香港交易及結算所有限公司及香港聯合交易所有限公司對本公告的內容概不負責，對其 準確性或完整性亦不發表任何聲明，並明確表示概不就因本公告全部或任何部分內容而 產生或因依賴該等內容而引致的任何損失承擔任何責任。 MUYUAN FOODS CO., LTD. 牧 原 食 品 股 份 有 限 公 司 （於中華人民共和國註冊成立的股份有限公司） （股份代號: 2714） 海外監管公告 本公告乃根據香港聯合交易所有限公司證券上市規則第13.10B條刊發。 根據中華人民共和國的有關法例規定，牧原食品股份有限公司（「本公司」）在巨 潮資訊網（www.cninfo.com.cn）刊發了以下公告。茲載列如下，僅供參閱。 承董事會命 牧原食品股份有限公司 董事長兼總裁 秦英林先生 中國，河南省南陽市，2026年3月27日 於本公告日期，本公司董事會成員包括：(i)執行董事秦英林先生、曹治年先生及楊瑞華 女士；(ii)非執行董事錢瑛女士及蘇黨林先生；及(iii)獨立非執行董事周明笙先生、閻磊 先生及馮根福先生。 牧原食品股份有限公司 2025 年年度报告摘要 | 证券代码：002714 | 证券简称：牧原股份 | 公告编号：2026 ...

Core Viewpoint - The Shandong Provincial Animal Husbandry and Veterinary Bureau announced the first inspection results of the quality management standards for pig slaughtering, with five facilities passing the initial checks [1] Group 1: Announcement Details - The announcement was made on February 12, detailing the first batch of facilities that passed the quality management standards for pig slaughtering [1] - The announcement includes the names of five facilities, including Jiajing County Zhifang Livestock and Poultry Breeding Purchase and Sales Co., Ltd., that have successfully passed the inspection [1] Group 2: Regulatory Framework - The inspection aligns with the requirements set forth by the Ministry of Agriculture and Rural Affairs and the Shandong Provincial implementation plan for the quality management standards [1] - The provincial bureau emphasized the need for local governments to report the results of the inspections and to strengthen supervision of the facilities that passed [1] Group 3: Future Actions - The bureau will continue to guide the facilities that did not pass the inspection to ensure compliance with the quality management standards [1] - The overall goal is to enhance the safety and quality of pig products in the region [1]

Core Viewpoint - The official operation of the Shicheng slaughterhouse in Yun'an District marks a significant advancement in the local pig slaughtering industry, transitioning from a fragmented and outdated model to a more standardized, modern, and intelligent approach [2][3][4]. Group 1: Operational Details - The Shicheng slaughterhouse has a designed daily slaughter capacity of 1,650 pigs, with an annual slaughter volume reaching 600,000 pigs, fully meeting the local demand for pig slaughtering and meat supply [17][18]. - The total investment for the slaughterhouse is 80 million yuan, covering an area of 51 acres, and it adheres to provincial standards for slaughter enterprises and quality management regulations [14][15]. Group 2: Industry Impact - The establishment of the slaughterhouse is a key initiative for the transformation and upgrading of the pig industry in Yun'an District, enhancing the overall quality and efficiency of the local pig slaughtering sector [8][29]. - The project is part of a broader provincial modern agricultural industrial park, which aims to create a complete industrial chain from breeding to slaughtering, processing, and sales, thereby promoting the integrated development of the local economy [10][11]. Group 3: Socioeconomic Benefits - The slaughterhouse prioritizes local employment, providing approximately 50 job opportunities for residents of nearby villages, thus contributing to local income generation [22][21]. - It aims to empower local farmers by promoting standardized pig farming practices, expanding sales channels, and reducing production costs, ultimately fostering a regional economic cluster around pig farming, slaughtering, and processing [24][25]. Group 4: Quality and Safety Assurance - Equipped with advanced inspection facilities and a strict quality control system, the slaughterhouse aims to eliminate illegal slaughtering practices and ensure the safety and quality of meat for consumers [31][32]. - The facility also includes waste treatment and sewage systems to enhance disease prevention and promote green, low-carbon development in the pig industry [39][38]. Group 5: Future Development - The Shicheng slaughterhouse plans to adopt diversified operational models, including trade, custom slaughtering, cold chain processing, and deep processing, to continuously improve quality control and operational efficiency [42][43]. - The facility aims to serve as a model for high-quality development in the pig industry, contributing to rural revitalization and local economic growth [45][46].

