Muyuan Foods (SZ:002714) 智通财经网·2025-11-28 11:47Company Overview - Muyuan Foods Co., Ltd. (referred to as "the Company") has submitted an application to list on the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] - The Company is a technology-driven leader in the pork industry, operating a vertically integrated business model that covers the entire pork production chain, including breeding, farming, feed production, and slaughtering [3][4] - The Company's main products include live pigs (commercial pigs, piglets, and breeding pigs) and fresh and frozen meat products, ensuring food safety and quality control through a fully transparent production process [3] Financial Performance - The Company recorded revenues of RMB 124.83 billion, RMB 110.86 billion, RMB 137.95 billion, and RMB 76.46 billion for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [5] - Net profits for the same periods were RMB 14.93 billion, a loss of RMB 4.17 billion, RMB 18.93 billion, and RMB 10.79 billion [6] - The gross profit margins were 17.5%, 3.1%, 19.1%, and 19% for the years 2022, 2023, 2024, and the six months ending June 30, 2025, respectively [8] Market Position - According to Frost & Sullivan, the Company is the largest pig farming enterprise globally by production capacity and output, with a market share increase from 2.6% in 2021 to 5.6% in 2024 [4] - The Company's slaughtering and meat business ranked fifth globally and first in China by the number of pigs slaughtered in 2024, with the highest compound annual growth rate in revenue among large Chinese competitors from 2021 to 2024 [4] Industry Overview - Global pork consumption has been on the rise, with a compound annual growth rate of 4.9% from 2020 to 2024, reaching 115.3 million tons in 2024 [10] - China is the largest pork producer and consumer, with pork consumption stabilizing around 58.2 million tons in 2024 and expected to fluctuate around 59 million tons from 2025 to 2029 [10] - The number of breeding sows in China decreased from 41.6 million in 2020 to 40.8 million in 2024, while the output of pigs is projected to grow at a compound annual growth rate of 7.5% from 2020 to 2024 [13] Shareholding Structure - As of November 20, 2025, the controlling shareholders, including Mr. Qin Yinglin, Ms. Qian Ying, and Muyuan Group, collectively hold approximately 54.91% of the total share capital and control 55.62% of the voting rights [25]