Core Viewpoint - The company has successfully turned around its performance after three consecutive years of losses, reporting a net profit of over 200 million yuan for 2024, a year-on-year increase of over four times [1][2]. Revenue Structure - The company achieved a revenue of 5.7453 billion yuan in 2024, representing an 18% year-on-year growth, while the net profit reached 204.4 million yuan, a 415.08% increase from a loss of 64.86 million yuan in the previous year [2]. - The rice business, which has been the company's core revenue driver, accounted for nearly 80% of total revenue from 2020 to 2022, but its growth has slowed significantly in recent years [2][3]. Rice Business Performance - In 2024, the rice business generated revenue of 4.0145 billion yuan, with a year-on-year growth rate dropping to 4.81% from 5.76% in 2023. The revenue contribution from the rice business decreased from 78.7% in 2023 to 69.87% in 2024 [3]. - Despite the slowdown, the gross profit from the rice business increased by 42.73% to 629.3 million yuan due to adjustments in product mix and enhanced online sales channels [3]. Corn Business Development - The company has been actively developing its corn product line as a "second growth curve," with revenue from this segment soaring to 815.1 million yuan in 2024, a staggering 523.17% increase year-on-year [4]. - However, the rapid growth of the corn business has led to a significant rise in food safety complaints, with 513 complaints reported on a consumer platform, indicating potential quality control issues [4][5]. Investment in Tea Baidao - The company made a cross-industry investment in Tea Baidao, purchasing 22.32 million shares for nearly 365 million yuan, but this investment has resulted in substantial losses [6][7]. - The share price of Tea Baidao dropped significantly from the initial purchase price of 17.5 HKD to 9.8 HKD, leading to an estimated loss of approximately 160 million HKD for the company [7].
十月稻田业绩扭亏背后：核心大米业务增速放缓，玉米新业务食安问题频发存隐忧