牧原股份实现“A+H”上市背后：1月卖猪超700万头，均价触及盈亏平衡线

Core Viewpoint - Muyuan Foods officially listed on the Hong Kong stock market, marking the start of its "A+H" dual capital platform operation, with its stock price rising by 3.9% on the first day of trading [1] Group 1: Company Performance - On the first day of trading, Muyuan Foods' stock closed at HKD 40.52, with a trading volume of HKD 16.3 billion [1] - The stock price of Muyuan Foods on the A-share market has declined from CNY 51.85 per share at the beginning of January to CNY 44.2 per share by the end of the month, a drop of 14.75% [1] - The average selling price of commodity pigs in January was CNY 12.57 per kilogram, reaching the industry's recognized breakeven point [1] Group 2: Sales and Financial Data - In January 2026, Muyuan Foods sold 7.009 million commodity pigs, a slight increase of 2.73% year-on-year, but the average selling price decreased significantly by 16.92% [3] - The total sales revenue from commodity pigs was CNY 10.566 billion, down 11.93% year-on-year, indicating a situation of "increased volume but decreased price" [3] - The company's breeding cost per kilogram is around CNY 11.6, with an average cost of CNY 12 per kilogram for the year 2025, a decrease of approximately CNY 2 per kilogram year-on-year [3] Group 3: Funding and Expansion Plans - The funds raised from the Hong Kong listing will be crucial for the company to maintain operations and expansion during the industry's downturn, with about 60% allocated for overseas market expansion [4] - The global offering of H-shares was set at 274 million shares, with a final issue price of HKD 39.0 per share, potentially raising net funds of approximately HKD 104.6 billion, or up to HKD 120.38 billion if the overallotment option is fully exercised [4] - Approximately HKD 62.76 billion of the raised funds will be used to expand into overseas markets, including Southeast Asia, and to enhance the global supply chain [4] Group 4: Strategic Partnerships and Market Entry - Muyuan Foods has established a wholly-owned subsidiary in Vietnam and is collaborating with local enterprises on a high-tech breeding project with an annual output of 1.6 million pigs [5] - Charoen Pokphand Group is the largest cornerstone investor, contributing USD 200 million, which will support Muyuan's expansion in Southeast Asia [5] - The company plans to adopt a light-asset model initially for overseas development, focusing on technology services and equipment sales while exploring various methods for international business [5]