Group 1 - The company, October Rice Field (09676), announced a share buyback plan, intending to use up to HKD 100 million to repurchase H-shares in the open market [1] - The buyback price will not exceed 5% of the average closing price of H-shares over the five trading days prior to the actual buyback date [1] - The board believes that the current trading price of the shares does not adequately reflect the company's intrinsic value and business development prospects, indicating confidence in its growth potential [1] Group 2 - Shares repurchased under the buyback authorization may be canceled or held as treasury shares for future use in equity incentives or resale for financing [1] - The board asserts that the share buyback plan aligns with the overall best interests of the company and its shareholders [1]

Core Viewpoint - The company expects to achieve an adjusted net profit of approximately RMB 550 million to RMB 590 million for the year ending December 31, 2025, representing a year-on-year growth of about 57.6% to 69.1% [1] Group 1: Financial Performance - The anticipated growth in adjusted net profit is primarily attributed to the company's strategic positioning in response to the health and convenience food trends, focusing on "staple + snack" [1] - The company is enhancing its operational strategies across all channels and actively embracing growth opportunities from snack wholesale channels [1] Group 2: Strategic Initiatives - The company has established partnerships with leading snack wholesale systems as of the announcement date [1] - The company will continue to monitor overall industry trends and adjust its business strategies to leverage its unique strengths and enhance brand influence and competitiveness [1] Group 3: Commitment to Mission - The company remains committed to providing healthy, high-quality, and safe family food products to Chinese consumers, promoting sustainable growth through long-termism [1] - The company aims to contribute to rural revitalization through concrete actions, despite facing any challenges [1]

智通财经APP讯，十月稻田(09676)发布公告，董事会决定行使回购股份授权，拟使用最多1亿港元在公 开市场以自有资金购回H股(股份回购计划)。回购价格将不高出实际回购日之前五个交易日H股平均收 市价的5%。实施回购时，根据市场和本公司实际情况在该范围内确定具体回购价格。根据回购股份授 权进行回购的H股将可能会被注销或持作库存股份，待合适时间用于股权激励或库存股份转售以融资。 董事会认为，目前股份的交易价格未充分反映本公司的内在价值及业务发展前景，进行股份回购反映了 本公司对自身业务发展前景及增长潜力充满信心。董事会亦相信，股份回购计划符合本公司及股东的整 体最佳利益。 ...

Core Viewpoint - The company expects to achieve an adjusted net profit of approximately RMB 550 million to RMB 590 million for the year ending December 31, 2025, representing a growth of about 57.6% to 69.1% compared to the adjusted net profit of RMB 349 million for the same period in 2024 [1] Group 1 - The growth in adjusted net profit is primarily attributed to the company's strategic positioning in response to the health and convenience food trends, focusing on "staple + snack" strategies [1] - The company is enhancing its multi-channel operations and expansion strategies, actively embracing growth opportunities from snack wholesale channels [1] - As of the announcement date, the company has established partnerships with leading snack wholesale systems [1] Group 2 - The company will continue to closely monitor overall industry trends and adjust its business strategies to leverage its unique strengths and enhance brand influence and competitiveness [1] - The company is committed to meeting diverse consumer needs and contributing to rural revitalization through concrete actions [1] - Despite facing challenges, the company remains steadfast in its mission to provide healthy, high-quality, and safe family food products to Chinese consumers, promoting sustainable growth through long-termism [1]

