Muyuan Foods (SZ:002714) Nan Fang Du Shi Bao·2025-08-21 04:08Core Viewpoint - The significant increase in the performance of Muyuan Foods in the first half of 2025 is attributed to a rise in the number of pigs sold, with a notable growth in both revenue and net profit compared to the previous year [1][2][3]. Financial Performance - The company reported a revenue of 76.46 billion yuan, representing a year-on-year increase of 34.46% [2]. - The net profit attributable to shareholders reached 10.53 billion yuan, showing a remarkable growth of 1169.77% compared to the same period last year [2]. - The net profit after deducting non-recurring gains and losses was 10.68 billion yuan, up 1115.32% year-on-year [2]. - The basic earnings per share were 1.96 yuan, an increase of 1206.67% from 0.15 yuan in the previous year [2]. - The diluted earnings per share were 1.91 yuan, reflecting a growth of 1173.33% [2]. - The weighted average return on equity rose to 13.79%, an increase of 12.49 percentage points from 1.30% [2]. Operational Highlights - The total number of pigs sold in the first half of 2025 was 46.91 million, including 38.39 million commodity pigs, 8.29 million piglets, and 225,000 breeding pigs [3]. - The company slaughtered 11.41 million pigs and achieved pork sales of 127.36 thousand tons, with the slaughtering and meat business generating revenue of 19.35 billion yuan, a 93.83% increase year-on-year [3]. - The complete cost of pig farming was reported at 12.1 yuan/kg, with a decrease to below 12 yuan/kg in July 2025 [3][4]. Strategic Developments - Muyuan Foods is actively expanding its meat processing business and sales channels, aiming to optimize its customer and product structure [4]. - The company has initiated international expansion, establishing Muyuan Vietnam Co., Ltd. and applying for a listing of H-shares on the Hong Kong Stock Exchange [6]. Dividend and Share Buyback - The company proposed a cash dividend of 9.32 yuan per 10 shares, totaling 5.002 billion yuan, which accounts for 47.5% of the net profit attributable to shareholders for the first half of 2025 [7]. - The founders of the company are expected to receive nearly 2 billion yuan from the dividend distribution [7]. - From January to June 2025, the total amount spent on share buybacks was 1.11 billion yuan, with the total cash dividend and share buyback amounting to 6.112 billion yuan, representing 58.04% of the net profit [7][8].