Muyuan Foods (SZ:002714) Nan Fang Du Shi Bao·2025-08-21 23:12Core 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]. Financial Performance - In the first half of 2025, Muyuan Foods achieved an operating income of 76.463 billion yuan, a year-on-year increase of 34.46% [1] - The net profit attributable to shareholders reached 10.53 billion yuan, reflecting a staggering year-on-year growth of 1169.77% [1] - For Q2 2025, the operating income was 40.4 billion yuan, up 32.1% year-on-year, while the net profit was 6.04 billion yuan, an increase of 88.2% [1] Production and Sales - The total number of pigs sold by Muyuan Foods 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 [2] - The company slaughtered 11.4148 million pigs and achieved pork sales of 127.36 thousand tons, with the slaughtering and meat business generating an operating income of 19.345 billion yuan, a 93.83% increase year-on-year [2] Cost Management - The complete cost of pig farming reached 12.1 yuan/kg by June 2025, with the company aiming for an average cost of 12 yuan/kg for the entire year [2] - As of July 2025, the complete cost of pig farming was reported to be approximately 11.8 yuan/kg [2] Asset and Equity Position - As of the end of Q2 2025, the total assets of Muyuan Foods were 186.454 billion yuan, a decrease of 0.6% from the end of the previous year, while the net assets attributable to shareholders increased by 8.9% to 78.442 billion yuan [2] - The asset-liability ratio stood at 56.06%, down 2.62 percentage points from the beginning of the year [2] Business Expansion - Muyuan Foods is actively expanding its meat processing business and sales channels, aiming to optimize its customer and product structure [3] - The company is also focusing on international markets, having established a subsidiary in Vietnam and submitted an application for an H-share listing in Hong Kong [4] Dividend Distribution - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares, totaling 5.002 billion yuan, which represents 47.5% of the net profit attributable to shareholders for the first half of 2025 [5] - The founders of Muyuan Foods are expected to receive approximately 1.91 billion yuan and 59 million yuan in dividends, respectively [5] Share Buyback - In the first half of 2025, Muyuan Foods repurchased shares worth 1.11 billion yuan, with total cash dividends and share buybacks amounting to 6.112 billion yuan, accounting for 58.04% of the net profit attributable to shareholders [6] - As of July 31, 2025, the company had repurchased 53.6312 million shares, representing 0.98% of the total share capital, with a total transaction amount of 2.16 billion yuan [6]