在屠宰肉食业务方面，2025年前三季度，牧原股份共计屠宰生猪1916万头，同比增长140%，产能利用 率为88%。"今年以来，公司屠宰量逐步提升，内部经营情况也明显改善，屠宰肉食业务在第三季度实 现了单季度的盈利，标志着公司整体经营策略已初见成效，开始步入发展的新阶段。下一步，公司将把 握好春节前的消费旺季，进一步拓展客户群体及销售渠道，提升产品品质与服务质量，争取实现全年扭 亏为盈。"牧原股份表示。 谈及赴港上市进展，牧原股份称："现阶段处于中国证监会备案环节，正在按流程推进。" 编辑 岳彩周 校对 穆祥桐 转自：贝壳财经 新京报贝壳财经讯（记者阎侠）10月31日，牧原股份发布投资者关系活动记录表。2025年前三季度，牧 原股份实现营业收入约1117.9亿元，同比增长15.52%；归属于上市公司股东的净利润约147.79亿元，同 比增长41.01%。 牧原股份表示："截至2025年三季度末，公司资产负债率为55.50%，较二季度末有所下降，负债总额较 年初已下降约98亿元，如果考虑10月完成的50亿元权益分派，今年提出的降负债目标已超额完成。后续 公司将通过债务结构不断优化与资本开支精准管控，提升整体发展质 ...

Core Insights - The core viewpoint of the article highlights the financial performance of Muyuan Foods (牧原股份) in the third quarter of 2025, showing a significant decline in revenue and net profit due to falling pig prices, while also noting improvements in operational efficiency and cost management [2][9]. Financial Performance - For the first three quarters of 2025, Muyuan Foods achieved a revenue of 111.79 billion yuan, representing a year-on-year increase of 15.52% [2][3]. - In the third quarter alone, the company reported a revenue of 35.33 billion yuan, which is a decrease of 11.48% compared to the same period last year [6][9]. - The net profit attributable to shareholders for the first three quarters was 14.78 billion yuan, up 41.01% year-on-year, but in the third quarter, it fell to 4.25 billion yuan, down 55.98% year-on-year [2][3][9]. Operational Highlights - Muyuan Foods sold 57.32 million pigs from January to September 2025, marking a 27% increase year-on-year [7]. - The company has reduced its breeding sow inventory to 3.305 million by the end of the third quarter in response to national capacity control measures [7]. - The complete cost of pig farming decreased to 11.6 yuan/kg in September, down 1.5 yuan/kg from January, attributed to improved production performance and reduced overhead costs [7][10]. Cash Flow and Financial Structure - The net cash flow from operating activities for the first three quarters was 28.58 billion yuan [8]. - As of the end of the third quarter, the company's debt-to-asset ratio was 55.50%, showing a decrease from the previous quarter, with total liabilities down by approximately 9.8 billion yuan since the beginning of the year [8]. Industry Context - The article notes that the decline in revenue and profit is not unique to Muyuan Foods, as other major pig farming companies also reported similar downturns due to falling pig prices [9]. - The average price of live pigs dropped from 14.7 yuan/kg at the end of June to 12.24 yuan/kg by the end of September, impacting the profitability of the industry [9]. - Analysts suggest that companies with lower production costs, such as Muyuan Foods, are better positioned to navigate the current market challenges and may benefit from future price rebounds [10].

