Shiyue Daotian (十月稻田) released its annual results for the year ended 31 December 2025.
Financial Performance • Revenue reached RMB6.81 billion, up 18.50% year-on-year. • Gross profit climbed 32.80% to RMB1.35 billion; gross margin improved to 19.9% (2024: 17.7%) due to a richer mid-to-high-end product mix and lower average paddy prices. • Profit for the year more than doubled to RMB428.29 million (+109.5%). • Adjusted net profit (ex-fair-value changes and dividend income) rose 60.30% to RMB560.37 million, lifting the adjusted net margin to 8.2% (2024: 6.1%). • Basic EPS stood at RMB0.40 (2024: RMB0.19).
Segment Highlights • Rice products remained the growth engine, contributing RMB4.76 billion (+18.4%) or 69.8% of group revenue. • Corn products declined 9.2% to RMB740.35 million after marketing adjustments. • Whole-grain, bean & other products grew 36.0% to RMB638.68 million, supported by new pre-cooked offerings. • Dried food & other products surged 51.50% to RMB675.87 million on higher bran, husk and fractioned-rice sales.
Channel Mix • Online channels remained dominant at RMB3.98 billion (+10.7%), with self-operated stores up 17.30%. • Modern retail channels expanded 19.20% to RMB1.21 billion. • Direct-customer sales jumped 48.50% to RMB1.23 billion, reflecting stronger corporate and catering demand. • Distribution network revenue advanced 27.0% to RMB386.00 million.
Cash Flow and Balance Sheet • Inventories rose 53.40% to RMB2.09 billion as raw-grain purchases increased ahead of 2026 demand; turnover days lengthened slightly to 115. • Trade receivables grew 20.30% to RMB454.14 million; turnover days at 22. • Cash and bank balances declined 39.80% to RMB429.36 million, while bank loans increased 55.00% to RMB1.00 billion, lifting the gearing ratio to 27.7% (2024: 23.0%). • Capital expenditure amounted to RMB297.00 million; committed capex stood at RMB87.30 million.
Shareholder Returns The board proposes a final dividend of RMB0.32 (tax-inclusive) per share, totalling approximately RMB338.47 million and representing 60.4% of adjusted net profit. Payment is subject to approval at the forthcoming AGM and is expected around 17 July 2026.
Strategic Outlook Management reiterated its focus on expanding omni-channel coverage, deepening premium product penetration, enhancing supply-chain efficiency through digital initiatives, and strengthening brand positioning in healthy, pre-packaged staple foods.
Post-Balance-Sheet Event In early 2026, the company repurchased 10.43 million H shares on-market for treasury purposes, underscoring confidence in future prospects.