc., the preferred shareholders, including our
founder, made shareholder loans to the VIEs and the VIEs' subsidiaries in the same amount of the consideration for preferred shares.

(6) Represents advances made by WFOE to the VIEs and the VIEs subsidiaries
and other subsidiaries for business operations.

(7) Represents advances made by other subsidiaries to the VIEs and
the VIEs' subsidiaries for business operations.

(8) Represents advances made by the VIEs and the VIEs' subsidiaries
to other subsidiaries and Yimutian Inc. for business operations.

(9) Represents amounts payable to Yimutian Inc. in connection with
certain preferred shareholders', including our founder's, subscription of Yimutian Inc.'s Series B, C-2 and D preferred
shares in 2023. Prior to paying the consideration of the preferred shares to Yimutian Inc., the preferred shareholders, including our
founder, made shareholder loans to the VIEs and the VIEs' subsidiaries in the same amount of the consideration for preferred shares
in 2023. The recorded amounts reflect adjustments for foreign exchange differences between the original investments made in Renminbi
by the preferred shareholders and the U.S. dollar exchange rate as of December 31, 2023.

The following table presents our summary consolidated statements of cash flows data for the years ended December 31, 2023 and 2024 and for the three months ended March 31, 2024 and 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** | **For the Three Months Ended <br> March 31,** |
|  | **2023** | **2024** | **2024** | **2024** | **2025** | **2025** |
|  | **RMB** | **RMB** | **US$** | **RMB** | **RMB** | **US$** |
|  | | | | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** | **(in thousands)** |
| **Cash Flow** |  |  |  |  |  |  |
| **Net cash used in operating activities** | **(17956)** | **(61439)** | **(8467)** | **(19719)** | **(1060)** | **(147)** |
| **Net cash (used in) provided by investing activities** | **(3230)** | **149** | **21** | **(133)** | **(570)** | **(79)** |
| **Net cash provided by (used in) financing activities** | **18545** | **60368** | **8319** | **18046** | **(533)** | **(74)** |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (215) | (135) | (14) | 3 | 23 | 5 |
| **Net decrease in cash and cash equivalents** | **(2856)** | **(1057)** | **(141)** | **(1803)** | **(2140)** | **(295)** |
| Cash and cash equivalents at the beginning of the <br> year | 6685 | 3829 | 523 | 3829 | 2772 | 382 |
| **Cash and cash equivalents at the end of the year** | **3829** | **2772** | **382** | **2026** | **632** | **87** |

---

The following table presents our condensed consolidating schedule depicting the consolidated cash flows for the years ended December 31, 2023 and 2024 and the three months ended March 31, 2025.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** | **For the Year Ended December 31, 2023** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs' <br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| **Cash Flow** |  |  |  |  |  |  |
| **Net cash used in operating activities** | **(4916)** | **(135301)** | **121258** | **1003** | **—** | **(17956)** |
| **Net cash (used in) provided by investing activities** | **(7083)** | **(6)** | **5019** | **(1160)** | **7083** | **(3230)** |
| **Net cash provided by financing activities** | **12508** | **134545** | **(126482)** | **(2026)** | **(7083)** | **18545** |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (202) |  | (13) |  |  | (215) |
| **Net decrease in cash and cash equivalents** | **307** | **(762)** | **(218)** | **(2183)** | **—** | **(2856)** |
| Cash and cash equivalents at the beginning of the year | 189 | 817 | 265 | 5414 |  | 6685 |
| **Cash and cash equivalents at the end of the year** | **496** | **55** | **47** | **3231** | **—** | **3829** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** | **For the Year Ended December 31, 2024** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs' <br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| **Cash Flow** |  |  |  |  |  |  |
| **Net cash used in operating activities** | **(1205)** | **(34659)** | **(32281)** | **6706** |  | **(61439)** |
| **Net cash (used in) provided by investing activities** | **—** | **—** | **(351)** | **500** |  | **149** |
| **Net cash provided by financing activities** | **995** | **34715** | **33558** | **(8900)** |  | **60368** |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | (157) |  | 22 |  |  | (135) |
| **Net decrease in cash and cash equivalents** | **(367)** | **56** | **948** | **(1694)** |  | **(1057)** |
| Cash and cash equivalents at the beginning of the year | 496 | 55 | 47 | 3231 |  | 3829 |
| **Cash and cash equivalents at the end of the year** | **129** | **111** | **995** | **1537** |  | **2772** |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** | **For the Three Months Ended March 31, 2025** |
|  | **Yimutian <br> Inc.** | **WFOE** | **Other <br> Subsidiaries** | **VIEs and <br> VIEs' <br> Subsidiaries** | **Eliminating <br> adjustments** | **Consolidated <br> totals** |
|  | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
|  | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** | **(RMB in thousands)** |
| **Cash Flow** | | | | | | |
| **Net cash used in operating activities** | **(75)** | **(9752)** | **9846** | **(1079)** |  | **(1060)** |
| **Net cash (used in) provided by investing activities** | **—** |  | **(570)** | **—** |  | **(570)** |
| **Net cash provided by financing activities** | **—** | **9662** | **(10195)** | **—** |  | **(533)** |
| Effect of foreign currency exchange rate changes on cash and cash equivalents | 28 |  | (5) |  |  | 23 |
| **Net decrease in cash and cash equivalents** | **(47)** | **(90)** | **(924)** | **(1079)** |  | **(2140)** |
| Cash and cash equivalents at the beginning of the year | 129 | 111 | 995 | 1537 |  | 2772 |
| **Cash and cash equivalents at the end of the year** | **82** | **21** | **71** | **458** |  | **632** |

