专访牧原股份董秘秦军：专注经营管理，不把精力放在研判未来

Core Viewpoint - The article discusses the transformation of the pig farming industry in China, emphasizing the integration of technology and management innovations to enhance efficiency and reduce costs, while also addressing the company's strategic plans for 2026 in response to market dynamics and policy changes. Group 1: Company Development - In 2025, the company achieved a pig output of 77.981 million heads and sales revenue of 132.811 billion yuan, with a breeding cost of 11.3 yuan/kg, leading to a projected net profit of 15.1 to 16.1 billion yuan for 2026, providing a solid foundation for stable operations [2][3] - The average breeding cost decreased by 2 yuan/kg year-on-year, reaching approximately 12 yuan/kg, attributed to continuous technological investments and management innovations [2] Group 2: Strategic Shifts - The company is transitioning from a single focus on commercial pig farming to a dual-driven model that includes commercial piglets, aiming to enhance operational efficiency and provide value to clients while promoting industry specialization and sustainability [3] - The piglet strategy allows clients to lock in prices, reducing risks and improving profitability, while also addressing the challenges faced by small farmers under traditional breeding models [3] Group 3: Technological Innovation - The company plans to increase the coverage and stability of smart equipment across over 1,000 farms, focusing on AI inspection, precise feeding, and environmental control to reduce reliance on personnel [4] - Ongoing research in feed formulation and alternative protein sources aims to further lower breeding costs, with a focus on optimizing nutritional needs for different pig breeds [5][6] Group 4: Industry Layout - The company's slaughtering and meat processing business is expanding in three key areas: increasing slaughter capacity, optimizing product offerings, and enhancing operational capabilities through digital management and cost control [7] - A joint venture in the biopharmaceutical sector aims to maximize the value of pigs by producing heparin sodium and other products, with plans for further collaboration in the industry [8] Group 5: International Expansion - The company is advancing its international strategy, particularly in Vietnam, with plans to replicate domestic technological and management successes in high-growth overseas markets [9] - Initial international efforts will focus on light-asset models, with future considerations for establishing production capacities and targeted acquisitions [9] Group 6: Industry Trends - The company acknowledges the dual challenges of strong policy regulation and weak market cycles in 2026, focusing on operational management and innovation to maintain stability and efficiency [10][12] - Strategies to stabilize raw material supply chains and mitigate cost fluctuations include partnerships with grain suppliers and flexible procurement approaches [12][13] Group 7: Ecosystem Development - The company aims to empower upstream and downstream partners through an "industry interconnection" model, enhancing collaboration and sharing resources to drive mutual growth [14]