Muyuan Foods (SZ:002714) Chang Jiang Shang Bao·2025-05-19 00:49Core Viewpoint - The succession issue at leading pig farming company Muyuan Foods (牧原股份) has garnered attention as founder Qin Yinglin discusses the company's internationalization strategy and the performance of the next-generation management team during the 2024 annual shareholder meeting. The company has recently emerged from a prolonged low cycle in the pig market, achieving a revenue of 137.947 billion yuan in 2024, marking a 24.43% year-on-year increase [1][5][6]. Group 1: Company Growth and Performance - Muyuan Foods has experienced a remarkable revenue growth of approximately 52 times over the past decade, with 2024 revenue reaching 137.947 billion yuan [5][6]. - The company has successfully reduced its pig farming costs, achieving a cost of 12.4 yuan per kilogram in April 2025, with a target of 12 yuan per kilogram for the entire year [6]. - In 2022, Muyuan Foods saw a significant net profit increase of 92.16%, recovering to 13.266 billion yuan after a challenging period in 2021 when net profit dropped by 74.85% [5][6]. Group 2: Succession and Management - Qin Yinglin has established a succession plan, training a second-generation management team with an average age of under 35, composed of business veterans who have grown from the grassroots level [7][8]. - Qin Yinglin's son, Qin Muyuan, is responsible for the meat processing segment and has articulated the development strategy for this sector during the shareholder meeting [7]. Group 3: Internationalization Strategy - Muyuan Foods is advancing its internationalization strategy, including plans for a Hong Kong stock listing to create an international capital operation platform [6]. - The company aims to address the urgent needs of pig farming operators in Southeast Asia regarding disease control and facility upgrades, which presents opportunities for overseas business expansion [6].