Core Viewpoint - Cathay Securities maintains a "Buy" rating for October Rice Field (09676), projecting EPS of 0.55/0.68/0.82 RMB for 2025-2027 and a target price of 18.48 HKD for 2026 based on a 25x PE ratio [1] Group 1: Industry Insights - The rice industry lacks overall growth logic, but there is potential for volume growth in the mid-to-high-end rice segment due to structural upgrades, with increasing packaging rates and premium product shares [2] - The industry is characterized by low entry barriers, weak brand attributes, and a fragmented competitive landscape, leading to slow increases in industry concentration [2] - Brands positioned in the mid-to-high-end segment benefit from brand barriers and profit margins, enabling faster growth through resource mobilization [2] Group 2: Company Strengths - The company has established an efficient supply chain in rare geographical areas, ensuring quality and price advantages through direct sourcing, while D2C sales and order-based production enhance product freshness [3] - The company has achieved a significantly higher repurchase rate than the industry average, establishing itself as the leading brand in the mid-to-high-end rice market [3] Group 3: Operational Efficiency - The company has leveraged online channel advantages to achieve a leading market share, supported by a flat organizational structure and flexible channel strategies tailored to local conditions [4] - Future growth is expected from increased online penetration, emerging channels like Pinduoduo, and expansion into new product categories [4] - Offline channels are also growing rapidly, supported by high brand positioning and an efficient supply chain, with revenue shares continuing to rise [4] Group 4: Product Expansion - The company has a clear path and successful experience in product innovation, with corn proving the effectiveness of brand, channel, and marketing reuse [5] - Despite short-term pressures on corn, long-term potential remains, with new products like corn slurry bags expected to drive growth [5] - The introduction of more new products, such as southern rice, is anticipated to open up larger growth opportunities [5]

股份發行人及根據《上市規則》第十九B章上市的香港預託證券發行人的證券變動月報表 截至月份: 2025年12月31日 狀態: 新提交 致：香港交易及結算所有限公司 公司名稱: 十月稻田集團股份有限公司 呈交日期: 2026年1月5日 I. 法定/註冊股本變動 | 1. 股份分類 | 普通股 | 股份類別 | H | | 於香港聯交所上市 (註1) | | 是 | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 證券代號 (如上市) | 09676 | 說明 | H股 | | | | | | | | | 法定/註冊股份數目 | | | 面值 | | 法定/註冊股本 | | | 上月底結存 | | | 1,068,153,150 | RMB | | 0.1 RMB | | 106,815,315 | | 增加 / 減少 (-) | | | 0 | | | RMB | | 0 | | 本月底結存 | | | 1,068,153,150 | RMB | | 0.1 RMB | | 106,815,315 | 本月底法定/註冊股本總額： RMB 10 ...

Core Insights - The article highlights the transformation of the company from a "kitchen food enterprise" to an "innovator in the family food industry" by 2025, showcasing significant revenue growth and profit increase through strategic upgrades and innovation [1][11] Group 1: Strategic Upgrades and Financial Performance - In the first half of 2025, the company achieved total revenue of 3.064 billion yuan, representing a year-on-year growth of 16.9%, while adjusted net profit surged by 97.7%, indicating a substantial enhancement in profitability [1] - The strategic shift is validated by the successful integration of innovation into the family food value chain, aligning with national development strategies [1] Group 2: Product Innovation and Market Expansion - The company has expanded its product offerings beyond traditional staples, introducing a "main food + leisure food" strategy that caters to diverse dining scenarios, reflecting a shift in consumer demand towards health, convenience, and emotional value [2][4] - The introduction of corn-based products has become a highlight, with over 15 million units sold on Douyin, demonstrating the potential of category innovation [2] Group 3: Channel Development and Brand Engagement - The company has established a robust multi-channel distribution strategy, partnering with over 40 e-commerce platforms and optimizing delivery times to meet urban consumer needs [5] - In brand marketing, the company has transitioned from short-term exposure to long-term value cultivation, successfully engaging Gen Z consumers through innovative campaigns and collaborations with popular cultural IPs [6][8] Group 4: Social Responsibility and ESG Commitment - The company has integrated ESG principles into its operations, promoting health and community welfare through initiatives like the "October Birth Rice" program, which supports new mothers [9] - The company's efforts in promoting quality food supply and contributing to rural revitalization align with national strategies for food security and common prosperity [11]

