Core Insights - The article highlights the recognition of 3 "Special Contribution Entrepreneurs" and 20 "2025 Entrepreneurs" who exemplify long-termism and innovation across various industries in China, including liquor, manufacturing, energy, agriculture, internet, AI, and new consumption [1][2]. Group 1: Special Contribution Entrepreneurs - Ji Keliang, former chairman of Kweichow Moutai Group, transformed traditional brewing techniques into scientific data over 60 years, emphasizing quality over speed, which laid the foundation for Moutai's billion-dollar brand value [4][10][12]. - Zhang Ruimin, founder of Haier Group, is known for his continuous self-disruption and innovation, leading Haier from a struggling factory to a global leader in home appliances with over 400 billion yuan in revenue [18][20][21]. - Jiang Baoquan, founder of Nanjing Gold Foil Holdings, turned a failing workshop into the world's largest gold foil producer, emphasizing resilience and innovative management theories [25][27][29]. Group 2: 2025 Entrepreneurs - Ma Huateng, chairman of Tencent, focuses on "technology for good," committing to social responsibility and innovation in digital technology to drive high-quality economic development [31][34][41]. - Wang Ning, founder of Pop Mart, capitalizes on emotional value and consumer psychology, creating a successful business model around collectible toys that resonate with young consumers [43][45][46]. - Wang Xingxing, founder of Yushutech, leads advancements in humanoid robotics, achieving significant market presence and profitability while promoting technological innovation [48][49][51]. - Fang Hongbo, chairman of Midea Group, has successfully transformed Midea into a global technology group through strategic restructuring and a focus on efficiency and innovation [54][56]. - Liu Yonghao, chairman of New Hope Group, maintains a long-term vision in agriculture, achieving growth even during economic downturns by embracing new technologies [67][69][70]. - Liu Qiangdong, founder of JD.com, integrates the concept of "common prosperity" into business practices, ensuring fair profit distribution among stakeholders while enhancing supply chain efficiency [73][75][78]. - Li Dongsheng, founder of TCL, exemplifies global leadership in semiconductor display and photovoltaic sectors, driving innovation and sustainable growth through strategic partnerships [110][111].

有投资者在互动平台向牧原股份提问："董秘，您好！股价的连跌已经明确：现在在港股增发绝不是好 的融资策略。目前内地的贷款利率如此之低，为什么偏要通过高成本（稀释股权价值且提升治理成本和 分红）和难以控制节奏的融资方式呢？强烈建议，退出港股增发计划，安心做好本职工作，降低单位成 本、提高市场占有规模、拓展逆周期的产品，可以做的事情很多，莫在无价值的工作上死磕。谢谢。" 声明：市场有风险，投资需谨慎。本文为AI基于第三方数据生成，仅供参考，不构成个人投资建议。 本文源自：市场资讯 作者：公告君 针对上述提问，牧原股份回应称："您好，本次港股发行最主要的目的是推进全球化战略，公司希望借 助香港全球金融中心地位，打造国际化资本运作平台，丰富融资渠道和工具，推进公司国际化战略布 局、提升企业形象及国际知名度，招揽更多国际人才，加速海外团队建设，加强与境外资本市场对接。 同时，公司也将借助本次在国际资本市场的亮相，传递公司在新发展阶段的投资价值，塑造良好的资本 市场形象，引入更多国际化、长期投资者，进一步优化股东结构，提升公司治理水平。感谢您的关 注！" ...

（编辑 丛可心） 证券日报网讯 1月26日，牧原股份在互动平台回答投资者提问时表示，当前公司已完成大规模的产能建 设，进入稳健发展时期，现有产能规模能够满足生产经营需求。公司将持续做好生产经营管理，降低养 殖成本，提升盈利能力。 ...

（文章来源：证券日报） 证券日报网讯 1月26日，牧原股份在互动平台回答投资者提问时表示，目前公司生产经营一切正常，各 项业务稳健运营，并严格按照证监会、深交所的相关规定，真实、准确、完整、及时进行信息披露。公 司会聚焦主业，持续做好经营管理，提升生产效率与盈利能力，保证公司高质量稳定发展，更好地为股 东创造回报。同时，公司会加强与资本市场投资者的沟通，增强信息披露质量和透明度，根据发展阶段 及实际情况，综合运用多种方式稳定投资者信心，推动公司投资价值合理反映公司经营质量。 ...

（编辑 王雪儿） 证券日报网讯 1月26日，牧原股份在互动平台回答投资者提问时表示，二级市场股价受多种因素影响。 目前公司生产经营一切正常，各项业务稳健运营。公司会聚焦主业，持续做好经营管理，提升生产效率 与盈利能力，保证公司高质量稳定发展，更好地为股东创造回报。 ...

证券日报网讯1月26日，牧原股份（002714）在互动平台回答投资者提问时表示，当前公司现金流安全 稳定，将根据外部环境及生产经营情况做好现金流管理。在当前猪价下，公司经营活动产生的现金流为 净流入，公司2025年12月的生猪养殖完全成本在11.6元/kg左右，并且在成本结构中，折旧摊销等非现金 成本占比在10%左右。公司已完成大规模的产能建设，进入稳健发展时期，未来资本开支呈下降趋势， 自由现金流水平将稳步提升。 ...