Core Insights - The report emphasizes a strategic shift towards financial and consumer sectors, indicating a positive market outlook following the resolution of tariff impacts and a rebound after initial panic [4][7] - The report highlights the importance of new economic technologies and service consumption, alongside traditional resource industries, as key investment themes for the upcoming quarter [4][7] - The report identifies a favorable environment for investment, driven by domestic policy shifts and international cooperation, particularly in consumption and technology sectors [4][7] Company Summaries - **Haier Smart Home (600690)**: The company is positioned as a global leader in home appliances, focusing on digital transformation and supply chain optimization. It aims to enhance its global competitiveness through increased self-sufficiency in core components and overseas expansion [12] - **Lixing Shares (300421)**: As a leader in the rolling body industry, the company is expanding into high-end products like ceramic rolling bodies, benefiting from the recovery in high-speed rail and wind power sectors, with steady growth expected [13] - **China National Glass (600176)**: The company is experiencing improved profitability due to product price recovery and cost reductions. Its gross margin for Q3 2025 was 32.8%, reflecting a 4.6 percentage point increase year-on-year [14] - **Lihigh Food (300973)**: The company is leveraging management efficiency, channel benefits, and product upgrades to enhance performance [15] - **Muyuan Foods (002714)**: As a leading player in pig farming, the company maintains a solid cost advantage and is committed to high-quality development [16] - **Landai Technology (002765)**: The company is rapidly expanding its new energy business, with significant growth in sales and revenue share expected from 2022 to 2024 [17] - **Hui Electric (002463)**: The company is increasing capital expenditure to support growth, with a focus on AI servers and switches, and is expected to reach a reasonable economic scale by the end of 2025 [19] - **Xiechuang Data (300857)**: The company is investing heavily in computing power, with strong demand for AI computing services driving growth [20] - **Tencent Holdings (00700)**: The company has established a robust user base through its social networks, enabling it to build a diverse ecosystem across various sectors, including digital content and financial technology [21] - **Greentown Service (02869)**: The company is focusing on its core business and reforming its operations, resulting in rapid profit growth and improved financial metrics [22]

Core Insights - The Biotech Index (970038) closed at 2279.35 points, up 0.77%, with a trading volume of 28.709 billion yuan and a turnover rate of 1.85% [1] - Among the index constituents, 41 stocks rose, with Hualan Vaccine leading at a 17.88% increase, while 8 stocks fell, with Deep Technology leading the decline at 6.38% [1] Index Performance - The Biotech Index saw a net inflow of 140 million yuan from institutional investors, while retail investors contributed a net inflow of 210 million yuan, and there was a net outflow of 350 million yuan from speculative funds [1] Top Constituents - The top ten constituents of the Biotech Index include: - Mindray Medical (sz300760) with a weight of 13.81%, latest price at 215.04, and a decrease of 0.76% [1] - Changchun High-tech (sz000661) with a weight of 5.41%, latest price at 112.26, and a decrease of 2.55% [1] - Kanglong Chemical (sz300759) with a weight of 4.66%, latest price at 33.51, and an increase of 1.12% [1] - Other notable constituents include Muyuans (sz002714) and Aimeike (sz300896) with respective weights of 3.66% and 3.44% [1] Capital Flow Details - Detailed capital flow for key stocks includes: - Mindray Medical saw a net inflow of 26.2 million yuan from institutional investors [2] - Muyuans had a net inflow of 203 million yuan from institutional investors [2] - Hualan Vaccine experienced a net inflow of 74.8 million yuan from institutional investors [2]

Core Viewpoint - The company, Muyuan Foods, announced on October 31 that its Hong Kong listing project is currently in the filing stage with the China Securities Regulatory Commission and is progressing according to the required procedures [1] Group 1 - The company is committed to adhering to legal regulations and will fulfill its information disclosure obligations in a timely manner based on the progress of relevant matters [1]

Core Viewpoint - Muyuan Foods announced improvements in production efficiency and cost management, with significant reductions in cost per kilogram and enhanced health standards for livestock [1] Cost Management - The cost dispersion between production lines has decreased, with over 80% of production lines achieving costs below 12 RMB/kg and about 25% below 11 RMB/kg [1] - The best-performing production line has reached a cost of 10.5 RMB/kg [1] Production Efficiency - The weaning-to-marketing survival rate reached 93% in September, with an overall survival rate of approximately 87% [1] - The pigs' average daily weight gain is around 880 grams, and the feed-to-meat ratio during the fattening phase is approximately 2.64 [1] Health and Management Improvements - Enhancements in pig herd health have been achieved by raising the standards for breeding pigs and improving the health of sows, along with significant progress in controlling key diseases such as blue ear disease and PED [1] - Management practices have been optimized to reduce direct contact between staff and pigs, minimizing disease spread and lowering treatment costs [1] - The company aims to further improve operational efficiency and refine management practices to continue reducing costs [1]

