1、2025年牧原实现商品猪出栏7798.1万头、销售金额1328.11亿元，养殖完全成本降至11.3元/公斤的行 业领先水平，这样的成绩为2026年发展奠定了怎样的基础？ 秦军：2025年，公司预计实现净利润151亿-161亿元，实现了较好的盈利与充裕的现金流。在此基础 上，公司持续降低负债总额与资产负债率，优化财务结构，提升发展质量，为2026年公司稳健运营提供 了坚实的保障。 2025年公司生猪养殖完全成本整体呈现下降趋势，全年平均成本在12元/kg左右，同比下降2元/kg，这 得益于公司此前在技术上的不断投入与管理上的持续创新。这一成果不仅验证了相关投入的有效性，也 进一步巩固了公司的成本优势，为2026年持续推进降本增效奠定了坚实基础。 2. 从"单一商品猪养殖"转向"商品猪+仔猪商业化销售"双轮驱动模式，2026年仔猪销售的目标规模与渠 道布局如何？预计将贡献多少利润增量？ 2026年，国家"十五五"规划正式启幕，新旧动能转换进入深水区，传统产业的科技化转型成为经济高质 量发展的核心议题。作为国民经济基础的农业，正经历从"规模扩张"向"质量效益"的深刻变革，生猪养 殖这一古老行业也迎来智能化、全球 ...

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]