Diligence report Industrials; agriculture internet, digital agriculture, livestock SaaS, AIoT, and agri-commerce platforms Private unicorn; CB Insights tracker row provided by user says $1.08B valuation and 2018-09-18 date joined; public CB profile says Stage Series B | Alive

Nxin

Nxin Public-Source Startup Diligence Report

Nxin's diligence case rests on a well-corroborated 2018 RMB364M/US$53M B round at RMB7B pre-money valuation, strategic investors, broad digital-agriculture product suite, swine-focused AIoT/data claims, and ecosystem distribution through core enterprises and operating centers. The next diligence phase should prove monetized recurring revenue, profitable product mix, durable customers, clean cap table, defensible IP/data rights, and compliance for data/platform/finance-like services.

Company profile

Nxin Public-Source Startup Diligence Report

Eligible for a public-source diligence report: public CB data says Nxin is Series B | Alive, the user-provided CB tracker row supplies $1.08B unicorn status, ZGC/official materials corroborate 2018-2024 unicorn/activity signals, and no IPO/acquisition/shutdown evidence was found. The public thesis is a Beijing agriculture-internet platform with AIoT/SaaS/transaction products for livestock and agribusiness, but financials, customer concentration, current cap table, technical validation, and PRC legal/IP/regulatory checks remain high-priority gaps.

Website: www.nxin.com
Sector: Industrials; agriculture internet, digital agriculture, livestock SaaS, AIoT, and agri-commerce platforms
Geography: China; Beijing headquarters with PRC agricultural/livestock ecosystem exposure
Stage: Private unicorn; CB Insights tracker row provided by user says $1.08B valuation and 2018-09-18 date joined; public CB profile says Stage Series B | Alive
Known aliases: 农信互联, 北京农信互联科技集团有限公司, Nxin Internet Technology, Nongxin Digital Intelligence, 农信数智, nxin.com
Report version: 1.0
Timezone: UTC

Executive summary

Strengths

The 2018 B-round / Series B event around RMB364M / US$53M and RMB7B pre-money valuation is corroborated by 36Kr, Dabeinong/Sina announcement, official Nxin pages, Tracxn, CB, and news excerpts.
Official pages consistently describe a broad digital-agriculture product suite across 企联网, 猪联网, 饲联网, 食联网, 企店, procurement, marketplace, AI/IoT, and IAP architecture.
Active/private/unicorn eligibility is supported by CB Alive/Series B status, user-provided CB tracker metadata, ZGC repeated unicorn listings, and recent official activity pages.

Risks

No public audited financials, revenue/margin split, backlog, AR aging, debt, tax, burn, or runway.
Named case references exist, but top customers, revenue concentration, contracts, churn, renewals, and customer economics are not public.
Data, AI, platform transaction, procurement, and finance-like services create regulatory, cybersecurity, tax, and licensing questions requiring PRC counsel.
Current cap table and investor rights are private, public shareholder data may be stale, and duplicate CB profile data conflicts.
AI/IoT performance, IP ownership, security, and hardware field reliability are not independently verified.

Gaps

Audited financial statements, management accounts, revenue/gross margin by product/customer/channel, backlog, AR aging, burn, and runway.
Current cap table, investor rights, options/warrants/notes/debt, pledges, related-party schedule, and entity restructuring documents.
Top-15 customers, contracts, revenue concentration, churn/renewal, NPS, customer references, and supplier dependencies.
Independent technical diligence for AI/IoT products, model/data rights, security testing, IP assignments, patents/trademarks/software copyrights, and FTO.
PRC counsel legal/regulatory searches for litigation, administrative penalties, data/privacy/cybersecurity, platform tax, payment/finance-like services, and licenses.

Recommended next steps

Proceed to data-room diligence, not investment decision, because eligibility is supported but financial/customer/legal/technical evidence is insufficient.
Prioritize CFO/accountant package, current cap table, customer revenue/contract package, PRC counsel searches, and AI/IoT technical review.
Reconcile Nxin parent, Nxin Digital Intelligence, and Nxin Global entity/consolidation relationships before relying on platform transaction or 2024 funding claims.
Resolve CB duplicate profile and founding-date discrepancy through company registry extracts and financing documents.
Conduct customer and partner reference calls for Yuexiu/Hunan Baodong/Qiquan or current top customers after company permission.

Risk register

critical high likelihood

R-001: Financial opacity and unaudited economics

No audited financials, management accounts, revenue/gross-margin splits, backlog, AR aging, debt schedule, tax positions, burn, or runway are public.

Diligence request: Request full financial data room, audit workpapers, management accounts, revenue-recognition/tax memos, KPI dashboard, and quality-of-earnings review.

high medium likelihood

R-003: Cap table and financing-source ambiguity

2018 financing is well corroborated, but duplicate CB data conflicts with primary profile, public shareholder snapshots may be stale, and current preferences/options/debt are unknown.

Diligence request: Request current cap table, articles, investor-rights agreements, ESOP/partnership docs, debt/warrant/pledge schedule, and corporate registry extract.

high medium likelihood

R-004: Regulatory, data, platform-tax, and finance-like service exposure

Nxin's transaction, procurement, data, AI, cybersecurity, and finance-like product claims create licensing, privacy, cybersecurity, tax-platform, payment, lending, and algorithm/model governance questions.

Diligence request: Have PRC counsel review licenses/permits, partner model, payment/finance arrangements, data processing, ML/AI governance, platform-tax compliance, and administrative penalties.

high unknown likelihood

R-002: Customer concentration and adoption quality unknown

Public case references do not disclose top customers, revenue contribution, contract term, churn, renewal, or reference-call evidence.

Diligence request: Request top-15 customer schedule, revenue by customer/application/channel, contracts, churn/renewal, NPS, AR aging, and customer reference calls.

medium high likelihood

R-005: AI/IoT product performance, security, and IP ownership unvalidated

AI cloud box, pig-industry large model, disease diagnosis, digital twin, and IAP claims are public but independent model, security, uptime, hardware, and IP validation is missing.

Diligence request: Request demos, architecture review, model evals, security tests, device field data, uptime/SLA, IP assignments, open-source scan, and FTO opinion.

medium high likelihood

R-006: Agriculture and pig-cycle market cyclicality

Nxin is exposed to agriculture/livestock capital cycles, pig-price/feed-cost volatility, fragmented customer adoption, and competition across software, commerce, and services.

Diligence request: Request cohort performance through pig cycles, churn/upsell by segment, market-size model, competitive win/loss, and sensitivity scenarios.

medium medium likelihood

R-007: Entity-history, governance, and legal-record gaps

Public sources differ on 2003 legal establishment versus 2015 business/group founding; legal database access was incomplete and full governance records are private.

Diligence request: Request group chart, prior names/restructuring documents, board/shareholder minutes, SAMR extracts, counsel legal search, and related-party disclosures.

medium unknown likelihood

R-008: Internationalization and consolidation ambiguity

Nxin Global claims Hong Kong/Singapore registration and Nxin Digital funding/transaction volume; relationship to parent economics and foreign-operation risk is unclear.

Diligence request: Request entity chart, consolidation schedule, foreign registrations, transfer-pricing/data-export analysis, and overseas contracts/bank accounts.

