登記股東之名稱及地址 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） (Stock code: 2714) 2026 年 2 月 24 日 2. 公司通訊 尊敬的股東 發佈公司通訊之新安排 簡介 根據香港聯合交易所有限公司（「聯交所」）證券上市規則（「上市規則」）新規則第 2.07A 條 1 以及牧原食品 股份有限公司（「本公司」）的公司章程細則，本公司將以電子通訊方式向其股東 3 發佈本公司日後的公司通訊 （「公司通訊 2」），並僅應股東要求向其寄發印刷本形式的公司通訊。 就此而言，以下安排將於 2026 年 2 月 24 日生效。 安排 1. 可供採取行動的公司通訊 4 本公司將以電子通訊方式（通過電子郵件）向股東個別地發送可供採取行動的公司通訊。如果本公司沒有獲 取股東的電子郵箱地址或其提供的電子郵箱地址無效 5，本公司將以印刷本形式向其發送可供採取行動的公 司通訊，連同一份索取股東有效電子郵箱地址的表格，以便將來以電子通訊方式發送可供採取行動的公司通 訊。 - 1 - 本公司將在本公司網站（www.muyuanfoods.com）及聯交所 ...

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份內容而產生或因倚 賴該等內容而引致的任何損失承擔任何責任。 MUYUAN FOODS CO., LTD. 暫停辦理股份過戶登記手續 牧原食品股份有限公司（「本公司」）董事（「董事」）會（「董事會」）現宣佈，本公司 將於2026年3月13日（星期五）舉行臨時股東會（「臨時股東會」）。一份載有將於臨 時股東會上提呈的決議案詳情之臨時股東會通函，連同臨時股東會通知及相關代 表委任表格，將在適當時候寄發予本公司股東。 為確定符合資格出席臨時股東會及於會上投票的本公司H股（「H股」）持有人，H 股持有人過戶登記手續將於2026年3月10日（星期二）至2026年3月13日（星期五） （包括首尾兩日）暫停辦理。記錄日期將為2026年3月13日（星期五）。為符合資格 出席臨時股東會，所有H股過戶文件連同有關股票須於2026年3月9日（星期一）下 午4時30分前送達本公司的香港H股股份過戶登記處卓佳證券登記有限公司，地址 為香港夏愨道16號遠東金融中心17樓，以進行登記。 牧原食 ...

Core Viewpoint - Muyuan Foods has officially listed on the Hong Kong Stock Exchange, becoming the first A+H dual-listed pig farming company in China, marking a significant step in its internationalization process [1] Group 1: Listing and Market Response - The company’s shares rose by 2.6% to HKD 40 per share, with a market capitalization nearing HKD 230 billion at the time of reporting [1] - The global offering of H-shares was 274 million shares, with a final issue price set at HKD 39.0 per share, achieving a subscription rate of 5.88 times for the public offering and 8.62 times for the international offering [3] Group 2: Capital Raising and Investor Participation - The net proceeds from the fundraising are approximately HKD 10.46 billion, which could increase to about HKD 12.04 billion if the over-allotment option is fully exercised [3] - A strong group of cornerstone investors participated, with total subscriptions amounting to approximately HKD 5.34 billion, representing 50% of the global offering [3] Group 3: Fund Utilization Plans - Approximately 60% of the net proceeds (around HKD 6.28 billion) will be used to expand overseas, particularly in Southeast Asia, and to enhance the global supply chain [4] - About 30% of the funds (approximately HKD 3.14 billion) will be allocated to R&D in core areas such as breeding, smart farming, and biosecurity [4] - The remaining 10% (around HKD 1.05 billion) will be reserved for working capital to ensure operational stability [4] Group 4: Business Model and Financial Performance - Muyuan Foods operates a vertically integrated business model covering the entire pig farming value chain, maintaining its position as the global industry leader since 2021 [5] - The company is projected to sell 77.98 million market pigs and slaughter over 28 million pigs by 2025, with expected net profits ranging from RMB 14.7 billion to RMB 15.7 billion [5] Group 5: Cost Management and Financial Health - The total cost of pig farming is expected to be around RMB 12 per kilogram by 2025, with December figures already dropping to approximately RMB 11.6 per kilogram [6] - As of the end of Q3 2025, the company’s total assets reached RMB 180.76 billion, with shareholders' equity at RMB 80.44 billion, indicating a robust financial structure [6] - The company has distributed a total of RMB 16.6 billion in dividends from 2022 to the first nine months of 2025, with a commitment to distribute at least 40% of the annual distributable profits in cash to shareholders from 2024 to 2026 [6]

