Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company's long-term value is rooted in its sustainable core competitiveness, with a focus on systematic low-cost capabilities [2]. - The company effectively collaborates across "people, money, and operations" to drive strategic implementation and boundary expansion [3]. - Overseas expansion and industry chain extension open up growth opportunities, enhancing the company's profitability stability and sustainability [4]. Financial Forecast - The company is projected to achieve a net profit of between 125.68 billion and 234.88 billion yuan in 2026, and between 273 billion and 393 billion yuan in 2027. Revenue forecasts for 2025, 2026, and 2027 are 1344.18 billion, 1329.89 billion, and 1617.67 billion yuan respectively, with EPS of 2.84, 3.43, and 5.98 yuan, corresponding to PE ratios of 16.5, 13.6, and 7.8 times [8][60]. Cost Advantages - The company has established a unique "reciprocal two-way breeding" system, achieving 100% self-supply of breeding pigs [7]. - In feed, the company has reduced soybean meal usage to below half the industry average, maintaining feed costs at 55%-60% of total costs [7][20]. - The company has lowered its breeding costs to approximately 11.3 yuan/kg, leading the industry [7]. Strategic Framework - The company has implemented a multi-tiered employee stock ownership plan and profit-sharing mechanisms to align interests between employees and the company [25][29]. - The financing strategy is closely aligned with strategic needs, with over 70% of funds from the 2019 private placement used for capacity expansion [7][33]. - Approximately 70% of funds are directed towards breeding projects, covering 24 provinces and establishing about 30 million heads of slaughter capacity [7][42]. Growth Opportunities - The company is expanding into the Southeast Asian market, particularly Vietnam, leveraging its management and technical capabilities through a light-asset cooperation model [4][49]. - The slaughter business has crossed the breakeven point, with capacity utilization rising from about 25% during the downturn to 88.1% by Q3 2025, contributing to profit growth [7][57]. Competitive Advantages - The company maintains a strong cash flow and has committed to a dividend payout ratio of no less than 40% from 2024 to 2026, ensuring shareholder interests are protected [7][32]. - The company has established a unique vertical integration model in its slaughter business, controlling all upstream supply from its own farms [54].

Investment Rating - The report maintains a "Buy" rating for the company [1][8]. Core Insights - The company's long-term value is rooted in its sustainable core competitiveness, with a focus on systematic low-cost capabilities [2]. - The company effectively collaborates across "people, money, and operations" to drive strategic implementation and boundary expansion [3]. - Overseas expansion and industry chain extension open up growth opportunities, enhancing the stability and sustainability of the company's profitability [4]. Financial Forecast - The company is projected to achieve a net profit of between 125.68 billion to 234.88 billion yuan in 2026, and between 273 billion to 393 billion yuan in 2027. Revenue forecasts for 2025, 2026, and 2027 are 1344.18 billion, 1329.89 billion, and 1617.67 billion yuan respectively, with EPS of 2.84, 3.43, and 5.98 yuan, corresponding to PE ratios of 16.5, 13.6, and 7.8 times [8][60]. Cost Advantages - The company has established a unique "reciprocal two-way breeding" system, achieving 100% self-supply of breeding pigs [7]. - In feed, the company has reduced soybean meal usage to below half of the industry average through low-protein diets and optimized procurement strategies, maintaining feed costs at 55%-60% of total costs [7][20]. - The company has lowered its breeding costs to approximately 11.3 yuan/kg, leading the industry in cost efficiency [7]. Strategic Framework - The company has implemented a multi-tiered employee stock ownership plan and profit-sharing mechanisms to align employee interests with corporate goals [25][29]. - The financing strategy is closely aligned with strategic needs, with over 70% of funds from the 2019 private placement used for capacity expansion [7][33]. - Approximately 70% of funds are directed towards breeding projects, with operations covering 24 provinces and a slaughter capacity of about 30 million heads [7][42]. Growth Opportunities - The company is expanding into the Southeast Asian market, particularly Vietnam, leveraging its management and technical capabilities through a light-asset cooperation model [4][49]. - The slaughter business has crossed the breakeven point, with capacity utilization rising from about 25% during the downturn to 88.1% by Q3 2025, contributing to profit growth [7][57].