Core Viewpoint - The recent "Golden Award - Outstanding Listed Companies in Greater China" recognized October Rice Field for its innovative practices in brand value enhancement, highlighting its significant role in the investment community [1] Group 1: Strategic Upgrade and Brand Value - In 2025, October Rice Field transitioned from a "kitchen food enterprise" to an "innovator in the family food industry," aligning with evolving consumer demands for health and convenience [4] - The strategic upgrade involved creating a diverse product matrix that caters to various consumption scenarios, including breakfast, snacks, and convenience foods, thereby enhancing brand value [4][5] - The company launched over 30 new corn-based products, successfully integrating them into everyday life and promoting a healthy eating trend [4] Group 2: Financial Performance - October Rice Field reported a total revenue of 3.064 billion yuan in the first half of the year, a year-on-year increase of 16.9%, with adjusted net profit soaring by 97.7% to 294 million yuan [7] - The company anticipates third-quarter revenue between 1.74 billion and 1.82 billion yuan, reflecting a growth of approximately 25.7% to 31.5% year-on-year [7] - The growth is driven by a dual strategy focusing on high-end rice sales and innovative corn products, with rice revenue reaching 2.066 billion yuan, up 21.0% [8] Group 3: Market Recognition and Analyst Sentiment - Multiple leading brokerage firms have recently issued optimistic reports on October Rice Field, indicating a consensus on its brand and investment value [12] - Citic Securities highlighted the company's growth potential and brand premium, suggesting a "buy" rating as it enters a new growth phase [12] - Guotai Junan noted the company's strong competitive advantages and potential for market share expansion, assigning an "overweight" rating [12] Group 4: Future Outlook - October Rice Field's strategic upgrade and brand value enhancement have not only earned it the "Golden Award" but also demonstrated strong financial growth, attracting attention from the capital market [14] - With the ongoing trends of health and convenience in consumer behavior, the company is well-positioned to capitalize on market opportunities and further enhance its brand value [14]

Core Insights - The "Golden Award" annual outstanding company selection by Gelonghui will announce its results on December 22, highlighting companies with significant brand value in the capital market [1][2] - The "Annual Brand Value Award (Small and Medium Market Capitalization)" recognizes companies that have achieved the highest brand value, emphasizing the importance of brand differentiation, awareness, and customer loyalty [1] Group 1: Award Recipients - Ten companies have been awarded the "Annual Brand Value Award (Small and Medium Market Capitalization)", including Crazy Sports (00082.HK), H&H International Holdings (01112.HK), Huaxing Capital Holdings (01911.HK), and others [1] - The award selection process involved quantitative data analysis and expert review to determine the final results [1] Group 2: Evaluation Criteria - The award evaluates brand value from multiple perspectives, including brand differentiation, recognition, and customer loyalty [1] - The aim of the selection is to create a reference for the most valuable listed companies and unicorns in the investment community [2]

Group 1 - The "Annual Brand Value Award (Small and Medium Market Capitalization)" recognizes companies with the highest brand value in the capital market, emphasizing the importance of brand differentiation, awareness, and customer loyalty [1][2] - The award selection process involved quantitative data analysis and expert review, highlighting the innovative practices of the selected companies in enhancing their brand value [1] - The event featured the announcement of the "2025 Annual Outstanding Company List," which included ten companies awarded for their brand value [1] Group 2 - The "Golden Grid Award" aims to create a reference list of the most valuable listed companies and unicorns in the investment community, covering all listed companies on major exchanges including the Hong Kong Stock Exchange, Shanghai Stock Exchange, Shenzhen Stock Exchange, New York Stock Exchange, and NASDAQ [2]

