6月，新希望（000876.SZ）在接待机构调研时提到，2024年，公司前25%优秀场线已经到了13.6元/公 斤，2025年第一季度已经在12.5元/公斤甚至更低。今年希望整体运营场线的成本都能降到13元/公斤以 下，优秀场线到年底希望能进一步降到12元/公斤以下。 每经记者｜胥帅 每经编辑｜张海妮 7月9日晚间，天邦食品（002124.SZ）、牧原股份（002714.SZ）率先披露了今年上半年的业绩预告。 有"猪茅"之称的牧原股份的业绩尤为"炸裂"。牧原股份发布半年度业绩预告，预计今年上半年实现净利 润105亿~110亿元，同比增长924.60%~973.39%；归属于上市公司股东的净利润同比增长 1129.97%~1190.26%。 公告披露后，《每日经济新闻》记者从牧原股份有关人士处了解到，该公司生猪养殖完全成本从年初的 13.1元/公斤降至6月的低于12.1元/公斤，这已经接近全年成本目标。 牧原股份上半年成本降了1元/公斤 牧原股份表示，公司2025年上半年经营业绩大幅提升，主要原因为报告期内公司生猪出栏量较去年同期 上升导致收入上升，且生猪养殖成本较去年同期下降。 牧原股份的生猪养殖成本降到多少 ...

以下文章来源于晚点财经 ，作者晚点团队 晚点财经 . 用框架思维分析上市公司的增长逻辑与投资价值。 当养猪行业规模化率达到 70% 且未来猪周期趋于平滑之后，牧原、温氏、新希望的投资价值也将随之 出现分化。 文 丨 胡昊 养猪确实不难，养猪门槛也很低，但低成本的养猪难度就会有所增加，大规模的、低成本的养猪难度 会很高，而高扩张的、大规模的、低成本的养猪难度会达到一种难以理解的程度。 在规模以上企业的认定标准里，建筑企业的年营收至少要在 3 亿元以上，工业企业和商业批发商的年 营收至少要 2000 万元，商业零售商则是在 500 万元以上，餐饮企业最少也要 200 万元的营收规模， 而养猪行业规模化标准的分界线则只有区区 500 头，对应的营收标准大概也就在百万元上下。 这一标准之低所反映的现实情况是，看似门槛很低的养猪行业其实隐含着很高的经营门槛，行业参与 者的普遍规模是在年销售 500 头猪以内，这不仅令 "万能且无边界" 的资本很难攻入 "猪粮" 领域，而 且业内大型养猪企业也难以加速扩张步伐。 10 年前可能还不及行业第二梯队牧原股份，却仅用不到 10 年时间就成为了全球最大的养猪企业，如 今其再次向港 ...

Core Insights - The pig farming industry has experienced extreme fluctuations, transitioning from a period of high profitability to significant losses, highlighting the challenges faced by both established and new leaders in the sector [1][4][5] - The younger generation of pig farmers is adopting digitalization and innovative management philosophies to navigate the industry's challenges and explore new opportunities [1][14][22] Industry Overview - The pig farming sector has undergone a "super pig cycle," with peak profits in 2019-2020 where farmers could earn up to 3000 yuan per pig, followed by a prolonged downturn starting in June 2021, leading to cumulative losses over 21 months [4][5] - New Hope, a leading company in the industry, reported losses of 9.6 billion yuan in 2021 and 1.5 billion yuan in 2022, with expectations to emerge from the downturn by 2024 [4][5] Leadership Transition - The younger generation, represented by leaders like Liu Chang of New Hope, is facing unprecedented pressures and is actively seeking to innovate and revitalize their companies through a focus on efficiency and digital transformation [5][8][14] - Companies like Muyuan Foods are seeing a shift towards younger management teams, with over 40% of their leadership under 40 years old, emphasizing the importance of succession planning in the industry [9][13] Innovation and Digitalization - The adoption of digital tools and innovative practices is becoming crucial for survival and growth, with companies like Muyuan implementing ERP systems to enhance operational efficiency [13][14] - Younger leaders are exploring cross-industry opportunities, such as cultural IP development, to diversify their business models and adapt to changing consumer preferences [18][21] Future Outlook - The industry is witnessing a generational shift, with new leaders like Wen Jialong of Wens Foodstuffs entering the scene, focusing on brand development and cultural integration [16][18] - There is a growing recognition of the need for management philosophies rooted in Chinese culture, as the industry reflects on past practices and seeks sustainable growth strategies [22]

