Group 1: Company Overview - The company is engaged in stable production management and effective epidemic prevention, leading to improved core production indicators and cost control [2] - The company’s stock code is 300498 and bond code is 123107 [1] Group 2: Swine Production - In August, the cost of piglets decreased to approximately 260 RMB per head, with a market pig listing rate of around 93% and a feed-to-meat ratio of 2.51 [2] - The comprehensive cost of pig farming remains stable at 6.1-6.2 RMB per jin [2] - The company’s PSY (Pigs Weaned per Sow per Year) level is around 27 [5] Group 3: Poultry Production - The company’s meat chicken listing rate in August was 95%, with a feed-to-meat ratio of 2.86 [2] - The total cost of broiler chickens in August was 5.8 RMB per jin [3] - Since September, the sales price of meat chickens has risen to 6.6 RMB per jin, indicating a recovery in profitability for the poultry business [8] Group 4: Cost Management and Future Outlook - The improvement in swine farming costs is attributed to stable production, effective epidemic control, and reduced losses [4] - The company anticipates a continued weak fluctuation in raw material prices in the short term [8]

Core Viewpoint - The company, Muyuan Foods (002714), reported that its production and operational conditions are currently normal, with effective management of major diseases including African swine fever [1] Group 1: Disease Management - The company has implemented comprehensive and routine management for major diseases, including African swine fever [1] - Various intelligent equipment has been developed for health management, continuously optimizing standardized processes for disease prevention [1] - The company has enhanced training and empowerment for frontline employees, improving personnel management mechanisms to achieve a closed-loop management of diseases [1] Group 2: Health Improvement - The measures taken by the company aim to elevate the health levels of pigs, ensuring better overall production outcomes [1]

Core Viewpoint - The domestic pig farming industry is entering a moderate profitability phase by 2025, with Muyuan Foods, known as the "pig king," reporting impressive financial results, including a revenue increase of 34.46% and a net profit surge of 1170% in the first half of 2025 [1][2]. Financial Performance - Muyuan Foods reported a revenue of 764.63 billion yuan, a year-on-year increase of 34.46%, and a net profit of 105.3 billion yuan, reflecting a staggering growth of 1170% [1][2]. - The company achieved a net cash flow from operating activities of 173.51 billion yuan, up 12.13% from the previous year, and reduced its debt ratio to 56.06%, down 2.62 percentage points from the beginning of the year [2]. Shareholder Returns - In June, Muyuan Foods distributed a total of 30.83 billion yuan in dividends and proposed a cash dividend of 9.32 yuan per 10 shares for the first half of 2025, amounting to 50.02 billion yuan, which is 47.5% of the net profit for the period [3]. - The company has a history of prioritizing dividends, committing to distribute at least 40% of its distributable profits in cash annually from 2024 to 2026 [3]. Cost Reduction Initiatives - The cost of pig farming has decreased from 13.1 yuan/kg in January to below 12.1 yuan/kg by June, with further reductions to 11.8 yuan/kg in July, representing a cumulative decrease of 1.3 yuan/kg, or over 10% [4]. - Muyuan Foods aims for an average cost of 12 yuan/kg for the year and 11 yuan/kg by year-end, indicating a clear trend towards cost reduction [4]. Innovation and R&D - The company has significantly increased its R&D investment, with over 6,400 personnel in its R&D team and 9.21 billion yuan spent on R&D in the first half of 2025, totaling 45 billion yuan over the past three years [5]. - Muyuan Foods has enhanced its disease prevention capabilities and is integrating AI and big data into its operations, utilizing over 30 types of smart equipment for efficient pig farming management [6]. Management and Operational Efficiency - The company has established incentive mechanisms linked to farming efficiency, with average annual salaries for pig engineers exceeding 140,000 yuan, supported by standardized management and digital tools [7]. Global Expansion Plans - Muyuan Foods is actively exploring overseas markets, having formed a team to assess opportunities, particularly in regions like Vietnam, where the pig farming industry has significant growth potential [8][10]. - The company has signed a strategic cooperation agreement with BAF Vietnam Agricultural Joint Stock Company to provide technical services and solutions for pig farming [8]. Commitment to Social Responsibility - Muyuan Foods is implementing a "co-creation and sharing" strategy, supplying high-quality breeding pigs to over 9,000 farms, aiming to enhance the professional development of farmers and mitigate risks associated with self-breeding [11].

Core Viewpoint - The Guangdong Academy of Agricultural Sciences has mobilized to support poultry farms in Yangshan County, which have been severely affected by recent flooding, by providing essential disinfection materials and technical assistance for recovery [2][5][20]. Group 1: Disaster Impact - The northern Guangdong region has experienced continuous heavy rainfall, leading to flash floods and waterlogging in parts of Qingyuan City, significantly damaging the local poultry industry [2][4]. - Four poultry farms in Du Cai Village, Yangshan County, suffered particularly severe losses, with over 9,000 broiler chickens reported dead due to flooding, alongside extensive damage to facilities and equipment [3][4]. Group 2: Emergency Response - Following the disaster, the Animal Science Research Institute of the Guangdong Academy of Agricultural Sciences quickly formed an emergency technical support team to address the urgent needs of the affected poultry farms [5][6]. - The team coordinated with local agricultural departments to urgently procure and distribute professional disinfection and epidemic prevention materials, including effective disinfectants such as sodium dichloroisocyanurate powder and glutaraldehyde [7][8][9]. Group 3: Recovery Assistance - Upon arrival, the support team guided farmers in implementing scientific disinfection methods, focusing on thorough cleaning of contaminated areas, poultry houses, water systems, and farm roads to eliminate disease-causing microorganisms [11][12]. - Experts developed personalized post-disaster recovery plans for farmers, covering critical aspects such as facility repairs, feed safety management, timing for restocking chicks, and enhanced vaccination protocols [13][14]. Group 4: Long-term Support - Experts emphasized that preventing major epidemics after significant disasters is crucial for recovery, indicating that the support provided not only addresses immediate disinfection needs but also aims to help farms establish long-term disease prevention capabilities [18][19]. - The Academy plans to continue monitoring the recovery progress of the poultry industry in Yangshan and other affected areas, providing ongoing technical support to help local agriculture recover from the disaster [20].