---

**Exhibit B**

**DILUTION**

If you invest in the ADSs, your interest will be diluted to the extent of the difference between the initial public offering price per ADS and our net tangible deficit per ADS after this offering. Dilution results from the fact that the initial public offering price per Class A ordinary share is substantially in excess of the deficit per ordinary share attributable to the existing shareholders for our presently outstanding ordinary shares.

Our net tangible deficit as of March 31, 2025 was US$242,987 million, representing US$0.53 per ordinary share as of that date. Net tangible deficit represents the amount of our total consolidated assets less the amount of our total consolidated liabilities and total mezzanine equity. Dilution is determined by subtracting net tangible deficit per ordinary share as adjusted from the initial public offering price per ordinary shares. Because the Class A ordinary shares and Class B ordinary shares have the same dividend and other rights, except for voting and conversion rights, the dilution is presented based on all issued and outstanding ordinary shares, including Class A ordinary shares and Class B ordinary shares.

Without taking into account any other changes in such net tangible deficit after March 31, 2025, other than to give effect to the automatic conversion of our outstanding preferred shares and the issuance and sale of 113,050,000 Class A ordinary shares offered in this offering at the assumed initial public offering price of US$4.55 per ADS (the midpoint of the estimated initial public offering price range set forth on the front cover of this prospectus), after deduction of the underwriting discounts and commissions payable by us, our pro forma as adjusted net tangible deficit as of March 31, 2025 would have been approximately US$34.4 million, or US$0.01 per ordinary share and US$0.25 per ADS. This represents an immediate decrease in net tangible deficit of US$13 per ADS to existing shareholders and an immediate dilution in net tangible deficit of US$0.19 per ordinary share, or US$4.80 per ADS, to purchasers of ADSs in this offering.

The following table illustrates the dilution at an assumed initial public offering price of US$4.55 per ADS, the midpoint of the estimated initial public offering price range set forth on the front cover of this prospectus and all ADSs are exchanged for Class A ordinary shares:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | | **<u>Per Ordinary<br> Share</u>** | | **<u>Per ADS</u>** |
|  |  | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Assumed initial public offering price | US$ | 0.18 | US$ | 4.55 |
| Net tangible deficit as of March 31, 2025 | US$ | (0.53) | US$ | (13.25) |
| Pro forma as adjusted net tangible deficit after giving effect to this offering as of March 31, 2025 | US$ | (0.01) | US$ | (0.25) |
| Amount of dilution in net tangible deficit to new investors in this offering | US$ | 0.19 | US$ | 4.80 |

---

The pro forma information discussed above is illustrative only.

A US$1.00 increase (decrease) in the assumed initial public offering price of US$4.55 per ADS would decrease (increase) our pro forma as-adjusted net tangible deficit after giving effect to this offering by US$4.3 million, the pro forma as-adjusted net tangible deficit per ordinary share and per ADS after giving effect to this offering by US$0.52 per ordinary share and US$13 per ADS and the dilution in pro forma as-adjusted net tangible deficit per ordinary share and per ADS to new investors in this offering by US$0.01 per ordinary share and US$0.25 per ADS, assuming no change to the number of ADSs offered by us as set forth on the cover page of this prospectus, and after deducting underwriting discounts and commissions and other estimated offering expenses payable by us.

