香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MUYUAN FOODS CO., LTD. 牧 原 食 品 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號: 2714） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，牧原食品股份有限公司（「本公司」）在巨 潮資訊網（www.cninfo.com.cn）刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 牧原食品股份有限公司 董事長兼總裁 秦英林先生 中國，河南省南陽市，2026年3月27日 於本公告日期，本公司董事會成員包括：(i)執行董事秦英林先生、曹治年先生及楊瑞華 女士；(ii)非執行董事錢瑛女士及蘇黨林先生；及(iii)獨立非執行董事周明笙先生、閻磊 先生及馮根福先生。 牧原食品股份有限公司 2025 年年度报告摘要 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026 ...

Core Viewpoint - The article discusses the transformation of the pig farming industry in China, emphasizing the integration of technology and management innovations to enhance efficiency and reduce costs, while also addressing the company's strategic plans for 2026 in response to market dynamics and policy changes. Group 1: Company Development - In 2025, the company achieved a pig output of 77.981 million heads and sales revenue of 132.811 billion yuan, with a breeding cost of 11.3 yuan/kg, leading to a projected net profit of 15.1 to 16.1 billion yuan for 2026, providing a solid foundation for stable operations [2][3] - The average breeding cost decreased by 2 yuan/kg year-on-year, reaching approximately 12 yuan/kg, attributed to continuous technological investments and management innovations [2] Group 2: Strategic Shifts - The company is transitioning from a single focus on commercial pig farming to a dual-driven model that includes commercial piglets, aiming to enhance operational efficiency and provide value to clients while promoting industry specialization and sustainability [3] - The piglet strategy allows clients to lock in prices, reducing risks and improving profitability, while also addressing the challenges faced by small farmers under traditional breeding models [3] Group 3: Technological Innovation - The company plans to increase the coverage and stability of smart equipment across over 1,000 farms, focusing on AI inspection, precise feeding, and environmental control to reduce reliance on personnel [4] - Ongoing research in feed formulation and alternative protein sources aims to further lower breeding costs, with a focus on optimizing nutritional needs for different pig breeds [5][6] Group 4: Industry Layout - The company's slaughtering and meat processing business is expanding in three key areas: increasing slaughter capacity, optimizing product offerings, and enhancing operational capabilities through digital management and cost control [7] - A joint venture in the biopharmaceutical sector aims to maximize the value of pigs by producing heparin sodium and other products, with plans for further collaboration in the industry [8] Group 5: International Expansion - The company is advancing its international strategy, particularly in Vietnam, with plans to replicate domestic technological and management successes in high-growth overseas markets [9] - Initial international efforts will focus on light-asset models, with future considerations for establishing production capacities and targeted acquisitions [9] Group 6: Industry Trends - The company acknowledges the dual challenges of strong policy regulation and weak market cycles in 2026, focusing on operational management and innovation to maintain stability and efficiency [10][12] - Strategies to stabilize raw material supply chains and mitigate cost fluctuations include partnerships with grain suppliers and flexible procurement approaches [12][13] Group 7: Ecosystem Development - The company aims to empower upstream and downstream partners through an "industry interconnection" model, enhancing collaboration and sharing resources to drive mutual growth [14]

