Summary of Muyuan Foodstuff Co. Ltd Conference Call Company Overview - **Company**: Muyuan Foodstuff Co. Ltd - **Stock Codes**: 2714.HK, 002714.SZ - **Industry**: Hog Raising and Meat Processing - **Market Cap**: Rmb446.381 billion - **Current Share Price**: Rmb45.20 (as of March 27, 2026) - **Price Target**: Rmb57.00 (down from Rmb58.00) [5][7] Key Points Financial Performance - **Earnings Estimates**: 2026 EPS estimates lowered by 4% due to higher hog raising costs, while 2027 EPS estimates remain unchanged [5] - **Revenue Forecast**: Expected revenue for 2026 is Rmb130.538 billion, down from Rmb144.145 billion in 2025 [7] - **Gross Profit**: Projected gross profit for 2026 is Rmb21.8 billion, with an increase to Rmb34.4 billion in 2027 [3] - **Cost Management**: Targeting hog raising costs below Rmb11.5/kg for 2026, down from Rmb12/kg in 2025 [3] Market Conditions - **Hog Prices**: Recent decline in hog prices below Rmb10/kg is expected to lead to wider industry losses, accelerating inventory destocking [2][3] - **Price Recovery**: Anticipated rebound in hog prices towards Q3 2026, with a forecasted decline of 10% YoY to Rmb13/kg for the year [3] - **Feed Costs**: Rising costs for corn and soybean meal due to macroeconomic uncertainties [3] Strategic Positioning - **Industry Leadership**: Muyuan is positioned to outperform peers due to its industry-leading cost base, allowing better margin defense during downturns [4] - **Operational Efficiency**: The company is implementing efficiency improvements in its farms to counteract rising commodity prices [3][4] Capital Expenditure and Dividends - **Capex Plans**: Expected capital expenditure for 2026 is approximately Rmb10 billion, focusing on slaughtering segment expansion [9] - **Dividend Policy**: Commitment to maintain a dividend payout of no less than 40% in 2026 [9] Analyst Ratings - **Stock Rating**: Overweight [7] - **Industry View**: In-Line [7] - **Upside Potential**: 26% upside to price target [7] Additional Insights - **Earnings Pressure**: Short-term earnings pressure expected in 1H26 due to low hog prices and high feed costs, with recovery anticipated in 2H26 [4] - **Slaughtering Volumes**: Increasing hog slaughtering volumes are expected to provide a modest earnings buffer through the cycle [4] This summary encapsulates the critical insights from the conference call regarding Muyuan Foodstuff Co. Ltd, highlighting its financial outlook, market conditions, strategic positioning, and analyst perspectives.

Summary of the Conference Call for Muyuan Foods (牧原股份) Company Overview - **Company**: Muyuan Foods (牧原股份) - **Industry**: Swine farming and meat processing Key Points Cost Management and Financial Targets - The target for swine farming costs in 2026 is set below **11.5 CNY/kg**, based on a cautious assumption of corn prices rising by **150 CNY/ton** [2][5] - The average cost in January-February 2026 rose to **12 CNY/kg** due to winter diseases, with expectations for a rapid decline in costs from March to May 2026 [2][9] - The company aims for a **dividend payout ratio** of no less than **40%** from 2024 to 2026, with an actual payout of **48%** in 2025 [2][8] Capital Expenditure Plans - The capital expenditure plan for 2026 is approximately **10 billion CNY**, with a focus on slaughtering operations [2][6] - The overseas expansion, starting with Vietnam, is expected to have a capital expenditure of around **1 billion CNY** in 2026, with significant investments anticipated in 2027 and beyond [2][5] Production and Operational Efficiency - The company is implementing measures to enhance production efficiency, including disease prevention, employee incentives, breeding improvements, and AI technology applications [3][4] - The breeding program focuses on overall profitability rather than single metrics, aiming to improve reproductive performance, growth rates, slaughter performance, and meat quality [4] Market Conditions and Challenges - The current market is challenging, with low pig prices affecting the industry. The company is focusing on providing value to farmers through quality products and services [7][10] - The company has not set aggressive debt reduction targets, prioritizing cash flow stability during this market downturn [6][10] Slaughtering Business Growth - The slaughtering business is expected to achieve double-digit growth in 2026, leveraging existing capacity and potential new investments [2][13] - The company does not plan to use pork inventory for speculative purposes, focusing instead on fulfilling customer orders [2][19] Employee Management and Cost Control - The reduction in employee numbers to **127,500** in 2025 is attributed to improved management efficiency and not a strategic shift [14] - The company aims to enhance the capabilities of underperforming farms through better management and training [11] Future Outlook - The company anticipates that the current low cycle in the swine industry may persist, but it is prepared to navigate through it with a focus on operational stability and cost management [12][16] - The company is cautious about future dividend increases, maintaining the current payout ratio until operational results improve [8][10] Accounting and Financial Adjustments - Recent changes in accounting treatment for government subsidies will not affect the overall financial position but may impact gross margins [17] Conclusion - Muyuan Foods is strategically positioned to manage costs and expand its operations despite current market challenges, with a clear focus on maintaining financial stability and operational efficiency while navigating the complexities of the swine industry.

