| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-009 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 牧原食品股份有限公司（以下简称"公司"）第五届董事会第十二次会议于 2026 年 1 月 20 日以通讯的方式召开。召开本次会议的通知及相关会议资料已于 2026 年 1 月 17 日通过书面、电子邮件等方式送达各位董事和高级管理人员。本 次会议应出席董事 8 人，实际出席董事 8 人。公司高级管理人员列席了本次会议， 会议的召开符合《中华人民共和国公司法》等法律、法规及《公司章程》的规定， 会议合法有效。 本公司及董事会全体成员保证信息披露内容的真实、准确和完整，没有虚假 记载、误导性陈述或重大遗漏。 本次会议由公司董事长秦英林先生主持，经与会董事认真审议，对以下议案 进行了表决，形成本次董事会决议如下： 一、会议以 8 票同意，0 票反对，0 票弃权的表决结果审议通过了《关于确 定 H 股全球发售及在香港联合交易所有限公司上市相关事宜的议案》。 第五届董事会第十二次会议决议公告 牧原食品股份有限公司 ...

Core Viewpoint - The company is currently focused on serving B-end customers such as large agricultural distributors, chain supermarkets, chain restaurants, food processing enterprises, and new retail companies in its meat processing business [1] Group 1 - The company is attentive to the development and market trends in expanding C-end sales channels and brand building [1] - Future decisions regarding C-end sales and brand development will be made based on the company's strategic planning and business development needs [1]

Group 1 - The core viewpoint of the articles highlights the positive trend in pig prices driven by the consumption peak season, with the average price of lean pigs reaching 12.49 CNY/kg, a 2.6% increase month-on-month [1] - The stock performance of the livestock breeding index shows mixed results, with leading stocks like Ruisheng Biological rising by 9.91% and the Livestock ETF priced at 0.68 CNY [1] - The overall pig farming sector is experiencing a "tug-of-war" state, where companies with cost advantages are more resilient in competition [1] Group 2 - According to Huaxi Securities, the average price of external three yuan pigs reached 12.7 CNY/kg, a week-on-week increase of 1.26%, indicating a steady rise in pig prices [2] - As of the end of October, the number of breeding sows in China was 39.9 million, a decrease of 1.1% month-on-month, reflecting ongoing adjustments in pig production capacity [2] - The self-breeding and external purchasing pig farming models have turned profitable, with profits of 7.39 CNY/head and 2.31 CNY/head respectively [2] Group 3 - The CSI Livestock Breeding Index (930707) includes companies involved in livestock feed, veterinary drugs, and livestock farming, reflecting the overall performance of listed companies in the livestock sector [2] - The top ten weighted stocks in the CSI Livestock Breeding Index account for 67.66% of the index, with major companies including Muyuan Foods, Haida Group, and Wens Foodstuffs [2]

Market Performance - The Shanghai Composite Index rose by 0.29% to close at 4114 points, while the Shenzhen Component increased by 0.09%[1] - The Hang Seng Index fell by 1.05% to 26563.9 points, with the Hang Seng Tech Index down 1.24% and the Hang Seng China Enterprises Index down 0.94%[1] Economic Developments - The European stock indices closed lower due to the Martin Luther King Jr. Day holiday in the U.S., which saw stock and bond markets closed[1] - French President Macron is seeking to activate the EU's anti-coercion tool in response to U.S. tariff threats, while German Chancellor Scholz remains cautious[1][11] Political Updates - Japanese Prime Minister Kishi confirmed an early election on February 8, promising to reduce the food consumption tax to zero for two years to strengthen the ruling coalition's position[1][11] Corporate News - Micron Technology reported an unprecedented memory shortage driven by AI demand, indicating that the supply tightness will persist beyond this year[11] - The International Monetary Fund (IMF) slightly raised its global economic growth forecast to 3.3% for this year, up from 3.1% previously, but warned of risks from AI and trade tensions[11] Investment Insights - German government plans to open a €3 billion electric vehicle subsidy program to all manufacturers, including Chinese brands, to boost the struggling automotive market[11] - The Chinese snack retailer "Ming Ming Hen Mang" plans to raise up to HKD 3.34 billion through an IPO, with significant backing from major investors like Tencent and Temasek[10]