来源：环球网 一分耕耘，一分收获。这份源于自然的哲理，映照着十月稻田2025年的成长轨迹。2025年上半年，公司 总收入30.64亿元，同比增长16.9%；经调整净利润达到2.94亿元，同比增长97.7%；经调整净利润率从 去年同期的5.7%提升至9.6%。 一路长红的业绩背后，是十月稻田对食品产业的长期深耕，以及跟消费者需求的同频共振。在中国家 庭"吃好"理念的变迁中，十月稻田以一粒好米为起点，用创新作笔，交出了一份战略升维、年轻化破圈 的年度答卷。 图片来 源：十月稻田官网 图片来 源：十月稻田对外资料 2025年，十月稻田完成了从"厨房食品企业"到"家庭食品行业创新者"的战略定位升级，从单一厨房场景 向家庭及休闲、方便的生活场景完成了深度渗透。 战略定位层面上的变革，显现在企业推出的全新品牌传播语——"十月稻田 中国味 香香香"；变革的落 地与深化，则聚焦于品类布局的重构。围绕现代家庭健康、便捷、多元化的饮食需求，十月稻田打造 了"主食+休食"战略，并构建了的多元化产品矩阵。在巩固大米、玉米领先优势的基础上，持续开拓了 饭团、黄油手抓饼、去皮去核糯枣等便捷家庭食品，不断丰富品牌内涵，且覆盖早餐、健身房、 ...

于郭虹女士获委任为独立非执行董事生效后，常斌先生自2025年12月16日起不再担任公司非执行董事以 及审核委员会成员。 十月稻田(09676)公布，股东于临时股东大会上已批准委任何洋先生为执行董事，以及郭虹女士为独立 非执行董事，彼等的任期自2025年12月16日起至第一届董事会任期届满为止。郭虹女士亦获委任为审核 委员会成员及提名委员会成员，自2025年12月16日起生效。 ...

于郭虹女士获委任为独立非执行董事生效后，常斌先生自2025年12月16日起不再担任公司非执行董事以 及审核委员会成员。 智通财经APP讯，十月稻田(09676)公布 ，股东于临时股东大会上已批准委任何洋先生为执行董事，以 及郭虹女士为独立非执行董事，彼等的任期自2025年12月16日起至第一届董事会任期届满为止。郭虹女 士亦获委任为审核委员会成员及提名委员会成员，自2025年12月16日起生效。 ...

十月稻田集團股份有限公司 章程 - 1 - 第一條 為維護十月稻田集團股份有限公司（以下簡稱「公司」或「本公司」）、股東和 債權人的合法權益，規範公司的組織和行為，公司依據《中國人民共和國公司法》（以下 簡稱「《公司法》」）、《中華人民共和國證券法》（以下簡稱「《證券法》」）、《境內企業境外發 行證券和上市管理試行辦法》、《上市公司章程指引》、《香港聯合交易所有限公司證券上 市規則》（以下簡稱「《香港上市規則》」）和其他有關規定，制訂本章程。 第二條 公司系依照《公司法》和其他有關法律法規的規定，由十月稻田農業科技有 限公司按經審計的賬面淨資產折股整體變更設立的股份有限公司。公司在瀋陽市市場監 督管理局註冊登記，現持有統一社會信用代碼為91210181MA0XQF19XH的《營業執照》。 第三條 公司於中國證券監督管理委員會（以下簡稱「中國證監會」）完成備案並於 2023年10月11日經香港聯合交易所有限公司（以下簡稱「香港聯交所」）審核同意，首次向 社會公眾發行人民幣普通股53,407,500股，每股面值0.1元人民幣，於2023年10月12日在 香港聯交所上市。 第四條 公司名稱 中文全稱：十月稻田集團股 ...