Group 1: Stock Performance and Market Reactions - Power stocks declined across the board, with Huadian International down 5.86%, Longyuan Power down 3.62%, Huaneng International down 1.98%, and China Resources Power down 2.15% [1] - Shoucheng Holdings fell nearly 6% after reporting a revenue of HKD 1.437 billion for 2025, an increase of 18.24% year-on-year, and a proposed final dividend of HKD 0.0047 per share [1] - Meili Tianyuan Medical Health dropped over 11% post-earnings, with a year-to-date decline exceeding 30%, despite reporting a revenue of approximately CNY 3 billion, a 16.7% increase year-on-year [2] - Brilliance China experienced a drop of over 10%, reporting a revenue of CNY 1.182 billion for 2025, a 7.84% increase, but a net profit decline of 35.97% [2] - Photovoltaic stocks fell sharply, with Xinte Energy down 6.09% and Junda Co. down 5.04%, following the announcement of a 9% VAT export tax rebate cancellation on solar products [2] Group 2: Company Earnings and Financial Results - Muyuan Foods reported a revenue of CNY 144.145 billion for the year, a slight increase of 4.49%, but a net profit decline of 13.39% [3] - Yadea Holdings saw a rise of over 5% after announcing expected net profits of no less than CNY 2.9 billion for 2025, compared to CNY 1.27 billion in 2024 [3] - CRRC Corporation reported a revenue of CNY 273.063 billion for 2025, a 10.79% increase, but a net profit increase of only 6.40% [4] - Angelalign reported a total case count of 532,400 for 2025, a 48.1% increase, with revenue rising 37.8% to USD 370 million and net profit increasing 163% to USD 26.3 million [4] - Weigao Group's revenue was approximately CNY 13.389 billion, a 2.3% increase, but net profit fell by 22% [4] Group 3: Market Trends and Economic Indicators - Precious metals sector strengthened, with Coeur Mining up 5.94% and Pan American Silver up 4.13%, as gold prices surged over 3% to USD 4,538.25 per ounce [5] - Argan's stock surged 37.91% after reporting Q4 revenue of USD 262.1 million, exceeding market expectations [5] - Unity Software rose 13.54% after strong Q1 2026 financial performance expectations, with projected revenue between USD 505 million and USD 508 million [6] - AstraZeneca's stock increased by 2.74% following the approval of a new treatment for breast cancer in China [8] - Major U.S. indices opened lower, with the Nasdaq down 0.8%, as concerns about economic downturns increased due to geopolitical tensions [8]

ESG 管治 管治 環境 社會 附錄 牧原食品股份有限公司 環境、社會及治理（ESG）報告 2025 年 度 1 關於本報告 董事會聲明 董事長致辭 走進牧原 ESG 管治 管治 環境 社會 附錄 前瞻性聲明 我們密切關注 ESG 議題對企業發展的潛在影響，並積極為未來做好准備。除曆史事實外，本報告包含未來 趨勢展望等前瞻性陳述，但因多種不確定因素的影響，實際結果可能存在差異。 編制依據 本報告遵循主流 ESG 披露准則，將定量績效與定性分析相結合，系統披露各項創新實踐，促進透明溝通與價 值共創。 國際標准和依據 國內標准和依據 語言版本 本報告提供中文簡體、中文繁體和英文三個版本。如各語言版本存在歧義或沖突，請以中文簡體版本為准。 報告獲取方式 本報告以印刷版及電子版兩種形式發布。電子報告可通過巨潮資訊網（www.cninfo.com.cn）、香港聯交所披 露易網站（www.hkexnews.hk） 和公司網站（www.muyuanfoods.com）查閱和下載。 關於本報告 本報告旨在客觀、公允地反映牧原食品股份有限公司（股票代碼：002714.SZ、02714.HK，以下簡稱「牧 原股份」「牧原」「公司 ...

