“猪茅”，上半年净赚百亿

Core Viewpoint - The article highlights the strong financial performance of Muyuan Foods in the first half of 2025, showcasing significant revenue and profit growth driven by increased pig sales and effective cost management strategies [1][2]. Financial Performance - In the first half of 2025, the company achieved an operating income of 76.463 billion yuan, representing a year-on-year increase of 34.46% [1]. - The net profit attributable to shareholders reached 10.53 billion yuan, marking a staggering year-on-year growth of 1169.77%, second only to the net profit of 10.784 billion yuan in the same period of 2020 [1]. Revenue Growth Factors - The revenue growth in the pig farming business was 34.68%, primarily due to an increase in the number of pigs sold [2]. - The company sold a total of 46.91 million pigs in the first half of 2025, including 38.394 million market pigs, 8.291 million piglets, and 225,000 breeding pigs [2]. - Muyuan Foods employs a dual or triple breeding system and utilizes rotational breeding technology to select high-yield and lean meat sows from market pigs, balancing breeding and market performance [2]. Cost Management - The company collaborates with major domestic and international grain merchants to secure grain sources through multiple channels, thereby reducing procurement costs [3]. - It also adjusts feed formulas flexibly based on grain price changes, achieving raw material substitution and cost control [3]. Dividend Distribution - The company plans to distribute a cash dividend of 9.32 yuan per 10 shares (tax included), with a total dividend amount of 5.002 billion yuan (tax included) [4]. Stock Performance - Muyuan Foods' stock has shown a steady upward trend this year, with a cumulative increase of 25.43%, closing at 47.50 yuan per share, resulting in a total market capitalization of 259.5 billion yuan [5].