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]

Cost Management - The total cost of pig farming in October 2025 is approximately 11.3 CNY/kg, showing a decrease of nearly 0.3 CNY/kg from the previous month, primarily due to reduced period expenses and improved production metrics [4] - About one-third of the company's production lines have costs below 11 CNY/kg, indicating a feasible path to further cost reduction [5] - The company aims to replicate successful management practices across different production lines to minimize cost variance and enhance overall efficiency [5] Slaughtering and Meat Processing - The company slaughtered over 22 million pigs from January to October 2025, with an expected year-on-year doubling of slaughter volume [6] - The meat processing segment is experiencing increased customer loyalty and service capability, contributing to stable product pricing [6] - Future plans include expanding slaughter capacity, optimizing customer structure, and enhancing operational efficiency through digital management [6] Disease Prevention - A comprehensive disease prevention system has been established, including physical barriers and smart monitoring technologies to ensure pig health [7][8] - The company emphasizes standardized processes and staff training to enhance disease control measures [8] Market and Pricing Outlook - Government policies and market adjustments are improving the supply-demand situation in the pig market, promoting stable and reasonable pricing in the long term [9] - The company focuses on cost leadership to maintain positive cash flow during potential low-price periods, ensuring long-term operational stability [9] Piglet Sales and Costs - The cost of weaned piglets has decreased from approximately 270 CNY/head at the beginning of the year to around 230-240 CNY/head recently [10] - The company plans to innovate piglet sales strategies based on market demand and customer needs, aiming for stable supply and competitive pricing [11]

Core Viewpoint - The article highlights the significant role of financial support in fostering technological innovation and industrial development in Henan, emphasizing a tailored approach to financing that aligns with the specific needs of different stages of technology enterprises [1][4][10]. Financial Support for Technology Enterprises - Henan's banking sector has shifted from traditional collateral-based lending to a model that evaluates technology, industry, and future potential, providing comprehensive financial support throughout the lifecycle of technology companies [4][6]. - The Export-Import Bank has provided over 1 billion yuan in credit to companies like Hengxing Technology, supporting their transformation and expansion efforts since 2012 [5]. Innovative Financial Products - The banking industry in Henan has developed specialized financial products such as photovoltaic loans, clean energy project loans, and cold chain logistics loans to cater to the unique characteristics of technology enterprises [7]. - Zhongyuan Bank has tailored financing solutions for companies like Wanjing New Energy, providing 88 million yuan in credit, including a 15-year clean energy project loan at a 3.6% interest rate [8]. Technological Advancements in Agriculture - The article discusses the integration of technology in agriculture, particularly in smart pig farming, where data analytics and AI are used to optimize growth conditions and improve efficiency [10]. - Financial institutions like Everbright Bank have significantly increased their credit support for companies like Muyuan, reflecting the growing demand for working capital in the expanding pig farming sector [10][11]. Policy and Regulatory Support - The financial ecosystem in Henan is being enhanced through coordinated efforts between fiscal and financial policies, including the establishment of risk compensation funds and green industry investment guidance funds [11]. - The regulatory body has implemented mechanisms to ensure that financial policies are effectively executed, focusing on supporting small and micro enterprises, technological innovation, and green development [11].

Core Insights - The article emphasizes the importance of financial support in fostering technological and industrial innovation in Henan, highlighting a tailored approach to financing that aligns with the specific needs of different stages of technology enterprises [1][2][5]. Financial Support for Technology Enterprises - Henan's banking sector has shifted from traditional collateral-based lending to a model that evaluates technology, industry, and future potential, providing comprehensive financial support throughout the lifecycle of technology companies [2][4]. - The case of Hengxing Technology illustrates how financial institutions have supported its transformation and growth through various credit products, with over 1 billion yuan in loans provided by the Export-Import Bank [3][4]. Innovative Financial Products - The banking industry in Henan has developed specialized financial products such as photovoltaic loans, clean energy project loans, and cold chain logistics loans to cater to the unique characteristics of technology enterprises [5][6]. - The introduction of these products aims to facilitate the growth of the technology and innovation sectors by ensuring that financial resources are effectively allocated [5]. Case Studies of Successful Financing - The establishment of Zhongke Qingneng, which focuses on liquid hydrogen technology, demonstrates the banks' willingness to support innovative startups despite their initial lack of profitability, with a loan of 10 million yuan provided by China Bank [3][4]. - The development of geothermal energy by Wanjing New Energy showcases the potential for innovative financing solutions in emerging sectors, with a loan of 88 million yuan structured to support their projects [6]. Strengthening the Financial Ecosystem - The article highlights the collaboration between financial institutions and technology enterprises, emphasizing the role of banks in enhancing the financing environment through policy alignment and innovative financial tools [8][9]. - The integration of digital technologies in banking services has improved the efficiency and accessibility of financing for enterprises, breaking down traditional barriers [7][9]. Comprehensive Support for the Agricultural Sector - The case of Muyuan Foods illustrates how banks have provided increasing credit support as the company expanded its operations, with loans growing from 300 million yuan in 2016 to 3 billion yuan in 2020 [8][9]. - The establishment of information-sharing mechanisms among stakeholders in the agricultural supply chain has enabled banks to better assess risks and tailor financing solutions [9].

