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%/ ...

Core Viewpoint - The company "October Rice Field" has announced multiple personnel adjustments, including the appointment of Guo Hong as an independent non-executive director candidate, which has drawn attention due to her connections with Wahaha Group [1][3][5]. Personnel Adjustments - The company plans to abolish the supervisory board and transfer its responsibilities to the audit committee, pending shareholder approval [3]. - Non-executive director Chang Bin resigned due to personal work commitments, and supervisor chairman He Yang will resign effective November 10, 2025, while continuing as HR director [3]. - Guo Hong, with over 25 years of investment management experience, has been nominated as an independent non-executive director candidate [5]. - The company appointed Zhi Qiang as CFO, effective November 10, 2025, who has over 20 years of experience in capital markets and corporate management [3][5]. Company Background - October Rice Field was established in 2011, focusing on pre-packaged high-quality rice, grains, beans, and dried goods, primarily leveraging online channels for growth [9]. - The company completed a 300 million yuan A-round financing in 2020 and has since gone public on the Hong Kong Stock Exchange in October 2023 [9][11]. Financial Performance - The company reported revenues of 4.53 billion yuan, 4.87 billion yuan, and 5.75 billion yuan for 2022, 2023, and 2024, respectively, with net losses of 560 million yuan and 64.86 million yuan in 2022 and 2023 [11]. - In 2024, the company turned a profit with a net income of 200 million yuan [11]. Strategic Upgrade - October Rice Field is transitioning from a "kitchen staple enterprise" to a "family food innovation enterprise," focusing on high-end rice and expanding its product range to include snackable corn products [13]. - The company is diversifying its sales channels, collaborating with over 40 e-commerce platforms and various supermarkets, while also expanding into instant retail channels [15]. - Recent financial data indicates a shift in revenue sources, with online sales decreasing and offline sales increasing, reflecting the effectiveness of the channel transformation [15].

Core Viewpoint - The appointment of Guo Hong as an independent non-executive director candidate for October Rice Field (09676.HK) is a significant development, reflecting the company's strategic focus on enhancing its governance and leveraging Guo's extensive experience in investment management and corporate strategy [2][3]. Group 1: Company Developments - October Rice Field's board has approved Guo Hong as an independent non-executive director candidate, pending review at an extraordinary general meeting [2]. - Guo Hong, aged 48, has over 25 years of investment management experience and has held various positions at Hangzhou Wahaha Group [2]. - The company was officially listed on the Hong Kong Stock Exchange on October 12, 2023, and focuses on pre-packaged quality rice, corn, grains, legumes, and dried goods [3]. Group 2: Financial Performance - October Rice Field reported a revenue of 3.064 billion yuan for the first half of 2025, representing a year-on-year increase of 16.9% [3]. - The adjusted net profit for the same period reached 294 million yuan, showing a substantial year-on-year growth of 97.7% [3]. Group 3: Key Personnel Changes - In August 2024, significant changes occurred at Hangzhou Wahaha Group, with Zong Qinghou stepping down from his roles, and Guo Hong and other senior executives exiting their positions [3]. - Guo Hong played a crucial role in the trust establishment for Zong Qinghou's non-marital children, indicating her influence within the Wahaha Group [2].

Group 1 - The board of Ten Thousand Rice Fields (09676.HK) has approved Guo Hong as an independent non-executive director candidate, to be reviewed at an extraordinary general meeting [1] - Guo Hong, aged 48, has over 25 years of investment management experience and has held various positions at Hangzhou Wahaha Group Co., Ltd [1] - Guo Hong has a Master's degree in Business Administration from City University of Hong Kong and is currently a doctoral student at the same institution [1] Group 2 - In August 2024, Hangzhou Wahaha Group Co., Ltd underwent a corporate change, with Zong Qinghou stepping down as legal representative, chairman, and general manager, succeeded by Zong Fuli [2] - Ten Thousand Rice Fields Group Co., Ltd, established in 2018 and headquartered in Shenyang, Liaoning Province, focuses on pre-packaged high-quality rice, corn, grains, beans, and dried goods [2] - The company reported a revenue of 3.064 billion yuan for the first half of 2025, a year-on-year increase of 16.9%, and an adjusted net profit of 294 million yuan, a significant year-on-year growth of 97.7% [2]