Core Viewpoint - The company expects to achieve an adjusted net profit of approximately RMB 550 million to RMB 590 million for the year ending December 31, 2025, representing a growth of about 57.6% to 69.1% compared to the adjusted net profit of RMB 349 million for the same period in 2024 [1] Group 1 - The growth in adjusted net profit is primarily attributed to the company's strategic positioning in response to the trends of healthy and convenient eating, focusing on "staple food + snack food" [1] - The company continues to enhance its omnichannel operations and expansion strategies, actively embracing growth opportunities from snack wholesale channels [1] - As of the date of the announcement, the company has established partnerships with leading snack wholesale systems [1] Group 2 - The company will closely monitor overall industry trends and adjust its business strategies to leverage its unique characteristics and advantages, enhancing brand influence and competitiveness [1] - The company is committed to meeting diverse consumer needs and contributing to rural revitalization through concrete actions [1] - Despite facing challenges, the company remains steadfast in its mission to provide healthy, high-quality, and safe family food products to Chinese consumers, promoting sustainable growth through a long-term perspective [1]

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. 董事會認為，目前股份的交易價格未充分反映本公司的內在價值及業務發展前景，進行 股份回購反映了本公司對自身業務發展前景及增長潛力充滿信心。董事會亦相信，股份 回購計劃符合本公司及股東的整體最佳利益。 9676 自願公告 擬根據回購股份授權回購H股 本公告由十月稻田集團股份有限公司（「本公司」）自願刊發。 茲提述本公司(i)日期為2025年5月21日的通函（「通函」）及(ii)日期為2025年6月26日的2024 年年度股東大會之投票表決結果公告。除另有定義者外，本公告所用詞彙與通函所界定 者具有相同涵義。 股東於2024年年度股東大會上決議授予董事會一般授權，授權董事會根據市場情況和本 公司需要，回購本公司不超過於2025年6月2 6日本公司已發行H股總數的10%，即 42,181,943股H股（「回購股份授權」）。回購股份授權將於下列較早者之 ...

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。 本公司董事（「董事」）會（「董事會」）謹此知會本公司股東（「股東」）及潛在投資者，根據對 本集團截至2025年12月31日止年度未經審核綜合管理賬目的初步評估及董事會現時所得 資料，預期本集團錄得經調整淨利潤（非國際財務報告準則計量）1 約人民幣550百萬元至 人民幣590百萬元，較2024年同期的經調整淨利潤（非國際財務報告準則計量）人民幣349 百萬元增長約57.6%至69.1%。該經調整淨利潤（非國際財務報告準則計量）增長的主要得 益於本公司順應健康與便捷飲食趨勢帶來的發展機遇，立足「主食＋休食」進行戰略佈 局，在產品多元化與渠道滲透拓展等方面持續發力，帶來盈利質量提升。 本集團持續加強全渠道的運營和拓展策略，並積極擁抱零食量販渠道帶來的增長機遇。 截至本公告日期，本公司已與零食量販頭部系統達成合作。 Shiyue Daotian Group Co., Ltd. 9676 正面盈利預告 本公告乃由 ...

Core Perspective - The collaboration between October Rice Field and actress Jiang Yan aims to revive the essence of Chinese New Year celebrations through the theme "Continuing the Flavor of Jiang" and emphasizes emotional connections and quality rice as a response to the societal sentiment of diminishing festive flavors [1][4]. Brand and Product Positioning - Jiang Yan has been appointed as the brand ambassador for October Rice Field, marking the beginning of the 2026 New Year Festival, with a focus on deep emotional resonance rather than mere celebrity endorsement [1][3]. - The brand's visual campaign centers around the theme of "returning home," featuring Jiang Yan in festive attire, symbolizing warmth and anticipation for family reunions, thereby linking quality rice to the concept of homecoming [3][4]. Emotional and Cultural Resonance - The partnership reflects a shared commitment to "authentic living" and "long-termism," with both Jiang Yan and October Rice Field emphasizing quality and emotional connections in their respective fields [4][6]. - Jiang Yan's portrayal of home-cooked meals aligns with October Rice Field's quality control, reinforcing the message that choosing good rice equates to choosing peace of mind for consumers [4][6]. Product Quality and Origin - October Rice Field promotes its premium rice varieties, such as the "Hanlu Qiuxiang" and "Long Grain Fragrant Rice," which are cultivated in Northeast China's fertile black soil, ensuring high quality and rich flavor [8]. - The brand's meticulous quality control from selection to processing highlights its commitment to delivering a product that resonates with consumers' expectations of quality and authenticity [8]. Market Impact and Brand Value - The collaboration is positioned as a meaningful dialogue between a national brand and a beloved public figure, enhancing market presence and consumer trust for both parties [8]. - October Rice Field aims to evoke memories of home and family through its products, reinforcing its role as a symbol of warmth and connection during festive occasions [8].