Chapter 01

01Financial Information

Public evidence strongly supports a 2018 RMB364M/US$53M B-round unicorn event and current active/private eligibility, but no audited financial statements, revenue splits, backlog, AR aging, debt schedule, tax files, or current cap table are public.

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I.A Annual and quarterly financial information for the past three years

not publicly verifiable confidence: high

No audited or management financial statements were located publicly; product breadth and platform transaction claims do not substitute for financial statements.

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Evidence gaps

Audited FY2023-FY2025 and YTD 2026 financials
Revenue/gross-profit by product, channel, geography, and customer
Backlog, deferred revenue, AR aging, write-offs, and reserves

Hidden risks

Financial performance, cash burn, runway, revenue recognition, and collections risk cannot be evaluated publicly.

Follow-up questions

Provide audited financial statements, management accounts, KPI dashboard, product/customer revenue splits, backlog, and AR aging.

Public financial-information availability matrix
Item	Public evidence	Verification status	Risk implication	Follow-up
Audited income statements, balance sheets, cash flows, footnotes	Not found in public sources; Nxin is private.	not_publicly_verifiable	Core revenue, margin, cash burn, working capital, and accounting quality are unknown.	Request audited financials and management accounts for FY2023-FY2025 plus YTD 2026.
Plan versus actual and management reports	No budgets, board packs, or forecast-vs-actual reports located.	not_publicly_verifiable	Forecast reliability cannot be assessed.	Request board-approved plan, monthly management packs, KPI dashboard, and variance explanations.
Sales/gross profit by product, channel, geography	Product breadth is public, but no revenue/margin split is public.	not_publicly_verifiable	Cannot distinguish high-margin SaaS from lower-margin transaction/service activity.	Request revenue and gross margin by product family, channel, and province/country.
Backlog and AR aging	No backlog, contract liability, receivable aging, or bad debt data public.	not_publicly_verifiable	Hidden collection, implementation, or channel-credit risk may exist.	Request backlog by customer and AR aging with reserves and write-offs.
Official scale claims	Nxin Global claims cumulative platform transactions exceeded ¥1T and Nxin Digital raised ¥288M in 2024.	partially_verified	Scale claims could be material but may not equal revenue or parent-company economics.	Define transaction volume, eliminate related-party/platform pass-through amounts, and reconcile to audited revenue.

No public financial statement package was available.

I.B Financial Projections

not publicly verifiable confidence: low

No public projections were found; growth drivers are inferable from product expansion, platform distribution, AI/IoT roadmap, and Nxin Digital funding/internationalization claims, but quantitative forecasts are private.

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Evidence gaps

Three-year quarterly projection package
Assumptions by product/customer/channel
Capex, depreciation, working-capital, financing, and foreign-operations assumptions

Hidden risks

Forecasts may embed untested assumptions around pig-cycle recovery, customer adoption, hardware margins, and platform take-rates.

Follow-up questions

Provide board-approved plan, downside/base/upside scenarios, pipeline conversion assumptions, and sensitivity to pig price/feed cost/agriculture cycles.

I.C Capital Structure

partially verified confidence: medium

Public databases provide stage, funding, investor, and stale shareholder snapshots, but shares outstanding, fully diluted ownership, preferences, options, debt, and off-balance-sheet liabilities are not public.

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Evidence gaps

Current shareholder register
Fully diluted cap table
Options/warrants/notes/debt
Related-party ownership and pledges

Hidden risks

Current investor rights and dilution may materially differ from public snapshots.

Follow-up questions

Provide current cap table, articles, investor-rights agreements, ESOP/partnership documents, debt schedule, pledges, and off-balance-sheet commitments.

Public capital-structure and shareholder snapshot
Holder / instrument	Publicly reported detail	Source	Open diligence item
Dabeinong	VBData shareholder snapshot shows 25.9398%; Dabeinong announcement describes 2018 transfer/financing transaction.	VBData; Dabeinong/Sina announcement	Confirm current ownership, transferred shares, and related-party/customer/supplier arrangements.
Beijing Nongxin Zhongzhi / Nongxin Zhongbang entities	VBData reports 22.4313% each for two holding entities.	VBData	Identify beneficial owners, employee incentive plan relationship, voting/control rights, and vesting/repurchase terms.
Xue Suwen	VBData reports 13.4588%; 36Kr identifies Xue as legal representative.	VBData; 36Kr	Confirm founder ownership, pledges, marital/community property issues, and employment/IP assignments.
Beijing Juneng Hesheng / Beijing Shuju Xinrong / Yonyou / Join-cheer	Named as B/A-round investors across CB, 36Kr, and announcement/news excerpts.	CB; 36Kr; Dabeinong announcement; CMN/FintekAsia	Request investor rights, liquidation preference, anti-dilution, board seats, ROFR/co-sale, and consent rights.
Options, warrants, debt, bank lines, off-balance-sheet liabilities	No complete public schedule found.	Public-source gap	Request fully diluted cap table, debt schedule, warrants/notes/options, guarantees, and off-balance-sheet liabilities.

VBData ownership percentages may be stale and should not be used as current cap-table truth.

Reported financing amounts and valuation bars Bar chart comparing selected public financing figures: 2018 B-round raise estimates and RMB valuation claims.

I.D Other financial information

partially verified confidence: medium

Financing history is well supported for 2018, but tax, accounting policies, revenue recognition, current basis, and later financing details are not public.

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Evidence gaps

Tax filings
Revenue recognition policy
Financing basis and current valuation support

Hidden risks

Platform transaction, procurement, and finance-like modules could create complex accounting/tax positions.

Follow-up questions

Provide tax returns, VAT filings, revenue-recognition memo, financing history schedule, and reconciled valuation support.

Financing and valuation cross-source matrix
Date	Round/event	Amount/valuation	Sources	Diligence implication
2017-06	A round	Amount undisclosed; official affiliated history says RMB3B valuation	36Kr lists Yonyou, Zhongguancun Big Data Alliance, Join-cheer; Nxin Global says Series A valuation RMB3B.	Request A-round documents and current rights of strategic investors.
2018-09	B round / Series B	RMB364M / about US$53M; RMB7B pre-money reported	36Kr, Dabeinong announcement, China Money/FintekAsia, official pages, Tracxn, CB.	Well-corroborated public unicorn event; terms, preferences, and post-money ownership still private.
2024	Nxin Digital Intelligence funding claim	Official affiliated site says ¥288M funding	Nxin Global about/history page	Potentially affiliated/subsidiary financing; clarify consolidation and ownership.
Current public databases	Stage/status	CB: Series B \| Alive; total raised $53.05M; user CB row: $1.08B valuation	CB public profile and user-provided CB tracker row	Eligibility supported; exact current valuation and cap table require current export/documents.
Data-quality exception	Duplicate CB profile	Series A \| Alive; total raised $53.28M	CB duplicate profile	Resolve entity mapping and stale-profile conflict before relying on any single database.

Nxin financing and operating-status timeline Chronological view of legal/business founding, A round, B round/unicorn event, recent activity, and current eligibility signals.

