1. Report Industry Investment Ratings - The investment rating for the pig industry is cautiously bearish [3]. - The investment rating for the egg industry is neutral [6]. 2. Report Core Views - The pig market has a high inventory, and pig prices are in a consolidation state. The overall supply - demand relationship remains loose, and the core contradiction of relatively abundant supply is prominent. Although there are some supporting factors, the overall downward trend has not been reversed [1][2]. - The egg market has seen a phased decline in prices. After the Ching Ming Festival stocking, the market sentiment has become more pessimistic. The supply - demand situation is further relaxed, and egg prices still face phased pressure [5]. 3. Summary by Relevant Catalogs Pig Market Market News and Key Data - Futures: The closing price of the live pig 2605 contract was 9770 yuan/ton, a change of - 235.00 yuan/ton from the previous trading day, a decrease of 2.35% [1]. - Spot: In Henan, the price of external ternary live pigs was 9.52 yuan/kg, a change of + 0.02 yuan/kg from the previous trading day; in Jiangsu, it was 9.91 yuan/kg, a change of - 0.03 yuan/kg; in Sichuan, it was 9.34 yuan/kg, a change of + 0.11 yuan/kg [1]. - Wholesale market: On March 31, the national average wholesale price of pork was 15.31 yuan/kg, a decrease of 1.0% from the previous day [1]. Market Analysis - Pig prices have declined slightly, with limited overall decline. Most regions' prices remained stable, and only some areas had a slight decline. At the end of the month, the reduction in the slaughter volume of the breeding side was relatively limited. The increased enthusiasm for secondary fattening in low - price areas supported market sentiment. However, the overall negative pattern has not been reversed. Low prices have not effectively driven downstream terminal consumption, and the process of alleviating market supply pressure is slow [2]. Strategy - The recommended strategy is to be cautiously bearish [3]. Egg Market Market News and Key Data - Futures: The closing price of the egg 2605 contract was 3440 yuan/500 kilograms, a change of - 13.00 yuan from the previous trading day, a decrease of 0.38% [3]. - Spot: In Liaoning, the egg spot price was 3.33 yuan/jin, with no change from the previous trading day; in Shandong, it was 3.25 yuan/jin, a change of - 0.10 yuan; in Hebei, it was 3.00 yuan/jin, a change of - 0.04 yuan [3]. - Inventory: On March 31, 2026, the production - link inventory was 0.9 days, and the circulation - link inventory was 1.31 days, both unchanged from the previous day [4]. Market Analysis - Egg spot prices have seen a phased decline, with prices in major production and sales areas generally falling. After the Ching Ming Festival stocking ended, market pessimism increased. The weakening of prices in production areas led to a follow - up decline in sales areas. The overall inventory level has increased compared to the previous period. The arrival volume in sales areas has increased, while downstream demand has been slow. The supply - demand situation has become looser. With more rainy days later, which is not conducive to fresh egg storage, the willingness of the breeding side to sell may remain strong, and egg prices still face phased pressure [5]. Strategy - The recommended strategy is neutral [6].

