Muyuan Foods (SZ:002714) Hua Er Jie Jian Wen·2025-04-24 13:47Core Viewpoint - The significant recovery in the pig price has led to a remarkable financial performance for Muyuan Foods, with a substantial turnaround in profitability in Q1 2025 [1][4]. Financial Performance - In Q1 2025, Muyuan Foods achieved a revenue of 36.06 billion yuan, representing a year-on-year increase of 37.26% [4][6]. - The net profit for the same period was 4.49 billion yuan, a significant improvement from a loss of 2.38 billion yuan in the previous year [5][6]. - The basic earnings per share were 0.83 yuan, compared to a loss of 0.44 yuan per share in the previous year, indicating a strong recovery in profitability [6][7]. Cash Flow and Investment - The net cash flow from operating activities reached 7.51 billion yuan, up 48.14% year-on-year, reflecting improved cash collection from pig sales [4][5]. - The company has increased its short-term investments significantly, with other current assets rising by 368.20% to 6.53 billion yuan, primarily due to increased purchases of financial products [7]. Debt and Financial Health - As of March 31, 2025, Muyuan Foods had total assets of 198.17 billion yuan, a 5.61% increase from the beginning of the year [7]. - The company's short-term borrowings amounted to 52.35 billion yuan, an increase of approximately 7 billion yuan from the previous period, maintaining a high debt-to-asset ratio of about 59.2% [5][7]. - Financial expenses for Q1 were 737 million yuan, a decrease from 831 million yuan in the same period last year, although they still exert some pressure on profits [7].