Muyuan Foods (SZ:002714) 3 6 Ke·2026-02-06 09:27Core Viewpoint - Muyuan Foods Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising a total of HKD 10.686 billion through the issuance of 274 million shares at an issue price of HKD 39 per share [1][4]. Group 1: IPO Details - The net proceeds from the IPO, after deducting listing expenses of HKD 214 million, amount to HKD 10.47 billion [1]. - Key cornerstone investors include Charoen Pokphand Foods, COFCO, and others, collectively subscribing for USD 685 million [4][6]. - The opening price of Muyuan Foods was HKD 39, matching the issue price, with a market capitalization exceeding HKD 226 billion [6]. Group 2: Financial Performance - Muyuan Foods reported revenues of RMB 124.826 billion, RMB 110.861 billion, and RMB 137.947 billion for the years 2022, 2023, and 2024, respectively [12]. - The company expects a net profit of RMB 151 billion to RMB 161 billion for 2025, representing a decline of 14.93% to 20.21% compared to the previous year [16][18]. - For the first half of 2025, revenues reached RMB 76.463 billion, a 34.5% increase year-on-year, with a net profit of RMB 107.9 billion [13]. Group 3: Business Operations - Muyuan Foods operates in two main segments: pig farming and meat processing, covering the entire industry chain from breeding to slaughtering [10][12]. - The average selling price of commodity pigs is expected to be approximately RMB 13.5 per kilogram, down about 17.3% year-on-year due to market fluctuations [18]. - The company has a strong focus on health management and production management to enhance operational efficiency and reduce costs [18]. Group 4: Ownership Structure - The company is significantly controlled by the founding couple, Qin Yinglin and Qian Ying, who together hold 55% of the shares [19][24]. - Qin Yinglin serves as the chairman and president, with a family-oriented management structure evident in the executive team [26][24].