Core Viewpoint - Muyuan Foods Co., Ltd. is making significant progress in its overseas listing plans, having received a registration notice from the China Securities Regulatory Commission for its H-share issuance in Hong Kong [1][2]. Group 1: Overseas Listing Progress - The company plans to issue no more than 546 million shares for its overseas listing on the Hong Kong Stock Exchange [1]. - The registration notice requires the company to report any major events during the listing process and to update registration materials if the listing is not completed within 12 months [1][2]. - The company initiated its Hong Kong listing plan in early 2025 and submitted its application 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 - The company signed a strategic cooperation agreement with Charoen Pokphand Group to enhance collaboration in various sectors, including feed, pig farming, and food processing [2]. - In September, the company entered into a partnership with BAF Vietnam Agricultural Joint Stock Company to develop a high-tech pig farming project in Vietnam, with an estimated total investment of 3.2 billion yuan [2].

Core Viewpoint - Muyuan Foods has made significant progress in its plan to list H-shares in Hong Kong, having received the necessary approval from the China Securities Regulatory Commission (CSRC) for its overseas issuance and listing [1][4]. Group 1: Listing Details - The company plans to issue no more than 546,276,700 H-shares and list on the main board of the Hong Kong Stock Exchange [1]. - The issuance will account for up to 8% of the company's total share capital post-issuance, with an overallotment option of up to 15% of the issued shares [4]. Group 2: Strategic Intent - The listing is part of Muyuan's strategy to enhance its international presence and create a global capital operation platform, aiming to diversify financing channels and tools [5]. - The funds raised will primarily be used for product research and development, overseas market expansion, strategic investments, and to supplement working capital [4]. Group 3: Market Position - Muyuan Foods is recognized as the world's largest pig farming enterprise by production capacity and slaughter volume since 2021, with a global market share in pig slaughtering increasing from 2.6% in 2021 to 5.6% in 2024 [5]. - The company has established strategic partnerships with local farming companies in Vietnam, indicating its commitment to expanding its international operations [4].

Core Viewpoint - Muyuan Foods Co., Ltd. has received a notice from the China Securities Regulatory Commission regarding its plan to issue up to 546 million overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] Group 1 - The company plans to issue no more than 546 million shares for overseas listing [1] - The issuance is subject to reporting any significant events to the China Securities Regulatory Commission through the designated management information system [1] - The company must report the status of the issuance and listing within 15 working days after the completion of the overseas listing [1] Group 2 - If the overseas listing is not completed within 12 months from the date of the notice, the company must update its filing materials to continue the process [1]

智通财经APP讯，牧原股份(002714.SZ)公告，公司正在进行申请境外上市外资股(H股)发行并在中国香 港联合交易所有限公司主板挂牌上市的相关工作。公司近日已收到中国证监会出具的《关于牧原食品股 份有限公司境外发行上市备案通知书》。 ...

格隆汇11月27日丨牧原股份(002714.SZ)公布，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（简称"香港联交所"）主板挂牌上市的相关工作。公司于近日收到中国证券监督管 理委员会（简称"中国证监会"）出具的《关于牧原食品股份有限公司境外发行上市备案通知书》。 ...

牧原股份公告，发行境外上市外资股（H股）获得中国证监会备案。 ...

| 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2025-105 | | --- | --- | --- | | 债券代码：127045 | 债券简称：牧原转债 | | 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"香港联交所"）主板挂牌上 市（以下简称"本次发行并上市"）的相关工作。公司于近日收到中国证券监督 管理委员会（以下简称"中国证监会"）出具的《关于牧原食品股份有限公司境 外发行上市备案通知书》（国合函〔2025〕2113 号）（以下简称"备案通知书"）。 备案通知书主要内容如下： 一、公司拟发行不超过 546,276,700 股境外上市普通股并在香港联合交易所 上市。 二、自备案通知书出具之日起至本次境外发行上市结束前，公司如发生重大 事项，应根据境内企业境外发行上市有关规定，通过中国证监会备案管理信息系 统报告。 三、公司完成境外发行上市后 15 个工作日内，应通过中国证监会备案管理 信息系统报告发行上市情况。公司在境外发行上市过程中应严格遵守境内外有关 法律、法规和规则。 四、公司自备案通知书出具之日起 ...

