Core Viewpoint - The company, Muyuan Foods, has announced the issuance of H-shares, with a global offering of 274 million shares and a maximum issuance of 315 million shares, priced at a maximum of HKD 39 per share [2] Group 1 - The H-share public offering in Hong Kong commenced on January 29 and is expected to conclude on February 3, with the issuance price to be announced no later than February 4 [2]

Group 1 - The company, Muyuan Foods, is in the process of issuing H-shares and plans to list on the Hong Kong Stock Exchange, with a maximum price of HKD 39 per share [1] - The H-share public offering is set to begin on January 29, 2026, and is expected to conclude by February 3, 2026, with the listing date anticipated for February 6, 2026 [1] - The estimated net proceeds from the global offering, assuming the maximum offer price, will be approximately HKD 10.46 billion, potentially increasing to HKD 12.038 billion if the over-allotment option is fully exercised [1] Group 2 - Approximately 60% of the net proceeds will be allocated to exploring overseas opportunities, enhancing supply chain development, and expanding market presence in Southeast Asia, including Vietnam and Thailand [2] - About 30% of the net proceeds will be invested in research and development to drive technological innovation across the entire industry chain [2] - The remaining 10% of the net proceeds will be used for working capital and general corporate purposes [2] Group 3 - The base number of H-shares for the global offering is set at 273,951,400 shares, with 27,395,200 shares allocated for the Hong Kong public offering, representing approximately 10% of the total [3] - The international offering will consist of 246,556,200 shares, accounting for about 90% of the total offering [3] - An over-allotment option allows for the issuance of up to 41,092,700 additional H-shares, bringing the maximum total to 315,044,100 shares if fully exercised [3]

| 证券代码：002714 | 证券简称：牧原股份 公告编号：2026-010 | | --- | --- | | 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股招股说明书、H股发行价格上限及H股香港公开 发售等事宜的公告 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 ...

Core Viewpoint - The company, Muyuan Foods, is launching a global offering of approximately 274 million H-shares, with a maximum offer price of HKD 39.00 per share, aiming to raise significant capital for expansion and innovation in the pork industry [1][4]. Group 1: Company Overview - Muyuan Foods is a technology-driven leader in the pork industry, recognized as a pioneer in smart pig farming with over 30 years of experience [2]. - The company operates a vertically integrated business model covering the entire pork production chain, including breeding, farming, feed production, and meat processing [2]. - According to Frost & Sullivan, Muyuan Foods has been the world's largest pig farming enterprise since 2021, with a market share increase from 2.6% in 2021 to 5.6% in 2024 [2]. Group 2: Financial and Market Position - The company has signed cornerstone investment agreements, with investors agreeing to subscribe for shares totaling approximately HKD 5.3419 billion, equating to about 137 million H-shares at the maximum offer price [3]. - The estimated net proceeds from the global offering are approximately HKD 10.4597 billion, or HKD 12.0381 billion if the over-allotment option is fully exercised [4]. Group 3: Use of Proceeds - Approximately 60% of the net proceeds will be used to explore overseas opportunities, including strengthening supply chain development and enhancing competitiveness in international markets [4]. - About 30% of the net proceeds will be allocated to research and development to drive technological innovation across the entire production chain [4]. - The remaining 10% will be used for working capital and general corporate purposes [4].

Core Viewpoint - The company, Muyuan Foods, is set to launch an IPO from January 29 to February 3, 2026, aiming to issue 274 million shares globally, with a maximum price of HKD 39.00 per share [1] Group 1: Company Overview - Muyuan Foods is a technology-driven leader in the pork industry, recognized as a pioneer in smart pig farming with over 30 years of experience [2] - The company operates a vertically integrated business model covering the entire pork production chain, including breeding, farming, feed production, and slaughtering [2] - According to Frost & Sullivan, Muyuan Foods is the largest pig farming enterprise globally by production capacity and output since 2021, maintaining the highest output for four consecutive years [2] Group 2: Market Position and Growth - The company's global market share in pig output increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of the second to fourth largest competitors [2] - Muyuan Foods entered the slaughtering and meat processing business in 2019 to enhance its operational advantages across the entire industry chain [2] - By 2024, the company is projected to rank fifth globally and first in China in terms of slaughtering and meat processing by headcount, with the highest revenue CAGR among large Chinese competitors from 2021 to 2024 [2] Group 3: Financial Performance - From 2014 to 2024, the company's total revenue CAGR reached 48.7%, the highest among the top ten publicly listed pork companies globally by output [3] - The net profit CAGR during the same period was 72.7%, with an average net profit margin of 19.0%, making it the only company among the top ten to maintain a net profit margin above 15% [3] - The company's EBITDA CAGR from 2014 to 2024 was 60.2%, with an average EBITDA margin of 30.8%, outperforming other large listed companies in the Chinese pig farming industry [3] Group 4: IPO and Fund Utilization - The company has signed cornerstone investment agreements with several major investors, agreeing to subscribe for shares worth approximately HKD 5.342 billion, contingent on certain conditions [4] - Assuming the maximum share price of HKD 39.0, the estimated net proceeds from the global offering will be approximately HKD 10.46 billion, potentially increasing to HKD 12.038 billion if the over-allotment option is fully exercised [4] - Approximately 60% of the net proceeds will be used to explore overseas opportunities, 30% for R&D to drive technological innovation across the industry chain, and 10% for working capital and general corporate purposes [4]

