Financial Performance - The company's revenue for 2025 reached RMB 144.145 billion, with a net profit of RMB 15.812 billion, reflecting a resilient business development[4]. - The company's revenue for 2025 reached ¥144.14 billion, an increase of 4.49% compared to ¥137.95 billion in 2024[31]. - Net profit attributable to shareholders decreased by 13.39% to ¥15.49 billion from ¥17.88 billion in the previous year[31]. - The net profit after deducting non-recurring gains and losses was ¥15.99 billion, down 14.71% from ¥18.75 billion in 2024[31]. - The net cash flow from operating activities was ¥30.06 billion, a decline of 19.94% compared to ¥37.54 billion in 2024[31]. - Basic earnings per share decreased by 12.73% to ¥2.88 from ¥3.30 in the previous year[31]. - The net profit for 2025 was CNY 15.812 billion, a decrease of 16.45% compared to the previous year, primarily due to falling pig prices[41]. - The company achieved a revenue of CNY 45.228 billion in the slaughtering and meat business, marking an 86.32% year-on-year growth and achieving profitability for the first time in 2025[41]. Market and Production - In 2025, the company achieved a total of 77.981 million market pigs sold and 28.663 million slaughtered pigs, representing a year-on-year growth of 128.9%[4]. - The company plans to sell 77.981 million commodity pigs in 2025, aligning with its annual operational plan[137]. - For 2026, the company expects to sell between 75 million and 81 million commodity pigs[137]. - In 2025, China's pig production is expected to account for 51% of the global total, maintaining its position as the world's largest pork producer[53]. - The average price of live pigs in 2025 is projected to be 14.44 yuan/kg, a decrease of 9.2% year-on-year, marking the lowest price since 2019[58]. - The number of breeding sows in China decreased by 2.9% year-on-year to 39.61 million by the end of 2025[52]. Sustainability and Environmental Impact - The company reduced greenhouse gas emissions by 6.0588 million tons in 2025, achieving a 2.4% decrease in CO2 equivalent emissions per ton of pork[5]. - The company emphasizes sustainable development and aims to lead the industry in green transformation through shared ammonia reduction and odor control technologies[5]. - The company is committed to sustainable practices, reducing nitrogen emissions through innovative feed formulations[83]. - The company is implementing a full value chain carbon reduction strategy to promote sustainable development and reduce carbon emissions[132]. Technological Innovation - The company invested RMB 6 billion in a super healthy breeding platform to continuously select varieties that meet consumer demands[4]. - The company is committed to smart farming upgrades, including the development of intelligent air filtration pig houses and disease purification systems[5]. - The company has adopted smart farming technologies, including IoT, big data, and AI, to enhance production efficiency and reduce costs[50]. - The company is investing in smart farming technologies to enhance production efficiency and reduce labor costs[129]. - The company has developed a dynamic nutrition model tailored to different pig populations and physiological stages, effectively reducing feed costs[83]. Governance and Management - The company has a clear and independent governance structure, with a board consisting of 8 members, including 3 independent directors[148]. - The company has established a robust investor relations management system, enhancing communication and transparency with investors[150]. - The company maintains independence from its controlling shareholders in assets, personnel, finance, and operations, with no violations reported[151]. - The company has implemented a "Quality and Return Dual Improvement" action plan, although details on its disclosure were not provided[144]. - The company has a structured remuneration management system in place for its directors and senior management[171]. Employee Engagement and Development - The company has created job opportunities for 127,600 people and provided stable new paths for over 7,000 farmers who ceased pig farming[5]. - The company emphasizes talent acquisition and development, fostering a young and international team to drive innovation and growth[91]. - The company has implemented various employee stock ownership plans, involving nearly 5,000 core staff, to enhance employee engagement and drive high-quality development[48]. - The company has developed a comprehensive training system to enhance skills and management capabilities[185]. Financial Management and Control - The company has maintained effective internal financial reporting controls with no significant deficiencies identified during the reporting period[196]. - The company reported zero instances of major defects in financial reporting, indicating strong internal controls[200]. - The total assets of the units included in the internal control evaluation accounted for 100% of the company's consolidated financial statements[198]. - The company has established a comprehensive internal control framework to mitigate risks associated with financial reporting[199]. Strategic Partnerships and Expansion - The company has established strategic partnerships with BAF in Vietnam and Charoen Pokphand Group in Thailand to expand international growth[4]. - The company is actively exploring overseas markets, having established a partnership with BAF in Vietnam and submitted an application for H-share listing in Hong Kong[46]. - The company is strategically expanding into overseas markets with high pork consumption potential, leveraging its advanced breeding technology and management experience[133]. Shareholder Returns - The company plans to distribute cash dividends of approximately RMB 2.435 billion, which accounts for 48.03% of the net profit attributable to shareholders[7]. - The company distributed a total of CNY 8.085 billion in dividends during the reporting period and repurchased shares worth approximately CNY 2 billion[45]. - The company plans to distribute a cash dividend of 5.742689 RMB per 10 shares, totaling 3.083 billion RMB, based on a total share capital of 5,368,356,239 shares after excluding repurchased shares[186].