Core Viewpoint - The urgency of the company's Hong Kong listing reflects deeper concerns about its financial health and the cyclical nature of the pig farming industry, with significant debt and fluctuating profits raising red flags for investors [4][11]. Financial Performance and Industry Cycles - The company's financial results illustrate the volatility inherent in the pig farming sector, with net profit soaring to 149.33 billion in 2022, turning to a loss of 41.68 billion in 2023, and rebounding to 189.25 billion in 2024 [5]. - A forecast for 2025 indicates a decline in net profit by over 12%, with a projected profit range of 147 to 157 billion, highlighting the cyclical pressures faced by the industry [6][5]. - The average price of live pigs is expected to drop by 17.3% to approximately 13.5 yuan per kilogram, further impacting profitability [6]. Debt and Financial Structure - As of September 2025, the company's total liabilities reached 1,003 billion, with a debt-to-asset ratio of 55.5%, indicating a high level of financial leverage [7]. - The company has over 800 billion in current liabilities and short-term loans nearing 464 billion, while cash reserves are only 202.85 billion, suggesting liquidity challenges [7]. - The aggressive expansion strategy during high pig prices has led to a heavy debt burden, necessitating new funding sources to maintain operations and service debt [7]. Executive Compensation and Shareholder Returns - Despite declining profits and high debt, executive compensation has surged, with the chairman's salary increasing by nearly 60% to 372.19 million in 2024, and total management compensation doubling in the first half of 2025 [8][10]. - A record cash dividend of 50.02 billion was announced, benefiting major shareholders significantly, raising concerns about the alignment of interests between management and shareholders [8][10]. Market Perception and Future Outlook - The company's move to list in Hong Kong is seen as a strategy to secure new funding amidst high debt and fluctuating profits, with the potential to raise substantial capital for debt restructuring and operational support [7][11]. - However, the market's reaction may be cautious due to the company's financial transparency issues and the cyclical nature of its business, which could lead to valuation challenges post-IPO [11][12]. - The need for sustainable governance and improved financial health is critical for the company to gain investor confidence and achieve favorable market conditions [11][12].

Investment Rating - The report maintains an "Outperform" rating for the agricultural products sector [4] Core Views - The report highlights a bullish outlook on the livestock cycle, particularly for beef and raw milk, anticipating a reversal in the domestic beef cycle [3] - The report emphasizes that the official capacity control in the pig industry is expected to enhance cash flow for leading enterprises, positioning them as potential beneficiaries in a contracting industry [3] - The poultry sector is expected to benefit from limited supply fluctuations and a recovery in demand, with leading companies likely to achieve higher cash flow returns [3] - The feed sector is projected to see increased industrialization and specialization, allowing leading feed companies to widen their competitive advantages [3] - The pet industry is identified as a growing sector benefiting from demographic trends [3] Summary by Sections Livestock - Beef prices are on an upward trend, with the domestic fattened bull price at 25.66 CNY/kg, up 0.59% week-on-week and 9.38% year-on-year [2] - The average price of beef in the market is 61.55 CNY/kg, reflecting a 1.05% increase week-on-week and a 21.28% increase year-on-year [2] - Raw milk prices are expected to reach a turning point in 2026, with the average price at 3.02 CNY/kg, down 0.33% week-on-week and down 3.20% year-on-year [2] Swine - The pig price as of January 16, 2026, is 12.69 CNY/kg, showing a week-on-week increase of 1.44% [1] - The price of 7kg piglets is approximately 309.05 CNY/head, with a significant week-on-week increase of 22.00% [1] Poultry - The price of broiler chicks is stable at 3.07 CNY/chick, with no change week-on-week [1] - The price of broilers is 7.52 CNY/kg, reflecting a slight increase of 0.53% week-on-week [1] Feed - The domestic soybean price is 4072 CNY/ton, up 0.59% week-on-week, while soybean meal is priced at 3176 CNY/ton, down 0.44% week-on-week [2] - Corn prices are expected to maintain a moderate upward trend, with the current price at 2324 CNY/ton, up 0.52% week-on-week and 10.14% year-on-year [2] Investment Recommendations - Recommended companies in the livestock sector include YouRan MuYe and Modern MuYe [3] - For swine, recommended companies are HuaTong Co., DeKang Agriculture, MuYuan Co., Wen's Food Group, TianKang Bio, and ShenNong Group [3] - In the poultry sector, recommended companies include LiHua Co., YiSheng Co., and ShengNong Development [3] - For feed, HaiDa Group is recommended [3] - In the pet sector, Guaibao Pet is highlighted as a potential investment [3]

Core Viewpoint - Muyuan Foods is focusing on B-end customers for its meat processing business, including large agricultural distributors, chain supermarkets, chain restaurants, food processing companies, and new retail enterprises. The company is also monitoring C-end sales channels and brand development for future strategic planning [1]. Group 1 - The main customers for Muyuan Foods' meat processing business are large agricultural distributors and chain supermarkets [1]. - The company is aware of market trends and will conduct careful research regarding the development of C-end sales channels and brand building [1]. - Future decisions regarding C-end sales and brand development will be based on the company's strategic planning and business development needs [1].

