Core Viewpoint - The company has not set specific targets for debt reduction in the fourth quarter and next year, opting for a more cautious operational strategy to ensure sufficient and secure cash flow in the current market conditions [1] Group 1 - The company aims to continue its efforts in reducing debt in the long term, with a goal to lower the debt-to-asset ratio to below 50% [1] - The implementation progress of the debt reduction plan will depend on the company's operational performance each year [1]

Financial Performance - In the first three quarters of 2025, the company achieved a revenue of CNY 13.61 billion, a 4% increase year-on-year [2] - Net profit attributable to shareholders was CNY 412 million, a decrease of 27.2% compared to the same period last year [2] - Basic earnings per share stood at CNY 0.3, with a weighted average return on equity of 5.76% [2] - In Q3 2025, revenue was CNY 4.764 billion, down 6.49% year-on-year, and net profit was CNY 73.46 million, a decline of 74.58% [2] Operational Metrics - Total asset value as of September 30, 2025, was CNY 16.817 billion, a decrease of 4.25% from the end of the previous year [2] - The company’s net assets attributable to shareholders increased by 2.21% to CNY 7.17 billion [2] - Feed business sales volume reached 2.12 million tons, a 3.62% increase year-on-year, with Q3 sales at 776,000 tons, up 11.8% [2][3] - The company slaughtered 2.2823 million pigs in the first three quarters, a 6.46% increase year-on-year, with Q3 slaughtering at 754,100 pigs, up 1.58% [3] Cost Management - The comprehensive cost of pig farming in Q3 was CNY 12.78/kg, down from CNY 13/kg in the first half of the year [4] - The cost reduction was primarily due to lower feed, medicine, and piglet prices [4] - In Gansu, the cost dropped to CNY 12.25/kg in September, attributed to improved management and production efficiency [4] Production Capacity - The company maintained a stable breeding sow population of around 140,000, with a planned reduction of 3% in line with national policies [5] - The annual slaughter target was initially set at 3.5-4 million pigs, now expected to be around 3.3 million [5] Production Indicators - The current PSY (Pigs per Sow per Year) is approximately 27, with a fattening survival rate of 96% and an annual production cycle of 2.2 [6] - In the first nine months, the total pig slaughter included 357,000 piglets, with Q3 figures showing 83,600 piglets [7] Feed Business Insights - Q3 feed sales increased significantly, with pig feed sales at 462,300 tons (up 18%) and poultry feed at 165,500 tons (up 8%) [8] - The company anticipates challenges in the fourth quarter due to a rapid decline in pig prices, but aims to enhance production efficiency and reduce costs [8]

牧原股份(002714)在三季报交流会上表示，对于四季度以及明年的降负债规划，公司未制定具体目标， 在当前的市场行情下，公司会采取更为审慎的经营策略，优先保证现金流的充裕与安全。但长期来看， 公司仍会持续推进降负债的工作，希望能够把资产负债率降到50%以下，具体的实施进展将根据每年的 经营情况而定。 ...

Core Viewpoint - The company reported a significant increase in both revenue and net profit for the first three quarters of 2025, indicating strong financial performance and growth potential [1] Financial Performance - The company's operating revenue for the first three quarters reached 111.79 billion yuan, representing a year-on-year growth of 15.52% [1] - The net profit attributable to shareholders of the listed company was 14.779 billion yuan, showing a year-on-year increase of 41.01% [1] - The net profit attributable to shareholders after deducting non-recurring gains and losses was 15.473 billion yuan, reflecting a year-on-year growth of 37.90% [1] - The basic earnings per share were reported at 2.74 yuan [1]

