证券简称：牧原股份 债券简称：牧原转债 证券代码：002714 债券代码：127045 牧原食品股份有限公司 2025 年骨干员工持股计划 （草案）摘要 2025 年 8 月 1 声 明 牧原食品股份有限公司（以下简称"本公司"）董事会及全体董事保证本持股计 划内容不存在任何虚假记载、误导性陈述或者重大遗漏，并对其内容的真实性、准 确性和完整性承担个别及连带责任。 3 特别提示 一、为进一步完善和深化干部队伍的长期激励机制，提高员工的凝聚力和公司 竞争力，促进本公司长期、持续、健康发展，基于"自愿参与、依法合规、长期服务、 利益共享、风险自担"的原则，设立牧原食品股份有限公司 2025 年骨干员工持股计 划（以下简称"本持股计划"、"本计划"）。 2 风险提示 一、本持股计划需公司股东大会审议通过后方可实施，本持股计划能否获得 公司股东大会批准，存在不确定性。 二、本持股计划设立后将由公司自行管理，但能否达到计划规模、目标存在 不确定性。 三、有关本持股计划具体的资金来源、出资金额、预计规模和具体实施方案 等属初步结果，能否完成实施，存在不确定性。 四、若员工出资额较低，则本持股计划存在不能成立的风险；若员工 ...

北京市朝阳区建外大街丁 12 号英皇集团中心 8、9、11 层 8/9/11/F, Emperor Group Centre, No.12D, Jianwai Avenue, Chaoyang District, Beijing, 100022, P.R.China 电话/Tel.:010-50867666 传真/Fax:010-56916450 网址/Website:www.kangdalawyers.com 北京 西安 深圳 海口 上海 广州 杭州 沈阳 南京 天津 菏泽 成都 苏州 呼和浩特 香港 武汉 郑州 长沙 厦门 重庆 合肥 宁波 济南 昆明 南昌 北京市康达律师事务所 关于 牧原食品股份有限公司 2025 年骨干员工持股计划（草案） 之 法律意见书 康达法意字【2025】第 0426 号 二〇二五年八月 法律意见书 北京市康达律师事务所 关于 牧原食品股份有限公司 2025 年骨干员工持股计划（草案） 之 法律意见书 康达法意字【2025】第 0426 号 致：牧原食品股份有限公司 北京市康达律师事务所（以下简称为"本所"）接受牧原食品股份有限公司（以 下简称"公司"或"牧原股份"）的委托，担 ...

牧原食品股份有限公司 董事会关于公司 2025 年持股计划相关事项的合规性说明 牧原食品股份有限公司（以下简称"公司"）根据《中华人民共和国公司 法》（以下简称"《公司法》"）、《中华人民共和国证券法》（以下简称"《证 券法》"）、《关于上市公司实施员工持股计划试点的指导意见》（以下简称 "《指导意见》"）及《深圳证券交易所上市公司自律监管指引第 1 号——主 板上市公司规范运作》（以下简称"《上市公司规范运作》"）等有关法律、 法规及规范性文件和《公司章程》的规定制定《牧原食品股份有限公司 2025 年 经营者持股计划（草案）》及其摘要、《牧原食品股份有限公司 2025 年奋斗者 持股计划（草案）》及其摘要、《牧原食品股份有限公司 2025 年骨干员工持股 计划（草案）》及其摘要（以下统称为"2025 年持股计划"），现对公司 2025 年持股计划内容的合规性做出说明如下： 1、2025 年持股计划的内容符合《指导意见》《上市公司规范运作》等有 关法律、法规及规范性文件的规定，程序合法、有效。 2、公司不存在《指导意见》《上市公司规范运作》等法律、法规及规范性 文件规定的禁止实施员工持股计划的情形；审议程序 ...