Investment Rating - The report assigns an "Outperform" rating to the company [2]. Core Insights - The company's high efficiency across the supply chain, channels, and marketing is the core reason for establishing itself as a leading brand, with expectations for continued market share growth. The reuse of brand, channel, and marketing advantages to expand product categories is anticipated to further unlock growth potential, with new products expected to exceed expectations [1][4]. Financial Summary - The company’s projected earnings per share (EPS) for 2025-2027 are estimated at 0.55, 0.68, and 0.82 RMB, respectively. A target price of 18.48 HKD is set for 2026, based on a 25x price-to-earnings (PE) ratio [2][9]. - Revenue projections are as follows: - 2023: 4,869.53 million RMB - 2024: 5,745.32 million RMB (up 7.4%) - 2025: 6,929.05 million RMB (up 18.0%) - 2026: 8,188.01 million RMB (up 20.6%) - 2027: 9,453.91 million RMB (up 18.2%) [3]. Business Structure and Market Position - The rice industry lacks a total volume logic, but there is potential for growth in the mid-to-high-end rice segment due to structural upgrades. The overall competition is fragmented, with a slow increase in industry concentration. Brands positioned in the mid-to-high-end segment benefit from brand barriers and profit margins that allow for better resource allocation [2][28]. - The company has established a strong market position, with a 4% share in the pre-packaged premium rice market, leading the segment against competitors [39][42]. Product Expansion and Growth Potential - The company has a clear path for product innovation, with successful launches in new categories like corn, which is expected to drive future growth. The introduction of new products such as corn juice packs is anticipated to contribute to revenue growth [4][10]. - The company is also focusing on expanding its product categories, with plans to introduce southern rice and other new products to tap into larger growth opportunities [4][10]. Competitive Advantages - The company has built a high-efficiency supply chain in key geographical areas, ensuring quality and price advantages for raw materials. Its direct-to-consumer (D2C) sales model and order-based production enhance product freshness, contributing to a significantly higher repurchase rate compared to industry averages [4][62]. - The company’s marketing strategies and brand positioning have resulted in a strong customer base, with a high repurchase rate of 39% for its rice products, significantly above the industry average of 26% [58][62].

Core Viewpoint - The report from Guotai Junan maintains a "Buy" rating for October Rice Field (09676), projecting EPS for 2025-2027 to be 0.55, 0.68, and 0.82 RMB, respectively, with a target price of 18.48 HKD for 2026 based on a 25x PE ratio [1] Group 1: Industry Dynamics - The rice industry lacks a total volume logic, but there is growth in the mid-to-high-end rice segment due to structural upgrades, with increasing packaging rates and the proportion of quality products [2] - The industry faces a fragmented and competitive landscape due to low entry barriers and weak brand attributes, leading to slow increases in market 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 [3] - The combination of strong product power, channel strength, and excellent marketing capabilities has resulted in a significantly higher repurchase rate, establishing the company as a leading brand in the mid-to-high-end rice market [3] Group 3: Operational Efficiency - The company has achieved a leading market share by leveraging online channel benefits and maintaining a flat organizational structure with flexible marketing strategies [4] - The growth in online channels is expected to continue, supported by the rise of new retail channels and the introduction of new product categories [4] - Offline channels are also experiencing rapid growth, with increasing revenue contributions from supermarkets, direct customers, and distribution channels [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 expectations for growth driven by new products and offline channels [5] - The introduction of more new products, such as southern rice, is anticipated to open up greater growth opportunities [5]