牧原股份三季度营利“双降”，养殖成本成穿越周期的核心要素

Core Insights - The core viewpoint of the article highlights the financial performance of Muyuan Foods (牧原股份) in the third quarter of 2025, showing a significant decline in revenue and net profit due to falling pig prices, while also noting improvements in operational efficiency and cost management [2][9]. Financial Performance - For the first three quarters of 2025, Muyuan Foods achieved a revenue of 111.79 billion yuan, representing a year-on-year increase of 15.52% [2][3]. - In the third quarter alone, the company reported a revenue of 35.33 billion yuan, which is a decrease of 11.48% compared to the same period last year [6][9]. - The net profit attributable to shareholders for the first three quarters was 14.78 billion yuan, up 41.01% year-on-year, but in the third quarter, it fell to 4.25 billion yuan, down 55.98% year-on-year [2][3][9]. Operational Highlights - Muyuan Foods sold 57.32 million pigs from January to September 2025, marking a 27% increase year-on-year [7]. - The company has reduced its breeding sow inventory to 3.305 million by the end of the third quarter in response to national capacity control measures [7]. - The complete cost of pig farming decreased to 11.6 yuan/kg in September, down 1.5 yuan/kg from January, attributed to improved production performance and reduced overhead costs [7][10]. Cash Flow and Financial Structure - The net cash flow from operating activities for the first three quarters was 28.58 billion yuan [8]. - As of the end of the third quarter, the company's debt-to-asset ratio was 55.50%, showing a decrease from the previous quarter, with total liabilities down by approximately 9.8 billion yuan since the beginning of the year [8]. Industry Context - The article notes that the decline in revenue and profit is not unique to Muyuan Foods, as other major pig farming companies also reported similar downturns due to falling pig prices [9]. - The average price of live pigs dropped from 14.7 yuan/kg at the end of June to 12.24 yuan/kg by the end of September, impacting the profitability of the industry [9]. - Analysts suggest that companies with lower production costs, such as Muyuan Foods, are better positioned to navigate the current market challenges and may benefit from future price rebounds [10].