Chapter 02

02Products

Nxin publicly presents a broad agriculture-internet platform across SaaS, AIoT, transaction, procurement, marketplace, and finance-like services, with the deepest product evidence around swine/pig-farm digitalization. Public sources do not establish product-level revenue, margins, market share, independent performance, or customer ROI.

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II.A Description of each product

partially verified confidence: medium

Official sources describe 企联网, 猪联网/猪小智/猪小慧, 饲联网, 食联网, 企店, 企采采, 企商城, and IAP architecture. Product existence/positioning is credible; growth, market share, price, cost, and profitability are not publicly quantified.

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Evidence gaps

Product-level ARR/revenue/GM
Market share and win/loss
Customer ROI and retention
Technical benchmarks and model/security validation

Hidden risks

Product portfolio may contain lower-margin hardware/service components and operationally complex modules.
Marketing claims may overstate maturity or monetization.

Follow-up questions

Provide product catalog, pricing, customer counts, revenue/gross margin by product, product roadmap, demo access, SLAs, uptime, model-evaluation reports, and customer outcomes.

Product portfolio and application map
Product / module	Application	Public evidence	Diligence focus
企联网 / platform	Digital enterprise management, smart production, platform services	Official pages describe mobile internet, IoT, AI, big data cloud platform for ag/livestock enterprises.	Determine actual modules sold, pricing, attach rate, implementation effort, and gross margin.
猪联网 / 猪小智 / 猪小慧	Pig-farm ERP, AI/IoT management, digital twin, diagnosis, AI assistant	Product page and speeches list ERP, AI brain, cloud box, large-model assistant, disease AI, and 3D digital twin.	Validate model accuracy, edge-device reliability, farm deployment costs, and customer outcomes.
饲联网	Feed enterprise management	Nxin Digital page describes feed-company digital management system.	Assess integration with feed mills, ERP replacement risk, and revenue contribution.
食联网	Food/slaughter enterprise integrated management	Product page describes food/slaughter enterprise integrated management system.	Assess regulatory traceability, food safety, and enterprise IT integration requirements.
企店 / 企采采 / 企商城 / 智农通	Dealer/store operations, procurement, marketplace, education/community	Official pages list store, procurement, mall, and ZNT service links.	Separate SaaS revenue from take-rate/transaction revenue and evaluate payment/financial-service compliance.

Product economics, market-share, and technology-change diligence matrix
Item	Public evidence	Verification status	Risk implication	Follow-up
Historical/projected product growth	Official histories show product launches and events but not ARR, customer count, or usage cohorts.	not_publicly_verifiable	Growth narrative may not translate into revenue growth.	Request product-level ARR/GMV/revenue, active farms, devices connected, paid accounts, churn, and cohort retention.
Market share	No independent market-share estimate found; ZGC/CB only recognize category/unicorn status.	unverified	Competitive strength cannot be quantified.	Request TAM/SAM/SOM model, share by pig/feed/food/store vertical, and third-party market studies.
Pricing policies	No price cards or contract terms public.	not_publicly_verifiable	Cannot assess price realization or discounting.	Request standard order forms, discount policy, list price history, renewals, and churn by cohort.
Cost structure and profitability	Hardware/AI/IoT/service breadth is visible, but COGS and implementation costs are not.	not_publicly_verifiable	AIoT deployments may carry low margins or support burden.	Request gross margin by SaaS, hardware, service, transaction, finance-like modules, plus support-cost allocation.
Technology-change speed	Public AI/large-model, cloud-box, digital twin claims show rapid roadmap expansion.	partially_verified	Fast-moving AI/IoT claims require continuous R&D spend and model governance.	Request roadmap, R&D budget, security/model governance, and product deprecation plan.

Nxin product architecture map Architecture-style map of product modules and data/service flows described in public company sources.

Chapter 03

03Customer Information

Public customer evidence consists of company-controlled relationship models and named case references. No top-15 customer schedule, revenue concentration, contract terms, supplier spend, or severed-relationship list is public.

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III.A Top customers by application

partially verified confidence: medium

Named public case references include Yuexiu Nongmu Food, Hunan Baodong Nongmu, and Qiquan Nongmu, but they are not a ranked top-customer list and do not disclose purchase timing or ownership details.

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Evidence gaps

Top-15 customer list
Application/product ownership
Timing and amounts of purchases
Customer reference calls

Hidden risks

Revenue may be concentrated in a few core enterprises or implementation projects.

Follow-up questions

Provide top-15 customers for FY2024, FY2025, and YTD 2026 by application/product with revenue, gross margin, contract term, implementation status, and reference contact.

Public customer and application evidence
Customer / category	Application	Evidence quality	Missing diligence
Yuexiu Nongmu Food	Fengkai smart pig-farm project delivery reference	Company-controlled case/news reference on partner page	Contract, scope, deployment acceptance, paid amount, renewal/support terms, reference call.
Hunan Baodong Nongmu	企联网 customer testimonial reference	Company-controlled video/news reference	Confirm testimonial authenticity, product modules, revenue, and customer outcomes.
Qiquan Nongmu Group	Digital pig-farming reference	Company-controlled case reference	Obtain statement of work, KPIs, and reference-call permission.
Core enterprises	Management, transaction, finance, logistics, and service cooperation	Official model definition; no named revenue list	Top-15 customer schedule by application and YTD revenue.
Top customers >=5% revenue	Checklist item	Not public	Revenue by customer for FY2024, FY2025, and YTD 2026 with concentration and AR aging.

Customer evidence coverage chart Chart comparing publicly visible customer evidence types with missing revenue-quality data.

III.B Strategic relationships

partially verified confidence: medium

Official pages describe core-enterprise cooperation and ecosystem partners, but revenue contribution and marketing agreements are not public.

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Evidence gaps

Strategic contracts
Revenue contribution
Marketing agreements
Termination/exclusivity rights

Hidden risks

Partnership dependency, exclusivity, or channel conflict could be hidden.

Follow-up questions

Provide strategic partner list, contracts, revenue by partner, joint-marketing terms, exclusivity, and partner pipeline.

Strategic relationships, suppliers, and severed-relationship diligence
Item	Public evidence	Verification status	Risk implication	Follow-up
Strategic/core-enterprise relationships	Official page describes core enterprises cooperating across management, transaction, finance, logistics, and services.	partially_verified	Ecosystem value may depend on a small set of strategic partners.	Request strategic agreements, revenue contribution, exclusivity, termination rights, and partner pipeline.
Financial partners	Official partner page references financial partner categories; specific current agreements not disclosed in text excerpt.	unverified	Finance-like product claims may create regulated partner dependencies.	Request bank/financing partner contracts, license analysis, and borrower/customer-risk allocation.
AI/IoT ecosystem suppliers	Official partner page references AI+IoT+IT ecosystem partners but names were not extractable from text.	unverified	Hardware/AI stack may rely on third-party devices, clouds, or models.	Request top suppliers by spend, device/cloud/model contracts, data-processing addenda, and termination rights.
Significant relationships severed	No public evidence of severed customer/partner/supplier relationships found.	inconclusive	Absence of public evidence is not evidence of absence.	Request two-year lost customer/partner/supplier list with reason, revenue impact, and disputes.

