“一哥”港股发行价确定，发行市值超2200亿港元

Core Viewpoint - Muyuan Foods has successfully priced its H-shares at HKD 39 per share, marking a significant step in its internationalization strategy and reflecting its strong fundamentals and market appeal [4][6][20]. Group 1: Financial Performance and Projections - Muyuan Foods is expected to achieve a net profit attributable to shareholders of between CNY 15.1 billion and CNY 16.1 billion in 2025, with a net cash flow from operating activities of CNY 28.58 billion for the first three quarters of 2025 [14]. - The company has a robust cash flow and is steadily optimizing its debt-to-asset ratio, maintaining industry-leading cost control capabilities [14][21]. Group 2: H-share Offering Details - The company plans to issue 274 million H-shares, representing 4.78% of the total share capital post-issue, with expected fundraising of HKD 10.686 billion and a market capitalization of HKD 223.7 billion [6][18]. - If the overallotment option is fully exercised, the maximum number of shares issued will be 315 million, raising up to HKD 12.285 billion and a market cap of HKD 225.4 billion [6][18]. Group 3: Use of Proceeds - 30% of the net proceeds will be allocated to strengthening the supply chain for global expansion and ensuring stable supply of feed materials through international procurement [7][19]. - 20% will be used to enhance market presence in Southeast Asia, including Vietnam and Thailand, by providing local pig farming operators with technology and solutions [7][19]. - 10% will be directed towards strategic initiatives such as mergers, alliances, and minority investments to bolster global positioning [19]. Group 4: Competitive Advantages - Muyuan Foods has become the world's largest pig farming enterprise by production capacity and output, with a global market share increasing from 2.6% in 2021 to an estimated 5.6% in 2024 [21]. - The company focuses on cost control as a core competitive advantage, with expected average breeding costs around CNY 12 per kilogram in 2025, potentially dropping to CNY 11.3 per kilogram by October 2025 [21][22]. Group 5: Technological Innovations - The company emphasizes technological innovation as a key driver for cost reduction and efficiency improvement, implementing smart devices and data analytics across its operations [10][22]. - It has developed a comprehensive smart farming platform that integrates various aspects of the pig farming industry, enhancing operational efficiency and sustainability [11][23]. Group 6: Slaughtering Business Growth - The slaughtering segment has seen significant growth, with revenue increasing from approximately CNY 1.6 billion in the first half of 2021 to CNY 19.35 billion by the first half of 2025, now accounting for over 25% of total revenue [12][24]. - The slaughtering business is expected to continue contributing to profits and help stabilize the cyclical fluctuations of the pig farming operations [24].