The following table summarizes, on a pro forma basis as of March 31, 2025, the differences between the existing shareholders and the new investors with respect to the number of ordinary shares (in the form of ADSs or shares) purchased from us in this offering, the total consideration paid and the average price per ordinary share and per ADS paid before deducting underwriting discounts and commissions and estimated offering expenses payable by us. The total number of ordinary shares does not include ordinary shares underlying the ADSs issuable upon the exercise of the option to purchase additional ADSs granted to the underwriter.

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Ordinary Shares <br> Purchased** | **Ordinary Shares <br> Purchased** | **Total <br> Consideration** | **Total <br> Consideration** | **Total <br> Consideration** | **Average Price<br> Per Ordinary** | **Average Price<br> Per Ordinary** | **Average Price** | **Average Price** |
|  | **Number** | **Percent** | **Amount** | **Amount** | **Percent** | **Share** | **Share** | **Per ADS** | **Per ADS** |
|  | | | **(unaudited)** | **(unaudited)** | | **(unaudited)** | **(unaudited)** | **(unaudited)** | **(unaudited)** |
| Existing shareholders | 2746376766 | 96.0% | US$ | 129121 | 86.3% | US$ | 0.05 | US$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;1.18 |
| New investors | 113050000 | 4.0% | US$ | <u>20575</u> | 13.7% | US$ | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;0.18 | US$ | 4.55 |
| &nbsp;&nbsp;&nbsp;Total | 2859426766 | 100.0% | US$ | 149696 | 100.0% |  |  |  |  |

---

The discussion and tables above also assume no exercise of any share options outstanding under our 2015 Plan as of the date of this prospectus. As of the date of this prospectus, there are 616,474,350 Class A ordinary shares issuable upon exercise of outstanding share options, and there are a total of 198,656,133 Class A ordinary shares available for future issuance upon the exercise of grants under the 2015 Plan. To the extent that any of these share options are exercised, there will be further dilution to new investors in our company.

The pro forma as adjusted information discussed above is illustrative only. Our net tangible deficit following the completion of this offering is subject to adjustment based on the actual initial public offering price of the ADSs and other terms of this offering determined at pricing.

**Exhibit C**

***Revenues***

 ****

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **US$** | **%** | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | | | | | | **(unaudited)** | | **(unaudited)** | **(unaudited)** | |
|  | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** |
| Digital agricultural commerce <br> services | 170921 | 91.1 | 152606 | 21030 | 94.6 | 37362 | 95.2 | 32279 | 4448 | 94.2 |
| &nbsp;&nbsp;&nbsp;Membership services | 99924 | 53.3 | 95589 | 13173 | 59.3 | 23727 | 60.5 | 21887 | 3016 | 63.8 |
| &nbsp;&nbsp;&nbsp;Value-added services | 65850 | 35.1 | 52712 | 7264 | 32.6 | 12525 | 31.9 | 9538 | 1314 | 27.9 |
| &nbsp;&nbsp;&nbsp;Transaction services | 5147 | 2.7 | 4305 | 593 | 2.7 | 1110 | 2.8 | 854 | 118 | 2.5 |
| Other digital agricultural <br> solutions | 16602 | 8.9 | 8715 | 1201 | 5.4 | 1882 | 4.8 | 2003 | 276 | 5.8 |
| **Total revenues** | **187523** | **100.0** | **161321** | **22231** | **100.0** | **39244** | **100.0** | **34282** | **4724** | **100.0** |

---

 **

***Cost of revenues***

 **

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **US$** | **%** | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | | | | | | **(unaudited)** | | **(unaudited)** | **(unaudited)** | |
|  | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** |
| Staff cost and outsourcing labor service fees | 28705 | 58.3 | 18538 | 2555 | 60.7 | 4960 | 48.2 | 3985 | 549 | 55.7 |
| Technology service fees | 6587 | 13.4 | 4482 | 618 | 14.6 | 3046 | 29.6 | 1972 | 272 | 27.6 |
| Others | 13956 | 28.3 | 7553 | 1040 | 24.7 | 2275 | 22.2 | 1198 | 165 | 16.7 |
| **Total cost of revenues** | **49248** | **100.0** | **30573** | **4213** | **100.0** | **10281** | **100.0** | **7155** | **986** | **100.0** |

