欢迎广大投资者积极参与本次网上业绩说明会。 特此公告。 牧原食品股份有限公司 董 事 会 牧原食品股份有限公司（以下简称"公司"）将于2025年4月8日（星期二）下 午15:00-17:00在"价值在线"举行2024年度业绩说明会，本次年度业绩说明会将 采用网络远程的方式举行，投资者可登陆"价值在线"（www.ir-online.cn）参与 本次年度业绩说明会。 出席本次说明会的人员有：公司董事长、总裁秦英林先生，公司副董事长、 常务副总裁、财务负责人曹治年先生，董事会秘书、首席战略官（CSO）秦军先 生，独立董事周明笙先生。如遇特殊情况，参会人员可能进行调整。 投 资 者 可 于 2025 年 4 月 8 日 （ 星 期 二 ） 15:00-17:00 通 过 网 址 https://eseb.cn/1n5SVIM2IDK或使用微信扫描下方小程序码即可进入参与互动交 流。为充分尊重投资者、提升交流的针对性，现就公司2024年度业绩说明会提前 向投资者公开征集问题，广泛听取投资者的意见和建议。投资者可于2025年4月 8日前进行访问，点击"互动交流"进行会前提问，公司将通过本次业绩说明会， 在信息披露允许范围 ...

MUYUAN牧原 绿色低碳行动报告 牧原股份 Muyuan Foods Green and Low-Carbon Action Report 牧原基本法 一、经营宗旨: 为社会生产健康食品,提升大众生活品质,让人们享受丰盛人生。 二、核心价值观: 创造价值，服务社会；内方外正，推进社会进步。外部价值高于内部价值；长远利益高于当前利益。人的价值高于物的价值；共同价值高于 个体价值。社会价值高于利润价值;用户价值高于生产价值。 三、业务选择: 五、员工利益: 造福员工。视员工为家人,帮助员工成长,搭建事业平台,实现人生价值; 让每一个员工都开心，每一个家庭都幸福，在牧原乐园里，享受幸福人生。 六、客户利益: 成就客户。己所不欲,勿施于人；己所欲，呈于人。将心比心，厚道待人。 视客户为手足，相互帮扶，做到公正公平，公开透明，简单省心，高效共赢。 七、社会责任: 知行合一，利益社会。实现经济效益、生态效益、社会效益同步提升。推进环境友好和动物友好的经营方式，推行循环经济，施行清洁生产， 减少大气危害，不断提升食品品质标准，主动构建行业生态，推进可持续发展。积极开展公益事业，致力教育提升，带动社会经济发展。 八、持续发 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-022 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | | 股东名称 | | 持股 | 本次业务办 | 本次业务办 | 占其所 | 占公司 | 已质押股份情况 已质押股份 | 占已质 | 未质押股份情况 未质押股 | 占未质 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | | 持股数量 | | 理前质押股 | 理后质押股 | 持股份 | 总股本 | | | | | | | | 比例 | 份数量 | 份数量 | 比例 | 比例 | 限售和冻结 | 押股份 | 份限售和 | 押股份 | | | | | | | | | 数量 | 比例 | 冻结数量 | 比例 | | 秦英林 | 2,086,287,906 | 38.19% | 25,210,000 | 25,210,000 | 1.21% | 0.46% | 0 | - | 0 | - | | 牧原集团 | 848,762,153 | 15 ...

muyuan牧原 III. Business Approach: Create true value with our own strengths, rather than chasing nominal profits. IV. Business Principles: Muyuan Foods Green and Low-Carbon Action Report Muyuan Basic Law I. Business Purpose: To produce wholesome foods for society, improve the life quality of all, and serve people's enjoyment in an abundant life. II. Core Values: Create value and serve society.Be internally apright to promote social development. External value outweighs internal value; Long-term interests outw ...

Table of Contents About the Report 01 05 17 Governance and Leadership | Corporate Governance | 19 | | --- | --- | | Investor Rights Protection | 26 | | Risk Management | 29 | | Business Ethics | 33 | | Tax Transparency | 37 | 06 39 Green Development and Ecological Co-Prosperity | Addressing Climate Change | 41 | | --- | --- | | Low-Carbon Actions across the | 49 | | Value Chain | | | Environmental Management | 57 | | Biodiversity and Land Use | 59 | | Water Management | 63 | | Waste and Pollutant Management ...

Group 1 - The Shanghai and Shenzhen 300 major consumer index increased by 0.28%, closing at 22,960.31 points with a trading volume of 14.755 billion yuan [1] - Over the past month, the major consumer index has risen by 6.27%, while it has decreased by 0.04% over the last three months and increased by 0.81% year-to-date [1] - The top ten weighted stocks in the major consumer index include Kweichow Moutai (45.05%), Wuliangye (11.78%), Yili (8.19%), Muyuan Foods (4.97%), Shanxi Fenjiu (4.73%), Luzhou Laojiao (4.43%), Wens Foodstuff (4.14%), Haitian Flavoring (3.08%), Dongpeng Beverage (2.2%), and Yanghe Brewery (2.11%) [1] Group 2 - The Shanghai Stock Exchange accounts for 66.27% of the major consumer index holdings, while the Shenzhen Stock Exchange accounts for 33.73% [2] - The major consumer index is composed entirely of consumer-related stocks, with a 100% allocation [2] - The index samples are adjusted biannually, with adjustments occurring on the next trading day after the second Friday of June and December [2]

