Core Viewpoint - Muyuan Foods (002714.SZ) has submitted an application for issuance and listing to the Hong Kong Stock Exchange on November 28, 2025, in compliance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] Group 1 - The application materials were prepared and published according to the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The submitted application is a draft version, and the information contained may be updated and revised as necessary [1]

| 证券代码：002714 | 证券简称：牧原股份 公告编号：2025-106 | | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | 牧原食品股份有限公司 https://www1.hkexnews.hk/app/sehk/2025/107899/documents/sehk25112800919 _c.pdf 英文： https://www1.hkexnews.hk/app/sehk/2025/107899/documents/sehk25112800920. pdf 需要特别予以说明的是，本公告仅为境内投资者及时了解本次发行并上市的 相关信息而作出。本公告以及刊登于香港联交所网站的申请资料均不构成也不得 视作对任何个人或实体收购、购买或认购公司本次发行的境外上市外资股（H 股） 的要约或要约邀请。 关于申请发行境外上市外资股（H 股）并上市的进展公告 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 ...

Core Insights - Muyuan Foods Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] - The company is a technology-driven leader in the pork industry, recognized as a pioneer in smart pig farming, and operates a vertically integrated business model covering the entire pork supply chain [1] Industry Position - According to Frost & Sullivan, since 2021, Muyuan Foods has been the largest pig farming enterprise globally in terms of production capacity and slaughter volume, maintaining the highest slaughter volume for four consecutive years [1] - The company expanded into the pork slaughtering and meat processing business in 2019 to enhance its operational advantages across the entire supply chain [1] Financial Performance - By 2024, Muyuan Foods is projected to rank fifth globally and first in China in terms of slaughter numbers, according to Frost & Sullivan [1] - The revenue compound annual growth rate (CAGR) of the company's slaughtering and meat processing business from 2021 to 2024 is expected to be the highest among large peers in the Chinese industry [1]

Core Viewpoint - Muyuan Foods Co., Ltd. has submitted an application to list on the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors. The company is recognized as a technology-driven leader in the pork industry, employing a vertically integrated business model that covers the entire pork production chain from breeding to slaughtering and meat processing [1]. Group 1: Company Overview - Muyuan Foods is the largest pig farming enterprise globally in terms of production capacity and output since 2021, maintaining the highest pig output for four consecutive years [1]. - The company expanded into the pork slaughtering and meat processing business in 2019 to enhance its operational advantages across the entire industry chain [1]. Group 2: Market Position and Growth - According to Frost & Sullivan, Muyuan Foods is projected to rank fifth globally and first in China in terms of slaughtering numbers by 2024 [1]. - The revenue compound annual growth rate (CAGR) of the company's slaughtering and meat processing business from 2021 to 2024 is the highest among large peers in the Chinese industry [1].

农林牧渔行业今日上涨1.59%，全天主力资金净流入1.78亿元，该行业所属的个股共105只，今日上涨的 有86只，涨停的有2只；下跌的有17只，跌停的有1只。以资金流向数据进行统计，该行业资金净流入的 个股有48只，其中，净流入资金超千万元的有14只，净流入资金居首的是海南橡胶，今日净流入资金 8739.29万元，紧随其后的是牧原股份、平潭发展，净流入资金分别为6008.70万元、4690.24万元。农林 牧渔行业资金净流出个股中，资金净流出超千万元的有11只，净流出资金居前的有国联水产、荃银高 科、贤丰控股，净流出资金分别为4351.86万元、2775.85万元、2749.65万元。（数据宝） 农林牧渔行业资金流入榜 | 代码 | 简称 | 今日涨跌幅（%） | 今日换手率（%） | 主力资金流量（万元） | | --- | --- | --- | --- | --- | | 601118 | 海南橡胶 | 8.17 | 2.95 | 8739.29 | | 002714 | 牧原股份 | 1.70 | 0.74 | 6008.70 | | 000592 | 平潭发展 | 10.05 | 30.96 | 4 ...

据港交所文件：牧原食品股份有限公司向港交所提交上市申请书。 来源：滚动播报 ...

