本次发行引入了基石投资者群体，合计认购金额约53.42亿港元，占全球发售股份的50%。基石投资者 涵盖国际产业龙头、全球顶级资产管理机构、知名保险公司等多元主体，包括正大集团、丰益国际、中 化香港、香港豫农国际、富达基金等。其中，正大集团以2亿美元的认购金额位居首位。 中新社郑州2月6日电 (王宇)内地生猪养殖行业企业6日在香港交易所上市，首次实现该行业企业 在"A+H"两地同时上市。 "A+H"是指同时在境内A股市场和香港H股市场上市的股票。据公开信息，此次在"A+H"两地上市的牧 原股份全球发售H股基础发行规模为2.74亿股，最终确定发行价为每股39.0港元，与最高发行价持平。 牧原股份方面称，若不考虑超额配股权行使，本次募集资金净额约104.6亿港元；若超额配股权悉数行 使，募资净额将增至约120.38亿港元。 本次募资将对接企业国际化发展与核心技术升级的需求，60%的募资将投向海外布局，约62.76亿港元 将用于拓展海外商业版图，重点推进越南等东南亚国家的市场开拓。此外，30%的募资将投入全产业链 技术研发创新，10%的募资将用作营运资金。 牧原股份起步于河南南阳，商业模式覆盖生猪全产业链条。截至20 ...

2月6日，全球最大的生猪养殖企业——牧原食品股份有限公司（简称"牧原股份"）在港交所敲钟，成为又一家实现"A+H"双重上市的供应链巨头。 牧原股份港股发行价为39港元/股，基础发行股数为2.74亿股，拟募资净额超104亿港元。首日收盘，股价报40.52港元，上涨3.9%，总市值2325亿港元。 牧原股份创立于1992年，总部位于河南南阳，2014年在A股上市，现已形成集饲料加工、生猪育种、生猪养殖、屠宰加工为一体的猪肉产业链。牧原股份 是全球最大的生猪养殖企业，2025年生猪出栏7798万头、屠宰量2866万头。官网显示，其国内业务分布在25个省份的109座城市，拥有308个子公司。 1月12日，牧原股份在互动平台回答投资者提问时表示，目前公司屠宰肉食业务服务的客户主要为大型农批经销商、连锁商超、连锁餐饮、食品加工企 业、新零售企业等B端客户，其中商超及新零售企业销售的生鲜猪肉产品的标签上会标注生产商为牧原肉食品有限公司。 今年1月，NCBD（餐宝典）发布"2025餐饮供应链TOP100"榜单，牧原在列。该榜单基于企业综合实力（公司市值/估值、年产值、注册资本）、所服务客 户的知名度、客户数量、产品竞争力、创 ...

Core Viewpoint - Muyuan Foods Co., Ltd. has successfully listed on the Hong Kong Stock Exchange, raising a total of HKD 10.686 billion through the issuance of 274 million shares at an issue price of HKD 39 per share [1][4]. Group 1: IPO Details - The net proceeds from the IPO, after deducting listing expenses of HKD 214 million, amount to HKD 10.47 billion [1]. - Key cornerstone investors include Charoen Pokphand Foods, COFCO, and others, collectively subscribing for USD 685 million [4][6]. - The opening price of Muyuan Foods was HKD 39, matching the issue price, with a market capitalization exceeding HKD 226 billion [6]. Group 2: Financial Performance - Muyuan Foods reported revenues of RMB 124.826 billion, RMB 110.861 billion, and RMB 137.947 billion for the years 2022, 2023, and 2024, respectively [12]. - The company expects a net profit of RMB 151 billion to RMB 161 billion for 2025, representing a decline of 14.93% to 20.21% compared to the previous year [16][18]. - For the first half of 2025, revenues reached RMB 76.463 billion, a 34.5% increase year-on-year, with a net profit of RMB 107.9 billion [13]. Group 3: Business Operations - Muyuan Foods operates in two main segments: pig farming and meat processing, covering the entire industry chain from breeding to slaughtering [10][12]. - The average selling price of commodity pigs is expected to be approximately RMB 13.5 per kilogram, down about 17.3% year-on-year due to market fluctuations [18]. - The company has a strong focus on health management and production management to enhance operational efficiency and reduce costs [18]. Group 4: Ownership Structure - The company is significantly controlled by the founding couple, Qin Yinglin and Qian Ying, who together hold 55% of the shares [19][24]. - Qin Yinglin serves as the chairman and president, with a family-oriented management structure evident in the executive team [26][24].

