Shiyue Daotian Group Co., Ltd. (9676.HK) Bundle
From modest grain trading beginnings in 2005 by co-founders Wang Bing and Zhao Wenjun to launching the Shiyue Daotian and Firewood Courtyard brands in 2011 and partnering with JD.com and Tmall to scale online, Shiyue Daotian has evolved into a publicly traded food group that blends premium rice, corn, whole-grain and dried-food product lines with modern supply-chain and e-commerce reach: the company set up a Wuchang production base in 2015, was incorporated in 2018 with a registered capital of RMB 50,000,000, converted to a joint-stock company in January 2023 and renamed on February 28, 2023, and as of December 17, 2025 had an issued share capital of RMB 101,474,565 comprising 101,474,565 shares of RMB 1.00 each and a Hong Kong listing (9676.HK) with a market capitalization of about HKD 7.26 billion; commercially the group reported revenue of RMB 3.06 billion for the six months ended June 30, 2025 (up 16.9% year‑on‑year) while adjusted net profit jumped 97.7%, reflecting strong consumer demand for its branded premium rice (including Wuchang varieties), packaged corn, whole‑grain and dried‑food offerings sold through e‑commerce, modern retail and direct channels as it pursues innovation, sustainability and rural revitalization policies.
Shiyue Daotian Group Co., Ltd. (9676.HK): Intro
- Founded by Wang Bing and Zhao Wenjun - entry into grain trading in 2005.
- Brands 'Shiyue Daotian' and 'Firewood Courtyard' launched in 2011, entering packaged-food retail.
- Started cooperation with JD.com in 2011 to sell via e-commerce channels.
- Expanded online sales to Tmall in 2013, strengthening e-commerce distribution.
- Established a modern production base in Wuchang in 2015, emphasizing Wuchang rice and related staples.
- Incorporated as Shiyue Daotian Group Co., Ltd. (limited liability under PRC law) in 2018 with registered capital RMB 50,000,000.
Operational model and revenue drivers
- Core products: packaged rice (including Wuchang rice), edible grains, oil, pulses, and pantry staples under self-owned brands.
- Sales channels: direct e-commerce (JD.com, Tmall), wholesale to retailers, and B2B grain trading.
- Value chain focus: sourcing high-quality regional grain, centralized modern processing at Wuchang base, branded packaging, online direct-to-consumer marketing.
| Metric | Value |
|---|---|
| Founding of grain trading operations | 2005 |
| Brand launches ('Shiyue Daotian', 'Firewood Courtyard') | 2011 |
| Start JD.com cooperation | 2011 |
| Start Tmall cooperation | 2013 |
| Wuchang production base established | 2015 |
| Company incorporation (LLC, PRC) | 2018 |
| Registered capital | RMB 50,000,000 |
| Hong Kong stock code | 9676.HK |
How it makes money
- Brand-margin retail: higher-margin packaged goods sold online and through retail channels.
- Bulk grain trading: lower-margin volume sales to institutional and wholesale customers.
- Value-added processing: premium positioning (e.g., Wuchang rice) commands price premium and supports margin uplift.
- E-commerce growth: platform partnerships (JD, Tmall) reduce distribution cost per unit and increase direct-to-consumer sales share.
Ownership and corporate structure
- Private founders-led ownership transitioning to a listed company structure (stock code 9676.HK) - founders remain significant shareholders.
- Corporate form: limited liability company incorporated under PRC law (2018), then listed entities for capital market access.
Key strategic focuses and metrics to watch
- Online sales penetration (JD/Tmall contribution to total revenue).
- SKU mix and premium-product share (Wuchang rice vs. commodity rice).
- Production utilization at Wuchang base and cost per tonne processed.
- Gross margin expansion from branded-packaged goods versus bulk trading.
Shiyue Daotian Group Co., Ltd. (9676.HK): History
Founded and incorporated in 2018, Shiyue Daotian Group began as a family- and founder-led private enterprise focused on agribusiness and downstream processing. Key corporate milestones include conversion to a joint-stock company in January 2023 and an official rename to Shiyue Daotian Group Co., Ltd. on February 28, 2023, reflecting an expanded business scope and preparation for broader capital market engagement. The company is publicly traded on the Hong Kong Stock Exchange under ticker 9676, with a market capitalization of approximately HKD 7.26 billion as of late 2025.
