The Zhitong Finance App learned that rice fields rose by more than 15% in October (09676), and rose 15% at press time, to HK$23 million, with a turnover of HK$9.97 million.
In terms of performance, in 2023, although rice field revenue increased in October, adjusted net profit fell by more than 45% year on year. According to October Rice Field's previous prospectus, in 2022, the October rice field revenue was 4.533 billion yuan, net profit was -564 million yuan, and adjusted net profit was 364 million yuan. The company stated that there are two main reasons for the above changes in performance. First, due to changes in the overall market environment and declining consumer confidence, the company's sales performance fell short of expectations; second, due to natural disasters, especially floods in the Northeast region, prices of raw materials such as rice rose, which increased product costs and put pressure on the company's profit margins.
According to reports, October Rice Field is mainly engaged in the production and sale of pre-packaged high-quality rice, grains, beans, and dried goods products. It is the company with the highest revenue in the pre-packaged high-quality rice market and the pre-packaged grains, beans, and seeds market in China. After purchasing rice from the black land of Northeast China, after going through production, inspection, storage, etc., and then selling rice through e-commerce platforms and other channels, rice fields achieved efficient and flexible supply chain management in October, and achieved remarkable results in branded development. According to the prospectus, the October Rice Field Company has already turned the brand into an “influencer” through online marketing methods such as live broadcasts, celebrity endorsements, and brand days.