III.C Revenue by customer

not publicly verifiable confidence: high

No customer revenue contribution or >=5% customer concentration information is public.

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Evidence gaps

Revenue by customer
AR by customer
Related-party/customer overlap

Hidden risks

One or more core enterprises or related parties could account for material revenue.

Follow-up questions

Provide customer revenue and gross margin by fiscal year/YTD, including all customers above 5% revenue and related-party flags.

III.D Significant relationships severed within the last two years

inconclusive confidence: low

No public severed-relationship list or confirmed material lost relationship was found; this remains inconclusive because private customer/partner records are unavailable.

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Evidence gaps

Lost relationship list
Termination notices
Disputes
Revenue impact

Hidden risks

Lost core enterprise, supplier, or finance-partner relationships could materially affect revenue or operations.

Follow-up questions

Provide two-year schedule of lost customers, partners, and suppliers with reasons, revenue impact, and disputes.

III.E Top suppliers

not publicly verifiable confidence: low

No top supplier schedule is public; AI/IoT/hardware/cloud claims imply supplier dependencies that require diligence.

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Evidence gaps

Top suppliers by spend
Supplier contracts
Cloud/model/device dependency
Data processing terms

Hidden risks

Hardware or cloud/model supplier concentration may create margin, uptime, or data-control risk.

Follow-up questions

Provide supplier spend by vendor, contracts, SLAs, termination rights, source-code/escrow if applicable, and data-processing terms.

Chapter 04

04Competition

Nxin competes across multiple segments: digital agriculture infrastructure, livestock software/AIoT, procurement/commerce, fresh-food supply chain, and agricultural services. Public sources show competitor categories but not market share, win/loss, pricing, or customer preference.

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IV.A Competitive landscape by market segment

partially verified confidence: medium

CB lists competitors including Yimutian and other agtech/commerce/supply-chain alternatives. Nxin's basis of competition appears to be vertical depth, AIoT/data capabilities, and platform distribution, but public sources do not quantify win rates or market share.

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Evidence gaps

Market share
Win/loss by segment
Pricing comparisons
Customer switching costs
ROI benchmarks

Hidden risks

Nxin may face larger commerce/platform competitors in transactions and specialized enterprise software competitors in workflow depth.

Follow-up questions

Provide competitive win/loss reports, TAM/share analysis, pricing comparison, customer references against competitors, and product differentiation evidence.

Competitive landscape by segment
Segment	Nxin position	Representative competitors	Basis of competition
Digital agriculture infrastructure	IAP, IoT, AI, data platform for ag/livestock	FN Group, Shuxi.ai, UML-Tech, Heda Technology	Depth of vertical workflows, device integration, data assets, and implementation service.
Agricultural/fresh-food commerce and supply chain	企商城/企采采/transaction ecosystem and agricultural services	Meicai, Wangjiahuan, Xinfadi	Supply density, price, logistics, working capital, and trust.
Farm/land/agri marketplace	Agricultural internet ecosystem	Yimutian, TULIU.com	Distribution reach, user liquidity, and monetization model.
Pig/livestock enterprise software	猪联网 / 猪小智 / AIoT pig-farm focus	Vertical software and enterprise IT vendors not comprehensively listed in accessible public sources	Swine-domain specialization, ease of deployment, device ecosystem, and ROI.

Competitive strengths, weaknesses, and diligence tests
Dimension	Publicly supported strength	Potential weakness	Diligence test
Vertical depth	Broad pig/feed/food/store product modules and founder speeches centered on swine value chain	Breadth may create complexity and diluted focus	Analyze revenue/gross margin and retention by module.
Data/AI moat	IAP, agriculture large model, AI cloud box, digital twin claims	No independent model performance, dataset rights, or security evidence	Review model evals, dataset provenance, security audit, and customer outcomes.
Distribution	Core enterprises plus operating centers/stations for fragmented market reach	High service/channel cost and partner dependency	Measure CAC, payback, channel productivity, and partner concentration.
Capital/brand	Unicorn recognition and strategic investors	2018 valuation may be stale and data sources conflict	Review current cap table, latest financing, and investor rights.

Digital agriculture competitive map Illustrative competitive map placing Nxin and CB-listed competitors by product breadth and digital-infrastructure depth.

Chapter 05

05Marketing, Sales, and Distribution

Nxin's public GTM narrative combines core-enterprise relationships, operating centers/stations, digital platforms, and industry events/content. Sales productivity, compensation, quota, CAC, pipeline, and budget adequacy are not public.

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V.A Strategy and implementation

partially verified confidence: medium

Official sources position Nxin as a platform/service provider for digital agriculture, using events, content, core-enterprise cooperation, and operating centers/stations. Domestic channels are visible; international implications are limited to affiliated claims.

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Evidence gaps

GTM budget
Channel economics
Domestic vs international revenue
Marketing conversion data

Hidden risks

Channel/service costs may consume margins; platform-finance messaging may create regulatory obligations.

Follow-up questions

Provide GTM strategy, channel contracts, marketing spend, event ROI, pipeline by channel, and international revenue/operations details.

Marketing, sales, and distribution channel map
Channel	Public evidence	Likely monetization	Key risk
Core enterprises	Official page describes cooperation with leading enterprises across management, transaction, finance, logistics, and services.	Enterprise SaaS/services plus ecosystem transactions	Revenue concentration and implementation burden.
Operating centers / 农信小站	Official operation page describes upgrading dealers into operating centers/stations.	Channel sales, service fees, transaction/service take-rate	Channel control, quality, CAC, and local execution.
Digital platforms / 智农通 / mall	Official pages link ZNT, Nxin mall, education, procurement, and store products.	Marketplace/procurement/learning services	Payment, data, platform tax, and financial-service compliance.
Events/content/industry forums	Official and media pages show forums, speeches, and conferences around digital livestock ecosystem.	Lead generation and ecosystem branding	Marketing activity may not convert into paid/retained customers.

V.B Major Customers

partially verified confidence: medium

Major customer relationship status and future growth prospects are not publicly quantifiable; named case references do not disclose pipeline or revenue.

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Evidence gaps

Customer status/trends
Expansion pipeline
Renewal/churn
Reference checks

Hidden risks

Pipeline may be concentrated or not convert to recurring revenue.

Follow-up questions

Provide major-customer account plans, pipeline, expansion opportunities, renewals, churn, NPS, and reference-call access.

V.C Principal avenues for generating new business

partially verified confidence: medium

Public avenues include core enterprises, operating centers/stations, digital platforms, transaction/procurement services, and industry events.

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Evidence gaps

Lead source, conversion rates, CAC, payback, channel productivity

Hidden risks

Operationally heavy channels may be difficult to scale across regions or verticals.

Follow-up questions

Provide lead-to-close funnel, CAC, payback, channel productivity, and regional expansion plan.

GTM funnel from core enterprise to farm user Conceptual funnel based on official core-enterprise and operation-center pages.

V.D Sales force productivity model

not publicly verifiable confidence: low

No public data exists for sales compensation, quota, sales cycle, attainment, or hiring plan.

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Evidence gaps

Sales roster
Quota/attainment
Sales cycle
Hiring plan

Hidden risks

CAC/payback and growth-cost assumptions may be materially wrong.

