SHIYUE DAOTIAN (09676) is demonstrating resilient growth on its long-term development path through a diversified product-driven strategy built on a "core business + new growth drivers" model. The company released its 2025 Annual Report and ESG Report on the evening of April 24th. The 2025 financial results show total revenue reached 6.81 billion yuan, a year-on-year increase of 18.5%. The core rice business maintained stable growth, while categories such as coarse cereals and dried goods showed impressive growth rates, with multiple growth drivers now substantially contributing to incremental gains. The company proposed a final dividend of 0.32 yuan per share, a significant increase of 95.12% year-on-year, with a payout ratio nearing 80%.
SHIYUE DAOTIAN owns several well-known brands, including SHIYUE DAOTIAN, CHAIHUO DAYUAN, and FUXIANG RENJIA. Centered on a "staple food + snack food" core strategy, the company is driving high-quality growth by diversifying its product portfolio with items like coarse cereals, beans, and dried goods, alongside deepening its omnichannel penetration both online and offline, while simultaneously consolidating its core rice business.
The accelerated volume growth of diverse product categories indicates the successful formation of the "staple food + snack food" strategy. Rice products, the company's foundation, maintained stable growth with 2025 revenue of 4.755 billion yuan, up 18.4% year-on-year, accounting for 69.8% of total revenue. The compound annual growth rate for rice product revenue from 2021 to 2025 was 13.23%. Revenue from coarse cereals, beans, and other products reached 639 million yuan, surging 35.96% year-on-year. Revenue from dried goods and other products was 676 million yuan, jumping 51.5% year-on-year. The share of revenue from these two major categories increased to 9.38% and 9.93% respectively. These diversified growth curves are now making a tangible contribution to growth, reducing the company's reliance on a single product category.
By focusing on users and undertaking comprehensive upgrades in product innovation, omnichannel strategies, and industrial chain development, SHIYUE DAOTIAN has successfully transitioned its strategic positioning from a "kitchen food enterprise" to an "innovator in the household food industry," redefining the growth logic within this sector. Its product strategy involves continuously enriching a three-dimensional "staple food + snack food" matrix. For instance, targeting new scenarios like gyms, office snacks, and camping, the company has innovatively developed corn into dozens of products such as corn cobs, corn segments, and flavored corn. Its channel strategy involves building an omnichannel network combining "e-commerce + supermarkets + instant retail" to reach consumers comprehensively. Furthermore, through collaborations with celebrities and popular IPs, the company employs a dual-drive model of "traffic + content" to achieve precise traffic conversion and business performance.
In 2025, SHIYUE DAOTIAN achieved double-digit growth across its online channels, supermarket channels, and direct customer sales, with direct customer sales soaring 48.5%. The revenue share from these channels was 58.5%, 17.7%, and 18.1% respectively. The company has established multiple growth drivers, and propelled by diversification in both products and channels, it has maintained consistent performance growth, with a revenue compound annual growth rate of 17.3% from 2021 to 2025.
The company's efforts in cost reduction and efficiency improvement have yielded significant results, with its supply chain strategy resonating with raw material cycles. In its evolution from a premium kitchen staple supplier to a household food industry innovator, SHIYUE DAOTIAN is reshaping the new consumption landscape, extending the value chain, forging a new industrial ecosystem, and unlocking further growth potential. Concurrently, the company is actively reducing costs and improving efficiency to drive high-quality growth. On the cost side, it manages expenses through proactive supply chain management and strategies tailored to raw material cycles. On the expense side, control over administrative and financial costs is evident; the increase in administrative expenses was significantly lower than revenue growth, and financial costs decreased year-on-year, reflecting enhanced management precision. Sales expenses increased in line with business expansion and new channel development, but the strengthening brand power and improved customer repurchase rates lay the groundwork for long-term optimization of the expense ratio.