---

 **

***Operating expenses***

 **

---

| | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Year Ended December 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** | **For the Three Months Ended March 31,** |
|  | **2023** | **2023** | **2024** | **2024** | **2024** | **2024** | **2024** | **2025** | **2025** | **2025** |
|  | **RMB** | **%** | **RMB** | **US$** | **%** | **RMB** | **%** | **RMB** | **US$** | **%** |
|  | | | | | | **(unaudited)** | | **(unaudited)** | **(unaudited)** | |
|  | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** | **(in thousands, except percentage)** |
| **Operating expenses:** |  |  |  |  |  |  |  |  |  |  |
| Selling and marketing expenses | (94647) | (50.5) | (87618) | (12074) | (54.3) | (18120) | (46.2) | (17337) | (2389) | (50.6) |
| General and administrative expenses | (96712) | (51.6) | (39564) | (5452) | (24.5) | (15199) | (38.7) | (7029) | (969) | (20.5) |
| Research and development expenses | (47453) | (25.3) | (37811) | (5210) | (23.4) | (9082) | (23.1) | (6209) | (856) | (18.1) |
| Other income, net | 823 | 0.5 | 218 | 30 | 0.1 | 232 | 0.6 | 683 | 94 | 2.0 |
| **Total operating expenses** | **(237989)** | **(126.9)** | **(164775)** | **(22706)** | **(102.1)** | **(42169)** | **(107.5)** | **(29892)** | **(4119)** | **(87.2)** |

---

**Exhibit D**

***Year Ended December 31, 2023 Compared to Year Ended December 31, 2024***

 

*Revenues*

Our revenues decreased by 14.0% from RMB187.5 million in 2023 to RMB161.3 million (US$22.2 million) in 2024.

Revenue from digital agricultural commerce services decreased by 10.7% from RMB170.1 million in 2023 to RMB152.6 million (US$21.0 million) in 2024, primarily due to comply with regulations, the short video feature was disabled, resulting in a decline in MU (Monthly Active Users) and business conversion rates.

Revenue from other digital agricultural solutions decreased by 47.5% from RMB16.6 million in 2023 to RMB8.7 million (US$1.2 million) in 2024, primarily due to government-related projects have decreased.

 

*Cost of Revenues*

Our cost of revenues slightly decreased by 37.9% from RMB49.2 million in 2023 to RMB30.6 million (US$4.2 million) in 2024.

 

*Gross Profit and Gross Margin*

As a result of the foregoing, our gross profit decreased from RMB138.3 million in 2024 to RMB130.7 million (US$18.0 million) 2024. Our gross margin increased from 73.7% in 2022 to 81.0% in 2024, 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 7.4% from RMB94.6 million in 2023 to RMB87.6 million (US$12.1 million) in 2024, primarily due to a decrease in advertising and promotion expenses and a decrease in staff cost related to selling and marketing personnel.

 

*General and Administrative Expenses*

Our general and administrative expenses decreased by 59.1% from RMB96.7 million in 2023 to RMB39.6 million (US$5.5 million) in 2024, primarily due to the increase of share-based compensation expenses related to awards granted to certain directors and management personnel of our company in 2023 and decrease in staff cost.

 

*Research and Development Expenses*

Our research and development expenses decreased by 20.3% from RMB47.5 million in 2023 to RMB37.8 million (US$5.2 million) in 2024, primarily due to our reduction in the research and development workforce associated with operations that were in the trial-and-error stage and decrease in staff cost.

 

*Change in Fair Value of Financial Liabilities*

Change in fair value of financial liabilities amounted to RMB3.7 million and nil in 2023 and 2024, respectively. It was included overseas direct investment (ODI) convertible loans and exchangeable notes, at their fair value at upon conversion.

 

*Gain (Loss) from Derecognition of Financial Liabilities*

Upon the conversion of ODI convertible loans and exchangeable notes, we recognized loss of RMB2.0 million and nil from derecognition of financial liabilities in 2023 and 2024, respectively, which represented the cumulative amount of the gain or loss previously recorded in other comprehensive loss resulted from changes in instrument-specific credit risk of the ODI convertible loans and the exchangeable notes.

 

*Share of Loss of Equity Method Investments*

Share of loss of equity method investments was RMB38 thousand (US$5 thousand) in 2023 due to our investment loss in certain other investees which investments occurred in March and September 2023. Share of gain of equity method investments was RMB38 thousand (US$5 thousand) in 2024 due to the company discontinued its investment and recovery of the invested capital.

 

*Net Loss*

As a result of the foregoing, our net loss decreased by 66.9% from RMB105.6 million in 2023 to RMB34.9 million (US$4.8 million) in 2024.

 ****

***Three Months Ended March 31, 2024 Compared to Three Months Ended March 31, 2025***