2月6日下午消息，牧原股份今日在港交所挂牌上市，开报39港元/股，全日收盘报40.52港元/股，涨 3.9%。根据公司公布的配发结果，牧原股份港股每股定价39港元，共发行2.74亿股份，每手100股，一 手中签率100%。 2月6日下午消息，牧原股份今日在港交所挂牌上市，开报39港元/股，全日收盘报40.52港元/股，涨 3.9%。根据公司公布的配发结果，牧原股份港股每股定价39港元，共发行2.74亿股份，每手100股，一 手中签率100%。 根据弗若斯特沙利文统计，自2021年起，按生猪产能及出栏量计量，牧原股份是全球第一大生猪养殖企 业。 筹资用途方面，牧原股份预计全球发售所得款项净额约104.704亿港元，其中约60%将用于挖掘海外机 遇扩大商业版图；约30%将用于在未来三年通过研发投入推动全产业链技术创新；约10%将用作营运资 金及一般企业用途。 责任编辑：郭栩彤 根据弗若斯特沙利文统计，自2021年起，按生猪产能及出栏量计量，牧原股份是全球第一大生猪养殖企 业。 筹资用途方面，牧原股份预计全球发售所得款项净额约104.704亿港元，其中约60%将用于挖掘海外机 遇扩大商业版图；约30%将用于在未来三 ...

中国经济网北京2月6日讯 牧原食品股份有限公司（以下简称"牧原股份"，02714.HK）今日在港交所上市，截至收盘 报40.52港元，涨幅3.9%。 配发结果公告显示，牧原股份全球发售的发售股份数目为273,951,400股H股（视乎超额配股权使与否而定），其 中，香港发售股份数目为27,395,200股H股，国际发售股份数目为246,556,200股H股（视乎超额配股权行使与否而定）。 | 發售股份及股本 | | | --- | --- | | 發售股份數目(於超額配股權獲行使前) | 273.951,400 | | 香港公開發售的發售股份數目 | 27,395,200 | | 國際發售的發售股份數目(於超額配股權獲行使前) | 246,556,200 | | 於上市時已發行的股份數目(於超額配股權獲行使前)(1) 5.736.722.666 | | | | 價格資料 | | --- | --- | | 最終發售價 | 39.00港元 | | 最高發售價 | 39.00港元 | | 所得款項 | | | --- | --- | | 所得款項總額 | 10.684.1 百萬港元 | | 減：按最終發售價計算的 ...

（企业公告） 2月5日，牧原股份发布公告称，2026年1月份，公司销售商品猪700.9万头，同比变动2.73%（其中向全资子公司牧原肉 食品有限公司及其子公司合计销售商品猪311.6万头）；商品猪销售均价12.57元/公斤，同比变动-16.92%。商品猪销售 收入105.66亿元，同比变动-11.93%。 ...

Core Viewpoint - Muyuan Foods has officially listed on the Hong Kong Stock Exchange, becoming the first company in China's pig farming industry to achieve dual listing in both A-share and H-share markets [1][3]. Group 1: Listing Details - The global offering of H-shares consisted of a base issuance of 274 million shares, with a final issuance price set at HKD 39.0 per share, matching the highest price [3]. - The net fundraising amount is approximately HKD 10.46 billion, which could increase to about HKD 12.038 billion if the overallotment option is fully exercised [3]. Group 2: Fund Utilization - 60% of the raised funds, approximately HKD 62.76 billion, will be allocated for overseas expansion, particularly in Southeast Asia, including Vietnam [3][4]. - About HKD 31.38 billion will focus on technological advancements in breeding, smart farming, nutritional management, and biosecurity to strengthen the company's technological leadership [4]. - Approximately HKD 10.46 billion will support daily operations and strategic initiatives, ensuring stability and continuity in business development [4]. Group 3: Future Projections - By 2025, Muyuan Foods aims to sell 77.981 million pigs and process over 28 million pigs, projecting a net profit of between RMB 14.7 billion and RMB 15.7 billion, maintaining a stable profitability level [4]. - The successful listing on the Hong Kong Stock Exchange marks the beginning of a new chapter in the company's international development, leveraging Hong Kong's financial platform for global expansion [5].