Financial Performance - In 2025, Muyuan Foods achieved a total revenue of RMB 144.14 billion, a year-on-year increase from RMB 137.95 billion in 2024, reflecting a growth of approximately 8.7%[13] - The company reported a net profit of RMB 15.81 billion in 2025, compared to RMB 18.93 billion in 2024, indicating a decrease of about 11.2%[13] - Total assets for Muyuan Foods in 2025 were reported at RMB 171.74 billion, a decrease from RMB 187.65 billion in 2024[13] - The company's total liabilities decreased to RMB 92.99 billion in 2025 from RMB 110.11 billion in 2024, indicating improved financial health[13] - The company's net profit for the year ended December 31, 2025, was RMB 15,811.8 million, a decrease from RMB 18,925.0 million in 2024, representing a decline of approximately 11.1%[116] - EBITDA for the year ended December 31, 2025, was RMB 33,537.7 million, down from RMB 36,945.3 million in 2024, resulting in an EBITDA margin of 23.3%, compared to 26.8% in the previous year[116] - The company's operating costs rose by 8.4% to RMB 118,461.1 million in 2025 from RMB 109,319.0 million in 2024, mainly due to the increase in the volume of pigs sold[96] - The gross profit decreased by 10.3% to RMB 25,683.9 million in 2025 from RMB 28,627.9 million in 2024, with the gross margin slightly declining from 20.8% to 17.8%[99] Production and Sales - Muyuan Foods' total number of pigs sold reached 77.98 million in 2025, with slaughtered pigs amounting to 28.66 million, representing a significant year-on-year growth of 128.9%[14] - The company sold 77.981 million live pigs and slaughtered 28.663 million pigs, achieving a revenue of RMB 144.1 billion, a 4.5% increase year-on-year[46] - The slaughter and meat business generated RMB 45.2 billion in revenue, marking an 86.3% year-on-year growth and achieving annual profitability for the first time in 2025[46] - The company aims to slaughter 28.66 million pigs by 2025, representing a 129% increase from 2024, with profitability expected in the meat processing business by that year[75] Technological Innovation - Muyuan Foods is focusing on technological innovation, including the implementation of smart air filtration systems and health management for pigs, to enhance production efficiency[15] - The company aims to enhance production efficiency through continuous investment in disease prevention, nutritional formulation, breeding, and smart technology[47] - The company has developed a fully integrated pork industry chain, covering feed processing, breeding, and slaughtering, ensuring strict cost management and quality control[54] - The company is exploring innovative sourcing models for raw grain procurement, optimizing quality control and reducing procurement costs[77] - The company has developed a breeding system with independent intellectual property rights, utilizing big data for genetic evaluation and rapid selection of superior breeding pigs[68] - The company has achieved full-process intelligent production in feed processing, ensuring biosecurity and health of the pig population through automated systems[72] Environmental Sustainability - The company achieved a greenhouse gas reduction of 6.0588 million tons, with per ton pork emissions decreasing by 2.4% to 0.883 tons of CO2 equivalent[17] - The company is actively exploring new environmental technologies and models in livestock farming, with its ammonia removal technology being promoted by the Ministry of Ecology and Environment[49] - The company has set up 8 green low-carbon breeding and farming experimental bases, effectively reducing ammonia emissions and enhancing soil fertility[49] - The company plans to invest $200 million in sustainable practices over the next three years to align with environmental goals[10] - The company emphasizes green farming practices to minimize environmental impact and improve resource utilization efficiency, aligning with consumer demand for healthy food[83] Market Expansion - Muyuan Foods has established strategic partnerships with BAF in Vietnam and Charoen Pokphand Group in Thailand, marking a step forward in its international expansion[14] - The company plans to officially list on the Hong Kong Stock Exchange in February 2026, becoming the first domestic pig farming enterprise to be listed in both A-share and H-share markets[14] - The company aims to enhance its global market presence by leveraging advanced breeding technology and management experience, focusing on key overseas markets with high pork consumption potential[90] - The company is expanding its market presence in Southeast Asia, targeting a 25% market share by the end of 2025[1] - The company is expanding its market presence in Southeast Asia, targeting a 30% market share by 2025[5] Corporate Governance - The company has adopted the corporate governance code and principles applicable since its H shares listing on February 6, 2026[160] - The board consists of eight members, including three executive directors, two non-executive directors, and three independent non-executive directors, ensuring a balanced composition[164] - The board has established a clear separation of roles between the chairman and the CEO to enhance accountability, although both roles are currently held by the same individual[179] - The company has implemented measures to ensure the independence of the board, including the establishment of rules to avoid conflicts of interest[185] - The board has committed to reviewing its governance practices annually to ensure ongoing compliance and effectiveness[181] Employee Development - The company has implemented a talent development and incentive mechanism, involving nearly 5,000 core staff in its employee stock ownership plans[53] - The total number of full-time employees as of December 31, 2025, was 127,550, with a focus on continuous training and development programs[122] - The company ensures that no director participates in determining their own remuneration, maintaining fairness and transparency[197] - All directors have participated in continuous professional development, ensuring they remain informed about their duties and the company's operations[186] Research and Development - The company has invested $50 million in research and development for new technologies in animal health, aiming to innovate and lead in the industry[1] - Research and development expenses increased by 12%, totaling $150 million, focusing on new technologies[7] - The company has established a professional meat quality testing center to support data-driven breeding for high-quality pork, ensuring consumer demand is met[68]

