Muyuan Foods (SZ:002714) Zheng Quan Shi Bao·2025-08-20 18:25Core Viewpoint - In the first half of 2025, despite a downward trend in pig prices, the leading breeding company, Muyuan Foods (牧原股份), achieved significant profitability, reporting a net profit of 10.53 billion yuan, a year-on-year increase of 1169.77% [2][3]. Financial Performance - The company reported operating revenue of 76.463 billion yuan, an increase of 34.46% compared to the same period last year [2]. - The slaughtering and meat business generated revenue of 19.345 billion yuan, reflecting a growth of 93.83% year-on-year [2]. - The net cash flow from operating activities reached 17.351 billion yuan, up 12.13% from the previous year [2]. - As of June 30, 2025, the company's asset-liability ratio was 56.06%, a decrease of 2.62 percentage points from the beginning of the year [2]. Dividend Policy - Muyuan Foods announced a cash dividend of 9.32 yuan per 10 shares (including tax), totaling 5.002 billion yuan, which accounts for 47.5% of the company's net profit for the first half of 2025 [3]. Cost Management - The company reported a decrease in pig breeding costs, with the complete cost of pig breeding in June 2025 being below 12.1 yuan/kg [3]. - In July 2025, the complete cost of pig breeding was approximately 11.8 yuan/kg [3]. - The company aims to achieve an average cost target of 12 yuan/kg for the entire year through technological innovation and refined management [3]. Global Expansion Strategy - In the first half of 2025, Muyuan Foods initiated its "going global" strategy by establishing Muyuan Vietnam Co., Ltd. in March and applying for H-share listing on the Hong Kong Stock Exchange in May [4]. - The company views the Hong Kong listing as a crucial step in advancing its globalization strategy, aiming to enhance its investment value and attract more international long-term investors [4]. - Muyuan Foods intends to leverage its accumulated technological advantages, cost control, and environmental governance experience to seize opportunities in overseas markets and drive further business growth [4].