公司深度研究 | 十月稻田 厨房主食中的新消费 十月稻田（09676.HK）首次覆盖报告 所处行业空间较大且持续增长，集中度有望提升。公司所处的厨房主食行业 为万亿以上规模的大行业，且近年来持续增长，公司重点布局的大米、玉米 等品类均为千亿级大行业且增长势头明显。行业中的预包装产品、优质产品 有较好的增长且增长势头显著快于行业整体。当前该行业市场集中度很低， 但预包装产品、优质产品、东北大米产品等的集中度显著高于行业整体，预 计随着上述关键品类的快速增长，行业集中度有望提升，公司作为重要的行 业龙头之一有望显著获益。 产品矩阵丰富，多元化渠道覆盖全国。公司旗舰品牌十月稻田、柴火大院已 在京东等平台复购率高于行业整体，并依托多品牌构建了全面且互补的产品 矩阵，满足不同类别消费者的个性化需求。公司建立多元化、涵盖线上线下 的销售网络，在新渠道保持领先，在线下渠道和经销商建立了深厚的合作关 系。公司通过在核心产区的五大生产基地，结合遍布多区域的区域仓，形成 辐射全国多数区域的供应链能力。 投资建议：我们预测 25-27 年公司营收分别为 69.94 亿元/84.35 亿元/99.39 亿元，同比+22%/+21%/ ...

Group 1 - The super typhoon "Haikui" has entered the South China Sea, prompting Shenzhen's deep agricultural group to enhance its agricultural product supply guarantee efforts to stabilize the "vegetable basket" for citizens [2] - At the Futian Agricultural Wholesale Market, the daily incoming supply of goods reached 3,000 tons, with emergency supply capacity increased to 5,500 tons per day [2] - From September 16 to 22, the average daily supply volume at the market ranged between 2,800 to 3,300 tons, with specific daily supplies including 1,000 tons of vegetables, 600 tons of fruits, 500 tons of pork, beef, lamb, and frozen products, 100 tons of poultry and seafood, and 800 tons of grains, oils, dried goods, and seasonings [2] Group 2 - The deep agricultural group reported that from September 15, the vegetable incoming volume reached nearly 5,600 tons per day, with over 5,400 tons recorded on September 22 and over 7,000 tons on September 23 [3] - The market has a stockpile of 3,500 tons on-site, over 2,000 tons in surrounding cold storage, and over 5,800 tons in transit, ensuring a robust three-tier supply reserve system [3] - The Bujie Agricultural Wholesale Market also initiated supply guarantee operations, with a daily vegetable supply of approximately 150 tons and over 25 tons of pork available daily [2][3]

Core Viewpoint - The Hong Kong Stock Connect index has undergone a regular adjustment, with 20 stocks added and 20 removed, including the family food innovation brand October Rice Field, which was removed due to liquidity concerns and not meeting market capitalization requirements for the Hang Seng Index [1][2]. Company Overview - October Rice Field, established in 2011, primarily produces and sells pre-packaged high-quality rice, corn, grains, beans, and dried goods, with brands including October Rice Field, Chaihuo Dayuan, and Fuxiang Renjia [2][4]. - The company has recently upgraded its brand positioning to "family food innovation brand," indicating a strategic shift and a restructured brand value [6][10]. Financial Performance - For the first half of 2025, October Rice Field reported revenue of RMB 3,063.5 million, a year-on-year increase of 16.9%, and an adjusted net profit of RMB 294.3 million, a significant increase of 97.7% [3][4]. - The revenue from rice products was RMB 2,066 million, up 21.0%, while corn products generated RMB 433 million, becoming the second core category [4]. Product and Market Strategy - The company has diversified its product offerings beyond rice to include corn, grains, and various family food items, creating a multi-category matrix [4][6]. - October Rice Field has been actively innovating products to meet consumer demands, such as introducing healthy snack options and expanding into instant retail [6][8]. Distribution and Supply Chain - The company has established a comprehensive distribution network, collaborating with over 40 major e-commerce platforms and nearly 100 supermarkets, while also focusing on instant retail to capture market opportunities [8][10]. - October Rice Field has developed a robust supply chain that integrates procurement, storage, production, sales, and logistics, ensuring the stable output of quality products [8][10]. Industry Position - October Rice Field has served 140 million Chinese households and has led the sales of Northeast rice and corn products in China for six consecutive years [10]. - The company aims to leverage new health-focused policies and its established market presence to enhance its brand value and drive high-quality growth [10].