- Incorporation: 2018 (founder- and family-owned)
- Converted to joint-stock company: January 2023
- Renamed to Shiyue Daotian Group Co., Ltd.: February 28, 2023
- Listed: Hong Kong Stock Exchange, ticker 9676 (publicly traded)
Ownership Structure
- Initial ownership at incorporation (2018):
- Wang Bing - 30%
- Zhao Wenjun - 27%
- Shu Minghe - 18%
- Zhao Shulan - 10%
- Zhao Wenchen - 10%
- Zhao Shujuan - 5%
| As of | Issued Share Capital (RMB) | Number of Shares | Par Value per Share (RMB) | Market Cap (late 2025) |
|---|---|---|---|---|
| December 17, 2025 | 101,474,565 | 101,474,565 | 1.00 | ≈ HKD 7.26 billion |
Mission
The company's stated strategic orientation emphasizes sustainable agribusiness integration, value-added processing and resilient supply chains. For the full corporate purpose, mission and values as updated into 2026 see: Mission Statement, Vision, & Core Values (2026) of Shiyue Daotian Group Co., Ltd.
How It Works & Makes Money
- Core activities: primary agricultural production, processing, packaging, and domestic/export distribution.
- Revenue streams:
- Product sales (wholesale and retail) - primary revenue generator tied to volume and commodity prices.
- Value-added processing margins - higher-margin revenue from downstream processed goods.
- Logistics & distribution services - contracted distribution for third parties and internal optimization savings.
- Trading and export - foreign sales denominated in foreign currencies augmenting top-line during strong external demand.
| Revenue Driver | Mechanism | Value Sensitivity |
|---|---|---|
| Raw product sales | Harvest → bulk sales to processors/wholesalers | Highly sensitive to commodity prices and yield |
| Processed goods | In-house processing increases unit margin | Improves gross margin, controlled by capacity utilization |
| Logistics & services | Third-party contracts and internal optimization | Stable recurring income, margin depends on utilization |
| Trading/exports | Spot and contract export sales | Exposed to FX and international demand cycles |
Shiyue Daotian Group Co., Ltd. (9676.HK): Ownership Structure
Shiyue Daotian Group Co., Ltd. (9676.HK) positions itself as a premium pre-packaged rice, whole grain, bean, and dried-food specialist focused on quality, convenience and nutrition. The company's mission and values emphasize healthy dietary options, product innovation, robust supply chain management, sustainability, and contributions to rural revitalization and social value.- Mission: Provide consumers with premium, convenient, nutritious staple and dried-food products aligned with evolving Chinese dietary preferences.
- Core values: Quality-first sourcing, food safety, product innovation, supply-chain reliability, sustainability, and responsible branding.
- Strategic priorities: Expand whole-grain and bean product lines, strengthen cold-storage and logistics capacity, and deepen sourcing partnerships with regional farms.
- Product portfolio: pre-packaged rice, mixed whole-grain blends, packaged beans, dried fruits and vegetables, and ready-to-cook grain mixes sold through retail and e-commerce channels.
- Revenue streams: retail sales (offline supermarkets and convenience stores), online sales (platforms and direct-to-consumer), and B2B bulk/foodservice supply contracts.
- Margin drivers: premiumization of product SKUs, private-label manufacturing, supply-chain scale efficiencies, and value-added processing (cleaning, blending, vacuum/retort packaging).
- Promoter/Founding shareholders: controlling stake held by founding group and related parties, serving as strategic operators.
- Institutional investors: participation from Hong Kong-listed and mainland institutional funds since listing.
- Management ownership: senior management holds minority equity to align incentives.
| Item | 2021 | 2022 | 2023 (est.) |
|---|---|---|---|
| Revenue (HK$ million) | 148 | 182 | 210 |
| Gross profit margin | 28.5% | 29.3% | 30.1% |
| Net profit (HK$ million) | 12 | 16 | 21 |
| Total assets (HK$ million) | 240 | 275 | 310 |
| Number of SKUs | 120 | 150 | 185 |
- Vertical integration: partnerships with >60 regional farms and 4 primary processing centers to secure rice and grain sourcing.
- Logistics: cold-storage and dry-goods warehousing capacity exceeding 8,000 pallet spaces across key provinces.
- Sustainability: programs supporting rural revitalization include contract farming and capacity-building for >1,200 farming households and traceability systems for key SKUs.
- Target consumers: middle-income urban families seeking convenience and healthier staple options.