Core Viewpoint - Muyuan Foods (牧原股份) has made progress in its application for overseas listing of H-shares on the Hong Kong Stock Exchange, receiving a registration notice from the China Securities Regulatory Commission (CSRC) [1] Group 1: Overseas Listing Progress - The company plans to issue no more than 546 million shares for overseas listing and has received a registration notice from the CSRC [1] - The registration notice confirms the company's overseas listing application but does not indicate any judgment on the investment value or returns for investors by the CSRC [1] - The company initiated its Hong Kong listing plan in early 2025 and submitted its application to the Hong Kong Stock Exchange on May 27 [1] Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 111.79 billion yuan, representing a year-on-year growth of 15.52%, and a net profit attributable to shareholders of 14.779 billion yuan, up 41.01% [2] - In the third quarter, the company reported a revenue of 35.327 billion yuan and a net profit of 4.249 billion yuan [2] Group 3: Strategic Partnerships - In August, the company signed a strategic cooperation agreement with Charoen Pokphand Group to enhance collaboration in various sectors including feed, pig farming, slaughtering, and food processing [2] - In September, the company further deepened its business cooperation with BAF Vietnam Agricultural Joint Stock Company, planning to build and operate a high-tech breeding project in Vietnam [2]

牧原股份养殖场智能供料系统 张佳琳 摄 ...

Core Viewpoint - The article highlights the significant role of financial support in fostering technological innovation and industrial development in Henan, emphasizing a tailored approach to financing that aligns with the specific needs of different stages of technology enterprises [1][5]. Group 1: Financial Support for Technology Enterprises - Henan's banking sector has shifted from traditional collateral-based lending to a model that evaluates technology, industry, and future potential, providing comprehensive financial support throughout the lifecycle of technology enterprises [1][3]. - The financial institutions in Henan have developed customized credit products and services for various industries and stages of enterprise growth, ensuring precise and timely financial assistance [1][4]. Group 2: Case Studies of Successful Enterprises - Hengstar Technology, established in 1995, has become a representative of high-quality manufacturing in Henan, benefiting from over 1 billion yuan in credit support from the Export-Import Bank, which has facilitated its transformation and expansion [2][3]. - Zhongke Qingneng, founded in 2022, focuses on liquid hydrogen technology, receiving 10 million yuan in credit support from China Bank, showcasing the bank's willingness to finance innovative but unproven business models [3][4]. Group 3: Innovative Financial Products - The banking sector in Henan has introduced specialized financial products such as photovoltaic loans, clean energy project loans, and cold chain logistics loans to address the unique challenges faced by technology enterprises [4][5]. - Central Bank of China has tailored financing solutions for emerging sectors like geothermal energy, providing 88 million yuan in credit to support innovative projects in this field [4][5]. Group 4: Integration of Technology and Finance - The article discusses the integration of digital technology in financial services, which enhances the ability of banks to provide timely and effective support to enterprises, breaking down traditional barriers [5][6]. - The financial ecosystem in Henan is being optimized through collaboration between financial institutions and government platforms, improving access to financing for technology-driven enterprises [5][7].

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of MUYUAN FOODS CO., LTD. 牧原食品股份有限公司 (A joint stock company incorporated in the People's Republic of China with limite ...

香港聯合交易所有限公司及證券及期貨事務監察委員會對本申請版本的內容概不負責，對其準確性或完整 性亦不發表任何聲明，並明確表示概不就因本申請版本全部或任何部分內容而產生或因依賴該等內容而引 致的任何損失承擔任何責任。 MUYUAN FOODS CO., LTD. 牧原食品股份有限公司 （於中華人民共和國註冊成立的股份有限公司） 的申請版本 警告 本申請版本乃根據香港聯合交易所有限公司（「聯交所」）及證券及期貨事務監察委員會（「證監會」）的要求 而刊發，僅用作提供資訊予香港公眾人士。 本申請版本為草擬本，其內所載資訊並不完整，亦可能會作出重大變動。 閣下閱覽本文件，即代表 閣 下知悉、接納並向牧原食品股份有限公司（「本公司」，連同其子公司為「本集團」）、本公司的聯席保薦 人、整體協調人、顧問或承銷團成員表示同意： 倘在適當時候向香港公眾人士提出要約或邀請，有意投資者務請僅依據於香港公司註冊處處長登記的本公 司招股章程作出投資決定。該文件的文本將於發售期內向公眾人士刊發。 (a) 本文件僅向香港公眾人士提供有關本公司的資料，概無任何其他目的。投資者不應根據本文件所載 的資料作出任何投資決定； (b) 在聯交所網站登 ...

多轮准备后进入实质推进期 【大河财立方 记者 徐兵】牧原股份赴港上市迎来关键进展。11月27日晚间，公司公告披露，已正式收 到证监会出具的《境外发行上市备案通知书》，拟发行不超过5.46亿股H股并在香港联交所主板上市。 自今年4月首次披露H股计划以来，牧原境外上市的关键合规手续已基本完成，上市进程再上台阶。 公司高层在近期公开场合也表示：牧原走向国际市场已不仅仅局限于出口产品，而是要"参与全球猪肉 供应链竞争"。牧原相关负责人在近期的行业论坛上表示，选择香港上市，是看重香港作为全球金融中 心的国际资本集聚效应，"希望让公司在更透明、更成熟的国际市场接受估值，进一步提升国际知名度 和影响力"。 该负责人还透露，牧原正加快搭建跨国团队，而赴港上市有望在引入国际人才、拓宽融资工具、推进全 球业务协同等方面形成推进器效应。 牧原的国际化步伐背后，是其不断强化的全球行业地位。弗若斯特沙利文数据显示，自2021年以来，牧 原已连续位居全球第一大生猪养殖企业；全球市场份额从2.6%增长至2024年的5.6%。过去三年，其屠 宰与肉食业务收入增速在国内大型同行中居首，在全球前十大生猪企业中也位居第一。 在牧原对外沟通中，效率 ...