1月15日晚，A股养猪龙头牧原股份（002714）发布的2025年度业绩预告显示，公司预计全年实现净利润151亿元至161亿元。 | 证券代码:002714 | 证券简称:牧原股份 | 公告编号:2026-006 | | --- | --- | --- | | 债券代码:127045 | 债券简称:牧原转债 | | | | 其一致行动人 | 押股份数量 | 股份比例 | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | | 股东名称 牧原实业 | 是否为控股股东 或第一大股东及 是 | 本次解除质 47,500,000 股 | 占其所持 5.60% | 占公司总股 本比例 0.87% | 起始日 2025/6/26 | 解除日期 2026/1/5 | 质权人 财通证券资产管 理有限公司 | 2025年，牧原股份积极推进国际化战略，海外布局进入实质性落地阶段。 | | 项目 本报告期 | 上年同期 | | --- | --- | --- | | 净利润 | 盈利: 151.00 亿元–161.00 亿元 | 盈利:189.25 亿元 | | | ...

1月15日晚，A股养猪龙头牧原股份（002714）发布的2025年度业绩预告显示，公司预计全年实现净利 润151亿元至161亿元。 | 证券代码:002714 | 证券简称:牧原股份 公告编号:2026-00 | | --- | --- | | 债券代码:127045 | 债券简称:牧原转债 | | 项目 | 本报告期 | 上年同期 | | --- | --- | --- | | 净利润 | 盈利: 151.00 亿元-161.00 亿元 | 盈利:189.25 亿元 | | | 比上年同期下降:14.93%-20.21% | | 近年来，牧原股份持续"打磨"成本，使得企业盈利水平领先于行业。2025年，该公司商品猪完全成本继 续不断下降，根据公开信息测算，预计牧原股份2025年全年平均生猪养殖完全成本在12元/公斤左右， 较2024年的14元/公斤成本下降2元/公斤。 除养殖业务之外，2025年，牧原股份屠宰肉食业务也实现跨越式发展。该公司屠宰肉食板块已在2025年 第三季度成功实现单季度盈利。据公开信息推算，预计牧原股份2025年屠宰量超过2800万头，同比实现 翻倍增长，产能利用率大幅提升。 近日，牧原 ...

Group 1 - The central bank has implemented a series of measures to support high-quality economic development, including a 0.25 percentage point reduction in re-lending and rediscount rates, and an increase of 500 billion yuan in re-lending for agriculture and small enterprises [3] - The U.S. White House announced a 25% import tariff on certain semiconductor products starting January 15, affecting Nvidia's H200 chip and AMD's MI325X, while excluding semiconductors for data centers and public sectors [3] - TSMC's Q4 2025 earnings exceeded expectations with a 35% year-on-year increase in net profit to approximately $16 billion, and the company raised its 2026 capital expenditure guidance to $52-56 billion, nearly 40% higher than previous estimates [3] Group 2 - The Ministry of Commerce plans to combine policies to promote consumption and improve people's livelihoods in 2026, focusing on key areas and potential growth points [4] - The National Development and Reform Commission reported that the total social financing scale in 2025 reached 35.6 trillion yuan, with a net cash injection of 1.31 trillion yuan [5] - The financial regulatory authority emphasized the need to effectively manage risks in small financial institutions and support the real estate sector through coordinated financing mechanisms [5] Group 3 - The A-share market showed divergence with high-level stocks experiencing significant declines, while the semiconductor industry and precious metals sectors performed well [7] - The Hong Kong stock market faced fluctuations, with the Hang Seng Index down 0.28%, while real estate stocks showed resilience [7] - The first gold ETF in China surpassed 100 billion yuan in circulation, becoming the largest in Asia [8] Group 4 - Major banks in the U.S. conducted over $140 billion in dividends and stock buybacks in 2025, exceeding previous records [21] - Goldman Sachs reported a 3% decline in Q4 2025 revenue to $13.5 billion, primarily due to its credit card business, while Morgan Stanley's revenue rose 10.3% to $17.89 billion [20][21] - The Ministry of Finance and the State Taxation Administration announced tax exemptions for foreign institutions investing in government bonds and local government bonds, extending until December 31, 2027 [22]