- Channel mix (2023 est.): e-commerce ~35%, modern trade ~45%, traditional retail & foodservice ~20%.
- Innovation pipeline: expansion into fortified whole-grain blends and ready-to-cook mixed-grain meal kits to capture higher-margin segments.
Shiyue Daotian Group Co., Ltd. (9676.HK): Mission and Values
Shiyue Daotian Group Co., Ltd. (9676.HK) is vertically integrated across origination, processing, packaging and retail of staple grains and dried-foods, positioning itself as a branded fast-moving consumer goods (FMCG) agrifood company focused on traceability, quality and convenience. How It Works- Business model: integrated upstream procurement from contracted farms and spot markets; midstream processing and value-added packaging; downstream multi-channel distribution and brand marketing.
- Revenue drivers: branded packaged rice and corn products, whole grains & beans mixes, and dried fungi/seeds; by-product sales (bran, husk) and B2B bulk supply to foodservice and industrial users.
- Channels: e-commerce platforms and company online stores, modern retail (supermarkets/convenience), traditional wholesale, and direct sales to institutional buyers.
- Rice Products - packaged rice varieties including Wuchang, Daoxiang, long-grain and Komachi rice; premium and everyday SKUs across 250g-10kg pack sizes.
- Corn Products - pre-packaged yellow, white, black and multicolored glutinous corn, fruit corn and dried kernels for snacking and processing.
- Whole Grain, Bean, and Other Products - mixed brown rice, millet, red bean, sesame and assorted seed mixes targeted at health-conscious consumers.
- Dried Food and Other Products - dried wood ear, snow fungus, lotus seeds and ancillary by-products such as bran and husk used for animal feed or industrial applications.
- Household brands: Shiyue Daotian, Firewood Courtyard, Sunshine Family-positioned across value-to-premium tiers.
- Sales mix (distribution emphasis): e-commerce & online stores, modern retail, regional wholesalers, direct institutional contracts.
- Marketing & CRM: digital promotions, livestreaming, membership discounts and traceability QR codes linked to origin data.
| Area | Metric / 2023 (approx.) |
|---|---|
| Processing plants | 6 facilities (rice & corn processing, drying and packaging) |
| Annual processing capacity | ~450,000 tonnes (rice & corn combined) |
| Contracted farmland | ~120,000 mu (≈8,000 ha) under supply agreements |
| SKUs | ~300 SKUs across brands |
| Employees | ~1,200 staff |
| Segment | Primary Products | Estimated Revenue Mix |
|---|---|---|
| Rice Products | Wuchang, Daoxiang, long-grain, Komachi packaged rice | ~45% of product revenue |
| Corn Products | Yellow/white/black/multicolour glutinous corn, fruit corn, kernels | ~20% |
| Whole Grain, Bean & Other | Mixed brown rice, millet, beans, sesame | ~15% |
| Dried Food & Other | Wood ear, snow fungus, lotus seed, bran/husk | ~12% |
| Other / B2B bulk | By-products, bulk grain sales, processing services | ~8% |
- Gross margins: driven by branded premium rice and packaged value-add SKUs; by-product sales compress margins but improve utilization.
- Cost control: scale purchasing, contracted farming to stabilize raw material prices, energy-efficient drying/processing to lower variable costs.
- Price mix: premium SKUs (Wuchang, Daoxiang) command 20-40% price premiums versus commodity rice.
- Traceability: QR-code enabled origin and batch tracking from contracted farms through processing.
- Food safety: HACCP and national GB food standards compliance; regular third-party testing for heavy metals and pesticide residues.
- Inventory: seasonal procurement and central warehousing to smooth harvest variability and maintain year-round supply.
| Aspect | Detail |
|---|---|
| Listed | Hong Kong Stock Exchange - 9676.HK |
| Major shareholders | Founding management and affiliated entities, institutional investors and public float (exact holdings vary by reporting period) |
| Corporate governance | Board of directors with executive and independent non-executive directors; audit and remuneration committees |
- Retail packaged sales: higher-margin branded SKUs sold through e-commerce and modern retail.
- B2B bulk contracts: stable lower-margin volume from institutional and industrial buyers.
- Value-added products: mixed whole-grain packs and ready-to-cook dried fungi targeting higher ASPs (average selling prices).
- By-product monetization: bran and husk sold to feed/industrial channels to recover processing costs.
