又一供应链巨头港股上市，去年净利约150亿

Core Viewpoint - Muyuan Foods Co., Ltd. has successfully completed its dual listing on the Hong Kong Stock Exchange, raising over HKD 10.4 billion, which is expected to enhance its strategic investments and global expansion capabilities amid a challenging industry environment [1][7]. Company Overview - Founded in 1992 and headquartered in Nanyang, Henan, Muyuan Foods is the world's largest pig farming company, having gone public in A-shares in 2014. The company operates a complete pork industry chain, including feed processing, pig breeding, pig farming, and slaughtering [3]. - By 2025, Muyuan is projected to have a pig output of 77.98 million heads and a slaughter volume of 28.66 million heads. The company has a presence in 25 provinces across 109 cities in China, with 308 subsidiaries [3]. Financial Performance - In the first three quarters of 2025, Muyuan reported revenue of CNY 111.79 billion, a year-on-year increase of 15.5%, and a net profit attributable to shareholders of CNY 14.78 billion, up 41.0% year-on-year [3]. - However, the company anticipates a decline in net profit for the full year 2025, projecting a range of CNY 15.1 to 16.1 billion, representing a year-on-year decrease of 14.93% to 20.21% [5]. Industry Context - The pig farming industry is currently experiencing a downturn, with companies like Muyuan, New Hope, and Zhengbang Technology all reporting profit declines due to falling pig prices. Muyuan noted an average selling price of CNY 13.5 per kilogram, down approximately 17.3% year-on-year [6]. - The industry is in a low cycle phase characterized by severe supply-demand imbalances and persistent low prices, with expectations that this downturn will continue into the first half of the year [6]. Strategic Implications of the Listing - The funds raised from the Hong Kong listing will be used strategically, with 60% allocated for expanding overseas markets, 30% for research and development across the entire industry chain, and 10% for working capital [7]. - The listing is seen as a critical move for Muyuan to maintain and enhance its strategic investments during a period of industry contraction, allowing the company to differentiate itself from competitors and solidify its market position [7]. Global Expansion and Challenges - Muyuan aims to leverage its listing to explore new growth avenues and mitigate market volatility by expanding its operations globally, particularly in Southeast Asia [7]. - However, the company faces significant challenges in international operations, including political stability, regulatory risks, and the complexities of establishing local supply chains [8].