Group 1 - Since July, pig prices have been declining, leading to weakened profitability in the breeding sector, prompting the National Development and Reform Commission (NDRC) to initiate central frozen pork reserve collection [1][3] - The average pig-to-grain price ratio has fallen below 6:1, entering a warning zone, which has led to the decision for pork reserve collection to stabilize the market [3][6] - Analysts suggest that the reserve collection will boost market confidence and provide necessary buffer space for the pig market to gradually recover from the cyclical low [1][6] Group 2 - Major breeding companies have successfully reduced costs, with Muyuan Foods being the first to achieve a cost of 5 yuan per kilogram, while others like Wens Foodstuffs and Shennong Group are expected to join this cost club [1][10] - The overall profitability of the industry is nearing a critical point, with many companies operating at or near breakeven [5][11] - Companies with strong cost control capabilities are expected to maintain profitability even in a low-price environment, while those with costs above 14 yuan per kilogram may face significant losses [9][11] Group 3 - The NDRC's recent actions are part of a broader strategy to manage high production capacity and mitigate risks associated with price fluctuations in the pig industry [7][8] - The current market conditions indicate that while there is a strong supply, demand remains weak, leading to further price declines [3][6] - Long-term recovery in pig prices will depend on the reduction of breeding sows and the actual recovery of market demand, particularly during holiday seasons [6][7]

Group 1 - The core viewpoint of the article highlights that many listed companies in China are announcing substantial dividend plans, with total proposed dividends exceeding 100 billion yuan, indicating a trend towards increased shareholder returns [2][3] - China Mobile plans to distribute over 540 billion yuan in dividends, proposing a mid-term dividend of 2.75 HKD per share, equivalent to approximately 2.5025 RMB per share [2] - China Telecom intends to distribute 165.81 billion yuan in cash dividends, which represents 72% of its net profit for the first half of the year [2][3] Group 2 - Companies like Gigabit and Muyuan are also announcing significant dividends, with Gigabit proposing a cash dividend of 66 RMB per 10 shares, amounting to about 4.74 billion yuan, which is 73.46% of its net profit [3] - Regulatory bodies have been encouraging listed companies to increase cash dividends, aiming to enhance the stability and predictability of dividend distributions, thereby boosting investor confidence in the capital market [3][5] - Analysts suggest that high dividend strategies involve investing in mature companies with strong cash flow and high return on equity (ROE), emphasizing the importance of long-term investment and avoiding crowded sectors [4]

Investment Rating - The investment rating for the company is "Buy" and is maintained [8]. Core Viewpoints - The industry is transitioning from rapid growth to a stable phase, with medium to long-term capacity regulation expected to become the new norm in the pig farming sector, which may positively impact the industry. The company is entering a new stage of development [2]. - Future capital expenditures are expected to gradually decrease, with a significant slowdown in new domestic capacity. The focus will shift towards enhancing efficiency, deepening cost reductions, lowering debt, and improving free cash flow, leading to a healthier high-quality development phase for the company's domestic business. The overseas market presents new growth opportunities [2]. - In the first half of 2025, the company achieved revenue of 76.46 billion yuan (YoY +34%), net profit of 10.79 billion yuan (YoY +953%), and attributable net profit of 10.53 billion yuan (YoY +1170%). In Q2 alone, revenue was 40.40 billion yuan (YoY +32%), with net profit of 6.17 billion yuan (YoY +77%) and attributable net profit of 6.04 billion yuan (YoY +88%) [6]. Summary by Sections Financial Performance - In July 2025, the company's total cost dropped to 11.8 yuan/kg, with an average complete cost of approximately 12.2 yuan/kg in Q2. The company marketed 46.91 million pigs in the first half of 2025 (YoY +45%), including 38.39 million market pigs (YoY +32%) and 8.29 million piglets (YoY +168%). The average profit per market pig was about 254 yuan per head in the first half, increasing to approximately 283 yuan per head in Q2 [11]. - Cash flow and debt levels have significantly improved, with a 12% year-on-year increase in net cash flow from operating activities in H1 2025. Capital expenditures decreased from 6 billion yuan in H1 2024 to 5.2 billion yuan in H1 2025. The debt-to-asset ratio fell from 59% in Q1 2025 to 56% in Q2 2025, with total liabilities decreasing by 12.8 billion yuan compared to Q1 2025 [11]. Cost Management and Shareholder Returns - The company aims for an average annual complete cost of 12 yuan/kg, with expectations to reduce it to 11 yuan/kg by year-end, primarily through improved production performance and reduced operating expenses. Future cost-cutting measures include breeding optimization, health management, and employee training [11]. - In H1 2025, the company distributed 5 billion yuan in dividends, with a payout ratio of 47.5%, exceeding the 40% target set for 2024. Including share buybacks, total shareholder returns reached 6.11 billion yuan, accounting for approximately 58% of the attributable net profit for H1 2025 [11].

