Group 1 - The core viewpoint of the articles indicates that Muyuan Foods (牧原股份) is experiencing a decline in sales revenue from commodity pigs in January 2026, with a year-on-year decrease of 11.93% [1][2] - In January 2026, the company sold 7.009 million commodity pigs, which represents a slight year-on-year change of -2.73% [1][2] - The average selling price of commodity pigs in January 2026 was 12.57 yuan per kilogram, reflecting a significant year-on-year decline of 16.92% [1][2] Group 2 - The company has projected a net profit for the fiscal year 2025 to be between 15.1 billion and 16.1 billion yuan, indicating a year-on-year decrease of 14.93% to 20.21% [2] - Following a substantial loss of 4.263 billion yuan in 2023 and a remarkable profit increase to 17.881 billion yuan in 2024, the company is now facing another performance downturn [2] - The company attributes the performance changes to fluctuations in the pig market, with an expected average selling price of approximately 13.5 yuan per kilogram for the year, down about 17.3% compared to the previous year [2] Group 3 - Muyuan Foods announced its plans to issue H-shares for overseas listing on the Hong Kong Stock Exchange, with the final issue price set at 39 Hong Kong dollars per share [3] - The H-shares are expected to be listed and commence trading on February 6, 2026 [3]

其中，香港公开发售获5.88倍认购，国际发售获8.62倍认购。 牧原股份（002714）(02714)公布配发结果，公司全球发售约2.74亿股股份(于超额配股权获行使前)，香 港公开发售占10%，国际发售占90%。最终发售价每股39港元，全球发售净筹约104.7亿港元。每手100 股，预期H股将于2026年2月6日(星期五)上午九时正(香港时间)开始在联交所买卖。 ...

智通财经APP讯，牧原股份(02714)公布配发结果，公司全球发售约2.74亿股股份(于超额配股权获行使 前)，香港公开发售占10%，国际发售占90%。最终发售价每股39港元，全球发售净筹约104.7亿港元。 每手100股，预期H股将于2026年2月6日(星期五)上午九时正(香港时间)开始在联交所买卖。 其中，香港公开发售获5.88倍认购，国际发售获8.62倍认购。 ...

假设全球发售于2026年2月6日(星期五)上午八时正(香港时间)或之前成为无条件，则预期H股将于2026 年2月6日(星期五)上午九时正(香港时间)开始在联交所买卖。H股买卖单位为每手100股H股，H股股份代 号为2714。 格隆汇2月5日丨牧原股份(02714.HK)公告，公司全球发售273,951,400股H股，每股H股39.00港元，所得 款项净额104.7亿港元。香港公开发售股份数目占全球发售股份数目10%，获认购5.88倍；国际发售股份 数目占全球发售股份90%，获认购倍8.62倍。 ...

香港交易及結算所有限公司、香港聯合交易所有限公司（「聯交所」或「香港聯交所」）及香港中 央結算有限公司（「香港結算」）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，並明確表示概不就因本公告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。 本公告僅供參考，並不構成收購、購買或認購任何證券的邀請或要約。本公告並非招股章程。 潛在投資者在決定是否投資於發售股份前，應細閱招股章程以了解下文所述有關全球發售的詳 細資料。投資者應僅依賴招股章程所載資料作出有關發售股份的任何投資決定。 本公告不會直接或間接於或向美國（包括其領土及屬地、美國任何州及哥倫比亞特區或法律禁 止此類發佈的任何其他司法權區）發佈、刊發或派發。本公告並不構成或組成在美國境內或於 任何其他司法權區購買或認購證券的任何要約或招攬的一部分。本公告所述證券並無亦不會根 據1933年美國證券法（經不時修訂）（「美國證券法」）或美國任何州或其他司法權區的證券法登 記。該等證券不得在美國境內提呈發售、出售、質押或以其他方式轉讓，惟獲豁免遵守美國證 券法登記規定或在毋須遵守登記規定的交易中且依據任何適用美國州證券法進行者則除外 ...