2月6日，牧原股份正式在香港联合交易所主板上市，证券简称为"牧原股份"，股份代码02714.HK，成为国内首家实现A+H双上市的生猪养殖企业。 牧原股份董事长秦英林在上市仪式致辞中表示："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！" 截至午间休市，牧原股份港股上涨4.72%，报40.84港元/股，市值超2300亿港元。 | < V | 牧原股份 | | CG Q | | --- | --- | --- | --- | | | 02714 | | | | | 39.000 最高 40.840 27 | 40.980 最低 38.980 | | | | 9.33% 总手 472% 1840 快手 | 2556万 金额 | 10.15亿 | | | 总值 2343亿 市盈TTM 9.81 市净 | 2.82 | 申示 | | | 牧原转债 136.501 +0.48% | 转股溢价率 28.05% > | | | 分时 | 周Ｋ 月Ｋ 五日 | | 更多, ◎ | | 40.980 | | 5.08% ...

2月6日，生猪养殖龙头牧原股份（02714.HK）正式登陆港交所，成功实现"A+H"两地上市，与宁德时代（03750.HK）、恒瑞医药（01276.HK）等企业一同 完成这一资本布局。 数据显示，港股上市首日，牧原股份平开后小幅走高，截至发稿，其H股报40.70港元/股，上涨4.36%。 从日前招股阶段的表现来看，香港公开发售方面，牧原股份获5.88倍认购，公开发售的发售股份最终数目为2739.52万股股份，占发售股份总数的约10%。合 共接获约21268份有效申请，受理申请数目约21268份。 | 香港公開發售 | | | --- | --- | | 有效申請數目 | 21,268 | | 受理申請數目 | 21.268 | | 認購額 | 5.88倍 | | 觸發回補機制 | 不適用 | | 香港公開發售項下初步可供認購的發售股份數目 | 27.395.200 | | 從國際發售重新分配的發售股份數目 | 0 | | 香港公開發售項下最終發售股份數目 | 27.395.200 | | 香港公開發售項下最終發售股份數目佔全球發售項下最終發售 股份數目的百分比 | 10% | | | 图源：公告 | 此外，国 ...

Core Viewpoint - Muyuan Foods Co., Ltd. has officially listed on the Hong Kong Stock Exchange, becoming the first company in China's pig farming industry to achieve a dual listing in both A-share and H-share markets, reflecting strong global capital market recognition of leading Chinese pig farming enterprises [1] Group 1: Listing and Market Response - The IPO could raise up to HKD 120.38 billion if the over-allotment option is fully exercised, marking it as the largest agricultural IPO globally in 2026 and one of the largest in recent years in the Hong Kong agricultural sector [1] - The listing ceremony highlighted the company's commitment to internationalization and innovation, aiming to enhance the pork industry and contribute to a better quality of life for the public [4] - The H-share issuance received strong interest from global investors, with both public and international offerings being oversubscribed, indicating confidence in the company's ability to navigate industry cycles and its long-term growth potential [4][5] Group 2: Investor Base and Financial Structure - A robust cornerstone investor group subscribed for approximately HKD 53.42 billion, accounting for 50% of the global offering, which will stabilize the company's post-listing equity structure [5] - Key cornerstone investors include major international industry leaders and top asset management firms, with Charoen Pokphand Group leading with a subscription of USD 200 million, enhancing Muyuan's overseas market expansion efforts [5] Group 3: Fund Utilization and Strategic Focus - The global offering involved a base issuance of 274 million shares at an issue price of HKD 39.0 per share, reflecting the market's recognition of the company's value [6] - 60% of the raised funds, approximately HKD 62.76 billion, will be allocated to expanding overseas operations, particularly in Southeast Asia, to enhance the global supply chain and pursue acquisitions [7] - 30% of the funds, around HKD 31.38 billion, will focus on technological research and development across the entire industry chain, reinforcing the company's technological leadership [7] - 10% of the funds, about HKD 10.46 billion, will support operational liquidity for daily business activities [7] Group 4: Financial Performance and Cost Management - In 2025, Muyuan is projected to sell 77.98 million pigs and achieve a net profit of between RMB 14.7 billion and RMB 15.7 billion, demonstrating strong profitability despite market fluctuations [8] - The company has optimized its cost structure, with the total cost of pig farming around RMB 12 per kilogram, dropping to approximately RMB 11.6 per kilogram in December, showcasing industry-leading cost control capabilities [8] - As of the end of Q3 2025, Muyuan's total assets reached RMB 180.756 billion, with shareholder equity of RMB 80.44 billion, indicating a solid financial structure and strong risk resilience [8] Group 5: Future Outlook - The successful listing on the Hong Kong Stock Exchange marks a new chapter in Muyuan's international development, leveraging Hong Kong's financial platform to support global expansion [9] - The company aims to drive production through technological innovation, enhancing profitability and international brand influence, contributing to China's transition from a major pig farming country to a strong one [9]

