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通告的內容概不負責，對其準確性或完 整性亦不發表任何聲明，並明確表示，概不對因本通告全部或任何部分內容而產生或因倚賴該等內容而引 致的任何損失承擔任何責任。 MUYUAN FOODS CO., LTD. 普通決議案 – 1 – 1. 審議及批准本公司2025年度董事會工作報告； 2. 審議及批准本公司2025年度報告及摘要； 3. 審議及批准本公司2025年末期利潤分配預案及2026年中期分紅規劃； 4. 審議及批准建議董事薪酬計劃； 5. 審議及批准2026年續聘核數師； 6. 審議及批准建議發行境內外債務融資工具一般性授權的議案； 7. 審議及批准建議為附屬公司原材料採購款項提供擔保； 特別決議案 8. 審議及批准給予董事會增發本公司股份之一般性授權。 「動議： 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） 年度股東會通告 茲通告牧原食品股份有限公司（「本公司」）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（「年度 股東會」）（或其任何續會），以 ...

此乃要件 請即處理 閣下如對本通函任何方面或應採取之行動有任何疑問，應諮詢持牌證券交易商、銀行經理、律師、 專業會計師或其他專業顧問。 閣下如已出售或轉讓名下所有牧原食品股份有限公司之股份，應立即將本通函及隨附之代表委任表 格送交買主或承讓人，或經手買賣或轉讓之銀行、持牌證券交易商或其他代理商，以便轉交買主或 承讓人。 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通函之內容概不負責，對其準確性或完 備性亦不發表任何聲明，且表明不會就本通函全部或任何部份內容而產生或因依賴該等內容而引致 之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） (1) 2025年度董事會工作報告； (2) 2025年度報告及摘要； (3) 2025年末期利潤分配預案及2026年中期分紅規劃； (4)建議董事薪酬計劃； (5)建議2026年續聘核數師； (6)建議發行境內外債務融資工具一般性授權的議案； (7)建議為附屬公司原材料採購款項提供擔保； (8)建議增發股份之一般性授權； (9)建議購回H股之一般性授權；及 ( ...

EF001 | 非居民企業 | | | | | --- | --- | --- | --- | | （非中國內地登記地址） | | 10% | 本公司向在記錄日期名列於本公司 | | | | | H股股東名冊上的非居民企業股東 | | | | | （包括香港中央結算（代理人）有 | | | | | 限公司）派發股息時，有義務代扣 | | | | | 代繳10%的企業所得稅。 | | 非個人居民 | | | | | （非中國內地登記地址） | | 10% | 取得股息的H股個人股東為低於 | | | | | 10%稅率的協定國家和╱或地區的 | | | | | 居民，本公司將按10%的稅率代扣 | | | | | 代繳個人所得稅。 | | | | | 但是，稅務法規及相關稅收協議另 | | | | | 有規定的，本公司將按照相關規定 | | | | | 的稅率和程序代扣代繳個人所得 | | | | | 稅。 | | 20% | 滬港通及深港通H股股東 | | 對內地個人投資者通過滬港通及／ | | | | | 或深港通投資本公司H股取得的股 | | | | | 息，本公司按照20%的稅率代扣代 | | | | ...

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，概不對因本公告全部或任何部分內容而產生或因倚 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） 截至2025年12月31日止年度之年度業績公告 牧原食品股份有限公司（「本公司」，連同其子公司統稱「本集團」）董事會（「董事 會」）欣然公佈本集團截至2025年12月31日止年度的經審計業績。本公告載有本 公司2025年年度報告全文，乃參照香港聯合交易所有限公司證券上市規則中有關 年度業績初步公告的相關規定編製。本公司2025年年度報告將適時於本公司網 站( www.muyuanfoods.com )及香港聯合交易所披露易網站( www.hkexnews.hk )刊 發，並寄發予本公司股東（如需）。 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，董事會成員包括：(i)執行董事秦英林先生、曹治年先生及楊 ...