明明去年才转亏为盈，狂揽178亿净利，怎么今年就要去港股筹钱了？ 今年5月底，牧原股份正式向港交所提交了上市申请，计划募资至少10亿美元。 10天后，泡泡玛特的王宁取代牧原股份的秦英林，登顶河南首富宝座。 两则消息合在一起，如同鱼雷入水，在网上掀起了不小的水花。 一拨人兴致冲冲的讨论河南首富最后到底花落谁家，另一拨人则忧心忡忡看着牧原的报表，在深交所上过一次市、负债1100亿的牧原这次来香港，不会是因 为没钱了吧？ 身为全球养猪之王，牧原24年的营收数据在养猪行业不算差劲。 营业总收入将近1400亿，归母净利润约178亿，单按生猪出栏量计算，去年一年牧原占了全球市场份额的5.6%，第二第三第四加一块都没他多。 听起来是不是很猛？ 全球第一、体量天花板、行业老大，咋也得财大气粗吧？ 但你接着往下看。 截止24年末，账上现金128个亿，负债总额1101亿，资产负债率高达58.68%，虽然相比23年的62.11%有所下降，但依旧处在一个较高的水平。 两组数据相差之悬殊，令人恍惚，这到底是上市公司还是信贷驿站？ 港交所怕不是也有点懵，这是来挂牌的，还是来筹钱还账的？ 咱们先来解释一下，牧原为啥会欠下这么多钱。 答案绕 ...

2025年下半年，中国经济面临通缩压力，这将引发四类主要商品的降价潮，为消费者带来实惠。让我们深入探讨这波降价潮背后的原因和影响。 一、猪肉价格持续走低：亲民价时代的来临 今年猪肉价格一路下探，已从最高峰的30多元/斤跌至16-17元/斤，并预计仍有下调空间。这主要源于两个因素：首先，养猪行业竞争激烈，供过于求的市场 现状导致价格下跌。其次，现代人越来越注重健康饮食，猪肉的高脂肪含量使其在肉类消费市场中逐渐被鸡肉、牛肉、鱼肉等替代，进一步压低了猪肉价 格。这对于普通民众而言无疑是好消息，降低了生活成本支出。 五、通缩背景下的消费市场：机遇与挑战并存 2025年中国经济进入通缩周期，居民消费价格指数（CPI）同比下降0.1%。居民收入下降、消费需求萎缩是导致通缩的主要原因。人们对未来收入增长预期 谨慎，消费意愿低迷，进一步加剧了市场低迷。 然而，这波通缩也为消费者带来了机遇：房价、汽车、家电、猪肉等商品价格下降，提高了居民的购买 力，改善了生活品质。但同时，我们也需要关注通缩对经济长期发展的影响，寻找平衡点以促进可持续的经济增长。 " 三、汽车市场价格战白热化：新能源冲击与市场竞争加剧 2025年，汽车市场陷入 ...

牧原股份肉食产业综合体 牧原股份总部大厅的墙上，镌刻着公司董事长秦英林所作的《拜猪文》："生命的真谛不在乎你索取多 少，而在于你能给予社会多少……像猪一样，少算计，多奉献，创造价值……"这段文字不仅讲出他对 养猪事业的独特理解，也道出一家农业龙头企业的发展理念。 1992年，秦英林放弃"铁饭碗"，从22头仔猪开始创业。三十余年间，牧原股份已构建起完整的生猪产业 链，并发展成年出栏量超7000万头的行业领军企业。2024年，公司实现营业收入1379.47亿元，实现归 母净利润178.81亿元。 "三十余年，我们只专注做好养猪这一件事。"在秦英林看来，企业发展的核心在于持续创新和专注主 业，这不仅关乎企业自身成长，更承载着服务"三农"、保障民生的社会责任。 科技赋能：重新定义现代养殖 走进牧原股份的智能化猪场——六层楼高的"猪公寓"里，专用电梯载着不同生长阶段的猪群有序流转： 五六层的"月子中心"里，母猪享受着恒温恒湿的环境；中层的"幼儿园"内，保育猪的体温被红外监测仪 实时追踪；底层的"成长公寓"中，育肥猪每天吃着由算法调配的定制餐。 现场工作人员指着监控大屏介绍，养殖园区内物联网设备构建的感知网络，能精确监测 ...

Core Viewpoint - Tianbang Food has signed a restructuring investment agreement with eight financial investors, raising a total of 525 million yuan, which will help improve its financial structure and resolve debt issues [1][4]. Investment Agreement - Eight financial investors will invest a total of 525 million yuan for 250 million shares at a price of 2.1 yuan per share [2][4]. - The investment agreement stipulates a guarantee payment of 105 million yuan and a commitment not to transfer shares for 12 months after acquiring them [4][6]. - The final share price will be determined based on the higher of the average stock price over the last 20 trading days or 2.1 yuan per share [2][5]. Financial Performance - Tianbang Food's pig farming business has turned profitable, with a revenue of 6.282 billion yuan in 2024 and a gross margin of 25.63% [8]. - In the first five months of this year, the company sold 2.4518 million pigs, generating a revenue of 3.468 billion yuan, with an average selling price of 16.26 yuan per kilogram [8]. - The food processing segment has been struggling, with negative gross margins of -1.25%, -6.49%, and -1.49% from 2022 to 2024 [7][8]. Industry Context - The domestic pig farming industry has faced challenges due to a prolonged pig cycle, leading to liquidity issues for several leading companies [4]. - Tianbang Food has shifted its focus towards the food sector since 2022, although it has not yet achieved profitability in this area [7].

