Group 1 - The supply of live pigs remains relatively loose, and due to policy guidance from the National Development and Reform Commission, large pig enterprises are reducing the weight of their marketings, which increases short-term supply pressure and leads to a significant decline in pork prices during the month [1][2] - The industry is experiencing expanded losses, with the number of breeding sows in the country entering a de-stocking phase since July, and the de-stocking trend accelerating in October, which may further elevate the price center for pigs in 2026 [1][2] - The cash flow of "low-cost+" pig enterprises is expected to improve significantly, continuously enhancing their intrinsic value [1][2] Group 2 - In October 2025, the total number of live pigs marketed by 15 listed pig enterprises reached 17.52 million heads, representing a year-on-year increase of 30% and a month-on-month increase of 23%, primarily due to the release of capacity by leading pig enterprises [3] - The average marketing weight of pigs from nine listed enterprises decreased to 121 kg, showing a year-on-year decline of 1.9% and a month-on-month decline of 1.5% [3] - The number of piglets marketed in October 2025 was 1.44 million heads, a year-on-year increase of 144%, with the proportion of piglets in total marketings rising by 0.4 percentage points to 20% [3]

2025年11月28日，全国最大养猪企业牧原食品股份有限公司（以下简称"牧原股份"）继首次递表失效后，再次向港交所主板更新并递交上市申请，联席保 荐人为摩根士丹利、中信证券、高盛。 牧原股份早在2014年于A股深市主板上市（股票代码：002714.SZ）。截至2025年11月28日收盘，牧原股份A股股价收报50.75元/股，上涨1.7%。若此次港 股发行成功，牧原股份将实现"A+H"两地挂牌。 | | 50.75 +0.85 +1.70% | | | | | 牧原股份 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 002714 父易 | | | SZSE CNY 15:00:00 闭市 查看L2全景 | | | | | 通融バロナ | | | 牧原转债135.500(+1.28%) CPR:18.17% | | Wind ESG评级 | A | | 详情 | | 委比 | -65.27% 委差 | -3755 | 交生 | 36.16% 120日 | | 28.28% | | 卖力 | 50.80 | 3596 | 5日 | 5. ...

Core Viewpoint - The company Muyuan Foods Co., Ltd. has re-submitted its application for an IPO on the Hong Kong Stock Exchange after its initial submission expired, aiming for dual listing in both A-shares and H-shares markets [1][3]. Group 1: Company Overview - Muyuan Foods is the largest pig farming enterprise in China, having been listed on the A-share market since 2014 [1]. - As of November 28, 2025, the A-share price was CNY 50.75, reflecting a 1.7% increase [1][2]. - The company has maintained its position as the world's largest pig producer since 2021, with a global market share of 5.6% as of 2024 [4][6]. Group 2: Financial Performance - Revenue figures for Muyuan Foods from 2022 to 2024 were CNY 1248.26 billion, CNY 1108.61 billion, and CNY 1379.47 billion, respectively [5]. - In the first half of 2025, the company reported revenue of CNY 764.63 billion and a net profit of CNY 107.9 billion, with a gross margin increase from 7.7% in the first half of 2024 to 19.0% in the first half of 2025 [5]. Group 3: Strategic Initiatives - The IPO funds are intended for expanding overseas markets, enhancing R&D across the entire industry chain, and focusing on breeding, smart farming, nutritional management, and biosecurity [6]. - The company aims to leverage growth opportunities in emerging markets where per capita meat consumption is still low, such as Vietnam, the Philippines, and Thailand [6]. Group 4: Shareholding and Leadership - The direct controlling shareholder is Muyuan Industrial Group Co., Ltd., holding 15.54% of shares, while the chairman and president, Qin Yinglin, holds 20.86 billion shares [5]. - Qin Yinglin and his wife are ranked as the richest individuals in Henan province with a wealth of CNY 187 billion [6]. Group 5: Debt and Financial Risks - The company has shown significant changes in its debt structure, with net current liabilities reaching CNY 155.89 billion, CNY 310.76 billion, CNY 241.58 billion, and CNY 166.37 billion from 2022 to mid-2025 [8]. - The company acknowledges potential liquidity risks due to its past net current liabilities and the impact of external factors on its biological assets [8].