Core Viewpoint - The article discusses the recent listing of Muyuan Foods on the Hong Kong Stock Exchange, highlighting its ambitions for international expansion and the challenges it faces in the current pork market cycle. Group 1: Company Overview - Muyuan Foods, led by Qin Yinglin, has become the largest pig farming enterprise in China and globally, with a net worth of 187 billion yuan, ranking 16th on the Hurun Rich List [4][6][19]. - The company completed its "A+H" listing on February 6, raising 10.47 billion HKD, with plans to use 60% of the funds for international market expansion [6][25]. Group 2: Market Performance - On its first trading day, Muyuan's stock rose only 3.90%, attributed to a decline in pork prices, with an average selling price of 12.57 yuan/kg in January, down 16.92% year-on-year [8][26]. - The company expects a net profit of 15.1 to 16.1 billion yuan for 2025, a decrease of 14.12% to 19.45% compared to the previous year [30]. Group 3: Investment and Partnerships - Major cornerstone investors include Charoen Pokphand Foods, which invested approximately 1.56 billion HKD, and Wilmar International, which invested about 546 million HKD [27][28]. - Muyuan is exploring overseas opportunities, particularly in Southeast Asia, and has partnered with BAF Vietnam Agricultural Co., providing services like pig house design and smart farming [9][29]. Group 4: Industry Challenges - The pork industry is currently experiencing a downturn, with many producers facing losses due to the cyclical nature of pig prices, often referred to as the "pig cycle" [12][36]. - The company has faced significant challenges, including a reported loss of 4.263 billion yuan in 2023, marking its first annual loss since its listing [15][35]. Group 5: Future Outlook - Muyuan aims to leverage its international listing to enhance its core business and expand its global footprint, with a focus on technological innovation and cost control [7][18]. - The company plans to maintain a competitive edge through continuous improvement in breeding, smart farming, and biosecurity measures [6][30].

Group 1 - Morgan Stanley increased its stake in Muyuan Foods (02714) by 1.26614 million shares at a price of HKD 40.3031 per share, totaling approximately HKD 51.0294 million [1][3] - After the increase, Morgan Stanley's total shareholding in Muyuan Foods is approximately 31.0612 million shares, representing a holding percentage of 11.33% [1][3]

Core Insights - Morgan Stanley increased its stake in Muyuan Foods Co., Ltd. by purchasing 1,266,140 shares at an average price of HKD 40.3031 per share, totaling approximately HKD 51.03 million [1][3] - Following this transaction, Morgan Stanley's total holdings in Muyuan Foods rose to 31,061,241 shares, increasing its ownership percentage from 10.87% to 11.33% [1][3] Summary by Categories Shareholding Activity - Morgan Stanley acquired an additional 1,266,140 shares of Muyuan Foods on February 9, 2026 [1][3] - The total investment for this acquisition was around HKD 51.03 million [1] - After the purchase, Morgan Stanley's total shareholding reached 31,061,241 shares [1][3] Ownership Percentage - The ownership percentage of Morgan Stanley in Muyuan Foods increased from 10.87% to 11.33% following the recent acquisition [1][3]

Core Insights - Morgan Stanley increased its stake in Muyuan Foods Co., Ltd. by purchasing 1,266,140 shares at an average price of HKD 40.3031 per share, totaling approximately HKD 51.03 million [1] - Following this transaction, Morgan Stanley's total holdings in Muyuan Foods rose to 31,061,241 shares, increasing its ownership percentage from 10.87% to 11.33% [1] Summary by Sections - **Transaction Details** - Morgan Stanley acquired 1,266,140 shares on February 9, 2026, at an average price of HKD 40.3031 [1] - The total investment for this acquisition was about HKD 51.03 million [1] - **Ownership Changes** - After the purchase, Morgan Stanley's total shareholding in Muyuan Foods reached 31,061,241 shares [1] - The ownership percentage increased from 10.87% to 11.33% [1]