Core Insights - The article highlights the efforts of Xifeng District in ensuring food supply during the critical period of the Spring Festival, focusing on the production of fruits, vegetables, and meat to safeguard the happiness of the community [1][3]. Group 1: Fruit and Vegetable Production - Xifeng District utilizes farmers' cooperatives, agricultural bases, and leading enterprises to enhance fruit and vegetable production, ensuring a rich supply of fresh produce for the market [1]. - The Qinyang Wanrunyuan Cooperative has 60 strawberry greenhouses, with each greenhouse expected to yield over 3,000 pounds of strawberries, employing a "pick-and-deliver" sales model [1]. - The cooperative also operates over 280 solar greenhouses, primarily growing high-quality cherries, with the first harvest expected in March [1]. Group 2: Vegetable Supply and Employment - The core vegetable production area in Rui Ling Village features over 280 greenhouses, which play a crucial role in supplying vegetables for the Spring Festival market [2]. - The cooperative model in Rui Ling Village has led to the employment of over 120 local residents, with an annual income increase of 8,000 to 10,000 yuan per person, contributing to a collective income of 300,000 yuan for the village [2]. Group 3: Meat Supply Stability - Gansu Qingyang Chia Tai Food Co., Ltd. has established an automated pig slaughtering line capable of processing 300,000 pigs annually, supplying 30,000 tons of fresh pork to the market [2]. - The company ensures quality control from the breeding stage through standardized production processes, with a slaughtering time of under 26 minutes to maintain freshness [2]. - As demand for pork rises during the Spring Festival, the company has increased its daily slaughtering capacity to over 1,000 pigs [2].

Core Viewpoint - In November, the fluctuation in live pig prices and the improvement in pork demand led to a slight recovery in slaughtering profits, with expectations for further increases in December [1][6]. Group 1: Slaughtering Profit Analysis - As of November 28, the slaughtering profit for live pigs was 43.97 yuan per head, an increase of 11.85 yuan per head from the end of October, representing a growth of 36.89%. However, the average for the month was only 38.28 yuan per head, a decrease of 2.93% month-on-month, but an increase of 53.25% year-on-year [1]. - The improvement in the sales of pork products was a key factor driving the increase in slaughtering profits [1]. Group 2: Price Movements - The decline in meat prices was smaller than the decrease in pig prices, leading to an expanded price difference that supported the rise in slaughtering profits. By the end of November, the national white meat price was 14.72 yuan per kilogram, down 7.23% from the end of October, while the average trading price of live pigs was 11.11 yuan per kilogram, down 10.69% [3]. - The average price of white meat in November was 15.15 yuan per kilogram, a month-on-month increase of 0.40 yuan, or 2.73%, while the average price of live pigs was 11.59 yuan per kilogram, a slight increase of 0.07 yuan, or 0.60% [3]. Group 3: Slaughtering Volume Trends - In November, the daily slaughter volume of live pigs showed a fluctuating increase, with an average daily slaughter volume up 1.27% compared to October, and a cumulative increase of 6.97% from the end of October [4]. - The first half of November saw limited growth in slaughter demand, but the situation improved in the second half of the month as temperatures dropped, leading to better sales of pork products and an increase in slaughter volume [4]. Group 4: Outlook for December - Looking ahead to December, historical patterns and current stocking conditions suggest that slaughter volumes may reach their highest peak outside of the Spring Festival, with operational rates expected to increase by 10-15 percentage points compared to the beginning of the month [6]. - The anticipated increase in terminal market demand and improved sales of white meat are expected to widen the price gap with live pig prices, enhancing profit margins for slaughtering [6].

