Ge Long Hui·2025-11-04 06:16Core Viewpoint - The report from Guohai Securities indicates that Muyuan Foods achieved a net profit attributable to shareholders of 14.779 billion yuan in the first three quarters of 2025, representing a year-on-year increase of 41.01%. However, the net profit for Q3 2025 saw a significant decline of 55.98% year-on-year, amounting to 4.249 billion yuan [1]. Business Performance - In the pig farming segment, the company sold 57.323 million pigs from January to September 2025, marking a year-on-year growth of 27.0% [1]. - The company has actively responded to national capacity control measures, reducing the number of breeding sows to 3.305 million by the end of Q3 [1]. - Despite a slight increase in feed prices since the beginning of the year, the company's production performance and management improvements have led to a continuous decline in the total cost of pig farming, which fell to 11.6 yuan/kg in September, down 1.5 yuan/kg from January [1]. Slaughtering and Meat Processing - In the slaughtering and meat processing segment, the company slaughtered 19.16 million pigs from January to September 2025, a substantial year-on-year increase of 140%, with a capacity utilization rate of 88% [1]. - The company has gradually increased its slaughter volume, achieving profitability in the slaughtering and meat processing business in Q3 [1]. - Over 80% of the slaughtered pigs had costs below 12 yuan/kg, while approximately 25% had costs below 11 yuan/kg. The best-performing lines managed to achieve costs as low as 10.5 yuan/kg [1]. Future Outlook - The company is expected to maintain effective cost control and long-term development potential, leading to a "buy" rating from analysts [1].