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 ...

Group 1: Key Recommendations - The report highlights the strong growth potential of the company "October Rice Field" (09676) in the health food sector, driven by the launch of new products and expansion into high-potential sales channels [6] - The company has exceeded expectations in both new product sales and channel expansion, with corn products emerging as a significant growth driver alongside rice products [6] - Revenue projections for "October Rice Field" are estimated at 6.951 billion, 8.371 billion, and 9.884 billion yuan for 2025-2027, reflecting year-on-year growth rates of 21%, 20%, and 18% respectively [6] Group 2: Industry Insights - The mechanical equipment sector is experiencing a cyclical reversal and growth, emphasizing the importance of self-sufficiency and domestic substitution due to trade tensions [8] - The report suggests that the military industry is poised for growth, with increased domestic demand and potential for foreign trade expansion leading to a revaluation of the sector [10] - The telecommunications industry is expected to maintain steady growth, with significant opportunities arising from advancements in computing power and satellite internet technologies [10][11] Group 3: Investment Opportunities - The report identifies generative recommendation technology as a key area for investment, with major internet companies exploring its potential to enhance business outcomes [11] - Companies that successfully implement generative recommendation technology are expected to achieve substantial commercial value, surpassing industry averages [11] - Catalysts for growth in this area include improved advertising conversion rates and successful implementation by leading internet firms [11]

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].