Summary of Muyuan Foodstuff Co. Ltd. Conference Call Company Overview - **Company**: Muyuan Foodstuff Co. Ltd. (牧原股份) - **Industry**: Hog Farming in China - **Stock Ratings**: Overweight (OW) for both A-shares and H-shares Key Points Industry Insights - **Pork Price Trends**: Current hog prices are below RMB 11/kg, with limited downside potential. A price turning point is expected in the second half of 2026, driven by a decline in breeding sow inventory since September 2025 due to industry losses [2][13] - **Supply Dynamics**: The industry is anticipated to see a significant reduction in hog supply, with a projected average price of RMB 13.0/kg in 2026, a 10% year-on-year decrease. The first half of 2026 is expected to average RMB 12.2/kg, while the second half may rise to RMB 14.0/kg [2][14] Company Performance - **Cost Efficiency**: Muyuan is recognized as a cost leader in the hog farming sector, with a projected cost reduction from RMB 12.1/kg in 2025 to RMB 10.9/kg in 2026. The company’s gross profit from hog farming is expected to be RMB 20.6 billion in 2026, increasing to RMB 32.4 billion in 2027 [3][21] - **Downstream Expansion**: Muyuan has expanded into downstream processing, becoming the largest slaughterhouse in China by volume in 2024. The slaughter volume is expected to increase from 27 million heads in 2025 to approximately 35 million heads in 2026, contributing about 3% to net profit [3][21] Financial Projections - **Earnings Growth**: The company anticipates a compound annual growth rate (CAGR) of 34% in earnings from 2025 to 2027. The target price is set at RMB 58 for A-shares and HKD 59 for H-shares, based on a P/E ratio of 18x for A-shares and 16x for H-shares [4][22] - **Revenue Outlook**: Revenue growth is expected to be flat from 2025 to 2027, primarily due to fluctuations in hog prices and stable sales volumes. However, the expansion into downstream operations is expected to provide some support [21] Risks and Considerations - **Market Risks**: Key risks include slower-than-expected inventory reduction, rising costs, and potential outbreaks of diseases affecting hog production. Additionally, the market may not fully account for the upcoming price recovery in the hog sector [4][22][27] Conclusion - **Investment Recommendation**: The report recommends an overweight position on Muyuan Foodstuff Co. Ltd., highlighting its cost-saving capabilities and potential for growth as the hog market transitions from a downturn to an upturn [1][4]

Summary of the Conference Call for Muyuan Foods Co., Ltd. Industry Overview - The swine industry is transitioning to a "new paradigm" characterized by stable pork prices, internal cost-driven growth, and a shift in investment logic from external capital to internal efficiency [2][3][4] - The volatility of pork prices is decreasing due to increased industry scale and strategic changes by large farming enterprises, which now utilize balance sheets to manage cyclical losses [3][4] Core Insights and Arguments - **Cost Advantage**: Muyuan Foods has a significant cost advantage, with monthly costs dropping to 12 RMB/kg. The company invests over 2 billion RMB annually in R&D, establishing a competitive moat in feed formulation and smart farming [2][4] - **Financial Turning Point**: In 2024, the company is expected to achieve capital expenditures lower than depreciation for the first time, resulting in positive free cash flow, projected to reach 40 billion RMB in steady-state cash flow [2][6] - **Valuation Restructuring**: The company commits to a dividend payout ratio of no less than 40% from 2024 to 2026, with a free cash flow to profit ratio of 1.6 times, indicating a potential shift from a cyclical stock to a value stock [2][6] - **International Expansion**: Muyuan Foods is entering the Vietnamese market with a 30-year plan targeting 10 million heads of livestock, where profitability per head is 2-3 times higher than in China, and feed profitability is 3 times higher [2][8][9] Key Competitive Advantages - **Scale Advantage**: Muyuan Foods' output is equivalent to the combined total of the second to fifth largest competitors, providing a rare scale that supports internal growth [4][5] - **R&D and Management Excellence**: The company maintains the lowest breeding costs in the industry while managing nearly 100 million pigs, demonstrating strong cost control capabilities [4][5] - **Strategic Consistency**: The company has maintained a focus on its core business of pig farming and slaughtering for 30 years, ensuring high execution efficiency and employee cohesion [5] Future Growth Path and Value Proposition - **Domestic Business**: Continuous technological innovation in all aspects of breeding, feed, health, and management is expected to enhance cost efficiency [5] - **Overseas Expansion**: The Vietnamese market presents a significant growth opportunity due to its higher profitability and favorable entry conditions following recent industry disruptions [8][9] - **Financial Optimization**: A declining debt ratio and reduced financial costs are expected to enhance profit elasticity, with annual depreciation of 150 billion RMB set to decrease significantly after reaching maturity [5][6] Financial Status and Trends - **Capital Expenditure and Cash Flow**: The company is experiencing a pivotal shift with capital expenditures expected to drop from 46 billion RMB in 2020 to over 8 billion RMB by 2025, while maintaining a significant depreciation expense [6][7] - **Dividend Potential**: The free cash flow to profit ratio is projected to be between 1.6 and 1.8, aligning with high-value companies, supporting a robust dividend policy [6][7] - **Profit Stability**: The probability of annual losses has significantly decreased, with stable cash flow expected to reach around 40 billion RMB [7] Conclusion - Muyuan Foods is positioned to benefit from the new industry paradigm, with stable profit expectations, internal growth driven by cost control, and a potential shift towards a value stock profile, enhancing its growth and valuation attributes [4][6]

