Group 1 - The company expects a negative net profit for the fiscal year 2025, which runs from January 1, 2025, to December 31, 2025 [2][3] - The company has communicated with its auditing firm regarding the performance forecast, and there are no significant disagreements [3] - The performance forecast has not been audited by a registered accountant [4] Group 2 - The decline in profit is attributed to the significant drop in pig prices, which outpaced the decrease in production costs, despite improvements in production management and cost reduction [5] - The company is actively eliminating low-efficiency breeding stock and assets, which has also contributed to the profit decline [5] - The feed business has seen growth in both profit and volume due to increased scale, efficiency, and cost reduction, alongside efforts to expand in overseas markets [5]

Core Viewpoint - The company expects a net loss of 1.5 billion to 1.8 billion yuan in 2025, representing a year-on-year decrease of 416.72% to 480.07% [1] Group 1: Business Development - The company has been steadily developing and enhancing its pig farming business [1] - There has been a robust increase in the scale of pig output, with continuous improvement in various technical indicators [1] - The company has successfully reduced breeding costs [1] Group 2: Market Impact - The decline in pig prices has been more significant than the decrease in costs, leading to a reduction in pig farming profits compared to the same period last year [1] - The company is systematically eliminating low-efficiency breeding pigs and assets, which has also impacted profit margins [1]

Core Viewpoint - Muyuan Foods (002714.SZ) forecasts a net profit attributable to shareholders of 14.7 billion to 15.7 billion yuan for the year 2025, representing a year-on-year decline of 12.20% to 17.79% [1] Group 1: Financial Performance - The company expects a decrease in net profit for 2025 compared to the previous year [1] - The average selling price of commercial pigs is projected to be approximately 13.5 yuan per kilogram, reflecting a year-on-year decline of about 17.3% [1] Group 2: Operational Management - The company will continue to focus on health management and production management of live pigs, aiming to enhance refined management levels and improve breeding performance [1] - The cost of pig farming is expected to decrease compared to the same period last year [1]

Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] - The expected net profit is between 15.1 billion and 16.1 billion yuan, representing a decline of 14.93% to 20.21% compared to the previous year's profit of 18.925 billion yuan [2] - The net profit attributable to shareholders is expected to be between 14.7 billion and 15.7 billion yuan, down 12.20% to 17.79% from 17.881 billion yuan last year [2] - The basic earnings per share is projected to be between 2.73 yuan and 2.93 yuan, compared to 3.3 yuan per share in the previous year [2] Communication with Auditors - The company has communicated with the auditing firm regarding the performance forecast and there are no significant disagreements [6] - The performance forecast has not been audited by a registered accountant [8] Reasons for Performance Changes - The company has focused on health management and production management of pigs, improving management levels and production results, leading to a decrease in breeding costs compared to the previous year [4] - The average selling price of commercial pigs is approximately 13.5 yuan per kilogram, which is a decrease of about 17.3% year-on-year, contributing to the overall decline in profitability [4][9]

Core Viewpoint - The company, Muyuan Foods, forecasts a decline in net profit for the year 2025, attributed to fluctuations in the pig market and a decrease in average selling prices of pork [1][2]. Group 1: 2025 Annual Performance Forecast - For 2025, Muyuan Foods expects net profit attributable to shareholders to be between 14.7 billion and 15.7 billion yuan, representing a year-on-year decline of 12.2% to 17.79% [1]. - The net profit after deducting non-recurring gains and losses is projected to be between 15.1 billion and 16.1 billion yuan, reflecting a decrease of 14.12% to 19.45% compared to the previous year [1]. - The basic earnings per share are anticipated to be between 2.73 yuan and 2.93 yuan [1]. Group 2: Q3 2025 Financial Results - In Q3 2025, Muyuan Foods reported operating revenue of 35.327 billion yuan, a year-on-year decrease of 11.48% [2]. - The net profit attributable to shareholders for Q3 was 4.249 billion yuan, down 55.98% year-on-year [2]. - The net profit after excluding non-recurring gains and losses for Q3 was 4.797 billion yuan, a decline of 53.62% compared to the same period last year [2]. Group 3: Year-to-Date Performance - For the first three quarters of 2025, Muyuan Foods achieved operating revenue of 111.79 billion yuan, an increase of 15.52% year-on-year [2]. - The net profit attributable to shareholders for the first three quarters was 14.779 billion yuan, reflecting a year-on-year growth of 41.01% [2]. - The net profit after deducting non-recurring gains and losses for the first three quarters was 15.473 billion yuan, showing a year-on-year increase of 37.90% [2].

