Core Viewpoint - Muyuan Foods has submitted an application for H-share listing on the Hong Kong Stock Exchange to further promote its overseas business development [2][6] Group 1: Business Overview - Muyuan Foods covers the entire industry chain, including breeding, pig farming, feed production, slaughtering, and meat processing [4] - As of December 31, 2024, the company operates over 1,000 pig farms across 23 provinces in China, with pig production capacity increasing from 74.3 million heads in 2022 to 81.01 million heads in 2024 [4] - The company has maintained its position as the world's largest pig farming enterprise since 2021, with a consistent top ranking in pig slaughtering volume for four consecutive years [4] Group 2: Financial Performance - From 2014 to 2024, Muyuan Foods' total revenue has a compound annual growth rate (CAGR) of 48.7%, while net profit has a CAGR of 72.7%, with an average net profit margin of 19.0% [4] - Revenue figures for 2022 to 2024 are 124.8262 billion yuan, 110.8607 billion yuan, and 137.9469 billion yuan, respectively, with net profits of 14.9334 billion yuan, -4.1679 billion yuan, and 18.925 billion yuan [4] Group 3: International Expansion - The company aims to leverage its experience in disease prevention and pig farming technology to provide comprehensive pig farming solutions internationally, particularly in Southeast Asia [7] - The company has established a subsidiary in Vietnam to advance its overseas business [7] Group 4: Cost Management and Debt Reduction - Muyuan Foods plans to reduce its overall debt by approximately 10 billion yuan by the end of 2025, while also focusing on lowering absolute debt levels [9] - The company aims to lower its pig farming costs to 12 yuan per kilogram by 2025, with over one-third of production lines already achieving costs below this target [10]