Group 1: Stock Market Movements - China Merchants Energy (01138) fell over 5%, currently down 4.09%, as the company assesses safety conditions regarding its vessels in the Strait of Hormuz [1] - Shenzhen Expressway (00548) dropped over 9%, currently down 7.86%, after reporting 2025 revenue of approximately 9.264 billion yuan, a 0.2% year-on-year increase, and a net profit of about 1.149 billion yuan, up 0.38% [1] - Television Broadcasts (00511) rose nearly 3% after announcing a 2025 revenue of 3.192 billion HKD, a 2.02% decrease, and a shareholder loss of 491 million HKD [2] - Chaoyun Group (06601) increased over 6%, currently up 4.07%, reporting a revenue of 1.988 billion yuan, a 9.24% year-on-year growth, and a net profit of 224 million yuan, up 9.98% [2] - Golden stocks fell again, with companies like Zijing Mining (02899) and Shandong Gold (01787) experiencing declines of 3.09% and 4.02% respectively, as spot gold prices dipped below 4500 USD [3] Group 2: Company Earnings and Forecasts - GSK Group (01285) surged over 40%, currently up 31.87%, after announcing an expected net profit of between 101.4 million and 111.1 million yuan for the year ending December 31, 2025, representing a year-on-year increase of approximately 210% to 230% [4] - Aoda Holdings (09929) fell over 12%, currently down 16.19%, reporting a revenue of 66.258 million HKD, a 27.75% decrease, and a net loss of 18.856 million HKD [5] - Peijia Medical (09996) rose nearly 4%, reporting a revenue of 713 million yuan, a 15.82% year-on-year increase, and a narrowed net loss [3] Group 3: Market Trends and Sector Performance - The pork concept stocks collectively declined, with COFCO Joycome (01610) down 3.57% as the average trading price of lean pigs fell below 10 yuan/kg, marking a 15-year low [3] - Semiconductor stocks saw a strong start, with Arm Holdings (ARM.US) rising 16.38% after announcing its entry into chip manufacturing, aiming for 15 billion USD in annual revenue within five years [8] - AI application software stocks collectively rose, with Braze (BRZE.US) increasing by 19.87% [8]