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MUYUAN FOODS CO., LTD. 牧 原 食 品 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號: 2714） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 董事長兼總裁 秦英林先生 中國，河南省南陽市，2026年3月27日 於本公告日期，本公司董事會成員包括：(i)執行董事秦英林先生、曹治年先生及楊瑞華 女士；(ii)非執行董事錢瑛女士及蘇黨林先生；及(iii)獨立非執行董事周明笙先生、閻磊 先生及馮根福先生。 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-027 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 第五届董事会第十四次会议决议公告 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MUYUAN FOODS CO., LTD. 牧 原 食 品 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號: 2714） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，牧原食品股份有限公司（「本公司」）在巨 潮資訊網（www.cninfo.com.cn）刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 牧原食品股份有限公司 董事長兼總裁 秦英林先生 中國，河南省南陽市，2026年3月27日 於本公告日期，本公司董事會成員包括：(i)執行董事秦英林先生、曹治年先生及楊瑞華 女士；(ii)非執行董事錢瑛女士及蘇黨林先生；及(iii)獨立非執行董事周明笙先生、閻磊 先生及馮根福先生。 牧原食品股份有限公司 自 2025 年 1 月 1 日 至 2025 年 12 月 31 日止年度财务报表 KPMG Hu ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MUYUAN FOODS CO., LTD. 牧 原 食 品 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號: 2714） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，牧原食品股份有限公司（「本公司」）在巨 潮資訊網（www.cninfo.com.cn）刊發了以下公告。茲載列如下，僅供參閱。 中國，河南省南陽市，2026年3月27日 於本公告日期，本公司董事會成員包括：(i)執行董事秦英林先生、曹治年先生及楊瑞華 女士；(ii)非執行董事錢瑛女士及蘇黨林先生；及(iii)獨立非執行董事周明笙先生、閻磊 先生及馮根福先生。 牧原食品股份有限公司 关于董事会对独立董事独立性自查情况的专项报告 根据证监会《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 ...

香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MUYUAN FOODS CO., LTD. 牧 原 食 品 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號: 2714） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，牧原食品股份有限公司（「本公司」）在巨 潮資訊網（www.cninfo.com.cn）刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 牧原食品股份有限公司 董事長兼總裁 秦英林先生 中國，河南省南陽市，2026年3月27日 於本公告日期，本公司董事會成員包括：(i)執行董事秦英林先生、曹治年先生及楊瑞華 女士；(ii)非執行董事錢瑛女士及蘇黨林先生；及(iii)獨立非執行董事周明笙先生、閻磊 先生及馮根福先生。 牧原食品股份有限公司 2025 年年度报告摘要 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026 ...

茲委任年度股東會主席或 （附註3） MUYUAN FOODS CO., LTD. 牧原食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） （股份代號：2714） 代表委任表格 牧原食品股份有限公司（「本公司」）股東於謹訂於2026年5月13日（星期三）下午二時三十分於中國河南省南陽市臥龍區龍升工業園 牧原會議室舉行之年度股東會（「年度股東會」）適用之代表委任表格。 本人╱吾等 （附註1） 地址為 為本公司股本中每股面值人民幣1.00元之 股H股 （附註2） 之登記持有人， 地址為 為本人╱吾等的受委代表，按照下列指示代表本人╱吾等出席謹訂於2026年5月13日（星期三）下午二時三十分於中國河南省南陽 市臥龍區龍升工業園牧原會議室舉行年度股東會及其任何續會，就年度股東會通告所載決議案進行投票及採取行動；或倘無任何有 關指示，則由本人╱吾等之受委代表可自行酌情投票表決 （附註4） 。除另有界定外，本代表委任表格所用詞彙與本公司日期為2026年3 月27日之通函（「通函」）所界定者具有相同涵義。 | | 普通決議案 | （附註4） 贊成 | （附註4） 反對 | （附註4） 棄權 | | --- | -- ...