1. Report Industry Investment Rating No relevant content provided. 2. Core Viewpoints of the Report - The current supply of eggs is under pressure, and November is a relatively off - season in the second half of the year. Considering the current spot price has fallen to a historical low, the short - term egg price is likely to remain at the current level. If the active culling of laying hens continues, the future supply pressure may ease, and the price may strengthen. - In the futures market, the near - term contracts are expected to continue to be weak without significant improvement, while the pre - Spring Festival contracts of the far - term may rebound if the culling of hens remains high [5][39][40]. 3. Summary by Relevant Catalogs 3.1 First Part: Preface Summary 3.1.1 Market Review - In October, the spot price of eggs was weak. The average price in the main producing areas dropped to around 2.7 yuan/jin, and then rebounded slightly after restocking. In the main selling areas, it dropped to around 2.97 yuan/jin and then rebounded to around 3.09 yuan/jin. - In November, the egg futures contracts were also weak. The supply of laying hens in production remained high, and the demand was average after the double festivals, resulting in weak egg prices. The November contract dropped to around 2748 at the lowest [4]. 3.1.2 Market Outlook - The supply side is still under pressure, and November is a relatively off - season. Given the current low spot price, the short - term egg price is likely to stay at the current level. If the active culling of laying hens continues, the supply pressure may ease, and the price may strengthen. - In the futures market, the near - term contracts are expected to be weak, while the far - term pre - Spring Festival contracts may rebound if the culling of hens remains high [5]. 3.1.3 Strategy Recommendation - For single - side trading, considering the weak oscillation of near - term contracts, shorting on rallies can be considered. - For arbitrage and options, it is recommended to wait and see [6]. 3.2 Second Part: Fundamental Situation 3.2.1 Market Review - In October, the spot price of eggs rebounded. The average price in the main producing areas reached around 2.91 yuan/jin and showed signs of stabilization, while in the main selling areas, it reached around 3.14 yuan/jin and then stabilized. - The October egg futures contracts were strong. Although the peak demand season was average, the significant increase in the spot price led to a rise in the futures price. However, due to the high inventory of laying hens in production, the increase in the futures price was limited [10]. 3.2.2 Fundamental Situation - **Supply Side** - In September, the national inventory of laying hens in production was 1.368 billion, an increase of 30 million from the previous month and a 6% year - on - year increase, higher than expected. Without considering delayed or concentrated culling, the estimated inventory of laying hens in production from October 2025 to January 2026 is approximately 1.36 billion, 1.36 billion, 1.356 billion, and 1.347 billion respectively. - In October, the proportion of large - sized eggs was 39.33% (low - middle level in the same period over the years), medium - sized eggs was 44.1% (medium level), and small - sized eggs was 16.57% (high - middle level). - The egg - laying rate in October changed little, remaining at a low level in the same period over the years, currently about 91.78%. It is expected to gradually increase as the weather gets colder. - In September, the monthly output of laying hen chicks in sample enterprises (accounting for about 50% of the national total) was 39.2 million, a 1.5% month - on - month and 14% year - on - year decrease. The current weekly market price of laying hen chicks in the Chinese market is 2.73 yuan per chick, a decrease of 0.16 yuan per chick from the previous month. - Due to the weak egg price and average peak - season demand, the culling enthusiasm increased, and the culling volume rose. From October 24th, the weekly culling volume of laying hens in the main producing areas was 20.02 million, a 1.4% decrease from the previous week. The average culling age of culled hens in that week was 499 days, the same as the previous week [11][12][14]. - **Demand Side** - In October, the demand was average, and the seasonal peak was weaker than in previous years. Although the recent demand has rebounded, it is still at a low - middle level in the same period over the years. As of October 25th, the weekly egg sales volume in the national representative selling areas was 7498 tons, a 1.6% increase from the previous week. - From January to September 2025, the total retail sales of social consumer goods were 36.5877 trillion yuan, a 4.5% year - on - year increase. In September, the absolute value of catering revenue was 450.9 billion yuan, a 0.9% year - on - year increase [21]. - **Inventory** - As of October 17th, the average weekly inventory in the production link was 1.04 days, a decrease of 0.01 days from the previous week, and the average weekly inventory in the circulation link was 1.1 days, the same as the previous week [21]. - **Cost and Breeding Profit** - The current feed cost has changed little and is expected to remain stable in the short term. In October, the corn price was 2242 yuan/ton, and the soybean meal price dropped to 2984 yuan/ton. The current comprehensive feed cost is about 2464 yuan/ton, corresponding to a feed cost of about 2.71 yuan/jin for one jin of eggs. - As of October 23rd, the average weekly profit per jin of eggs was - 0.22 yuan/jin, a decrease of 0.09 yuan/jin from the previous week. On October 24th, the expected profit of laying hen breeding was - 0.51 yuan per hen, a decrease of 2.79 yuan/jin from the previous week [28]. - **Substitutes** - The vegetable price index continued to rise. On October 26th, the total vegetable price index in Shouguang was 108.23. Although the vegetable price has increased significantly recently, it is at a relatively medium level in the same period over the years. - The pork price fluctuated this month with little overall change. As of October 26th, the national average wholesale price of pork was about 15.17 yuan/kg. The low vegetable price has a weak substitution demand for eggs, and the current low - level fluctuating pork price has a relatively limited substitution demand for eggs [34]. 3.3 Third Part: Future Outlook and Strategy Recommendation - The supply side is expected to be under pressure in November as the inventory of laying hens in production remains high. The demand in November is in the off - season, and the market performance is average. Considering the current low spot price, the short - term egg price is likely to remain at the current level. - Due to the previous low egg price and market losses, the culling enthusiasm of laying hens has increased. If the active culling continues, the future supply pressure may ease, and the price may strengthen. - In the futures market, the near - term contracts are expected to be weak without significant improvement, while the pre - Spring Festival contracts of the far - term may rebound if the culling of hens remains high [39][40].

