Core Viewpoint - Muyuan Foods Co., Ltd. has re-submitted its listing application to the Hong Kong Stock Exchange after the initial submission expired, aiming for a dual listing in both A-shares and H-shares [2][6]. Group 1: Company Overview - Muyuan Foods is the largest pig farming company in China and has maintained the top position globally in terms of pig production capacity and output since 2021, with a global market share of 5.6% as of 2024 [4][5]. - The company's main business includes the entire pig farming industry chain, covering feed processing, pig breeding, and slaughtering [4][5]. Group 2: Financial Performance - The company's revenues for 2022, 2023, and 2024 were 124.83 billion yuan, 110.86 billion yuan, and 137.95 billion yuan, respectively, with a revenue of 76.46 billion yuan and a net profit of 10.79 billion yuan reported for the first half of 2025 [5]. - The gross profit margin improved from 7.7% in the first half of 2024 to 19.0% in the first half of 2025, primarily due to better margins in the pig farming business [5]. Group 3: Strategic Initiatives - The IPO funds are intended for expanding overseas markets, enhancing technology research and development across the entire industry chain, and focusing on breeding, smart farming, nutritional management, and biosecurity [6]. - The company aims to leverage its leading position to capitalize on the growing meat consumption trends in developing countries, particularly in Southeast Asia [6]. Group 4: Debt and Asset Management - The company has shown significant changes in its debt structure, with net current liabilities reaching 15.59 billion yuan, 31.08 billion yuan, 24.16 billion yuan, and 16.64 billion yuan as of the end of 2022, 2023, 2024, and mid-2025, respectively [7]. - As of June 30, 2025, the company held biological assets valued at 8.17 billion yuan for productive assets and 30.22 billion yuan for consumable assets, which are subject to fluctuations due to market prices and other uncontrollable factors [7].

高空近月或反套 生猪周报 2025/11/29 028-86133280 wangja@wkqh.cn 从业资格号：F0273729 交易咨询号：Z0002942 王 俊 （农产品组） CONTENTS 目录 01 周度评估及策略推荐 04 需求端 02 期现市场 05 成本和利润 03 供应端 06 库存端 01 周度评估及策略推荐 周度评估及策略推荐 ◆ 现货端：上周国内猪价震荡回落，后期跌幅扩大，周内养殖端出栏积极，气温偏高不足以支撑大规模腌腊进行，后半周出栏节奏加快，周内交 易均重继续小幅回升，散户出栏占比扩大，肥标差明显下滑；具体看，河南均价周落0.34元至11.36元/公斤，周内最低11.36元/公斤，四川均 价周持平于11.3元/公斤，周内最高11.5元/公斤，广东均价周持平于11.36元/公斤；南方规模场出栏进度仍慢，整体供应充沛，不过月底月初 存在缩量可能，或短时支撑猪价，需求端处缓慢爬坡期，但短时增量仍较难对冲供应增幅，预计下周猪价整体偏弱为主，阶段性不乏反弹可能。 ◆ 供应端：10月官方母猪存栏为3990万头，环比回落1.1%，仍比正常母猪保有量多2.3%，去年以来母猪产能的持续增加，或 ...

Core Insights - The average wholesale price of pork in China has decreased to 17.83 yuan/kg as of November 28, down 0.4% from 17.91 yuan/kg on November 21 [1] - The average price of live pigs (external three yuan) has also declined to 11.28 yuan/kg, a 3.6% drop from 11.7 yuan/kg on November 21 [1] Price Trends - The average price of pork this week is 17.88 yuan/kg, down 0.3% from last week's average of 17.93 yuan/kg [1] - The weekly average price of live pigs is 11.48 yuan/kg, a decrease of 1.5% from the previous week's average of 11.66 yuan/kg [1] Market Dynamics - The average trading weight of live pigs has slightly decreased to 124.62 kg, down 0.1% week-on-week [3] - There is an increase in the supply of live pigs as farmers accelerate the outflow of heavier pigs, while slaughterhouses are increasing their procurement of pigs from smallholders [3] Supply and Demand Outlook - The supply of live pigs is expected to increase in December, with a potential for short-term price increases due to reduced outflow plans from some farming groups [5] - However, overall supply remains abundant, which may lead to downward pressure on prices despite a slight increase in slaughter volumes [5] Long-term Projections - The industry anticipates that the supply of live pigs will remain high in the first half of next year, with production performance improvements and stable epidemic conditions [4] - Price pressures are expected to continue into the off-season, with potential recovery in the second half of next year as production capacity decreases [4]

