牧原股份拟发5.46亿股H股加速出海 近三年研发累投逾46亿赋能全产业链

Core Viewpoint - The company Muyuan Foods (牧原股份) is progressing with its H-share listing on the Hong Kong Stock Exchange, supported by top investment banks, aiming to raise funds for technological advancements and international expansion [1][2][3]. Group 1: IPO Details - Muyuan Foods plans to issue up to 546 million H-shares, representing 8% of its pre-issue total share capital, with a potential 15% over-allotment option [2][3]. - If the over-allotment option is fully exercised, the total number of shares issued will increase to 628 million, accounting for approximately 9.2% of the post-issue total share capital [3]. Group 2: Fund Utilization - The raised funds will be allocated to three main areas: product research and development, overseas market expansion, and strategic investments to support the company's full industry chain and international business [3]. Group 3: Financial Performance - For the first three quarters of 2025, Muyuan Foods reported revenue of 111.8 billion yuan, a year-on-year increase of 15.52%, and a net profit attributable to shareholders of 14.78 billion yuan, up 41.01% [3][4]. - The company has shown significant improvement in its slaughtering business, processing 19.16 million pigs in the first three quarters of 2025, a 140% increase year-on-year, with a capacity utilization rate of 88% [4]. Group 4: Cost Management and Innovation - The company has successfully narrowed the cost variance across its operations, with over 80% of its production lines maintaining costs below 12 yuan/kg, and the best-performing lines achieving costs as low as 10.5 yuan/kg [6]. - Research and development expenses have totaled over 4.668 billion yuan from 2023 to the first three quarters of 2025, focusing on smart farming, breeding technology, and food safety [6]. Group 5: Market Performance - Muyuan Foods has seen its stock price increase by over 33% in 2025, with a market capitalization growth of over 61 billion yuan, reaching 271.5 billion yuan by December 1, 2025 [5][6].