Core Viewpoint - The event "Xian Agricultural Quality Products" promotion in the Beijing-Tianjin-Hebei region resulted in significant investment and sales contracts, highlighting the growth potential of Xianyang's agricultural sector [1] Investment and Contracts - 12 investment projects were signed with a total amount of 39.6 billion yuan, focusing on areas such as deep processing of agricultural products, facility agriculture, and integration of agriculture with culture and tourism [1] - 12 purchase and sales contracts were signed, totaling 9.7 billion yuan, covering various agricultural products including apples, pears, kiwis, grapes, pomegranates, goat milk powder, and miscellaneous grains [1] Agricultural Development Strategy - Xianyang is prioritizing key rural specialty industries like apples, aiming to enhance brand promotion and market expansion, particularly for the "Xianyang Malan Red" apple brand [1] - The city is recognized as Shaanxi's largest pollution-free fine vegetable production base and an important processing supply base for livestock products [1] Government Support and Future Plans - The local government is committed to improving the business environment, promoting technology, and nurturing industries to attract investment and support entrepreneurship in Xianyang [1]

Core Viewpoint - The Erdos City in Inner Mongolia is committed to an "ecology-first, green development" approach, integrating ecological governance with economic growth to achieve a harmonious development model that benefits both the environment and the local population [1] Group 1: Green Industrial Transformation - The focus is on green transformation in industrial development, particularly in mine ecological restoration and energy industry upgrades, creating a diversified and low-carbon industrial system [2] - As of now, 48 green mines have been established in the region, including 8 national-level and 40 autonomous region-level mines, leading Inner Mongolia in quantity [2] - The energy sector aims for high-end, diversified, and low-carbon development, promoting clean and efficient coal utilization technologies and integrating traditional and renewable energy sources [3] Group 2: Development of Characteristic Green Industries - The region is developing a characteristic green industry system by combining ecological construction with industrial development, particularly focusing on the mountain apricot industry [4] - A complete industrial chain from planting to processing has been established, linking farmers with companies to create a community of shared interests [4] - The small grain industry is prioritized, with a national small grain industry park being developed to enhance quality and efficiency through technological support [5] Group 3: Ecological Agriculture and Tourism - Ecological agriculture is being promoted through soil improvement techniques and innovative farming models that enhance productivity and environmental quality [6] - The region is developing eco-tourism by leveraging natural landscapes and cultural resources, creating a multi-functional tourism destination that boosts local employment [6] Group 4: Ecosystem Governance - Efforts are being made to enhance the ecological environment quality through integrated protection and restoration of various ecosystems, particularly in the Yellow River basin [7] - Specific projects targeting soil erosion and ecological fragility in the Yellow River area are being implemented to improve water and soil conservation [7] - A comprehensive governance model for the difficult-to-repair arsenic sandstone areas has been developed, focusing on ecological restoration and economic benefits [8]

Core Viewpoint - The article discusses the tax benefits for businesses purchasing agricultural products directly from producers, highlighting the ability to deduct input VAT based on specific rates, which can significantly reduce costs for companies involved in food production [5][6]. Group 1: Tax Deduction Policy - Since April 1, 2019, taxpayers purchasing agricultural products can deduct input VAT at a rate of 9% based on the purchase price indicated on the sales invoice [5]. - For agricultural products used in the production of goods subject to a 13% tax rate, the deduction rate increases to 10% [5]. - Taxpayers who have already implemented a fixed deduction for input VAT on agricultural products must follow the relevant regulations for that fixed deduction [5]. Group 2: Eligibility Criteria - The policy applies only to agricultural products sold directly by agricultural producers; purchases from wholesalers do not qualify for this tax deduction [4][6].

