| 財務概要 | | | | | --- | --- | --- | --- | | | 截至6月30日止六個月 | | 變動 | | | 2025年 | 2024年 | % | | | 人民幣百萬元 | | | | | (未經審核) | (未經審核) | | | 收入 | 3,063.5 | 2,620.6 | 16.9% | | 毛利 | 666.9 | 444.3 | 50.1% | | 期內利潤 | 116.2 | 125.8 | (7.6%) | | 經調整淨利潤1 | 294.3 | 148.9 | 97.7% | 9月8日，深交所公布的最新一期港股通调整名单正式生效，此次共新增20只股票，同时剔除20只。尽管 名单变动往往引发市场短期波动，但也为投资者甄别价值被低估的优质企业提供了重要线索。需明确的 是，调整并非对企业基本面的"判决"，一些成长性强、业绩表现突出的公司，反而可能借此迎来价值重 估的契机。 以家庭食品创新品牌十月稻田（9676.HK）为例，尽管此次被调出港股通，但其最新披露的2025年中期 业绩表现亮眼，净利润接近翻倍增长。中信建投证券在其研究报告中指出，十月稻田有望于2026年重 ...

机构：中信建投证券 研究员：贺菊颖/高畅 流通值原因退出港股通，全流通申请已通过 公司被移除恒生指数成分股主要系25H1 公司未完成H 股全流通，流通股份仅为总股本的40%，流通值 较低而未达到25 年9月恒生指数成分股市值要求，实际公司总市值符合港股通门槛。根据公司2025 年7 月14 日公告，公司646333720 股非上市股份转换为H 股股份已于2025 年7 月14 日完成，且该等转换H 股于2025 年7 月15 日上午九点整起开始在联交所上市。公司当前已通过所有股份在港股全流通申请，7 月15 日起以总市值参与恒生指数成分股评选，预计2026 年重回港股通的概率较高。公司上半年收入增 长17%，经调利润2.94 亿元，同比高增97.7%，基本面表现强劲，一方面玉米打开扩品思路，近期玉米 浆包、糙米饭团等新品在抖音快速放量，另一方面公司线下势能强劲，山姆等高势能渠道快速增长， 受益于线下零售调改，永辉等渠道仍有增加空间，高毛利新品亦有潜力进入线下渠道。 公司今年将品牌定位升级为"家庭食品创新品牌"，品牌传播语也同步更换为"十月稻田 中国味 香香 香"，实现从品类心智占位到品牌心智占位的过渡，当前新 ...

2025年9月8日，港股通标的名单定期调整生效，调整结果分别有20入和20出。市场目光往往聚焦新调入 的标的，却容易忽略一个事实：调出并不等同于企业基本面走弱，相反，它有时会带来难得的"价值错 位"，为投资者提供低位布局优质资产的时间窗口。 十月稻田(9676.HK)正是这样一个值得关注的例子。尽管暂时离开港股通名单，十月稻田却正以清晰的 战略、扎实的业绩和强劲的成长动能，展现出被市场低估的品牌价值与增长潜力。 暂时调出港股通，企业长期价值不改 中信建投发研报指，本次十月稻田被调出港股通，直接原因是其上半年H股流通比例较低，仅占总股本 的40%，导致流通市值未达到恒生指数成分股筛选的临时性要求，而公司总市值实际已符合港股通门 槛。 根据十月稻田之前公告，公司646333720股非上市股份转换为 H股股份已于2025年7月14日完成，且该等 转换 H股于2025年7月15日上午九点整起开始在联交所上市。公司当前已通过所有股份在港股全流通申 请，7月15日起以总市值参与恒生指数成分股评选。 该行指出，十月稻田进入新一轮成长期，且发展路径清晰，公司品牌力具备溢价，并非传统基础农产品 公司，作为家庭食品创新标杆，集团 ...

Group 1 - The company announced the resignation of Mr. Zou Hao as Executive Director and Chief Financial Officer due to personal career development, effective September 5, 2025 [2] - Mr. Wang Bing has been appointed as the authorized representative of the company, effective from the same date [2] - Mr. Zou Hao joined the company in August 2022 and was appointed CFO in December 2022, bringing over 20 years of experience in financing, investment, and asset management [4][5] Group 2 - In 2024, Mr. Zou Hao's total compensation was reported at 4.234 million RMB, which included a salary of 2.668 million RMB, discretionary bonuses of 1.5 million RMB, and retirement plan contributions of 66,000 RMB [7][8] - The company’s executive directors' compensation details indicate that Mr. Wang Bing received a total of 1.237 million RMB in 2024 [8]

格隆汇9月5日丨十月稻田(09676.HK)公告，董事会谨此宣布(i)邹昊因个人职业发展，决定辞去执行董 事、公司首席财务官及就香港联合交易所有限公司证券上市规则第3.05条而言公司授权代表，并不再担 任公司任何职务，以投放更多时间从事其他商业事务；(ii)执行董事王兵获委任为授权代表，均自2025 年9月5日起生效。 ...

十月稻田(09676)发布公告，邹昊先生因个人职业发展，决定辞去执行董事、公司首席财务官及就香港 联合交易所有限公司证券上市规则第3.05条而言的公司授权代表，并不再担任公司任何职务，以投放更 多时间从事其他商业事务;执行董事王兵先生获委任为授权代表，均自2025年9月5日起生效。 ...