Core Viewpoint - Muyuan Foods (002714.SZ), a pig farming company listed in Shenzhen, plans to begin accepting investor subscriptions for its Hong Kong listing, aiming to raise $1.5 billion (approximately HKD 11.7 billion) [1] Group 1: Company Overview - Muyuan Foods has adopted a vertically integrated business model covering the entire industry chain, including pig breeding, pig farming, feed production, slaughtering, and sales of pigs and meat products [1] - The company received approval for its listing from the Hong Kong Stock Exchange on January 16 [1] Group 2: Fund Utilization - The proceeds from the listing will be used to explore overseas opportunities to expand the business footprint [1] - Funds will also be allocated for research and development to drive technological innovation across the entire industry chain over the next three years [1] - Remaining funds will be used for working capital and general corporate purposes [1] Group 3: Underwriters - Morgan Stanley, CITIC Securities, and Goldman Sachs are serving as joint sponsors for the listing [1]

1、2025年牧原实现商品猪出栏7798.1万头、销售金额1328.11亿元，养殖完全成本降至11.3元/公斤的行 业领先水平，这样的成绩为2026年发展奠定了怎样的基础？ 秦军：2025年，公司预计实现净利润151亿-161亿元，实现了较好的盈利与充裕的现金流。在此基础 上，公司持续降低负债总额与资产负债率，优化财务结构，提升发展质量，为2026年公司稳健运营提供 了坚实的保障。 2025年公司生猪养殖完全成本整体呈现下降趋势，全年平均成本在12元/kg左右，同比下降2元/kg，这 得益于公司此前在技术上的不断投入与管理上的持续创新。这一成果不仅验证了相关投入的有效性，也 进一步巩固了公司的成本优势，为2026年持续推进降本增效奠定了坚实基础。 2. 从"单一商品猪养殖"转向"商品猪+仔猪商业化销售"双轮驱动模式，2026年仔猪销售的目标规模与渠 道布局如何？预计将贡献多少利润增量？ 2026年，国家"十五五"规划正式启幕，新旧动能转换进入深水区，传统产业的科技化转型成为经济高质 量发展的核心议题。作为国民经济基础的农业，正经历从"规模扩张"向"质量效益"的深刻变革，生猪养 殖这一古老行业也迎来智能化、全球 ...

Group 1 - The core viewpoint of the articles highlights the strong performance of the non-ferrous metals and oil sectors, driven by rising commodity prices and geopolitical tensions [1] - Spot gold has reached a historical high of $5080.60 per ounce, with a 2% increase, while spot silver briefly surpassed $108 per ounce, showing a daily increase of over 4.6% [1] - The cash flow index's focus on "strong cyclical resources" like non-ferrous metals and chemicals reflects its structural advantages and precise value in the market [1] Group 2 - The CSI All-Share Free Cash Flow Index (932365) has risen by 0.81%, with significant gains in constituent stocks such as silver non-ferrous (up 10.03%), Nanshan Aluminum (up 7.08%), and China National Offshore Oil Corporation (up 5.86%) [1] - The CSI All-Share Free Cash Flow ETF (512130) has increased by 1.84%, marking its sixth consecutive rise, with the latest price at 1.33 yuan [1] - As of December 31, 2025, the top ten weighted stocks in the CSI All-Share Free Cash Flow Index include China National Offshore Oil Corporation, SAIC Motor, and Gree Electric Appliances, collectively accounting for 53.78% of the index [2]

Summary of Key Points from the Conference Call Industry Overview - **Sector**: China Consumer Sector - **Key Insights**: The sector shows signs of consumption recovery despite a near-term property market downturn. Valuation remains attractive, approximately 1 standard deviation below 10-year averages, indicating that a consumption recovery is not yet priced in [2][21]. Consumer Staples - **Baijiu**: Anticipated demand support for mid-end baijiu due to easing alcohol bans and private consumption growth. Companies are expected to accelerate channel transformations for sustainable EPS growth [3][8]. - **Beer**: Premiumization continues through product diversification and in-home channel expansion, despite on-trade softness. CR Beer expects low-single-digit volume growth in 2025, with Heineken volumes projected to grow by 20% YoY [3][8]. - **Dairy**: Liquid milk sales are expected to recover modestly in 2026, driven by marketing and innovation, despite a weak 2025. Fresh milk shows resilience with double-digit growth [3][8]. - **Freshly-Made Beverages (FMB)**: Guming is expected to maintain steady SSSG in 2026 through category expansion and dine-in growth, despite the phase-out of delivery subsidies [3][8][19]. - **Condiments**: Sequentially improving demand is expected, with Haitian focusing on multi-product categories and Jonjee anticipating a cleaner 2026 after a weak 4Q25 [3][8]. Consumer Discretionary - **Home Appliances**: Companies like Midea and Haier expect higher overseas growth compared to domestic markets in 2026. Strategies include price hikes and operational efficiencies [4][10]. - **Jewelry**: Brands with unique designs may consolidate post-VAT reform. Laopu is expected to achieve strong sales growth due to increased focus on value-added services [4][10]. - **Restaurants**: Intense competition leads to divergent strategies, with some companies lowering prices while others upgrade offerings. DPC Dash is on track for expansion despite market uncertainties [4][10]. Stock Implications - **Most Preferred Stocks**: CR Beer, Guming, MIXUE, China Foods, YUM China, among others, are highlighted as preferred investments due to their growth potential [5]. - **Least Preferred Stocks**: Companies like Swellfun, Nongfu, and Gree are noted as less favorable due to various challenges [5]. Key Risks - Risks include demand recovery uncertainties, cost inflation or deflation, and changes in the competitive landscape. These factors could significantly impact the consumer sector's performance [21]. Additional Insights - **Pet Food**: The industry is shifting towards online sales, with over 85% of sales occurring digitally. Competition is intensifying, pushing brands towards innovation and product differentiation [13]. - **Snack Sector**: Rapid category diversification and channel restructuring are creating growth opportunities, particularly through snack discounters [9][12]. This summary encapsulates the essential insights and projections from the conference call, providing a comprehensive overview of the current state and future outlook of the China consumer sector.