Core Viewpoint - The support from the central government for the private economy is clear and firm, boosting confidence and motivation for entrepreneurship in the industry [2] Group 1: Company Development - The company, founded in 1992, has grown from 22 piglets to the world's largest pig farming enterprise, with an annual output of 70 million pigs [2] - The company emphasizes aligning its development with national needs, particularly in supporting the country's food security strategy by promoting grain-saving actions in livestock farming [2] - The company has adopted innovative breeding techniques, reducing reliance on imported breeding stock and achieving cost reduction and efficiency improvement [2] Group 2: Technological Innovations - The company has implemented advanced air filtration systems in pig farms, which not only prevent diseases but also address environmental concerns related to odor [3] - A digital farming model has been established, where waste from pig farming is converted into organic fertilizer and biogas, promoting a circular economy [3] Group 3: Industry Collaboration - The company is working to professionalize pig farming by providing breeding stock, feed, and technical support to small farmers, thus creating a shared prosperity model [4][5] - The company plans to supply 10 million discounted piglets to support 6,300 farming households this year [5] Group 4: Legal and Regulatory Environment - The implementation of the Private Economy Promotion Law is seen as a positive step towards creating a better business environment, with the company committed to legal and responsible operations as it grows [5]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue growing by 34.46% and net profit increasing by 1169.77% [2][3] Financial Performance - The company achieved a revenue of 764.63 billion yuan and a net profit attributable to the parent company of 105.3 billion yuan in the first half of 2025 [3] - Operating cash flow reached 173.51 billion yuan, reflecting a year-on-year growth of 12.13% [3] - Basic earnings per share were reported at 1.96 yuan, marking a 1206.67% increase year-on-year [3] Operational Highlights - The company sold 46.91 million pigs in the first half of 2025, including 38.39 million commodity pigs and 8.29 million piglets [3] - The slaughtering of pigs reached 11.41 million, with a year-on-year growth of 110.87% and a capacity utilization rate of 78.72% [3] - Revenue from the meat processing business was 19.345 billion yuan, showing a year-on-year increase of 93.83% [3] Cost Management - The company's pig farming cost was reduced to below 12.1 yuan/kg by June 2025, with a target of achieving an average cost of 12 yuan/kg for the year [4] - This cost level provides a competitive advantage in the industry, supporting stable profitability amid market fluctuations [4] Strategic Initiatives - The significant growth in piglet sales reflects the successful implementation of the company's "industry interconnection and support for farmers" strategy [4] - The meat processing business has expanded, with over 70 service stations established across 20 provincial-level regions in the country [4] - The company employs a "self-raising and self-slaughtering" business model, ensuring full coverage of the supply chain from feed processing to end sales, enhancing food safety and maximizing the value creation of each pig [4]

Core Insights - The company reported a significant increase in revenue and net profit for the first half of 2025, with revenue growing by 34.46% and net profit increasing by 1169.77% [1][2] Financial Performance - The company achieved a total revenue of 764.63 billion yuan and a net profit attributable to the parent company of 105.3 billion yuan in the first half of 2025 [2] - Operating cash flow reached 173.51 billion yuan, reflecting a year-on-year growth of 12.13% [2] - Basic earnings per share rose to 1.96 yuan, marking a 1206.67% increase compared to the previous year [2] Operational Highlights - The company sold 46.91 million pigs in the first half of 2025, including 38.39 million commodity pigs and 8.29 million piglets [2] - The slaughtering of pigs reached 11.41 million, representing a year-on-year growth of 110.87%, with a capacity utilization rate of 78.72% [2] - Revenue from the meat processing business was 19.345 billion yuan, showing a year-on-year increase of 93.83% [2] Cost Management - As of June 2025, the company's pig farming cost was reduced to below 12.1 yuan/kg, with a target of achieving an average cost of 12 yuan/kg for the entire year [3] - This cost level provides a competitive advantage in the industry, ensuring stable profitability amid market fluctuations [3] Strategic Initiatives - The significant growth in piglet sales reflects the successful implementation of the company's "industry interconnection and support for farmers" strategy [3] - The meat processing business has expanded, with over 70 service stations established across 20 provincial-level administrative regions in the country [3] - The company has adopted a "self-raising and self-slaughtering" business model, covering the entire industry chain from feed processing to end sales, ensuring food safety and maximizing the value creation of each pig [3]

Core Viewpoint - The meeting between China Bank and Muyuan Group focuses on deepening cooperation in intelligent research and financial empowerment, aiming to support high-quality development in the pig farming industry [1] Group 1: Company Collaboration - China Bank's leadership expressed a desire to enhance collaboration with Muyuan Group, leveraging its global network and financial services to support the latter's development [1] - Muyuan Group's leadership emphasized their commitment to core business and the advancement of new fields such as industrial interconnection and synthetic biology to achieve high-quality growth in pig farming [1] Group 2: Future Prospects - Both parties are looking to explore broader cooperation opportunities to cultivate new growth points in the industry [1]