此乃要件 請即處理 香港交易及結算所有限公司及香港聯合交易所有限公司對本通函的內容概不負責，對其準確性 或完整性亦不發表任何聲明，並明確表示，概不對因本通函全部或任何部分內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 (1)建議委任執行董事及獨立非執行董事； (2)建議取消監事會； (3)建議修訂公司章程； (4)建議修訂企業管治規則； 及 (5)2025年第二次臨時股東大會通告 本公司謹訂於2025年12月16日（星期二）上午十時正假座中國北京市朝陽區伊莎文心廣場A座2 層以現場會議形式舉行臨時股東大會，其通告載於本通函第EGM-1至EGM-3頁。隨函附奉適 用於臨時股東大會的代表委任表格。有關代表委任表格亦已於聯交所網站(www.hkexnews.hk) 及本公司網站(www.shiyuedaotian.com)刊發。 無論 閣下是否擬出席臨時股東大會，敬請本公司的股份持有人按照本公司隨附代表委任表格 印備的指示填妥表格，並盡快交回本公司的H股股份過戶登記處卓佳證券登記有限公司（地址 為香港夏愨道16號遠東金融中心17樓），惟在任何情況下，該表格必須於臨時股東大會或其任 何續會指定舉行時間不少 ...

Core Viewpoint - The article discusses the recent movements of executives from Wahaha Group, highlighting their transitions to other companies and the implications for both the individuals and the organizations involved [6][7][19]. Group 1: Executive Movements - Shen Jiangang is now in charge of the fast-moving consumer goods (FMCG) business at Shouxiangu, while Guo Hong has been appointed as an independent non-executive director at October Rice Field, indicating a trend of Wahaha executives being sought after by other firms [6][7][9]. - Guo Hong's previous roles included significant responsibilities within Wahaha, and her experience in large-scale corporate operations is seen as valuable for October Rice Field's strategic upgrade [14][19]. - The departure of core executive Zhu Lidan from Wahaha has raised speculation about her future, as she was a key figure in the company [7][19]. Group 2: Company Performance and Strategy - October Rice Field is transitioning from a rice-selling company to a family food innovation enterprise, with a focus on enhancing management and operational capabilities [14][16]. - The company reported revenues of 45.33 billion, 48.67 billion, and 57.45 billion from 2022 to 2024, with net profits fluctuating from -5.64 billion to 2.04 billion during the same period [14]. - Shouxiangu is facing performance challenges, with a decline in revenue and net profit in 2023 and 2024, prompting a shift towards FMCG products to rejuvenate growth [16][19]. Group 3: Industry Trends - The article notes a trend of former Wahaha executives starting their own ventures or being recruited by other companies, indicating their high demand in the beverage industry [17][19]. - The competitive landscape in the beverage sector is evolving, with former Wahaha executives leveraging their experience to establish successful brands in various niches [17][19]. - The article highlights the importance of strategic management and operational efficiency in navigating the challenges faced by companies like October Rice Field and Shouxiangu [14][16].

Core Insights - The article discusses the recent movements of executives from Wahaha Group, highlighting their transitions to other companies and the implications for both Wahaha and the receiving firms [1][3][9] Group 1: Executive Movements - Shen Jiangang is now in charge of the fast-moving consumer goods (FMCG) business at Shuxiangu, indicating a strategic shift for the company [1][7] - Guo Hong has been appointed as an independent non-executive director at October Rice Field, with an annual pre-tax salary of 360,000 yuan, showcasing the demand for experienced executives from Wahaha [3][11] - Zhu Lidan, a key figure in Wahaha, has left the company, raising speculation about her future role in the industry [1][4][19] Group 2: Company Performance and Strategy - October Rice Field is transitioning from a kitchen staple company to a family food innovation enterprise, necessitating experienced talent for its strategic upgrade [10][12] - The company reported revenues of 45.33 billion yuan, 48.67 billion yuan, and 57.45 billion yuan from 2022 to 2024, with a net profit turning positive in 2024 [12] - Shuxiangu is facing performance challenges, with a decline in revenue and net profit in 2023 and 2024, prompting a need for innovation in its product offerings [13][14] Group 3: Industry Context - The Wahaha Group is referred to as a "training ground" for beverage industry talent, with many former executives successfully starting their own ventures [15][18] - The article highlights the trend of former Wahaha executives being sought after in various sectors, including academia and consulting, indicating their high market value [18][19]