王兵先生 趙文君女士 趙淑蘭女士 舒明賀先生 非執行董事 常斌先生 Shiyue Daotian Group Co., Ltd. 9676 董事名單及其角色與職能 十月稻田集團股份有限公司董事（「董事」）會（「董事會」）成員載列如下： 執行董事 中國北京，2025年9月5日 獨立非執行董事 史克通先生 楊志達先生 林晨先生 董事會設有三個董事委員會。下表提供各董事所任職該等委員會的成員資料。 | 董事 | 董事委員會 | | | | --- | --- | --- | --- | | | 審核委員會 薪酬委員會 | | 提名委員會 | | 王兵先生 | | 成員 | 主席 | | 趙文君女士 | | | | | 趙淑蘭女士 | | | | | 舒明賀先生 | | | | | 常斌先生 | 成員 | | | | 史克通先生 | 成員 | 主席 | 成員 | | 楊志達先生 | 主席 | 成員 | | | 林晨先生 | | | 成員 | ...

董事會藉此機會對鄒先生在本公司任職期間對本公司發展做出的貢獻表示衷心感謝。 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公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示，概不對因本公告全部或任何部份內容 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。 Shiyue Daotian Group Co., Ltd. 9676 執行董事及首席財務官辭任 及 授權代表變更 十月稻田集團股份有限公司（「本公司」）董事（「董事」）會（「董事會」）謹此宣佈（i）鄒昊先生 （「鄒先生」）因個人職業發展，決定辭去執行董事、本公司首席財務官及就香港聯合交易 所有限公司（「聯交所」）證券上市規則第3.05條而言之本公司授權代表（「授權代表」），並不 再擔任本公司任何職務，以投放更多時間從事其他商業事務；（ii）執行董事王兵先生獲委 任為授權代表，均自2025年9月5日起生效。 鄒先生已確認，彼與董事會概無任何意見分歧，亦無任何有關彼辭任的其他事宜須提請 本公司股東及聯交所垂注。 承董事會命 十月稻田集團股份有限公司 董事長兼執行董事 王兵先生 中國北京，2025年9月5日 於本公告日期，董事會包括 ...

Core Viewpoint - In the first half of 2025, October Rice Field achieved significant growth in both revenue and profit, indicating a successful strategic transition towards becoming a "family food innovation brand" [1][2][8]. Financial Performance - October Rice Field reported a revenue of 30.64 billion RMB, a year-on-year increase of 16.9% [2][4]. - Gross profit reached 6.67 billion RMB, reflecting a 50.1% increase compared to the previous year [2][4]. - Adjusted net profit was 2.94 billion RMB, up 97.7% year-on-year [2][4]. Product Performance - The rice category remains the core revenue driver, generating 20.66 billion RMB, a 21.0% increase from the previous year [5]. - Corn products contributed 4.33 billion RMB, becoming the second-largest category [5]. - Other categories, including grains and dried goods, also showed growth, with revenues of 2.74 billion RMB and 2.90 billion RMB respectively [5]. Channel Optimization - Online channel revenue increased by 3.4% to 18.37 billion RMB, with e-commerce platform revenue rising by 6.2% to 11.63 billion RMB [6]. - Modern supermarket channel revenue grew by 26.0% to 4.96 billion RMB, driven by category expansion [6]. - Direct customer revenue surged by 75.1% to 5.63 billion RMB, reflecting increased brand recognition [6]. Brand Strategy - October Rice Field has repositioned itself as a "family food innovation brand" with a new brand slogan, aiming to resonate with younger consumers [8][12]. - The company has engaged in innovative marketing strategies, including collaborations with popular IPs and sponsorship of health-themed events to enhance brand visibility among younger demographics [12][14]. Organizational Structure - The company emphasizes a flat management structure, allowing for agile responses to market changes and fostering a culture of practical learning [13][16]. - Founders actively participate in operations and channel development, promoting a hands-on management style [13][16]. Future Outlook - With its new brand positioning and diversified product offerings, October Rice Field is poised for continued growth and resilience in a dynamic market environment [16].

Core Insights - The company reported a revenue growth of 16.9% and an adjusted net profit growth of 97.7% for the first half of 2025, indicating strong financial performance and market positioning [1][2] - Multiple product categories achieved sales exceeding 100 million yuan, showcasing the effectiveness of the company's diversified product strategy [2][3] - The brand is evolving its positioning to become a "family food innovation brand," which is expected to enhance its competitive edge in the market [4][10] Financial Performance - In the first half of 2025, the company achieved a revenue of 30.64 billion yuan, with a gross profit of 6.67 billion yuan, reflecting a gross margin increase of 50.1% [2] - Adjusted net profit reached 2.94 billion yuan, marking a significant increase of 97.7% compared to the previous year [2] - The rice product line generated 20.66 billion yuan in revenue, a 21.0% increase year-on-year, while the corn product line contributed 4.33 billion yuan [2][3] Sales Channels and Growth Strategy - Online channel revenue increased by 3.4% to 18.37 billion yuan, with e-commerce platform sales rising by 6.2% to 11.63 billion yuan [3] - Modern supermarket channel revenue grew by 26.0% to 4.96 billion yuan, driven by category expansion [3] - Direct customer revenue surged by 75.1% to 5.63 billion yuan, reflecting increased brand recognition and sales from corporate and individual clients [3] Brand Development and Marketing - The company is leveraging integrated marketing strategies to enhance brand recognition, including collaborations with popular IPs and sponsorship of events [7][9] - Targeting younger consumers, the company launched co-branded products and engaged in marketing activities at events like ChinaJoy [7][9] - The brand's narrative is being strengthened through emotional marketing strategies that resonate with the lifestyle and preferences of younger demographics [9] Organizational Structure and Management - The company emphasizes a flexible and collaborative organizational structure, promoting a flat management style and cross-departmental cooperation [10][12] - Founders have a hands-on approach, actively participating in operations and team development, which fosters a strong company culture [10][12] - The focus on talent selection based on capability and real-world experience is a key aspect of the company's operational strategy [12]