Follow-up questions

Provide sales comp plan, quota and attainment, sales cycle by segment, account coverage, CAC/payback, and hiring plan.

Sales productivity, pipeline, and budget data gaps
Item	Public evidence	Verification status	Risk implication	Follow-up
Sales compensation and quota	No sales compensation plan, quota, or headcount-by-role public.	not_publicly_verifiable	Cannot model sales productivity or CAC payback.	Request sales org roster, quota by segment, attainment, commission plan, CAC/payback, and churn.
Average sales cycle	No disclosed sales-cycle metrics; enterprise/agriculture deployments likely vary by module.	not_publicly_verifiable	Forecast and working-capital needs may be volatile.	Request pipeline stage conversion by channel and product, implementation duration, and acceptance milestones.
Pipeline analysis	Recent event and partner pages show activity but not qualified pipeline or bookings.	not_publicly_verifiable	Marketing momentum cannot be translated to bookings.	Request pipeline by stage, probability, customer, product, geography, and expected close date.
Budget capacity	No marketing/sales budget public; Nxin Digital 2024 funding claim may affect growth budget but is unaudited.	partially_verified	Budget sufficiency and burn cannot be assessed.	Request operating plan, headcount plan, marketing spend, and use-of-proceeds.

V.E Ability to implement marketing plan with current and projected budgets

not publicly verifiable confidence: low

Budget capacity is not publicly verifiable; the affiliated 2024 funding claim could support investment but does not prove budget sufficiency.

EC-026 EC-027

Evidence gaps

Marketing budget
Use of proceeds
Burn/runway
Scenario plan

Hidden risks

Growth plan may depend on additional financing, partner subsidies, or unprofitable channel spend.

Follow-up questions

Provide current budget, three-year plan, use-of-proceeds, burn/runway, and variance history.

Chapter 06

06Research and Development

Nxin has visible public R&D claims around IAP, AIoT, pig-industry AI/large models, cloud-box hardware, digital twins, and high-tech enterprise recognition. Independent technical, IP, security, cost, roadmap, and personnel validation is missing.

EC-011 EC-012 EC-022 EC-023 EC-024 EC-026 EC-027

VI.A Description of R&D organization

partially verified confidence: medium

Public sources describe R&D strategy and outputs but not a complete R&D organization chart, personnel roster, budget, or project accounting.

EC-011 EC-022 EC-026

Evidence gaps

R&D org chart
Key personnel
R&D budget
Architecture/security docs
Build-vs-buy dependencies

Hidden risks

R&D capability may depend on a few unverified leaders, third-party models, or hardware suppliers.

Follow-up questions

Provide CTO/R&D leadership bios, org chart, project roadmap, R&D spend, IP assignments, architecture docs, and security/model governance.

R&D organization and capability evidence
Capability / org item	Public evidence	Verification	Diligence request
AI/IoT headquarters and high-tech status	Honors page identifies high-tech enterprise status and AI awards; official about page says management/R&D, operations/trading, AI/IoT functional HQs.	partially_verified	Request R&D org chart, employee list by function/location, project budgets, and grant/certification documents.
IAP architecture	Nxin Digital describes IAP with DaaS, MaaS, and TaaS modules.	verified	Review architecture, data flows, integrations, cloud/device inventory, and reliability metrics.
AI cloud box / large model	LanJinger and Nxin speech pages describe AI cloud box, Zhu Xiaohui digital person/GPT product, and agricultural large model.	partially_verified	Request model evals, dataset rights, security testing, MLOps, and customer deployments.
Key R&D personnel	Public pages name Xue Suwen and limited management; no full R&D leadership roster.	not_publicly_verifiable	Request CTO/R&D leadership bios, retention, compensation, IP assignments, and hiring plan.

VI.B New Product Pipeline

partially verified confidence: medium

Public pipeline items include pig-industry large model, AI cloud box, digital twin, and cross-vertical expansion. Cost of development and critical implementation risks are not public.

EC-012 EC-022 EC-024 EC-027

Evidence gaps

Development cost
Technical dependencies
Model/security validation
IP/FTO
Roadmap readiness

Hidden risks

AI/IoT product roadmap may require high R&D spend, regulatory controls, and hardware support while public economics are unknown.

Follow-up questions

Provide pipeline status by product, development budget, launch criteria, model/hardware validation, IP/FTO opinion, and customer pilots.

New product pipeline and technical-risk table
Pipeline item	Public status	Critical technology	Risk / validation
猪小慧 / pig-industry large model	Released/introduced in 2023 according to official/media sources	LLM adaptation, agricultural knowledge base, enterprise private data, visualization/reporting	Need accuracy, hallucination, data-security, and monetization evidence.
AI cloud box / farm monitoring	New smart hardware described in 2023 media coverage	Edge video, device integration, biosecurity workflows, low-latency monitoring	Need BOM, manufacturing quality, field failure, and support-cost data.
3D digital twin / remote management	Pig Internet Pro and product pages describe digital twin pig farm applications	IoT sensors, visualization, remote controls, data pipeline	Need deployment footprint, uptime, cybersecurity, and safety controls.
Free-range / cross-species expansion	Nxin Global says SwineNet Free-Range Farming Platform launched in 2025 and products expanded to fish/sheep/field in speeches	Domain adaptation and product-market fit beyond core swine vertical	Need segment economics and roadmap prioritization.

R&D capability public-evidence scorecard Bar chart scoring availability of public R&D evidence by capability area.

Chapter 07

07Management and Personnel

Public sources identify a few leaders and a broad employee-range, but the full organization, headcount by function/location, compensation, incentive plans, employee relations, and turnover are not public. Entity-history inconsistencies require cleanup.

EC-005 EC-016 EC-021 EC-026 EC-028

VII.A Organization Chart

partially verified confidence: low

Only a partial public org chart can be inferred from named leaders and functional HQ claims; full reporting lines are private.

EC-021 EC-028

Evidence gaps

Current org chart
Board composition
Entity chart
Delegation of authority

Hidden risks

Control, decision rights, related-party governance, and key-person dependency may be hidden.

Follow-up questions

Provide management/board org chart, group legal-entity chart, delegation-of-authority matrix, and related-party disclosures.

Public management and entity-relationship org chart Illustrative public org chart limited to named people/roles and known entity-history ambiguity.

VII.B Historical and projected headcount by function and location

partially verified confidence: low

VBData reports 101-500 employees, but no function/location history or projection is public.

EC-016 EC-026

Evidence gaps

Headcount by function/location/entity
Projected hiring
Service vs R&D mix

Hidden risks

Staffing may be insufficient or overly service-heavy for planned growth.

Follow-up questions

Provide monthly headcount by function/location/entity, open reqs, hiring plan, and attrition.

