牧原食品开启招股：拟募资100亿 2月6日上市 预计年净利同比降15%

Core Viewpoint - Muyuan Foods Co., Ltd. is preparing for its listing on the Hong Kong Stock Exchange on February 6, 2026, aiming to raise a total of HKD 10.686 billion by issuing 274 million shares at a maximum price of HKD 39 per share [3][27]. Group 1: IPO Details - The company has initiated a roadshow for its upcoming IPO [3]. - The total number of shares to be issued is 274 million, with a maximum offering price of HKD 39 per share [3][27]. - The total funds raised from the IPO are expected to be HKD 10.686 billion [3][27]. Group 2: Cornerstone Investors - Key cornerstone investors include Charoen Pokphand Foods, COFCO, Sinochem Hong Kong, and others, with total subscriptions amounting to USD 685 million [4][6]. - Charoen Pokphand Foods subscribed for USD 200 million, while COFCO subscribed for USD 70 million through two entities [4][6][29]. - Other notable investors include Fidelity, UBS AM Singapore, and Ping An Life Insurance, among others [4][6][29]. Group 3: Financial Performance - Muyuan Foods reported revenues of CNY 124.826 billion, CNY 110.861 billion, and CNY 137.947 billion for the years 2022, 2023, and 2024, respectively [12][33]. - The company expects a net profit of CNY 151 billion to CNY 161 billion for 2025, representing a decline of 14.93% to 20.21% compared to the previous year [17][38]. - The EBITDA for 2022, 2023, and 2024 is projected to be CNY 299.52 billion, CNY 126 billion, and CNY 371.82 billion, respectively [12][33]. Group 4: Business Operations - Muyuan Foods operates through two main segments: pig farming and meat processing, covering the entire supply chain from breeding to slaughtering [12][33]. - The company is a leading player in the pork industry, leveraging over 30 years of experience [13][34]. - The average selling price of commodity pigs is expected to be approximately CNY 13.5 per kilogram in 2025, down about 17.3% year-on-year [18][39]. Group 5: Shareholding Structure - The controlling shareholders, Qin Yinglin and his wife, hold a combined 55% stake in the company [9][30]. - As of September 30, 2025, Qin Yinglin holds 38.19% of the shares, while Muyuan Industrial Group holds 15.54% [20][41].