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。 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。 ...

Core Viewpoint - The Chinese pig industry is entering a new growth paradigm characterized by a focus on cost optimization, collaboration with farmers, and overseas expansion as the three major benefits of capital, epidemic prevention, and pig prices weaken [1][4]. Group 1: Industry Transition - The three major benefits of capital, epidemic prevention, and pig prices are diminishing, leading to a shift from external capital-driven growth to internal cost-driven growth [1][4]. - The industry is experiencing a slowdown in the scale-up process, with a greater potential for upgrading existing resources through collaboration with farmers rather than building new capacities [8]. - The slaughtering industry is undergoing integration, channel transformation, and product upgrades, providing opportunities for vertical extension by pig companies [9]. Group 2: New Growth Paradigm - The new growth paradigm involves cost reduction and price increases, collaboration with farmers, and overseas expansion [2][14]. - Cost reduction strategies include improvements in breeding, management, and financial aspects, while price increases are driven by enhanced slaughter capacity utilization and breed improvements [2][17]. - Collaboration with farmers allows pig companies to leverage management and technological advantages, creating new profit opportunities [2][41]. Group 3: Domestic Market Dynamics - The domestic market is shifting towards internal optimization, with a focus on cost-driven growth as pig prices stabilize and volatility decreases [4][6]. - The average price volatility of pigs is expected to decrease, with historical data indicating a narrowing of price fluctuations from 1.3% to 0.8% over the coming years [4][6]. - The traditional high-debt, high-capital expansion model is becoming unsustainable, prompting companies to focus on internal growth and efficiency [6][15]. Group 4: Overseas Market Opportunities - Southeast Asian countries, including Vietnam, Thailand, and the Philippines, have a combined demand exceeding 100 million pigs, presenting significant opportunities for technology transfer and efficiency improvements [10][42]. - The pig farming market in Southeast Asia is characterized by a mix of large-scale enterprises and smallholders, with leading companies accelerating the replacement of inefficient capacities [12][44]. - Companies like Muyuan are targeting significant growth in overseas markets, with ambitious goals for pig production and breeding stock [42][44]. Group 5: Financial and Operational Efficiency - The financial health of leading pig companies is improving, with a focus on maintaining a stable balance sheet and reducing debt levels [44][49]. - Cost advantages are crucial for sustaining growth, with leading companies achieving lower average costs compared to industry peers [45][49]. - The ability to generate cash flow and maintain high dividend payout ratios is enhancing the attractiveness of leading pig companies [49].

Sales Performance Summary - In January 2026, the company sold 7.009 million pigs, representing a year-on-year increase of 2.73% [2] - The average selling price of pigs was 12.57 yuan per kilogram, showing a year-on-year decrease of 16.92% [2] - Total sales revenue from pig sales amounted to 10.566 billion yuan, reflecting a year-on-year decline of 11.93% [2] Bond Issuance - The company issued 300 million yuan of technology innovation bonds on February 3, 2026, with all funds received by February 4, 2026 [7] - The issuance was approved by the board and the shareholders' meeting, aiming to optimize the financing structure and reduce costs [7] Convertible Bond Price Adjustment - The conversion price of the company's convertible bonds was adjusted from 44.26 yuan per share to 43.80 yuan per share, effective from February 6, 2026 [10] - The adjustment was due to the issuance of new shares in the Hong Kong market, with the new share price set at 39 HKD, approximately 34.73 yuan [14] - The adjustment formula used was based on the increase in shares and the new share price, resulting in a conversion price of 43.80 yuan per share [15][17]

据弗若斯特沙利文，按生猪产能及出栏量计，牧原食品自2021年起，为全球第一大生猪养殖企业。生猪 出栏的全球市占率由2021年的2.6%，增长至2024年的5.6%，已超越第二至第四名的合计市场份额。牧 原食品采取垂直一体化运营，涵盖生猪育种、养殖、饲料、生猪肉类屠宰和销售等全产业链。 来源：格隆汇APP 格隆汇2月5日｜"全球第一大生猪养殖企业"牧原股份(2714.HK)将于明日(2月6日)在港上市，富途行情显 示，该股暗盘段收报39.74港元，较招股价39港元涨1.9%，每手100股，不计手续费，一手赚74港元。 | 02714 牧原股份 | | ල | | --- | --- | --- | | 39.740 + +0.740 +1.90% | | 暗盘已收盘 02/05 18:29 | | 除 % 1 0 日 0 自选 | | ● 快捷交易 | | 最高价 40.180 | 开盘价 37.600 | 成交量 389.46万 | | 最低价 36.800 | 昨收价 39.000 | 成交额 1.52亿 | | 平均价 38.939 | 市盈率ITM 9.15 | 总市值 2279.77亿 (…) | | ...

