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 尊敬的股東 - 1 - 2. 公司通訊 本公司將在本公司網站（www.muyuanfoods.com）及聯交所網站（www.hkexnews.hk）上發佈公司通訊。 本公司不會向股東發出公司通訊網站版本 6的登載通知。 本公司鼓勵股東主動留意網站上所有日後的公司通 訊的登載情況，並自行瀏覽公司通訊的網站版本。 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 ...

February 24, 2026 Arrangement of Electronic Dissemination of Corporate Communications Pursuant to the amended Rules Governing The Listing of Securities on The Stock Exchange of Hong Kong Limited (the "Listing Rules") effective from December 31, 2023, Muyuan Foods Co., Ltd. (the "Company") has adopted new arrangement to disseminate corporate communications ("Corporate Communications") electronically. Please note that all future Corporate Communications will be available electronically on the website of the C ...

牧原食品股份有限公司 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. 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。 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 （於中華人民共和國註冊成立的股份有限公司） 香港，2026年2月24日 （股份代號：2714） 於本公告日期，董事會成員包括：(i)執行董事秦英林先生、曹治年先生及楊瑞 華女士；(ii)非執行董事錢瑛女士及蘇黨林先生；及(iii)獨 ...

Market Strategy - The market is currently in a volatile yet upward trend, driven by position recovery, maintaining a cautious optimism for February. The index is expected to oscillate around the high and low points of January, with a focus on mid-cap blue chips for investment opportunities [2][6] - The strategy suggests actively adjusting portfolios towards mid-cap blue chips, particularly in the chemical and livestock sectors, which are seen as having strong cyclical performance post-holiday [2][6] Industry Strategy - The agricultural sector is encouraged to expand into international markets to overcome growth limitations faced by domestic agricultural enterprises. Successful international ventures typically involve product and technology exports, asset investments, and mergers or joint operations, emphasizing the importance of core product advantages and complete industry chain layouts [3][6] - Key investment targets in the agricultural sector include Muyuan Foods (002714, buy) and Haida Group (002311, buy), with relevant ETFs being Agricultural ETF (159825/159827) and Grain ETF (159698) [3][6] Thematic Strategy - The rare earth sector is poised for a dual boost in profitability and valuation, with expectations of rising rare earth prices in 2026 due to sustained demand and supply-side improvements. The geopolitical landscape enhances the strategic value of rare earths, making it a key area for investment [4][6] - Notable investment targets in the rare earth sector include China Northern Rare Earth Group (600111, buy) and China Rare Earth Group (600259, not rated), with relevant ETFs being Rare Earth ETF (159713/516150) [4][6]

Core Viewpoint - The consumer sector experienced a strong start during the Spring Festival, with significant growth in consumption demand, particularly in services and travel, despite some weaknesses in the film box office [3][6][9]. Group 1: Market Performance - The leading consumer ETF (159928) initially rose over 1% but later fell by 0.64%, with a trading volume exceeding 360 million yuan and a net subscription of 24 million shares during the day [1]. - The consumer ETF's latest scale surpassed 22.3 billion yuan, maintaining a leading position among its peers [1]. Group 2: Consumption Trends - The Spring Festival saw a notable increase in travel and service consumption, with a record number of cross-regional movements expected to reach 9.5 billion people, marking a historical high [6][7]. - Restaurant bookings for the New Year's Eve dinner increased by 105% year-on-year, with significant growth in demand from lower-tier cities [7]. - The demand for pre-packaged food is accelerating, driven by new national standards and retail channel transformations [8]. Group 3: Alcohol Consumption Insights - High-end liquor brands, particularly Moutai, showed better-than-expected performance, with sales expected to increase by 10-20% year-on-year during January and February [9][10]. - The overall liquor market is experiencing a recovery, with high-end brands gaining market share while lower-tier brands face challenges [10]. Group 4: Policy and Economic Environment - The government is implementing zero-tariff measures for 53 African countries and enhancing support for rural enterprises to access multi-level capital markets [3]. - The market is expected to see a positive start post-Spring Festival, with historical trends indicating a strong "Spring Festival effect" in A-shares [3].

