成本护城河筑牢底气，牧原股份开启增长新周期

Core Insights - The article highlights the rapid growth and competitive advantage of the company, Muyuan Foods, which has become the world's largest pig farming group over the past decade [1] - Despite a prolonged price downturn in the pig market, the company is expected to benefit from the accelerated elimination of outdated production capacity, further enhancing its cost advantages [1] Group 1: Financial Performance - In the first three quarters of 2025, Muyuan Foods sold 57.32 million pigs, a year-on-year increase of 27% [1] - The company's total breeding cost decreased to 11.6 yuan/kg by September 2025, down 1.5 yuan/kg from January [1] - The company achieved a profit in its slaughtering business in Q3 2025, with a slaughter volume of 19.16 million pigs, a 140% increase year-on-year, and an 88% capacity utilization rate [1] Group 2: Competitive Advantages - Muyuan Foods reported an average profit of 234 yuan per pig, with breeding business profits exceeding 4.8 billion yuan, showcasing its ability to remain profitable amid market challenges [2] - Key production metrics include a survival rate of 87% for pigs, a weaning-to-market survival rate of 93%, and an average of 29 weaned piglets per sow per year, all of which are industry-leading figures [2] - The company's cost advantages and comprehensive industry chain layout position it as a core investment target amid cyclical fluctuations [2] Group 3: International Expansion - Muyuan Foods has updated its Hong Kong listing application, aiming for an "A+H" dual listing to accelerate its internationalization process [3] - The company plans to establish a high-tech breeding project in Vietnam with a total investment of 3.2 billion yuan, expected to provide 1.6 million quality pigs annually [3] - The shift from technology export to physical breeding operations marks a significant step in the company's international expansion strategy [3]