牧原股份：预计去年净利147亿–157亿，同比降逾12%

Core Viewpoint - The company, Muyuan Foods, forecasts a decline in net profit for the year 2025, attributed to fluctuations in the pig market and a decrease in average selling prices of pork [1][2]. Group 1: 2025 Annual Performance Forecast - For 2025, Muyuan Foods expects net profit attributable to shareholders to be between 14.7 billion and 15.7 billion yuan, representing a year-on-year decline of 12.2% to 17.79% [1]. - The net profit after deducting non-recurring gains and losses is projected to be between 15.1 billion and 16.1 billion yuan, reflecting a decrease of 14.12% to 19.45% compared to the previous year [1]. - The basic earnings per share are anticipated to be between 2.73 yuan and 2.93 yuan [1]. Group 2: Q3 2025 Financial Results - In Q3 2025, Muyuan Foods reported operating revenue of 35.327 billion yuan, a year-on-year decrease of 11.48% [2]. - The net profit attributable to shareholders for Q3 was 4.249 billion yuan, down 55.98% year-on-year [2]. - The net profit after excluding non-recurring gains and losses for Q3 was 4.797 billion yuan, a decline of 53.62% compared to the same period last year [2]. Group 3: Year-to-Date Performance - For the first three quarters of 2025, Muyuan Foods achieved operating revenue of 111.79 billion yuan, an increase of 15.52% year-on-year [2]. - The net profit attributable to shareholders for the first three quarters was 14.779 billion yuan, reflecting a year-on-year growth of 41.01% [2]. - The net profit after deducting non-recurring gains and losses for the first three quarters was 15.473 billion yuan, showing a year-on-year increase of 37.90% [2].