Core Insights - The swine market is facing a downturn in 2025, prompting a reshaping of the industry landscape, with policies and market forces accelerating capacity reduction. It is widely predicted that pig prices may see a turning point by mid-2026, leading the industry into a new cycle of prosperity [1] Group 1: Industry Strategies - A full industry chain layout is fundamental for navigating cycles, where the "feed—breeding—meat" model smooths out fluctuations across segments, with stable cash flow from feed supporting breeding during downturns and meat products enhancing profitability [2] - Technological innovation and refined management are crucial for cost control, as leading companies leverage technology and management optimization to build cost advantages, ensuring resilience during industry downturns [2] - Differentiated competitive strategies are key to overcoming homogenization challenges, with leading firms creating dual product lines of "quality improvement for mass products + breakthroughs in high-end products" to meet diverse consumer demands [3] Group 2: Future Outlook - The practices of leading companies reveal that while industry cycles are inevitable, the control over development remains with the enterprises themselves. Future competition in the swine industry will focus on comprehensive capabilities in chain collaboration, cost control, and differentiated innovation rather than mere scale [4] - Companies must maintain strategic focus on core areas, leverage technological innovation for foundational growth, and expand through differentiated layouts to secure a dominant position in the reshaped industry landscape [4] - Smaller producers can adopt similar core strategies by collaborating and targeting niche markets to enhance their resilience against risks, promoting a consensus for "staying true to essence and innovating breakthroughs" across the industry [4]

The Stock Exchange of Hong Kong Limited and the Securities and Futures Commission take no responsibility for the contents of this Post Hearing Information Pack, 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 Post Hearing Information Pack. Post Hearing Information Pack of MUYUAN FOODS CO., LTD. 牧原食品股份有限公司 (A joint stock company incorporated in the Pe ...

Core Viewpoint - Muyuan Foods (002714.SZ) forecasts a net profit attributable to shareholders of 14.7 billion to 15.7 billion yuan for the year 2025, representing a year-on-year decline of 12.20% to 17.79% [1] Group 1: Financial Performance - The company expects a decrease in net profit for 2025 compared to the previous year [1] - The average selling price of commercial pigs is projected to be approximately 13.5 yuan per kilogram, reflecting a year-on-year decline of about 17.3% [1] Group 2: Operational Management - The company will continue to focus on health management and production management of live pigs, aiming to enhance refined management levels and improve breeding performance [1] - The cost of pig farming is expected to decrease compared to the same period last year [1]

Performance Forecast - The performance forecast period is from January 1, 2025, to December 31, 2025 [1] - The expected net profit is between 15.1 billion and 16.1 billion yuan, representing a decline of 14.93% to 20.21% compared to the previous year's profit of 18.925 billion yuan [2] - The net profit attributable to shareholders is expected to be between 14.7 billion and 15.7 billion yuan, down 12.20% to 17.79% from 17.881 billion yuan last year [2] - The basic earnings per share is projected to be between 2.73 yuan and 2.93 yuan, compared to 3.3 yuan per share in the previous year [2] Communication with Auditors - The company has communicated with the auditing firm regarding the performance forecast and there are no significant disagreements [6] - The performance forecast has not been audited by a registered accountant [8] Reasons for Performance Changes - The company has focused on health management and production management of pigs, improving management levels and production results, leading to a decrease in breeding costs compared to the previous year [4] - The average selling price of commercial pigs is approximately 13.5 yuan per kilogram, which is a decrease of about 17.3% year-on-year, contributing to the overall decline in profitability [4][9]

（文章来源：证券日报） 证券日报网讯 1月15日，新五丰在互动平台回答投资者提问时表示，新五丰作为专业生猪养殖企业，坚 持自主育种并与科普利信、PIC保持战略合作，持续对标行业先进水平，提升养殖效率。公司经营管理 团队重视与包括牧原等在内的行业优秀企业进行交流，通过行业论坛、实地调研等方式，学习智能化养 殖、精准饲喂及成本精细化管控等先进经验。未来，公司将继续坚持自主创新与开放学习，不断提升核 心竞争力，推动公司高质量发展。 ...