Headcount, compensation, incentives, and employee-relations gaps
Item	Public evidence	Verification status	Risk implication	Follow-up
Historical/projected headcount	VBData reports 101-500 employees; no function/location breakdown or trend public.	partially_verified	R&D, sales, service, and support capacity cannot be modeled.	Request monthly headcount by function/location/entity for FY2023-FY2026 and hiring plan.
Compensation and benefits	No compensation arrangements or benefits plan public.	not_publicly_verifiable	Retention cost and employment-law exposure unknown.	Request executive contracts, benefit plans, bonus plans, social-insurance compliance, and payroll reports.
Incentive stock plans	VBData shareholder entities may indicate employee/holding structures, but no option plan terms are public.	unverified	Dilution, control, and retention obligations unknown.	Request ESOP/option/partnership agreements, vesting, repurchase, and tax treatment.
Employee relations and turnover	No public turnover, labor dispute, or employee-relations dataset reviewed.	inconclusive	AI/IoT talent retention and service staff churn may materially affect execution.	Request two-year attrition by function, open disputes, non-compete/IP assignment compliance, and retention plan.

VII.C Senior management biographies

partially verified confidence: medium

Public biographies are limited; roles are visible for a few leaders but not enough for management diligence.

EC-005 EC-021 EC-026

Evidence gaps

Senior biographies
Employment history
Tenure
Board/advisor roles
Background checks

Hidden risks

Succession, retention, and founder control risk remain unquantified.

Follow-up questions

Provide management bios, background-check permission, employment agreements, board minutes, and succession plan.

Public management and entity-history evidence
Person / entity item	Publicly reported role	Source	Diligence request
薛素文	Legal representative, founder, chairman/president in public sources	36Kr, LanJinger, Nxin speech	Request full bio, current title, board role, ownership, employment agreement, IP assignment, and related-party disclosures.
冯兴臣	General manager on VBData	VBData	Confirm current role, authority, tenure, compensation, and succession coverage.
于莹	Vice president on 36Kr team section	36Kr	Confirm current role, functional remit, and retention risk.
Founding/entity dates	CB/Tracxn: 2015; 36Kr/VBData legal entity: 2003-09-16; Nxin Global: group established 2015	CB, Tracxn, 36Kr, VBData, Nxin Global	Request group chart, prior names, restructuring steps, historical equity issuances/transfers, and tax treatment.

VII.D Compensation arrangements

not publicly verifiable confidence: low

No public compensation, employment agreement, or benefit plan information was found.

EC-026

Evidence gaps

Employment agreements
Benefit plans
Payroll compliance

Hidden risks

Unseen retention, severance, non-compete, or bonus obligations could be material.

Follow-up questions

Provide executive agreements, compensation schedules, benefit plans, social-insurance compliance, and severance obligations.

VII.E Incentive stock plans

not publicly verifiable confidence: low

No public ESOP/option plan details are available; shareholder holding entities may indicate employee/incentive structures but terms are unknown.

EC-016 EC-026

Evidence gaps

ESOP/option/partnership plan
Vesting
Repurchase
Tax treatment

Hidden risks

Dilution and employee-ownership obligations may be hidden.

Follow-up questions

Provide incentive plans, grant ledger, vesting schedule, repurchase obligations, and tax analysis.

VII.F Significant employee relations problems, past or present

inconclusive confidence: low

No public employee-relations issue schedule was available; public-source absence is inconclusive.

EC-026

Evidence gaps

Labor disputes
Complaints
Non-compete/IP assignment issues

Hidden risks

Labor disputes or turnover could impair product/service delivery.

Follow-up questions

Provide employee-relations issue log, labor disputes, settlements, compliance audits, and HR policies.

VII.G Personnel Turnover

not publicly verifiable confidence: low

No turnover or retention data for the last two years was public.

EC-026

Evidence gaps

Two-year turnover
Retention plan
Critical-role attrition

Hidden risks

R&D and sales/service turnover may be material in an AIoT business.

Follow-up questions

Provide attrition by function/location/entity, regretted-loss list, retention plan, and hiring pipeline.

Chapter 08

08Legal and Related Matters

Eligibility is supported by active/public status signals, but legal clean status, IP ownership, litigation, penalties, contracts, insurance, EHS, tax, privacy/data, platform-finance, and material agreements cannot be concluded from accessible public sources. PRC counsel-grade searches are required.

EC-010 EC-014 EC-015 EC-023 EC-024 EC-025 EC-026 EC-029

VIII.A Pending lawsuits against the Company

inconclusive confidence: low

No fully verified material pending lawsuit was identified in accessible sources, but legal databases were blocked/rate-limited; conclusion is inconclusive.

EC-025

Evidence gaps

PRC litigation search
Enforcement records
Counsel letters

Hidden risks

Material litigation, enforcement, or arbitration may be missed without counsel searches.

Follow-up questions

Counsel to run litigation/enforcement/arbitration/credit searches for all group entities and provide counsel letters.

Legal, litigation, and operating-status public search matrix
Item	Public evidence	Verification status	Risk implication	Follow-up
Pending lawsuits against company	Accessible research did not verify material pending lawsuits; some legal/court pages were blocked or rate-limited.	inconclusive	Material claims could be missed.	Counsel to run PRC court, enforcement, arbitration, credit, and administrative-penalty searches for all group entities.
Lawsuits initiated by company	No complete public docket found.	inconclusive	IP/customer/collection disputes unknown.	Request litigation schedule and counsel letters.
IPO/acquisition/shutdown	CB says Alive/Series B; official and ZGC pages show active/unicorn status; no IPO/acquisition/shutdown evidence found.	partially_verified	Eligibility supported, but needs registry/securities confirmation.	Confirm no listing, merger, VIE restructuring, bankruptcy, liquidation, or material asset sale.
Corporate registry access	36Kr/VBData provide registry-like snapshots; Aiqicha/Qichacha direct pages were blocked/inaccessible.	partially_verified	Current registered capital, pledges, changes, branches, and penalties may be incomplete.	Obtain official SAMR/National Enterprise Credit Information Publicity System extracts and local counsel memo.

VIII.B Pending lawsuits initiated by Company

inconclusive confidence: low

No complete public docket of lawsuits initiated by Nxin was found.

EC-025

Evidence gaps

Plaintiff-case schedule
Collections disputes
IP enforcement

Hidden risks

Customer collections, IP disputes, or supplier disputes could indicate hidden operating problems.

Follow-up questions

Provide litigation schedule, dispute log, claims initiated by group entities, and outside-counsel letters.

VIII.C Environmental and employee safety issues and liabilities

not publicly verifiable confidence: low

Nxin is publicly software/AIoT/platform-focused, but field hardware/device deployments in farm settings create safety/product-liability diligence needs; no EHS records are public.

EC-011 EC-012 EC-026

Evidence gaps

EHS policies
Device certifications
Incident logs
Product liability claims

Hidden risks

Device failures, farm-site accidents, or product-safety claims may not be public.

Follow-up questions

Provide EHS policies, field-service safety procedures, incident logs, product certifications, and product-liability claims history.

VIII.D Material patents, copyrights, licenses, and trademarks

inconclusive confidence: low

Official sources support technology activity and high-tech status, but complete patent/trademark/software-copyright and license schedules were not publicly verified.

EC-023 EC-024

Evidence gaps

IP schedule
Assignments
Open-source inventory
FTO
Licenses

Hidden risks

Product differentiation may depend on unverified proprietary IP or third-party model/device rights.