Group 1 - The core viewpoint of the article is that Muyuan Foods Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, becoming the first company in China's pig farming industry to achieve a dual listing in both A-shares and H-shares [1] - The successful listing marks the beginning of a new chapter for Muyuan Foods' international development [1] - The company aims to leverage the advantages of Hong Kong as an international financial center to establish a solid foundation for its global expansion [1] Group 2 - Muyuan Foods plans to drive production upgrades through technological innovation, focusing on smart and green development [1] - The company is committed to continuously enhancing its profitability and international brand influence [1]

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company's long-term value is rooted in its sustainable core competitiveness, with a focus on systematic low-cost capabilities [2]. - The company effectively collaborates across "people, money, and operations" to drive strategic implementation and boundary expansion [3]. - Overseas expansion and industry chain extension open up growth opportunities, enhancing the company's profitability stability and sustainability [4]. Financial Forecast - The company is projected to achieve a net profit of between 125.68 billion and 234.88 billion yuan in 2026, and between 273 billion and 393 billion yuan in 2027. Revenue forecasts for 2025, 2026, and 2027 are 1344.18 billion, 1329.89 billion, and 1617.67 billion yuan respectively, with EPS of 2.84, 3.43, and 5.98 yuan, corresponding to PE ratios of 16.5, 13.6, and 7.8 times [8][60]. Cost Advantages - The company has established a unique "reciprocal two-way breeding" system, achieving 100% self-supply of breeding pigs [7]. - In feed, the company has reduced soybean meal usage to below half the industry average, maintaining feed costs at 55%-60% of total costs [7][20]. - The company has lowered its breeding costs to approximately 11.3 yuan/kg, leading the industry [7]. Strategic Framework - The company has implemented a multi-tiered employee stock ownership plan and profit-sharing mechanisms to align interests between employees and the company [25][29]. - The financing strategy is closely aligned with strategic needs, with over 70% of funds from the 2019 private placement used for capacity expansion [7][33]. - Approximately 70% of funds are directed towards breeding projects, covering 24 provinces and establishing about 30 million heads of slaughter capacity [7][42]. Growth Opportunities - The company is expanding into the Southeast Asian market, particularly Vietnam, leveraging its management and technical capabilities through a light-asset cooperation model [4][49]. - The slaughter business has crossed the breakeven point, with capacity utilization rising from about 25% during the downturn to 88.1% by Q3 2025, contributing to profit growth [7][57]. Competitive Advantages - The company maintains a strong cash flow and has committed to a dividend payout ratio of no less than 40% from 2024 to 2026, ensuring shareholder interests are protected [7][32]. - The company has established a unique vertical integration model in its slaughter business, controlling all upstream supply from its own farms [54].

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company's long-term value is rooted in its sustainable core competitiveness, with a focus on systematic low-cost capabilities [2]. - The company effectively collaborates across "people, money, and operations" to drive strategic implementation and boundary expansion [3]. - Overseas expansion and industry chain extension open up growth opportunities, enhancing the stability and sustainability of the company's profitability [4]. Financial Forecast - The company is projected to achieve a net profit of between 125.68 billion to 234.88 billion yuan in 2026, and between 273 billion to 393 billion yuan in 2027. Revenue forecasts for 2025, 2026, and 2027 are 1344.18 billion, 1329.89 billion, and 1617.67 billion yuan respectively, with EPS of 2.84, 3.43, and 5.98 yuan, corresponding to PE ratios of 16.5, 13.6, and 7.8 times [8][60]. Cost Advantages - The company has established a unique "reciprocal two-way breeding" system, achieving 100% self-supply of breeding pigs [7]. - In feed, the company has reduced soybean meal usage to below half of the industry average through low-protein diets and optimized procurement strategies, maintaining feed costs at 55%-60% of total costs [7][20]. - The company has lowered its breeding costs to approximately 11.3 yuan/kg, leading the industry in cost efficiency [7]. Strategic Framework - The company has implemented a multi-tiered employee stock ownership plan and profit-sharing mechanisms to align employee interests with corporate goals [25][29]. - The financing strategy is closely aligned with strategic needs, with over 70% of funds from the 2019 private placement used for capacity expansion [7][33]. - Approximately 70% of funds are directed towards breeding projects, with operations covering 24 provinces and a slaughter capacity of about 30 million heads [7][42]. Growth Opportunities - The company is expanding into the Southeast Asian market, particularly Vietnam, leveraging its management and technical capabilities through a light-asset cooperation model [4][49]. - The slaughter business has crossed the breakeven point, with capacity utilization rising from about 25% during the downturn to 88.1% by Q3 2025, contributing to profit growth [7][57].

