Muyuan Foods (SZ:002714) Xin Lang Cai Jing·2026-02-04 09:45Core Viewpoint - Muyuan Foods is set to launch its global offering on January 29, with shares priced at HKD 39 each, aiming for a total issuance scale of approximately HKD 106.8 billion to HKD 122.9 billion, highlighting its leading position in the domestic pig farming market despite the cyclical nature of the industry [1][2]. Group 1: IPO Details - The offering price of Muyuan Foods is at a discount of approximately 23.9% compared to its A-share closing price of CNY 45.68 on February 3, which aligns with the valuation logic of leading enterprises [1][2]. - The IPO attracted 13 cornerstone investors, raising a total of USD 685 million, which accounts for 50% of the issuance scale, indicating strong investor confidence [4][5]. Group 2: Market Position and Valuation - Muyuan Foods is recognized as a unique leader in the pig farming industry, excelling in production capacity, breeding technology, cost control, and industry chain integration, making it an irreplaceable asset for investors looking to enter the domestic pig farming sector [1][2]. - The discount level of 23.9% is significantly lower than other A to H projects launched around the same time, such as Lianqi Technology, which had a discount of 47.7%, showcasing a competitive valuation for Muyuan Foods [2][3]. Group 3: Financial Performance - The company has demonstrated resilience in its financial performance despite industry fluctuations, with revenues recorded at CNY 124.8 billion, CNY 110.9 billion, CNY 137.9 billion, and CNY 111.8 billion from 2022 to the first three quarters of 2025 [6]. - The average selling price of commodity pigs dropped by 17.3% year-on-year to CNY 13.5 per kilogram in 2025, significantly impacting profitability, with projected net profits for the year expected to decline by 12.20% to 17.79% [6][7]. Group 4: Dividend Policy - The company has consistently optimized its dividend policy, with an average payout ratio of 28% since its listing, and an expected dividend yield of 2.6% for 2025, providing a stable return for investors [9][10].