Market Overview - On January 15, A-shares showed mixed performance with the Shanghai Composite Index closing at 4112.6 points, down 0.33%, while the Shenzhen Component Index rose by 0.41% and the ChiNext Index increased by 0.56% [1] - The total market turnover was approximately 2.93 trillion yuan, a decrease of over 1 trillion yuan compared to the previous trading day, with more than 2200 stocks closing higher, including 63 stocks hitting the daily limit [1] Sector Performance - The precious metals sector led the gains, with Sichuan Gold hitting the daily limit. Other sectors that saw gains included electronic chemicals, photoresists, SMIC concepts, and agricultural chemicals [1] - Conversely, sectors such as Xiaohongshu concepts, internet e-commerce, and Sora video saw significant declines [1] Historical Highs - A total of 88 stocks reached historical closing highs, with notable concentrations in the electronics, non-ferrous metals, and machinery equipment sectors, which had 25, 15, and 14 stocks respectively [2] - The average price increase for stocks reaching historical highs was 4.74%, with stocks like Dongfang Tieta and Decai Co., Ltd. hitting the daily limit, and Shanghai Xinyang, Helin Weina, and Sudawige showing significant gains [2] Institutional Activity - In the龙虎榜, 16 stocks were net bought, with 13 stocks seeing net purchases exceeding 10 million yuan. The top net buyer was Shenguang Group with 494 million yuan, followed by Sanwei Communication with 279 million yuan [5] - Conversely, the top net seller was Liou Co., Ltd. with a net sell of 432 million yuan, followed by Zhongke Xingtou, Shanzi Gaoke, and Vision China, each exceeding 200 million yuan in net sales [5] Northbound Capital Flow - Among the stocks on the龙虎榜, 10 stocks received net purchases from northbound funds, with Wolong Nuclear Materials leading at 254 million yuan. Other notable net buyers included Zhongke Xingtou, Hezhuan Intelligent, and Xidian Co., Ltd. [7] - Northbound funds sold off 23 stocks, with Shanzi Gaoke leading the net sell at 315 million yuan, which hit the daily limit down [7] Company Announcements - Gree Electric Appliances announced a mid-year dividend distribution of 10 yuan per 10 shares, with the record date set for January 22, 2025 [10] - Longpan Technology expects to have procurement transactions with Ningde Times not exceeding 7 billion yuan in 2026 [11] - Zhi Te New Materials clarified that its business does not involve AI applications and will resume trading tomorrow [12] - Zhejiang Construction reported a cumulative new contract amount of 146.816 billion yuan for the year 2025 [14] - Zhenghai Magnetic Materials expects a net profit increase of 235.72% to 311.52% year-on-year for 2025 [16] - Shengnuo Bio anticipates a net profit increase of 204% to 281% year-on-year for 2025 due to growing demand for peptide raw materials [18]

香港聯合交易所有限公司及證券及期貨事務監察委員會對本聆訊後資料集的內容概不負責，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聆訊後資料集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） 的聆訊後資料集 警告 本聆訊後資料集乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的 要求而刊發，僅用作提供資訊予香港公眾人士。 本聆訊後資料集為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代 表 閣下知悉、接納並向牧原食品股份有限公司（「本公司」，連同其子公司為「本集團」）、本公司的聯席 保薦人、整體協調人、顧問或承銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長登記的本公 司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士刊發。 (a) 本文件僅向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件所載 的資料作出任何投資決定； ( ...

Mergers and Acquisitions - Zhongyuan Nepe announced plans to acquire 59% of its affiliate Zhongyuan Jikean for 143 million yuan, which will make Zhongyuan Jikean a wholly-owned subsidiary and included in the consolidated financial statements [1] - Jinchuan Co. intends to purchase 24% of Anhui Jinsan Molybdenum for 1.731 billion yuan, increasing its stake in the company to 34% [2] Earnings Disclosure - Muyuan Foods expects a net profit decline of 14.93% to 20.21% for 2025, projecting a profit range of 15.1 billion to 16.1 billion yuan [3] - Meijin Energy anticipates a net loss of 850 million to 1.25 billion yuan for 2025, compared to a loss of 1.143 billion yuan in the previous year, primarily due to market conditions affecting coal and coke prices [4] - Luoyang Molybdenum expects a net profit increase of 47.80% to 53.71% for 2025, projecting a profit range of 20 billion to 20.8 billion yuan [5] - Baofeng Energy forecasts a net profit growth of 73.57% to 89.34% for 2025, estimating a profit of 11 billion to 12 billion yuan [6] Shareholding Changes - Jiuzhitang's major shareholder Li Zhenguo plans to reduce his stake by up to 2%, amounting to no more than 16.9256 million shares, to repay due equity pledge financing [7] - Yifan Transmission's chairman Liu Jincheng intends to reduce his stake by up to 3%, comprising a maximum of 777,700 shares through centralized bidding and 1.5553 million shares through block trading [8] - Aidi Te's major shareholders plan to collectively reduce their stake by up to 3%, totaling no more than 3.1969 million shares [9] - Yuhua Tian's controlling shareholder plans to transfer 5% of its shares, amounting to 1.999296 million shares, through a pricing inquiry [10] Regulatory Issues - Tianji Co. received administrative regulatory measures due to multiple violations, including improper goodwill impairment testing and inaccurate financial accounting, with key executives being held responsible [11] - Wenfeng Co. announced that its vice president Qin Guofen has had his detention lifted and is now under a notice of investigation, with the company's operations remaining normal [12]