Group 1 - The core viewpoint of the report is that the company, October Rice Field (09676), is rated as "Buy" due to its strong competitive advantages and potential for market share growth in the mid-to-high-end rice segment [1] - The report anticipates the company's EPS for 2025-2027 to be 0.57, 0.71, and 0.86 RMB respectively, with a target price of 15.49 HKD for 2025 based on a 25x PE ratio [1] Group 2 - The industry is experiencing slow growth but a clear trend towards upgrading, with stable demand for rice and kitchen foods despite little change in the domestic population [2] - The market for pre-packaged rice is highly fragmented, with a CR5 of only 14%, while October Rice Field holds the top market share in premium and Northeast rice [2] - The company has established strong competitive advantages, including significant single product advantages, active category expansion, and industry-leading omnichannel fulfillment capabilities [2] Group 3 - The company's revenue and adjusted net profit for 2024 are projected to be 5.745 billion and 349 million RMB, respectively, with CAGRs of 25.35% and 12.1% from 2020 to 2024 [3] - Revenue from rice, grains & beans, and other products for 2024 is expected to be 4.014 billion, 470 million, and 446 million RMB, with CAGRs of 21%, 6%, and 50% respectively [3] - Corn is expected to see explosive growth, reaching 815 million RMB, opening a second growth curve for the company [3] - The company has strong channel adjustment capabilities, leveraging both online and offline sales channels, with projected revenues of 3.599 billion and 2.147 billion RMB for online and offline sales in 2024, respectively [3]

Core Points - The 2026 Seed Conference and South Breeding Silicon Valley Forum is scheduled to be held from March 25 to 29, 2026, in Sanya, Hainan Province [1] - The event will feature field demonstrations of new crop varieties and technologies at the National Modern Agriculture (Seed Industry) Industrial Park in Yazhou District [1] Industry Summary - The scope of crop variety collection for field demonstrations includes rice, corn, sweet corn, vegetables, and miscellaneous grains that are suitable for Sanya's climate and can showcase excellent traits during the event [1] - The conference will include specialized areas for smart agricultural machinery, organic ecological agriculture, and corporate exhibits, with unified provision of land, facilities, and production management services [1] - Hainan Nanfan Industry Development Co., Ltd., a subsidiary of Hainan Agricultural Reclamation, will be responsible for coordinating with various agricultural institutions and enterprises nationwide for the event [1]

Core Viewpoint - The event held in Shanghai aimed to promote high-quality agricultural products from Jilin and establish a solid bridge for industrial cooperation and resource connection between Jilin and the Yangtze River Delta region [1] Group 1: Event Overview - The promotional event was co-hosted by the government of Huadian City and Jilin Agricultural Development Group, with support from various local organizations [1] - The "Jilin Quality Products" exhibition center was launched, serving as a permanent platform for showcasing Jilin's agricultural products in the Yangtze River Delta [1] Group 2: Product Showcase - A variety of Jilin specialty products were displayed, including Northeast rice, birch juice, sweet glutinous corn, wild ginseng, mushrooms, and health products, emphasizing the purity of the black soil [2] - The exhibition center is described as a microcosm of the "mountain-sea cooperation" between Jilin and Shanghai, aiming to convert ecological advantages into industrial benefits [2] Group 3: Investment Promotion - The Huadian City Business Bureau focused on promoting key industries such as ecological tourism, food and medicine, modern agriculture, and green mining, highlighting the region's unique advantages and development potential [2] - Strategic projects like the China Gold Museum and the 120-meter radio telescope system were introduced, showcasing Huadian's investment opportunities across agriculture, cultural tourism, and technology [3] Group 4: Business Engagement - Several participating companies expressed interest in collaboration, particularly in agricultural procurement, deep processing, and cultural tourism project development [3] - The Huadian City government plans to optimize the business environment and provide comprehensive support to facilitate the integration of high-quality agricultural products into southern markets [3] Group 5: Marketing Initiatives - A live-streaming team was formed to promote Jilin's quality products, allowing consumers in Shanghai to experience the ecological and artisanal aspects of Huadian's offerings [4] - Following the event, a dedicated team will be established to track cooperation intentions and convert short-term orders into long-term partnerships [4]