Group 1: Production and Operational Performance - The complete cost of pig farming in April 2025 was approximately 12.4 CNY/kg, with a survival rate of around 83% and a PSY of about 28 [4] - About 30% of the farms had a complete cost below 12 CNY/kg, with some excellent farms managing to keep costs under 11 CNY/kg [4] - The average daily weight gain for fattening pigs was around 830g, and the feed-to-meat ratio during the fattening phase was approximately 2.8 [4] Group 2: Slaughter and Meat Business Performance - The capacity utilization rate for the slaughter and meat business exceeded 70%, showing significant year-on-year improvement [5] - The improvement is attributed to the expansion of sales channels and enhanced internal operational capabilities [5] - Future efforts will focus on improving operational efficiency, enhancing product segmentation, and better understanding consumer demands to boost profitability [5] Group 3: Hong Kong Stock Issuance Considerations - The Hong Kong stock issuance is a key step in the company's global strategy, aiming to leverage technical advantages and cost control capabilities [6] - The funds raised will be used for global expansion, R&D investments, and to supplement working capital [6] - The company aims to attract more international and long-term investors to optimize its shareholder structure [6] Group 4: Issuance Timeline and Planning - The company submitted its application for H-share listing on May 27, 2025, and is awaiting approvals from relevant regulatory bodies [7] - The issuance timing and scale will be determined based on market conditions and investor acceptance [7] - The project is progressing smoothly, with updates to be provided in accordance with legal requirements [8] Group 5: Future Development Plans - From 2018 to 2020, the company experienced rapid growth, transitioning to high-quality development in 2021 [9] - Future plans include focusing on core business, exploring growth opportunities through industry connections, and advancing international strategies [9] - The company aims to enhance production performance and utilize existing capacity effectively [9]

谈及回锅肉的上等食材，成华猪是多数老一辈成都人共同的答案，但由于成华猪生长周期长、养殖成本高，如今已几乎无人养殖。 为弥补成华猪退出市场的缺陷，近年来，由成华猪繁育而来的天府黑猪逐渐出现在人们的视野。凭借肌纤维细、易咀嚼、肉味浓等特点，天府 黑猪逐步取代成华猪，成为人们心中回锅肉的绝佳食材。 2023年6月，天府黑猪正式获得国家畜禽遗传资源委员会认定并颁发的国审猪新品种证书。两年过去，"目前我们正在建设一个能够容纳一万头 猪的种猪场，预计2027年建成后能够实现年产仔猪20余万头。"西南地区最大黑猪养殖基地——四川省嘉林黑猪王农业有限公司董事长张在林 告诉红星新闻记者。 十年繁育出"成华猪2.0" 如今均价在30到40元一斤 每天清晨，武侯区黑猪肉专卖店前，都会聚集一群市民购买黑猪肉，35.8元一斤的价格也没打消消费者购买的热情，"给我割半斤五花肉！"53岁的张雯苑 指着货架上挂着的猪肉说，"他们开业之后我就经常来这儿买肉，虽然比普通猪肉贵一些，但是味道很不错，跟小时候吃的回锅肉差不多。" 专卖店老板告诉红星新闻记者，其店铺内只售卖产自成都邛崃的黑猪肉，平均一天的销售额在1万元左右，售价在30元到40元一斤不 ...

Core Viewpoint - Muyuan Foods Co., Ltd. has submitted an application for listing on the Hong Kong Stock Exchange, aiming to expand its capital base and enhance its market presence as a leading player in the global pork industry [1][2]. Company Overview - Muyuan Foods is a technology-driven global leader in the pork industry, covering the entire supply chain from breeding, pig farming, feed production, slaughtering, to meat processing [2]. - The company has been listed on the Shenzhen Stock Exchange since January 28, 2014, with the stock code 002714 [2]. Market Position - According to Frost & Sullivan, Muyuan Foods is the largest pig farming enterprise globally based on production capacity and output since 2021, maintaining the highest pig output for four consecutive years [2]. - The company's global market share in terms of pig output increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of the second to fourth largest competitors [2]. Financial Performance - Revenue for Muyuan Foods from 2022 to 2024 is projected to be RMB 124.83 billion, RMB 110.86 billion, and RMB 137.95 billion, respectively [3]. - Net profit figures for the same period are expected to be RMB 14.93 billion, a loss of RMB 4.17 billion, and a profit of RMB 18.93 billion, indicating a significant recovery in profitability by 2024 [3]. - Gross profit margins are forecasted to be 17.5% in 2022, 3.1% in 2023, and 19.1% in 2024, reflecting fluctuations in operational efficiency [2][3]. Management Team - The chairman and CEO, Qin Yinglin, has been with the company since its inception in 2000 and has extensive experience in the pig farming industry [5][6]. - Other key executives include Cao Zhinian, the vice chairman and CFO, and Yang Ruihua, the executive director and vice president, both of whom have been with the company since its early days [5][7][8].