（编辑 袁冠琳） 证券日报网讯 牧原股份10月31日发布公告，在公司回答调研者提问时表示，在国内，公司已完成大规 模的产能建设，越来越多的场线进入到满产运营状态，未来国内部分的资本开支将呈现下降趋势。在国 外，公司希望充分把握海外市场的发展机遇，为公司业务开拓新的增长空间。近期，公司与BAF越南农 业股份公司签署合作协议，双方将合作在越南建设并运营楼房养殖项目。根据内部评估，公司认为将自 身的技术及生产体系复制到海外市场，能够取得较好的盈利。因此，与海外合作伙伴共同在当地落地项 目会是公司未来几年海外资本开支的方向，具体量级将根据海外业务的进展确定，但相比于国内的资本 开支，预计将处于较低水平。后续公司将结合市场情况、战略发展规划、生产经营需要综合决策明年资 本开支水平。 ...

2025 年 10 月 31 日 牧原股份 (002714) 上 市 公 司 农林牧渔 ——成本稳步下降优势显著，生猪龙头稳健高质量发展 报告原因：有业绩公布需要点评 买入（维持） | 市场数据： | 2025 年 10 月 30 日 | | --- | --- | | 收盘价（元） | 49.68 | | 一年内最高/最低（元） | 59.68/35.72 | | 市净率 | 3.5 | | 股息率%（分红/股价） | 4.70 | | 流通 A 股市值（百万元） | 189,310 | | 上证指数/深证成指 | 3,986.90/13,532.13 | | 注："股息率"以最近一年已公布分红计算 | | | 基础数据: | 2025 年 09 月 30 日 | | --- | --- | | 每股净资产（元） | 13.89 | | 资产负债率% | 55.50 | | 总股本/流通 A 股（百万） | 5,463/3,811 | | 流通 B 股/H 股（百万） | -/- | 一年内股价与大盘对比走势： 10-30 11-30 12-31 01-31 02-28 03-31 04-30 05-31 ...

证券日报网讯 牧原股份（002714）10月31日发布公告，在公司回答调研者提问时表示，若考虑10月份 已完成50亿元权益分派，公司三季度末的资产负债率相比二季度末有一定程度下降，并且已经超额完成 了年初制定的降负债总额100亿元的目标。对于四季度以及明年的降负债规划，公司未制定具体目标， 在当前的市场行情下，公司会采取更为审慎的经营策略，优先保证现金流的充裕与安全。但长期来看， 公司仍会持续推进降负债的工作，希望能够把资产负债率降到50%以下，具体的实施进展将根据每年的 经营情况而定。 ...

牧原股份相关负责人在三季报交流会中表示，年初至今虽然饲料价格小幅上涨，但由于公司生产成绩的持续改善与管理水平的不断提升，生猪养殖完全成 本仍呈现逐月下降趋势，9月已降至11.6元/kg，较1月下降1.5元/kg。 报告显示，牧原股份第三季度实现营业收入353.27亿元，归母净利润42.49亿元。公司现金流情况及财务结构持续改善，前三季度经营活动产生的现金流量 净额为285.80亿元；货币资金190.35亿元，较年初增加20.84亿元。 10月30日晚间，牧原股份（002714）(002714.SZ)发布了2025年第三季度报告。2025年1-9月，牧原股份实现营业收入1117.90亿元，同比增长15.52%，实现 归母净利润147.79亿元，同比增长41.01%。 三季报显示，截至9月末，牧原股份总负债规模已较年初减少97.96亿元，资产负债率为55.50%，较年初下降3.18个百分点。从负债结构来看，2025年三季 度末短期借款环比压降66.48亿元，应付票据与应付账款压降16.93亿元。 牧原楼房养殖综合体 值得一提的是，三季度末负债总额中有应付股利50.04亿元，公司在10月份已完成半年度权益分派。这也 ...