As of December 31, 2024, Harvest (Shiyue Daotian)’s total annual revenue reached RMB 5.745 billion, marking an 18% year-on-year increase. Gross profit stood at RMB 1.019 billion, up 64.8% year-on-year. Adjusted net profit surged by 115.5% to RMB 350 million.
This impressive financial report once again demonstrates that under the strength of its brand effect, Harvest is capable of creating new "super categories," with ample room for imagination in its product landscape.
Highlights of Harvest’s Financial Report：
Explosive growth in corn revenue, successfully built a second growth curve
In 2024, Harvest’s corn category witnessed explosive growth, achieving revenue of RMB 815 million, a staggering 523% increase from 2023. The proportion of total revenue contributed by corn rose from 2.7% to 14.2%, making it the second-largest growth driver following rice.
According to Frost & Sullivan, Harvest has been certified as:
- The nationwide leader in Northeast rice sales for five consecutive years
- Serving 130 million Chinese households across all channels
- The national leader in corn product sales
With increasing public awareness of healthy living, consumer demand for convenient, low-fat, and nutritious food has surged. Recognizing this trend, Harvest has actively innovated within the corn category, transforming corn from traditionally seen as a staple and whole grain, into light and snackable forms. The company precisely identified consumption scenarios and launched over 30 corn-based products including corn cobs, corn segments, corn kernels, and varieties such as yellow glutinous corn, white glutinous corn, and fresh sweet corn.
Harevst has established a supply chain for corn in premium producing areas in Northeast China. Since its IPO, it has quickly won market and consumer recognition through advantages in sourcing, processing, and product innovation. According to data from Douyin (TikTok China), as of March 2025, sales of a single yellow glutinous corn product from October Paddy had surpassed 13 million orders.
In our article “From Rice to Corn: Replication and evolution of Harvest”, we summarized that premium raw materials are the cornerstone of October Paddy’s core competitiveness, made possible by end-to-end modernization from field to table. High-quality production regions, processing, and logistics are all essential to creating excellent products.
To date, Harvest has strategically set up five production bases in Northeast China and Inner Mongolia. Over 20 automated production lines are already in operation. Additionally, the company has established five regional distribution centers in Shanghai, Tianjin, Chengdu, Shenyang, and Dongguan, along with 10 other local warehouses. These strategic advantages are expected to continue empowering Harvest’s other categories, replicating the success of its rice and corn products.
Continued optimization of channel structure, further improvement in gross margin
In 2024, Harevst’s online channels continued to grow, generating revenue of RMB 3.306 billion, a year-on-year increase of 8.9%. Notably, there was a significant shift in the internal structure of its online business: revenue from self-operated online stores grew from RMB 469 million to RMB 1.215 billion, raising its share of total revenue from 9.6% to 21.1%, and increasingly becoming the core channel for the brand.
At the same time, Harvest capitalized on the rise of offline retail by establishing a robust sales network in modern supermarket channels, securing deep collaborations with high-quality partners. Revenue from this channel reached RMB 1.013 billion, up 55% year-on-year.
The ongoing optimization of its channel structure provides long-term momentum for Harvest’s development. On one hand, expansion in offline supermarkets and direct clients has brought new business growth. On the other hand, the fast-growing self-operated online stores offer higher gross margins, helping to further improve overall profitability. Additionally, a comprehensive omnichannel sales network enables Harvest to quickly understand consumer experiences and evolving preferences, informing both product development and sales strategies.
GenBridge Capital exclusively invested in Harvest in early 2020 and has supported the company all the way to its IPO on HKSE, and has witnessed the transformation of Harvest from a billion-level national rice brand into a RMB 5 billion+ kitchen food brand. Looking ahead, Harvest will continue to uphold its mission of providing healthy, high-quality, and safe kitchen food for consumers, deepen its omnichannel ecosystem, enhance brand influence, leverage its core strengths, and continue expanding its category matrix to meet increasingly diverse consumer needs.