Summary of Mu Yuan Co., Ltd. Conference Call Company Overview - **Company**: Mu Yuan Co., Ltd. - **Industry**: Pig farming and meat processing Key Financial Metrics - **Revenue**: 2025 Q1-Q3 revenue reached 117.79 billion RMB, a year-on-year increase of 15.52% [3] - **Net Profit**: Net profit attributable to shareholders was 14.779 billion RMB, up 41.01% year-on-year [3] - **Cash Flow**: Operating cash flow for the first three quarters was 28.58 billion RMB [3] - **Debt Management**: Debt ratio decreased to 55.5%, with total liabilities reduced by approximately 9.8 billion RMB since the beginning of the year [2][3] Operational Highlights - **Pig Sales**: Sold 57.323 million pigs, a 27% increase year-on-year [2][5] - **Breeding Stock**: Breeding sow inventory reduced to 3.305 million in response to national capacity control [2][5] - **Cost Management**: The cost of pig farming dropped to 11.6 RMB/kg, a decrease of 1.5 RMB/kg since the beginning of the year, primarily due to improved production performance [2][5] Slaughtering and Meat Processing - **Slaughter Volume**: Slaughtered 19.16 million pigs, a 140% increase year-on-year, with a capacity utilization rate of 88% [2][6] - **Profitability**: The meat processing segment achieved a net profit of over 30 million RMB in Q3, indicating initial success in operational strategies [2][6][14] Cost Reduction Strategies - **Cost Drivers**: Cost reductions were mainly driven by improved production metrics rather than raw material price declines, with over 70% of cost reduction attributed to enhancements in survival rates, feed conversion ratios, and other key performance indicators [7][8][19][27] - **Future Plans**: The company aims to continue optimizing production performance and reducing costs through breeding, nutrition, and technology applications [5][19] Capital Expenditure Plans - **Domestic Capex**: Maintains a capital expenditure target of 9-10 billion RMB for the current year, with a projected decrease for the next year [4][9] - **International Ventures**: Plans for joint ventures in Vietnam with capital expenditure expected in 2026-2028, specific details to be disclosed by year-end [4][9][18] Innovative Business Models - **Support for Farmers**: The company is implementing a "Linking Farmers" model, aiming to provide over 2 million piglets directly to farmers next year, enhancing technical support and promoting industry advancement [4][10] Market Outlook - **Breeding Stock Stability**: Plans to maintain breeding sow inventory at 3.3 million by year-end, with no significant adjustments anticipated unless national policies change [11] - **Debt Management Goals**: Long-term goal to achieve a debt ratio below 50%, with a cautious approach to ensure cash flow safety [12] International Market Developments - **Vietnam Market**: Despite recent price fluctuations, the company sees potential profitability in Vietnam and plans to establish a robust operational framework there [18][20] Future Projections - **Pig Price Trends**: Cautious outlook on pig prices for the first half of 2026 due to increasing supply, with readiness to navigate potential downturns [21] - **Inventory Management**: Decrease in inventory attributed to reduced pig stocks and grain procurement [22] Conclusion Mu Yuan Co., Ltd. demonstrates strong financial performance and operational improvements, with strategic plans for cost reduction, market expansion, and innovative support for farmers. The company is well-positioned to navigate industry challenges while pursuing growth opportunities both domestically and internationally.