据弗若斯特沙利文，按生猪产能及出栏量计，牧原食品自2021年起，为全球第一大生猪养殖企业。生猪 出栏的全球市占率由2021年的2.6%，增长至2024年的5.6%，已超越第二至第四名的合计市场份额。牧 原食品采取垂直一体化运营，涵盖生猪育种、养殖、饲料、生猪肉类屠宰和销售等全产业链。 来源：格隆汇APP 格隆汇2月5日｜"全球第一大生猪养殖企业"牧原股份(2714.HK)将于明日(2月6日)在港上市，富途行情显 示，该股暗盘段收报39.74港元，较招股价39港元涨1.9%，每手100股，不计手续费，一手赚74港元。 | 02714 牧原股份 | | ල | | --- | --- | --- | | 39.740 + +0.740 +1.90% | | 暗盘已收盘 02/05 18:29 | | 除 % 1 0 日 0 自选 | | ● 快捷交易 | | 最高价 40.180 | 开盘价 37.600 | 成交量 389.46万 | | 最低价 36.800 | 昨收价 39.000 | 成交额 1.52亿 | | 平均价 38.939 | 市盈率ITM 9.15 | 总市值 2279.77亿 (…) | | ...

金吾财讯 | 牧原股份(02714)将于明日挂牌上市，今日于辉立暗盘交易场中开报39.9港元，较招股价高 2.31%，最新报40.4港元，较招股价高3.85%，以现价计，不计手续费，每手100股，账面赚140港元。 另外，该股于耀才暗盘交易场中最新报38.88港元，较招股价低0.31%；于富途暗盘交易场中最新报38.9 港元，较招股价低0.21%。 金吾财讯 | 牧原股份(02714)将于明日挂牌上市，今日于辉立暗盘交易场中开报39.9港元，较招股价高 2.31%，最新报40.4港元，较招股价高3.85%，以现价计，不计手续费，每手100股，账面赚140港元。 另外，该股于耀才暗盘交易场中最新报38.88港元，较招股价低0.31%；于富途暗盘交易场中最新报38.9 港元，较招股价低0.21%。 ...

北京商报讯（记者 郭秀娟 王悦彤） 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%。 ...

格隆汇2月5日丨牧原股份(002714.SZ)公布，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 Insights - The central government aims to enhance the livestock industry by promoting balanced supply and demand, as outlined in the 2026 Central Document No. 1 [1] - The company, Muyuan Foods, has proactively responded to national policies by exceeding the target of reducing 3.3 million breeding sows, achieving a breeding sow inventory of 3.232 million by the end of 2025, a decrease of 389,000 from the beginning of 2025 [1] - The company emphasizes technological innovation in agriculture, focusing on improving production efficiency through advanced practices and AI-driven models [1] Group 1: Production Adjustments - Muyuan Foods has reduced the average weight of pigs at slaughter from 129 kg per head in May 2025 to 117 kg per head by January 2026, indicating a decrease in per-head meat production [1] - The company has halted sales of fattened pigs to secondary fattening customers since June 2025 and has stopped the construction of 124 pig farms, representing a scale of approximately 12 million pigs [1] Group 2: Technological Innovation - The company is committed to enhancing agricultural technology innovation, focusing on key core technologies and efficient application of scientific achievements [1] - Muyuan Foods has been promoting low-soybean meal diets and innovative air-filtered pig houses, alongside the development of smart equipment to boost production efficiency [1] - The company plans to build a comprehensive pig farming model that integrates industry knowledge and historical data to assist farmers and pig farming enterprises [1] Group 3: Farmer Support and Rural Revitalization - Muyuan Foods has contributed to farmer income stability and rural revitalization by training over 70,000 individuals to become "pig engineers," with an average annual income exceeding 130,000 yuan [2] - The company has supported over 10,000 farmers in professionalized production by providing high-quality breeding pigs and technical services [2] - Through a circular agriculture model, the company has serviced 4.92 million mu of farmland in 2025, helping farmers reduce investment and increase income by over 1 billion yuan, with a total of over 6.5 billion yuan in cumulative support over the past seven years [2]