| 证券代码：002714 | 证券简称：牧原股份 公告编号：2026-030 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 牧原食品股份有限公司 关于公司为子公司原料采购货款提供担保的公告 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。 一、担保情况概述 牧原食品股份有限公司（以下简称"公司"）第五届董事会第十次会议、2025 年第二次临时股东大会审议通过了《关于公司为子公司原料采购货款提供担保的 议案》，公司为部分控股子公司与供应商于授权期限内（自股东大会审议通过之 日起至 2026 年 12 月 31 日）所签订的饲料原料等购销合同给予不超过 87.46 亿 元的担保。 公司第五届董事会第十四次会议以 8 票同意，0 票反对，0 票弃权的表决结 果审议通过了《关于公司为子公司原料采购货款提供担保的议案》，公司拟增加 采购担保：为部分控股子公司与供应商于授权期限内（自股东会审议通过之日起 至 2026 年 12 月 31 日）所签订的饲料原料等购销合同给予不超过 2.92 亿元的担 保，在额度内可滚动循环使用，并授 ...

2025 年度非经营性资金占用及其他关联资金往来情况汇总表 单位：万元 牧原食品股份有限公司 | 往来性 | 其他关联资 | | 往来方与上 | 上市公司 | 年期初 2025 | 年度往来 2025 | | 年度 2025 | | | | | 质（经营 | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | | 往来资金 | 金往来 | 资金往来方名称 | 市公司的关 | 核算的会 | 往来资金余 | 累计发生金额 | | 的利息（如 | 年度偿还 2025 累计发生金额 | 2025 | 年度期末 往来资金余额 | 往来形成 原因 | 性往来、 | | 联关系 | | | | 计科目 | 额 | （不含利息） | | 有） | | | | | 非经营 性往来） | | 非经营 | 附属企业 | 牧原股份之子公司 | 子公司 | 应收股利 | - | 1,185,962.28 | | | 1,185,962.28 | | - | 分红款 | | | 性往来 | | | | | | | | ...

及履行监督职责情况的报告 根据《中华人民共和国公司法》《中华人民共和国证券法》《上市公司治理 准则》《国有企业、上市公司选聘会计师事务所管理办法》《深圳证券交易所上 市公司自律监管指引第 1 号——主板上市公司规范运作》和《公司章程》等规 定和要求，董事会审计委员会本着勤勉尽责的原则，恪尽职守，认真履职，现 将审计委员会对会计师事务所 2025 年度履职评估及履行监督职责的情况汇报如 下： （一）会计师事务所基本情况 牧原食品股份有限公司 审计委员会对会计师事务所2025年度履职情况评估 一、2025年年审会计师事务所基本情况 三、审计委员会对会计师事务所监督情况 根据公司《审计委员会工作细则》等有关规定，审计委员会对会计师事务 所履行监督职责的情况如下： 毕马威华振会计师事务所于1992年8月18日在北京成立，于2012年7月5日获 财政部批准转制为特殊普通合伙的合伙制企业，更名为毕马威华振会计师事务 所（特殊普通合伙）（以下简称"毕马威华振"），2012年7月10日取得工商营业 执照，并于2012年8月1日正式运营。 毕马威华振总所位于北京，注册地址为北京市东城区东长安街1号东方广场 东2座办公楼8层。 ...

