2700亿养猪巨头半年狂赚百亿，拟大手笔分红50亿

Core Viewpoint - The significant increase in the stock price of Muyuan Foods is attributed to its impressive half-year financial results, showcasing a substantial recovery in profitability and operational efficiency [1][3]. Financial Performance - In the first half of the year, Muyuan Foods reported a 34% increase in revenue, with net profit exceeding 10 billion yuan, reflecting a growth of over 1100% compared to the previous year [3][6]. - The company's net profit for the first half reached 10.53 billion yuan, based on a low profit base of 830 million yuan from the same period last year [6][7]. - The gross profit margin improved by 10.59 percentage points to 18.72%, as the cost of pig products increased at a slower rate than revenue [7]. Cost Management - The average cost of production decreased significantly from 13.1 yuan/kg in January to 11.8 yuan/kg by July, driven by improved production performance and reduced unit costs [6][9]. - The company aims to maintain an average cost of 12 yuan/kg for the entire year, with a target to reduce it to 11 yuan/kg by year-end [9]. Sales and Revenue Growth - Muyuan Foods sold 38.39 million pigs in the first half, generating sales revenue of 70.87 billion yuan, with a notable increase in the sales of piglets, which rose by 168% year-on-year [8][9]. - The company’s sales volume and revenue for piglets reached 8.29 million heads, significantly contributing to the overall profit growth [8]. Production Capacity Management - The company plans to reduce its breeding sow inventory to 3.3 million heads by the end of the year, which is a decrease of approximately 3.82% from the current levels [12][13]. - Muyuan Foods has implemented measures to manage the weight of pigs being sold, aiming to lower the average weight to 120 kg by the end of the month [12][13]. Industry Outlook - The company is positioned to benefit from the ongoing adjustments in the pig farming industry, as it plays a leading role in capacity regulation and aims to stabilize pig prices [13].