根据国家统计局公布的数据，农产品（主要用于加工）类别下的生猪（外三元）2026年1月中旬市场价 格为12.9元/千克，同比下滑17.31%，环比上涨3.2%，纵观近5年同时期其价格，2020年1月中旬达到最 大值，有36.8元/吨。 2020-2026年1月中旬生猪（外三元）市场价格变动统计图 相关报告：智研咨询发布的《2026-2032年中国生猪养殖行业市场调查研究及投资策略研究报告》 数据来源：国家统计局 ...

Core Viewpoint - Muyuan Foods Co., Ltd. (stock code: "2714") has been 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 [2] Group 1: Company Overview - Muyuan Foods is a leading player in the pork industry, with over 30 years of experience, covering the entire industry chain from breeding, pig farming, feed production, slaughtering to meat processing [10] - The company operates through two main business segments: pig farming and meat processing, offering products such as commercial pigs, piglets, breeding pigs, and fresh and frozen meat products [12] Group 2: Financial Performance - Revenue for Muyuan Foods in 2022, 2023, and 2024 was RMB 124.83 billion, RMB 110.86 billion, and RMB 137.95 billion respectively, with net profits of RMB 14.93 billion, RMB -4.17 billion, and RMB 18.93 billion [12][13] - For the first half of 2025, the company reported revenue of RMB 76.46 billion, a 34.5% increase from RMB 56.87 billion in the same period last year, with a net profit of RMB 107.9 billion compared to RMB 10.25 billion [13] - The company expects a net profit for 2025 to be between RMB 151 billion and RMB 161 billion, a decrease of 14.93% to 20.21% compared to the previous year [16] Group 3: Shareholder Structure - The controlling shareholders of Muyuan Foods are Qin Yinglin and his wife, who together hold 55% of the company's shares [8][19] - As of September 30, 2025, Qin Yinglin holds 38.19% of the shares, while Muyuan Industrial Group Co., Ltd. holds 15.54% [24] Group 4: Market Position - Muyuan Foods has established an "A+H" share structure with listings on both the Shenzhen Stock Exchange and the Hong Kong Stock Exchange, with a market capitalization exceeding HKD 226 billion [7] - The opening price of the stock was HKD 39, which is the same as the issue price, and the company's market capitalization reached HKD 252.4 billion on the Shenzhen Stock Exchange [7]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The pig market continues its weak oscillation with significant regional differentiation. The average price of ternary pigs in the country is reported at 12.00 yuan/kg, slightly down 0.12 yuan/kg from the previous day. The market has entered a "price decline - reluctance to sell" game phase, and the pig price is expected to fluctuate and adjust before the festival. Attention should be paid