Group 1 - The article highlights the increased food safety risks during the rainy season in China, emphasizing the need for consumers to be cautious about certain food items that may pose health hazards [1] - It identifies specific food items that should be discarded or handled with care, including frozen products that have undergone thawing and refreezing, as well as moisture-affected grains and packaged beverages with damaged seals [3][4][5] - The article advises on proper food storage practices, such as not overfilling refrigerators and separating raw and cooked foods to prevent contamination [8] Group 2 - It discusses the dangers of consuming dry goods that have been exposed to floodwaters, recommending that such items be discarded due to their high absorbency and potential for contamination [6] - The article emphasizes the importance of discarding dairy products that have been stored above safe temperatures for extended periods, as harmful microorganisms can proliferate rapidly [7] - Expert insights from Wang Xian, a food safety supervisor, underline the significance of adhering to food safety guidelines during adverse weather conditions [9]

Group 1: Company Overview and Product Range - The company focuses on the research and development of modified rubber and plastic materials, emphasizing sealing and vibration reduction functions across various industries [1] - Key application areas include rail transportation, automotive, construction, and shipping, with specific products such as tunnel sealing rubber, vehicle sealing components, and marine vibration parts [1][2] Group 2: Future Business Outlook - The company aims to strengthen its market position in the automotive, rail transportation, construction, and shipping sectors while exploring new markets and products [2] - There is a strategic focus on emerging industries such as new energy vehicles, energy storage, wind power, photovoltaics, and hydrogen energy to gain a competitive edge [2] Group 3: Contract with Sailaf Energy - The company’s subsidiary, Haida New Energy, signed a procurement framework contract with Anhui Sailaf Energy, with an expected total procurement volume of 3.7GW of products by June 30, 2026 [2] - The newly developed short-frame products are designed to enhance safety and reliability, with features that improve light exposure and increase energy generation [2]

Core Points - The ACE Asia Restaurant Exhibition has established the "ACE Global Procurement Alliance" to facilitate international cooperation in the restaurant and food supply chain [1][3] - The alliance aims to provide comprehensive outbound services for the domestic food industry, covering 160 countries, and to connect high-quality overseas resources with the domestic restaurant industry [1][3] - An international procurement list covering 15 categories of food products has been launched, including seafood, meat, vegetables, fruits, grains, beverages, and organic foods [1][2] Group 1: Procurement Alliance - The ACE Global Procurement Alliance will serve as a platform for efficient cooperation in the global restaurant supply chain [1][3] - The procurement list is expected to reach a scale of hundreds of millions of US dollars, with plans to promote procurement cooperation over the next year [3] - The third ACE Asia Restaurant Exhibition will host a thousand-person precise matching event and a centralized signing ceremony to facilitate effective contracts [3] Group 2: Product Categories - The procurement list includes categories such as seafood (frozen fish, shrimp, crab), meat products (frozen pork, beef, chicken), and various vegetables and fruits [2] - Other categories in the procurement list include grains and oils, condiments, beverages, snacks, dairy products, and specialty foods [2] - The alliance emphasizes compliance with import standards, such as halal certification for certain markets [2] Group 3: Exhibition Highlights - The ACE Asia Restaurant Exhibition is recognized for its internationalization and effectiveness, achieving a high exhibitor repurchase rate of over 92% [13] - The exhibition aims to address market expansion challenges faced by companies in the food industry by providing valuable resource connection opportunities [13] - The event is supported by the Shandong Provincial Council for the Promotion of International Trade and the Jinan Municipal Government [13]