牧原股份2025年业绩预告出炉，净利润超147亿

Core Viewpoint - The domestic leading pig farming company, Muyuan Foods, forecasts a decline in net profit for 2025, reflecting the industry's adjustment cycle and pricing pressures [1]. Group 1: 2025 Performance Forecast - Muyuan Foods expects a net profit of 14.7 billion to 15.7 billion yuan for 2025, a decrease of 12.20% to 17.79% year-on-year [1]. - The average selling price of commercial pigs is projected to be approximately 13.5 yuan per kilogram, down about 17.3% year-on-year, impacting overall profitability [1]. - Despite ongoing cost control optimizations, the company has not fully mitigated the effects of price fluctuations in the pig market [1]. Group 2: Historical Performance Overview - In 2022, the company experienced a tight supply-demand balance in the pig market, resulting in a high average selling price and a net profit of 14.933 billion yuan on revenues of 124.641 billion yuan [1]. - In 2023, the company faced a downturn with a net loss of 4.168 billion yuan and revenues of 110.671 billion yuan due to market adjustments [1]. - The year 2024 saw a recovery with revenues of 137.724 billion yuan and a net profit of 18.925 billion yuan, marking a significant increase of 554.07% year-on-year [2]. Group 3: Industry Context - The 2025 pig market is characterized by ample supply and relatively stable demand, leading to a "steady then weak" operational pattern that adversely affects sales prices for pig farming companies [3]. - Other leading companies, such as Wen's Foodstuffs, are also experiencing significant declines in net profit due to lower sales prices for pigs and chickens, with forecasts indicating a drop of 40.73% to 46.12% year-on-year [3].