牧原股份通过港交所聆讯 摩根士丹利、中信和高盛为联席保荐人

Core Viewpoint - Muyuan Foods has successfully passed the main board listing hearing at the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs serving as joint sponsors [1] Company Overview - Since 2021, Muyuan Foods has maintained its position as the world's largest pig farming company based on production capacity and output, according to Frost & Sullivan [1] - The company employs a vertically integrated business model that encompasses the entire industry chain, including pig breeding, farming, feed production, and meat processing [1] Market Position - Muyuan Foods' global market share in pig output has increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of the second to fourth largest competitors [1] - In 2024, the company ranks fifth globally and first in China in terms of pig slaughtering volume, having entered the meat processing business in 2019 [1] Industry Insights - Global pork consumption has shown stability, rising from 95.2 million tons in 2020 to 115.3 million tons in 2024, with a compound annual growth rate of 4.9% [1] - As the world's largest pork consumer, China's per capita major meat consumption is projected to be 69.4 kg per person in 2024, indicating significant growth opportunities compared to the United States' 102.0 kg per person [1] - The proportion of chilled pork in total pork consumption in China remains lower than that in developed countries, suggesting substantial market potential [1]