Muyuan Foods (SZ:002714) Zhi Tong Cai Jing·2026-01-21 06:06Group 1 - The core viewpoint of the news is that Muyuan Foods (牧原股份) is preparing for an IPO in Hong Kong, aiming to raise up to $1.5 billion, with potential listing as early as February [1] - Muyuan Foods is a leader in the pig farming industry, employing a vertically integrated business model that covers the entire pig production chain, including breeding, farming, feed production, and slaughtering [1] - According to Frost & Sullivan, since 2021, Muyuan Foods has been the largest pig farming enterprise globally by production capacity and output, maintaining the highest pig output for four consecutive years [1] - The company's global market share in terms of pig output has increased from 2.6% in 2021 to an expected 5.6% in 2024, surpassing the combined market share of the second to fourth largest competitors [1] - Among the top ten publicly listed pork companies globally, Muyuan Foods is the only one with an average net profit margin exceeding 15% from 2014 to 2024 [1] - From 2014 to 2024, the company's EBITDA compound annual growth rate is projected to be 60.2%, with an average EBITDA margin of 30.8%, outperforming other large listed companies in China's pig farming industry [1] Group 2 - Muyuan Foods disclosed its earnings forecast for 2025, expecting a net profit attributable to shareholders of between 14.7 billion to 15.7 billion yuan, representing a year-on-year decline of 12.2% to 17.79% [2] - The company's non-recurring net profit is anticipated to be between 15.1 billion to 16.1 billion yuan, reflecting a year-on-year decrease of 14.12% to 19.45% [2]