1. Report Industry Investment Rating - No relevant information provided 2. Core Viewpoints of the Report - On March 31, the main 2605 contract of live pigs in the futures market opened slightly lower, fluctuated and declined, closing with a negative line. The highest price was 10,030 yuan/ton, the lowest was 9,770 yuan/ton, and the closing price was 9,770 yuan/ton, a 2.30% drop from the previous day. The total open interest of the index increased by 18,945 lots to 464,867 lots. The average price of ternary pigs in the spot market was 9.42 yuan/kg, remaining unchanged from the previous day [8]. - On the supply side, the monthly slaughter volume continued to increase, and the production capacity continued to be realized. The slaughter volume of the breeding sector in April may continue to increase, and the slaughter weight remained at a high level, so the supply pressure remained high, and the overall supply level was still loose. On the demand side, as the price dropped to a low level and the price difference between fat and lean pigs remained advantageous, secondary fattening continued to enter the market in small quantities in some areas. Currently, the terminal demand continued to increase slowly, the orders of slaughtering enterprises increased slightly, and the operating rate and slaughter volume of slaughtering enterprises increased slightly. Overall, in the spot market, the demand continued to increase slowly, but the supply pressure was still high, and the supply - demand relationship remained loose, so the spot price was mainly fluctuating weakly. In the futures market, with sufficient production capacity, the supply of live pigs was expected to increase slightly, and secondary fattening was constantly entering the market in small quantities. Meanwhile, it was the off - season for consumption, which provided weak support for the market. Hedging funds continued to enter the market, so the 05/07 contracts were mainly weak. Attention should be paid to the rhythm and volume of subsequent secondary fattening [9]. 3. Summary by Relevant Catalogs 3.1行情回顾与操作建议 - Futures: On March 31, the main 2605 contract of live pigs opened slightly lower, fluctuated and declined, closing at 9,770 yuan/ton, down 2.30% from the previous day. The total open interest of the index increased by 18,945 lots to 464,867 lots [8]. - Spot: On March 31, the national average price of ternary pigs was 9.42 yuan/kg, remaining unchanged from the previous day [8]. - Supply: At the end of the month, the slaughter volume continued to increase, and the production capacity continued to be realized. The slaughter volume in April may continue to increase, and the slaughter weight remained high, so the supply pressure was still high [9]. - Demand: The price dropped to a low level, and secondary fattening continued to enter the market in small quantities in some areas. The terminal demand continued to increase slowly, the orders of slaughtering enterprises increased slightly, and the operating rate and slaughter volume of slaughtering enterprises increased slightly. On March 31, the slaughter volume of sample slaughtering enterprises was 159,900 heads, an increase of 2,000 heads from the previous day, a week - on - week increase of 5,700 heads, and a month - on - month increase of 34,000 heads [9]. - Outlook: In the spot market, the demand continued to increase slowly, but the supply pressure was still high, and the supply - demand relationship remained loose, so the spot price was mainly fluctuating weakly. In the futures market, the 05/07 contracts were mainly weak, and attention should be paid to the rhythm and volume of subsequent secondary fattening [9]. 3.2行业要闻 - As of March 19, the expected cost of self - breeding and self - fattening was 12.21 yuan/kg, remaining unchanged week - on - week. The cost of fattening with purchased piglets was affected by both feed prices and piglet prices. The expected cost of fattening purchased piglets to 125 kg and then slaughtering was 12.15 yuan/kg, a week - on - week decrease of 0.27 yuan/kg [10]. 3.3数据概览 - As of March 19, the average profit per head of self - breeding and self - fattening was - 292 yuan/head, a week - on - week decrease of 15.6 yuan/head; the average profit per head of fattening with purchased piglets was - 189 yuan/head, a week - on - week decrease of 10 yuan/head [20]. - In the week of March 19, the average market sales price of 6.5 - kg piglets was 294 yuan/head, a decrease of 32 yuan/head from the previous week [20]. - In the week of March 19, the average slaughter weight of national live pigs was 128.62 kg, an increase of 0.07 kg from the previous week, with a month - on - month increase of 0.05% [20]. - In the week of March 19, the cost of purchasing 110 - kg pigs and fattening them to 140 kg was 10.17 yuan/kg, a slight increase of 0.03 yuan/kg from the previous week; the cost of purchasing 125 - kg pigs and fattening them to 150 kg was 10.21 yuan/kg, remaining unchanged from the previous week. The feed price and pig price did not change significantly, the purchase cost was stable, and the secondary fattening cost did not change much [20].

1. Report Industry Investment Rating - No information provided 2. Core Viewpoints of the Report - The spot prices of live pigs across the country are oscillating, and the downward pressure on pig prices in various regions has generally improved. The overall出栏量 of large - scale enterprises has decreased, and the pressure on future pig出栏量 may be better than before. The出栏量 of ordinary farmers has changed little and remains at a relatively low level, and future出栏量 may increase. Secondary fattening has shown some signs of entry, but the market is still cautious. The supply - side pressure is still obvious, and the short - term supply and demand in the live pig market are still relatively loose. The downward pressure on live pig futures prices has shifted to the far - month contracts, and the near - month contracts show obvious support. In the short term, futures prices may stabilize. If the spot price stabilizes, secondary fattening may drive the spot price up again, and futures may be supported. In the long - term, the supply - side pressure is still significant, and the overall price is expected to decline [1][3] 3. Summary by Relevant Catalogs Spot Information - Today, live pig prices across the country are oscillating, and the downward pressure on pig prices in various regions has generally improved. The overall出栏量 of large - scale enterprises has decreased, and the pressure on future pig出栏量 may be better than before. The出栏量 of ordinary farmers has changed little and remains at a relatively low level, and future出栏量 may increase. Secondary fattening has shown some signs of entry, but the market is still cautious. The出栏 weight of live pigs remains at a relatively high level, and the supply - side pressure is still obvious [1] Futures Information - The downward pressure on live pig futures prices has shifted to the far - month contracts, and the near - month contracts show obvious support. The decline has narrowed. In the short term, futures prices may stabilize. If the spot price stabilizes, secondary fattening may drive the spot price up again, and futures may be supported. In the long - term, the supply - side pressure is still significant, and the overall price is expected to decline [3] Transaction Strategies - Unilateral: It is recommended to take a bearish view on the 07 contract. Arbitrage: LH79 reverse spread. Options: Near - month short straddle strategy [4]