Core Insights - The article discusses the recent movements of executives from Wahaha Group, highlighting their new roles in other companies and the implications for both Wahaha and the receiving companies [1][3][9] Group 1: Executive Movements - Shen Jiangang is now in charge of the fast-moving consumer goods (FMCG) business at Shouxiangu, indicating a strategic shift for the company [1][7] - Guo Hong has been appointed as an independent non-executive director at October Rice Field, with an annual pre-tax salary of 360,000 yuan, showcasing the demand for experienced executives from Wahaha [3][11] - Zhu Lidan, a key figure in Wahaha, has left the company, raising speculation about her future role in the industry [1][19] Group 2: Company Performance and Strategy - October Rice Field is transitioning from a kitchen staple company to a family food innovation enterprise, necessitating experienced talent for its strategic upgrade [10][12] - The company reported revenues of 45.33 billion yuan, 48.67 billion yuan, and 57.45 billion yuan from 2022 to 2024, with a net profit turnaround from -5.64 billion yuan to 2.04 billion yuan [12] - Shouxiangu is facing performance challenges, with a decline in revenue and net profit in recent quarters, prompting a focus on fast-moving consumer goods to revitalize growth [13][14] Group 3: Industry Context - The Wahaha Group is referred to as a "training ground" for beverage industry talent, with many former executives successfully starting their own ventures [15][18] - The article highlights the trend of former Wahaha executives being sought after in various sectors, including academia and consulting, indicating their high market value [18][19]

Group 1 - The kitchen staple industry is a large and continuously growing market, exceeding one trillion yuan, with significant growth in categories like rice and corn, which are also in the hundred billion yuan range [1] - The market concentration is currently low, but it is expected to increase as pre-packaged products and premium products grow faster than the overall industry [1] - The company has a rich product matrix and a diversified sales network covering the entire country, with high repurchase rates for flagship brands on platforms like JD.com [1] Group 2 - Revenue projections for the company from 2025 to 2027 are 6.994 billion yuan, 8.435 billion yuan, and 9.939 billion yuan, representing year-on-year growth of 22%, 21%, and 18% respectively [1] - Net profit forecasts for the same period are 603 million yuan, 717 million yuan, and 861 million yuan, with year-on-year growth of 195%, 19%, and 20% respectively [1] - The company is positioned as a leading player in the kitchen staple food industry in China, with differentiated brands in the rice category and early-stage growth in the corn category, indicating potential for continued margin improvement [1]

Group 1: Automotive Industry - Junsheng Electronics - The report highlights that Junsheng Electronics (600699.SH) is positioned to benefit from the growing demand for automotive safety and electronics as the industry moves towards greater intelligence [9][10] - Projected total revenue for Junsheng Electronics from 2025 to 2027 is expected to reach 635.8 billion, 700.2 billion, and 771.6 billion CNY, with year-on-year growth rates of 14%, 10%, and 10% respectively [9] - The company is expected to achieve net profits of 15.2 billion, 19.2 billion, and 24.7 billion CNY during the same period, with growth rates of 59%, 26%, and 29% [9] Group 2: Agricultural Industry - October Rice Field - October Rice Field (09676.HK) operates in a large and continuously growing kitchen staple industry, focusing on brand differentiation and high-value product development [11][12] - The company is expected to see revenue growth from 69.94 billion to 99.39 billion CNY from 2025 to 2027, with year-on-year growth rates of 22%, 21%, and 18% [12] - The projected net profit for the same period is expected to increase significantly from 6.03 billion to 8.61 billion CNY, with growth rates of 195%, 19%, and 20% [12] Group 3: Swine Industry Dynamics - In October 2025, the number of pigs slaughtered by listed companies reached 18.81 million, representing a year-on-year increase of 30.28% and a month-on-month increase of 23.03% [17][18] - The cumulative revenue for listed pig companies from January to October 2025 was 246.6 billion CNY, showing a year-on-year increase of 4.33% [6][18] - The average selling price of pigs in October 2025 decreased by 34.66% year-on-year, leading to a decline in revenue despite increased sales volume [19][18]

Investment Rating - The report assigns a "Buy" rating to the company, with a target market value of 10.5 HKD, corresponding to a 17x PE for 2025 [2][4]. Core Insights - The kitchen staple industry, where the company operates, is a large and continuously growing market, with significant potential for increased concentration. The company focuses on rice and corn, both of which are substantial markets with clear growth trends. The market for pre-packaged and premium products is growing faster than the overall industry [1][4]. - The company has a diverse product matrix and a multi-channel distribution network that covers the entire country. Its flagship brands, "October Rice Field" and "Chaihuo Dayuan," have high repurchase rates on platforms like JD.com, and the company has established strong partnerships with offline distributors [1][4]. Summary by Sections Company Overview - October Rice Field was founded in 2005, initially focusing on grain trading. The brand was established in 2011, and the company went public on the Hong Kong Stock Exchange in October 2023 [19][20]. Industry Analysis - The kitchen staple food industry in China is projected to grow from 18 trillion CNY in 2018 to 21.96 trillion CNY by 2027, with a CAGR of 3.3%. The growth is driven by product expansion and the development of various sales channels [31][35]. - The corn and miscellaneous grains categories are expected to be the main growth drivers, with corn growing at a CAGR of 9.4% from 2018 to 2022 [35][37]. Investment Logic - The company has a rich product matrix, with rice as its core product and corn as a growing segment. The company is expanding its product offerings and has seen significant revenue growth in its miscellaneous grains and dried goods categories [56][62]. - The company has established a flexible and diverse sales network, successfully transitioning from online to offline channels, with significant growth in modern supermarkets and direct customer sales [61][62]. Profit Forecast and Valuation - Revenue is projected to grow from 6.99 billion CNY in 2025 to 9.94 billion CNY in 2027, with net profit expected to increase from 603 million CNY to 861 million CNY during the same period. The overall gross margin is anticipated to improve as the company expands its product lines [2][70].