Follow-up questions

Provide CNIPA/trademark/software-copyright schedule, assignments, employee/contractor IP agreements, open-source scan, third-party model/device licenses, and FTO opinion.

IP, cybersecurity, and regulatory evidence
Area	Public evidence	Status	Diligence need
Patents/trademarks/software copyrights	No complete IP schedule verified; direct public searches were blocked or sparse.	inconclusive	Request CNIPA/trademark/software copyright schedule, assignments, licenses, open-source inventory, and FTO opinion.
High-tech enterprise credentials	Official honors cite high-tech enterprise status for Nxin/Nxin Digital/Xiamen Nongxin.	partially_verified	Request certificates, validity dates, entities covered, tax benefits, and renewal status.
Cybersecurity level protection	Official pages cite level-3 protection filing/certification for information systems.	partially_verified	Request certificate scope, assessment reports, remediation records, penetration tests, and data-classification controls.
Finance-like products / data / platform tax	Official product suite includes 猪金融 and transaction/platform services; no licenses or partner agreements public.	unverified	Counsel to review lending/financing, payments, tax-platform reporting, data export, privacy, and algorithmic compliance obligations.

Legal/IP/compliance evidence coverage chart Coverage chart for legal/IP/compliance categories from public sources.

VIII.E Insurance coverage and material exposures

not publicly verifiable confidence: low

No insurance policies, limits, claims, exclusions, or broker letters were public.

EC-026

Evidence gaps

Insurance schedule
Claims history
Broker letters

Hidden risks

Cyber, E&O, product liability, device, employment, and D&O exposures could be underinsured.

Follow-up questions

Provide insurance schedule, policy copies, limits/exclusions, claims history, broker letter, and D&O/cyber/E&O/product-liability coverage analysis.

VIII.F Material contracts

not publicly verifiable confidence: low

Material customer, partner, supplier, financing, channel, cloud/model/device, and finance-partner contracts are not public.

EC-017 EC-020 EC-026

Evidence gaps

Material contract schedule
Top customer/partner/supplier contracts
Data/security addenda

Hidden risks

Unfavorable termination, exclusivity, warranty, indemnity, data, or revenue-share terms could materially affect value.

Follow-up questions

Provide material contract schedule and copies, including customer, partner, channel, supplier, cloud/model/device, finance, data-processing, and financing agreements.

Material contracts, insurance, EHS, and tax exposure gaps
Item	Public evidence	Verification status	Risk implication	Follow-up
Material customer/partner contracts	Named case references exist, but contracts, revenue, term, SLA, and termination rights are not public.	not_publicly_verifiable	Revenue durability and liability allocation unknown.	Request top contracts, order forms, SLAs, DPA/privacy terms, warranties, indemnities, and termination notices.
Insurance coverage	No insurance policies or coverage limits public.	not_publicly_verifiable	Cyber, E&O, product liability, device, and farm-safety exposures may be uninsured.	Request policy schedule, limits, exclusions, claims history, and broker letter.
Environmental / employee safety	Nxin is software/AIoT/platform-focused publicly, but farm-site hardware/service work could create safety duties; no EHS file public.	not_publicly_verifiable	On-site device deployments and livestock/farm environments may create safety/product-liability exposure.	Request EHS policies, incident logs, device certifications, field-service procedures, and product-liability claims.
Tax/accounting positions	No tax filings, revenue-recognition policy, transfer-pricing, or platform-tax compliance data public.	not_publicly_verifiable	Transaction/platform model could create VAT, withholding, agent/principal, and platform reporting risks.	Request tax returns, VAT filings, revenue recognition memo, transfer-pricing, and platform-tax compliance assessment.

VIII.G Regulatory agency problems

inconclusive confidence: low

No verified regulatory agency problem was found in accessible public sources, but database access was incomplete. Finance-like, transaction, data, AI, and cybersecurity activities require counsel review.

EC-010 EC-014 EC-020 EC-023 EC-025 EC-029

Evidence gaps

Administrative penalties
Licenses/permits
Cyber/data compliance
Financial-service partner/licensing analysis
Platform tax reporting

Hidden risks

PRC regulatory, data, platform tax, and financial-services exposure could be material.

Follow-up questions

Counsel to review all licenses/permits, administrative penalties, data/privacy/cybersecurity, platform tax, payment/finance/lending arrangements, and algorithm/model compliance.

Top diligence risk heatmap Risk heatmap for top public-source diligence risks.