Group 1: Investment Ratings - The investment rating for the hog industry is cautiously bearish [3] - The investment rating for the egg industry is neutral [6] Group 2: Core Views - For the hog market, the current high inventory situation continues, with a slight rebound in prices. The short - term supply pressure remains high, and the pig price trend is mainly determined by the slaughter rhythm [1][2] - For the egg market, the spot price has risen slightly. Although there is support from factors such as increased molting and pre - festival stocking, the overall supply is still relatively abundant, and the egg price may experience a phased adjustment [4][5] Group 3: Market News and Important Data Hog - Futures: The closing price of the hog 2605 contract was 10,005 yuan/ton, up 40 yuan/ton or 0.40% from the previous trading day [1] - Spot: In Henan, the price of outer three - yuan hogs was 9.50 yuan/kg, down 0.04 yuan/kg; in Jiangsu, it was 9.94 yuan/kg, up 0.03 yuan/kg; in Sichuan, it was 9.23 yuan/kg, unchanged [1] - Wholesale prices: On March 30, the "Agricultural Product Wholesale Price 200 Index" was 119.73, down 0.79 points from last Friday. The "Vegetable Basket" product wholesale price index was 120.92, down 0.92 points. The average wholesale price of pork was 15.46 yuan/kg, down 1.7%; beef was 66.40 yuan/kg, up 0.5%; mutton was 64.18 yuan/kg, down 0.3%; eggs were 7.86 yuan/kg, up 1.8%; white - striped chicken was 17.49 yuan/kg, up 0.5% [1] Egg - Futures: The closing price of the egg 2605 contract was 3453 yuan/500 kg, down 49 yuan or 1.40% from the previous trading day [3] - Spot: In Liaoning, the egg price was 3.33 yuan/jin, up 0.11; in Shandong, it was 3.35 yuan/jin, unchanged; in Hebei, it was 3.04 yuan/jin, down 0.14 [3] - Inventory: On March 30, 2026, the production - link inventory was 0.9 days, up 0.14 days or 18.42% from the previous day; the circulation - link inventory was 1.31 days, up 0.12 days or 10.08% [3] Group 4: Market Analysis Hog - At the beginning of the week, the hog market continued the stable trend over the weekend. Most producing areas saw a slight increase in pig prices, while some southern regions showed a slight decline. The phased warming of pig prices was supported by the reduction in slaughter volume of breeding enterprises at the end of the month, resulting in a temporary tightening of market supply and a relief of slaughter pressure. The sentiment of secondary fattening has recovered, but the overall increase in replenishment is limited, and the boost to the market is weak. In the short term, the fundamental situation of hog supply and demand has not changed fundamentally, the progress of weight reduction and capacity reduction in the industry is less than expected, and the overall supply pressure remains high. The pig price trend depends more on the game of slaughter rhythm, and the short - term market is expected to be dominated by the slaughter rhythm [2] Egg - This week, the egg spot price has risen slightly. Since March, the increase in molting operations of laying hens and the start of pre - Tomb - Sweeping Festival stocking demand have supported the egg price to remain above the cost line. The overall market supply is still relatively abundant, and the previous expectation of a decline in inventory pressure in April may not be fulfilled due to the increase in molting in March. With more rainy days and the market sentiment becoming more cautious as the egg price rises to a relatively high level, the egg price is expected to have a phased adjustment [4][5] Group 5: Strategies - For the hog market, the strategy is to be cautiously bearish [3] - For the egg market, the strategy is neutral [6]