Core Viewpoint - The pig slaughtering industry is experiencing a significant recovery in profitability after a prolonged period of losses and capacity reduction, driven by policies encouraging weight reduction and accelerated market demand for low-priced pork [1][2]. Group 1: Profit Recovery - The profitability of the slaughtering industry has increased significantly, with average gross profit reaching 31.99 yuan per head, a year-on-year increase of 341.85% as of October 31, 2025 [2]. - The acceleration of hog sales from the breeding sector has alleviated pressure on slaughtering companies, leading to a decrease in average slaughtering costs [2]. - The slaughtering volume in September 2025 reached 35.84 million heads, a year-on-year increase of 28.5%, marking the highest level for the same period in history [2]. Group 2: Capacity Utilization - Despite the profit recovery, structural issues remain, with overall slaughtering capacity being excessive and many companies operating below their designed capacity [3]. - Major companies like Muyuan Foods have reported improved slaughtering volumes, achieving a capacity utilization rate of 88% in the first three quarters of the year, with the third quarter reaching 100% [3]. - In contrast, New Hope's capacity utilization is around 50%, indicating that while profits have improved, the availability of hogs remains a challenge [3]. Group 3: Expansion Plans - Leading pig farming companies are increasing their slaughtering capacity, with Muyuan Foods planning to gradually implement previously planned but unbuilt slaughtering capacity [4]. - Muyuan Foods has surpassed WH Group in slaughtering volume, with current capacities of 29 million heads and 25 million heads, respectively [4]. - Other companies, such as New Hope and WH Group, are exploring alternative models for capacity expansion, with WH Group considering light asset operations for new facilities [4][5].

Core Insights - The pig slaughtering industry is expected to see significant profit growth in 2025, reaching a near five-year high with a year-on-year increase of 341.85%, resulting in a turnaround from losses to profits [1] - Seasonal consumption will continue to drive slaughtering profits in 2026, although the holiday effect is expected to weaken, leading to a slight increase in average slaughter profits [1] Group 1: Profit Trends - As of October 31, 2025, the average gross profit for pig slaughtering reached 31.99 yuan per head, marking a year-on-year increase of 341.85% and a return to profitability [1] - The gross profit exhibited clear seasonal fluctuations, peaking at 58.94 yuan per head in January due to high demand during the Spring Festival, followed by a decline post-holiday [1] - The "Golden September and Silver October" period saw a significant rebound in gross profit, supported by increased demand and lower procurement costs [1] Group 2: 2026 Forecast - For 2026, the gross profit trend is expected to follow a "high at both ends, low in the middle" pattern, with higher profits before the Spring Festival and during the curing season, and lower profits in July [2] - The average gross profit for 2026 is projected to be 37.26 yuan per head, an increase of 2.69 yuan per head or 7.79% year-on-year, with the highest point expected in February at 60.00 yuan per head and the lowest in July at 17.81 yuan per head [1][2] - During the Spring Festival in mid-February, strong terminal demand is anticipated, leading to a peak in gross profit, while the post-festival period will see a decline in slaughter volume and profit [2]

Core Viewpoint - The company has become the largest pig slaughtering enterprise in China, surpassing its competitor, and has achieved a 100% utilization rate of its slaughtering capacity in the industry [1] Group 1: Company Performance - In the first nine months of 2025, the company slaughtered 19.16 million pigs, a year-on-year increase of 140%, with a capacity utilization rate of 88%. The third quarter saw a 100% utilization rate, resulting in a profit of over 30 million yuan for the quarter [3] - The company has improved its internal operations significantly this year, marking its first quarterly profit, indicating the effectiveness of its slaughtering business strategy and entering a new development phase [3] - The company plans to leverage the upcoming consumption peak before the Spring Festival to expand its customer base and sales channels, enhance product quality and service, and aim for a full-year turnaround to profitability [3] Group 2: Future Outlook - The company expects its slaughter volume to more than double compared to last year, with continued growth projected for 2026 [5] - In the third quarter, the company's slaughter volume increased by 27% compared to the second quarter, and the gross profit margin rose from 1.5% to 2.5% [5] - The company is focusing on its cutting products business, achieving an average daily cutting volume of around 30,000 pigs, with a cutting product proportion exceeding 30%, an increase of approximately 5 percentage points from the second quarter [5] Group 3: Industry Comparison - The company and its main competitor, have slaughtering capacities of approximately 29 million and 25 million pigs, respectively. The company's slaughter volumes for 2023 and 2024 are projected at 13.26 million and 12.52 million pigs, while the competitor's figures are 12.75 million and 10.28 million pigs [7] - The competitor reported a year-on-year increase of 26% in slaughter volume to 9.13 million pigs in the first three quarters, with a calculated capacity utilization rate of about 48% [7] - The competitor has no current plans for new factory construction but is exploring a light asset operation model for capacity expansion through collaboration with local enterprises [7]

