Core Viewpoint - Muyuan Foods (牧原股份) has made progress in its application for overseas listing of H-shares on the Hong Kong Stock Exchange, receiving a registration notice from the China Securities Regulatory Commission (CSRC) [1] Group 1: Overseas Listing Progress - The company plans to issue no more than 546 million shares for overseas listing and has received a registration notice from the CSRC [1] - The registration notice confirms the company's overseas listing application but does not indicate any judgment on the investment value or returns for investors by the CSRC [1] - The company initiated its Hong Kong listing plan in early 2025 and submitted its application to the Hong Kong Stock Exchange on May 27 [1] Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 111.79 billion yuan, representing a year-on-year growth of 15.52%, and a net profit attributable to shareholders of 14.779 billion yuan, up 41.01% [2] - In the third quarter, the company reported a revenue of 35.327 billion yuan and a net profit of 4.249 billion yuan [2] Group 3: Strategic Partnerships - In August, the company signed a strategic cooperation agreement with Charoen Pokphand Group to enhance collaboration in various sectors including feed, pig farming, slaughtering, and food processing [2] - In September, the company further deepened its business cooperation with BAF Vietnam Agricultural Joint Stock Company, planning to build and operate a high-tech breeding project in Vietnam [2]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Application Proof, make no representation as to its accuracy or completeness and expressly disclaim any liability whatsoever for any loss howsoever arising from or in reliance upon the whole or any part of the contents of this Application Proof. Application Proof of MUYUAN FOODS CO., LTD. 牧原食品股份有限公司 (A joint stock company incorporated in the People's Republic of China with limite ...

多轮准备后进入实质推进期 【大河财立方 记者 徐兵】牧原股份赴港上市迎来关键进展。11月27日晚间，公司公告披露，已正式收 到证监会出具的《境外发行上市备案通知书》，拟发行不超过5.46亿股H股并在香港联交所主板上市。 自今年4月首次披露H股计划以来，牧原境外上市的关键合规手续已基本完成，上市进程再上台阶。 公司高层在近期公开场合也表示：牧原走向国际市场已不仅仅局限于出口产品，而是要"参与全球猪肉 供应链竞争"。牧原相关负责人在近期的行业论坛上表示，选择香港上市，是看重香港作为全球金融中 心的国际资本集聚效应，"希望让公司在更透明、更成熟的国际市场接受估值，进一步提升国际知名度 和影响力"。 该负责人还透露，牧原正加快搭建跨国团队，而赴港上市有望在引入国际人才、拓宽融资工具、推进全 球业务协同等方面形成推进器效应。 牧原的国际化步伐背后，是其不断强化的全球行业地位。弗若斯特沙利文数据显示，自2021年以来，牧 原已连续位居全球第一大生猪养殖企业；全球市场份额从2.6%增长至2024年的5.6%。过去三年，其屠 宰与肉食业务收入增速在国内大型同行中居首，在全球前十大生猪企业中也位居第一。 在牧原对外沟通中，效率 ...

Core Viewpoint - Muyuan Foods Co., Ltd. is making significant progress in its overseas listing plans, having received a registration notice from the China Securities Regulatory Commission for its H-share issuance in Hong Kong [1][2]. Group 1: Overseas Listing Progress - The company plans to issue no more than 546 million shares for its overseas listing on the Hong Kong Stock Exchange [1]. - The registration notice requires the company to report any major events during the listing process and to update registration materials if the listing is not completed within 12 months [1][2]. - The company initiated its Hong Kong listing plan in early 2025 and submitted its application on May 27 [1]. Group 2: Financial Performance - For the period from January to September 2025, the company achieved a revenue of 111.79 billion yuan, representing a year-on-year growth of 15.52%, and a net profit attributable to shareholders of 14.779 billion yuan, up 41.01% [2]. - In the third quarter, the company reported a revenue of 35.327 billion yuan and a net profit of 4.249 billion yuan [2]. Group 3: Strategic Partnerships - The company signed a strategic cooperation agreement with Charoen Pokphand Group to enhance collaboration in various sectors, including feed, pig farming, and food processing [2]. - In September, the company entered into a partnership with BAF Vietnam Agricultural Joint Stock Company to develop a high-tech pig farming project in Vietnam, with an estimated total investment of 3.2 billion yuan [2].

