“猪王”牧原股份闯港股：负债千亿，董事长秦英林年薪年涨近六成

Core Viewpoint - The article discusses the financial performance and challenges faced by Muyuan Foods, highlighting its significant revenue growth alongside concerns about declining profits and rising executive compensation as it prepares for a secondary listing in Hong Kong [3][4][5]. Financial Performance - Muyuan Foods has achieved annual revenues exceeding 100 billion yuan since 2022, marking a growth of approximately 50 times since its initial public offering [3]. - The company forecasts a net profit for 2025 between 14.7 billion and 15.7 billion yuan, representing a year-on-year decline of 12.2% to 17.79% [4][14]. - The net profit excluding non-recurring items is expected to be between 15.1 billion and 16.1 billion yuan, down 14.12% to 19.45% from the previous year [14]. Business Operations - Muyuan Foods operates through two main segments: pig farming and meat processing, with a focus on breeding, selling pigs, and processing meat products [7]. - The company has been the world's largest pig farming enterprise since 2021, with its market share increasing from 2.6% in 2021 to 5.6% in 2024 [9]. Financial Structure and Debt - As of September 2025, Muyuan Foods reported a debt-to-asset ratio of 55.5%, with total liabilities exceeding 100 billion yuan [5][21]. - The company's total liabilities were reported at 1,045.2 billion yuan, with a significant portion being short-term borrowings [21]. Executive Compensation - The compensation for Chairman Qin Yinglin rose to 3.7219 million yuan in 2024, a nearly 60% increase from the previous year [5][16]. - The total compensation for key management personnel doubled to approximately 18.15 million yuan compared to the previous year [19]. Market Conditions - The average selling price of pigs is expected to decline by approximately 17.3% year-on-year, impacting overall profitability [15]. - The company's financial performance has shown significant volatility, reflecting the cyclical nature of the pig farming industry [12].