Core Viewpoint - The Hong Kong IPO market has become increasingly active in 2026, with insurance capital accelerating its investments in this market, highlighting a trend towards global asset allocation and the pursuit of undervalued quality assets [1][2][6]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion [1][6]. - In 2025, insurance capital participated in cornerstone subscriptions for 12 Hong Kong IPOs, amounting to HKD 2.620 billion [1][6]. - Key cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with significant allocations in companies like Muyuan Foods and Dongpeng Beverage [2][6]. Group 2: Market Dynamics and Investment Preferences - The low interest rate environment has made the Hong Kong market a primary avenue for insurance capital's global asset allocation, with many undervalued quality assets available [2][6]. - Companies listed in both A-shares and H-shares often have H-shares priced at a discount compared to A-shares, making them attractive for insurance capital seeking better valuations and higher dividend yields [2][6]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, with some projects experiencing competitive bidding [3][7]. Group 3: Performance and Tax Advantages - The Hong Kong capital market regained the top position globally for IPO fundraising in 2025, raising USD 37.4 billion, surpassing the total of the previous three years [3][7]. - Newly listed stocks have performed well, with an average first-day increase of 23.8% and a cumulative first-month increase of 30.7%, particularly in the biotech and healthcare sectors [3][7]. - Insurance companies benefit from tax advantages in Hong Kong, as they can avoid corporate income tax on dividends from H-shares held for over 12 months, enhancing their net returns compared to individual investors [8].

Group 1 - Morgan Stanley increased its stake in Muyuan Foods (02714) by 1,266,140 shares at a price of HKD 40.3031 per share, totaling approximately HKD 51.0294 million [1] - Following the increase, Morgan Stanley's total shareholding in Muyuan Foods is approximately 31,061,200 shares, representing a holding percentage of 11.33% [1]

Core Viewpoint - The Hong Kong IPO market has seen a surge in activity since the beginning of 2026, with insurance capital accelerating its investments in this market, indicating a strategic shift towards global asset allocation and a preference for undervalued quality assets [1][2]. Group 1: Insurance Capital Participation - Since January 2026, insurance capital has participated in cornerstone subscriptions for 10 Hong Kong IPOs, with a total subscription amount of HKD 1.558 billion, compared to HKD 2.620 billion for 12 IPOs in 2025 [1]. - Major cornerstone investors in recent IPOs include Ping An Life and Taikang Life, with Ping An Life acquiring 6 million shares of Muyuan Foods, representing 2.2% of the base issuance, and Taikang Life acquiring 943,100 shares of Dongpeng Beverage, representing 2.31% of the H-share issuance [3][4]. Group 2: Market Dynamics and Preferences - The current low-interest-rate environment makes the Hong Kong market an attractive avenue for insurance capital seeking global asset diversification, especially given the lower valuations and higher dividend yields of H-shares compared to A-shares [2]. - Insurance capital is increasingly focusing on "hard technology" and new consumption sectors, aligning with national strategic priorities, and has shown a tendency to engage in competitive bidding for select IPO projects [3]. Group 3: Long-term Investment Logic - In 2025, Hong Kong's capital market regained its position as the global leader in IPO fundraising, with a total of USD 37.4 billion raised, marking a new high since 2021 and surpassing the total of the previous three years [5]. - The average first-day increase for new stocks was 23.8%, with a cumulative first-month increase of 30.7%, particularly strong in the biotech and healthcare sectors, making the IPO market appealing for insurance capital seeking stable returns [5]. - Tax advantages for insurance companies, such as exemptions on dividend income from H-shares held for over 12 months, enhance the attractiveness of investing in Hong Kong stocks compared to individual investors and mainland public funds [5].