Investment Rating - The industry investment rating is "Leading the Market - A" [6] Core Insights - The report highlights that the consumption peak for pork has not yet arrived, and attention should be paid to the rhythm of hog slaughtering by producers, which impacts pork prices [22][23] - The white feather broiler market is experiencing a downward trend in prices, with chick prices significantly lower due to insufficient parent stock and market pressures [34] - The aquaculture sector shows stable prices, with potential investment opportunities identified [41] Summary by Sections 1. Weekly Market Review - The agricultural sector experienced a decline of 3.27% this week, ranking 29th among the primary industries [14] - The animal health sector saw a notable increase, with a rise of 1.19% [17] 2. Industry Data Tracking 2.1. Swine Farming - The average price of live pigs is 12.69 CNY/kg, with a week-on-week increase of 1.60% and a two-week increase of 1.57% [21] - The average price of piglets is 425 CNY/head, with a week-on-week increase of 17.08% [21] - Daily average slaughter volume is 223,400 pigs, showing a week-on-week decrease of 1.27% [22] 2.2. Poultry Farming - The average price of white feather broilers is 7.59 CNY/kg, with a week-on-week decrease of 0.65% [34] - Chick prices have dropped to 2.74 CNY/bird, reflecting a significant week-on-week decrease of 23.68% [34] 2.3. Planting Sector - The average price of corn is 2359.57 CNY/ton, with a week-on-week increase of 0.26% [38] - The average price of domestic wheat is 2513.57 CNY/ton, remaining unchanged [38] 2.4. Aquaculture Sector - Prices for various aquatic products remain stable, with carp at 20.00 CNY/kg and crab at 260.00 CNY/kg, both showing no week-on-week change [41]

（文章来源：证券日报） 证券日报网讯 1月19日，牧原股份在互动平台回答投资者提问时表示，公司会根据政策导向、外部市场 环境及自身生产经营情况，合理规划能繁母猪数量。同时，公司由高速发展阶段转向高质量发展阶段， 将持续做好生产管理与经营管理，通过提质增效提升盈利能力。 ...

Group 1: Market Activity - A total of 26 companies submitted applications to the Hong Kong Stock Exchange last week, marking a recent high in submissions [2] - Among the 26 companies, 3 passed the hearing, and 1 company is currently in the process of an IPO [10][12] Group 2: Industry Highlights - The semiconductor and computing sectors are particularly active, with companies like Weizhao Semiconductor and Placo Electronics submitting applications [2] - Weizhao Semiconductor reported a revenue of 615 million yuan and a profit of 40.25 million yuan for the first nine months of 2025 [2] - Placo Electronics achieved a revenue of 751 million yuan and a profit of 76.11 million yuan for the same period [2] Group 3: Robotics Sector - Several robotics companies, including Yifei Intelligent and Estun, are also pursuing listings [3] - Estun is ranked first in the industrial robotics sector by revenue, with a market share of 1.7% globally [3] - TuoStar is recognized as a leader in the domestic industrial robotics market, with a revenue of 1.688 billion yuan and a net profit of 47 million yuan for the first nine months of 2025 [3] Group 4: Biopharmaceutical Sector - Multiple biopharmaceutical companies are applying for listings, including Zeling Bio and Exegenesis Bio Inc. [4][5] - Zeling Bio reported a loss of 1.19 million yuan for the first nine months of 2025, while Exegenesis Bio has not yet received regulatory approval for its products [5][6] - Shanghai Shengsheng achieved a revenue of 538 million yuan and a net profit of 11.3 million yuan for the same period [4] Group 5: Food and Beverage Sector - The food and beverage sector is seeing significant activity, with companies like Yuanji Food and Qian Dama submitting applications [7] - Yuanji Food reported an adjusted net profit of 192 million yuan for the first nine months of 2025, a 31% increase year-on-year [7] - Qian Dama achieved a GMV of 14.8 billion yuan in 2024, maintaining its position as the top player in the community fresh product retail chain industry [7] Group 6: New Listings - Four new stocks were listed last week, with all experiencing price increases on their first trading day [13] - The stock of Howie Group, a global leader in CMOS image sensors, rose by 16.22% on its debut [13] - Zhaoyi Innovation, a storage chip leader, saw its stock price increase by 38.27% on its first day of trading [13]