Summary of Muyuan Foodstuff Co. Ltd Conference Call Company Overview - **Company**: Muyuan Foodstuff Co. Ltd - **Industry**: Hog Industry in China - **Market Capitalization**: Rmb495.4 billion - **Stock Rating**: Overweight (OW) - **Price Target**: Rmb58 for A-shares, HK$59 for H-shares Key Insights Hog Price and Production Forecast - Limited downside risk to China's hog price, currently below Rmb11/kg, with an expected inflection in 2H26 [1] - Anticipated average industry hog price of ~Rmb13.0/kg in 2026, down 10% year-over-year, with prices averaging Rmb12.2/kg in 1H26 and Rmb14.0/kg in 2H26 [2] - Expectation of a supply inflection point in 3Q26 due to declining breeding sow inventory since September 2025 [2] Company Performance and Cost Efficiency - Muyuan is the cost leader in China's hog-raising industry, with R&D efforts reducing feed costs and improving productivity metrics [3] - Projected unit cost decline from Rmb12.1/kg in 2025 to Rmb10.9/kg in 2026, with gross profit expected to be Rmb20.6 billion in 2026 [3] Downstream Expansion - Muyuan became China's largest slaughtering company by volume in 2024 and plans to increase slaughtering volumes to ~35 million head in 2026 [4] - The downstream segment is expected to contribute ~3% of net profit in 2026, up from break-even in 2025 [4] Financial Projections - Forecasted earnings CAGR of 34% from 2025 to 2027 [5] - Projected EPS for 2026 is Rmb2.75, with a rebound to Rmb4.75 in 2027 [6] - Expected revenue for 2026 is Rmb126.2 billion, down from Rmb137.7 billion in 2025 [6] Risks and Considerations - Key risks include slower destocking and rising costs, which could impact profitability [5] Additional Metrics - **P/E Ratio**: 18x for A-shares, 16x implied for H-shares based on historical cycles [5] - **Dividends**: Expected yield of 2.5% in 2026, increasing to 4.3% in 2027 [6] - **Free Cash Flow Yield**: Projected at 6.6% in 2026, rising to 13.0% in 2027 [6] Conclusion - Muyuan Foodstuff Co. Ltd is positioned for growth in the hog industry, with strong cost-saving capabilities and expansion into downstream operations. The anticipated recovery in hog prices and production efficiency improvements present potential investment opportunities, despite existing risks.

Core Insights - In February 2026, 19 Chinese companies successfully completed IPOs across A-shares, Hong Kong, and US markets, raising a total of 467.83 billion yuan, a year-on-year increase of 20.46 times and a month-on-month increase of 9.21% [6][8] - The number of IPOs increased by 1.11 times year-on-year but decreased by 13.64% month-on-month, with the Hong Kong Stock Exchange leading in both the number of IPOs and fundraising amounts [6][19] - The first-day IPO failure rate for Chinese companies was 0%, marking two consecutive months without any failures [11] Group 1: IPO Market Overview - In February 2026, the A-share market saw 8 companies go public, with a total fundraising of 60.76 billion yuan, a year-on-year increase of 53.74 times but a month-on-month decrease of 32.88% [14] - The Hong Kong market had 11 IPOs, raising 407.07 billion yuan, a year-on-year increase of 23.40 times and a month-on-month increase of 20.73% [19] - The US market saw no Chinese IPOs in February 2026, continuing a trend of limited activity in recent months [24] Group 2: IPO Performance Metrics - The top-performing IPO in February 2026 was "电科蓝天," which saw a first-day increase of 596.30% [12] - Seven companies had first-day price increases between 0% and 50%, while five companies had increases between 50% and 100% [11] - The average return on investment for VC/PE-backed IPOs was 1.93 times, a decrease of 36.30% year-on-year [27] Group 3: Industry and Regional Analysis - The advanced manufacturing sector led in fundraising, raising 134.93 billion yuan, accounting for 28.84% of total fundraising [38] - Guangdong province had the highest number of IPOs at 5, raising 170.47 billion yuan, followed by Zhejiang and Jiangsu [46] - The number of IPOs from the advanced manufacturing and healthcare sectors increased by 4 companies year-on-year, showing significant growth [42] Group 4: Notable IPO Cases - "牧原股份" raised 94.89 billion yuan, the highest among all IPOs in February 2026 [55] - "易思维" focused on automotive manufacturing machine vision solutions, raised 13.99 billion yuan, and had significant VC/PE backing [59][60] - The top 10 IPOs by fundraising included companies from various sectors, highlighting the diversity of the market [55][56]

海外監管公告 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） 关于 2026 年度第三期绿色科技创新债券（乡村振兴） 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16日 发行结果的公告 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、误导性陈述或重大遗漏。 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 ...