港股上市再进一步，牧原股份求解国际化

Core Viewpoint - Muyuan Foods is progressing with its Hong Kong Stock Exchange (HKEX) listing, having recently undergone a listing hearing for its application [1] Group 1: Listing Progress - Muyuan Foods officially initiated its Hong Kong IPO plan in early 2025, submitting its application on May 27, but the prospectus automatically lapsed on November 27 due to not completing the hearing within six months [3] - The company plans to issue up to 546 million overseas ordinary shares, with funds aimed at expanding overseas markets and enhancing technology research and development across the entire industry chain [3] - The primary goal of the HKEX listing is to accelerate internationalization, with the company emphasizing that completing the issuance is more important than the financing scale itself [3] Group 2: Internationalization Strategy - Muyuan Foods' international expansion began in 2024, focusing on a light-asset technology output model, such as collaborating with BAF Vietnam Agricultural Co., Ltd. to provide technical services [4] - In September, the company signed a second-phase agreement with BAF to invest approximately 3.2 billion yuan in a high-tech breeding project in Vietnam, which will include a feed factory [4] - Transitioning from light-asset output to overseas factory construction is seen as a way to better control the supply chain and enhance competitiveness in local markets [4] Group 3: Financial Performance and Industry Context - For the first three quarters of 2025, Muyuan Foods reported revenue of 111.79 billion yuan, a year-on-year increase of 15.52%, while net profit attributable to shareholders was 14.779 billion yuan, up 41.01% [5] - However, the company faced challenges in Q3, with revenue declining by 11.48% year-on-year to 35.327 billion yuan and net profit down 55.98% to 4.249 billion yuan due to low pork prices [5] - The company's total liabilities have remained above 100 billion yuan since 2021, reaching 100.3 billion yuan with a debt-to-asset ratio of 55.5% as of Q3 2025 [5] - The cyclical nature of pork prices is a global issue, and Muyuan Foods aims to mitigate this through multi-regional layouts, potentially stabilizing profits by embedding overseas factories into local consumption systems [5]