（CNN）也援引一位白宫官员的说法称，政府计划将阿根廷输美牛肉配额提升 至8万吨。 （原标题：美国拟将阿根廷输美牛肉配额翻四番至8万吨） 美国拟将阿根廷输美牛肉配额翻四番至8万吨 阿根廷《国民报》10月23日报道，美《政客》杂志指消息人士透露，特朗 普政府官员已告知美国会共和党议员及农业领域代表，正考虑进口8万吨阿根 廷牛肉，该数字尚未最终确定，相关谈判仍在进行中。美国有线电视新闻网 对阿根廷而言，这一利好将纳入两国政府正在推进的贸易谈判框架内，相 关谈判结果预计将很快公布。目前美对阿根廷牛肉的进口配额为2万吨，配额 内进口需缴纳10%的关税，配额外部分则需缴纳36.4%的关税。2024年阿根廷 向美国出口牛肉33,697.8吨，出口额1.8843亿美元。 与此同时，美国农业部（USDA）在其官网发布了一项促进牛肉生产的计划， 内容包括：为牧场主在联邦土地上放牧提供便利、增加农业保险补贴、大幅降 低小型肉类加工厂的运营成本等。该计划未提及阿根廷牛肉配额调整事宜。 ...

（文章来源：证券日报） 证券日报网讯 10月30日晚间，神农集团发布公告称，2025年半年度利润分配方案为A股每股现金红利 0.39元（含税）。股权登记日为2025年11月5日，除权（息）日为2025年11月6日。 ...

Core Viewpoint - Muyuan Foods Co., Ltd. has demonstrated resilience in its operations amid industry fluctuations, achieving significant revenue and profit growth in the first three quarters of the year [1][3]. Financial Performance - In the first three quarters, the company reported revenue of 111.79 billion yuan, a year-on-year increase of 15.52%, and a net profit attributable to shareholders of 14.779 billion yuan, up 41.01% [1]. - The company's total liabilities decreased by 9.796 billion yuan since the beginning of the year, with a debt-to-asset ratio of 55.5%, down 3.18 percentage points [1]. Cost Management - The cost of pig farming has decreased from 13.1 yuan/kg at the beginning of the year to 11.6 yuan/kg by September, with a target to reduce it to 11 yuan/kg by year-end [1]. - Despite a decline in pig prices, the company has maintained profitability through self-breeding models, while external purchasing has led to losses [2]. Strategic Initiatives - Muyuan Foods is transitioning from a high-growth phase to a high-quality development phase, focusing on production efficiency and profitability [2][3]. - The company is pursuing international expansion as a key strategy, having initiated a Hong Kong stock issuance plan and signed cooperation agreements with international partners [2]. Market Position - The company has effectively responded to market conditions by reducing the number of breeding sows to 3.305 million by the end of September [2]. - Analysts believe that the company's cost control and policy responsiveness highlight its leading position in the industry, with potential for sustainable growth through internationalization and technology transfer [3].

Core Insights - The company, Muyuan Foods, reported a revenue of 111.79 billion yuan for the first three quarters of 2025, representing a year-on-year increase of 15.52% [1] - The net profit attributable to shareholders reached 14.78 billion yuan, marking a year-on-year increase of 41.01% [1] - The net profit excluding non-recurring gains and losses was 15.47 billion yuan, up 37.90% year-on-year [1] - Basic earnings per share stood at 2.74 yuan [1] Quarterly Performance - In the third quarter of 2025, the company achieved a revenue of 35.33 billion yuan, which is a year-on-year decrease of 11.48% [1] - The net profit attributable to shareholders for the third quarter was 4.25 billion yuan, reflecting a significant year-on-year decrease of 55.98% [1] - The net profit excluding non-recurring gains and losses for the third quarter was 4.80 billion yuan, down 53.62% year-on-year [1] - Basic earnings per share for the third quarter were 0.78 yuan [1]