牧原食品股份有限公司(简称：牧原股份（002714）(002714.SZ))于5月27日所递交的港股招股书满6个月，于11月27日失效，递表时摩根士丹利、中信证券、 高盛为联席保荐人。 招此前股书显示，牧原股份为生猪养殖行业的全球领导者，已覆盖育种、生猪养殖、饲料生产、屠宰及肉类加工的全产业链条。根据弗若斯特沙利文统计， 自2021年起，按生猪产能及出栏量计量，公司是全球第一大生猪养殖企业，生猪出栏量连续四年居全球第一。按生猪出栏量计算，公司的全球市场份额从 2021年的2.6%增长到2024年的5.6%，于2024年已经超过第二至第四的市场参与者的合计市场份额数。 ...

Group 1 - Company has submitted an application for H-share listing on the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] - The funds raised from the listing will be used to expand global operations, enhance supply chain development in overseas markets, and invest in R&D to strengthen competitiveness in breeding, smart farming, nutrition management, and biosecurity [1] - Company is a technology-driven global leader in the pork industry, covering the entire industry chain from breeding to meat processing, and is the largest hog producer in the world since 2021, with a production capacity of 81 million hogs by 2024 [1] Group 2 - Revenue from commodity pigs accounted for 92.8%, 96.5%, and 95.2% of total revenue for the years 2022-2024, with average selling prices per hog of 1956.6 RMB, 1695.9 RMB, and 1902.6 RMB respectively [2] - Company achieved revenues of approximately 124.83 billion RMB, 110.86 billion RMB, and 137.95 billion RMB for the years 2022, 2023, and 2024, with net profits of approximately 13.27 billion RMB, -4.26 billion RMB, and 17.88 billion RMB respectively [2] - In Q1 2025, company reported revenue of 36.06 billion RMB, a year-on-year increase of 37.26%, and a net profit of 4.49 billion RMB, a year-on-year increase of 288.79%, driven by increased hog sales and lower breeding costs [2] Group 3 - Industry outlook for hog prices is cautious, with current prices at 14.79 RMB/kg and a significant supply pressure expected in the coming months [3] - Analysts indicate that the overall supply of hogs is high, and unless there is a notable increase in pork consumption, the potential for price increases before September 2025 is limited [3]