格隆汇1月29日丨牧原股份(02714.HK)发布公告，公司拟全球发售约2.74亿股H股，中国香港发售股份 2739.52万股，国际发售股份约2.47亿股(以上可予重新分配及视乎超额配股权行使与否而定)；2026年1 月29日至2月3日招股，预期定价日为2月4日；发售价将不超过每股发售股份39.00港元，H股的每手买卖 单位将为100股，摩根士丹利、中信证券及高盛为联席保荐人；预期H股将于2026年2月6日开始于联交 所买卖。 ...

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」）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。 除本公告另有界定者外，本公告所用詞彙與牧原食品股份有限公司（「本公司」）日期為2026年1 月29日的招股章程（「招股章程」）所界定者具有相同涵義。本公告乃承本公司董事（「董事」）會 （「董事會」）之命而作出。董事會就本公告的準確性共同及個別承擔責任。 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。 有意投資者於決定是否投資於發售股份前應閱覽招股章程，以獲得有關下文所述全球發售的詳 細資料。任何有關發售股份的投資決定應僅依賴招股章程所提供的資料作出。 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 據美國證券法或美國 ...

卜蜂集团和富达国际据悉计划作为牧原食品香港上市的投资者。 ...

Group 1 - The aquaculture sector increased by 0.38% on January 28, with Xiaoming Co. leading the gains [1] - The Shanghai Composite Index closed at 4151.24, up 0.27%, while the Shenzhen Component Index closed at 14342.9, up 0.09% [1] - Xiaoming Co. saw a closing price of 21.63, with a rise of 10.41%, and a trading volume of 224,700 shares, amounting to a transaction value of 468 million yuan [1] Group 2 - The main funds in the aquaculture sector had a net inflow of 163 million yuan, while retail funds had a net inflow of 149 million yuan [2] - The stock "Wens Foodstuffs" had a significant trading volume of 713,100 shares, with a transaction value of 1.089 billion yuan, but experienced a slight decline of 0.52% [2] - The stock "Xiaoming Co." had a net inflow of 20.89 million yuan from main funds, while retail funds showed a net outflow of 7.58 million yuan [3]

晚点财经 . 用框架思维分析上市公司的增长逻辑与投资价值。 周期底部，现金为王。会养猪的牧原，仍受限于债务和周期的 "现金消耗战"。 文 丨 胡昊 1 月 16 日，全球最大养猪企业——牧原股份通过港交所聆讯，这家涉足猪饲料、育种、养殖、以及屠 宰肉食的生猪全产业链条公司将很快登陆港股市场，市场预期其此次募资规模约在 15 亿美元。 长期以来，市场关注牧原的重点在于，过去推动其实现规模超额增长的债务的动态运行情况。 以下文章来源于晚点财经 ，作者晚点团队 根据牧原 2025 前三季度的数据，其已经提前完成了 2025 年缩减百亿元债务的公司目标。 截止 2025Q3 牧原的流动负债和非流动负债分别为 768 亿元和 235 亿元，相对 2024 年底的 855 亿元 和 246 亿元分别降低了 87 亿元和 11 亿元；此外，牧原已于该年 10 月支付了 50 亿元的应付股利， 这意味着 2025 年整体的债务缩减规模很可能会超预期。 尽管牧原实现了债务缩表的阶段性目标，但其债务去化的本质是用当期的现金（更准确的说是用经营 活动所得现金）来偿还之前的负债，那么我们就需要进一步关注其经营活动现金流的运行动态及发 ...