行业 生猪日报 日期 2025 年 05 月 29 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 升水修复，重新起航 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，28 日生猪主力 2509 合约小幅高开后冲高回落震荡走跌，尾盘收 阴，最高 13605 元/吨，最低 13510 ...

Core Viewpoint - Muyuan Foods has submitted its listing application to the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors. The company aims to raise funds for operational liquidity, enhance R&D innovation, and advance its international strategy [1][4]. Group 1: Company Overview - According to Frost & Sullivan, since 2021, Muyuan Foods has been the world's largest pig farming enterprise by production capacity and slaughter volume, maintaining the top position in pig slaughter volume for four consecutive years [3]. - Muyuan Foods' global market share in pig slaughter volume increased from 2.6% in 2021 to 5.6% in 2024, surpassing the combined market share of the second to fourth largest competitors [3]. Group 2: Business Expansion - Since 2019, Muyuan Foods has entered the pig slaughter and meat processing business, ranking fifth globally and first in China by the number of pigs slaughtered in 2024. The revenue growth rate of its slaughter and meat processing business from 2021 to 2024 is the highest among large domestic competitors [3]. - The company has made significant strides in international expansion, exemplified by a strategic partnership with BAF Vietnam Agricultural Co., Ltd. in 2024, providing services such as pig house design and biosecurity management [4]. Group 3: Market Opportunities - The global pork consumption is projected to grow from 95.2 million tons in 2020 to 115 million tons in 2024, with a compound annual growth rate of 4.9% [4]. - As economies develop and disposable income rises in Southeast Asian countries like Vietnam, Thailand, and the Philippines, per capita pork consumption is expected to increase, indicating further growth potential in the market [4]. - The global pig farming industry remains highly fragmented, with the top five companies holding only 11.8% of the global sales market share in 2024, suggesting room for increased market concentration [4].

Group 1 - Company has submitted an application for H-share listing on the Hong Kong Stock Exchange, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] - The funds raised from the listing will be used to expand global operations, enhance supply chain development in overseas markets, and invest in R&D to strengthen competitiveness in breeding, smart farming, nutrition management, and biosecurity [1] - Company is a technology-driven global leader in the pork industry, covering the entire industry chain from breeding to meat processing, and is the largest hog producer in the world since 2021, with a production capacity of 81 million hogs by 2024 [1] Group 2 - Revenue from commodity pigs accounted for 92.8%, 96.5%, and 95.2% of total revenue for the years 2022-2024, with average selling prices per hog of 1956.6 RMB, 1695.9 RMB, and 1902.6 RMB respectively [2] - Company achieved revenues of approximately 124.83 billion RMB, 110.86 billion RMB, and 137.95 billion RMB for the years 2022, 2023, and 2024, with net profits of approximately 13.27 billion RMB, -4.26 billion RMB, and 17.88 billion RMB respectively [2] - In Q1 2025, company reported revenue of 36.06 billion RMB, a year-on-year increase of 37.26%, and a net profit of 4.49 billion RMB, a year-on-year increase of 288.79%, driven by increased hog sales and lower breeding costs [2] Group 3 - Industry outlook for hog prices is cautious, with current prices at 14.79 RMB/kg and a significant supply pressure expected in the coming months [3] - Analysts indicate that the overall supply of hogs is high, and unless there is a notable increase in pork consumption, the potential for price increases before September 2025 is limited [3]

Group 1 - Company submitted a listing application to the Hong Kong Stock Exchange on May 27, with Morgan Stanley, CITIC Securities, and Goldman Sachs as joint sponsors [1] - The purpose of the Hong Kong listing is to further promote overseas business development, with a subsidiary already established in Vietnam [2] - The company plans to leverage its experience in disease prevention and breeding technology to provide comprehensive solutions for pig farming overseas [2] Group 2 - The company announced a cash dividend of 5.72 yuan per 10 shares for 2024, totaling 30.83 billion yuan, with an overall cash dividend and share buyback amounting to 85.88 billion yuan, representing 45.38% of the annual net profit [2] - Despite a projected net profit recovery to 17.881 billion yuan in 2024, the company faces liquidity risks due to short-term debt maturity and declining asset turnover efficiency [3] - The company’s current liquidity ratios are concerning, with a current ratio of 0.8 and a quick ratio of 0.33, indicating potential financial strain [4] Group 3 - The company’s fundraising in the A-share market has been constrained, with a 60% reduction in the scale of private placements for 2024, while the potential P/E ratio in Hong Kong could reach 15 times compared to 8.56 times in A-shares [5] - The company aims to raise 1 billion USD in Hong Kong to cover 32.7% of a 21.4 billion yuan funding gap for 2025-2027, with additional funding through asset-backed securities and supply chain financial tools [5] - To comply with the EU's carbon border adjustment mechanism, the company needs to invest 1.2 billion yuan in upgrading biogas power generation facilities, which could be financed through green bonds [6]