农林牧渔行业 超配（维持） 农林牧渔行业双周报（2025/11/14-2025/11/27） 行 业 牧原股份赴港上市获证监会备案 2025 年 11 月 28 日 投资要点： 风险提示：疫病大规模爆发，价格下行，自然灾害，市场竞争加剧等。 资料来源：iFinD ，东莞证券研究 本报告的风险等级为中高风险。 本报告的信息均来自已公开信息，关于信息的准确性与完整性，建议投资者谨慎判断，据此入市，风险自担。 请务必阅读末页声明。 分析师：魏红梅 SAC 执业证书编号： S0340513040002 电话：0769-22119462 邮箱：whm2@dgzq.com.cn SW农林牧渔行业略跑赢沪深300指数。2025年11月14日—2025年11月27日， SW农林牧渔行业下跌3.79%，跑赢同期沪深300指数约0.18个百分点；细分 板块中，仅渔业录得正收益，上涨7.89%；动物保健、种植业、养殖业、 饲料和农产品加工均录得负收益，分别下跌0.85%、3.31%、3.34%、4.76% 和7.96%。估值方面，截至2025年11月27日，SW农林牧渔行业指数整体PB （整体法，最新报告期，剔除负值）约2.80倍 ...

数据宝统计，基金参与调研股中，近5日资金净流入的有8只，牧原股份近5日净流入资金1.28亿元，主 力资金净流入最多；净流入资金较多的还有恺英网络、四方达等，净流入资金分别为4016.43万元、 2395.00万元。（数据宝） 11月27日基金调研公司一览 | 代码 | 简称 | 基金家数 | 最新收盘价（元） | 近5日涨跌幅（%） | 行业 | | --- | --- | --- | --- | --- | --- | | 002353 | 杰瑞股份 | 56 | 51.30 | -1.67 | 机械设备 | | 002517 | 恺英网络 | 32 | 21.97 | 5.07 | 传媒 | | 688049 | 炬芯科技 | 25 | 52.33 | 3.83 | 电子 | | 301550 | 斯菱股份 | 20 | 105.10 | 27.24 | 汽车 | | 688233 | 神工股份 | 18 | 66.04 | -0.44 | 电子 | | 688322 | 奥比中光 | 11 | 82.00 | 2.74 | 电子 | | 605488 | 福莱新材 | 11 | 32.33 | 2.47 ...

Group 1: Company Performance Highlights - Rilian Technology (688531.SH) achieved a revenue growth of 44.01% year-on-year, with a total revenue of 737 million CNY in the first three quarters of 2025[10] - Weisheng Information (688100.SH) reported a total revenue of 2.745 billion CNY in 2024, reflecting a year-on-year growth of 23.35%[14] - Foxit Software (688095.SH) recorded a revenue of 676 million CNY in the first three quarters of 2025, up 32.81% year-on-year[16] - Zhejiang Xiantong (603239.SH) maintained a strong position in the automotive sealing strip market, benefiting from the rising demand for high-end products[21] - Jin Yinhe (300619.SH) reported a significant increase in net profit by 220.37% year-on-year, reaching 12 million CNY in the third quarter of 2025[30] Group 2: Market Trends and Strategic Moves - Rilian Technology plans to acquire 66% of SSTI, enhancing its capabilities in semiconductor testing equipment[12] - Weisheng Information is expanding its international business, focusing on energy IoT projects in countries along the Belt and Road[15] - Foxit Software is transitioning to a subscription model, with subscription revenue growing by 68% year-on-year in the third quarter[18] - Zhejiang Xiantong is entering the robotics sector, aiming to diversify its business and enhance growth potential[24] - Jin Yinhe is expected to benefit from the lithium battery industry's growth, with projected revenues of 20.50 billion CNY in 2025[36]

Group 1 - The core viewpoint of the article is that Muyuan Foods (SZ 002714) has provided an update on its business operations and revenue composition during an investor meeting held on November 27, 2025 [1] - In the first half of 2025, the revenue composition of Muyuan Foods was as follows: 98.67% from the breeding industry, 25.3% from slaughtering and meat processing, 1.63% from trading, and 0.5% from other businesses, with a reduction of 26.11% in certain areas [1]