Core Viewpoint - The company, Muyuan Foods, is preparing for its second listing attempt on the Hong Kong Stock Exchange after its initial application expired, with a focus on expanding its global footprint and enhancing its integrated supply chain model [2][3][29]. Group 1: Company Background and Development - Muyuan Foods, founded by Qin Yinglin and Qian Ying, began its journey in the 1990s, focusing on addressing inefficiencies in traditional pig farming [5][6]. - The company transitioned from a small operation to a large-scale enterprise, officially registering as "Nanyang Muyuan Breeding Co., Ltd." in 2000 and later becoming "Muyuan Foods Co., Ltd." in 2010 [6]. - By 2021, Muyuan had established itself as the world's largest pig farming company, achieving a global market share of 5.6% by 2024 [7][8]. Group 2: Financial Performance - Muyuan's revenue for 2022, 2023, and 2024 was reported at 124.83 billion, 110.86 billion, and 137.95 billion respectively, with a significant rebound expected in 2024 due to improved pig prices and operational efficiency [10]. - The company experienced a net profit of 14.93 billion in 2022, a net loss of 4.17 billion in 2023, and a recovery to 18.93 billion in 2024, indicating a cyclical recovery [10][11]. - As of mid-2025, Muyuan reported a revenue of 76.46 billion and a net profit of 10.79 billion, with a gross margin increase from 7.7% to 19.0% [10][26]. Group 3: Business Model and Strategy - Muyuan employs a "vertical integration" model, controlling breeding, feed production, farming, and slaughtering, which allows for better risk management and efficiency [7][28]. - The company aims to expand its international presence, particularly in emerging markets like Vietnam, while leveraging its established operational model [18][29]. - Muyuan's slaughtering and meat processing segment has grown significantly, contributing to its overall revenue and providing a buffer against market volatility [21][22]. Group 4: Market Trends and Opportunities - Global meat consumption is on the rise, driven by population growth and increasing income levels in developing countries, presenting opportunities for producers like Muyuan [17]. - The company plans to utilize funds from its Hong Kong listing to enhance its overseas market presence and invest in technology and research [19][29]. - Muyuan's strategy includes replicating its successful domestic model in international markets, aiming to position itself as a leader in global agricultural standards [32].