Muyuan Foods (SZ:002714) Mei Ri Jing Ji Xin Wen·2025-06-23 08:49Group 1: Core Views - The core focus of Muyuan Foods is on internationalization, with plans for an IPO in Hong Kong and collaborations with Vietnamese companies [1][2] - The purpose of the Hong Kong IPO is to enhance the company's credibility in the global market rather than to raise funds due to a lack of capital [1][3][7] - The company aims to leverage its experience from the African swine fever crisis to achieve excess returns in overseas markets [1][8] Group 2: IPO Strategy - Muyuan Foods submitted its H-share application to the Hong Kong Stock Exchange on May 27, with the IPO expected to occur in the fourth quarter of this year [2][3] - The company emphasizes that completing the IPO is more important than the amount of funds raised, as it will facilitate international business development [5][7] - The IPO proceeds will be used for international sourcing, talent acquisition, and partnerships with leading overseas companies [7] Group 3: Industry Insights - The current characteristics of the pig cycle are described as "weak cycle, narrow fluctuations, and slow changes," indicating a shift in market dynamics [17][18] - The company believes that the cost of pig farming can be reduced to around 10 yuan per kilogram, with current costs at 12.2 yuan per kilogram [20] - The focus on cost reduction is primarily driven by disease prevention, with smart technology playing a crucial role in this effort [20] Group 4: Technological Advancements - Muyuan Foods is investing in artificial intelligence and digitalization to enhance operational efficiency, aiming for a future of 24-hour unmanned operations [14][16] - The company is exploring overseas markets by exporting advanced equipment and technology, with Vietnam being the first target [8][11] - The revenue from smart equipment is currently low but is expected to grow significantly as the company expands its technological capabilities [10]