Core Viewpoint - The continuous decline in pig prices has prompted increased institutional interest in major pig farming companies, as they seek to assess the impact of cost control and operational strategies on profitability amid market challenges [1][4]. Group 1: Price Trends and Industry Response - As of November 28, the price of live pigs (external three yuan) was 11.28 yuan per kilogram, reflecting a year-on-year decrease of 31.26% and a month-on-month decrease of 7.54% [1]. - The industry considers 12.5 yuan per kilogram as the complete breeding cost line, and the recent price drop has led to significant losses for many companies [1]. - Major companies like Muyuan Foods, New Hope, and Wens Foodstuff Group have been subject to institutional research, indicating a strategic move to understand the operational resilience of leading firms [1]. Group 2: Cost Reduction Strategies - Muyuan Foods reported that by October 2025, the complete cost of pig farming is expected to be around 11.3 yuan per kilogram, a decrease of nearly 0.3 yuan compared to previous figures, attributed to lower overhead costs and improved production metrics [2]. - New Hope indicated that its breeding costs have continued to decline, with the complete cost of fattened pigs dropping to 12.5 yuan per kilogram in October [2]. - Wens Foodstuff Group noted a slight decrease in its comprehensive breeding cost to approximately 6.1 yuan per pound in October, alongside improvements in core production indicators [2]. Group 3: Enhancing Profitability - Extending the industrial chain to the slaughtering end is one method for pig farming companies to enhance profitability; Muyuan Foods has already expanded into this area, with over 22 million pigs slaughtered in the first ten months of 2025, expecting a year-on-year doubling of total slaughter volume [3]. - Exploring international markets is another growth avenue; Wens Foodstuff Group has established a team to prioritize the overseas expansion of its chicken business, with plans to gradually extend to pig and duck sectors [3]. Group 4: Strategic Flexibility and Long-term Competitiveness - The strategies of extending the industrial chain and exploring international markets reflect the flexibility and foresight of pig farming companies in adapting to market changes, which is crucial for enhancing long-term competitiveness [4]. - Muyuan Foods' extension into the slaughtering sector is expected to increase product value and leverage seasonal demand for better operational performance [4]. - Wens Foodstuff Group's phased approach to international expansion is designed to mitigate risks and identify new growth opportunities [4].

Company Overview - Muyuan Foods Co., Ltd. is a technology-driven leading pork enterprise and a pioneer in smart pig farming, operating a vertically integrated business model covering the entire pork industry chain from breeding to slaughter [3][4] - The company operates through two main business segments: pig farming and meat processing, with its primary products being live pigs and fresh or frozen meat products [3][4] - As of June 30, 2025, the company has established over 1,000 pig farms across 23 provinces in China [3] Financial Performance - The company reported revenues of RMB 124.83 billion, RMB 110.86 billion, RMB 137.95 billion, and RMB 76.46 billion for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5] - Net profits for the same periods were RMB 14.93 billion, a loss of RMB 4.17 billion, RMB 18.93 billion, and RMB 10.79 billion [6] - The gross profit margins were 17.5%, 3.1%, 19.1%, and 19% for the respective years [8] Market Position - According to Frost & Sullivan, Muyuan Foods is the largest pig farming enterprise globally by production capacity and output, with a market share increase from 2.6% in 2021 to 5.6% in 2024 [4] - The company entered the meat processing business in 2019, and by 2024, it ranked fifth globally and first in China in terms of slaughter volume [4] Industry Overview - Global pork consumption is on the rise, with a compound annual growth rate (CAGR) of 4.9% from 2020 to 2024, reaching 115.3 million tons in 2024 [10] - China is the largest pork producer and consumer, with pork consumption stabilizing around 58.2 million tons in 2024 [10] - The number of breeding sows in China decreased from 41.6 million in 2020 to 40.8 million in 2024, while the pig output is expected to grow at a CAGR of 7.5% from 2020 to 2024 [13] Shareholding Structure - As of November 20, 2025, the controlling shareholders, including Qin Yinglin and Qian Ying, collectively hold approximately 54.91% of the total share capital and control 55.62% of the voting rights [24]

Company Overview - Muyuan Foods Co., Ltd. (referred to as "the Company") 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, operating a vertically integrated business model that covers the entire pork production chain, including breeding, farming, feed production, and slaughtering [3][4] - The Company's main products include live pigs (commercial pigs, piglets, and breeding pigs) and fresh and frozen meat products, ensuring food safety and quality control through a fully transparent production process [3] Financial Performance - The Company recorded revenues of RMB 124.83 billion, RMB 110.86 billion, RMB 137.95 billion, and RMB 76.46 billion for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5] - Net profits for the same periods were RMB 14.93 billion, a loss of RMB 4.17 billion, RMB 18.93 billion, and RMB 10.79 billion [6] - The gross profit margins were 17.5%, 3.1%, 19.1%, and 19% for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [8] Market Position - According to Frost & Sullivan, the Company is the largest pig farming enterprise globally by production capacity and output, with a market share increase from 2.6% in 2021 to 5.6% in 2024 [4] - The Company's slaughtering and meat business ranked fifth globally and first in China by the number of pigs slaughtered in 2024, with the highest compound annual growth rate in revenue among large Chinese competitors from 2021 to 2024 [4] Industry Overview - Global pork consumption has been on the rise, with a compound annual growth rate of 4.9% from 2020 to 2024, reaching 115.3 million tons in 2024 [10] - China is the largest pork producer and consumer, with pork consumption stabilizing around 58.2 million tons in 2024 and expected to fluctuate around 59 million tons from 2025 to 2029 [10] - The number of breeding sows in China decreased from 41.6 million in 2020 to 40.8 million in 2024, while the output of pigs is projected to grow at a compound annual growth rate of 7.5% from 2020 to 2024 [13] Shareholding Structure - As of November 20, 2025, the controlling shareholders, including Mr. Qin Yinglin, Ms. Qian Ying, and Muyuan Group, collectively hold approximately 54.91% of the total share capital and control 55.62% of the voting rights [25]

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 ...