顶端新闻记者 杨桂芳 在豫企全球化的道路上，全球生猪养殖龙头企业牧原刚刚迈出了备受瞩目的步伐。 秦英林在致辞中表示："港股上市，开启国际化进程。我们将借力国际平台，坚持创新，做好主业，助 力猪肉产业发展成为现代先进产业，让养猪更轻松，猪肉更美味，为人民美好生活，贡献牧原力量！ " 此次赴港上市，国际资本市场反应积极。据牧原股份2月5日晚间在港交所公告配发结果，此次香港公开 发售获5.88倍认购，国际发售获8.62倍认购；最终发售价39港元，所得款项净额104.704亿港元。 另外，正大集团、丰益、中化香港、香港豫农国际、富达基金、RBC、平安人寿保险等多家知名机构作 为基石投资者，合计认购金额约53.42亿港元。 打开"技术出海+产业落地"的新模式 此次在港上市，对于牧原而言，是迈向国际化的坚实举措，也是成为国际化企业决心的见证。 2月6日，牧原股份在香港联合交易所有限公司主板挂牌并上市交易，港股代码：02714.HK，总募资 104.704亿港元。上午9点30分，二级市场开盘后开市价格每股39港元。截至9点45分，最高每股39.74港 元，换手率6.35%，交易活跃，国际投资者反应积极。 牧原在港交所上市 ...

中国商报（记者 马嘉）2月6日，牧原股份正式登陆港股。截至上市首日收盘，该公司股价上涨3.9%，报收40.52港元，成交额达16.3亿港元，标志着这家A 股生猪养殖龙头正式开启"A+H"双资本平台运作。 与港股上市的热烈场面形成鲜明对比的是，牧原股份A股股价自1月初的51.85元/股持续下滑至月末的44.2元/股，月内跌幅达14.75%。截至2月6日收盘，牧原 股份A股股价为46.41元/股，当日下跌0.68%。此外，其公布的1月商品猪销售均价仅为12.57元/公斤，这一价格已触及行业普遍认定的盈亏平衡线。 牧原股份董事会秘书在近期与机构投资者交流时表示："港股上市将为公司开辟国际化的融资渠道，帮助公司在行业下行周期中保持财务稳健。" 牧原股份公布的1月销售数据也更便于市场理解公司为何拓展融资渠道。销售数据显示，2026年1月，该公司销售商品猪700.9万头，同比微增2.73%，但商品 猪销售均价仅为12.57元/公斤，同比大幅下降16.92%；商品猪销售收入为105.66亿元，同比下降11.93%，呈现出"量增价跌"的局面。 在港股市场，根据配发结果，牧原股份本次全球发售H股基础发行规模为2.74亿股，最终 ...

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - In the past week, the live hog spot price rebounded and then declined due to increased slaughter by large enterprises and poor slaughter demand during the peak season. The live hog futures also weakened. The near - month 03 contract was significantly affected by the spot price decline and post - festival off - season expectations, while the far - month contracts were boosted by the policy expectations triggered by the No. 1 Central Document's mention of regulating live hog production capacity and showed relative resilience. The national basis mostly weakened, and the spread between near - and far - month contracts also decreased [7]. - Although the average slaughter weight is seasonally declining, the absolute level is still higher year - on - year, indicating that the live inventory is difficult to effectively digest during the pre - festival peak season, and the inventory pressure will continue into the post - festival period. According to the piglet birth data, the theoretical supply of standard hogs will remain high until May, which will continuously suppress the pig price [7]. - In the long run, commercial institution data shows that the pace of culling of sows has slowed down due to the rising piglet prices, and the industry re - balance still needs time [7]. - For the March futures contract, considering the post - festival off - season factors and possible inventory reduction pressure, it is expected to fluctuate weakly. For the May contract, although the theoretical supply may improve marginally, the overall supply is still at a high level. Given that its price is below the cost and there is uncertainty about post - festival second - fattening impulses, it is expected to fluctuate. The far - month contracts are supported by the expectation of production capacity reduction at low levels, but the upside space is limited by the small amplitude of production capacity reduction. In terms of operation, the near - end should be treated weakly, and for the far - end, opportunities for band - trading long positions in the undervalued range should be grasped [7]. 3. Summary According to the Directory 1. Weekly Analysis and Outlook - Live hog spot price rebounded and then declined, futures weakened. The near - month 03 contract had a large decline, and the far - month contracts were relatively resilient. The basis and near - far month spread weakened. The inventory pressure will continue into the post - festival period, and the supply of standard hogs will be high until May. The culling of sows has slowed down. Different futures contracts have different outlooks, and corresponding operation strategies are proposed [7]. 2. Central Reserve Frozen Pork Operations - In case of excessive price decline: At the national level, temporary reserve purchases are not initiated when the third - level early warning of excessive price decline is issued; they are initiated at the discretion when the second - level early warning is issued; and they are initiated when the first - level early warning is issued. Local governments follow the national practice [65]. - In case of excessive price increase: The central frozen pork reserve release has two starting conditions. In the case of market cyclical fluctuations, reserve release is initiated when the second - level early warning of excessive price increase is issued and the release intensity is increased when the first - level early warning is issued. In case of special situations such as major animal epidemic risks, the price increase tolerance is increased, and after the first - level early warning is issued, releases are mainly organized during key periods. Provinces can determine their own reserve release starting conditions, which should not be higher than the central reserve release starting conditions [62].