智通财经APP讯，牧原股份(002714.SZ)发布2025年度业绩预告，预计全年实现归属于上市公司股东的净 利润147亿元–157亿元，同比下降12.20%–17.79%。 2025年，公司持续做好生猪的健康管理与生产管理，提高精细化管理水平，提升养殖生产成绩，生猪养 殖成本较上年同期下降。同时，受生猪市场行情波动影响，全年商品猪销售均价约13.5元/公斤，同比 下降约17.3%，使得公司整体盈利水平较上年同期有所下滑。 ...

Core Viewpoint - Muyuan Foods (002714.SZ) forecasts a net profit attributable to shareholders of 14.7 billion to 15.7 billion yuan for the year 2025, representing a year-on-year decline of 12.20% to 17.79% [1] Group 1: Financial Performance - The company expects a decrease in net profit for 2025 compared to the previous year [1] - The average selling price of commercial pigs is projected to be approximately 13.5 yuan per kilogram, reflecting a year-on-year decline of about 17.3% [1] Group 2: Operational Management - The company will continue to focus on health management and production management of live pigs, aiming to enhance refined management levels and improve breeding performance [1] - The cost of pig farming is expected to decrease compared to the same period last year [1]

Group 1 - The livestock farming industry in China is undergoing a significant transformation, with the Ministry of Agriculture and Rural Affairs and the National Development and Reform Commission calling for capacity reduction and operational control as of September 2025 [1][19] - The pig cycle typically follows a pattern of price fluctuations, with each upward cycle lasting about 1-2 years and downward cycles lasting about 1-3 years, indicating potential for price increases following supply reductions [1][19] - Current signals suggest that the pig farming industry is at a relatively low valuation, with indications that capacity reduction may accelerate [1][19] Group 2 - The CSI Livestock Farming Industry Index, launched on December 31, 2021, includes 50 listed companies in sectors such as livestock products, animal health, feed, meat products, and dairy products, serving as a benchmark for the overall performance of the livestock farming sector [2][20] - The index has a base point of 1000 and aims to reflect the core fluctuations of the livestock farming industry, with a high concentration of leading companies [4][23] - The top five constituent stocks account for 50.1% of the index, while the top ten account for 67.6%, indicating a significant concentration advantage in the industry [4][23] Group 3 - The CSI Livestock Farming Industry Index has outperformed its peers by 5 percentage points since its inception, with a current PE (TTM) ratio of 19.02, indicating a low valuation at the bottom of the cycle and potential for valuation recovery [6][26] - The index's historical performance has shown significant volatility due to the cyclical nature of the livestock farming industry [6][26] - The index is designed to provide a high-purity tool for tracking the cyclical movements of pig farming, benefiting from the resilience and profit elasticity of leading enterprises during current cost-focused cycles [4][23] Group 4 - The top ten constituent stocks of the index include major players such as Muyuan Foods (15.6% weight), Wens Foodstuff Group (14.7%), and Haida Group (9.1%), highlighting the dominance of leading companies in the livestock sector [25] - The index is positioned to benefit from ongoing policy incentives and signals of cyclical reversal, making it an attractive investment option for those optimistic about the long-term development of the livestock farming industry [33]

智通财经记者从牧原股份处获悉，近期公司做好冬季的疫病防控，保持整体生产情况的稳定，提升猪群 健康水平，在此基础上，通过育种、营养、智能化应用等方面的持续发力，不断推进降本工作。 值得一提的是，牧原股份屠宰肉食业务今年增量明显。根据牧原股份每月销售月报统计，牧原股份今年 屠宰量超过2800万头，同比实现翻倍。牧原股份对此表示，屠宰板块产能利用率提升，屠宰肉食板块在 2025年第三季度实现单季度盈利，预计2026年屠宰量级将保持增长。 面对每天上千份上市公司公告该看哪些？重大事项公告动辄几十页几百页重点是啥？公告里 一堆专业术语不知道算利好还是利空？请看智通财经公司新闻部《速读公告》栏目，我们派 驻全国的记者们将于公告当晚为您带来准确、快速、专业的解读。 今日晚间，牧原股份发布2025年度业绩预告，预计全年实现净利润147亿元-157亿元，比上年同期下降 12.20%-17.79％，预计归属于上市公司股东扣除非经常性损益后的净利润151亿元-161亿元，基本每股收 益2.73元/股-2.93元/股。 牧原股份在公告中表示，2025年受生猪市场行情波动影响，全年商品猪销售均价约13.5元/公斤，同比 下降约17.3 ...