Group 1: Agricultural Sector Insights - The agricultural sector's performance saw a decline, with the HuShen 300 index down by 0.18% and the agriculture, forestry, animal husbandry, and fishery sector down by 0.36% during the week of May 19-25, 2025 [4] - Pig prices showed a mixed trend, with the average price of external three yuan pigs in Sichuan, Guangdong, and Henan at 14.05, 15.39, and 14.25 yuan per kilogram respectively, reflecting a week-on-week change of -2.09%, +0.65%, and -3.72% [4] - The report highlights the potential recovery in the feed industry due to declining upstream raw material prices and improving downstream farming conditions, particularly for Hai Da Group, which is expected to see an upward trend in its business fundamentals [4] Group 2: AI Computing Industry Insights - The AI computing industry is experiencing sustained high demand, particularly from the internet and intelligent computing centers, with a rapid push for domestic procurement of AI computing power [6] - Major domestic AI chip manufacturers like Huawei, Haiguang Information, and Cambricon are accelerating their performance and capacity breakthroughs, with Huawei's Ascend 910B chip being comparable to NVIDIA's A100 [6] - The AI server market is projected to grow significantly, with IDC forecasting that the market size will reach 25.3 billion USD by 2028, driven by strong demand from domestic internet companies and intelligent computing centers [6]

Core Viewpoint - Muyuan Foods has submitted an application for H-share listing on the Hong Kong Stock Exchange to further promote its overseas business development [2][6] Group 1: Business Overview - Muyuan Foods covers the entire industry chain, including breeding, pig farming, feed production, slaughtering, and meat processing [4] - As of December 31, 2024, the company operates over 1,000 pig farms across 23 provinces in China, with pig production capacity increasing from 74.3 million heads in 2022 to 81.01 million heads in 2024 [4] - The company has maintained its position as the world's largest pig farming enterprise since 2021, with a consistent top ranking in pig slaughtering volume for four consecutive years [4] Group 2: Financial Performance - From 2014 to 2024, Muyuan Foods' total revenue has a compound annual growth rate (CAGR) of 48.7%, while net profit has a CAGR of 72.7%, with an average net profit margin of 19.0% [4] - Revenue figures for 2022 to 2024 are 124.8262 billion yuan, 110.8607 billion yuan, and 137.9469 billion yuan, respectively, with net profits of 14.9334 billion yuan, -4.1679 billion yuan, and 18.925 billion yuan [4] Group 3: International Expansion - The company aims to leverage its experience in disease prevention and pig farming technology to provide comprehensive pig farming solutions internationally, particularly in Southeast Asia [7] - The company has established a subsidiary in Vietnam to advance its overseas business [7] Group 4: Cost Management and Debt Reduction - Muyuan Foods plans to reduce its overall debt by approximately 10 billion yuan by the end of 2025, while also focusing on lowering absolute debt levels [9] - The company aims to lower its pig farming costs to 12 yuan per kilogram by 2025, with over one-third of production lines already achieving costs below this target [10]

Group 1 - On May 27, Paige Biopharma-B listed on the Hong Kong Stock Exchange at a price of HKD 11.56, experiencing a significant drop of 25.90% by the end of the trading day, indicating market concerns over its valuation and growth prospects despite its focus on innovative therapies for chronic diseases [1] - Muyuan Foods submitted a listing application to the Hong Kong Stock Exchange on May 27, positioning itself as a global leader in the pig farming industry with a complete industry chain covering breeding, farming, feed production, slaughtering, and meat processing, and has been the world's largest pig producer for four consecutive years [2] - Zijin Mining announced plans to spin off its subsidiary, Zijin Gold International, for a listing on the Hong Kong Stock Exchange, which involves restructuring and integrating several overseas gold mining assets, enhancing its market competitiveness and global resource layout [3] - Shanghai Topway CNC Technology Co., Ltd. submitted an IPO prospectus to the Hong Kong Stock Exchange on May 26, focusing on high-end intelligent manufacturing equipment, particularly five-axis CNC machine tools, with projected revenues of CNY 136 million, CNY 335 million, and CNY 532 million for 2022, 2023, and 2024 respectively [4] Group 2 - The Hang Seng Index closed at 23,381.99 with a gain of 0.43% on May 27, while the Hang Seng Tech Index and the National Enterprises Index also saw increases of 0.48% and 0.38% respectively [5]