十月稻田2025中期报告

中 期 報 告2025INTERIM REPORT Contents Corporate InformationFinancial HighlightsManagement Discussion and AnalysisOther InformationConsolidated Statement of Profit or Loss and OtherComprehensive IncomeConsolidated Statement of Financial PositionConsolidated Statement of Changes in EquityCondensed Consolidated Statement of Cash FlowsNotes to the Unaudited Interim Financial ReportReview ReportDefinitions2672639404243446365 Corporate Information 202595 Mr. Wang Bing(Chairman of the Board)Ms. Zhao WenjunMs. Zhao ShulanMr. Shu MingheMr. Zou Hao (resigned on 5 September 2025) Mr. He YangMr. Li XiangMs. Wang Zhijuan JOINT COMPANY SECRETARIES (ACG) Ms. Chen HuaMs. Oh Sim Yee(ACG) AUTHORIZED REPRESENTATIVES 202595202595 Mr. Wang Bing (appointed on 5 September 2025)Ms. Chen HuaMr. Zou Hao (resigned on 5 September 2025) AUDIT COMMITTEE Mr. Yeung Chi Tat(Chairman)Mr. Chang BinMr. Shi Ketong REMUNERATION COMMITTEE Mr. Shi Ketong(Chairman)Mr. Wang BingMr. Yeung Chi Tat NOMINATION COMMITTEE Mr. Wang Bing(Chairman)Mr. Shi KetongMr. Lin Chen H H SHARE REGISTRAR 1617 Tricor Investor Services Limited17/F, Far East Finance Centre16 Harcourt RoadHong Kong REGISTERED OFFICE Dahuangdi Village, Xinglongpu Town, Xinmin CityShenyangLiaoning Province, PRC HEAD OFFICE AND PRINCIPAL PLACE OF BUSINESS IN THE PRC A2 2/F, Building AYisha Wenxin PlazaChaoyang DistrictBeijing, PRC Corporate Information PRINCIPAL PLACE OF BUSINESS IN HONG KONG 24840 119 Bank of China Shenyang Xinmin BranchNo. 119 Liaohe StreetXinmin City, ShenyangLiaoning Province, PRC Agricultural Bank of China Xinmin BranchDahongqi TownXinmin City, ShenyangLiaoning Province, PRC 419-421 China Merchants Bank Harbin Hexing BranchNo. 419-421 Xidazhi StreetNangang District, HarbinHeilongjiang Province, PRC 8353502-3503 As to Hong Kong law:Jia Yuan Law OfficeSuites 3502-3503, 35/FOne Exchange Square8 Connaught PlaceCentralHong Kong Corporate Information 1212-14 As to PRC law:Commerce & Finance Law Offices12-14/F, China World Office 2No. 1 Jianguomenwai AvenueChaoyang DistrictBeijingPRC AUDITOR 108 KPMGPublic Interest Entity Auditor registered under the Accounting and FinancialReporting Council Ordinance8th Floor, Prince’s Building10 Chater RoadCentralHong Kong www.shiyuedaotian.com 0967609676 Financial Highlights 20252024202412312025630 A summary of the results of the Group for the first half of 2025 and 2024, aswell as its assets and liabilities as of 31 December 2024 and 30 June 2025 is setout below: Management Discussion and Analysis MACRO AND INDUSTRY ENVIRONMENT 2025(GDP)66.055.3%202524.555%202552% In the first half of 2025, China’s gross domestic product (GDP) reachedRMB66.05 trillion, representing a year-on-year increase of 5.3%. Amid a complexand volatile global economic landscape, China’s national economy demonstratedremarkable resilience and vitality, forging ahead against pressures while maintaininga steady and upward trajectory. New bright spots kept emerging in consumptionsectors, burgeoning industries gained accelerated momentum, and fresh growthdrivers were surging with vigor. Multiple dimensions of data underscored theever-growing “innovation quotient” within China’s economy, where the pulseof innovation grew ever stronger. In the first half of 2025, the total retail salesof consumer goods in China reached RMB24.55 trillion, representing a year-on-year increase of 5%. Overall, final consumption expenditure contributedas much as 52% to economic growth during the first half of 2025, cementingits position as the primary driving force of China’s economic growth. China’sconsumer market has been witnessing the emergence of trends such as wellness-oriented consumption, consumption for domestic brands, and consumption bythe elderly. Among them, the food industry has shown two major trends. One isthe pursuit of health and quality. Consumers have transitioned from focusing on“satiety” to “healthy diet”, preferring foods that are nutritionally balanced, low infat and rich in dietary fiber. The other is the demand for convenience and brand.Pre-packaged food, with its advantages of stable quality, effortless storage andtransportation, has continuously expanded its market share. 2024122024-20351 In terms of categories, China’s pantry staple food can be divided into fourcategories, namely, flour products, rice products, whole grain and the new staplefood products featuring corn as representative. As the world’s largest producerand consumer of rice, China maintains a mature yet steadily expanding riceconsumption market with promising growth potential. In December 2024, sevendepartments including the National Development and Reform Commission andthe National Food and Strategic Reserves Administration, jointly issued the “NationalWhole Grain Action Plan (2024-2035)”, which adheres to the orientationtowards comprehensive food security, integrated nutrition and universal health,so as to develop the whole grain1industry according to