Ge Long Hui A P P·2025-11-14 07:41Core Viewpoint - The report from Changjiang Securities indicates that Muyuan Foods achieved a net profit attributable to shareholders of 14.779 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 41%. However, the net profit for the third quarter alone was 4.249 billion yuan, showing a year-on-year decrease of 56% [1] Group 1: Financial Performance - Muyuan Foods' net profit for the first three quarters of 2025 reached 14.779 billion yuan, reflecting a 41% increase year-on-year [1] - The net profit for the third quarter was 4.249 billion yuan, which is a 56% decrease year-on-year [1] Group 2: Cost Management and Profitability - The company continues to maintain good profitability despite the decline in pig prices, attributed to its cost advantages and optimized production performance [1] - Muyuan Foods has completed its debt reduction target ahead of schedule, indicating effective financial management [1] Group 3: Future Outlook - The scale of overseas capital expenditure will be determined based on the progress of overseas business, but it is expected to be lower compared to domestic capital expenditure [1] - The company has transitioned from a high-growth phase to a high-quality development phase, focusing on efficiency improvement, cost reduction, and debt lowering, which is expected to enhance free cash flow levels [1] - Forecasts suggest that Muyuan Foods will achieve net profits of 15.5 billion yuan and 17.6 billion yuan in 2025 and 2026, respectively, making it a key recommendation for investment [1]