| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-010 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于股份回购进展情况的公告 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"）于 2024 年 9 月 25 日召开的第 四届董事会第二十九次会议审议通过了《关于回购公司股份的议案》，公司拟使 用自有资金或自筹资金以集中竞价交易的方式回购公司发行的人民币普通股（A 股），回购总金额不低于人民币 30 亿元且不超过人民币 40 亿元（均含本数），回 购价格不超过人民币 58.60 元/股（含本数）。由于公司实施 2024 年前三季度权益 分派，于 2024 年 12 月 30 日调整回购股份价格为不超过人民币 57.78 元/股（含 本数）。本次调整后，按回购金额上限人民币 40 亿元、回购价格上限 57.78 元/股 测算，预计可回购股数约为 6,922.81 万股，占公司目前总股本的 1.27%；按回购 金额下限人 ...

Core Viewpoint - The chairman of Muyuan Foods, Qin Yinglin, expressed confidence in the future of the private economy during a meeting in Beijing, highlighting the company's focus on pig farming and its status as the world's largest pig breeding enterprise with an expected output of over 71.6 million pigs in 2024 [1][2]. Group 1 - Qin Yinglin emphasized the broad prospects and significant potential for the development of the private economy, reflecting strong support from the government for private enterprises and entrepreneurs [1]. - The company aims to innovate in pig farming technology and contribute to China's modernization efforts, aligning with the government's expectations for private enterprises [2].

Core Viewpoint - Recently, Shanxi Chengrui Trading Co., Ltd. was established with a registered capital of 20 million yuan, indicating a strategic move in the agricultural and trading sector [1] Company Summary - The legal representative of Shanxi Chengrui Trading Co., Ltd. is Gao Huaishuang [1] - The company is indirectly wholly owned by Muyuan Foods Co., Ltd. [1] Business Scope - The business operations include grain acquisition, grain and oil storage services, grain sales, livestock and fishery feed sales, feed raw material sales, agricultural and sideline product sales, primary agricultural product acquisition, and dairy product production [1]

Group 1: Company Performance and Financial Outlook - The company expects a net profit of 18-19 billion yuan for 2024, with a parent net profit of 17-18 billion yuan, marking a turnaround from losses due to increased pig sales and lower costs [3] - In 2024, the company sold 71.6 million pigs, achieving its annual target, with 65.5 million being market pigs [3] - As of December 2024, the company had 3.512 million breeding sows [4] Group 2: Cost Management - The total cost of pig farming in January 2025 was approximately 13.1 yuan/kg, slightly up from previous months due to seasonal sales fluctuations [5] - The company aims to achieve a cost target of 12 yuan/kg this year, excluding feed price fluctuations [5] - The company plans to optimize health management and production processes to further reduce costs [6] Group 3: Slaughter and Meat Processing Operations - In 2024, the company slaughtered 12.52 million pigs, with a capacity utilization rate of 43% [7] - The meat processing segment has shown improvement, with monthly profitability achieved in late 2024 and early 2025 due to increased sales during the festive season [7] Group 4: Piglet Sales and Market Demand - The company is increasing piglet sales to meet high market demand, with a focus on providing quality and stable supply [8] - The cost of weaned piglets is between 260-270 yuan/head, giving the company a competitive edge in the market [9] Group 5: Quality Management in Pork Production - The company emphasizes consumer-driven breeding and has established a traceability system for quality management across the supply chain [10] - Quality management is a key focus for the year, aiming to enhance pork quality and increase sales prices [10] Group 6: Response to Rising Feed Costs - The company is implementing low soybean meal feed technology to mitigate the impact of rising soybean meal prices [11] - Collaboration with West Lake University on synthetic biology technology aims to further reduce soybean meal usage in feed formulations [11]

| 证券代码：002714 | 证券简称：牧原股份 公告编号：2025-009 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 牧原食品股份有限公司 关于股份回购进展情况的公告 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"）于 2024 年 9 月 25 日召开的第 四届董事会第二十九次会议审议通过了《关于回购公司股份的议案》，公司拟使 用自有资金或自筹资金以集中竞价交易的方式回购公司发行的人民币普通股（A 股），回购总金额不低于人民币 30 亿元且不超过人民币 40 亿元（均含本数），回 购价格不超过人民币 58.60 元/股（含本数）。由于公司实施 2024 年前三季度权益 分派，于 2024 年 12 月 30 日调整回购股份价格为不超过人民币 57.78 元/股（含 本数）。本次调整后，按回购金额上限人民币 40 亿元、回购价格上限 57.78 元/股 测算，预计可回购股数约为 6,922.81 万股，占公司目前总股本的 1.27%；按回购 金额下限人民币 30 亿元、回 ...

