Muyuan Foods (SZ:002714) Zheng Quan Shi Bao·2025-08-20 14:51Core Viewpoint - Despite the overall decline in pig prices in the first half of the year, the leading breeding company Muyuan Foods (002714) achieved a net profit exceeding 10 billion yuan, demonstrating its cost advantages in the industry [2][4]. Financial Performance - The company reported operating revenue of 76.46 billion yuan, an increase of 34.46% compared to the same period last year [4]. - The net profit attributable to shareholders reached 10.53 billion yuan, a year-on-year increase of 1169.77% [4]. - The net cash flow from operating activities was 17.35 billion yuan, up 12.13% year-on-year [4]. - Basic earnings per share were 1.96 yuan, reflecting a significant increase of 1206.67% [4]. - The total assets at the end of the reporting period were approximately 186.45 billion yuan, a slight decrease of 0.64% from the previous year [4]. Dividend Policy - The company proposed a cash dividend of 9.32 yuan per 10 shares, totaling 5 billion yuan, which accounts for 47.5% of the net profit for the first half of 2025 [5]. - The total amount for cash dividends and share repurchases in the first half of 2025 was 6.11 billion yuan, representing 58.04% of the net profit [5]. Production and Cost Management - The company sold 46.91 million pigs in the first half of 2025, with a significant increase in slaughtering volume by 110.87% [5][6]. - The complete cost of pig farming was reported to be below 12.1 yuan per kilogram as of June 2025, with a target of an average cost of 12 yuan per kilogram for the year [6]. - The company aims to enhance production indicators through technological innovation and refined management practices [6]. Strategic Initiatives - Muyuan Foods has initiated an "outbound strategy," establishing a subsidiary in Vietnam and applying for H-share listing on the Hong Kong Stock Exchange [6][7]. - The company aims to leverage its technological advantages and cost control to capture growth opportunities in overseas markets [7].