特别提示： 本次会计政策变更对公司资产负债表，现金流量表没有影响，不会对营业收 入、净利润产生影响。 牧原食品股份有限公司（以下简称"公司"）于 2026 年 3 月 27 日召开了第五 届董事会第十四次会议审议通过了《关于会计政策变更的议案》。本次会计政策 变更无需提交股东会审议。现将有关情况公告如下： 一、会计政策变更概述 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-035 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于会计政策变更的公告 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。 （一）变更原因 根据《企业会计准则第 16 号——政府补助》（财会〔2017〕15 号）的规定， 政府补助可以采用总额法和净额法两种方法进行核算。 公司主营业务为生猪的养殖销售、生猪屠宰，根据国务院颁布的《国务院关 于促进生猪生产发展稳定市场供应的意见》及相关政策，各级财政对各地区生猪 保险进行不同比例的补贴，所有符合条件的养殖企业均可投保。生猪保险补助不 直 ...

牧原食品股份有限公司 环境、社会及治理（ESG）报告 2025 年 度 关于本报告 董事会声明 董事长致辞 走进牧原 ESG 治理 治理 环境 社会 附录 前瞻性声明 我们密切关注 ESG 议题对企业发展的潜在影响，并积极为未来做好准备。除历史事实外，本报告包含未来 趋势展望等前瞻性陈述，但因多种不确定因素的影响，实际结果可能存在差异。 编制依据 本报告遵循主流 ESG 披露准则，将定量绩效与定性分析相结合，系统披露各项创新实践，促进透明沟通与价 值共创。 国际标准和依据 • 国际可持续准则理事会（ISSB）《国际财务报告可持续披露准则第 1 号——可持续相关财务信息一般披露要求》 （IFRS S1）和《国际财务报告可持续披露准则第 2 号——气候相关披露》（IFRS S2） 国内标准和依据 语言版本 本报告提供中文简体、中文繁体和英文三个版本。如各语言版本存在歧义或冲突，请以中文简体版本为准。 报告获取方式 本报告以印刷版及电子版两种形式发布。电子报告可通过巨潮资讯网（www.cninfo.com.cn）、香港联交所披 露易网站（www.hkexnews.hk）和公司网站（www.muyuanfoods.c ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026-029 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 牧原食品股份有限公司 关于聘任公司2026年度审计机构的公告 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。 特别提示： （一）机构信息 1、基本信息 毕马威华振会计师事务所于1992年8月18日在北京成立，于2012年7月5日获 财政部批准转制为特殊普通合伙的合伙制企业，更名为毕马威华振会计师事务 所（特殊普通合伙），2012年7月10日取得工商营业执照，并于2012年8月1日正 式运营。 毕马威华振总所位于北京，注册地址为北京市东城区东长安街1号东方广场 东2座办公楼8层。 毕马威华振的首席合伙人邹俊，中国国籍，具有中国注册会计师资格。 2025年12月31日，毕马威华振有合伙人247人，注册会计师1,412人，其中 签署过证券服务业务审计报告的注册会计师超过330人。 1、拟续聘的审计机构：毕马威华振会计师事务所（特殊普通合伙）（以下 简称"毕马威华振"）。 2、续聘毕 ...