Core Viewpoint - Muyuan Foods (002714) expects a net profit attributable to shareholders of 14.7 billion to 15.7 billion yuan for 2025, representing a year-on-year decline of 12.2% to 17.79% [1] Group 1: Financial Performance - The company anticipates a decrease in net profit due to fluctuations in the pig market, with the average selling price of commercial pigs around 13.5 yuan per kilogram, down approximately 17.3% year-on-year [1] - Despite a reduction in pig farming costs compared to the same period last year, the overall profitability of the company is expected to decline compared to the previous year [1]

Sales Performance Summary - In December 2025, the company sold 6.98 million pigs, a year-on-year decrease of 14.75% [2] - The average selling price of pigs was 11.41 yuan per kilogram, down 25.38% year-on-year [2] - Total sales revenue from pigs was 9.667 billion yuan, reflecting a year-on-year decline of 36.06%, primarily due to fluctuations in the pig market [2] Breeding Stock Information - As of the end of December 2025, the company had a breeding sow inventory of 3.232 million heads [4] Corporate Governance - On January 5, 2026, the company held its 11th meeting of the 5th Board of Directors, where it appointed Gao Tong as the Chief Financial Officer (CFO) [8] - The appointment was approved unanimously by the board members present [8] Convertible Bond Information - The company issued 95.5 million convertible bonds with a total value of 9.55 billion yuan, which began trading on September 10, 2021 [12] - The conversion price for the bonds was set at 44.26 yuan per share as of October 16, 2025 [12][21] - As of December 31, 2025, the remaining number of convertible bonds was 95,430,305, with a total remaining value of 9.543 billion yuan [22]

Core Viewpoint - In December 2025, the company reported a significant decline in sales of commodity pigs, reflecting the impact of market fluctuations on revenue and pricing [1][6]. Sales Performance Summary - In December 2025, the company sold 6.98 million commodity pigs, a year-on-year decrease of 14.75%, with 3.39 million pigs sold to its wholly-owned subsidiary [1][6]. - The average selling price of commodity pigs was 11.41 yuan per kilogram, down 25.38% year-on-year [1][6]. - The total sales revenue from commodity pigs was 9.667 billion yuan, representing a year-on-year decline of 36.06% [1][6]. Cumulative Sales Data - Cumulative sales data for 2025 shows a total of 77.981 million commodity pigs sold, with total revenue reaching 132.811 billion yuan [2][7]. - The average price for commodity pigs throughout the year varied, with the highest price recorded in January-February at 14.76 yuan per kilogram and the lowest in December at 11.41 yuan per kilogram [2][7]. Breeding Stock Information - As of the end of December 2025, the company had a breeding stock of 3.232 million sows [3][8].

Core Viewpoint - The company reported a significant decline in both the volume and price of sold pigs, indicating challenges in the swine market due to price fluctuations [1] Sales Performance - In December 2025, the company sold 6.98 million pigs, representing a year-on-year decrease of 14.75% [1] - The average selling price of pigs was 11.41 yuan per kilogram, down 25.38% compared to the previous year [1] - Total sales revenue from pig sales amounted to 9.667 billion yuan, reflecting a year-on-year decline of 36.06% [1] Market Impact - The decline in sales revenue is primarily attributed to fluctuations in the pig market [1]

Core Viewpoint - Muyuan Foods (002714.SZ) reported a significant decline in sales of live pigs in December 2025, reflecting the volatility in the pig market [1] Sales Performance - The company sold 6.98 million live pigs in December 2025, representing a year-on-year decrease of 14.75% [1] - The average selling price of live pigs was 11.41 yuan per kilogram, down 25.38% year-on-year [1] - Total sales revenue from live pigs reached 9.667 billion yuan, marking a year-on-year decline of 36.06% [1] Market Impact - The decrease in sales revenue is primarily attributed to fluctuations in the live pig market [1]