Core Concept - The article highlights the "October Birth Rice" annual charity initiative launched by the company, which aims to celebrate new life by gifting rice equal to the weight of newborns to participating mothers [1][3]. Group 1: Charity Initiative - The "October Birth Rice" initiative invites 100 expectant mothers with due dates in October to participate, providing them with a special gift of rice that matches their baby's weight [1][3]. - This initiative symbolizes a connection between life and nature, emphasizing the joy of new beginnings and the importance of honoring life [3][5]. Group 2: Corporate Social Responsibility - The initiative reflects the company's commitment to corporate social responsibility, using its expertise in the food sector to create a meaningful connection between product quality and charitable values [5][7]. - By integrating quality products with social initiatives, the company fosters a strong emotional bond with consumers, transforming social responsibility from an abstract concept into a tangible experience [5][7]. Group 3: Company Background and Achievements - Established in 2011, the company has evolved from a regional rice producer to a household food innovation brand, maintaining a focus on quality throughout its growth [5][7]. - The company has achieved significant market recognition, serving 140 million Chinese households and leading in sales of Northeast rice and corn categories for six and two consecutive years, respectively [7].

Core Insights - The article discusses the performance of the motorcycle industry in China, highlighting significant growth in production and sales figures for specific companies [1] Company Performance - Guangdong Daye Motorcycle Technology Co., Ltd. produced 109,676 motorcycles in September 2025, representing a year-on-year increase of 27.09% [1] - The sales volume for the same company reached 109,913 units, with a year-on-year growth of 27.37% [1] - The production and sales rate for Guangdong Daye Motorcycle Technology Co., Ltd. was reported at 100.22%, with 237 units cleared from inventory [1] Industry Overview - The article references a comprehensive market assessment report by Zhiyan Consulting, covering the motorcycle industry in China from 2026 to 2032 [1] - Zhiyan Consulting is noted as a leading industry consulting firm in China, providing in-depth research reports and tailored services for investment decision-making [1]

Core Insights - The appointment of Guo Hong as an independent non-executive director at October Rice Field Group marks a significant crossover from the beverage industry to the agricultural sector, raising speculation about potential strategic collaborations between the two companies [1][3][6] Company Overview and Business Scale - October Rice Field Group, listed on the Hong Kong Stock Exchange, has a focus on pre-packaged rice, grains, beans, and dry goods, with brands such as "October Rice Field" and "Chaihuo Dayuan" [5] - The company reported a revenue of 5.745 billion yuan in 2024, with an adjusted net profit of 350 million yuan, reflecting a year-on-year growth of 115.5% [5] - The company has maintained its position as the leading seller of pre-packaged rice in Northeast China for five consecutive years, with over 70% of its revenue coming from online channels [5] Governance Structure - The ownership structure is concentrated, with founders controlling over 55% of the shares, ensuring absolute decision-making power [5] - The board of directors includes new appointments aimed at enhancing governance, such as Guo Hong as an independent non-executive director and Ji Qiang as the new CFO [5] Strategic Upgrades - October Rice Field is shifting its product focus from staple foods to food innovation, aiming to diversify into lighter and snack-like products [5] - The company plans to reduce its reliance on online sales, decreasing the e-commerce revenue share from 68% to 60%, while strengthening partnerships with offline retailers [5] Complementary Advantages - Guo Hong's extensive experience in financial management at Wahaha may help October Rice Field navigate raw material price fluctuations, as evidenced by a loss of 64.86 million yuan in 2023 due to rising rice prices [5][7] - The potential synergy between Wahaha's distribution network and October Rice Field's online presence could enhance market reach and operational efficiency [5] Industry Integration Outlook - The collaboration between traditional fast-moving consumer goods (FMCG) and emerging agricultural brands may lead to innovative market strategies and improved supply chain management [5][6]