Core Viewpoint - Muyuan Foods Co., Ltd. has demonstrated resilience in its operations amid industry fluctuations, achieving significant revenue and profit growth in the first three quarters of the year [1][3]. Financial Performance - In the first three quarters, the company reported revenue of 111.79 billion yuan, a year-on-year increase of 15.52%, and a net profit attributable to shareholders of 14.779 billion yuan, up 41.01% [1]. - The company's total liabilities decreased by 9.796 billion yuan since the beginning of the year, with a debt-to-asset ratio of 55.5%, down 3.18 percentage points [1]. Cost Management - The cost of pig farming has decreased from 13.1 yuan/kg at the beginning of the year to 11.6 yuan/kg by September, with a target to reduce it to 11 yuan/kg by year-end [1]. - Despite a decline in pig prices, the company has maintained profitability through self-breeding models, while external purchasing has led to losses [2]. Strategic Initiatives - Muyuan Foods is transitioning from a high-growth phase to a high-quality development phase, focusing on production efficiency and profitability [2][3]. - The company is pursuing international expansion as a key strategy, having initiated a Hong Kong stock issuance plan and signed cooperation agreements with international partners [2]. Market Position - The company has effectively responded to market conditions by reducing the number of breeding sows to 3.305 million by the end of September [2]. - Analysts believe that the company's cost control and policy responsiveness highlight its leading position in the industry, with potential for sustainable growth through internationalization and technology transfer [3].

Core Insights - The company reported a sales volume of 5.573 million pigs in September 2025, representing a year-on-year increase of 11.05%, driven by improved operational efficiency and production planning [1] - The average selling price of pigs decreased by 30.94% to 12.88 yuan/kg, leading to a sales revenue of 9.066 billion yuan, down 22.46% year-on-year [1] - From January to September 2025, the company sold a total of 57.323 million pigs, a 27.0% increase year-on-year, and sold 11.571 million piglets, a significant increase of 151.2% [1] Cost Management - The company has achieved significant cost reduction in pig farming, with total costs dropping to approximately 11.6 yuan/kg in September 2025, with a target to reduce it to 11 yuan/kg by year-end [2] - Cost reductions are attributed to improved production performance and decreased unit period expenses [2] - The company has identified three core cost reduction strategies: 1. Breeding improvements focusing on reproductive and growth performance [2] 2. Health management to enhance overall herd health and growth potential [2] 3. Talent and management strategies to align lower-performing farms with those achieving costs below 11 yuan/kg [2] Capacity Optimization - The company has actively adjusted its breeding capacity, reducing the number of breeding sows to 3.305 million by the end of September 2025, with no plans for new sows in the short term [3] - The average weight of pigs sold has been reduced to 120 kg as of the end of August [3] - The company has ceased sales of fattening pigs to secondary fattening customers and is cooperating with relevant departments to establish a control system [3] Profit Forecast and Valuation - The company is transitioning from a high-growth phase to a high-quality development phase, with expected revenue growth and continued cost advantages [4] - Projected revenues for 2025-2027 are 144.610 billion, 155.493 billion, and 160.691 billion yuan, with net profits of 18.471 billion, 24.916 billion, and 30.057 billion yuan respectively [4] - Earnings per share (EPS) are forecasted at 3.38, 4.56, and 5.50 yuan, with corresponding price-to-earnings (PE) ratios of 14.69, 10.89, and 9.03 [4]

经核查，监事会全体成员认为董事会编制和审核的公司《2025 年第三季度 报告》的程序符合相关法律、法规的规定，报告内容真实、准确、完整地反映了 上市公司的实际情况，不存在任何虚假记载、误导性陈述或者重大遗漏。 《牧原食品股份有限公司 2025 年第三季度报告》详见巨潮资讯网 （www.cninfo.com.cn）及《证券时报》《中国证券报》《上海证券报》《证券 日报》。 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-099 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 第五届监事会第八次会议决议公告 本公司及监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。 牧原食品股份有限公司（以下简称"公司"）第五届监事会第八次会议于 2025 年 10 月 30 日在公司会议室以现场的方式召开。会议通知已于 2025 年 10 月 27 日以书面方式送达各位监事，本次会议由监事会主席苏党林先生主持。本次会议 应出席监事 3 人，实际出席监事 3 人。公司董事会秘书出席了本次 ...

