牧原股份：当前公司现金流安全稳定

Core Viewpoint - The company, Muyuan Foods (002714), has confirmed that its cash flow is currently safe and stable, and it will manage cash flow based on external conditions and operational circumstances [1] Group 1: Financial Performance - The company reported a net inflow of cash flow from operating activities due to current pig prices [1] - The complete cost of pig farming for the company is approximately 11.6 yuan/kg by December 2025 [1] - Non-cash costs, such as depreciation and amortization, account for about 10% of the cost structure [1] Group 2: Operational Strategy - The company has completed large-scale capacity construction and is entering a period of steady development [1] - Future capital expenditures are expected to decline, leading to a gradual increase in free cash flow levels [1]