Investment Rating - The report maintains an "Accumulate" rating for the company, indicating a projected increase of 5% to 15% relative to the CSI 300 index over the next six months [17]. Core Views - The company has turned around its performance year-on-year, achieving a total revenue of 137.95 billion yuan, a 24.43% increase, and a net profit of 17.88 billion yuan, marking a significant recovery [4][11]. - The increase in revenue and profit is attributed to higher sales volume and prices in the pig farming business, alongside a decrease in breeding costs [4][8]. - The company plans to distribute a cash dividend of 5.72 yuan per 10 shares, reflecting confidence in its development [4]. Summary by Sections Financial Performance - In Q4 2024, the company reported revenue of 41.17 billion yuan, a 47.61% increase year-on-year, and a net profit of 7.4 billion yuan, indicating a strong recovery [4]. - The operating cash flow for 2024 reached 37.54 billion yuan, a remarkable increase of 279.50% year-on-year [4]. Industry Outlook - The pig farming industry is expected to see a dual increase in supply and demand in 2025, with the average price of pigs rising above the industry cost line [8]. - The scale of pig farming is projected to exceed 70% in 2024, indicating a trend towards increased industry concentration [8]. Cost Management - The company's breeding costs have decreased to approximately 12.9 yuan/kg as of February 2025, down from around 14 yuan/kg in 2024 [8]. - The slaughtering segment has shown improvement, with a reduction in average losses per head from 70 yuan in 2023 to about 50 yuan in 2024, achieving profitability in December [9]. Future Projections - The company anticipates a pig output of 72 million to 78 million heads in 2025, with a projected net profit of 20.55 billion yuan [11]. - The estimated earnings per share (EPS) for 2025 is projected at 3.76 yuan, with a corresponding price-to-earnings (PE) ratio of 10.26 [11].

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-021 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于股东部分股权解除质押的公告 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。 牧原食品股份有限公司（以下简称"公司"）于近日收到公司股东秦英林先 生的通知，获悉秦英林先生将所持有本公司的部分股权办理了解除质押手续，具 体事项如下： 一、 股东部分股权解除质押的基本情况 | 股东名称 | 是否为控股股东 | 本次解除质 | 占其所持 | 占公司总股 | 起始日 | 解除日期 | 质权人 | | --- | --- | --- | --- | --- | --- | --- | --- | | | 或第一大股东及 | 押股份数量 | 股份比例 | 本比例 | | | | | | 其一致行动人 | | | | | | | | 秦英林 | 是 | 49,000,000 | 2.35% | 0.90% | 2024/3/18 | 2025/3/24 | 云南国际 ...

Core Viewpoint - The company has demonstrated strong financial performance in 2024, with significant growth in revenue and net profit, driven by favorable market conditions and operational efficiencies [1][2]. Financial Performance - In 2024, the company achieved a total revenue of 137.947 billion yuan, representing a year-on-year increase of 24.43% [1]. - The net profit attributable to shareholders reached 17.881 billion yuan, up 519.42% year-on-year [1]. - The adjusted net profit was 18.747 billion yuan, reflecting a year-on-year growth of 565.61% [1]. - In Q4 alone, the company reported revenue of 41.172 billion yuan, a 47.61% increase year-on-year, and a net profit of 7.4 billion yuan, up 405.67% [1]. Operational Efficiency - The company sold 71.6 million pigs and processed 12.52 million pigs, with total pork product sales reaching 1.42 million tons [2]. - The company has improved breeding efficiency and optimized feed formulas, which has led to reduced breeding costs [2]. - As of January 2025, the total breeding cost is approximately 13.1 yuan/kg, with a target to reach 12 yuan/kg [2]. Industry Position and Shareholder Returns - The company is a leading player in the pig farming industry, benefiting from strong management practices [2]. - The company has revised its shareholder return policy, committing to distribute at least 40% of the distributable profits as cash dividends annually [2]. - The long-term profitability of the industry is expected to remain stable, particularly for companies with management and cost advantages [2]. Investment Outlook - The company is projected to achieve net profits of 19.69 billion yuan, 19.84 billion yuan, and 22.46 billion yuan for the years 2025, 2026, and 2027, respectively [3]. - The expected earnings per share (EPS) for these years are 3.60 yuan, 3.63 yuan, and 4.11 yuan, with corresponding price-to-earnings (PE) ratios of 10.75, 10.67, and 9.42 [3].

Investment Rating - The investment rating for the company is "Buy" [1] Core Views - The company has shown a significant recovery in profitability, with a net profit of 17.88 billion yuan in 2024, a year-on-year increase of 519.42% [6] - The company is expected to maintain its cost advantage in pig farming, with a projected average breeding cost of approximately 14 yuan/kg in 2024, decreasing to around 13 yuan/kg by the end of the year [6] - The company plans to increase its dividend distribution, proposing a cash dividend of 5.72 yuan per 10 shares, which would result in a total cash dividend of 7.588 billion yuan for 2024 [6] Financial Forecasts - The company's revenue is projected to be 133.54 billion yuan in 2025, with a net profit of 14.42 billion yuan [5] - Earnings per share (EPS) are expected to be 2.64 yuan in 2025, with a price-to-earnings (P/E) ratio of 14.50 [5][9] - The company’s total assets are expected to reach 215.61 billion yuan by 2027, with a debt-to-asset ratio of 53.8% [9] Operational Insights - The company aims to enhance its slaughtering business, with a target utilization rate of over 60% by 2025, up from 43% in 2024 [6] - The company is actively expanding its overseas business, particularly in Southeast Asia, through partnerships to provide breeding technology and hardware support [8] - The company plans to invest 9 billion yuan in capital expenditures in 2025, focusing on pig house renovations and breeding platform development [8]