记者丨 刘婧汐 编辑丨高梦阳 2025年11月28日，全国最大养猪企业牧原食品股份有限公司（以下简称"牧原股份"）继首次递表失效后，再次向港交所主板更新并递交上市申 请，联席保荐人为摩根士丹利、中信证券、高盛。 牧原股份早在2014年于A股深市主板上市（股票代码：002714.SZ）。截至2025年11月28日收盘，牧原股份A股股价收报50.75元/股，上涨 1.7%。若此次港股发行成功，牧原股份将实现"A+H"两地挂牌。 | | 50.75 +0.85 +1.70% | | | | | 牧原股份 立即 | | --- | --- | --- | --- | --- | --- | --- | | | | | | | | 002714 父易 | | | SZSE CNY 15:00:00 闭市 查看L2全景 | | | | | 通融バロ + | | | 牧原转债135.500(+1.28%) CPR:18.17% | | Wind ESG评级 | A | | 详情 | | 委比 | -65.27% 委差 | -3755 | 交生 | 36.16% 120日 | | 28.28% | | 家九 | 50.80 ...

2025年11月28日，全国最大养猪企业牧原食品股份有限公司（以下简称"牧原股份"）继首次递表失效 后，再次向港交所主板更新并递交上市申请，联席保荐人为摩根士丹利、中信证券、高盛。 牧原股份早在2014年于A股深市主板上市（股票代码：002714.SZ）。截至2025年11月28日收盘，牧原 股份A股股价收报50.75元/股，上涨1.7%。若此次港股发行成功，牧原股份将实现"A+H"两地挂牌。 此前，公司已于5月27日首次向香港联交所递交了发行境外上市外资股（H股）并在主板挂牌上市的申 请。根据港股规则，招股书满6个月后于11月27日失效。在招股书失效后的第二天，即11月28日，公司 迅速向港交所更新递交了本次发行上市的申请。此外，在更新递表前一日（11月27日）发布公告称，公 司于近日收到中国证券监督管理委员会出具的《关于牧原食品股份有限公司境外发行上市备案通知 书》。 牧原股份此次赴港上市，是其国际化战略的关键一步。 图源：招股书 根据弗若斯特沙利文统计，自2021年起，牧原股份按生猪产能及出栏量稳居全球第一，生猪出栏量连续 四年居全球榜首，以2024年数据计，其全球市场份额达5.6%，超过行业第二至第四 ...

Group 1: Financial Performance - 三环集团2025年归母净利润预计为2782百万，增速为27%[1] - 沪电股份2025年归母净利润预计为4042百万，增速为56%[1] - 明阳电气2025年归母净利润预计为789百万，增速为19%[1] Group 2: Revenue Growth - 三环集团2025年营业收入预计为9207百万，增速为25%[1] - 沪电股份2025年营业收入预计为18654百万，增速为40%[1] - 明阳电气2025年营业收入预计为7886百万，增速为22%[1] Group 3: Market Opportunities - AI服务器推动MLCC行业量价齐升，预计整机用量较传统架构提高300%[1] - SOFC技术迭代升级，度电成本已与燃气轮机接近平价，带来放量机会[1] - 牧原股份生猪屠宰量同比增长140%，Q3屠宰肉食业务实现单季度盈利[1]

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Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding Muyuan Foods Co., Ltd.'s plan to issue up to 546,276,700 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] Group 1: Company Overview - Muyuan Foods is a technology-driven leader in the pork industry and a pioneer in smart pig farming [3] - The company employs a vertically integrated business model that covers the entire pork industry chain, including pig breeding, pig farming, feed production, and meat processing [3]

11月28日，中国证监会国际合作司发布《关于牧原食品股份有限公司境外发行上市备案通知书》。牧原股份（002714）(002714.SZ)拟发行不超过 546,276,700股境外上市普通股并在香港联合交易所上市。 据招股书，牧原股份是一家科技驱动的猪肉龙头企业，是智慧生猪养殖的领航者。公司采取的垂直一体化商业模式已覆盖生猪育种、生猪养殖、饲料生产、 屠宰肉食的生猪全产业链条。 ...

智通财经APP获悉，11月28日，中国证监会国际合作司发布《关于牧原食品股份有限公司境外发行上市备案通知书》。牧原股份(002714.SZ)拟发行不超过 546,276,700股境外上市普通股并在香港联合交易所上市。 据招股书，牧原股份是一家科技驱动的猪肉龙头企业，是智慧生猪养殖的领航者。公司采取的垂直一体化商业模式已覆盖生猪育种、生猪养殖、饲料生产、 屠宰肉食的生猪全产业链条。 ...