周期，周期，还是周期！ 作者 | 萧瑟 编辑 | 小白 农林牧渔可以说是与春节关系最为紧密的行业，毕竟春节时间节点的确定依据正是古时的农业历法。 农业社会中，春节往往被视作是新一轮生产周期起始的标志。而人们在此时进行的各种庆祝习俗，也 有祈愿新的一年风调雨顺、农业丰收的寓意。 但在二级市场，2024年对于农业来讲并不是一个友好的年份。申万农林牧渔指数全年下跌11.6%，不 仅跑输上证指数24.2pct，更是在31个行业中排在倒数第二。 从行业名字中我们也能感受到，农林牧渔业态繁多，包含种植、养殖、捕捞等，仅用单一指数很难对 下跌原因一以概之。 因此我们还是按老规矩，聚焦到前十大市值公司来逐个剖析。 有意思的是，从这十家公司的股价表现看，倒是很难感受到行业整体的颓势，甚至其中还有接近翻倍 的个股。 | 公司名称 | 2024年末市值(亿元) | 全年涨跌幅 | 二级行业 | | --- | --- | --- | --- | | 牧原股份 | 2099.9 | J. 4.7% | 养殖业(申万) | | 金龙鱼 | 1768.0 | 2.0% | 农产品加工(申万) | | 温氏股份 | 1098.6 | J ...

二、 募集资金存放和管理情况 | 证券代码：002714 | 证券简称：牧原股份 公告编号：2025-007 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 牧原食品股份有限公司 关于注销部分募集资金专户的公告 本公司及董事会全体成员保证信息披露内容的真实、准确、完整，没有虚假 记载、误导性陈述或重大遗漏。 一、 募集资金基本情况 经中国证券监督管理委员会《关于核准牧原食品股份有限公司公开发行可转 换公司债券的批复》（证监许可[2021]442 号）核准，牧原食品股份有限公司（以 下简称"公司"或"本公司"）向社会公开发行面值总额 9,550,000,000.00 元可转换 公司债券，每张面值为人民币 100 元，共计 9,550 万张，按面值发行，期限 6 年， 扣除承销费和保荐费等各项发行费用人民币 21,315,000.00 元，实际募集资金净 额为人民币 9,528,685,000.00 元。上述募集资金已经中兴华会计师事务所（特殊 普通合伙）出具的验资报告验证确认。 为了规范募集资金的管理和使用，提高资金使用效率和效益，保护投资者权 益，本公司按照《中华人民共 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-008 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | | | 是否为 | | | | | | | | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 控股股 | | 占其 | | | | | | | | | | | 东或第 | | | 占公司 | | | | | | | | | 股东 | | 本次质押数 | 所持 | | 是否为 | 是否为补 | 原质押 | 原质押 | 展期后 | | 质押 | | | 一大股 | | | 总股本 | | | | | | 质权人 | | | 名称 | | 量 | 股份 | | 限售股 | 充质押 | 起始日 | 到期日 | 到期日 | | 用途 | | | 东及其 | | 比例 | 比例 | | | | | | | | | | 一致行 | | | | | | | | | | | | | 动人 | | | | | | | | | ...

| 证券代码：002714 | 证券简称：牧原股份 公告编号：2025-005 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 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。 董 事 会 为进一步优化融资结构，降低融资成本，牧原食品股份有限公司（以下简 称"公司"）发行中期票据事项已经 2023 年 12 月 5 日、2023 年 12 月 21 日分别 召开的第四届董事会第二十三次会议及 2023 年第一次临时股东大会审议批准， 并已收到交易商协会出具的《接受注册通知书》(中市协注〔2024〕MTN458 号)。 具体内容详见《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）。 2025 年 1 月 18 日 2025 年 1 月 15 日，公司进行了 2025 年度第一期中期票据的发行工作，本 次发行规模为 10 亿元人民币，2025 年 1 月 17 日该募集资金已全部到账。现将 发行结果公告如下： 特此公告。 牧原食品股份有限公司 牧原食品股份有限公司 关于 ...

Investment Rating - The report upgrades the investment rating of the company to "Buy" with a target price based on the last closing price of 36.20 [1][5] Core Insights - The company is expected to achieve a net profit of 18-19 billion yuan in 2024, a significant turnaround from a loss of 4.168 billion yuan in 2023 [3][5] - The total sales volume of pigs reached 71.6 million heads in 2024, a year-on-year increase of 12.2%, with a notable average selling price of 16.49 yuan per kilogram, up 13.91% year-on-year [4] - The comprehensive cost of pig farming is projected to be approximately 7.06 yuan per jin in 2024, showing a decrease of about 0.94 yuan per jin compared to the previous year, indicating effective cost control [4] Financial Performance Summary - The company forecasts revenues of 137.715 billion yuan in 2024, reflecting a growth rate of 24.22% compared to 2023 [6] - The estimated earnings per share (EPS) for 2024 is 3.44 yuan, with a corresponding price-to-earnings (PE) ratio of 10.53x [6][12] - The company anticipates a return on equity (ROE) of 24.74% in 2024, indicating strong profitability [12]