每经记者｜李旭馗 每经编辑｜尹申琰 每经记者｜李旭馗 每经编辑｜尹申琰 ...

2月6日，生猪养殖龙头牧原股份（02714.HK）正式登陆港交所，成功实现"A+H"两地上市，与宁德时代（03750.HK）、恒瑞医药（01276.HK）等企业一同 完成这一资本布局。 数据显示，港股上市首日，牧原股份平开后小幅走高，截至发稿，其H股报40.70港元/股，上涨4.36%。 从日前招股阶段的表现来看，香港公开发售方面，牧原股份获5.88倍认购，公开发售的发售股份最终数目为2739.52万股股份，占发售股份总数的约10%。合 共接获约21268份有效申请，受理申请数目约21268份。 | 香港公開發售 | | | --- | --- | | 有效申請數目 | 21,268 | | 受理申請數目 | 21.268 | | 認購額 | 5.88倍 | | 觸發回補機制 | 不適用 | | 香港公開發售項下初步可供認購的發售股份數目 | 27.395.200 | | 從國際發售重新分配的發售股份數目 | 0 | | 香港公開發售項下最終發售股份數目 | 27.395.200 | | 香港公開發售項下最終發售股份數目佔全球發售項下最終發售 股份數目的百分比 | 10% | | | 图源：公告 | 此外，国 ...

Core Viewpoint - Muyuan Foods Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first company in China's pig farming industry to achieve a dual listing in both A-share and H-share markets, reflecting strong global capital market recognition of leading Chinese pig farming enterprises [1] Group 1: Listing and Market Response - The IPO could raise up to HKD 120.38 billion if the over-allotment option is fully exercised, marking it as the largest agricultural IPO globally in 2026 and one of the largest in recent years in the Hong Kong agricultural sector [1] - The listing ceremony highlighted the company's commitment to internationalization and innovation, aiming to enhance the pork industry and contribute to a better quality of life for the public [4] - The H-share issuance received strong interest from global investors, with both public and international offerings being oversubscribed, indicating confidence in the company's ability to navigate industry cycles and its long-term growth potential [4][5] Group 2: Investor Base and Financial Structure - A robust cornerstone investor group subscribed for approximately HKD 53.42 billion, accounting for 50% of the global offering, which will stabilize the company's post-listing equity structure [5] - Key cornerstone investors include major international industry leaders and top asset management firms, with Charoen Pokphand Group leading with a subscription of USD 200 million, enhancing Muyuan's overseas market expansion efforts [5] Group 3: Fund Utilization and Strategic Focus - The global offering involved a base issuance of 274 million shares at an issue price of HKD 39.0 per share, reflecting the market's recognition of the company's value [6] - 60% of the raised funds, approximately HKD 62.76 billion, will be allocated to expanding overseas operations, particularly in Southeast Asia, to enhance the global supply chain and pursue acquisitions [7] - 30% of the funds, around HKD 31.38 billion, will focus on technological research and development across the entire industry chain, reinforcing the company's technological leadership [7] - 10% of the funds, about HKD 10.46 billion, will support operational liquidity for daily business activities [7] Group 4: Financial Performance and Cost Management - In 2025, Muyuan is projected to sell 77.98 million pigs and achieve a net profit of between RMB 14.7 billion and RMB 15.7 billion, demonstrating strong profitability despite market fluctuations [8] - The company has optimized its cost structure, with the total cost of pig farming around RMB 12 per kilogram, dropping to approximately RMB 11.6 per kilogram in December, showcasing industry-leading cost control capabilities [8] - As of the end of Q3 2025, Muyuan's total assets reached RMB 180.756 billion, with shareholder equity of RMB 80.44 billion, indicating a solid financial structure and strong risk resilience [8] Group 5: Future Outlook - The successful listing on the Hong Kong Stock Exchange marks a new chapter in Muyuan's international development, leveraging Hong Kong's financial platform to support global expansion [9] - The company aims to drive production through technological innovation, enhancing profitability and international brand influence, contributing to China's transition from a major pig farming country to a strong one [9]