Yimutian Inc.

Listed Company

YMTCIK 0001991605NasdaqNon-AcceleratedEmerging GrowthServices-Computer Processing & Data PreparationE9KYFY ends Dec 31

Business

Yimutian Inc. is a foreign private issuer in Computer Processing & Data Preparation, headquartered in the Cayman Islands. Shares trade on Nasdaq under the ticker YMT.

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Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Revenues	141	161	188
Cost of revenues	22	31	49
Gross profit	119	131	138
Operating Expenses	—	—	—
Selling and marketing expenses	77	88	95
General and administrative expenses	59	40	97
Research and development expenses	30	38	47
Other income, net	5	218,000	823,000
Operating loss	−42	−34	−100
Interest income	9,000	12,000	23,000
Interest expense	6	964,000	211,000
Change in fair value of financial liabilities	—	—	4
Loss from derecognition of financial liabilities	—	—	−2
Loss before income taxes and share of loss of equity	−47	−35	−106
Income tax expense	—	—	—
Share of (loss) income of equity method investments	—	38,000	−38,000
Net loss	−47	−35	−106
Net loss attributable to non-controlling interests	−733,000	−41,000	−11,000
Net loss attributable to Yimutian Inc	−47	−35	−106
Deemed dividend to Series C Redeemable Convertible Preferred Shareholders	—	—	−3
Deemed dividend to Series D Redeemable Convertible Preferred Shareholders	—	—	−915,000
Accretion of redeemable convertible preferred shares to redemption value	—	−88	−72
Net loss attributable to ordinary shareholders of Yimutian Inc.	−47	−123	−181
Net loss	−47	−35	−106
Other comprehensive income (loss):	—	—	—
Fair value changes of financial liabilities due to instrument-specific credit risk, net of nil income taxes	—	—	781,000
Reclassification adjustment for gain on financial liabilities in net income, net of nil income taxes	—	—	−2
Foreign currency translation adjustment for parent company, net of nil income taxes	−1	432,000	24
Total comprehensive loss	−46	−35	−127
Net loss per ordinary share	—	—	—
– Basic	−0.03	−0.27	−0.45
– Diluted	−0.03	−0.27	−0.45
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share	—	—	—
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share - Basic	1,341	460	400
Weighted average number of ordinary shares outstanding used in computing net loss per ordinary share - Diluted	1,341	460	400

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31
ASSETS	—	—
Current assets	—	—
Cash	109	3
Accounts receivable, net	945,000	733,000
Amounts due from related parties	3	3
Prepayments and other current assets	38	40
Inventory	2	237,000
Total current assets	154	47
Property and equipment	782,000	1
Right-of-use assets	4	10
Other non-current assets	3	3
Total non-current assets	7	14
Total assets	161	61
LIABILITIES AND SHAREHOLDERS’ DEFICIT	—	—
Current liabilities	—	—
Accounts payable	5	4
Contract liabilities, current	76	88
Bank loans	17	10
Convertible notes payable	18	—
Financial liabilities	25	21
Shareholder loans, at amortized cost	66	249
Amounts due to related parties	4	13
Accrued expenses and other current liabilities	96	89
Operating lease liabilities, current	2	5
Total current liabilities	310	479
Contract liabilities, non-current	13	12
Operating lease liabilities, non-current	364,000	4
Total non-current liabilities	13	16
Total liabilities	323	496
Commitments and Contingencies	—	—
Mezzanine equity:	—	—
Convertible preferred shares	—	1,505
Subscription receivable	—	−202
Total mezzanine equity	—	1,303
SHAREHOLDERS’ DEFICIT	—	—
Ordinary shares value	201,000	31,000
Additional paid – in capital	1,668	47
Accumulated other comprehensive loss	−98	−99
Accumulated deficit	−1,762	−1,716
Total shareholders’ deficit attributable to ordinary shareholders of Yimutian Inc.	−191	−1,768
Non-controlling interests	29	30
Total shareholders’ deficit	−162	−1,738
Total liabilities, mezzanine equity and shareholders’ deficit	161	61

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	Dec 31, 2025 2025-12-31	Dec 31, 2024 2024-12-31	Dec 31, 2023 2023-12-31
Operating activities:	—	—	—
Net loss	−47	−35	−106
Adjustments to reconcile net loss to net cash used in operating activities:	—	—	—
Depreciation	1	1	2
(Reversal) Allowance for credit losses	362,000	453,000	−3
Gain on waiver of liabilities	3	—	—
Changes in fair value of financial instruments	—	—	4
Interest expenses related to convertible note	582,000	—	—
Redemption of non-controlling interest	154,000	—	—
Share of loss (gain) of equity method investments	—	38,000	−38,000
Interest paid on financial liabilities at fair value	5	—	—
Foreign exchange loss on financial liabilities at fair value	559,000	—	—
Loss from derecognition of financial liabilities	—	—	−2
Loss (Gain) on disposal of property and equipment	−34,000	16,000	−40,000
Share-based compensation expense	—	—	51
Changes in operating assets and liabilities:	—	—	—
Accounts receivable	230,000	871,000	−4
Prepayments and other current assets	−2	5	−12
Other non-current assets	−587,000	−51,000	2
Inventory	2	237,000	—
Accounts payable	815,000	1	455,000
Contract liabilities	−12	−12	9
Accrued expenses and other current liabilities	6	−11	9
Operating lease liabilities	−366,000	32,000	−555,000
Net cash used in operating activities	−49	−61	−18
Investing activities:	—	—	—
Cash paid for purchase of property and equipment	850,000	351,000	2
Cash paid for (proceeds from) long-term investments	—	−500,000	1
Net cash (used in) provided by investing activities	−850,000	149,000	−3
Financing activities:	—	—	—
Issuance of common stocks-cash	116	—	—
Proceeds from short-term borrowings	19	10	—
Repayment for short-term borrowings	11	—	2
Proceeds from shareholder loans	29	28	14
Repayment for shareholder loans	9	8	7
Amounts due to related parties, net	6	9	−786,000
Loans provided to related parties	—	8	5
Convertible notes payable	18	—	—
Proceeds from Settlement of Series C Preferred Convertible notes payable	—	995,000	8
Capital contribution from non-controlling interest	—	30	—
Net cash provided by financing activities	155	60	19
Effect of foreign currency exchange rate changes on cash and cash equivalents	1	−135,000	−215,000
Net (decrease) increase in cash and cash equivalents	107	−1	−3
Cash and cash equivalents at the end of the year	—	—	—
Cash and cash equivalents at the end of the year	—	—	—
Supplemental disclosure of cash flow information:	—	—	—
Interest paid	1	964,000	211,000
Recognition of right-of-use assets and operating lease liabilities	−366,000	32,000	−555,000
Noncash in investing and financing activities	—	—	—
Issuance of Series B Redeemable Convertible Preferred Shares upon conversion of financial liabilities (see Note 11)	—	—	287

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