《牧原食品股份有限公司 2025 年第三季度报告》详见巨潮资讯网 （www.cninfo.com.cn）及《证券时报》《中国证券报》《上海证券报》《证券 日报》。 本议案已经董事会审计委员会审议通过。 特此公告。 第五届董事会第九次会议决议公告 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、误导性陈述或重大遗漏。 牧原食品股份有限公司（以下简称"公司"）第五届董事会第九次会议于 2025 年 10 月 30 日以通讯的方式召开。召开本次会议的通知及相关会议资料已于 2025 年 10 月 27 日通过书面、电子邮件等方式送达各位董事、监事和高级管理人员。 本次会议应出席董事 7 人，实际出席董事 7 人。公司部分监事会成员和高级管理 人员列席了本次会议，会议的召开符合《中华人民共和国公司法》等法律、法规 及《公司章程》的规定，会议合法有效。 本次会议由公司董事长秦英林先生主持，经与会董事认真审议，对以下议案 进行了表决，形成本次董事会决议如下： 一、会议以 7 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于公 司<2025 年第三季度报告>的议案》。 | 证券代码：002 ...

格隆汇10月30日丨牧原股份(002714.SZ)发布公告，2025年前三季度，实现营业收入1117.90亿元，同比 增加15.52%；归属于上市公司股东的净利润147.79亿元，同比增加41.01%；归属于上市公司股东的扣除 非经常性损益的净利润154.73亿元，同比增加37.90%；基本每股收益2.74元。 2025年第三季度，实现营业收入353.27亿元，同比减少11.48%；归属于上市公司股东的净利润42.49亿 元，同比减少55.98%；归属于上市公司股东的扣除非经常性损益的净利润47.97亿元，同比减少 53.62%；基本每股收益0.78元。 ...

每经AI快讯，10月30日，牧原股份(002714.SZ)公告称，为践行公司核心价值观，积极履行社会责任， 资助公益教育、科研事业的建设及发展，公司已自愿向杭州市西湖教育基金会捐赠人民币1亿元。其中 6,000万元用于资助西湖大学人才建设、学科建设等，4,000万元用于资助南阳市西湖牧原合成生物研究 院的建设及发展。本次捐赠无需提请公司董事会和股东大会审议，亦不构成重大资产重组。 ...

❑ 事件：公司发布 2025 年 9 月销售月报 2025 年 9 月份，公司销售商品猪 557.3 万头，同比增长 11.05%，主要得益于公司 生产经营规划及生产效率提升；商品猪销售均价 12.88 元/公斤，同比降低 30.94%；商品猪销售收入 90.66 亿元，同比降低 22.46%。2025 年 1 月至 9 月， 公司共销售商品猪 5732.3 万头，同比增长 27.0%；销售仔猪 1157.1 万头，同比 增加 151.2%。 ❑ 生猪养殖持续精进，成本优势稳步扩大 公司降本增效成果显著，养殖成本进入加速下行通道。2025 年 9 月公司生猪养 殖完全成本已降至 11.6 元/公斤左右，并计划在年底降至 11 元/公斤，成本下降来 源于生产成绩改善与单位期间费用下降。为实现成本的进一步突破，公司明确了 三大核心降本路径：1）种猪育种：依托全产业链优势，综合考量繁殖性能、生 长性能及屠宰经济价值进行选育，品种改良已成为当前成本下降的关键驱动力； 2）健康管理：通过持续推进疾病净化，提升猪群整体健康水平，以挖掘其生长 潜力；3）人才与管理：缩小内部场线间的成本离散度，推动落后场线向成本已 低于 1 ...

【牧原股份：第三季度净利润同比下降55.98%】智通财经10月30日电，牧原股份(002714.SZ)发布2025 年第三季度报告，第三季度营收为353.27亿元，同比下降11.48%；净利润为42.49亿元，同比下降 55.98%。前三季度营收为1117.90亿元，同比增长15.52%；净利润为147.79亿元，同比增长41.01%。 转自：智通财经 ...

格隆汇10月30日｜牧原股份(002714.SZ)发布2025年第三季度报告，第三季度营收为353.27亿元，同比下 降11.48%；净利润为42.49亿元，同比下降55.98%。前三季度营收为1117.90亿元，同比增长15.52%；净 利润为147.79亿元，同比增长41.01%。 ...

每经AI快讯，10月30日，牧原股份(002714.SZ)发布2025年第三季度报告，第三季度营收为353.27亿元， 同比下降11.48%；净利润为42.49亿元，同比下降55.98%。前三季度营收为1117.90亿元，同比增长 15.52%；净利润为147.79亿元，同比增长41.01%。 ...