Core Viewpoint - The company, Muyuan Foods, forecasts a decline in net profit for the year 2025, attributed to fluctuations in the pig market and a decrease in average selling prices of pork [1][2]. Group 1: 2025 Annual Performance Forecast - For 2025, Muyuan Foods expects net profit attributable to shareholders to be between 14.7 billion and 15.7 billion yuan, representing a year-on-year decline of 12.2% to 17.79% [1]. - The net profit after deducting non-recurring gains and losses is projected to be between 15.1 billion and 16.1 billion yuan, reflecting a decrease of 14.12% to 19.45% compared to the previous year [1]. - The basic earnings per share are anticipated to be between 2.73 yuan and 2.93 yuan [1]. Group 2: Q3 2025 Financial Results - In Q3 2025, Muyuan Foods reported operating revenue of 35.327 billion yuan, a year-on-year decrease of 11.48% [2]. - The net profit attributable to shareholders for Q3 was 4.249 billion yuan, down 55.98% year-on-year [2]. - The net profit after excluding non-recurring gains and losses for Q3 was 4.797 billion yuan, a decline of 53.62% compared to the same period last year [2]. Group 3: Year-to-Date Performance - For the first three quarters of 2025, Muyuan Foods achieved operating revenue of 111.79 billion yuan, an increase of 15.52% year-on-year [2]. - The net profit attributable to shareholders for the first three quarters was 14.779 billion yuan, reflecting a year-on-year growth of 41.01% [2]. - The net profit after deducting non-recurring gains and losses for the first three quarters was 15.473 billion yuan, showing a year-on-year increase of 37.90% [2].

Core Viewpoint - The leading Chinese pig farming company, Muyuan Foods, anticipates a significant decline in net profit for the year 2025, primarily due to a substantial drop in pig sales prices year-on-year, despite achieving some success in controlling production costs [1] Financial Performance Summary - The expected net profit for 2025 is projected to be between 15.1 billion to 16.1 billion RMB, indicating a decrease of 14.93% to 20.21% compared to the previous year's net profit of 18.925 billion RMB [2][4] - The net profit attributable to shareholders is estimated to be between 14.7 billion to 15.7 billion RMB, reflecting a year-on-year decline of 12.20% to 17.79% [2] - The basic earnings per share for 2025 is forecasted to be between 2.73 RMB to 2.93 RMB, lower than the previous year's figure of 3.3 RMB [2] Sales Price Impact - Despite challenges from a declining price cycle, Muyuan Foods has indicated that it has strengthened health and production management for pigs in 2025, leading to improved production performance and a reduction in breeding costs compared to the previous year [3] - However, the optimization of costs has not fully offset the negative impact of falling sales prices, with the average sales price of pigs expected to be around 13.5 RMB per kilogram, a significant drop of approximately 17.3% from the previous year [3] Industry Risks - The board of Muyuan Foods has highlighted systemic risks facing the industry, particularly the significant impact of large fluctuations in pig market prices on operational performance [5] - The company emphasizes that price changes in the pig market represent a systemic risk for the entire pig production industry, which is an external risk that is objective and uncontrollable for any pig producer [5]

2025年，公司持续做好生猪的健康管理与生产管理，提高精细化管理水平，提升养殖生产成绩，生猪养 殖成本较上年同期下降。同时，受生猪市场行情波动影响，全年商品猪销售均价约13.5元/公斤，同比 下降约17.3%，使得公司整体盈利水平较上年同期有所下滑。 格隆汇1月15日丨牧原股份(002714.SZ)公布，预计2025年归属于上市公司股东的净利润147.00亿元– 157.00亿元，比上年同期下降12.20%–17.79%，归属于上市公司股东扣除非经常性损益后的净利润 151.00亿元–161.00亿元，比上年同期下降14.12%–19.45%。 ...

Core Viewpoint - Muyuan Foods (002714) expects a net profit attributable to shareholders of 14.7 billion to 15.7 billion yuan for 2025, representing a year-on-year decline of 12.2% to 17.79% [1] Group 1: Financial Performance - The company anticipates a decrease in net profit due to fluctuations in the pig market, with the average selling price of commercial pigs around 13.5 yuan per kilogram, down approximately 17.3% year-on-year [1] - Despite a reduction in pig farming costs compared to the same period last year, the overall profitability of the company is expected to decline compared to the previous year [1]

（记者 王晓波） 每经头条（nbdtoutiao）——不到20万元，就能买特斯拉了？"廉价版"Model 3或进入中国市场，续航里 程480公里！关于自动驾驶，美国市场也有大调整 每经AI快讯，牧原股份1月15日晚间发布业绩预告，预计2025年归属于上市公司股东的净利润147亿元 ~157亿元，同比下降12.2%~17.79%。业绩变动主要原因是，2025年，公司持续做好生猪的健康管理与 生产管理，提高精细化管理水平，提升养殖生产成绩，生猪养殖成本较上年同期下降。同时，受生猪市 场行情波动影响，全年商品猪销售均价约13.5元/公斤，同比下降约17.3%，使得公司整体盈利水平较上 年同期有所下滑。 ...