牧原股份11月27日晚间公告，已正式获得证监会出具的《境外发行上市备案通知书》，拟发行不超过546,276,700股境外上市普通股股H股并在香港联合交易 所（简称"香港联交所"）主板上市，该备案标志着公司赴港上市进程取得关键进展。 上证报中国证券网讯（记者 王乔琪）国内生猪养殖巨头牧原股份赴港上市迎来最新进展。 牧原股份11月27日晚间公告，已正式获得证监会出具的《境外发行上市备案通知书》，拟发行不超过546,276,700股境外上市普通股股H股并在香港联合交易 所（简称"香港联交所"）主板上市，该备案标志着公司赴港上市进程取得关键进展。 | 证券代码:002714 | 证券简称:牧原股份 | 公告编号:2025-105 | | --- | --- | --- | | 倩券代码:127045 | 债券简称:牧原转债 | | 根据此前披露方案，该次发行的H股股数不超过发行后公司总股本的8%（超额配售权行使前），并授予整体协调人不超过前述发行的H股股数15%的超额配 售权，募集资金在扣除发行费用后，将主要用于产品研发、海外市场拓展、战略性投资及补充营运资金。 5月27日，公司向香港联交所递交了发行境外上市外资股（ ...

Market Review - The agricultural, forestry, animal husbandry, and fishery sector has outperformed the benchmark index since the beginning of 2025, with an absolute return of +24.66%, surpassing the CSI 300 index by 10.47 percentage points [10][17][18] - The sector's index has increased by 18.4% over the past year, outperforming the CSI 300 index by 0.96 percentage points [14] Swine Breeding - The breeding capacity of sows is gradually declining, with a total of 39.9 million sows recorded by the end of October 2025, a year-on-year decrease of 2.04% [27][24] - The average price of live pigs in October 2025 was 11.52 yuan/kg, reflecting a month-on-month decline of 11.46% and a year-on-year drop of 34.77% [29] - The swine breeding industry is currently facing losses, with theoretical profits for self-bred pigs averaging -209.67 yuan/head in October 2025, marking a significant decline from previous months [36][41] - The market share of the top eight listed pig companies has increased from 4.6% in 2017 to 21.2% by the third quarter of 2025, indicating a trend towards industry consolidation [37][41] Animal Health - The animal health market in China has shown steady growth, with sales increasing from 47.23 billion yuan in 2016 to 69.65 billion yuan in 2023, reflecting a compound annual growth rate of 5.71% [45][46] - The introduction of new products and the expansion of demand are driving the growth of the animal health industry, particularly with the anticipated market expansion following the launch of African swine fever vaccines [51][52] - The market for companion animal health products is also growing, with the pet medical market expected to reach approximately 84 billion yuan in 2024, driven by increased spending on veterinary services [56] Seed Industry - The seed industry is experiencing a transformation due to new regulations and policies, with significant investment opportunities arising from the commercialization of biotechnology [4][19] - The market for genetically modified corn is projected to expand, with companies in the sector expected to benefit from increased industry concentration and profitability [18][19] Pet Food - China's pet food market is projected to continue growing, benefiting from demographic changes and rising living standards, with significant potential for domestic brands to capture market share [5][59] - The market for pet food exports is expected to maintain year-on-year growth in 2025, reflecting the increasing demand for high-quality pet products [5][59] - The pet food industry remains fragmented, with ongoing trends towards domestic substitution and increased online sales [5][59]

