Muyuan Foods (SZ:002714) Zhi Tong Cai Jing·2025-11-28 11:50Company Overview - Muyuan Foods Co., Ltd. is a technology-driven leading pork enterprise and a pioneer in smart pig farming, operating a vertically integrated business model covering the entire pork industry chain from breeding to slaughter [3][4] - The company operates through two main business segments: pig farming and meat processing, with its primary products being live pigs and fresh or frozen meat products [3][4] - As of June 30, 2025, the company has established over 1,000 pig farms across 23 provinces in China [3] Financial Performance - The company reported 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 respective years [8] Market Position - According to Frost & Sullivan, Muyuan Foods 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 entered the meat processing business in 2019, and by 2024, it ranked fifth globally and first in China in terms of slaughter volume [4] Industry Overview - Global pork consumption is on the rise, with a compound annual growth rate (CAGR) 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 [10] - The number of breeding sows in China decreased from 41.6 million in 2020 to 40.8 million in 2024, while the pig output is expected to grow at a CAGR of 7.5% from 2020 to 2024 [13] Shareholding Structure - As of November 20, 2025, the controlling shareholders, including Qin Yinglin and Qian Ying, collectively hold approximately 54.91% of the total share capital and control 55.62% of the voting rights [24]