Muyuan Foods (SZ:002714) Zheng Quan Shi Bao Wang·2025-10-30 14:07Core Viewpoint - Muyuan Foods reported a revenue of 111.79 billion yuan for the first three quarters of 2025, representing a year-on-year growth of 15.52%, and a net profit attributable to shareholders of 14.78 billion yuan, up 41.01% year-on-year [1] Group 1: Financial Performance - The company's total liabilities decreased by 9.796 billion yuan since the beginning of 2025, with a debt-to-asset ratio of 55.5%, down 3.18 percentage points from the start of the year [2] - The cost of pig farming has decreased from 13.1 yuan/kg at the beginning of the year to 11.6 yuan/kg by September, with a target to average 12 yuan/kg for the year and reduce it to 11 yuan/kg by year-end [2] - The net cash flow from operating activities reached 28.58 billion yuan for the first three quarters of 2025 [3] Group 2: Debt Management - Short-term borrowings were reduced by 6.648 billion yuan, and accounts payable decreased by 1.693 billion yuan compared to the end of the second quarter of 2025 [3] - The company completed a semi-annual equity distribution of 5.004 billion yuan in October, effectively reducing its actual liabilities by nearly 10 billion yuan [3] Group 3: Strategic Initiatives - Muyuan Foods has initiated a plan for a Hong Kong stock issuance to support its global expansion strategy, with funds primarily allocated for global business development and R&D, rather than domestic capacity expansion [4] - The company has signed cooperation agreements with Charoen Pokphand Group and BAF Vietnam Agricultural Joint Stock Company to replicate its domestic technological and management advantages in high-growth potential overseas markets [4]