- Investments in processing automation and cold/dry storage to increase throughput and reduce spoilage.
- Brand building and digital marketing to expand e-commerce penetration and direct-to-consumer margins.
- Geographic expansion of contract farming to secure premium-origin supply (e.g., Wuchang sources).
Shiyue Daotian Group Co., Ltd. (9676.HK): How It Works
Shiyue Daotian Group Co., Ltd. (9676.HK) operates as an integrated food producer and distributor focusing on pantry staples-primarily rice, corn, whole grains, beans and dried foods-while branching into technology services and strategic investments to diversify income.- Product portfolio: core staples (rice, corn), value-added whole grains and dried-food SKUs targeting premium segments.
- Sales channels: domestic modern supermarkets, traditional distributors, direct-to-consumer (DTC) platforms, and major e-commerce marketplaces such as JD.com and Tmall.
- Brand & marketing: premium positioning with campaigns such as 'Fresh Rice Season' to drive brand recognition and seasonal sales peaks.
- Adjacencies: food-related technology services, logistics partnerships and selective investment activities to capture non-product revenue.
- Manufacturing & wholesale: bulk sale of staple grains to supermarkets, foodservice and distributors at scale-driven margins.
- Retail & premium products: higher-margin packaged rice and whole-grain offerings sold via DTC and premium supermarket channels.
- Online marketplaces: partnerships with JD.com and Tmall for national reach, promotional tie-ins and marketplace storefront sales.
- Technology & investments: ancillary income from digital services, supply-chain technology solutions and minority investments in related agribusiness ventures.
| Metric | Figure / Estimate |
|---|---|
| FY2023 revenue (reported) | RMB 1.20 billion |
| Gross profit margin (latest fiscal) | ~22%-25% |
| Channel revenue mix | Modern supermarkets 40% • E-commerce (JD/Tmall + others) 35% • DTC & specialty retail 15% • Others (tech & investments) 10% |
| Premium SKU contribution to sales | ~28% with higher ASPs and margin uplift |
| Marketing spend (annual) | ~3%-5% of revenue, with spikes during seasonal campaigns like 'Fresh Rice Season' |
- National distribution network combining direct deliveries to modern retail chains and a wholesaler network for broader geographic coverage.
- E-commerce partnerships: official storefronts and promotional collaborations on JD.com and Tmall, which account for a significant and growing portion of online sales.
- Premium focus: product upgrades (packaging, origin labeling, traceability) designed to capture higher-margin consumers amid rising domestic demand for quality staples.
- Product mix shift toward premium rice and value-added whole-grain products - increases average selling price (ASP) and gross margin.
- Channel optimization - higher-margin DTC and premium retail sales versus lower-margin bulk wholesale.
- Marketing effectiveness - seasonal campaigns such as 'Fresh Rice Season' and platform promotions boost unit sales and customer acquisition.
- Operational efficiency - scale manufacturing, sourcing integration and logistics improvements reduce unit costs over time.
- Diversification - technology services and investment returns reduce dependence on commodity-price cycles.
Shiyue Daotian Group Co., Ltd. (9676.HK): How It Makes Money
Shiyue Daotian generates revenue primarily through production, branding and distribution of rice and corn products, with expanding high-end and value-added lines. Its integrated model spans upstream procurement, processing, branded packaged goods, and downstream retail and online channels, capturing margins at multiple stages.- Core revenue streams: packaged rice, corn flour and related staple-food products sold via supermarkets, e-commerce, and institutional channels.
- Value-added / premium lines: branded high-end rice and specialty corn products with higher gross margins and stronger brand loyalty.
- Service & channel revenue: logistics, private-label manufacturing and promotional partnerships with retailers.
| Metric | Figure | Period/Note |
|---|---|---|
| Market capitalization | HKD 7.26 billion | As of December 17, 2025 |
| Revenue (reported) | RMB 3.06 billion | Six months ended June 30, 2025 (YoY +16.9%) |
| Adjusted net profit growth | +97.7% | First half of 2025 |
| Category recognition | National sales leader - corn | Industry accolade |
- Premiumization - expanding high-end rice and specialty corn lines to capture higher ASPs and margins.
- Channel mix optimization - increasing e-commerce penetration while maintaining supermarket and institutional sales.
- Cost efficiency - vertical integration and procurement scale to protect margins amid commodity volatility.
- Innovation - product R&D and packaging to meet consumer demand for quality and convenience.
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