SHIYUE DAOTIAN continues to deepen its supply chain development. By the end of 2025, it had established seven modern production bases near six core grain-producing regions in China, building a robust supply chain moat based on "direct sourcing from origin and localized processing." The company employs an "order-based production" model. In 2025, despite rising material prices, the company adopted a proactive inventory strategy, increasing material stockpiles but ultimately reducing procurement costs. Furthermore, SHIYUE DAOTIAN integrates advanced technology deeply into grain storage, processing, and distribution, using digitalization to upgrade the entire industrial chain. As of December 31, 2025, the company had over thirty automated production lines in operation, established distribution centers and a modern warehousing system, and utilized technology such as intelligent constant-temperature storage, hull-on storage techniques, and order production systems to comprehensively enhance operational efficiency.
SHIYUE DAOTIAN's long-term development philosophy is deeply integrated with its ESG initiatives, embedding the underlying logic of business growth into ESG practices and commercial success. For example, in promoting rural development, the company leverages its industrial chain advantages to empower agricultural and rural modernization through a full-chain layout. Utilizing an "online orders + express logistics" model, it opens channels for agricultural products to reach urban markets, helping farmers in production areas increase their income and contributing to rural revitalization. Through its "contract farming" model, the company cumulatively purchased over 14 billion yuan worth of raw grain from 2020 to 2024, enabling farmers to earn dual benefits from "growing grain in the fields and gaining employment near warehouses," directly linking tens of thousands of farming households and achieving a win-win situation for corporate growth and rural prosperity. Specifically, by implementing contract farming, signing purchase agreements with farmers and cooperatives, providing seeds free of charge, and buying back the harvested rice, the company stabilizes farming income. For instance, its Tonghe Caiqiao base helped increase the average household income of participating farmers by more than 1,500 yuan, driving sustained income growth through industrial empowerment.
On brand warmth and social responsibility, SHIYUE DAOTIAN launched a creative and heartfelt annual public welfare initiative called "Birth Rice" in May 2025. The event invited 100 expectant mothers with due dates in October to participate, creating a personalized package of "Birth Rice" for each newborn. This symbolizes that "rice is as precious as life," reflecting respect for life, tribute to motherhood, and the brand's humanistic care. The campaign resonated widely on social media, significantly enhancing the brand's emotional value.
Recognized for its outstanding performance in brand building and ESG, the company received several awards in 2025. These include being listed among the first batch of "Era Fine Products" – China's Consumer Famous Brands by the Ministry of Industry and Information Technology; the "ESG Rising Star Model" award at the 9th Corporate Social Responsibility event by Shenlan Think Tank; the "ESG Crystal Ball Award" for 2025 Listed Companies by Securities Market Weekly; and the "Global Food Innovation Award – Outstanding Business Practice Enterprise" by the iSSE Global Awards.
It is worth noting that SHIYUE DAOTIAN actively rewards shareholders by sharing the company's development success through a "share buybacks + dividends" model, continuously enhancing shareholder returns. Based on strong fundamentals and long-term value, the company has received positive outlooks from several investment banks. Among them, Guotai Junan Securities set a target price of HK$18.48, implying an upside of nearly 183.4% from the current price.
In summary, SHIYUE DAOTIAN has established a virtuous cycle where performance growth and ESG practices reinforce each other. Financially, diversified category expansion, continuous optimization of the revenue structure, and robust cash flow are evident. Strategically, the dual-drive of "staple food + snack food" opens up new growth space. In terms of value, ESG practices solidify the brand moat, while recognition in the capital markets continues to rise. Guided by national policies such as rural revitalization, the "Big Food" concept, and agricultural modernization, SHIYUE DAOTIAN's "from field to table" industrial chain model aligns with the dual trends of national food security and consumption upgrading. Looking ahead, with the gradual release of production capacity from its seven major production bases and deeper penetration of its omnichannel network, SHIYUE DAOTIAN is accelerating its transformation into an "innovator in the household food industry," poised to create substantial long-term value for both shareholders and society.