Market Overview - The domestic market enters the earnings season in April, with ongoing overseas disturbances potentially balancing market styles[3] - Key focus areas include Middle Eastern geopolitical disturbances affecting oil prices and fluctuating inflation expectations[3] Investment Strategy - The strategy emphasizes three main lines: 1. Energy security, focusing on traditional energy price increases and new energy directions due to potential replenishment demand[3] 2. Technology, particularly AI infrastructure, including power, storage, and computing sectors[3] 3. Rebound of previously oversold sectors such as precious metals and commercial aerospace[3] Recommended Stocks - Key recommended sectors and stocks include: - Metals: Zijin Mining - Chemicals: Yara International - Petrochemicals: Shouhua Gas - Power: Longyuan Power H - Coal: Yancoal Energy - New Energy: Jiayuan Technology - Banking: Hangzhou Bank - Agriculture: Dekang Agriculture - Electronics: Zhaoyi Innovation - Communication: Zhongji Xuchuang[6] Risk Factors - Economic recovery may fall short of expectations, with potential slow job growth and reduced market demand[34] - Significant changes in individual stock fundamentals could impact performance[34] Earnings Forecasts - Forecasted earnings per share (EPS) and price-to-earnings (PE) ratios for key stocks: - Zijin Mining: EPS of 3.10 in 2026, PE of 10.5[28] - Yara International: EPS of 4.24 in 2026, PE of 15.2[28] - Shouhua Gas: EPS of 1.42 in 2026, PE of 16.7[28] - Longyuan Power H: EPS of 0.72 in 2026, PE of 9.5[28] - Yancoal Energy: EPS of 1.23 in 2026, PE of 16.5[28] - Jiayuan Technology: EPS of 1.90 in 2026, PE of 21.9[28] - Hangzhou Bank: EPS of 2.84 in 2026, PE of 5.8[28] - Dekang Agriculture: EPS of 2.89 in 2026, PE of 20.3[28] - Zhaoyi Innovation: EPS of 8.62 in 2026, PE of 30.0[28] - Zhongji Xuchuang: EPS of 17.40 in 2026, PE of 34.4[28]

Report Industry Investment Rating - Not provided Core View - The pattern of strong supply and weak demand remains unchanged, and prices continue to hit new lows. The industry faces dual pressures of oversupply and weak demand, with slow capacity reduction and an incomplete re - balance of supply and demand. In the short term, it is difficult for prices to reverse [2] Summary by Related Catalogs Fundamental Information - The National Development and Reform Commission and the Ministry of Agriculture and Rural Affairs have held consecutive meetings, releasing strong regulatory signals and launching the central frozen pork reserve purchase [2] - The pig price has fallen to around 10 yuan/kg, a historical key level that has corresponded to cyclical bottoms in the past [2] - The average transaction price of lean - type pigs nationwide has fallen below 5 yuan/jin, and the price of the main pig futures contract has hit a new low since its listing [2] - In March, the loss margin in pig farming increased compared to February. The losses of leading enterprises may expand to over 1 yuan/kg, and the industry is facing collective losses [2]

1. Report Industry Investment Rating - No relevant information provided 2. Core View of the Report - The national average price of live pigs is reported at 9.37 yuan per kilogram, continuing a slight downward trend, and the industry remains in deep - seated losses. The core contradiction in the current market lies in abundant supply and weak demand. In the short term, without obvious positive support for demand, pig prices are expected to continue to maintain a narrow bottom - grinding pattern, and market sentiment is cautious [3] 3. Summary According to the Catalog Futures Market - **Price and Change**: The previous day's closing prices for January, March, May, July, September, and November contracts were 13425, 13195, 9965, 11180, 12520, and 12905 respectively. The price changes were - 160, 3290, 130, - 70, - 20, and - 50, with corresponding percentage changes of - 1.18%, 33.22%, 1.32%, - 0.62%, - 0.16%, and - 0.39% [2] - **Trading Volume and Open Interest**: The trading volumes were 7603, 4894, 209062, 63757, 29355, and 10753 respectively. The open interests were 27564, 3481, 202586, 88401, 80672, and 47631 respectively, with changes of 1410, 3481, - 16816, 4219, 3524, and 1693 [2] - **Price Spreads**: The current price spreads for 1 - 3 months, 3 - 5 months, 5 - 7 months, 7 - 9 months, 9 - 11 months, and 11 - 1 months are 230, 3230, - 1215, - 1340, - 385, and - 520 respectively, compared to previous values of 3680, 70, - 1415, - 1290, - 415, and - 630 [2] Spot Market - **Spot Prices**: The current spot prices in Henan, Sichuan, Hunan, Guangdong, Guangxi, and Liaoning are 9.46, 9.36, 9.32, 10.05, 9.11, and 9.11 yuan per ton respectively, with price changes of - 0.12, - 18.8, 0, 0, 0, and 0 [2] Warehouse Receipts - The number of warehouse receipts the day before was 483, a decrease of 526 compared to two days ago [2]