Summary of Muyuan Foodstuff Co. Ltd. Conference Call Company Overview - **Company**: Muyuan Foodstuff Co. Ltd. (牧原股份) - **Industry**: Hog Farming in China - **Stock Ratings**: Overweight (OW) for both A-shares and H-shares Key Points Industry Insights - **Pork Price Trends**: Current hog prices are below RMB 11/kg, with limited downside potential. A price turning point is expected in the second half of 2026, driven by a decline in breeding sow inventory since September 2025 due to industry losses [2][13] - **Supply Dynamics**: The industry is anticipated to see a significant reduction in hog supply, with a projected average price of RMB 13.0/kg in 2026, a 10% year-on-year decrease. The first half of 2026 is expected to average RMB 12.2/kg, while the second half may rise to RMB 14.0/kg [2][14] Company Performance - **Cost Efficiency**: Muyuan is recognized as a cost leader in the hog farming sector, with a projected cost reduction from RMB 12.1/kg in 2025 to RMB 10.9/kg in 2026. The company’s gross profit from hog farming is expected to be RMB 20.6 billion in 2026, increasing to RMB 32.4 billion in 2027 [3][21] - **Downstream Expansion**: Muyuan has expanded into downstream processing, becoming the largest slaughterhouse in China by volume in 2024. The slaughter volume is expected to increase from 27 million heads in 2025 to approximately 35 million heads in 2026, contributing about 3% to net profit [3][21] Financial Projections - **Earnings Growth**: The company anticipates a compound annual growth rate (CAGR) of 34% in earnings from 2025 to 2027. The target price is set at RMB 58 for A-shares and HKD 59 for H-shares, based on a P/E ratio of 18x for A-shares and 16x for H-shares [4][22] - **Revenue Outlook**: Revenue growth is expected to be flat from 2025 to 2027, primarily due to fluctuations in hog prices and stable sales volumes. However, the expansion into downstream operations is expected to provide some support [21] Risks and Considerations - **Market Risks**: Key risks include slower-than-expected inventory reduction, rising costs, and potential outbreaks of diseases affecting hog production. Additionally, the market may not fully account for the upcoming price recovery in the hog sector [4][22][27] Conclusion - **Investment Recommendation**: The report recommends an overweight position on Muyuan Foodstuff Co. Ltd., highlighting its cost-saving capabilities and potential for growth as the hog market transitions from a downturn to an upturn [1][4]

Summary of the Conference Call for Muyuan Foods Co., Ltd. Industry Overview - The swine industry is transitioning to a "new paradigm" characterized by stable pork prices, internal cost-driven growth, and a shift in investment logic from external capital to internal efficiency [2][3][4] - The volatility of pork prices is decreasing due to increased industry scale and strategic changes by large farming enterprises, which now utilize balance sheets to manage cyclical losses [3][4] Core Insights and Arguments - **Cost Advantage**: Muyuan Foods has a significant cost advantage, with monthly costs dropping to 12 RMB/kg. The company invests over 2 billion RMB annually in R&D, establishing a competitive moat in feed formulation and smart farming [2][4] - **Financial Turning Point**: In 2024, the company is expected to achieve capital expenditures lower than depreciation for the first time, resulting in positive free cash flow, projected to reach 40 billion RMB in steady-state cash flow [2][6] - **Valuation Restructuring**: The company commits to a dividend payout ratio of no less than 40% from 2024 to 2026, with a free cash flow to profit ratio of 1.6 times, indicating a potential shift from a cyclical stock to a value stock [2][6] - **International Expansion**: Muyuan Foods is entering the Vietnamese market with a 30-year plan targeting 10 million heads of livestock, where profitability per head is 2-3 times higher than in China, and feed profitability is 3 times higher [2][8][9] Key Competitive Advantages - **Scale Advantage**: Muyuan Foods' output is equivalent to the combined total of the second to fifth largest competitors, providing a rare scale that supports internal growth [4][5] - **R&D and Management Excellence**: The company maintains the lowest breeding costs in the industry while managing nearly 100 million pigs, demonstrating strong cost control capabilities [4][5] - **Strategic Consistency**: The company has maintained a focus on its core business of pig farming and slaughtering for 30 years, ensuring high execution efficiency and employee cohesion [5] Future Growth Path and Value Proposition - **Domestic Business**: Continuous technological innovation in all aspects of breeding, feed, health, and