Core Viewpoint - The pig farming profits are expected to decline after the recovery of production capacity in 2025, while slaughtering margins are showing signs of improvement, indicating a potential shift of profits from upstream to downstream in the pig industry chain [1][9]. Group 1: Pig Farming Profits - In 2025, the average profit for self-breeding pig farming is projected to be 196.64 yuan per head, a decrease of 58.98 yuan per head or 23.07% compared to 2024 [2]. - The average profit for piglet fattening is expected to be 166.18 yuan per head, down by 259.17 yuan per head or 60.93% year-on-year [2]. - The average income from pig farming in 2025 is estimated at 1837.10 yuan per head, a decline of 187.90 yuan per head or 9.28% year-on-year [4]. Group 2: Slaughtering Margins - The average slaughtering margin for pigs in 2025 is projected to be 30.55 yuan per head, an increase of 24.88 yuan per head compared to the previous year [6]. - The daily average slaughter volume for sample enterprises has increased by 8.14% year-on-year, contributing to the improvement in slaughtering margins [8]. - The average cost per head for slaughtering has decreased due to increased slaughter volume, leading to a rise in margins from a low of 12.45 yuan per head in early July to 24.85 yuan per head in mid-August [6][8]. Group 3: Future Outlook - The pig farming profits are expected to experience a decline followed by a rebound in the latter part of the year, while slaughtering margins are likely to steadily increase [9][10]. - The market for pig farming may remain low in August and September, but demand for heavier pigs is anticipated to rise in the fourth quarter, potentially supporting prices [9]. - Slaughtering margins are expected to increase primarily from September to December, with a peak during the traditional curing season in December [10].

Core Insights - The performance of companies in the pig industry chain has shown significant differentiation in their 2024 annual reports, with pig farming companies generally experiencing growth while meat processing companies faced declines [2][4]. Summary by Category Pig Farming Companies - Leading pig farming company Muyuan Foods (牧原股份) reported a revenue of 137.947 billion yuan in 2024, a year-on-year increase of 24.43%, and a net profit of 17.881 billion yuan, marking a return to profitability [2]. - Wens Foodstuff Group (温氏股份) achieved a revenue of 104.863 billion yuan, up 16.64% year-on-year, with a net profit of 9.23 billion yuan, also returning to profitability [2]. - Juxing Agriculture (巨星农牧) reported a revenue of 6.078 billion yuan, a 50.43% increase, and a net profit of 519 million yuan, indicating a return to profitability [3]. - The overall increase in pig farming companies' performance is attributed to a rise in average pig prices in 2024, which remained above the industry cost line, leading to a profit of 214 yuan per pig, an increase of 290 yuan compared to 2023 [3]. Meat Processing Companies - Shuanghui Development (双汇发展) reported a revenue of 59.561 billion yuan, a decrease of 0.55%, and a net profit of 4.989 billion yuan, down 1.26%, impacted by lower sales of packaged meat and fresh pork products [4]. - Bright Food Group (光明肉业) disclosed a revenue of 21.987 billion yuan, a decline of 1.7%, with a net profit of 216 million yuan, down 4.22%, affected by challenges in its core meat business [4]. Market Trends - As of 2025, pig prices have entered a period of relative low, which may impact the operational performance and financial results of companies in the industry [5]. - Data from the Ministry of Agriculture indicates that as of April 23, 2025, the market price of live pigs was 14.96 yuan per kilogram, lower than the end of 2024 price of 15.98 yuan per kilogram, reflecting a significant decline from the peak prices in August 2024 [6].