Muyuan Foods (SZ:002714) Ge Long Hui A P P·2025-08-20 14:58Core Viewpoint - The company, Muyuan Foods, reported a significant increase in net profit, exceeding 10.5 billion yuan, driven by cost advantages and a rise in pig sales despite a downturn in pig prices [1][3]. Financial Performance - For the first half of 2025, Muyuan Foods achieved revenue of 76.463 billion yuan, a year-on-year increase of 34.46% [2][3]. - The net profit attributable to shareholders reached 10.53 billion yuan, marking a staggering growth of 1169.77% compared to the same period last year [1][3]. - Basic earnings per share were reported at 1.96 yuan, reflecting a year-on-year increase of 1206.67% [3]. - The net cash flow from operating activities was 17.35 billion yuan, up 12.13% from the previous year [3]. Dividend Distribution - The company announced a cash dividend of 9.32 yuan per 10 shares (tax included), totaling 5.002 billion yuan, which represents 47.5% of the net profit for the first half of 2025 [3][5]. Operational Highlights - Muyuan Foods reported an increase in pig sales, with a total of 46.91 million pigs sold, including 38.39 million market pigs, 8.29 million piglets, and 0.225 million breeding pigs [5]. - The company processed 11.41 million pigs and sold 127.36 thousand tons of fresh and frozen pork products [5]. Financial Health - As of the end of June, Muyuan Foods had a debt-to-asset ratio of 56.06%, a decrease of 2.62% from the beginning of the year [4]. Industry Context - Despite the strong performance of Muyuan Foods, the overall pig price remains low, indicating that the pig cycle has not yet reversed, with expectations of only moderate seasonal price increases in the second half of the year [7][9].