Muyuan Foods (SZ:002714) Chang Jiang Shang Bao·2025-04-17 00:19Core Viewpoint - Muyuan Foods (牧原股份) is seeking to list H-shares on the Hong Kong Stock Exchange to advance its international strategy and capital operations after terminating its listing on the Swiss Stock Exchange a year and a half ago [2][5]. Group 1: Company Overview - Founded in 1992, Muyuan Foods was listed on the Shenzhen Stock Exchange in 2014 and has developed a comprehensive pork industry chain that includes feed processing, pig breeding, pig farming, and slaughtering [4]. - The company aims to address urgent needs in the pig farming industry in Vietnam and Southeast Asia, focusing on disease prevention, farm renovation, hardware upgrades, and biosecurity systems [2][6]. Group 2: Financial Performance - In 2024, Muyuan Foods achieved a revenue of 137.947 billion yuan, representing a year-on-year increase of 24.43%, and a net profit of 17.881 billion yuan, a significant increase of 519.42% compared to the previous year [10][11]. - The company reported a total pig output of 71.602 million heads in 2024, with an average breeding cost of approximately 14 yuan per kilogram [11]. - Since its listing, the company's revenue has grown approximately 52 times and net profit has increased about 222 times from 2014 [3][11]. Group 3: Future Projections - Muyuan Foods aims to reduce its average breeding cost to 12 yuan per kilogram by 2025, with a current cost of 12.5 yuan per kilogram as of March 2025 [12][15]. - The company expects to report a net profit of 4.5 to 5 billion yuan in the first quarter of 2025, a turnaround from a loss of 2.459 billion yuan in the same period last year [13].