牧原股份H股上市倒计时！ 2月4日，牧原股份以每股39港元的发行价上限完成H股定价，基石投资者阵容也是十分豪华。 2025年牧原股份预计实现归母净利润151亿至161亿元，2025年前三季度公司经营活动现金流净额达285.8亿元，现 金流充裕，资产负债率也在稳步优化，且成本控制能力仍处于行业领先水平，公司基本面表现扎实。 从A股龙头到港股"顶流"，背后是作为中国生猪养殖龙头的硬核实力。 港股定价"顶格"收官 2月4日，牧原股份发布公告称，公司已确定H股发行的最终价格为每股39港元，为原来预计发行价格的上限。 根据牧原股份的发展战略，募集资金将用于挖掘海外机遇扩大商业版图，用于通过研发投入推动全球产业链技术 创新，营运资金及一般企业用途。 具体来看，募集资金净额的30%，将用于加强牧原股份的供应链发展以进行全球扩张，并通过国际采购确保饲料 原料的稳定供应，从而提高海外市场的竞争力。 募资净额20%，将用于该公司加强海外市场布局与覆盖，包括越南和泰国等东南亚市场。牧原股份拟在该等市场 向当地生猪养殖场经营者提供技术、设备及软件解决方案。该公司计划与领先的海外运营商紧密合作，进一步提 升公司的技术。 募集资金净额的 ...

Core Insights - The chairman of Hunan New Wufeng Co., Ltd., Wan Qijian, conducted a field study in the breeding sector of the Chenyongguang District to understand the production and operational status [2][6] Group 1: Current Operations and Challenges - The Chenyongguang District reported on the operational status of core businesses including sows, fattening, and contract breeding, as well as annual goals, challenges, and future work plans [2][6] Group 2: Strategic Requirements - Wan Qijian acknowledged the efforts and achievements of the Chenyongguang District in a complex market environment and proposed five key requirements for future development: 1. Clarify strategy and development direction, aligning with the company's overall strategy and regional market characteristics [3][7] 2. Optimize management and innovate internal mechanisms to enhance performance and cost control [3][7] 3. Focus on professional development and enhance core capabilities in biosecurity, production skills, and team building [3][7] 4. Ensure safety and environmental protection by adhering to safety management systems and promoting green development [3][7] 5. Provide care and support for employees, ensuring a safe and pleasant working environment during the upcoming Spring Festival [3][7] Group 3: Participation in the Study - The study included participation from the office head, management team members, farm managers, and department representatives from the breeding sector of the Chenyongguang District [4][8]

畜牧业是农业的重要组成部分。2026年中央一号文件提出，"强化生猪产能综合调控""培育具有国际竞 争力的农业企业"等，旨在推动畜牧业实现供求平衡与健康发展。 作为国内生猪养殖龙头企业，牧原股份积极响应国家生猪产能调控政策，2025年已超额完成330万头母 猪调减目标，截至2025年底存栏母猪323.2万头，较2025年初减少38.9万头。2026年1月底进一步调减到 313万头。生猪出栏体重从2025年5月的129公斤/头，降至2026年1月的117公斤/头，实现头均产肉量减 少。 针对2026年中央一号文件提出的"积极促进农民稳定增收"，牧原股份相关负责人表示，公司多年来一直 通过多种路径促进农民增收，助力乡村振兴。在牧原的赋能培养体系下，有7万余人从农民成长为"养猪 工程师"，平均年收入在13万元以上，其中还有7000名曾经的养猪户通过加入牧原实现了稳定就业与收 入提升。另外，牧原通过向中小养殖户提供优质种仔猪及专业技术服务，带动超1万名养殖户专业化生 产，未来也会向养殖户共享养猪大模型。 数据显示，牧原股份积极推广"猪养田、田养猪"循环农业模式，2025年，通过种养循环模式服务农田 492万亩，帮助农户 ...