management is expected to enhance cost efficiency [5] - **Overseas Expansion**: The Vietnamese market presents a significant growth opportunity due to its higher profitability and favorable entry conditions following recent industry disruptions [8][9] - **Financial Optimization**: A declining debt ratio and reduced financial costs are expected to enhance profit elasticity, with annual depreciation of 150 billion RMB set to decrease significantly after reaching maturity [5][6] Financial Status and Trends - **Capital Expenditure and Cash Flow**: The company is experiencing a pivotal shift with capital expenditures expected to drop from 46 billion RMB in 2020 to over 8 billion RMB by 2025, while maintaining a significant depreciation expense [6][7] - **Dividend Potential**: The free cash flow to profit ratio is projected to be between 1.6 and 1.8, aligning with high-value companies, supporting a robust dividend policy [6][7] - **Profit Stability**: The probability of annual losses has significantly decreased, with stable cash flow expected to reach around 40 billion RMB [7] Conclusion - Muyuan Foods is positioned to benefit from the new industry paradigm, with stable profit expectations, internal growth driven by cost control, and a potential shift towards a value stock profile, enhancing its growth and valuation attributes [4][6]

Quantitative Models and Construction Methods - **Model Name**: CSI Livestock Breeding Industry Index **Model Construction Idea**: The index aims to comprehensively reflect the price changes and overall performance of securities related to the livestock breeding industry, including livestock products, animal health and breeding, feed, meat products, and dairy products[30][31] **Model Construction Process**: 1. **Sample Space**: Includes A-shares and depositary receipts of red-chip enterprises that meet the following conditions: - Non-ST or *ST securities - For STAR Market and Beijing Stock Exchange securities: listed for more than one and two years, respectively - For other securities: listed for more than one quarter unless their daily average total market value ranks in the top 30 since listing 2. **Selection Method**: - Filter securities based on investability, retaining the top 90% by daily average trading volume over the past year - Select securities from the livestock products, animal health and breeding, feed, meat products, and dairy products industries as candidates - Rank the candidates by daily average total market value over the past year and select the top 50 securities as index samples, prioritizing livestock products, animal health and breeding, and feed industries 3. **Weighting Method**: Adjusted free-float market capitalization weighting 4. **Sample and Weight Adjustment**: - Regular adjustments occur semi-annually (implemented on the trading day following the second Friday of June and December) - Temporary adjustments are made for special cases like delisting or corporate actions[31] **Model Evaluation**: The index is highly focused on the core livestock breeding industry, with a strong correlation to the pig cycle and high exposure to leading enterprises, making it a precise tool for tracking the industry[30][31] Model Backtesting Results - **CSI Livestock Breeding Industry Index**: - Dividend Yield: 2.87% - Price-to-Earnings Ratio (PE): 20.61 (39.16% historical percentile) - Price-to-Book Ratio (PB): 2.77 (80.50% historical percentile)[40][41] - Profit Growth Forecast: - 2025: Net profit of 60.23 billion RMB, YoY growth of 2.07% - 2026: Net profit of 72.43 billion RMB, YoY growth of 20.23% - 2027: Net profit of 89.45 billion RMB, YoY growth of 23.52%[42][43][44] Quantitative Factors and Construction Methods - **Factor Name**: Pig Industry Concept Exposure **Factor Construction Idea**: Focuses on the exposure of index components to the pig industry, aiming to enhance the index's sensitivity to pig cycle dynamics[38] **Factor Construction Process**: - The top 10 components with pig industry exposure account for 46.47% of the total weight, higher than similar indices like CSI Agriculture (31.71%) and CSI Livestock (42.97%) - Overweights leading pig farming companies such as Muyuan Foods (+5.0%) and Wens Foodstuff (+4.8%), with a cumulative overweight ratio close to 10%[38][39] **Factor Evaluation**: The high exposure to the pig industry enhances the index's ability to track pig cycle trends and industry profitability, making it a highly representative and precise tool for investors[38][39] Factor Backtesting Results - **Pig Industry Concept Exposure**: - Top 10 components' pig industry exposure weight: 46.47% - Overweight ratio for leading companies: Muyuan Foods (+5.0%), Wens Foodstuff (+4.8%)[38][39]