证券时报·数据宝统计，德康农牧在港交所公告显示，11月28日以每股74.000港元至75.967港元的价格回 购6.55万股，回购金额达491.00万港元。该股当日收盘价75.200港元，上涨0.74%，全天成交额3274.76 万港元。 自11月25日以来公司已连续4日进行回购，合计回购54.45万股，累计回购金额4045.89万港元。 其间该 股累计下跌1.25%。 今年以来该股累计进行8次回购，合计回购79.76万股，累计回购金额5906.38万港元。（数据宝） 德康农牧回购明细 | 日期 | 回购股数（万股） | 回购最高价（港元） | 回购最低价（港元） | 回购金额（万港元） | | --- | --- | --- | --- | --- | | 2025.11.28 | 6.55 | 75.967 | 74.000 | 491.00 | | 2025.11.27 | 6.97 | 74.757 | 73.350 | 517.75 | | 2025.11.26 | 15.19 | 75.150 | 71.900 | 1109.80 | | 2025.11.25 | 25.74 | 76.150 | ...

德康农牧(02419)公布，2025年11月28日耗资约491万港元回购6.55万股股份。 ...

智通财经APP讯，德康农牧(02419)公布，2025年11月28日耗资约491万港元回购6.55万股股份。 ...

（原标题：锚定畜牧产业升级 60支团队角逐"兽医创新赛道"） 锚定畜牧产业升级，60 支团队角逐 "兽医创新赛道"。近日，第三届全国兽医专业学位研究生创新创业 大赛决赛在广州举行。 广东省教育厅研究生教育处负责人表示，广东作为改革开放前沿阵地与经济大省，积极推进教育、科 技、人才体制机制一体改革，实施"百万英才汇南粤"计划，为重点产业"筑巢引凤"。希望以本次大赛为 契机，探索可复制、可推广的研究生培养"广东经验"，支撑广东"百千万工程"实践。广东省教育厅研究 生教育处也将持续支持兽医专业研究生教育改革，积极联动相关部门优化政策，为优秀研究生人才在粤 创新创业提供更大支撑。 据悉，本次大赛分设创新组与创业组。创新组聚焦技术、工艺、方法及产品等领域创新，重点解决动物 诊疗、人畜共患病防控、动物疫病检疫、动物源食品安全等领域关键问题；创业组围绕产学研合作与成 果转化，着力破解行业发展难点、痛点，助力乡村振兴，推动畜牧业高质量发展。 经过激烈角逐，禽疫清风队等9支团队获一等奖，"创芯"三六五等21支团队获二等奖，牧康护航者等30 支团队获三等奖。其中南京农业大学"禽疫清风"队获冠军、华南农业大学"精迅智检"队获亚军、 ...

Core Viewpoint - The China Securities Regulatory Commission has issued a notice regarding Muyuan Foods Co., Ltd.'s plan to issue up to 546,276,700 overseas listed ordinary shares and list them on the Hong Kong Stock Exchange [1] Group 1: Company Overview - Muyuan Foods is a technology-driven leader in the pork industry and a pioneer in smart pig farming [3] - The company employs a vertically integrated business model that covers the entire pork industry chain, including pig breeding, pig farming, feed production, and meat processing [3]

格隆汇11月28日丨德康农牧(02419.HK)公告，11月28日耗资491万港元回购6.6万股。 ...

Core Viewpoint - Muyuan Foods (002714.SZ) has submitted an application for issuance and listing to the Hong Kong Stock Exchange on November 28, 2025, in compliance with the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] Group 1 - The application materials were prepared and published according to the requirements of the Hong Kong Securities and Futures Commission and the Hong Kong Stock Exchange [1] - The submitted application is a draft version, and the information contained may be updated and revised as necessary [1]