Core Points - The Biotech Index (970038) closed at 2134.66 points, down 0.06%, with a trading volume of 13.045 billion yuan and a turnover rate of 0.95% [1] - Among the index constituents, 22 stocks rose while 27 fell, with Hualan Vaccine leading the gainers at 2.57% and Jingxin Pharmaceutical leading the decliners at 5.97% [1] Index Constituents Summary - The top ten constituents of the Biotech Index include: - Mindray Medical (12.58% weight, latest price 196.30 yuan, market cap 238 billion yuan) [1] - Changchun High-tech (4.87% weight, latest price 99.66 yuan, market cap 40.655 billion yuan) [1] - Shimi Aoshi (4.74% weight, latest price 6.60 yuan, market cap 4.3811 billion yuan) [1] - Kanglong Chemical (4.55% weight, latest price 28.87 yuan, market cap 51.337 billion yuan) [1] - Tigermed (4.54% weight, latest price 51.20 yuan, market cap 44.085 billion yuan) [1] - Deep Technology (4.16% weight, latest price 23.42 yuan, market cap 36.809 billion yuan) [1] - Muyuan Food (3.62% weight, latest price 49.90 yuan, market cap 272.592 billion yuan) [1] - Lepu Medical (3.19% weight, latest price 15.87 yuan, market cap 29.255 billion yuan) [1] - Aimeike (3.16% weight, latest price 146.26 yuan, market cap 44.257 billion yuan) [1] - Seeyou Medical (3.07% weight, latest price 35.70 yuan, market cap 35.788 billion yuan) [1] Capital Flow Analysis - The Biotech Index constituents experienced a net outflow of 84.2481 million yuan from institutional investors, while retail investors saw a net inflow of 67.1618 million yuan [1] - Notable capital flows include: - Muyuan Food: 104 million yuan net inflow from institutional investors, but net outflows from retail and speculative investors [2] - Aimeike: 46.9918 million yuan net inflow from institutional investors, with outflows from retail and speculative investors [2] - Mindray Medical: 33.0761 million yuan net inflow from institutional investors, with outflows from retail and speculative investors [2]

Market Review - The agricultural, forestry, animal husbandry, and fishery sector has outperformed the benchmark index since the beginning of 2025, with an absolute return of +24.66%, surpassing the CSI 300 index by 10.47 percentage points [10][17][18] - The sector's index has increased by 18.4% over the past year, outperforming the CSI 300 index by 0.96 percentage points [14] Swine Breeding - The breeding capacity of sows is gradually declining, with a total of 39.9 million sows recorded by the end of October 2025, a year-on-year decrease of 2.04% [27][24] - The average price of live pigs in October 2025 was 11.52 yuan/kg, reflecting a month-on-month decline of 11.46% and a year-on-year drop of 34.77% [29] - The swine breeding industry is currently facing losses, with theoretical profits for self-bred pigs averaging -209.67 yuan/head in October 2025, marking a significant decline from previous months [36][41] - The market share of the top eight listed pig companies has increased from 4.6% in 2017 to 21.2% by the third quarter of 2025, indicating a trend towards industry consolidation [37][41] Animal Health - The animal health market in China has shown steady growth, with sales increasing from 47.23 billion yuan in 2016 to 69.65 billion yuan in 2023, reflecting a compound annual growth rate of 5.71% [45][46] - The introduction of new products and the expansion of demand are driving the growth of the animal health industry, particularly with the anticipated market expansion following the launch of African swine fever vaccines [51][52] - The market for companion animal health products is also growing, with the pet medical market expected to reach approximately 84 billion yuan in 2024, driven by increased spending on veterinary services [56] Seed Industry - The seed industry is experiencing a transformation due to new regulations and policies, with significant investment opportunities arising from the commercialization of biotechnology [4][19] - The market for genetically modified corn is projected to expand, with companies in the sector expected to benefit from increased industry concentration and profitability [18][19] Pet Food - China's pet food market is projected to continue growing, benefiting from demographic changes and rising living standards, with significant potential for domestic brands to capture market share [5][59] - The market for pet food exports is expected to maintain year-on-year growth in 2025, reflecting the increasing demand for high-quality pet products [5][59] - The pet food industry remains fragmented, with ongoing trends towards domestic substitution and increased online sales [5][59]

Group 1 - The livestock sector is experiencing a positive trend, with the China Livestock Breeding Index (930707) rising, and key stocks such as Jinxinnong (002548) and Yisheng (002458) showing significant gains [1] - Major pig farming companies are expanding into Southeast Asia, indicating a trend of overseas expansion among leading enterprises like Muyuan, New Hope, and Haida [1] - The market is at a critical point of capacity reduction driven by both policy and market forces, with potential improvements in supply-demand relationships expected by mid-2026 if capacity reduction targets are met [2] Group 2 - The top ten weighted stocks in the China Livestock Breeding Index account for 65.58% of the index, with companies like Muyuan (002714) and Wens (300498) being the most significant contributors [3] - The overall capital expenditure of listed pig farming companies is stabilizing and slightly decreasing, as many firms are halting capacity expansion projects due to narrowing profits and cash flow pressures [2] - The livestock ETF closely tracks the China Livestock Breeding Index, which includes companies involved in feed, pharmaceuticals, and livestock farming, reflecting the overall performance of the sector [2]