Group 1 - The core viewpoint is that the pig farming industry is experiencing a significant increase in profits despite low market prices for live pigs, with companies like Muyuan Foods showing remarkable growth in net profit [1] - Among 13 agricultural listed companies, 8 reported varying degrees of net profit growth, with Muyuan Foods achieving the highest increase [1] - Muyuan Foods sold 46.91 million pigs in the first half of 2025, generating a revenue of 76.463 billion yuan, a 34.46% increase year-on-year, and a net profit of 10.79 billion yuan, up 952.92% [1] Group 2 - The current pig market is characterized by an oversupply due to reduced demand from schools being on break and high temperatures, leading to lower prices [2] - The National Development and Reform Commission plans to conduct central frozen pork reserve storage to stabilize the market, which may temporarily boost pig prices [2] - Analysts expect that as festivals approach, consumer demand may increase, potentially leading to a slight rebound in pig prices, although a significant price increase is unlikely due to excess production capacity [2] Group 3 - Cost reduction in pig farming is a consensus in the industry, with companies aiming to lower production costs to enhance competitiveness [3] - The complete cost of raising pigs for Jiangsu Lihua Food Group was reported at 12.8 yuan/kg, with expectations to reduce it to 12 yuan/kg by year-end [3] - Feed costs are a major component of production costs, and there is potential for further cost reduction through improved feed efficiency and the adoption of smart farming technologies [3]

齐鲁晚报·齐鲁壹点记者 黄寿赓 市场经历"健康牛"，8月22日，A股三大股指再度大幅上涨，沪指站上3800点，自4月8日以来，累计涨幅达23.55%。持续上涨背后，上市公司中期分红密集 披露，Wind数据显示，目前已有超210家公司公布相关预案，分红总额达1354亿元（含税，下同）。近年来，在监管层倡导下，上市公司一年多次分红成新 风向，并为股指上涨提供支撑。 具体来看，中国移动"领衔"分红总额。中国移动披露，公司决定2025年中期派息每股2.75港元；总额折合约合人民币540.83亿元。上半年，中国移动实现收 入5437.69亿元，同比下降0.5%；实现归属于母公司股东的净利润842.35亿元，同比增长5%。 中国电信以165.81亿元居于次席。中国电信披露，公司拟向全体股东每股派发现金红利0.1812元。截至2025年6月30日，公司总股本915.07亿股，以此计算合 计拟派发现金红利165.81亿元，占报告期归属于公司股东的净利润人民币230.17亿元的72%。上半年，中国电信实现营业收入2694.22亿元，同比增长1.3%； 归属于上市公司股东的净利润为230.17亿元，同比增长5.5%。 中国联通的 ...

华安证券研报指出，牧原股份上半年实现归母净利润105.3亿元，同比增长1169.8%；2025Q1、Q2公司归母净利润分别为44.9亿元、60.4亿元。2025年6月末，公司资产负债率56.06%，较 ...

Investment Rating - The report maintains a "Buy" rating for the company [1][5][10] Core Insights - The company achieved a significant increase in performance, with a revenue of 76.463 billion yuan in the first half of 2025, representing a year-on-year growth of 34.46%. The net profit attributable to shareholders reached 10.530 billion yuan, a staggering increase of 1169.77% [5][7] - The company is focused on optimizing breeding costs, with the total cost of pig farming decreasing to approximately 11.8 yuan/kg by July 2025, aiming for an average cost target of 12 yuan/kg for the year [7] - The company has set a goal to reduce its overall debt by 10 billion yuan, having already achieved a reduction of 5.6 billion yuan by the end of the second quarter of 2025 [7] Financial Performance - The company reported a net cash flow from operating activities of 17.351 billion yuan, reflecting a year-on-year increase of 12.13% [7] - As of the end of Q2 2025, the company's debt-to-asset ratio was 56.06%, a decrease of 3.14 percentage points from the previous quarter [7] - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 5.002 billion yuan, which accounts for 47.50% of the net profit for the first half of 2025 [7] Earnings Forecast - The company is projected to achieve revenues of 129.599 billion yuan, 139.907 billion yuan, and 152.018 billion yuan for the years 2025, 2026, and 2027, respectively. The net profit attributable to shareholders is expected to be 18.264 billion yuan, 21.193 billion yuan, and 28.198 billion yuan for the same years [9][10]