智通财经APP讯，牧原股份(002714.SZ)公告，此前于2025年12月4日，中国香港联交所上市委员会举行 上市聆讯，审议了公司本次发行上市的申请。公司按照有关规定在中国香港联交所网站刊登本次发行聆 讯后资料集。 ...

格隆汇1月19日丨牧原股份(002714.SZ)公布，根据本次发行上市的时间安排，公司按照有关规定在香港 联交所网站刊登本次发行聆讯后资料集，该聆讯后资料集为公司根据香港联交所、香港证券及期货事务 监察委员会的要求而刊发，刊发目的仅为提供资讯予香港公众人士和合资格的投资者，除此之外并无任 何其他目的。同时，该聆讯后资料集为草拟版本，其所载资料可能会适时作出更新和变动。 ...

| 证券代码：002714 | 证券简称：牧原股份 公告编号：2026-007 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 牧原食品股份有限公司 董事会 2026 年 1 月 20 日 牧原食品股份有限公司（以下简称"公司"）于 2025 年 1 月 15 日发行了 2025 年度第一期中期票据（简称：25 牧原食品 MTN001，代码：102580292）， 发行总额为人民币 10 亿元，发行利率 2.4%，起息日为 2025 年 1 月 17 日，付息 日为 2026 年 1 月 17 日（如遇法定节假日，则顺延至下一个工作日）。具体内容 详见 2025 年 1 月 18 日披露于《证券时报》《中国证券报》《上海证券报》《证 券日报》及巨潮资讯网（www.cninfo.com.cn）的《牧原食品股份有限公司关于 2025 年度第一期中期票据发行结果的公告》（公告编号：2025-005）。 目前，公司已按期完成了上述中期票据 2026 年的付息工作，支付利息人民 币 2,400 万元。 特此公告。 牧原食品股份有限公司 关于 2025 年度第一期中期票据 2026 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-008 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于刊发H股发行聆讯后资料集的公告 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。 牧原食品股份有限公司（以下简称"公司"）正在进行申请境外上市外资股（H 股）发行并在香港联合交易所有限公司（以下简称"香港联交所"）主板挂牌上 市（以下简称"本次发行上市"）的相关工作。 2025 年 5 月 27 日，公司向香港联交所递交了本次发行上市的申请，并于同 日在香港联交所网站刊登了申请资料。具体内容详见公司于 2025 年 5 月 28 日在 巨潮资讯网（www.cninfo.com.cn）及指定媒体披露的《牧原食品股份有限公司关 于向香港联交所递交境外上市外资股（H 股）发行并上市的申请并刊发申请资料 的公告》（公告编号：2025-053）。 2025 年 11 月 27 日，公司收到中国证券监督管理委员会（以下简称"中国 证监会"）出具的《关于牧原食品股份 ...

Core Viewpoint - The company is actively responding to national policies on pig production capacity regulation by reducing the number of breeding sows and eliminating low-yield sows, thereby contributing to the stability and healthy development of the pig industry [1] Group 1: Company Actions - The company has reduced its breeding sow inventory to 3.232 million heads by the end of December [1] - The company is taking the lead in capacity regulation and is committed to fulfilling its social responsibilities [1] Group 2: Industry Impact - The company's actions are aimed at supporting the stable and healthy development of the pig industry [1]

Core Viewpoint - The company is actively responding to national policies on pig production capacity regulation by reducing the number of breeding sows and eliminating low-yield sows, thereby contributing to the stability and healthy development of the pig industry [1] Group 1 - The company has reduced its breeding sow inventory to 3.232 million heads by the end of December [1] - The company is taking a leading role in capacity regulation and is committed to fulfilling its social responsibilities [1] - The actions taken by the company are aimed at supporting the stable and healthy development of the pig industry [1]

Investment Rating - Industry Rating: Recommended [3] Core Insights - The pork price is rising due to the peak consumption season, and there is an expectation for accelerated destocking after the holiday [2][12] - The Ministry of Agriculture and Rural Affairs emphasizes the importance of agricultural modernization and the commercialization of genetically modified crops to enhance yield and self-sufficiency [1][11] - The report highlights the profitability recovery in pig farming, with self-breeding and purchased piglets turning profitable, indicating a short-term challenge for capacity destocking [2][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs is supporting Shandong Province in enhancing grain production and agricultural modernization, focusing on rural revitalization and technological innovation [1][11] - Key recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on leading seed companies like Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of live pigs is 12.72 CNY/kg, with a week-on-week increase of 1.26%. The number of breeding sows is 39.9 million, showing a decrease of 1.1% month-on-month and 2.1% year-on-year [2][12] - The report suggests focusing on companies with significant cost improvements and high future output elasticity, including stocks like Muyuan Foods and Wens Foodstuffs [2][12] Key Agricultural Product Data Tracking - Corn: The average price is 2359.57 CNY/ton, with a week-on-week increase of 0.26% [24] - Wheat: The average price is 2513.57 CNY/ton, remaining stable week-on-week [27] - Soybeans: The average price is 4053.16 CNY/ton, with a slight increase of 0.12% [38] - Cotton: The average price is 15640.00 CNY/ton, with a week-on-week increase of 0.18% [43]