中关村物联网产业联盟副秘书长袁帅在接受《证券日报》记者采访时表示："对于生猪养殖行业而言， 数智化已经从少数企业的探索性尝试，升级为全行业的主流发展趋势，成为企业突破规模瓶颈、提升盈 利能力的核心驱动力。随着物联网、大数据、人工智能等技术的不断成熟，生猪养殖的数智化将呈现出 三个显著特点，第一是覆盖范围的全面化，第二是应用场景的深度化，第三是技术融合的生态化。巨星 农牧此次定增中的数字智能化建设项目抓住了数智化转型的关键窗口，通过技术升级实现养殖效率和经 营质量的双重提升，为行业数智化发展提供了可借鉴的实践路径。" 据介绍，展望2026年，巨星农牧将秉持长期主义，坚定从规模扩张转向效率制胜，以"成本领先"为战略 核心，锚定全球标杆企业愿景，持续淬炼"极致效率"。通过系统推进"六高六式"策略，深化"五星养殖 体系"与数智化融合，巨星农牧将继续突破关键生产指标，巩固完全成本领先优势。同时，巨星农牧还 将升级紧密型"公司+农户"联农带农模式让更多农户共享产业增值，并积极履行保障食品安全、环境友 好的企业社会责任。 巨星农牧相关负责人向《证券日报》记者表示，本次定增的募投项目符合国家加快建设农业强国战略要 求及生猪产 ...

炒股就看金麒麟分析师研报，权威，专业，及时，全面，助您挖掘潜力主题机会！ 来源：金色光 牧原股份是生猪养殖行业的绝对龙头，但短期偿债能力处于业内下游。往绩记录期间内，子公司存在众 多环保不合规事项，招股章程并未完全披露。 来源：摄图网 资产规模、经营业绩都领先，但短期偿债能力拖后腿 牧原食品股份有限公司（证券简称：牧原股份；证券代码：002714.SZ）主营生猪养殖销售、屠宰业 务。2025年5月，牧原股份首次向港交所递表，由于未能在6个月内完成发行，于11月二次递表。 2025年12月4日，牧原股份通过港交所聆讯，直到2026年1月16日才公开聆讯后资料集，其间花费一个多 月时间，远超其他申报公司。1月29日，牧原股份发布招股章程，启动H股发行。 上述行业地位也反映在牧原股份的资产规模和经营业绩上。 按申万三级行业分类，包括牧原股份在内，生猪养殖行业内共有12家公司。 往绩记录期间（2022年至2024年及2025年前三季度）各期末，牧原股份的资产总额、所有者权益均遥遥 领先。截至2025年三季度末，公司资产总额达到1807.56亿元，净资产为804.4亿元，较第二名均高出 50%。 往绩记录期间内，牧原股 ...

行业 生猪日报 日期 2026 年 02 月 05 日 021-60635740 期货从业资格号：F3055047 021-60635732 yulanlan@ccb.ccbfutures.com 期货从业资格号：F0301101 021-60635727 期货从业资格号：F0230741 研究员：洪辰亮 021-60635572 hongchenliang@ccb.ccbfutures.co m 期货从业资格号：F3076808 021-60635570 liuyouran@ccb.ccbfutures.com 期货从业资格号：F03094925 农业产品研究团队 研究员：林贞磊 linzhenlei@ccb.ccbfutures.com 研究员：余兰兰 研究员：王海峰 wanghaifeng@ccb.ccbfutures.com 研究员：刘悠然 请阅读正文后的声明 ＃summary＃ 每日报告 一、行情回顾与操作建议 数据来源：涌益，建信期货研究中心 生猪行情： 期货方面，4日生猪主力2605合约小幅高开后震荡走高，尾盘收阳，最高11800 元/吨，最低 11580 元/吨，收盘报 11735 元/吨，较 ...