来源丨凤凰网财经《IPO观察哨》 核心提示： 1.高负债与流动性风险并存，牧原股份2024年总负债超1100亿元，资产负债率达58.7%，其短期 借款达453亿元，而现金储备仅128亿元，短期偿债压力大。 2.重资产模式伴生财务信任危机，过去四年牧原股份至少三次深陷财务数据质疑，2024年遭监管追 问"大存大贷"、存货跌价计提不足等问题。 3.目前牧原股份涉及的司法案件248起，包括养殖户索赔700万元的种猪带病纠纷，以及子公司员 工过劳死争议，这都可能放大品牌与监管风险。 港股迎来一只巨鳄。 有着"猪茅"之称的牧原股份，近日赴港IPO。 根据招股书，在2022年、2023年、2024年，牧原股份总收入分别为1248亿元、1108亿元和 1379亿元。净利润分别约为149.33亿元、-41.68亿元、18 9.25亿元人民币。净利率分别为 12%、-3.8%、13.7%。对应的生猪出栏量分别为6120万头、6382万头、7160万头。 相比于它的亮眼业绩，外界更关注的，还是其高达1101亿的负债。此前商票逾期、高存高贷的现 象，让市场一度对其财务真实性产生质疑。 作为A股最赚钱的养猪企业，牧原有着"猪中茅台" ...

Core Viewpoint - The company Muyuan Foods is pursuing a listing in Hong Kong to raise funds for expanding its overseas business, aiming to mitigate the impacts of the cyclical nature of the pig farming industry [3][4]. Group 1: Company Overview - Muyuan Foods, a leading player in the pig farming industry, has a market capitalization of 220.914 billion RMB and has been listed in A-shares for 11 years [4]. - The company’s performance is closely tied to the fluctuations in pork prices, with significant revenue and profit changes corresponding to these price movements [5][7]. Group 2: Financial Performance - In 2024, Muyuan Foods reported a revenue of 137.947 billion RMB, a year-on-year increase of 24.43%, and a net profit of 17.881 billion RMB, reflecting a staggering growth of 519.42% compared to the previous year [7]. - The company’s net profit has seen significant volatility, dropping from 27.451 billion RMB in 2020 to a loss of 4.263 billion RMB in 2023, before rebounding in 2024 [7][8]. Group 3: Market Dynamics - The pig farming industry is characterized by cyclical trends influenced by supply-demand dynamics, disease risks, and policy regulations, making it challenging for companies to predict and manage profitability [8][9]. - The recent downturn in pork prices, which fell to 24.32 RMB per kilogram in 2023 from 50.09 RMB per kilogram in 2019, has prompted Muyuan Foods to seek international expansion as a new growth avenue [5][8]. Group 4: Debt and Liquidity - As of April 30, the company had short-term borrowings of 49.08 billion RMB and non-current liabilities due within a year of 10.178 billion RMB, with cash reserves of 22.029 billion RMB [10][11]. - The company’s debt levels have increased significantly, with short-term debt rising from 5.566 billion RMB in 2019 to 59.258 billion RMB in 2024, indicating a growing financial burden [11][12]. Group 5: Strategic Initiatives - Muyuan Foods is establishing a subsidiary in Vietnam to tap into the Southeast Asian market, focusing on the urgent needs for disease prevention and farm upgrades in the region [9][10]. - The company aims to enhance its overseas supply chain and build international industry centers with the funds raised from the Hong Kong listing [4][10].

潘岳强调，要将铸牢中华民族共同体意识主线贯穿民营企业进边疆全过程，推动民营企业深度参与国家 民委"边境旅游提质增效计划"、"边疆特产销全国活动"、"民族手工业品牌培育提升行动"等工作。 牧原食品股份有限公司董事长秦英林介绍，该公司2016年在内蒙古投资兴业，目前养猪业务遍及内蒙古 4个市、盟和9个县、旗，总资产170亿元，员工人数6100人，其中大学生1883人。在推动发展成果惠及 边疆群众上，牧原创新种养循环模式，帮助农户增加作物产量，2024年助农减投增收每亩259元，合计 4843.3万元。他表示，边疆需要企业发展经济，企业需要边疆扩大业务，这是互利共赢的好事。 （文章来源：中国新闻网） 中新网巴彦淖尔5月29日电(黄欣欣)由国家民委、全国工商联指导，内蒙古自治区人民政府主办的"民营 企业进边疆·内蒙古行"大会在巴彦淖尔市启幕。大会发布签约项目40个，签约额517亿元。 国家民委党组书记、主任潘岳在会上发言指出，广大民营企业通过京蒙互访、龙粤合作、湘企入疆等形 式，广泛参与边疆建设，实施了众多补短板、强弱项、惠民生、暖人心的项目，传递了民族团结、协同 建边的强大力量，涌现出一批全国民族团结进步模范。 据 ...