Investment Rating - Industry rating: Recommended [3] Core Insights - The pork price is rising due to the peak consumption season, and there is an expectation for accelerated destocking after the holiday [2][12] - The Ministry of Agriculture and Rural Affairs emphasizes the importance of agricultural modernization and the commercialization of genetically modified crops to enhance yield and self-sufficiency [1][11] - The report highlights the profitability recovery in pig farming, with self-breeding and purchased piglets turning profitable, indicating a short-term challenge for capacity destocking [2][12] Summary by Sections Planting Industry Chain - The Ministry of Agriculture and Rural Affairs is supporting Shandong province in enhancing grain production and agricultural modernization, focusing on technology and innovation [1][11] - Key recommended stocks in the planting sector include Beidahuang and Suqian Agricultural Development, with a focus on genetically modified seed companies like Dabeinong and Longping High-Tech [1][11] Swine Farming - The average price of live pigs is 12.72 CNY/kg, with a week-on-week increase of 1.26% [2][12] - The number of breeding sows is 39.9 million, showing a decrease of 1.1% month-on-month and 2.1% year-on-year, indicating a steady adjustment in production capacity [2][12] - Recommended stocks in the swine sector include Muyuan Foods, WH Group, and others, with a focus on companies that show significant cost improvements and high future output elasticity [2][12]

Core Viewpoint - The company, Muyuan Foods Co., Ltd., is a leading technology-driven pork producer and has submitted its prospectus for an IPO, with a focus on vertical integration across the entire pork supply chain [1] Group 1: Company Overview - Muyuan Foods is recognized as the world's largest pig farming enterprise based on production capacity and output since 2021, maintaining the highest pig output globally for four consecutive years [1] - The company's global market share in pig output has increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of the second to fourth largest competitors [1] Group 2: Business Expansion - Since 2019, the company has expanded into the pork slaughtering and meat processing business to enhance its operational advantages across the entire supply chain [1] - According to Frost & Sullivan, Muyuan Foods ranks fifth globally and first in China in terms of slaughtering and meat processing by the number of pigs slaughtered in 2024 [1] - The revenue compound annual growth rate (CAGR) of the company's slaughtering and meat processing business from 2021 to 2024 is the highest among large Chinese competitors [1]

Core Viewpoint - The company Muyuan Foods (牧原股份) is expected to face significant profit declines in 2025 due to the cyclical downturn in the pig industry, despite an increase in sales volume of pigs [2][3][4]. Financial Performance - The company forecasts a net profit attributable to shareholders of between 14.7 billion to 15.7 billion yuan for 2025, a decrease of 3.18 billion to 2.18 billion yuan compared to 17.881 billion yuan in 2024, representing a year-on-year decline of 12.20% to 17.79% [3][4]. - The expected net profit after deducting non-recurring items is projected to be between 15.1 billion to 16.1 billion yuan, down from 18.747 billion yuan in 2024, indicating a decrease of 3.647 billion to 2.647 billion yuan, or a decline of 14.12% to 19.45% [4]. Sales Volume and Pricing - In 2025, the company anticipates selling 77.981 million pigs, an increase of approximately 6.38 million pigs compared to 71.602 million in 2024, reflecting a year-on-year growth of 8.91% [4][5]. - The average selling price of pigs is expected to be around 13.5 yuan per kilogram, which is a decrease of approximately 17.3% compared to the previous year, significantly impacting overall profitability [4][5]. Cost Structure - The company's total breeding cost is projected to be around 11.6 yuan per kilogram by December 2025, indicating that the selling price has fallen below the cost line [5][6]. - The company maintains a competitive edge through its self-breeding model and integrated supply chain, which includes feed, breeding, slaughtering, and meat processing [7][12]. Strategic Initiatives - To counteract the cyclical downturn, the company is actively seeking international expansion, including establishing a wholly-owned subsidiary in Vietnam and investing 3.2 billion yuan in a high-tech breeding project [14]. - The company has also signed a strategic cooperation agreement with Charoen Pokphand Group (正大集团) to explore global collaboration in feed and slaughtering sectors [14]. Market Position - Muyuan Foods is the industry leader, with a sales volume of 77.981 million pigs in 2025, nearly double that of its closest competitor, Wens Foodstuffs Group (温氏股份), which sold 40.4769 million pigs [11]. - The company has invested significantly in research and development, with expenditures of 1.658 billion yuan, 1.747 billion yuan, and 1.263 billion yuan in 2023, 2024, and the first three quarters of 2025, respectively [12].