Core Viewpoint - TianKang Biological announced the resignation of its general manager, Cheng Hui, due to approaching retirement age, while appointing Xu Heng as the new general manager [1] Company Summary - Cheng Hui's resignation was accepted by the board, and he will continue to serve as a director and a member of the Strategic and Investment Committee [1] - The company's revenue composition for the first half of 2025 is as follows: pig farming 32.2%, feed 27.51%, agricultural product processing 16.37%, corn storage 14.75%, and veterinary medicine 5.44% [1] - As of the report, TianKang Biological has a market capitalization of 9.8 billion yuan [1]

Core Viewpoint - The article discusses the recent suspension announcement by Gao Le Co., Ltd. due to potential changes in control stemming from its major shareholder, Huatong Group, planning to transfer its shares or delegate voting rights, which may lead to a shift in the company's governance structure [2][6]. Group 1: Company Background - Huatong Group, established in 2003, is the largest shareholder of Gao Le Co., Ltd. and primarily operates in pig farming and slaughtering [5]. - Gao Le Co., Ltd., founded in October 1989, has two main business segments: toys and internet education [6]. Group 2: Shareholding Changes - In November 2022, Huatong Group acquired a 14% stake in Gao Le Co., Ltd. by purchasing 133 million shares for 290 million yuan, along with additional voting rights, resulting in a total control of 21.74% of voting rights [6]. - Following Huatong Group's acquisition, the company aimed to diversify into the new energy battery sector, announcing a 2 billion yuan investment in a 2GWh solid-state battery project in January 2023 [6]. Group 3: Project Adjustments and Financial Performance - By June 2024, the initial project was revised to a 1.2GWh sodium-ion battery project with a reduced investment of 1.05 billion yuan, indicating challenges in the transition to the new energy sector [6]. - As of the first three quarters of 2025, Gao Le Co., Ltd. reported revenues of 226 million yuan, a year-on-year increase of 10.06%, but still faced a net loss of 11.67 million yuan [7].

Investment Rating - The report maintains a strong buy recommendation for several companies, including Muyuan Foods, Wens Foodstuff Group, and others, indicating a positive outlook for their stock performance [2][53]. Core Insights - The swine industry is experiencing a significant decline in pig prices due to an oversupply and seasonal demand weakness, leading to increased losses in the sector [6][10]. - The production capacity of breeding sows is rapidly decreasing, with a notable reduction of 1.1% in October, indicating a shift towards a more balanced supply-demand dynamic in the future [10][14]. - The report highlights a substantial increase in the number of pigs slaughtered, with a 30% year-on-year growth in October, driven by the release of production capacity from leading companies [10][33]. - The report suggests that the cash flow for low-cost pig farming companies is expected to improve significantly, enhancing their intrinsic value [10][53]. Summary by Sections Industry Losses and Production Capacity - The report notes that pig prices have declined significantly, with the national average price at 11.6 yuan/kg in October, down 34% year-on-year and 11% month-on-month [10][14]. - The losses in pig farming have expanded, with self-breeding and purchased piglets showing average losses of 155 yuan and 281 yuan per head, respectively [10][14]. - The production capacity of breeding sows is in a rapid decline, with the number of breeding sows falling below 40 million for the first time since June 2024 [10][14]. Slaughter and Weight Trends - The report indicates a significant increase in the number of pigs slaughtered, with 17.52 million pigs processed in October, reflecting a 30% increase year-on-year [10][33]. - The average weight of pigs at slaughter has decreased, with the average weight recorded at 121 kg, down 1.9% year-on-year and 1.5% month-on-month [10][49]. Investment Recommendations - The report emphasizes the importance of selecting companies with strong cost advantages and performance reliability, recommending Muyuan Foods and Wens Foodstuff Group as key investment targets [10][53]. - Other companies to watch include Shennong Group, Dekang Animal Husbandry, Dongrui Co., and COFCO Joycome, which are expected to benefit from the industry's recovery [10][53].

Core Viewpoint - Muyuan Foods is a global leader in the pig farming industry, covering the entire industry chain from breeding, pig farming, feed production, slaughtering to meat processing [1] Group 1: Industry Overview - According to Frost & Sullivan, since 2021, Muyuan Foods has ranked first in terms of pig production capacity and output [1]