2月6日下午消息，牧原股份今日在港交所挂牌上市，开报39港元/股，全日收盘报40.52港元/股，涨 3.9%。根据公司公布的配发结果，牧原股份港股每股定价39港元，共发行2.74亿股份，每手100股，一 手中签率100%。 2月6日下午消息，牧原股份今日在港交所挂牌上市，开报39港元/股，全日收盘报40.52港元/股，涨 3.9%。根据公司公布的配发结果，牧原股份港股每股定价39港元，共发行2.74亿股份，每手100股，一 手中签率100%。 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，牧原股份是全球第一大生猪养殖企 业。 筹资用途方面，牧原股份预计全球发售所得款项净额约104.704亿港元，其中约60%将用于挖掘海外机 遇扩大商业版图；约30%将用于在未来三年通过研发投入推动全产业链技术创新；约10%将用作营运资 金及一般企业用途。 责任编辑：郭栩彤 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，牧原股份是全球第一大生猪养殖企 业。 筹资用途方面，牧原股份预计全球发售所得款项净额约104.704亿港元，其中约60%将用于挖掘海外机 遇扩大商业版图；约30%将用于在未来三 ...

Core Viewpoint - Dongrui Co., Ltd. reported an increase in pig sales and revenue for January 2026, indicating positive growth in the company's performance in the livestock sector [1] Group 1: Sales Performance - In January 2026, the company sold a total of 162,800 pigs, generating sales revenue of 214 million yuan, which represents a month-on-month increase of 25.19% [1] - The average selling price of commercial pigs was 13.33 yuan per kilogram, reflecting a month-on-month increase of 6.30% [1] Group 2: Subsidiary Sales - The company sold 800 pigs to its wholly-owned subsidiary, Heyuan Dongrui Meat Products Co., Ltd. [1]

Core Viewpoint - Muyuan Foods has officially listed on the Hong Kong Stock Exchange, becoming the first company in China's pig farming industry to achieve dual listing in both A-share and H-share markets [1][3]. Group 1: Listing Details - The global offering of H-shares consisted of a base issuance of 274 million shares, with a final issuance price set at HKD 39.0 per share, matching the highest price [3]. - The net fundraising amount is approximately HKD 10.46 billion, which could increase to about HKD 12.038 billion if the overallotment option is fully exercised [3]. Group 2: Fund Utilization - 60% of the raised funds, approximately HKD 62.76 billion, will be allocated for overseas expansion, particularly in Southeast Asia, including Vietnam [3][4]. - About HKD 31.38 billion will focus on technological advancements in breeding, smart farming, nutritional management, and biosecurity to strengthen the company's technological leadership [4]. - Approximately HKD 10.46 billion will support daily operations and strategic initiatives, ensuring stability and continuity in business development [4]. Group 3: Future Projections - By 2025, Muyuan Foods aims to sell 77.981 million pigs and process over 28 million pigs, projecting a net profit of between RMB 14.7 billion and RMB 15.7 billion, maintaining a stable profitability level [4]. - The successful listing on the Hong Kong Stock Exchange marks the beginning of a new chapter in the company's international development, leveraging Hong Kong's financial platform for global expansion [5].

本报讯(记者肖艳青)2月6日上午，随着一声清脆的锣响，牧原食品股份有限公司(以下简称"牧原股份 （002714）")正式登陆港交所，成为国内生猪养殖行业首家实现"A+H"两地上市的企业。 此次成功上市，开启了牧原股份国际发展的新篇章。牧原股份将依托中国香港国际金融中心的平台优 势，为全球化发展布局奠定了坚实基础；同时，以技术创新驱动生产的智能化与绿色化升级，持续提升 盈利能力与品牌国际影响力。 ...