Core Viewpoint - The report from Huachuang Securities indicates that the pig farming industry is experiencing a mixed performance, with an increase in pig output but a decline in profitability due to falling prices and rising costs [1][5]. Group 1: Pig Output - In January, 18 sample pig companies, including Muyuan Foods and Wens Foodstuff Group, reported a total pig output of 18.02 million heads, a year-on-year increase of 12.54% but a month-on-month decrease of 11.15% [2]. - The top five companies by output were Muyuan Foods (7.01 million heads), Wens Foodstuff Group (3.38 million heads), New Hope Liuhe (1.40 million heads), Dekang Animal Husbandry (1.04 million heads), and Zhengbang Technology (0.93 million heads) [2]. - The year-on-year growth rates for the top five companies were led by Jingji Zhino (79.87%), Dongrui Co. (78.31%), Zhengbang Technology (62.32%), Jinxinnong (60.56%), and Juxing Animal Husbandry (59.40%) [2]. Group 2: Piglet Sales - In January, 10 sample pig companies, including Wens Foodstuff Group and Shennong Group, sold a total of 1.53 million piglets, with a year-on-year increase of 113.99% but a month-on-month decrease of 24.77% [2]. - The top three companies in piglet sales were Zhengbang Technology (530,500 heads), Wens Foodstuff Group (420,600 heads), and Tianbang Food (290,200 heads) [2]. Group 3: Sales Prices - The average selling price of pigs in January for 15 sample companies was 12.58 yuan/kg, a year-on-year decrease of 19.30% but a month-on-month increase of 8.83% [3]. - The highest prices were recorded by Dongrui Co. (13.33 yuan/kg), Lihua Co. (13.12 yuan/kg), and Jingji Zhino (12.84 yuan/kg) [3]. - Seven companies had prices above the average, while eight were below it, with Muyuan Foods and Shennong Group among those with lower prices [3]. Group 4: Average Weight - The average weight of pigs for nine sample companies in January was 123.71 kg, with a comparable average weight of 121.41 kg for four specific companies, showing a year-on-year increase of 2.82% and a month-on-month increase of 1.42% [4]. - The highest average weight was recorded by Shennong Group at 129.77 kg, followed by Huadong Co. at 129.49 kg [4]. Group 5: Industry Overview - As of February 10, the national average selling price of pigs was 12.0 yuan/kg, reflecting a month-on-month decrease of 5.5% and a year-on-year decrease of 20.0% [5]. - The profit for self-breeding enterprises selling pigs was reported at -52.94 yuan/head, indicating a return to losses since the end of last year, while the average profit for piglets was 75 yuan/head, marking five consecutive weeks of profitability [5]. - The average weight of pigs in the industry was 126.05 kg/head, remaining high historically despite a third consecutive week of decline [5]. Group 6: Investment Recommendations - The current valuation levels in the pig farming sector are relatively low, providing a sufficient margin of safety [7]. - Companies like Muyuan Foods, Wens Foodstuff Group, Dekang Animal Husbandry, and Shennong Group are recommended for their stability and quality, while Tianbang Biological is suggested for its growth potential [7].

Group 1 - The core growth driver of the "pet economy" is the consumption of seasonal holiday products, with the search term "New Year pet gift box" on Tmall showing a year-on-year growth of over 20% [1][2] - Sales of pet clothing for the New Year increased by 330%, while sales of pet New Year dinners grew by 290% according to Tmall data [1][2] - The pet product category has formed a comprehensive matrix covering "food + clothing + decoration + services," extending from cats and dogs to exotic pets [2] Group 2 - There has been a 46% month-on-month increase in demand for pet boarding services as reported by 58 Daojia [2] - The pilot program for pet transportation on high-speed trains has expanded to cover 110 stations and 170 trains, while the "pet in cabin" service for airlines now includes 31 airports and 110 flight routes [2] - Major pet exhibitions in South China and North China are scheduled for March, with leading domestic brands expected to launch new products at these events [2] Group 3 - After the Spring Festival, it is anticipated that pig prices will enter a seasonal decline due to decreased demand and increased supply [3] - The price is expected to drop into a low phase, leading to potential losses in the breeding sector as slaughterhouses resume operations after the holiday [3] Group 4 - Recommended stocks in the pig breeding sector include Muyuan Foods (002714.SZ) and Wens Foodstuff Group (300498.SZ) [4] - Other recommended stocks in the agricultural product supply chain include Morning Light Bio (300138.SZ) and Noposion (002215.SZ) [4] - In the pet sector, recommended stocks include Guibao Pet (301498.SZ) and Zhongchong Co., Ltd. (002891.SZ) [4]

Group 1 - During the Spring Festival, overseas precious metals and crude oil prices collectively rose, with spot gold touching $5200 per ounce and WTI crude oil futures for March contracts increasing by 1.9%, while Brent crude oil futures for April contracts rose by 1.86% [1] - The current oil market is driven by geopolitical risks rather than supply and demand, with expectations of high volatility in prices over the next month due to the unclear situation between the US and Iran [1] - Companies with oil and gas resources and those in the offshore oil and gas service engineering sector are recommended for attention as they may benefit from the high industry prosperity [1] Group 2 - As of January 30, 2026, the top ten weighted stocks in the CSI All Share Free Cash Flow Index (932365) include China National Offshore Oil Corporation, Gree Electric Appliances, SAIC Motor, China Aluminum, COSCO Shipping Holdings, TCL Technology, Muyuan Foods, Silver Nonferrous Metals, Baosteel, and Chint Group, collectively accounting for 51.19% of the index [2]