Summary of Conference Call Records Industry Overview - **Industry**: Livestock and Agriculture - **Key Focus**: Swine, Poultry, Cattle, Aquaculture, and Pet Food Sectors Key Points and Arguments Swine Sector - **Pig Prices**: Current pig prices have fallen below 9.4 CNY/kg, breaking the 2010 low, with average losses reaching 345 CNY per head, exceeding the previous cycle's bottom in 2023 [1] - **Piglet Prices**: Piglet prices have dropped to 251 CNY per head, with losses of 29 CNY per head reappearing, indicating a significant reduction in restocking enthusiasm [1][2] - **Market Sentiment**: The market is experiencing heightened pessimism, leading to a potential acceleration in capacity reduction [2] - **Investment Recommendation**: Focus on stable, cost-efficient companies such as Muyuan Foods, Wens Foodstuff, and Dekang Agriculture, as the sector is at a low point [2] Feed Sector - **Raw Material Prices**: Fishmeal prices have increased to 2419.75 USD/ton, indicating a continued upward trend in feed prices [3] - **Top Companies**: Emphasis on leading companies like Haida Group, which are expected to maintain profitability amid rising raw material costs [4] Aquaculture Sector - **Price Trends**: Prices for various fish species have shown mixed results, with some experiencing slight increases while others have decreased [3] - **Market Dynamics**: The international price of fishmeal is expected to continue influencing feed prices, impacting profitability in aquaculture [3] Poultry Sector - **Broiler Chicken**: The industry has faced three years of bottoming out, with a potential for recovery as restocking intentions increase due to supply constraints [12] - **Egg Prices**: Egg prices have shown a slight rebound due to seasonal demand, with the average price at 3.28 CNY/kg, up 3.80% from the previous period [17] - **Investment Focus**: Recommendations include companies like Shengnong Development and Yisheng Livestock, which are positioned to benefit from market recovery [13] Cattle Sector - **Beef Prices**: Prices for beef cattle have increased, with the average price for fattened bulls at 26.21 CNY/kg, reflecting a 0.73% increase [20] - **Dairy Sector**: The dairy market is still adjusting, with milk prices at 3.03 CNY/kg, indicating a need for continued capacity reduction [20][24] - **Investment Outlook**: Strong potential in the beef sector due to tightening supply and a clear upward trend in prices [22] Pet Sector - **Market Growth**: The pet market is expanding, with a projected market size of 312.6 billion CNY by 2025, driven by emotional consumer demand [25] - **Domestic Brands**: Local brands are gaining market share, particularly in the pet food segment, with significant growth in exports [25] - **Investment Recommendations**: Focus on companies like Guibao Pet and Zhongchong Co., which are well-positioned in the growing pet food market [25] Additional Important Content - **Regulatory Risks**: Potential risks include livestock disease outbreaks, fluctuations in agricultural prices, changes in regulatory policies, and exchange rate volatility affecting exports [25] - **Strategic Recommendations**: Emphasis on companies with strong market positions and innovative products to navigate the competitive landscape effectively [25]

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。 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 关于董事会对独立董事独立性自查情况的专项报告 根据证监会《上市公司独立董事管理办法》《深圳证券交易所股票上市规则》 《深圳证券交易所上市公司自律监管指引第 1 ...

Investment Rating - The report maintains a "Buy" rating for the company, indicating an expected price increase of over 15% in the next 6-12 months [4][12]. Core Insights - The company reported a revenue of 144.145 billion yuan for 2025, a year-on-year increase of 4.49%. However, the total profit decreased by 16.33% to 15.81 billion yuan, and the net profit attributable to shareholders fell by 13.39% to 15.487 billion yuan [2][4]. - The company plans to distribute a cash dividend of 4.27 yuan per 10 shares, totaling 2.435 billion yuan (including tax) [2][3]. Operational Analysis - The company sold 77.981 million pigs in 2025 and plans to maintain a slaughtering volume between 75 million and 81 million pigs in 2026. The complete breeding cost for 2025 was 12 yuan/kg, down by 2.0 yuan/kg year-on-year, with a target of 11.5 yuan/kg for 2026 [3]. - The slaughtering business saw a significant increase, with 28.66 million pigs processed in 2025, a 129% year-on-year growth, achieving a capacity utilization rate of 98.8% and a gross margin increase to 2.67% [3]. - The net cash flow from operating activities reached 30.056 billion yuan in 2025, with a debt-to-asset ratio of 54.15%, down by 4.53 percentage points from the beginning of the year [3]. Profit Forecast and Valuation - The company is expected to achieve net profits of 5.7 billion yuan, 34.1 billion yuan, and 27.8 billion yuan for the years 2026 to 2028, respectively, with corresponding EPS of 1.00 yuan, 5.91 yuan, and 4.80 yuan [4]. - The projected P/E ratios for the same years are 49.9, 8.4, and 10.3 times, indicating a favorable valuation outlook [4].