Evidence

Evidence claims
ID	Claim	Status	Sources
EC-001	User-selected CB Insights tracker row identifies Nxin as a China/Beijing Industrials unicorn with $1.08B latest known valuation and 2018-09-18 date joined.	verified medium	SRC-001
EC-002	CB Insights public profile lists Nxin as Founded Year 2015, Stage Series B \| Alive, Total Raised $53.05M, and latest funding round Series B.	verified high	SRC-002
EC-003	A second CB Insights profile for Nxin presents conflicting/stale data: Stage Series A \| Alive, Total Raised $53.28M, latest Series A, investor Hexinjin Capital.	verified medium	SRC-003
EC-004	Tracxn describes Nxin as a Beijing digital-agriculture solutions provider, founded in 2015, Series B, with $52.9M raised in September 2018 and unicorn status in 2018.	verified medium	SRC-004
EC-005	36Kr PitchHub lists 农信互联 as a Beijing B-round agriculture internet platform operator with official website nxin.com, RMB364M B round in 2018-09, pre-money valuation RMB7B, legal name 北京农信互联科技集团有限公司, legal representative 薛素文, and establishment date 2003-09-16.	verified high	SRC-005
EC-006	Official Nxin pages state the mission '用互联网改变农业', describe an agricultural digital/intelligent ecosystem, and cite a September 2018 B round at RMB7B pre-money valuation.	verified medium	SRC-007 SRC-008 SRC-009
EC-007	Dabeinong's 2018 public announcement says Nxin would introduce Beijing Shuju Xinrong fund and Beijing Juneng Hesheng at RMB7B pre-money valuation and that Dabeinong would transfer shares at RMB5.5B valuation with total transfer amount RMB364M.	verified high	SRC-018
EC-008	China Money Network and FintekAsia public excerpts reported a RMB364M / US$53M Series B from Beijing Junenghesheng Industry Investment Fund and Beijing Shuju Xinrong Investment Management.	partially verified medium	SRC-019 SRC-020
EC-009	Nxin's official pages describe 企联网 as a smart agriculture cloud platform using mobile internet, IoT, AI, big data, digital enterprise management, smart production, and integrated services.	verified medium	SRC-006 SRC-021
EC-010	Official Nxin materials list a broad product set including 猪联网, 猪小智, 猪交易, 猪金融, 猪服务, 饲联网, 企店, 食联网, 企采采, and 企商城.	verified medium	SRC-006 SRC-007 SRC-011
EC-011	Nxin Digital Intelligence describes an IAP smart-agriculture operating system with DaaS device connection, MaaS intelligent decisioning, and TaaS trading ecosystem modules.	verified medium	SRC-011 SRC-025
EC-012	The 猪联网 product page claims pig-farm ERP, 猪小智 smart-management expert, AI brain/digital assistant, AI disease diagnosis, 3D digital twin/remote hosting, and data analysis capabilities.	verified medium	SRC-012
EC-013	The 饲联网, 食联网, and 企店 pages describe feed-company, food/slaughter enterprise, and chain-store/dealer digital-management products.	verified medium	SRC-013 SRC-014 SRC-015
EC-014	Official history, honors, partner/news, and English affiliated pages show continued 2024-2026 activity, awards, cooperation items, and active product development.	verified medium	SRC-009 SRC-010 SRC-022 SRC-025
EC-015	The Zhongguancun directory profile lists 北京农信互联科技集团有限公司 and indicates inclusion in China unicorn enterprise cohorts from 2018 through 2024.	verified medium	SRC-016
EC-016	VBData describes Nxin as operating, B-round, 101-500 employees, founded 2003-09-16, and provides a shareholder snapshot led by Dabeinong, Beijing Nongxin employee/holding entities, Xue Suwen, Beijing Juneng Hesheng, and Yonyou.	verified medium	SRC-017
EC-017	Public customer evidence is primarily company-controlled: pages define a core-enterprise cooperation model and reference cases such as Yuexiu Nongmu Food, Hunan Baodong Nongmu, and Qiquan Nongmu, but do not disclose revenue or top-15 customer lists.	partially verified medium	SRC-021 SRC-022
EC-018	Xue Suwen's public speeches describe Nxin's service logic as agriculture SaaS, agriculture AIoT, and transaction value-added services aimed at lowering production and transaction costs.	verified medium	SRC-023 SRC-024
EC-019	CB Insights lists Nxin competitors including Yimutian and identifies additional alternatives such as FN Group, Meicai, Wangjiahuan, Shuxi.ai, TULIU.com, UML-Tech, Heda Technology, and Xinfadi.	verified medium	SRC-002
EC-020	Nxin describes a platform-plus-service distribution model using core enterprises, operating centers, and 农信小站 to reach dealers and farm users.	verified medium	SRC-021 SRC-027
EC-021	Public management evidence identifies 薛素文 as legal representative/founder/chairman, 于莹 as VP on 36Kr, and 冯兴臣 as general manager on VBData.	partially verified medium	SRC-005 SRC-017 SRC-023 SRC-024
EC-022	Official honors and speeches report R&D/AI milestones including national high-tech enterprise recognition, AI cloud box, 猪小慧 pig-industry large model/GPT product, AI application award, and IAP platform evolution.	partially verified medium	SRC-010 SRC-023 SRC-024 SRC-025
EC-023	Nxin official honors state national/high-tech-enterprise credentials and information-system cybersecurity level-3 protection filing/certification for Nxin systems.	partially verified medium	SRC-010 SRC-025
EC-024	Material patents, trademarks, software copyrights, and freedom-to-operate could not be comprehensively verified from accessible public sources during this research.	inconclusive low	SRC-010 SRC-026
EC-025	No fully verified material lawsuit, enforcement action, IPO, acquisition, or shutdown was identified in accessible sources, but Chinese legal/registry databases were partially inaccessible.	inconclusive low	SRC-002 SRC-014 SRC-026
EC-026	Audited financial statements, projections, revenue by product/customer/channel, backlog, AR aging, debt, tax positions, compensation, and customer/supplier contract economics are not publicly available in the reviewed sources.	not publicly verifiable high	SRC-001 SRC-002 SRC-004 SRC-005 SRC-026
EC-027	Nxin Global's English affiliated site claims Nxin platform cumulative transactions exceeded ¥1T, Nxin Digital Intelligence raised ¥288M in 2024, and Hong Kong/Singapore companies were registered in 2024.	partially verified low	SRC-025
EC-028	Public sources differ on founding date: CB/Tracxn use 2015 while 36Kr/VBData show legal establishment 2003-09-16 and official affiliated history says Nxin Group officially established in 2015 after prior milestones/restructuring.	verified medium	SRC-002 SRC-004 SRC-005 SRC-017 SRC-025
EC-029	Available public evidence supports active/private/unicorn eligibility: CB says Alive/Series B, ZGC lists 2018-2024 unicorn cohorts, and official pages show recent 2024-2026 activity; no public IPO/acquisition/shutdown evidence was found.	partially verified medium	SRC-002 SRC-014 SRC-015 SRC-016 SRC-022 SRC-025 SRC-026

Sources
ID	Publisher	Title	Accessed
SRC-001	User / CB Insights tracker excerpt	User-provided CB Insights unicorn candidate row for Nxin	2026-05-23
SRC-002	CB Insights	Nxin company profile	2026-05-23
SRC-003	CB Insights	Nxin duplicate company profile	2026-05-23
SRC-004	Tracxn	Nxin - 2026 Company Profile & Funding	2026-05-23
SRC-005	36Kr PitchHub	农信互联 \| 项目信息	2026-05-23
SRC-006	Nxin	农信互联 official homepage	2026-05-23
SRC-007	Nxin	农信互联 company intro	2026-05-23
SRC-008	Nxin	农信互联 about us	2026-05-23
SRC-009	Nxin	农信互联 history	2026-05-23
SRC-010	Nxin	农信互联 honours	2026-05-23
SRC-011	Nxin Digital Intelligence	农信数智 official homepage	2026-05-23
SRC-012	Nxin Digital Intelligence	猪联网 product page	2026-05-23
SRC-013	Nxin Digital Intelligence	饲联网 product page	2026-05-23
SRC-014	Nxin Digital Intelligence	食联网 product page	2026-05-23
SRC-015	Nxin Digital Intelligence	企店 product page	2026-05-23
SRC-016	Zhongguancun Gazelle / China Unicorn directory	Zhongguancun Gazelle / Unicorn directory profile for 北京农信互联科技集团有限公司	2026-05-23
SRC-017	VBData / VCBeat / 动脉网	北京农信互联科技集团有限公司 company profile	2026-05-23
SRC-018	Sina Finance / Dabeinong listed-company announcement	大北农：关于北京农信互联科技集团有限公司股权转让暨增资的公告	2026-05-23
SRC-019	China Money Network	Chinese Agriculture Internet Firm Nxin Raises $53M In Series B Financing Round	2026-05-23
SRC-020	FintekAsia / China Money Network republication	Chinese Agriculture Internet Firm Nxin Raises $53M In Series B Financing Round	2026-05-23
SRC-021	Nxin	核心企业-合作伙伴-农信互联	2026-05-23
SRC-022	Nxin	农信互联 partner/news page	2026-05-23
SRC-023	LanJinger / 蓝鲸财经	农信互联集团董事长薛素文：从智变到质变培育企业的数智竞争力	2026-05-23
SRC-024	Nxin / 智农通	农信互联创始人薛素文：农牧企业数智化探索	2026-05-23
SRC-025	Nongxin Digital / Nxin Global	About Nxin	2026-05-23
SRC-026	GitHub Copilot research workflow	Public-source access log and blocked-source notes	2026-05-23
SRC-027	Nxin	运营中心+农信小站-合作伙伴-农信互联	2026-05-23

Disclaimer

This report is a public-evidence diligence snapshot, not investment advice. Important financial, legal, technical, and contractual facts remain non-public and should be verified directly with management and primary documents before any investment decision.