Group 1: Report Overview - The report is about the pig futures market on February 24, 2026, stating that the holiday spot price is lower than expected [1] Group 2: Investment Rating - No investment rating provided in the report Group 3: Core View - The holiday spot price of pigs is lower than expected, and the trend intensity is -2, indicating a strong bearish view [1][4] Group 4: Fundamental Tracking Spot Prices - Henan spot price is 12,480 yuan/ton with a year - on - year increase of 100 yuan/ton; Sichuan spot price is 11,350 yuan/ton with a year - on - year increase of 500 yuan/ton; Guangdong spot price is 11,860 yuan/ton with a year - on - year increase of 200 yuan/ton [2] Futures Prices - The price of pig 2603 is 10,740 yuan/ton with a year - on - year decrease of 155 yuan/ton; pig 2605 is 11,500 yuan/ton with a year - on - year decrease of 40 yuan/ton; pig 2607 is 12,220 yuan/ton with a year - on - year decrease of 10 yuan/ton [2] Futures Trading Volume and Open Interest - The trading volume of pig 2603 is 14,122 lots, a decrease of 9,175 lots from the previous day, and the open interest is 30,077 lots, a decrease of 5,078 lots from the previous day; pig 2605 has a trading volume of 38,318 lots, a decrease of 5,286 lots from the previous day, and an open interest of 136,660 lots, a decrease of 4,468 lots from the previous day; pig 2607 has a trading volume of 5,391 lots, an increase of 569 lots from the previous day, and an open interest of 49,418 lots, a decrease of 351 lots from the previous day [2] Price Spreads - The basis of pig 2603 is 1,740 yuan/ton with a year - on - year increase of 255 yuan/ton; pig 2605 is 980 yuan/ton with a year - on - year increase of 140 yuan/ton; pig 2607 is 260 yuan/ton with a year - on - year increase of 110 yuan/ton. The spread between pig 3 - 5 is - 760 yuan/ton with a year - on - year decrease of 115 yuan/ton; the spread between pig 5 - 7 is - 720 yuan/ton with a year - on - year decrease of 30 yuan/ton [2] Group 5: Market Information - Guangxi Yangxiang registered 100 lots of warehouse receipts for the March contract; Dekang registered 525 lots; Fuyuan registered 22 lots; Muyuan registered 80 lots; COFCO registered 300 lots [3] Group 6: Trend Intensity - The trend intensity is -2, indicating the most bearish view, and the value range is in the [-2, 2] interval of integers [4]

Core Viewpoint - The Chinese feed acidifier industry is experiencing growth as the country reduces antibiotic use in livestock farming, with feed acidifiers emerging as a safe and effective alternative, supported by government regulations and market demand for cost-effective solutions [1][9]. Industry Overview - Feed acidifiers are environmentally friendly additives that lower the pH in animal digestive tracts, improving gut health and nutrient absorption, and are composed of organic and inorganic acids [3][8]. - The industry is transitioning towards "quality improvement and efficiency enhancement," with increasing demands for refined and specialized feed formulations [1][9]. Market Size and Growth - The market size of China's feed acidifier industry is projected to reach 4.612 billion yuan by 2025, representing a year-on-year increase of 12.65% [1][9]. - The production volume of feed acidifiers is expected to reach 399,100 tons in 2025, with a year-on-year growth of 11.4%, while demand is anticipated to reach 395,100 tons, increasing by 11.5% [8]. Competitive Landscape - The feed acidifier market is fragmented, with no dominant players, but competition is expected to intensify, leading to increased market concentration in the future [9][12]. - Key companies in the industry include Weifang Jiayijia Biotechnology Co., Ltd., Shanghai Meinong Biotechnology Co., Ltd., and others [10][11]. Industry Trends - The demand for feed acidifiers is on the rise, particularly in poultry and livestock sectors, as they enhance feed digestibility and animal performance [12]. - The industry is moving towards green and sustainable production practices, incorporating bio-based organic acids and optimizing manufacturing processes to reduce waste [13]. - Product innovation is focusing on composite and precise formulations to meet diverse needs across different animal species and growth stages, enhancing the effectiveness of feed acidifiers [14].