to the changes in the selling mentality of secondary fattening farmers after the stabilization in the north [3] 3. Summary According to the Catalog Futures Market - **Previous Day Closing Price**: For January, it's 13325; March, 10995; May, 11685; July, 12245; September, 13135; November, 13030 [2] - **Two - day Ago Closing Price**: January, 13355; March, 11150; May, 11735; July, 12295; September, 13210; November, 13130 [2] - **Price Changes**: January, -30; March, -155; May, -50; July, -50; September, -75; November, -100 [2] - **Price Change Ratios**: January, -0.22%; March, -1.39%; May, -0.43%; July, -0.41%; September, -0.57%; November, -0.76% [2] - **Trading Volume**: January, 202; March, 36874; May, 68397; July, 7962; September, 6735; November, 2978 [2] - **Open Interest**: January, 1796; March, 74864; May, 144469; July, 50256; September, 37175; November, 23065 [2] - **Change in Open Interest**: January, 13; March, -8977; May, -1506; July, -199; September, 109; November, 855 [2] - **Price Spreads**: 1 - 3 months, 2330; 3 - 5 months, -690; 5 - 7 months, -560; 7 - 9 months, -890; 9 - 11 months, 105; 11 - 1 month, -295 [2] - **Previous Price Spreads**: 1 - 3 months, 2205; 3 - 5 months, -585; 5 - 7 months, -560; 7 - 9 months, -915; 9 - 11 months, 80; 11 - 1 month, -225 [2] Spot Market - **Spot Prices (Yuan/ton)**: Henan, 12.36; Sichuan, 11.54; Hunan, 11.88; Guangdong, 11.9; Guangxi, 11.84; Liaoning, 12.14 [2] - **Previous Spot Prices (Yuan/ton)**: Henan, 12.22; Sichuan, 11.77; Hunan, 12.1; Guangdong, 12.15; Guangxi, 12.1; Liaoning, 12.23 [2] - **Price Changes**: Henan, 0.14; Sichuan, -23.31; Hunan, -0.22; Guangdong, -0.25; Guangxi, -0.26; Liaoning, -0.09 [2] Warehouse Receipts - **Quantity**: 647, with no change from the previous two days [2]

招股书显示，牧原股份为生猪养殖行业的领导者，采取的垂直一体化商业模式已覆盖生猪育种、生猪养 殖、饲料生产、屠宰肉食的生猪全产业链条。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。 在继续夯实生猪养殖的领先地位的同时，公司自2019年开始进军生猪屠宰肉食业务，以增强公司全产业 链运营的优势。根据弗若斯特沙利文统计，按屠宰头数计量，公司于2024年的屠宰与肉食业务位列全球 第五、中国第一。按照收入计量，2021年至2024年间，公司的屠宰肉食业务的收入复合年均增长率居于 中国大型同行业企业之首。 牧原股份（002714）(02714)首挂上市，公告显示，每股定价39港元，共发行2.74亿股份，每手100股， 所得款项净额约104.704亿港元。截至发稿，无涨跌，报39港元，成交额4.69亿港元。 ...

在继续夯实生猪养殖的领先地位的同时，公司自2019年开始进军生猪屠宰肉食业务，以增强公司全产业 链运营的优势。根据弗若斯特沙利文统计，按屠宰头数计量，公司于2024年的屠宰与肉食业务位列全球 第五、中国第一。按照收入计量，2021年至2024年间，公司的屠宰肉食业务的收入复合年均增长率居于 中国大型同行业企业之首。 智通财经APP获悉，牧原股份(02714)首挂上市，公告显示，每股定价39港元，共发行2.74亿股份，每手 100股，所得款项净额约104.704亿港元。截至发稿，无涨跌，报39港元，成交额4.69亿港元。 招股书显示，牧原股份为生猪养殖行业的领导者，采取的垂直一体化商业模式已覆盖生猪育种、生猪养 殖、饲料生产、屠宰肉食的生猪全产业链条。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。 ...