收入增长再提速，多元化继续发力 受益于健康与便捷饮食趋势带来的发展机遇，公司立足"主食+休闲食品"进行战略布局，在产品多元化 与渠道渗透拓展等方面持续发力。以公告区间中枢计算，公司25Q3 收入同比增长28.6%，较上半年增 速提速明显，主要系三季度玉米浆包、糙米饭团等新品在抖音快速放量，拉动抖音渠道增长修复，拼多 多保持高速增长，玉米在京东天猫继续放量增长，另一方面公司品牌势能不断提升，中秋节庆期间大客 户企事业单位团购需求旺盛，直接客户表现亮眼，山姆等高势能渠道继续保持快速增长，带动公司增长 提速。 新米季加大推广力度，山姆多款新品进入 机构：中信建投证券 研究员：贺菊颖/高畅 核心观点 十月稻田是国内领先且增长迅速的家庭食品公司，拥有十月稻田、柴火大院等广泛知名度的品牌，在大 米和玉米保持销量领先。公司以大米业务和线上渠道起家，逐步拓展其他品类和线下渠道，24 年成功 打造抖音爆款玉米，品类逻辑打开，不再单一依靠大米，顺应消费趋势变化，向休闲化食品进军，推出 更多即食产品，如水果玉米粒、即食玉米段等，25 年向全渠道做深玉米品类。同时公司在山姆、胖东 来等线下渠道持续扩张，增长势能强劲。公司品牌力具备溢 ...

中信建投（601066）发布研报称，予十月稻田(09676)"买入"评级，预计公司2025/2026/2027年收入分别 为69.94/83.69/98.36亿元，净利润分别为6.31/7.96/9.74亿。公司第三季度收入17.4-18.2亿元，同增 25.7%-31.5%，经营利润1.35-1.50亿元，同增71.5%-90.5%。该行认为公司产品和渠道均有发展空间，当 前进入新一轮成长期，公司品牌具备溢价，随着对大米收入的依赖度降低、线下渠道占比持续提升，公 司整体价值重估在即。 报告中称，十月稻田是国内领先且增长迅速的家庭食品公司，拥有十月稻田、柴火大院等广泛知名度的 品牌，在大米和玉米保持销量领先。公司以大米业务和线上渠道起家，逐步拓展其他品类和线下渠道， 24年成功打造抖音爆款玉米，品类逻辑打开，不再单一依靠大米，顺应消费趋势变化，向休闲化食品进 军，推出更多即食产品，如水果玉米粒、即食玉米段等，25年向全渠道做深玉米品类。同时公司在山 姆、胖东来等线下渠道持续扩张，增长势能强劲。公司品牌力具备溢价，渠道营销能力突出，并非传统 基础农产品公司，公司价值有望逐步被市场认可。 ...

报告中称，十月稻田是国内领先且增长迅速的家庭食品公司，拥有十月稻田、柴火大院等广泛知名度的 品牌，在大米和玉米保持销量领先。公司以大米业务和线上渠道起家，逐步拓展其他品类和线下渠道， 24年成功打造抖音爆款玉米，品类逻辑打开，不再单一依靠大米，顺应消费趋势变化，向休闲化食品进 军，推出更多即食产品，如水果玉米粒、即食玉米段等，25年向全渠道做深玉米品类。同时公司在山 姆、胖东来等线下渠道持续扩张，增长势能强劲。公司品牌力具备溢价，渠道营销能力突出，并非传统 基础农产品公司，公司价值有望逐步被市场认可。 智通财经APP获悉，中信建投发布研报称，予十月稻田(09676)"买入"评级，预计公司2025/2026/2027年 收入分别为69.94/83.69/98.36亿元，净利润分别为6.31/7.96/9.74亿。公司第三季度收入17.4-18.2亿元，同 增25.7%-31.5%，经营利润1.35-1.50亿元，同增71.5%-90.5%。该行认为公司产品和渠道均有发展空间， 当前进入新一轮成长期，公司品牌具备溢价，随着对大米收入的依赖度降低、线下渠道占比持续提升， 公司整体价值重估在即。 ...

Core Insights - The 2025 "Good Food List" announced by Zhitong Finance recognizes outstanding food brands that adhere to quality, innovation, and industry trends, with October Rice Field being awarded "Annual Corn Brand" for its healthy and tasty corn products [1][2] Industry Overview - Driven by sustained consumer vitality, China's food ingredient market is projected to reach 10.56 trillion yuan in 2024, marking a 12.7% year-on-year growth, indicating a new development phase for the food industry [2] - There is a growing awareness of healthy eating, shifting consumer focus from "eating enough" to "eating well" and "eating healthily," leading to a rapid development of whole grain foods, with corn being favored for its natural health properties [2] Company Performance - October Rice Field's corn category revenue reached 433 million yuan, becoming the second-largest core category, supported by its recognition as the leading corn brand in China for two consecutive years by Frost & Sullivan [2][7] - The company has established three corn industry bases in Liaoning, Heilongjiang, and Guangxi, ensuring a stable supply of high-quality corn products through a comprehensive supply chain [7] Product Innovation - October Rice Field has successfully diversified its corn product offerings, including instant corn segments and fruit corn kernels, expanding into the snack food and single-serving market [9] - The company has effectively engaged with younger consumers by promoting corn as a new social symbol, capitalizing on trends like "weight management" due to corn's dietary fiber and low-calorie content [10] Marketing Strategies - During the 2025 new corn launch, October Rice Field targeted high-potential offline scenarios and collaborated with the game "Cat and Soup," reaching 70 million young players with four co-branded products [11] - The brand has utilized content marketing, e-commerce visual upgrades, and live interactions to create an immersive experience for young consumers, reinforcing its image as a "corn expert" and enhancing its industry influence [13]

Core Insights - The article highlights the strong performance of October Rice Field Group Co., Ltd. in the context of a growing health food market, with significant increases in revenue and profit margins [1][5]. Financial Performance - The company reported a revenue of 3.064 billion yuan, representing a year-on-year growth of 16.9% [1]. - Adjusted net profit reached 294 million yuan, a substantial increase of 97.7% compared to the previous year [1]. - The net profit margin improved from 5.7% in the same period last year to 9.6% [1]. Product Strategy - Core product categories showed steady growth, with rice products generating 2.066 billion yuan in revenue, up 21.0% year-on-year [2]. - The corn category generated 433 million yuan, while revenue from grains, beans, and other products increased by 29.3% to 274 million yuan [2]. - The company is focused on becoming a household food innovation expert, addressing diverse consumer needs through product innovation in healthy and convenient food options [2]. Channel Strategy - The company optimized its channel structure, with online channel revenue at 1.837 billion yuan, accounting for 60.0% of total revenue [4]. - Revenue from modern supermarkets reached 496 million yuan, increasing its share to 16.2% due to expanded product offerings [4]. - Direct customer revenue grew by 75.1% to 563 million yuan, reflecting increased brand recognition and sales from agricultural product companies [4]. Brand Development - In 2025, the company redefined its brand positioning as a "household food innovation brand" and updated its brand slogan [5]. - The company employed a dual-driven model of "traffic + content" for marketing, enhancing brand influence through various high-visibility campaigns [5]. - October Rice Field has served 140 million Chinese households and has maintained leading sales in Northeast rice and corn categories for several consecutive years [5].